For many action sport enthusiasts, financial statements might as well be written in hieroglyphics. But as the industry—and its enthusiasts—mature, learning the in’s and out’s of following the market and its performance is increasingly important. Here’s a quick, simple breakdown of 5 key financial statements, and how you can use them to learn about a publicly traded companies performance.

Form 10-Q:
A document required by the SEC for all U.S. public companies, reporting the financial results for the quarter and noting any significant changes or events in the quarter. It contains financial statements, a discussion from the company's management, and a list of material events that have occurred with the company, such as a stock split or an acquisition.

Form 10-K:
An annual report required by the SEC that gives a comprehensive summary of a public company's performance. The 10-K includes information such as company history, organizational structure, executive compensation, equity, subsidiaries, and audited financial statements, among other information.

Balance Sheet:
This statement summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders.

Income Statement:
This document displays the revenues recognized for a specific period and the cost and expenses charged against these revenues, including write-offs and taxes. The purpose of the income statement is to show investors whether the company made or lost money during the period being reported. An income statement represents a period of time as opposed to a balance sheet, which represents a single moment in time.

Statement of Cash Flows:
This document shows the flow of cash in and cash out of a business. The statement captures both the current operating results and the accompanying changes in the balance sheet. As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company, particularly its ability to pay bills.