Orbitz 2009 Annual Report Download - page 66

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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 subsidiar-
ies (for all periods the “Company”) (the “Successor”) as of December 31, 2008 and 2007, and the related
consolidated statements of operations, cash flows, comprehensive loss, and shareholders’ equity for the years
ended December 31, 2008 and 2007, and the period from August 23, 2006 through December 31, 2006. We
have also audited the combined consolidated statements of operations, comprehensive loss, invested equity,
and cash flows of the Company reflecting its ownership by Cendant Corporation prior to the acquisition by
affiliates of The Blackstone Group 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. Our audits
also included the financial statement schedule listed 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 the 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. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
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, 2008 and 2007, and the results of their
operations and their cash flows for the years ended December 31, 2008 and 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 its operations and its cash flows for the period
from January 1, 2006 through August 22, 2006, 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 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 reported 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.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the Company’s internal control over financial reporting as of December 31, 2008, based
on the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated March 9, 2009 expressed an unqualified
opinion on the Company’s internal control over financial reporting.
/s/ DELOITTE &TOUCHE LLP
Chicago, Illinois
March 9, 2009
66