Specifically, the following critical elements must be addressed:

II. Analysis. Use this section to present your findings based on quantitative and qualitative analysis of the financial statements. Include a copy of the financial statements and any ratios or analysis in an appendix as support for your discussion. In particular, this section should cover:

d) Vertical Analysis. Perform a vertical analysis of the income statement and the balance sheet from the most recent three years in order to answer the following questions. Be sure to include supporting calculations and a vertical analysis spreadsheet in an appendix.

1. Do any items in your vertical analysis stand out? Why or why not? Be sure to provide specific examples and explain what elements you considered in arriving at your answer.

2. What does your vertical analysis suggest for managing the companys financial health? Be sure to justify your response. For example, are there things the company might want to look at more closely? Why or why not?

3. What does your vertical analysis suggest with respect to how potential investors would view the company? Justify your response. For example, are there items that might make potential investors less likely to buy the companys stock? Are there items that might make potential creditors wary about lending to the company? Why or why not?

e) Horizontal Analysis. Perform a horizontal analysis of the same key performance measures covered by your vertical analysis to examine trends for the company over the most recent three-year time period. Use your analysis to answer the following questions and include supporting calculations and a horizontal analysis spreadsheet in an appendix.

1. Do any items in your horizontal analysis stand out? Why or why not? Be sure to explain what elements you considered in arriving at your answer.

2. What does your horizontal analysis suggest for managing the companys financial health? Be sure to justify your response. For example, are there things the company might want to look at more closely? Why or why not?

3. What does your horizontal analysis suggest with respect to how potential investors would view the company? Justify your response. For example, are there any items that might make potential investors less likely to buy the companys stock? Are there items that might make potential creditors wary about lending to the company? Why or why not?

Balance Sheet

(In Thousands) (USD)	2020	2019	2018
Total Assets	52148000	34309000	29739614
Current Assets	26717000	12103000	8306308
Total Liabilities	29923000	27691000	24816371
Long Term Debt	9556000	11634000	9403672
Stockholders' Equity	22225000	6618000	4923243
Total Assets per Share	54.32	37.91	34.46
Current Liabilities	14248000	10667000	9992136
Net Assets per Share	23.15	7.31	5.7

Income Statement

(In Thousands) (USD)	2020	2019	2018
Total Revenue	31536000	24578000	21461268
EBITDA	3442000	1346000	743793
Operating Income	1994000	-69000	-388073
Net Income	721000	-862000	-976091
Revenue per Share	33.71	27.77	25.17
EPS from Continuing Operations	0.64	-0.98	-1.14
EPS - Net Income - Diluted	0.64	-0.98	-1.14
Share Outstanding	960000	905000	863015
Weighted Average Shares Outstanding - Basic	933000	885000	852625
Weighted Average Shares Outstanding - Diluted	1083000	885000	852625
Earnings per Share - Basic	0.74	-0.98	-1.14

Cash Flow

(In Thousands) (USD)	2020	2019	2018
Cash from Operations	5943000	2405000	2097802
Cash from Investing	-3132000	-1436000	-2337428
Cash from Financing	9973000	1529000	573755
Capital Expenditures	3157000	1327000	2100724
Cash Flow per Share	5.49	2.72	2.46
Cash & Cash Equivalents, Beginning of Year	6783000	4277000	3964959
Cash & Cash Equivalents, End of Year	19901000	6783000	4276388