Polaris-Supported Driver Branden Sims Finishes Second Overall Behind the Wheel of a Race-Prepped RZR Pro R MINNEAPOLIS, June 3, 2024 /PRNewswire/ -- The 56th running of the SCORE Baja 500 took place this past weekend, where the Polaris Factory Racing team continued its winning streak as Cayden MacCachren, along with his co-driver Hailey Hein, delivered a dominant performance to secure the prestigious UTV Overall and UTV Pro Open class victory. This marked MacCachren's third consecutive SCORE series win, sho ...

With a long track record of delivering profitability, Polaris stands out in a cyclical industry. Polaris (PII 0.63%) has grown into the leading powersports vehicle manufacturer in North America, with its sales rising sixfold since 2000. Over this time, Polaris has more than tripled the total returns of the S&P 500 index. However, over the last decade, it has been an entirely different story. Despite doubling its revenue across the last 10 years, Polaris' total returns have declined by 16% as the market cont ...

Polaris continues to act as a steward for its employees, riders, communities and the outdoors MINNEAPOLIS, May 16, 2024 /PRNewswire/ -- Polaris Inc. (NYSE: PII) today released its 2023 Geared For Good Report detailing Polaris' continued focus on operating in a responsible manner to support its employees, riders, communities where it operates and in the outdoors. Polaris Inc. today released its 2023 Geared For Good Report detailing Polaris' continued focus on operating in a responsible manner to support its ...

Financial Performance - Polaris Inc. reported sales of $1,736.4 million for the three months ended March 31, 2024, a decrease of 20.2% compared to $2,179.7 million in the same period of 2023[12]. - The company's gross profit for Q1 2024 was $330.3 million, down 29.6% from $469.2 million in Q1 2023[12]. - Operating income fell to $39.0 million in Q1 2024, a decline of 75.8% from $161.1 million in the prior year[12]. - Net income attributable to Polaris Inc. was $3.8 million for Q1 2024, a significant drop of 96.7% compared to $113.4 million in Q1 2023[12]. - Adjusted EBITDA for the first quarter was $110.0 million, a decline of 54% from $238.1 million in the previous year[80]. - The effective income tax rate increased to 49.3% from 21.7% due to unfavorable share-based compensation adjustments[90]. - The company reported a comprehensive loss of $2.3 million for Q1 2024, contrasting with a comprehensive income of $126.2 million in Q1 2023[14]. Revenue Breakdown - Total revenue for the three months ended March 31, 2024, was $1,736.4 million, a decrease of 20.3% compared to $2,179.7 million for the same period in 2023[34]. - Wholegoods revenue decreased from $1,782.0 million in Q1 2023 to $1,325.3 million in Q1 2024, representing a decline of 25.5%[34]. - Revenue from the United States was $1,342.8 million in Q1 2024, down from $1,694.6 million in Q1 2023, a decrease of 20.8%[34]. - Off Road segment sales decreased by 16% to $1,335.7 million, while On Road sales fell 14% to $277.2 million, and Marine sales plummeted 53% to $123.5 million[95]. Assets and Liabilities - Total current assets increased to $2,732.6 million as of March 31, 2024, compared to $2,691.7 million at the end of 2023[10]. - Total liabilities rose to $4,175.6 million as of March 31, 2024, up from $4,085.2 million at the end of 2023[10]. - Cash and cash equivalents decreased to $318.8 million as of March 31, 2024, down from $367.8 million at the end of 2023[10]. - The company’s retained earnings decreased to $197.3 million as of March 31, 2024, from $243.5 million at the end of 2023[10]. - Total financing obligations as of March 31, 2024, were $2,068.2 million, an increase from $1,908.4 million as of December 31, 2023[43]. Shareholder Returns - The company declared a dividend of $0.66 per share for the three-month period ended March 31, 2024, compared to $0.65 per share for the same period in 2023[17]. - Cash dividends declared and paid per common share increased to $0.66 for the three months ended March 31, 2024, compared to $0.65 for the same period in 2023[53]. - The company repurchased approximately 0.2 million shares of its common stock for $16.0 million during the three months ended March 31, 2024, with an additional $1,175.1 million authorized for future repurchases[52]. Operating Expenses and Cash Flow - Operating expenses decreased by 4% to $313.2 million, but as a percentage of sales, they increased to 18.0% from 14.9%[80]. - Net cash provided by operating activities was $(105.4) million, compared to $124.2 million in the prior year[19]. - The company experienced a net cash used for operating activities of $105.4 million in Q1 2024, contrasting with a net cash provided of $124.2 million in Q1 2023[19]. Other Financial Metrics - The company recorded $62.9 million in depreciation and amortization for the three months ended March 31, 2024, compared to $61.8 million in 2023[19]. - Borrowings under financing obligations increased to $842.0 million in Q1 2024, up from $573.4 million in Q1 2023[19]. - The fair value of long-term financing obligations was approximately $2,099.2 million as of March 31, 2024, compared to $1,954.3 million at the end of 2023[25]. - The company had an accrual of $135.2 million for probable payments related to product liability litigation as of March 31, 2024[63].

