Core Insights - Polaris Renewable Energy has made significant improvements to its business over the past year, indicating a positive growth trajectory [1] - The company has capital available for deployment into growth opportunities, suggesting potential for expansion [1] - Polaris offers a generous dividend yield of over 7%, making it an attractive option for income-focused investors [1] - The shares of Polaris are trading at a low valuation of just 5 times trailing earnings, indicating potential undervaluation [1] Company Overview - Polaris Renewable Energy is listed on the TSX under the ticker PIF:CA and also trades on the OTC market as RAMPF [1] - The company focuses on undercovered and unappreciated Canadian dividend stocks, aiming to provide solid value to investors [1]

Company Overview - Polaris Inc. is the global leader in powersports, offering a diverse range of products including off-road vehicles, snowmobiles, motorcycles, and boats since its founding in 1954 [3] - The company serves nearly 100 countries worldwide and is headquartered in Minnesota [3] Industry Insights - During the 2025 Capital Markets Day, Polaris provided an overview of the powersports industry and its long-term strategy to maintain leadership while achieving mid-cycle financial targets [1] - The company is committed to innovation, customer satisfaction, and dealer relationships, alongside improving operational efficiency [1] Leadership Statements - CEO Mike Speetzen expressed confidence that the actions taken will strengthen Polaris as the powersports market recovers, focusing on enhancing financial strength and shareholder value [2]

Core Insights - Polaris Off Road achieved a historic victory at the Mint 400, with the RZR Factory Racing team making its debut and dominating the event [1][2] - Brock Heger secured the overall win in the Limited race, continuing his impressive winning streak across various prestigious off-road events [2][5] - The RZR Pro R platform showcased its performance by claiming all top 10 positions in the UTV Pro Open class and the top four overall spots in the Limited race [2][5] Performance Highlights - Brock Heger finished the race over seven minutes ahead of the second-place driver, demonstrating exceptional speed and control [3][4] - The starting order was determined by a qualifying race, with Heger starting second and quickly taking the lead during the first lap [3] - Heger reached a remarkable speed of 118 mph during the race, showcasing the capabilities of the RZR Pro R Factory [3] Team Dynamics - The race featured intense competition among Polaris teammates, with Cayden MacCachren finishing second, Mitch Guthrie third, and Max Eddy Jr. fourth [2][4] - The team displayed strong performance throughout the race, with strategic positioning and overtaking maneuvers leading to podium finishes [4] Future Outlook - The RZR Factory Racing team is preparing for the upcoming 2025 SCORE season kickoff at the San Felipe 250, aiming to maintain their winning momentum [5][6] - The success at the Mint 400 is seen as a testament to the engineering and performance of the RZR Pro R platform, with expectations for continued dominance in future races [5]

Core Viewpoint - Polaris Inc. has promoted Matt Winings to senior vice president, general counsel, and corporate secretary, effective immediately, as part of its executive leadership team [1][2]. Group 1: Leadership Changes - Matt Winings will oversee all legal, compliance, regulatory, government affairs, and governance practices across Polaris' global businesses [1]. - Winings joined Polaris in 2023 as vice president and assistant general counsel, bringing nearly two decades of legal expertise to his new role [2]. Group 2: Background of Matt Winings - Prior to joining Polaris, Winings spent over 10 years at Cummins Inc. in various senior legal roles, including international experience in London [2]. - Winings has a J.D. from Indiana University Maurer School of Law and a bachelor's degree from Indiana University [2]. Group 3: Company Overview - Polaris Inc. is a global leader in powersports, founded in 1954, and offers a wide range of products including off-road vehicles, snowmobiles, motorcycles, and boats [3]. - The company serves nearly 100 countries worldwide and enhances the riding experience with a robust portfolio of parts, garments, and accessories [3].

Group 1 - Polaris Inc. will host a Capital Markets Day on March 12, 2025, from 4:00 pm to approximately 5:45 pm mountain time, which will be webcast live [1] - The meeting will cover the current powersports market, growth strategies, long-term profitability efforts, and the company's focus on being the global leader in powersports [1] - Presenters at the event will include CEO Mike Speetzen, CFO Bob Mack, and VP of Off Road Operations Marc Suarez [1] Group 2 - Polaris is recognized as the global leader in powersports, offering a diverse range of products including off-road vehicles, snowmobiles, motorcycles, and boats [3] - The company has been in operation since 1954 and serves nearly 100 countries worldwide [3] - Polaris enhances the riding experience with a comprehensive portfolio of parts, garments, and accessories [3]

