????一項更大的風險是如果谷歌等搜索引擎改變搜索算法,、引導人們使用它們的（而不是Kayak的）旅游服務，Kayak將何去何從,。該公司在提交的文件中稱,，如果這種情況發(fā)生,，“我們吸引廣告投放的能力將受到負面影響”。

????巴德表示,，Kayak有資本可以等待合適的IPO時機,。他說，“這家公司現(xiàn)在并不急缺資金,。他們沒有債務,。不需要籌資來擴大業(yè)務,?！睘镵ayak提供融資的風險投資人可能希望推進IPO，將投資全部或部分兌現(xiàn),?！八麄冇幸粋€估值，即管理層和風險投資認可的業(yè)務價值,。但是如果要在當前的市場中完成IPO,，必須要將折價幅度擴大一倍或兩倍?！卑偷抡f,，“現(xiàn)實的問題是在Facebook嚇壞了投資者后，如何獲得應有的估值,?！?/p>

????譯者：早稻米

????An even bigger risk is if search engines, such as Google, change their search algorithms to direct people to their own travel services rather than Kayak's site. If this happens, "our ability to attract advertising dollars could be negatively impacted," the company said in the filing.

????Bard says Kayak can afford to wait for its IPO. "This is a company that is not in dire need of capital. They don't have debt. They don't need to raise capital to grow the business," he says. Venture capitalists, who funded Kayak, are likely the ones pushing the IPO so that they can cash out all or part of their investment. "They have a certain valuation that management and the VCs think the business is worth, and to get that done in this market, they would have to double or triple the discount in this environment," says Bard. "The real issue is getting the valuation after Facebook scared off investors."