Locate and review the last 3 years of the annual report for Hibbert Sports Inc. This document is located on the company's website under Investor Relations. Prepare the vertical and horizontal analysis in the Balance Sheet and Income Statement tabs of the "Financial Statement Report Excel Spreadsheet" (FSAR Excel Spreadsheet) provided.The spreadsheet will serve as a guideline for completing the assignment, the actual sections or order of reporting from the company's annual report may vary. Complete only the applicable sections based on the information provided in the company's annual report.

1. Complete the horizontal analysis column of the prior 3
2. Complete the vertical analysis column for the prior 3

Address the following questions in the comments section of both the Balance Sheet and Income Statement tabs:

1. What accounts changed for the period and how did this affect the financial analysis calculation?
2. Why did the account change during the period? Explain what business decisions may have caused the change.
3. How does this change influence the company's performance?

Hibbett Sports, Inc. Horizontal Analysis Comments Income Statement Hibbett Sports, Inc. Vertical Analysis Con Income Statement All numbers in thousands All numbers in thousands 2018 2019 2020 2021 2019 2020 2021 Revenue 2019 2020 2021 2019 2020 2021 Revenue Total Revenue 968,219 1,008,682 1,184,234 1,419,657 4.18% 17.40% 19.88% Total Revenue 1,008,682 1,184,234 1,419,657 100.00% 100.00% 100.00% Cost of Revenue 655,502 679,947 800, 783 915,169 3.73% 17.77% 14.28% Cost of Revenue 679,947 800, 783 915,169 67.41% 67.62% 64.46% Gross Profit 312,717 328,735 383,451 504,488 5.12% 16.64% 31.57% Gross Profit 328,735 383,451 504,488 32.59% 32.38% 35.54% Operating Expenses Operating Expenses Research Development Research Development Selling General and Administrative 231,832 264,142 318,011 356,856 13.94% 20.39% 12.21% Selling General and Administrative 264,142 318,011 356,856 26.19% 26.85% 25.14% Non Recurring 19.661 Nonrecurring 19,661 1.38% 24207 27052 29323 29583 11.75% 8.39% 0.89% Others 27052 29323 29583 2.68% 2.48% 2.08% Others 256.039 291,194 347,334 406,100 13.73% 19.28% 16.92% Total Operating Expenses 291.194 347,334 406,100 28.87% 29.33% 28.61% Total Operating Expenses Operating Income or Loss 56.678 37.541 36,117 98,388 -33.76% -3.79% 172.41% Operating Income or Loss 37.541 36,117 98,388 3.72% 3.05% 6.93% Income from Continuing Operations Income From Continuing Operations Total Other Income Expenses Net Total Other Income Expenses Net Earnings Before Interest and Taxes Earnings Before Interest and Taxes Interest Expense 270.00) (714.00) (1,014.00) (563.00) 164.44% 42.02% -44.48% Interest Expense (714.00) (1,014.00) (563.00) -0.07% 0.09% -0.04% Income Before Tax 39.00 731.00 1,224.00 127.00 1774.36% 67.44% -89.62% Income Before Tax 731 1,224 127 0.07% 0.10% 0.01% Income Tax Expense Income Tax Expense Minority Interest Minority Interest Net Income From Continuing Ops (231.00) 17.00 210.00 (436.00) -107.36% 1135.29% -307.62% Net Income From Continuing Ops 17 210 (436.00) 0.00% 0.02% -0.03% Nonrecurring Events Nonrecurring Events Discontinued Operations Discontinued Operations Extraordinary Items Extraordinary Items Effect of Accounting Changes Effect of Accounting Changes Other Items 21417 9137 8984 23686 -57.34% -1.67% 163.65% Other Items 9137 8984 23686 0.91% 0.76% 1.67% Net Income 21417 9137 8984 23686 -57.34% -1.67% 163.65% Net Income 137 8984 23686 0.91% 0.76% 1.67% Net Income 35,030 28.421 27,343 74,266 -18.87% -3.79% 171.61% Net Income 28,421 27,343 74.266 2.82% 2.31% 5.23% Preferred Stock and Other Adjustments 1.72 1.52 1.34 4.36 -11.63% 1.32% 183.12% Preferred Stock and Other Adjustments 1.32 1.54 4.36 Net Income Applicable to Common Net Income Applicable to Common 20,450 18,826 17,957 17,037 18,826 17,957 17,037 Shares -7.94% -4.62% -5.12% Shares 1.87% 1.52% 1.20%Vertical Analysis Balance Sheet Comments Comments Horizontal Analysis Balance Sheet All numbers in thousand All numbers in thousands 2019 2020 2021 2019 2020 2021 Period Ending 2018 2019 2020 2021 2019 2020 2021 Period Ending SHANDA TIFFANY YESSENIA Current Assets Current Assets 7.00% 216.73% Cash And Cash Equivalents 61,756 66,078 209,290 11.31% 8.58% 25.90% Cash and Cash Equivalents 73,544 61,756 66,078 209,290 -16.03% Short-Term Investments Short-Term Investments -10.49% 40.44% Net Receivables 9,470 8,477 11,905 1.73% 1.10% 1.47% Net