Core Insights - Polaris Inc. has announced its 2026 snowmobile lineup, emphasizing innovation and versatility across various models and segments [1][3][4] Product Innovations - The 2026 lineup includes the all-new Voyageur models: Voyageur SP 155, Voyageur XC 155, and Voyageur Adventure Ultimate 155, designed for diverse winter activities such as trail breaking and gear hauling [2][3] - The new models feature patent-pending BackTrak15 rear articulated suspension, high-clearance independent front suspension, and TrailBreaker Skis for enhanced performance in various snow conditions [4] - The 2026 INDY XCR model has a 20% stiffer suspension calibration for improved handling on rugged terrain [9] - The TITAN snowmobile lineup has been expanded with more engine options and accessories, including a large utility box for heavy-duty tasks [10] Customization and Technology - Polaris offers the SnowCheck program, allowing customers to customize their snowmobiles with preferred models, engines, colors, and options until March 28 [1][13] - The Polaris RIDE COMMAND system provides over 1.1 million miles of verified trails and features for route planning and group rides, available for free to all riders [12] Marketing and Engagement - Polaris is conducting a Sneak Peek Tour to showcase the 2026 lineup, providing opportunities for customers to interact with the Polaris team and view the new models [14]

Core Insights - Polaris Slingshot celebrates its 10th anniversary with the launch of the limited edition Slingshot 10, showcasing premium features and exclusive styling [1][2][3] Product Features - Slingshot 10 is based on the top-of-the-line R model and includes exclusive features such as commemorative badging, ghosted graphics, and a unique colorway [2][4] - The interior features custom-inspired fit and finish, including a color-matched steering wheel, custom-stitched seats, and a high-quality audio system with Stage 3 Max Rockford Fosgate sound [5][6] - Advanced technology includes heated and cooled seats, a 7" RIDE COMMAND display with GPS navigation, and customizable interior lighting [6][7] Performance Enhancements - Slingshot 10 offers improved performance with a modest increase in horsepower and a broader torque curve, along with refined AutoDrive transmission for a smoother driving experience [8] - The model features larger Brembo® front brake rotors, providing enhanced braking power [8] Pricing and Availability - The starting price for the limited edition Slingshot 10 is $38,999, and it is being shipped to dealers in limited quantities [9] Company Background - Polaris Slingshot, a brand of Polaris Inc., continues to innovate in the three-wheeled autocycle category, emphasizing style, ride experience, and community [10]

Group 1 - Polaris Inc. will present at the Raymond James 46th Annual Institutional Investors Conference on March 4, 2025, at 10:25 a.m. Eastern Time [1] - The presentation will be made by CEO Mike Speetzen and CFO Bob Mack [1] - A live webcast and slide presentation will be accessible on the Polaris Investor Relations website, with a replay available after the event [2] Group 2 - Polaris Inc. is a global leader in powersports, founded in 1954, and is known for product innovations and enhancing outdoor experiences [3] - The company's product lineup includes various off-road vehicles, snowmobiles, motorcycles, and boats, serving nearly 100 countries worldwide [3] - Polaris also offers a comprehensive range of parts, garments, and accessories to enhance the riding experience [3]

Core Viewpoint - Rockford Fosgate has launched a new rear subwoofer kit specifically designed for Polaris RZR vehicles, enhancing the audio experience with a focus on seamless integration and performance [1][2]. Product Features - The subwoofer kit is purpose-built for 2020-2024 Pro-XP, 2022-2024 Turbo-R, and 2022-2024 Pro-R 4-seat Polaris RZR models, featuring a 400-watt power output and a plug-and-play design for easy installation without the need for drilling or cutting [3]. - It includes Rockford Fosgate's RF3™ technology, ensuring compatibility with the factory fit and finish of RZR vehicles, providing both aesthetic appeal and functionality [3]. - The subwoofer is housed in an oval ported enclosure optimized for maximum bass output, and it comes with a port cap for waterproofing, making it suitable for extreme outdoor conditions [4]. Durability and Design - Every component of the subwoofer kit is designed with Rockford Fosgate's Element Ready® technology, ensuring resistance to water, dust, and mud, which is essential for off-road adventures [5]. - The kit is marketed as the ultimate bass solution for enhancing the audio experience in rugged terrains, emphasizing its reliability and performance [5]. Availability - The rear subwoofer kits are available through authorized Rockford Fosgate dealers and online at rockfordfosgate.com [6].

