Analyze firms performance by using Horizontal analysis below:

Interpret and discuss based from your financial analysis. What recommendations would you make to management?

Horizontal income statements 12 Months Ended Amount Percentage Dec. 26, 2020 Dec. 28, 2019 Dec 29, 2018 Amount Percentage Consolidated Statements of Income - USD (5) shares in Millions, Sin Millions Income Statement(Abstract Net revenue Cost of sales Gross margin Hesearch and development Marketing general and administrative Restructuring and other charges Operating expenses Operating Income Gains (losses) on equity investments, net Interest and other, net Income before taxes Provision for taxes Net Income Earnings per share-basic Earnings per share-diluted Weighted average shares of common stock outstanding Basic (shares) Diluted shares) $ 77,867 34,255 43,612 13,556 6180 198 19,934 23,678 1,904 (504) 25,070 4,179 $ 20,899 $4.98 $4.94 $ 71,965 29.825 42,140 13,362 6.350 193 20,105 22,035 1,519 484 24.058 3,010 $21.048 $4.77 34.71 $ 5,902 4,430 1.472 191 (170) (195) (171) 1,643 365 (988) 1,020 1,109 5 (149) 0.21 0.23 8.20% 14.85 3.49% 1.45% (2.68%) (49,62%) (0.85%) 7.46% 21.72 (204.13%) 4.24% 38.BAN 10.71%) 4.40 4.88 $70,848 27,111 43,737 13,543 6.950 (72) 20,421 23,016 (125) 126 23.017 2,264 $ 21,053 $4.57 $4.40 $1,117 2.714 (1.5971 (181) (600) 465 (316) (1281) 1,664 358 741 746 $15) 0.20 0.23 1.58% 10.01% (3.65%) (1.34%) 18.63% (645.83%) (1.55% (5.49%) (1331.20%) 28413N 1.18% 32.95% 10.02% 4.38 3.IN 4.199 4,212 4,417 4,471 (210) (241 (4.9%) (5.19%) 4,611 4,201 (194) (228) (421) 14.15) Dec. 28, 2019 Amount Percentage $ 4,194 1,082 7,847 7,659 8,744 0 1,713 31,239 55,386 3,967 3,276 26,276 10,827 5,553 136,524 $1,671 1,210 7,891 (877) (317) 5,400 1,032 16,010 1,198 1,185 (1,084) 695 (1,801) 364 16,567 39.84% 111.83% 100.56% (11.45%) (3.63%) #DIV/0! 60.25% 51.25% 2.16% 29.87% (33.09%) 2.64% (16.63%) 6.56% 12.13% Horizontal balance sheet Consolidated Balance Sheets - USD ($) $ in Millions Dec. 26, 2020 Current assets: Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $5,865 Short-term investments 2,292 Trading assets 15,738 Accounts receivable, net of allowance for doubtful accounts 6,782 Inventories 8,427 Assets held for sale 5,400 Other current assets 2,745 Total current assets 47,249 Property, plant and equipment, net 56,584 Equity investments 5,152 Other long-term investments 2,192 Goodwill 26,971 Identified intangible assets, net 9,026 Other long-term assets 5,917 Total assets 153,091 Current liabilities: Short-term debt 2,504 Accounts payable 5,581 Accrued compensation and benefits 3,999 Other accrued liabilities 12,670 Total current liabilities 24,754 Debt 33,897 Contract Liabilities 1,367 Income taxes payable, non-current 4,578 Deferred income taxes 3,843 Other long-term liabilities 3,614 Commitments and contingencies (Note 19) Temporary equity Stockholders' equity: Preferred stock, $0.001 par value, 50 shares authorized: none issued Common stock. $0.001 par value, 10,000 shares authorized; 4,062 shares issued 25,556 and outstanding (4,290 issued and outstanding in 2019) and capital in excess of par value Accumulated other comprehensive income (los) (751) Retained earnings 56,233 Total stockholders' equity 81,038 Total liabilities, temporary equity, and stockholders' equity $ 153,091 (1,189) 1,453 146 2,034 2,444 3,693 4,128 3,853 10,636 22,310 25,308 1,368 4,919 2.044 2,916 (32.20%) 35.20% 3.79% 19.12% 10.95% 33.94% (0.07%) (6.93%) 88.01% 23.94% 8,589 (1) (341) 1,799 698 0 155 (155) (100.00%) 0 0 25,261 0 295 #DIV/0! 