Financial statement analysis requires the analyst to utilize calculation tools, such as horizontal, vertical, and ratio analysis. Interpretation of the ratio analysis allows the analyzer to observe changes in revenue over time. For your assignment, locate and review the last 4 years of the annual report of the company selected for your Financial Statement Analysis Report. This document is located on the company's website under Investor Relations. Prepare a vertical and horizontal analysis in the Balance Sheet and Income Statement tabs of the "Financial Statement Report Excel Spreadsheet" (FSAR Excel Spreadsheet) provided in the Class Resources. The spreadsheet will serve as a guideline for completing the assignment, the actual sections or order of reporting from the company's annual report may vary. Complete only the applicable sections based on the information provided in the company's annual report. Identify which accounts had a large magnitude of change of 10% or more.

	Balance Sheet					Horizontal Analysis			Comments	Balance Sheet				Vertical Analysis			Comments
	Period Ending	2022	2021	2020	2019	2022	2021	2020		Period Ending	2022	2021	2020	2022	2021	2020
	Current Assets									Current Assets
	Cash and Cash Equivalents	53,888	36,220	42,122	36,092	49%	0.4%	16.7%		Cash And Cash Equivalents	53,888	36,220	42,122	11.6%	8.6%	13.1%
	Short-Term Investments / Marketable Securities	16,138	59,829	42,274	18,929	-15%	216.1%	123.3%		Short-Term Investments / Marketable Securities	16,138	59,829	42,274	3.5%	14.2%	13.2%
	Net Account Receivables	41,995	32,631	24,285	20,495	105%	59.2%	18.5%		Net Account Receivables	41,995	32,631	24,285	9.1%	7.8%	7.6%
	Inventory	34,405	32,640	23,795	20,497	68%	59.2%	16.1%		Inventory	34,405	32,640	23,795	7.4%	7.8%	7.4%
	Prepaids / Other Current Assets	365	260	257	321	14%	-19.0%	-19.9%		Prepaids / Other Current Assets	365	260	257	0.1%	0.1%	0.1%
	Total Current Assets	146,791.0	161,580.0	132,733.0	96,334.0	52%	67.7%	37.8%		Total Current Assets	146,791.0	161,580.0	132,733.0	31.7%	38.4%	41.3%
	Net Property, Plant, Equipment	186,715	160,281	113,114	72,705	157%	120.5%	55.6%		Net Property, Plant, Equipment	186,715	160,281	113,114	40.4%	38.1%	35.2%
	Operating Lease, right-of-use	66,123.0	56,082.0	37,553.0	25,141.0	163%	123.1%	49.4%		Operating Lease, right-of-use	66,123.0	56,082.0	37,553.0	14.3%	13.3%	11.7%
	Goodwill	20,288.0	15,371.0	15,017.0	14,754.0	38%	4.2%	1.8%		Goodwill	20,288.0	15,371.0	15,017.0	4.4%	3.7%	4.7%
	Intangible Assets	6,097	5,107	4,981	4,049	51%	26.1%	23.0%		Intangible Assets	6,097	5,107	4,981	1.3%	1.2%	1.6%
	Long-Term Investments	2,107.0	3,415.0	3,022.0	711.0	196%	380.3%	325.0%		Long-Term Investments	2,107.0	3,415.0	3,022.0	0.5%	0.8%	0.9%
	Deferred LT Assets	0.0	0.0	0.0	0.0	0%	0.0%	0.0%		Deferred LT Assets	0.0	0.0	0.0	0.0%	0.0%	0.0%
	Other LT Assets	34,554.0	18,713.0	14,775.0	11,554.0	199%	62.0%	27.9%		Other LT Assets	34,554.0	18,713.0	14,775.0	7.5%	4.4%	4.6%
