please help with question 5. Thanks

What is the most significant trend based on your horizontal analysis over this three-year period? Why? 9 5. 1 2 3 4 6 7 8 10 Statement of Cash Flo Balance Sheet Income Statement Instructions 10-K Document Questions Ee Type here to search 99+ 2 Horizontal Analysis 12 Months Ended Consolidated Balance Sheets USD ($) $ in Thousands $ Change 2017 to 2018 % Change 2017 to 2018 Dec. 31, 2018 Dec. 31, 2017 4 5 Current assets 6 Cash and cash equivalents Receivables (net of allowance for doubtful accounts of $15,905 and $26,642 $235,336 $208,694.00 -88.68 %| $12,221, respectively) $138,018 $10,122 $36,759 $32,243 $243,784 $125,870 $12,148.00 $10,122.00 $23,503.00 $6,276.00 -$156,645.00 $44,161.00 $88,239.00 $170,696.00 $3,304.00 -$1,440.00 $25,210.00 $3,389.00 $16,685.00 $143,179.00 9.65% Income taxes receivable 9Notes receivable, net of allowances 0 Other current assets $0 0.00% $13,256 177.30% $25,967 24.17 % 1 Total current assets $400,429 $83,374 $80,757 $100,492 $80,136 $20,838 $134,226 $27,224 $67,715 $995,191 -39.12 % 2 Property and equipment, at cost, net 3 Goodwill $127,535 52.97% $168,996 $271,188 109.26% 169.86% 4 Intangible assets, net 5 Notes receivable, net of allowances 6 Investments, employee benefit plans, at fair value 7 Investments in unconsolidated entities Deferred income taxes 4.12% $83,440 $19,398 $109,016 -6.91 % -18.78% $30,613 12.45% 24.64% $84,400 9Other assets 14.39% $1,138,370 Total assets Current liabilities Accounts payable Accrued expenses and other current liabilities 1 Deferred Revenue Liability for guest loyalty program Current portion of long term debt Total current liabilities $5,672.00 $8,336.00 8.36% $73,511 $92,651| $67,614 $67,839 $84,315 $52,142 9.89% 29.67% $15,472.00 $4,443.00 5.62% $79,123 $83,566 -10.96 % -$135.00 $1,232 $1,097 $318,439 $33,788.00 $28,222.00 11.87% $284,651 3.89% $725,292 Statement of Cash Flows $753,514 Income Statement 3 Long-term debt Ratio Analysis 10-K Document Questions Balance Sheet Instructions Clipboard Font Alignment Number Styles for B78 C D 29 Long-term portion 30 Deferred compensation and retirement plan obligations 31 Income taxes payable 32 Deferred income taxes $110,278 $24,212 $26,276 $0 $98,459 $25,566 $29,041 $39 $48,701 $42,043 $1,253,792 $11,819.00 $1,354.00 $2,765.00 -$39.00 $3,626.00 $4,947.00 $68,350.00 12.00% 5.30% 9.52% 100.00% 33 Liability for guest loyalty program 34 Other liabilities 35 Total liabilities 36 Commitments and Contingencies Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at December 31, 2018 and December 31, 2017; 55,679,207 and 56,679,968 shares outstanding at December 31, 7 2018 and December 31, 2017, respectively 8 Additional paid-in-capital 9 Accumulated other comprehensive loss $52,327 $37,096 $1,322,142 7.45% 1177.00% S.45% $951 $951 $0.00 $30,722.00 -$747.00 0.00% $213,170 -$5,446 $182,448 -$4,699 16.84% 15.90% Treasury stock, at cost; 39,386,431 and 38,385,670 shares at December 0 31, 2018 and December 31, 2017, respectively 1 Retained earnings 2Total shareholders' deficit B Total liabilities and shareholders' deficit -$1,064,573 $627,272 -$258,601 $995,191 $123,052.00 $167,906.00 $74,829.00 $143,179.00 -$1,187,625 11.56% $795,178 -$183,772 $1,138,370 26.77 % -28.94 % 14.39% 4 Questions: 1. Choice Hotels works with franchisees who operate hotels under one of the Choice Hotels' brands such as Cambria Hotels, Sleep Inn, and Econo Lodge. The B Gallod D What is the most significant trend based on your horizontal analysis over this three-year period? Why? 9 5. 