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We will incur increased costs and demands upon management as a result of complying with 
the  laws  and  regulations  affecting  public  companies,  which  may  adversely  affect  our 
business, financial condition, and results of operations.

As a public company, we will incur greater legal, accounting, and other expenses than we incurred as a private 
company. For example, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as 
amended  (“Exchange  Act”),  the  Sarbanes-Oxley  Act  of  2002  (“Sarbanes-Oxley  Act”),  the  Dodd-Frank  Wall 
Street Reform and Consumer Protection Act, the rules and regulations of the SEC, and the listing standards of 
the  Nasdaq  Global  Select  Market.  The  Exchange  Act  requires,  among  other  things,  that  we  file  annual, 
quarterly,  and  current  reports  with  respect  to  our  business  and  results  of  operations.  Compliance  with  these 
requirements will increase our legal, accounting, and financial compliance costs, and increase demand on our 
systems, making some activities more time-consuming and costly. In addition, changing laws, regulations, and 
standards  relating  to  reporting  obligations  and  corporate  governance  disclosure  are  creating  uncertainty  for 
public companies, which could result in continued uncertainty regarding compliance matters and higher costs. 
We expect these rules and regulations to make it more expensive for us to obtain director and officer liability 
insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher 
costs to maintain the same or similar coverage. As a result, it may be more difficult for us to attract and retain 
qualified individuals to serve on our board of directors or as our executive officers.

As a public company, we expect to incur significant expenses and devote substantial management effort toward 
ensuring  compliance  with  the  auditor  attestation  requirements  of  Section  404  of  the  Sarbanes-Oxley  Act.  In 
that  regard,  we  will  need  to  hire  additional  accounting  and  financial  staff  with  appropriate  public  company 
experience  and  technical  accounting  knowledge.  In  addition,  as  a  public  company,  we  may  be  subject  to 
stockholder  activism,  which  can  lead  to  substantial  costs,  distract  management,  and  impact  the  manner  in 
which we operate our business in ways we cannot currently anticipate.

As a result of disclosure of information in this prospectus and in our public filings with the SEC as required of a 
public company, our business and financial condition will become more visible, which we believe may result in 
threatened or actual litigation, including by competitors and other third parties. If such claims are successful, 
our business, financial condition, and results of operations may be adversely affected, and even if the claims do 
not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve 
them,  may  divert  the  resources  of  our  management  and  our  board  of  directors,  and  adversely  affect  our 
business, financial condition, and results of operations.

Further,  many  members  of  our  management  team  have  limited  experience  managing  a  publicly  traded 
company,  interacting  with  public  company  investors,  and  complying  with  the  increasingly  complex  laws  and 
regulations pertaining to public companies. Our management team may not successfully or efficiently manage 
our  transition  to  being  a  public  company  subject  to  significant  regulatory  oversight  and  reporting  obligations 
under  the  federal  securities  laws  and  the  continuous  scrutiny  of  securities  analysts  and  investors.  These  new 
obligations  and  constituents  will  require  significant  attention  from  our  management  and  may  divert  their 
attention  away  from  the  day-to-day  management  of  our  business,  which  may  adversely  affect  our  business, 
financial condition, and results of operations.

Our business, financial condition, and results of operations may be adversely affected by war, 
terrorism, natural disasters, public health crises, political crises, or other unexpected events.

War,  terrorist  attacks,  and  other  acts  of  political  violence,  or  any  significant  natural  disaster,  such  as  an 
earthquake,  fire,  hurricane,  tornado,  flood,  or  significant  power  outage,  may  disrupt  our  operations,  mobile 
networks, the internet, data centers, or the operations of our partners or third-party service providers, and the 
impact of climate change may increase these risks. In particular, our corporate headquarters are located in the 
San Francisco Bay Area, a region known for seismic activity and increasingly for the threat of fires. In addition, 
any  public  health  crises,  pandemics,  political  crises,  terrorist  attacks,  war  and  other  political  or  social 
instability,  other  geopolitical  developments,  or  other  catastrophic  events,  whether  in  the  United  States  or  in 
non-U.S. geographies, may adversely affect our operations or macroeconomic conditions. For example, an act of 
terrorism,  armed  conflict,  or  escalation  of  geopolitical  tensions  could  result  in  physical  damage  to  or 
destruction of data centers and other critical infrastructure, whether owned or operated by us or our third-party 
providers, as well as disruptions to power, cooling, or network connectivity necessary to operate such facilities. 
The impact of any of the foregoing or other disruption to us, our partners, or other third parties may result in 

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