Financial Performance - Total sales for 2024 were $7.2 billion, a decrease of 20% from 2023[153]. - Gross profit for 2024 was $1.5 billion, down 25% from $2.0 billion in 2023, with a gross profit margin of 20.4%[154]. - Net income from continuing operations attributable to Polaris Inc. was $110.8 million, or $1.95 per diluted share, a decline of 78% from $502.8 million, or $8.71 per diluted share in 2023[155]. - Adjusted EBITDA for 2024 was $635.4 million, a decrease of 38% from $1,020.9 million in 2023[158]. - Operating income decreased significantly to $290.6 million in 2024 from $700.9 million in 2023[256]. - Comprehensive income attributable to Polaris Inc. was $42.8 million in 2024, down from $532.8 million in 2023[259]. - Net income for 2024 was $111.2 million, a decrease of 77.9% compared to $502.7 million in 2023[265]. Sales and Revenue - Sales in the United States accounted for 79% of total sales, totaling $5.6 billion, down 21% from 2023[160]. - Total sales decreased by 20% in 2024 to $7,175.4 million compared to $8,934.4 million in 2023[1]. - Off Road segment sales fell by 18% to $5,706.7 million, while On Road and Marine segments decreased by 17% and 37%, respectively[2][3]. - Wholegoods revenue for 2024 was $5,469.0 million, down from $7,122.1 million in 2023, representing a decline of 23.3%[320]. - Total revenue for the year ended December 31, 2024, was $7,175.4 million, a decrease of 19.7% from $8,934.4 million in 2023[320]. Expenses and Costs - Operating expenses for 2024 were $1.3 billion, a decrease of 5% from $1.3 billion in 2023, with an operating expense margin of 17.8%[158]. - Cash provided by operating activities dropped significantly to $268.2 million in 2024 from $925.8 million in 2023, a decrease of $657.6 million[1][5]. - The company reported a significant increase in research and development expenses to $336.9 million in 2024, compared to $374.3 million in 2023[256]. - The Company incurred $85.5 million in advertising expenses in 2024, a decrease of 9.3% compared to $94.1 million in 2023[300]. - The Company incurred restructuring expenses of $23.4 million, primarily related to severance and other employee-related costs[301]. Debt and Financing - The company had outstanding borrowings of $282.0 million under its $1.4 billion Revolving Loan Facility as of December 31, 2024[1][7]. - As of December 31, 2024, the company's debt to total capital ratio was 62%, up from 57% in 2023[198]. - The company issued $500 million in 6.95% Senior Notes, with net proceeds of approximately $492 million after fees, maturing in March 2029[196]. - The Company amended its Term Loan Facility to $500 million and extended the maturity date to December 2029[344]. - As of December 31, 2024, total financing obligations amounted to $2,072.4 million, an increase from $1,908.4 million in 2023[341]. Inventory and Assets - Total Polaris North America snowmobile dealer inventories increased by approximately 10%[1][9]. - The Company’s net inventories as of December 31, 2024, were $1,741.5 million, a decrease of 3.8% from $1,810.5 million in 2023[319]. - Total assets increased slightly to $5,525.2 million in 2024 from $5,516.3 million in 2023[254]. - The Company’s property and equipment, net, was $1,186.7 million as of December 31, 2024, a decrease from $1,201.5 million in 2023[319]. Tax and Interest - The effective income tax rate for 2024 was 21.0%, up from 19.0% in 2023, reflecting lower pretax earnings[168]. - Interest expense rose to $137 million in 2024, an increase of 10% from $125 million in 2023, primarily due to higher interest rates[166]. - A 100 basis point increase or decrease in interest rates would increase or decrease interest expense by approximately $8 million based on unhedged variable-rate debt[225]. Shareholder Actions - The company repurchased 1.0 million shares for $82.7 million in 2024, positively impacting diluted net income per share by three cents[199]. - Cash dividends paid per share were $2.64 in 2024, compared to $2.60 in 2023 and $2.56 in 2022[262]. - The Company granted 386,055 stock options in 2024, with a weighted-average exercise price of $89.96[331]. Compliance and Risk Management - The company remains in compliance with all debt covenants, maintaining an interest coverage ratio of not less than 3.00 to 1.00[198]. - The Company’s internal control over financial reporting was evaluated as effective as of December 31, 2024, based on COSO criteria[232]. - The Company is subject to market risk from fluctuating prices of commodities such as steel, aluminum, and diesel fuel, which are critical to its operations[218]. - The Company actively manages foreign currency exposure through hedging contracts, including $12 million in Australian dollars and $79.2 million in Canadian dollars[223].