First Quarter 2024 Earnings Presentation Safe Harbor & Non-GAAP Measures The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and Europe compiled by the Company or Company estimates and other industry data sources. The Company relies on information that its dealers or other third parties supply concerning retail sales, and other retail sales data sources related to Polaris and the powersports industry, and this inform ...

First Quarter 2024 Earnings Results April 23, 2024 FINANCIAL AND OPERATIONAL HIGHLIGHTS KEY FINANCIAL DATA | (in millions, except per share data) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Quarter ended March 31, 2024 | | Reported | YOY % Chg. | | Adjusted* | YOY % Chg. | | Sales | $ | 1,736.4 | (20)% | $ | 1,736.4 | (20)% | | Gross profit margin | | 19.0 % | -250 bps | | 19.0 % | -248 bps | | Total operating expenses | $ | 313.2 | (4)% | | | | | Net income attributable to Polaris | $ | 3.8 ...

Financial Performance - Total sales for 2023 reached $8.9 billion, a 4% increase from 2022, driven by product mix and increased shipments [158]. - Net income from continuing operations attributable to Polaris Inc. was $502.8 million, a decrease of 17% from 2022, with diluted earnings per share dropping from $10.04 to $8.71 [159]. - Adjusted EBITDA for 2023 was $1,020.9 million, down 5% from $1,075.9 million in 2022, reflecting increased operating expenses and higher finance interest [161]. - Gross profit remained stable at $2.0 billion, but as a percentage of sales, it decreased to 21.9% from 22.8% in 2022 [158]. - Total gross profit for 2023 was $1,959.9 million, remaining stable compared to $1,959.5 million in 2022, with a gross profit margin of 21.9% [176]. - Comprehensive income for 2023 was $532.8 million, an increase from $437.0 million in 2022, showing improved overall financial health [264]. - Net income for 2023 was $502.7 million, an increase of 12.5% compared to $447.6 million in 2022 [270]. Sales and Revenue - Total sales for 2023 reached $8,934.4 million, a 4% increase from $8,589.0 million in 2022 [187]. - Sales in the United States increased by 5% to $7.1 billion, accounting for 80% of total sales [163]. - Off Road segment sales increased by 9% to $6,984.4 million, driven by increased shipments and a favorable product mix [175]. - On Road segment sales rose by 2% to $1,184.6 million, with a 5% increase in average per unit sales price [179]. - Marine segment sales decreased by 23% to $765.4 million, primarily due to decreased shipments [181]. - Wholegoods revenue reached $7,122.1 million in 2023, up from $6,945.8 million in 2022, reflecting a growth of 2.5% [324]. - The United States accounted for $7,122.2 million of total revenue in 2023, representing approximately 79.7% of total revenue [324]. Expenses and Costs - Operating expenses increased by 11% to $1,339.4 million in 2023, primarily due to higher selling and marketing and general and administrative expenses [161]. - Research and development expenses increased to $374.3 million in 2023, up from $366.7 million in 2022, reflecting a commitment to innovation [262]. - Depreciation and amortization expenses for 2023 were $258.9 million, compared to $232.8 million in 2022, reflecting an increase of 11.2% [270]. - The company incurred advertising expenses of $94.1 million, $87.6 million, and $90.8 million for the years ended December 31, 2023, 2022, and 2021, respectively [306]. Cash Flow and Investments - Cash provided by operating activities increased to $925.8 million in 2023, up from $534.5 million in 2022 [190]. - Total cash used for investing activities was $(462.0) million, an increase from $(319.3) million in 2022 [190]. - Net cash used for investing activities of continuing operations was $462.0 million, compared to $319.3 million in 2022, indicating a 44.6% increase [270]. - Cash and cash equivalents rose