1 2 3 4 6 7 8 10 Statement of Cash Flo Balance Sheet Income Statement Instructions 10-K Document Questions Ee Type here to search 99+ 2 Horizontal Analysis 12 Months Ended Consolidated Balance Sheets USD ($) $ in Thousands $ Change 2017 to 2018 % Change 2017 to 2018 Dec. 31, 2018 Dec. 31, 2017 4 5 Current assets 6 Cash and cash equivalents Receivables (net of allowance for doubtful accounts of $15,905 and $26,642 $235,336 $208,694.00 -88.68 %| $12,221, respectively) $138,018 $10,122 $36,759 $32,243 $243,784 $125,870 $12,148.00 $10,122.00 $23,503.00 $6,276.00 -$156,645.00 $44,161.00 $88,239.00 $170,696.00 $3,304.00 -$1,440.00 $25,210.00 $3,389.00 $16,685.00 $143,179.00 9.65% Income taxes receivable 9Notes receivable, net of allowances 0 Other current assets $0 0.00% $13,256 177.30% $25,967 24.17 % 1 Total current assets $400,429 $83,374 $80,757 $100,492 $80,136 $20,838 $134,226 $27,224 $67,715 $995,191 -39.12 % 2 Property and equipment, at cost, net 3 Goodwill $127,535 52.97% $168,996 $271,188 109.26% 169.86% 4 Intangible assets, net 5 Notes receivable, net of allowances 6 Investments, employee benefit plans, at fair value 7 Investments in unconsolidated entities Deferred income taxes 4.12% $83,440 $19,398 $109,016 -6.91 % -18.78% $30,613 12.45% 24.64% $84,400 9Other assets 14.39% $1,138,370 Total assets Current liabilities Accounts payable Accrued expenses and other current liabilities 1 Deferred Revenue Liability for guest loyalty program Current portion of long term debt Total current liabilities $5,672.00 $8,336.00 8.36% $73,511 $92,651| $67,614 $67,839 $84,315 $52,142 9.89% 29.67% $15,472.00 $4,443.00 5.62% $79,123 $83,566 -10.96 % -$135.00 $1,232 $1,097 $318,439 $33,788.00 $28,222.00 11.87% $284,651 3.89% $725,292 Statement of Cash Flows $753,514 Income Statement 3 Long-term debt Ratio Analysis 10-K Document Questions Balance Sheet Instructions Clipboard Font Alignment Number Styles for B78 C D 29 Long-term portion 30 Deferred compensation and retirement plan obligations 31 Income taxes payable 32 Deferred income taxes $110,278 $24,212 $26,276 $0 $98,459 $25,566 $29,041 $39 $48,701 $42,043 $1,253,792 $11,819.00 $1,354.00 $2,765.00 -$39.00 $3,626.00 $4,947.00 $68,350.00 12.00% 5.30% 9.52% 100.00% 33 Liability for guest loyalty program 34 Other liabilities 35 Total liabilities 36 Commitments and Contingencies Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at December 31, 2018 and December 31, 2017; 55,679,207 and 56,679,968 shares outstanding at December 31, 7 2018 and December 31, 2017, respectively 8 Additional paid-in-capital 9 Accumulated other comprehensive loss $52,327 $37,096 $1,322,142 7.45% 1177.00% S.45% $951 $951 $0.00 $30,722.00 -$747.00 0.00% $213,170 -$5,446 $182,448 -$4,699 16.84% 15.90% Treasury stock, at cost; 39,386,431 and 38,385,670 shares at December 0 31, 2018 and December 31, 2017, respectively 1 Retained earnings 2Total shareholders' deficit B Total liabilities and shareholders' deficit -$1,064,573 $627,272 -$258,601 $995,191 $123,052.00 $167,906.00 $74,829.00 $143,179.00 -$1,187,625 11.56% $795,178 -$183,772 $1,138,370 26.77 % -28.94 % 14.39% 4 Questions: 1. Choice Hotels works with franchisees who operate hotels under one of the Choice Hotels' brands such as Cambria Hotels, Sleep Inn, and Econo Lodge. The B Gallod D