Receivables 6,599 9,470 8,477 11,905 43.51% 288,011 202,038 51.33% 37.42% 25.00% Inventory 253,201 280,287 288,011 202,038 10.70% 2.76% 29.85% Inventory 280,287 13430 16343 9946 16567 21.69% 39.14% 66.57% Other Current Assets 16343 9946 16567 2.99% 1.29% 2.05% Other Current Assets 367.856 372.512 439.800 67.36% 48.39% 54.42% Total Current Assets 346,774 367.856 372.512 39.800 6.08% 1.27% 18.06% Total Current Assets Long-Term Investments Long Term Investments 115,394 100,956 107,159 21.13% 13.12% 13.26% Property Plant and Equipment 109,698 115,394 100,956 107,159 5.19% -12.51% 6.14% Property Plant and Equipment 2.55% Goodwill 23133 1966 15.01% -100.00% Goodwill 23133 19661 4.24% Intangible Assets 32400 32400 23500 0.00% 27.47% Intangible Assets 3240 32400 23500 5.93% 4.21% 2.91% 29.77% 26.75% Operating right-of-use assets 229155 216224 -5.64% Operating right-of-use assets 229155 216224 2250 3285 0.29% 0.41% Finance right-of-use assets 2250 3285 46.00% Finance right-of-use assets Accumulated Amortization Accumulated Amortization 0.50% 0.44% Other Assets 3.198 5.004 3.829 3,573 56.47% -23.48% -6.69% Other Assets 5.004 3.829 3,573 0.92% Deferred Long-Term Asset Deferred Long-Term Asset 3.996 14,625 2.176 .278 14,625 2,278 Charges 0.42% 1.81% 62.57% 1.17% 4.69% 294.91% Charges 808,166 100.00% 100.00% Total Assets 461.846 546.065 769.759 808,166 18.24% 40.96% 4.99% Total Assets 546.065 769.759 100.00% Current Liabilities Current Liabilities 107,215 14.86% 22.69% -18.57% Accounts Payable 107,315 131.662 107,215 51.10% 29.87% 25.70% Accounts Payable 93,435 107,315 131.662 Short-/Current Long-Term 55784 82065 89517 16996 55784 82065 89517 Debt 26.56% 18.62% 21.46% Short Current Long-Term Debt 228.22% 47.11% 9.08% 10174 19934 28588 4.84% 4.52% 6.85% Other Current Liabilities 5136 10174 19934 28588 98.09% 95.93% 43.41% Other Current Liabilities 54.02% Total Current Liabilities 115,567 173,273 233,661 225,320 49.93% 34.85% -3.57% Total Current Liabilities 173,273 233,661 225,320 82.50% 53.01%Long-Term Debt 2,522 1,994 192,403 188,732 -20.94% 9549.10% -1.91% Long-Term Debt 1,994 192,403 188,732 0.95% 43.65% 45.25% Other Liabilities 2,576 13,826 13,757 2,353 436.72% -0.50% -82.90% Other Liabilities 13,826 13,757 2,353 6.58% 3.12% 0.56% Deferred Long-Term Liability Deferred Long-Term Liability 20,291 19,522 19,522 Charges 3.79% -100.00% Charges 9.30% Minority Interest 1,294 1,401 95: 725 8.27% -31.83% -24.08% Minority Interest 1,401 955 725 0.67% 0.22% 0.17% Negative Goodwill Negative Goodwill Total Liabilities 142,250 210,016 440,776 417,130 47.64% 109.88% -5.36% Total Liabilities 210,016 440,776 417,130 100.00% 100.00% 100.00% Stockholders' Equity Stockholders' Equity Misc. Stocks Options Warrants Misc. Stocks Options Warrants Redeemable Preferred Stock Redeemable Preferred Stock Preferred Stock Preferred Stock Common Stock 389 390 391 394 0.26% 0.26% 0.77% Common Stock 390 391 394 0.12% 0.12% 0.10% Retained Earnings 731,901 759,677 784,942 858,951 3.80% 3.33% 9.43% Retained Earnings 759,677 784,942 858,951 226.06% 238.60% 219.66% Treasury Stock (593,230.00) (609,770.00) (645,229.00) (662,843.00) 2.79% 5.82% 2.73% Treasury Stock (609,770.00) (645,229.00) (662,843.00) -181.45% 196.13% -169.51% Capital Surplus 180.536 185,752 188,879 194,534 2.89% 1.68% 2.99% Capital Surplus 185,752 188,879 194,534 55.28% 57.41% 49.75% Other Stockholder Equity Other Stockholder Equity Total Stockholder Equity 319,596 336,049 328,983 391,036 5.15% -2.10% 18.86% Total Stockholder Equity 336,049 328,983 391,036 100.00% 100.00% 100.00% Net Tangible Assets 319,596 303,649 296,583 367,536 -4.99% -2.33% 23.92% Net Tangible Assets 303,649 296,583 367,536Ratios Comments Liquidity Ratios Company Competitor Industry Short-Term Debt Paying Ratios 2019 2020 2021 Working Capital Current Ratio Acid Test Ratio Cash Ratio Long-Term Solvency or Financial Leverage Times Interested Earned Fixed Charge Coverage Debt Ratio Debt: Equity Ratio Asset Utilization or Turnover Ratios Inventory turnover Days Sales in Inventory Receivables Turnover Days Sales in Receivables Operating Cycle Profitability Ratios Net Profit Margin Ratio Total Asset Turnover Return on Assets Operating Income Margin Sales to Fixed Assets ROE Return on Common Equity Gross Profit Margin Investor Ratios Degree of Financial Leverage Earnings per Share Diluted Earnings per Share Price/Earnings Ratio Percentage of Earnings Retained Dividend Payout Dividend Yield