to $367.8 million in 2023, compared to $324.5 million in 2022, marking an increase of 13.3% [260]. Debt and Financing - The company had outstanding borrowings of $228.2 million under its $1.0 billion Revolving Loan Facility as of December 31, 2023 [195]. - In November 2023, the company issued $500 million in Senior Notes at a 6.950% interest rate, maturing in March 2029 [199]. - The debt to total capital ratio improved to 57% as of December 31, 2023, down from 65% in the previous year [201]. - Total borrowings under financing obligations were $2,770.0 million, a decrease from $2,987.5 million in 2022 [270]. - The weighted-average interest rate for total borrowings as of December 31, 2023, was 5.67% [346]. Shareholder Returns - The company declared a quarterly cash dividend of $0.66 per share for Q1 2024, marking a 2% increase and the 29th consecutive year of increased dividends [160]. - The company declared cash dividends of $2.60 per share in 2023, up from $2.56 in 2022, indicating a focus on returning value to shareholders [268]. - The company authorized an additional $1,185.1 million for share repurchases, having repurchased 1.6 million shares for $178.6 million in 2023, positively impacting diluted net income per share by 13 cents [202]. Assets and Liabilities - Total assets increased to $5,516.3 million in 2023, up from $5,217.9 million in 2022, reflecting a growth of 5.7% [260]. - Total liabilities decreased to $4,085.2 million in 2023 from $4,103.8 million in 2022, a reduction of 0.5% [260]. - Total accrued expenses increased to $1,123.6 million as of December 31, 2023, compared to $896.8 million in 2022, marking a rise of 25.3% [322]. Warranty and Liability - The accrued warranty liability increased to $181.1 million as of December 31, 2023, compared to $172.9 million in the previous year [210]. - The warranty reserve balance at the end of 2023 was $181.1 million, an increase from $172.9 million in 2022, with additions charged to expense amounting to $209.1 million in 2023 [308]. - The company reported accruals of $136.7 million for product liability claims as of December 31, 2023, up from $107.5 million in 2022 [211]. Currency and Foreign Exchange - A hypothetical 10% fluctuation of the U.S. dollar compared to the Euro could impact annual operating income by approximately $21 million, while the same fluctuation against the Canadian dollar could impact it by approximately $47 million [224]. - In 2023, foreign currencies negatively impacted net income compared to 2022, and a similar negative impact is expected in 2024 compared to 2023 [226]. Goodwill and Intangible Assets - Goodwill as of December 31, 2023, increased to $394.4 million from $386.2 million in 2022, reflecting a growth of 3.0% [355]. - Other intangible assets, net, decreased to $512.0 million in 2023 from $524.4 million in 2022, a decline of 2.5% [355]. - Total goodwill and other intangible assets, net, amounted to $906.4 million in 2023, down from $910.6 million in 2022, a decrease of 0.5% [355].

Polaris, Inc. (NYSE:PII) Q4 2024 Earnings Conference Call January 30, 2024 11:00 AM ET Company Participants J.C. Weigelt - Vice President, Investor Relations Michael Speetzen - Chief Executive Officer Robert Mack - Chief Financial Officer and Executive Vice President of Finance and Corporate Development Conference Call Participants Fred Wightman - Wolfe Research Megan Alexander - Morgan Stanley Craig Kennison - Baird Joseph Altobello - Raymond James Tristan Thomas-Martin - BMO Capital Markets Sabahat Khan - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-11411 POLARIS INC. (Exact name of registrant as specified in its charter) Delaware 41-1790959 (State or othe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-11411 POLARIS INC. Indicate by check mark whether the registrant (1) has filed all reports required to be filed b ...