Orbitz 2008 Annual Report Download - page 70

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Item 8. Financial Statements and Supplementary Data.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Orbitz Worldwide, Inc.
We have audited the accompanying consolidated balance sheets of Orbitz Worldwide, Inc. and subsidiaries (for all periods the "Company") (the
"Successor") as of December 31, 2007 and 2006, and the related consolidated statements of operations, invested equity/shareholders' equity, and cash flows for
the year ended December 31, 2007 and the period from August 23, 2006 through December 31, 2006. We have also audited the combined consolidated
statements of operations, invested equity and cash flows of the Company reflecting its ownership by Cendant Corporation prior to the acquisition by affiliates of
The Blackstone Group of New York and Technology Crossover Ventures of Palo Alto, California on August 23, 2006 (the "Predecessor") for the period from
January 1, 2006 through August 22, 2006 and the year ended December 31, 2005. Our audits also included the financial statement schedule listed in the Index at
Item 15. These financial statements and financial statement schedule are the responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control
over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Orbitz Worldwide, Inc. and
subsidiaries as of December 31, 2007 and 2006, and the results of their operations and their cash flows for the year ended December 31, 2007 and the period
from August 23, 2006 through December 31, 2006, and such combined consolidated financial statements of the Predecessor present fairly, in all material
respects, the results of operations and cash flows for the period January 1, 2006 through August 22, 2006 and the year ended December 31, 2005, in conformity
with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in
relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.
As discussed in Note 1 to the consolidated financial statements, the combined financial statements presented for periods prior to August 23, 2006 include the
results of operations and cash flows for the Company on a predecessor basis reflecting the ownership by Cendant Corporation. The Successor and Predecessor
are comprised of the assets and liabilities of the business-to-consumer travel businesses of Travelport Limited and Cendant Corporation, respectively. As a result,
the consolidated financial statements include allocations which may not be indicative of the actual revenues and expenses that would have been incurred had the
Company operated as a separate entity apart from Travelport Limited or Cendant Corporation in the periods prior to the Company's initial public offering on
July 25, 2007.
As discussed in Note 19, the accompanying consolidated balance sheet as of December 31, 2006 and the consolidated statements of cash flows for the year
ended December 31, 2007, the period from August 23, 2006 to December 31, 2006, the period January 1, 2006 to August 22, 2006, and the year ended
December 31, 2005, have been restated.
/s/ DELOITTE & TOUCHE LLP
Chicago, Illinois
March 17, 2008 (August 27, 2008 as to the effects of the restatement discussed in Note 19)
63
Source: Orbitz Worldwide, In, 10-K/A, August 28, 2008