America Online 2009 Annual Report Download - page 5

Table of Contents
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K ("Annual Report") contains certain "forward-looking statements" regarding business strategies, market potential,
future financial performance and other matters. Words such as "anticipates," "estimates," "expects," "projects," "forecasts," "intends," "plans," "believes" and
words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements.
These forward-looking statements are based on management's current expectations and beliefs about future events. As with any projection or forecast, they are
inherently susceptible to uncertainty and changes in circumstances. Except for our ongoing obligations to disclose material information under the federal
securities laws, we are under no obligation to, and expressly disclaim any obligation to, update or alter any forward-looking statements whether as a result of
such changes, new information, subsequent events or otherwise.
Various factors could adversely affect our operations, business or financial results in the future and cause our actual results to differ materially from
those contained in the forward-looking statements, including those factors discussed in detail in "Item 1A—Risk Factors." In addition, we operate a web
services company in a highly competitive, rapidly changing and consumer and technology-driven industry. This industry is affected by government
regulation, economic, strategic, political and social conditions, consumer response to new and existing products and services, technological developments and,
particularly in view of new technologies, the continued ability to protect intellectual property rights. Our actual results could differ materially from
management's expectations because of changes in such factors.
Further, lower than expected valuations associated with our cash flows and revenues may result in our inability to realize the value of recorded
intangibles and goodwill. In addition, achieving our business and financial objectives, including growth in operations and maintenance of a strong balance
sheet and liquidity position, could be adversely affected by the factors discussed or referenced "Item 1A—Risk Factors" as well as, among other things:
• a longer than anticipated continuation of the current economic slowdown or further deterioration in the economy;
• decreased liquidity in the capital markets;
• our ability to access the capital markets for debt securities or bank financings;
• our borrowing capacity under the new revolving credit facility;
• the impact of terrorist acts and hostilities;
• changes in our plans, strategies and intentions;
• our ability to attract and retain key employees;
• asset impairments;
• the impact of significant acquisitions, dispositions and other similar transactions; and
• the failure to meet earnings expectations.
ITEM 1. BUSINESS
Introduction
We are a leading global web services company with an extensive suite of brands and offerings and a substantial worldwide audience. Our business
spans online content, products and services that we offer to consumers, publishers and advertisers. We are focused on attracting and engaging consumers and
providing
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