Time Magazine 2009 Annual Report Download - page 72

Download and view the complete annual report

Please find page 72 of the 2009 Time Magazine annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 154

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

future events, circumstances and results. As with any projection or forecast, they are inherently susceptible to
uncertainty and changes in circumstances. The Company’s actual results may differ materially from those set forth
in its forward-looking statements. Important factors that could cause the Company’s actual results to differ
materially from those in its forward-looking statements include government regulation, economic, strategic,
political and social conditions and the following factors.
• recent and future changes in technology, services and standards, including, but not limited to, alternative
methods for the delivery and storage of digital media and the maturation of the standard definition DVD
format;
• changes in consumer behavior, including changes in spending or saving behavior and changes in when,
where and how they consume digital media;
• changes in the Company’s plans, initiatives and strategies, and consumer acceptance thereof;
• changes in advertising expenditures due to, among other things, the shift of advertising expenditures from
traditional to digital media, pressure from public interest groups, changes in laws and regulations and other
societal, political, technological and regulatory developments;
• competitive pressures, including, as a result of audience fragmentation;
• the popularity of the Company’s content;
• piracy and the Company’s ability to protect its content and intellectual property rights;
• lower than expected valuations associated with the cash flows and revenues at Time Warner’s segments,
which could result in Time Warner’s inability to realize the value of recorded intangibles and goodwill at
those segments;
• the Company’s ability to deal effectively with an economic slowdown or other economic or market
difficulty;
• decreased liquidity in the capital markets, including any reduction in the Company’s ability to access the
capital markets for debt securities or obtain bank financings on acceptable terms;
• the effects of any significant acquisitions, dispositions and other similar transactions by the Company;
• the failure to meet earnings expectations;
• the adequacy of the Company’s risk management framework;
• changes in applicable accounting policies;
• the impact of terrorist acts, hostilities, natural disasters and pandemic viruses;
• changes in tax laws; and
• the other risks and uncertainties detailed in “Risk Factors” above.
Any forward-looking statements made by the Company in this document speak only as of the date on which
they are made. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information, subsequent events or otherwise.
60
TIME WARNER INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION – (Continued)