	Total Assets	462,675.0	420,549.0	321,195.0	225,248.0	105%	86.7%	42.6%		Total Assets	462,675.0	420,549.0	321,195.0	100.0%	100.0%	100.0%
	Current Liabilities					0%	0.0%	0.0%		Current Liabilities
	Accounts Payable	79600.0	78664.0	72539.0	47183.0	69%	66.7%	53.7%		Accounts Payable	79600.0	78664.0	72539.0	17.2%	18.7%	22.6%
	Accrued Expenses/Liabilities	11855.0	14432.0	14960.0	13023.0	-9%	10.8%	14.9%		Accrued Expenses/Liabilities	11855.0	14432.0	14960.0	2.6%	3.4%	4.7%
	Current Portion of Debt	2999.0	1491.0	1155.0	1305.0	130%	14.3%	-11.5%		Current Portion of Debt	2999.0	1491.0	1155.0	0.6%	0.4%	0.4%
	Deferred Revenues (Short-Term)	13227.0	11827.0	9708.0	8190.0	62%	44.4%	18.5%		Deferred Revenues (Short-Term)	13227.0	11827.0	9708.0	2.9%	2.8%	3.0%
	Other Current Liabilities	47712.0	35852.0	28023.0	18111.0	163%	98.0%	54.7%		Other Current Liabilities	47712.0	35852.0	28023.0	10.3%	8.5%	8.7%
	Total Current Liabilities	155,393.0	142,266.0	126,385.0	87,812.0	77%	62.0%	43.9%		Total Current Liabilities	155,393.0	142,266.0	126,385.0	33.6%	33.8%	39.3%
	Long-Term Debt	67,150.0	48,744.0	31,816.0	23,414.0	187%	108.2%	35.9%		Long-Term Debt	67,150.0	48,744.0	31,816.0	14.5%	11.6%	9.9%
	Operating Lease Liability	72,968.0	67,651.0	52,573.0	39,791.0	83%	70.0%	32.1%		Operating Lease Liability	72,968.0	67,651.0	52,573.0	15.8%	16.1%	16.4%
	Deferred Revenues (Long-Term)	2,900.0	2.0	1,900.0	2,000.0	45%	-99.9%	-5.0%		Deferred Revenues (Long-Term)	2,900.0	2.0	1,900.0	0.6%	0.0%	0.6%
	Other LT Liabilities	18,221.0	23,641.0	15,207.0	10,171.0	79%	132.4%	49.5%		Other LT Liabilities	18,221.0	23,641.0	15,207.0	3.9%	5.6%	4.7%
	Total Liabilities	316,632.0	282,304.0	227,881.0	163,188.0	94%	73.0%	39.6%		Total Liabilities	316,632.0	282,304.0	227,881.0	68.4%	67.1%	70.9%
	Stockholders' Equity					0%	0.0%	0.0%		Stockholders' Equity
	Common Stock	108	106	5	5	2060%	2020.0%	0.0%		Common Stock	108	106	5	0.0%	0.0%	0.0%
	Additional Paid-in-Capital	75066	55437	42865	33658	123%	64.7%	27.4%		Additional Paid-in-Capital	75066	55437	42865	16.2%	13.2%	13.3%
	Preferred Stock	0.00	0.00	0.00	0.00	0%	0.0%	0.0%		Preferred Stock	0.00	0.00	0.00	0.0%	0.0%	0.0%
	Retained Earnings	83,193	85,915	52,551	31,220	166%	175.2%	68.3%		Retained Earnings	83,193	85,915	52,551	18.0%	20.4%	16.4%
	Treasury Stock	-7,837	-1,837	-1,837	-1,837	327%	0.0%	0.0%		Treasury Stock	-7,837	-1,837	-1,837	-1.7%	-0.4%	-0.6%
	Accumulated Other Comprehensive Income	-4,487	-1,376	-180	-986	355%	39.6%	-81.7%		Accumulated Other Comprehensive Income	-4,487	-1,376	-180	-1.0%	-0.3%	-0.1%
	Minority Interest	0	0	0	0	0%	0.0%	0.0%		Minority Interest	0	0	0	0.0%	0.0%	0.0%
	Other Stockholder Equity	0	0	0	0	0%	0.0%	0.0%		Other Stockholder Equity	0	0	0	0.0%	0.0%	0.0%
	Total Stockholder Equity	146,043.0	138,245.0	93,404.0	62,060.0	135%	122.8%	50.5%		Total Stockholder Equity	146,043.0	138,245.0	93,404.0	31.6%	32.9%	29.1%
	Total Liabilities + Stockholders Equity	462,675.0	420,549.0	321,285.0	225,248.0	105%	86.7%	42.6%		Total Liabilities + Stockholders Equity	462,675.0	420,549.0	321,285.0	100.0%	100.0%	100.0%