S- I/A Table of Contents MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains management's discussion and analysis of our financial condition and results of operations and should be read together with "Prospectus Summary—Summary Historical Consolidated Financial Data," "Selected Historical Consolidated Financial Data, and our consolidated financial statements and related notes thereto included elsewhere in this prospectus. This discussion contains forward-looking statements and involves numerous risks and uncertainties. Our actual results may differ materially from those anticipated in any forward-looking statements as a result of many factors. including those set forth under "Special Note Regarding Forwanflooking Statements," "Risk Factors." and elsewhere in this prospectus. Executive Overiew First Data sits at the center of global electronic commerce. We believe we offer our clients the most complete array of integrated solutions in the industry. covering their needs across next generation commerce technologies, merchant acquiring. issuing. and network solutions. We save our clients in 118 countries. reaching approximately 6 million business locations and over 4.000 financial institutions. We believe we have the industry's largest distribution network. driven by our partnerships with many of the world's leading financial institutions our direct sales force, and a network of distribution partners. We are the largest merchant acquirer. issuer processor. and independent network services provider in the world, enabling businesses to accept electronic payments. helping financial institutions issue credit, debit and prepaid cards, and routing secure transactions between them. In 2014. we processed 74 billion transactions globally, or over 2,300 per second, and processed 28% of the world's °Commerce volume. In our largest market. the United States, we acquired $1.7 trillion of payment v