Here is the instruction for the other 95 POINTS of this Term Project:
Would you recommend an investment in this company? (YES or NO)

That recommendation will be on the Top of the COVER PAGE of your final report. The report that follows your cover page will be the argument supporting your recommendation. Remember that the majority of your study and conclusion should be based on accounting information.

Here are more of the specifics of what will be required of you for this paper:

#2) 10 POINTS Do some reading/research on your company. Check into current news about the company and introduce the company to the reader. Consider what external factors in the economy, in the world, in the region, in the industry of your company might an investor (and you) consider before making an investment in this company. (Include these comments in paragraph form ~ and assume the reader/potential investor is NOT familiar AT ALL with your company).

#3) 10 POINTS You are to do a full Horizontal Analysis (on both the Balance Sheet and on the Income Statement) for the years presented using the oldest year as your base year and rolling forward that base year to the next recent year. In other words, for the Balance Sheet which contains 2 years of data, you compare the oldest year to the most recent year. Easy. But for the Income Statement, there should be 3 years included in your Horizontal Analysis. I am looking for whole dollars here. NO PENNIES ! Use the exact same numerical format in your tables as that in the original financial statements. I am requiring the differences here be stated in dollar amounts (not percentages). For the income statement, the oldest year gets compared to the middle year. Then the middle year becomes the base year and that base year gets compared to the most recent year. (Thus, the rolling base year concept.)

#4) 10 POINTS You are to do a Vertical Analysis (on both the Balance Sheet and Income Statement) for EACH of the years presented. You must show your results as % amounts (not regular numbers) and round your % results to exactly 2 decimal places (ex: 2.07% ~ not 2% and not 2.0689538%).

For these two analyses (#3 and #4 above), you are to present the actual tables of your Vertical and Horizontal Analysis. If you only submit commentary on your results (and not the tables), you lose 20 points. The analysis tables MUST SHOW: titles, every single individual account as shown on the original financial statement, the original dollar balances alongside each of those named accounts under the respective yearly column, and the columns for your vertical/horizontal calculation results. Be sure to label all columns.

**** USE the samples discussed during our Chapter 9 lectures (for Harley Davidson) as a guideline.

NOTE: If your tables for #3 and #4 above spill over onto a second page, you must label the top of that subsequent page with headings of the statement AND headings on columns, just as would be in a published report. If these analyses are not user friendly, you will not get full credit.

#5) 10 POINTS Provide some comments (brief bullet points only ~ No Long Narratives!) on the results of these four tables studies that may be relevant to your overall recommendation. This is key. Crunching numbers is one thing, but you must demonstrate that you understand the value in looking at the end results of these horizontal and vertical analysis tables. I am looking for at least one comment from each of the four tables. Look for the red flags ~ good or bad ~ and comment on them. If your only comment is that something increased or decreased (without an explanation or interpretation), then you will not get credit.

#6) 10 POINTS Provide an overview of the Cash Flow statement by listing (brief bullet points only no long narratives) specific comments on entries within that one statement. Note which observations are the good (if any) and any that are not so good indicators. Do not comment on anything you do not understand in this statement. Saying that an item increased or decreased without explanation/interpretation from you wont get you credit. I expect at least 7-10 notes/observations from you on the Cash Flow statement. NOTE: You are not to comment AT ALL on ANY of the details within the Cash Flow from Operating Activities section. Id like you to include a comment on the grand total Cash Flow from Operating Activities as one of your 7-10 comments but No Remarks At All on the details within that section will be awarded any credit.

#7) & #8) 10 POINTS EACH Do a ratio analysis on the financial data presented. The six ratios you are required to calculate follow below. For each ratio, you must show: a) the name of the ratio and that specific formula you are using AND b) the numbers youve plugged in for each calculation AND c) the numerical result. Again, crunching the numbers is fine, but once those calculations are done, then the most important part is interpreting the results. You should provide your interpretation of the results of each ratio calculation in each year (brief bullet point comments only). Do you see any trends that are a concern? Saying increased or decreased is not enough and you will get no credit whatsoever if those are you only comments. Help the uninformed reader understand what the results mean. (#7 here is graded based on calculations, #8 is your grade for comments on each of those ratio results)

