TripAdvisor 2014 Annual Report Download - page 35

25
Board of Directors or initiate actions that are opposed by our then-current Board of Directors, including a merger, tender offer or
proxy contest involving our company. Any delay or prevention of a change of control transaction or changes in our Board of Directors
could cause the market price of our common stock to decline.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
We believe that our current facilities are adequate for our current operations and that additional leased space can be obtained on
reasonable terms if needed. We do not legally own any real estate as of December 31, 2014.
We currently lease approximately 119,000 square feet for our corporate headquarters in Newton, Massachusetts, pursuant to a
lease with an expiration date of April 2015. We are currently in the process of negotiating an extension of this lease until mid-2015.
In June 2013 we entered into an additional lease for an approximately 280,000 square feet rental building which is being built in
Needham, Massachusetts by the lessor and will serve as our new corporate headquarters in conjunction with the expiration of our
current lease. The transition to our new corporate headquarters is expected to be completed by mid-2015. Refer to “Note 12—
Commitments and Contingencies” in the notes to our consolidated financial statements for further information on our future corporate
headquarters.
We also lease an aggregate of approximately 470,000 square feet at approximately 40 other locations across North America,
Europe and Asia Pacific, including New York, Boston, London, and Beijing, pursuant to leases with expiration dates through
November 2024. These leases are primarily for our sales offices, subsidiary headquarters, and international management teams.
Item 3. Legal Proceedings
In the ordinary course of business, we and our subsidiaries are parties to legal proceedings and claims arising out of our
operations. These matters may relate to claims involving alleged infringement of third-party intellectual property rights, defamation,
taxes, regulatory compliance and other claims. Rules of the SEC require the description of material pending legal proceedings, other
than ordinary, routine litigation incident to the registrant’s business, and advise that proceedings ordinarily need not be described if
they primarily involve damages claims for amounts (exclusive of interest and costs) not individually exceeding 10% of the current
assets of the registrant and its subsidiaries on a consolidated basis. In the judgment of management, none of the pending legal
proceedings that TripAdvisor and our subsidiaries are defending involves or is likely to involve amounts of that magnitude. There may
be claims or actions pending or threatened against us of which we are currently not aware and the ultimate disposition of which would
have a material adverse effect on us.
Item 4. Mine Safety Disclosures
Not applicable.