Western Union 2008 Annual Report Download - page 11

9
Selected Financial Data
The financial information in this Annual Report is pre-
sented on a consolidated basis and includes the accounts
of The Western Union Company (“Western Union” or the
“Company”) and its majority-owned subsidiaries. The
financial information for the periods presented prior to
the spin-off by First Data Corporation (“First Data”) of
its money transfer and consumer payments businesses
on September 29, 2006 through a distribution of 100%
of the common stock of the Company to the holders of
record of First Data’s common stock (the “Distribution”)
is presented on a combined basis and represents those
entities that were ultimately transferred the Company as
part of the spin-off. The assets and liabilities presented
have been reflected on a historical basis, as prior to the
Distribution such assets and liabilities presented were
100% owned by First Data. However, the financial state-
ments for the periods presented prior to the Distribution
do not include all of the actual expenses that would have
been incurred had Western Union been a stand-alone
entity during the periods presented and do not reflect
Western Union’s combined results of operations, financial
position and cash flows had Western Union been a stand-
alone company during the periods presented.
Our selected historical financial data are not necessarily
indicative of our future financial position, future results of
operations or future cash flows.
You should read the information set forth below in
conjunction with Management’s Discussion and Analysis
of Financial Condition and Results of Operations and
our historical consolidated financial statements and the
notes to those statements included elsewhere in this
Annual Report.
º
our ability to favorably resolve tax matters with the
Internal Revenue Service and other tax jurisdictions;
ºchanges in industry standards affecting our business;
º
changes in accounting standards, rules and
interpretations;
º
failure to compete effectively in the money transfer
industry with respect to global and niche or corridor
money transfer providers, banks and other nonbank
money transfer services providers, including telecom-
munications providers, card associations and card-
based payment providers;
ºour ability to grow our core businesses;
º
our ability to develop and introduce new products,
services and enhancements, and gain market accep-
tance of such products;
º
our ability to protect our brands and our other intel-
lectual property rights;
º
our ability to manage the potential both for patent
protection and patent liability in the context of a rapidly
developing legal framework for intellectual property
protection;
º
any material breach of security of or interruptions in
any of our systems;
º
mergers, acquisitions and integration of acquired busi-
nesses and technologies into our company and the real-
ization of anticipated synergies from these acquisitions;
º
adverse consequences from our spin-off from First Data
Corporation, including resolution of certain ongoing
matters;
º
decisions to downsize, sell or close units, or to transition
operating activities from one location to another or to
third parties, particularly transitions from the United
States to other countries;
ºdecisions to change our business mix;
º
cessation of various services provided to us by third-
party vendors;
ºcatastrophic events; and
º
management’s ability to identify and manage these
and other risks.
9
Forward-Looking
Statements
and Selected
Financial Data