X- I/A Table of Contents RISK FACTORS An investment in our Class A common stock involves risk. You should carefully consider the following risks as well as the other information included in this prospectus, including "Selected Historical Consolidated Financial Data." "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and related notes, before investing in our Class A common stock. Any of the following risks could materially and adversely affect our business. financial condition. or results of operations. The selected risks described below, however. are not the only risks facing us. Additional risks and uncertainties not currently known to us or those we currently view to be immaterial may also materially and adversely affect our business, financial condition, or results of operations. In such a case. the trading price of the Class A common stock could decline and you may lose all or part of your investment Business and Operational Risks Global economic, political, and other conditions may adversely affect trends in consumer, business, and government spending, which may adversely impact the demand for our services and our revenue and profitability. Financial services, payments. and technology industries in which we operate depend heavily upon the overall level of consumer. business• and government spending. A sustained deterioration in the general economic conditions (including distress in financial markets, turmoil in specific economies around the world, and additional government intervention), particularly in the United States or Europe. or increases in interest rates in key countries in which we operate may adversely affect our financial performance by reducing the number or average purchase amount of transactions involving payment cards. A reduction in the amount of consumer spending could result in a decrease of our revenue and profits. Adverse economic trends may