Evaluate Spotifys past financial performance using the ratios in the spreadsheet (Ratio Analysis sheet). Comment on liquidity, efficiency, leverage, profitability and growth, and other ratios. What are the key takeaways from your analysis?

2015 2016 2017 1.09 1.56 1.02 45.9 25.3 7.0% 16.8% 37.1 28.8 7.0% 18.4% 32.1 38.4 9.7% 20.3% Liquidity Current Ratio Efficiency Days Receivable Days Payable R&D expense to sales SG&A expense to sales Leverage Debt to Assets Profitability and Growth Revenue Growth Gross Margin Other Working Capital to Sales Capital Expenditures to Sales Depreciation to Sales 0.0% 52.7% 30.4% 52.2% 13.6% 38.6% 20.8% 11.6% 3.8% 2.9% 1.5% 23.3% 48.6% 1.3% 0.9% 36.2% 1.3%