1.17% (1,280) 53,523 77,504 $ 136,524 529 2,710 3,534 $ 16,567 (41.33%) 5.06% 4.56% 12.13% Dec 29, 2018 Amount Percentage $ 3,433 $(414 (12.06% (109) 21,053 (5) 10.02%) 7,520 1,546 1,565 155 (497) 1.684 159 57 11,047 (193) 22.39% 10.28% 3.64% (675.4%) 38.83 (30) Horizontal statements of cash flows Consolidated Statements of Cash Flows - USD (S) Sin Millions 12 Months Ended Dec 26, 2020 Dec. 28, 2019 Amount Percentage Statement of Cash Flows [Abstract] Cash and cash equivalents, beginning of period $4,194 $2.019 $1,175 38.92 Cash flows provided by used for) operating activities: Net income 20,899 21.048 (0.71%) Adjustments to reconcile net Income to net cash provided by operating activities: Depreciation 10,482 9,204 1,273 13.89% Share-based compensation 1,854 1,705 169 8.70 Amortization of intangibles 1,757 1,622 135 8.32% (Gains) losses on equity investments, net (1,757) (892) (865) 96.97% (Gains) losses on divestitures (690) 660 (95.65%) Changes in assets and liabilities: Accounts receivable 883 (935) 1,818 (194.44%) Inventories (687) (1481) 794 (53.61M) Accounts payable 412 696 (284) (40.80) Accrued compensation and benefits 463 91 372 408.79% Customer deposits and prepaid supply agreements (181) (782) 601 (76.89%) Income taxes 1,620 BES 735 83.05 Other assets and liabilities (331) 2,674 (3.00) (112.38%) Total adjustments 14,4RS 12,097 2,388 19.74% Net cash provided by operating activities 35,384 33,145 2,239 6.76 Cash flows provided by used for) investing activities: Additions to property, plant and equipment (14,259) (16,2131 1,954 (12.05%) Additions to held for sale NAND property, plant, and equipment 194 0 191 DIV/01 Acquisitions, net of cash acquired (Ban (1.958) 1.121 (57.293 Purchases of available for sale debt investments (6,862) 12,268) (4.596) 202.56% Maturities and sales of available for sale debt investments 6,781 4.220 2.555 60.46% Purchases of trading assets 122,17 19.162 (11,215) 144.24% Maturities and sales of trading assets 15,172 7,178 8,199 1142 Purchases of equity investments (720) (522) (198) 37.93% Proceeds from Equity Method investment Distribution, Return of Capital 910 2,658 (1.778) (66.15%) Proceeds from Divestiture of Businesses 123 911 (788) (36.500) Other investing 1,262 715 47 76.50% Net cash used for investing activities (20.796) (14 405) (6.191) 441N Cash flows provided by used for) financing activities: issuance of term debt, net of issuance costs 10,247 3,392 6,895 202.00 Repayments of long-term Debt (4.525) 12.027 (1898) 72.25 Proceeds from sales of common stock through employee equity incentive plans 197 750 147 19.60 (1,714 (214) 211 (260) 1.367 (1.601) 301 8,379 29,432 779 (1,2671 485 351 12.149 2,486 2,373 3,718 3,713 (45.45%) 592.06% 229.86% (135.00%) (157.21%) (155.28%) 788.37% 44.37% 12.62% (15,181) 0 (1901 (3,843) 3.163 19,503 12,111 (874) 2,102 548 (272 (11,239) (1,032) 0 (1,760) 1.575 1,063 141 (4.933) 352 (114) 363 987 13.100 6.80% DIV/01 930.53% (40.90%) 33.61 (3.59% (40.73) (40.27%) (4.07% 66.24% (162.07%) 25.17% 423 (3,020) 555 2,909 399 195 701,89% (13.1994 15.145 (14,220) (S.568 261 (12,017) 1,071 $5,86 Repurchase of common stock Payment of dividends to stockholders Other financing Net cash provided by used for financing activities Net increase decrease) In cash and cash equivalents Cash and cash equivalents, end of period Supplemental disclosures Acquisition of property, plant and equipment included in accounts payable and accrued liabilities Interest, net of capitalized interest Income taxes, net of refunds (12.576) 15.576) 72 (17.565) 1.173 $4,194 189 4.60 4.81 10.14) 262.50 (26.40%) 42.21% 39. (10,730) (5,541) (288) (18,607 (414 $3,019 (2.846) (35) 360 1,042 1,503 $1.125 26.52% 0.63% (125.00%) (5.60%) (303.02 $1,621 2,973 1,761 1,212 68.82% 2,340 (579) (2474) 594 $ 2,436 463 $2.110 185 $126 26.65 15.45% 448 $2,813 21 $11.703) 4.69% (44.66%