America Online 2010 Annual Report Download - page 32

Table of Contents
Results of Operations" and our accompanying consolidated financial statements and the notes thereto included elsewhere in this Annual Report.
We may have been able to receive better terms from unaffiliated third parties than the terms we received in our agreements with Time Warner.
The agreements related to our separation from Time Warner were negotiated in the context of our separation from Time Warner while we were still part
of Time Warner. Accordingly, these agreements may not reflect terms that would have resulted from arm's-length negotiations among unaffiliated third
parties. The terms of the agreements entered into in the context of our separation are related to, among other things, allocations of assets, liabilities, rights,
indemnifications and other obligations among Time Warner and us. We may have received better terms from third parties because third parties may have
competed with each other to win our business. See "Note 13" in our accompanying consolidated financial statements for further information on the ongoing
relationship with Time Warner.
Risks Relating to our Common Stock and the Securities Market
Our stock price may fluctuate significantly.
Our stock price may fluctuate significantly depending on many factors, some of which may be beyond our control, including:
• actual or anticipated fluctuations in our operating results due to factors related to our business;
• success or failure of our business strategy;
• our quarterly or annual earnings, or those of other companies in our industry;
• our ability to obtain financing as needed;
• announcements by us or our competitors of significant acquisitions or dispositions;
• changes in accounting standards, policies, guidance, interpretations or principles;
• changes in earnings estimates by securities analysts or our ability to meet those estimates;
• the operating and stock price performance of other comparable companies;
• overall market fluctuations;
• changes in laws and regulations affecting our business; and
• general economic conditions and other external factors.
Stock markets in general have experienced volatility that has often been unrelated to the operating performance of a particular company. This has been
particularly true in recent years for Internet services companies. These broad market fluctuations could adversely affect the trading price of our common
stock.
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