December 31, 2020 December 31, 2019 19,384 1,886 4,101 1,346 26,717 3,091 5,979 12,747 1.558 313 207 1,536 52,148 6,268 1,324 3,552 959 12.103 2,447 6,138 10,396 1.218 339 198 1.470 34,309 6,051 3.855 1.458 752 2.132 14,248 9,556 1,284 3,330 28.418 3,771 3.222 1.163 726 1.785 10,667 11.634 1,207 2,691 26,199 604 51 27,260 363 5.399) 22,225 850 52,148 12,736 (36) (6.083) 6.618 849 34,309 December 31, 2020 December 31, 2019 19,384 1,886 4,101 1,346 26,717 3,091 5,979 12,747 1,558 313 207 1,536 52,148 6,268 1,324 3,552 959 12.103 2,447 6,138 10,396 1,218 339 198 1,470 34309 6,051 3.855 1.458 752 2.132 14.248 9,556 1,284 3,330 28,418 3,771 3,222 1.163 726 1.785 10,667 11,634 1,207 2.691 26,199 643 604 51 1 27,260 363 (5,399) 22,225 850 52,148 12.736 (36) (6,083) 6,618 849 34,309 Assets Current assets Cash and cash equivalents Accounts receivable, net Inventory Prepaid expenses and other current assets Total current assets Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Intangible assets, net Goodwill Other non-current assets Total assets Liabilities Current liabilities Accounts payable Accrued liabilities and other Deferred revenue Customer deposits Current portion of debt and finance leases Total current liabilities Debt and finance leases, net of current portion Deferred revenue, net of current portion Other long-term liabilities Total liabilities Commitments and contingencies (Note 16) Redeemable noncontrolling interests in subsidiaries Convertible senior notes (Note 12) Equity Stockholders' equity Preferred stock, 50.001 par value; 100 shares authorized; no shares issued and outstanding Common stock: 50.001 par value; 2,000 shares authorized; 960 and 905 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively (1) Additional paid-in capital (1) Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Noncontrolling interests in subsidiaries Total liabilities and equity (1) December 31, 2020 December 31, 2019 19,384 1,886 4,101 1,346 26,717 3,091 5,979 12,747 1.558 313 207 1,536 52,148 6,268 1,324 3,552 959 12.103 2,447 6,138 10,396 1.218 339 198 1.470 34,309 6,051 3.855 1.458 752 2.132 14,248 9,556 1,284 3,330 28.418 3,771 3.222 1.163 726 1.785 10,667 11.634 1,207 2,691 26,199 604 51 27,260 363 5.399) 22,225 850 52,148 12,736 (36) (6.083) 6.618 849 34,309 December 31, 2020 December 31, 2019 19,384 1,886 4,101 1,346 26,717 3,091 5,979 12,747 1,558 313 207 1,536 52,148 6,268 1,324 3,552 959 12.103 2,447 6,138 10,396 1,218 339 198 1,470 34309 6,051 3.855 1.458 752 2.132 14.248 9,556 1,284 3,330 28,418 3,771 3,222 1.163 726 1.785 10,667 11,634 1,207 2.691 26,199 643 604 51 1 27,260 363 (5,399) 22,225 850 52,148 12.736 (36) (6,083) 6,618 849 34,309 Assets Current assets Cash and cash equivalents Accounts receivable, net Inventory Prepaid expenses and other current assets Total current assets Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Intangible assets, net Goodwill Other non-current assets Total assets Liabilities Current liabilities Accounts payable Accrued liabilities and other Deferred revenue Customer deposits Current portion of debt and finance leases Total current liabilities Debt and finance leases, net of current portion Deferred revenue, net of current portion Other long-term liabilities Total liabilities Commitments and contingencies (Note 16) Redeemable noncontrolling interests in subsidiaries Convertible senior notes (Note 12) Equity Stockholders' equity Preferred stock, 50.001 par value; 100 shares authorized; no shares issued and outstanding Common stock: 50.001 par value; 2,000 shares authorized; 960 and 905 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively (1) Additional paid-in capital (1) Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Noncontrolling interests in subsidiaries Total liabilities and equity (1)