Burch Industries Consolidated Income Statements (in thousands, except per share data)
	Year ended December 31,
	2019		2018		2017
Revenues	$3,930,984		$3,405,211		$3,003,610
Costs and expenses:
Cost of goods sold	$2,386,993		$2,089,089		$1,850,530
Selling and administrative	922,261		761,498		664,061
Interest	25,739		30,665		27,316
Other expenses (income)	1,475		2,141		(43)
Total costs and expenses	$3,336,468		$2,883,393		$2,541,864
Income before income taxes	$594,516		$521,818		$461,746
Income taxes	229,500		192,600		174,700
Net income	$365,016		$329,218		$287,046

Burch Industries Consolidated Balance Sheets (in thousands)
	December 31,
ASSETS	2019		2018
Current assets:
Cash and equivalents	$291,284		$260,050
Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046	667,547		596,018
Inventories	592,986		471,202
Deferred income taxes	26,378		27,511
Prepaid expenses	42,452		32,977
Total current assets	$1,620,647		$1,387,758
Property, plant, and equipment	$571,032		$497,795
Less accumulated depreciation	(193,037)		(151,758)
Net property, plant, and equipment	$377,995		$346,037
Goodwill	157,894		110,363
Other assets	30,927		28,703
Total assets	$2,187,463		$1,872,861
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Current portion of long-term debt	$52,985		$3,652
Notes payable	108,165		105,696
Accounts payable	135,701		134,729
Accrued liabilities	138,563		134,089
Income taxes payable	17,150		42,422
Total current liabilities	$452,564		$420,588
Long-term debt	15,033		77,022
Noncurrent deferred income taxes	29,965		27,074
Other noncurrent liabilities	43,575		23,728
Commitments and contingencies	0		0
Redeemable preferred stock	300		300
Total liabilities	$541,437		$548,712
Stockholders equity:
Common stock at stated value:
Class A convertible26,691 and 26,919 shares outstanding	$159		$161
Class B49,161 and 48,591 shares outstanding	2,720		2,716
Capital in excess of stated value	108,451		93,799
Treasury stock (common at cost)	(7,790)		(6,860)
Retained earnings	1,542,486		1,234,333
Total stockholders equity	$1,646,026		$1,324,149
Total liabilities and stockholders equity	$2,187,463		$1,872,861

Use the following data to respond to the requirements below.

	2019		2018		2017
Average number of common shares outstanding	77,063		76,602		76,067
Accounts receivable, net	$667,547		$596,018		$521,588
Inventories	592,986		471,202		586,594
Total assets	2,187,463		1,872,861		1,708,430
Stockholders equity	1,646,026		1,324,149		1,032,789
Stock repurchases	930,111		581,134		288,320
Cash flows from operating activities	190,000		150,000		137,000
Common dividends paid	57,797		45,195		39,555
Dividends per common share	0.75		0.59		0.52
Market price per share:
High	90.25		77.45		54.50
Low	55.00		35.12		26.00
Close	86.33		71.65		43.22

	Year ended December 31,
Industry Averages	2019		2018
Return on equity	25.98%		23.04%
profit margin	0.05		0.04
Asset turnover	2.24		2.56
Leverage	2.32		2.25

Perform a Dupont analysis for 2018 and 2019. Round your intermediate calculations and final answers to two decimal places.

	Dupont Analysis
2019	%
2018	%