Core Insights - RideNow Group is experiencing a turnaround with significant improvements in adjusted EBITDA and same-store metrics despite exiting its transportation business [5][6][12] - The company aims to increase free cash flow and is positioning for potential refinancing of its term loan, with a focus on acquisition-driven growth in 2026 [1][6] Financial Performance - In Q4 2025, adjusted EBITDA rose 341% to $9.7 million from $2.2 million in the previous year [7][6] - Revenue for Q4 was reported at $256.9 million, a decrease from $269.6 million year-over-year, primarily due to the winding down of Wholesale Express [7][5] - Full-year revenue reached $1.08 billion with a gross profit of $298 million [13][14] Operational Changes - The company has consolidated its store footprint, selling two locations in Southern California and closing several others to focus on the powersports segment [2][3] - Management has shut down Wholesale Express to concentrate fully on powersports, which has led to operational improvements [3][6] Sales Metrics - Total powersports unit sales for Q4 were 15,642, reflecting a 1.9% increase from the prior year [8] - Same-store revenue increased by 6.3% to $256.9 million, with same-store gross profit rising 13.8% to $66.8 million [12][6] Inventory and Market Trends - The company aims to maintain three to four months of inventory, currently achieving this target with most inventory under 120 days [20] - Management noted healthier OEM inventories and a 9% to 10% increase in tax refunds, which are expected to support demand [19][20]

% ChangeQ1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FYSame Store Units(1)Retail - New:New retail7,76010,1209,16410,38937,4339,98011,5419,3809,85540,756(22.2) %(12.3) %(2.3) %5.4 %(8.2) %Pre- owned retail4,1185,0334,5044,09217,7474,6074,4324,1173,70616,862(10.6) %13.6 %9.4 %10.4 %5.2 %Total same store retail11,87815,15313,66814,48155,18014,58715,97313,49713,56157,618(18.6) %(5.1) %1.3 %6.8 %(4.2) %Wholesale5448089219393,2122232735407591,795143.9 %196.0 %70.6 %23.7 %78.9 %Total same store units12,42215,96114,58915,42058,3921 ...

Bob Mack Chief Financial Officer Raymond James 47th Annual Institutional Investors Conference Orlando, Florida - March 3, 2026 Mike Speetzen Chief Executive Officer About Polaris # # 1 # 2 1 Off-Road Vehicles (ORV) Pontoons & Deck Boats Snowmobiles Innovation Leader ~40 800+ New Patents 2023-2026 3/3/2026 RJ Investor Conference 2 Introducing New Segments New Vehicles Launched 2023-2026 >3,300 Dealers Worldwide 16 Manufacturing Facilities Worldwide Polaris Powersports Marine Aixam & Goupil 87% % of Total Seg ...

Core Insights - Synchrony has renewed its financing partnership with Polaris, extending a nearly 20-year collaboration to provide flexible payment options for powersports customers [1][2] - The partnership enables Polaris dealers to access Synchrony's full range of industry-specific products and digital tools, including the PRISM underwriting system, which supports responsible credit access [1] - Financing options include promotional financing and installment loans for various Polaris products, helping consumers manage costs while enhancing dealer capabilities [1] Group 1: Partnership Details - The renewed partnership allows Polaris dealers to offer customized promotional financing and loan options through Synchrony's extensive U.S. dealer network [1] - Synchrony aims to enhance the speed of credit decisions and provide digital tools for seamless financing experiences, benefiting both Polaris and its dealer network [1] - The collaboration focuses on developing financing options tailored to the needs of consumers and dealers, reinforcing their shared commitment to innovative solutions [1] Group 2: Financing Options - Eligible purchases for financing include Polaris off-road vehicles, snowmobiles, and Slingshot vehicles, as well as parts, accessories, and service purchases at participating dealers [1] - Customers can apply for financing at participating Polaris dealerships, which offer fast prequalification and point-of-sale applications [1] - Financing terms and rates vary by vehicle type, purchase amount, and individual credit profile, with special promotions available at different times of the year [1] Group 3: Technology and Underwriting - PRISM is a data-driven credit decisioning platform that provides a holistic view of a consumer's creditworthiness, supporting responsible financing [1] - The platform aims to match customers with suitable credit options while reducing the risk of overextension [1] - Synchrony's advanced underwriting capabilities will continue to be available to Polaris dealers, enhancing their financing programs [1]

Company Overview - BRP designs, manufactures, and distributes recreational vehicles and powersports equipment, including snowmobiles, watercraft, and ATVs [5] - The company maintains a competitive edge through strong brand recognition, a broad dealer network, and ongoing investment in product development [8] Financial Metrics - As of January 16, 2026, BRP shares were priced at $78.19, which is down 7.8% from the 52-week high [3][4] - The company reported an annualized dividend yield of 0.79% and a forward price-to-earnings ratio of 20.88 as of January 20, 2026 [3][4] Recent Developments - QV Investors Inc. established a new position in BRP by purchasing 447,754 shares for an estimated transaction value of $31.70 million [2][6] - This new position accounts for 2.5% of QV Investors' 13F assets under management, reflecting a bullish outlook towards BRP [3][9] - BRP reported a 14% year-over-year increase in revenue to 2.3 billion Canadian dollars in its fiscal third quarter ended October 31, driven by the successful introduction of new products [9]

Core Insights - Polaris Inc. is reintroducing its Free Snowmobile Rides program for February 2026, aimed at encouraging outdoor winter activities [1][2][3] - The program offers complimentary one-hour rides on the latest Polaris snowmobiles at select locations, enhancing accessibility to winter adventures [3][4] Company Overview - Polaris Inc. has been a leader in the powersports industry since its founding in 1954, providing a wide range of products including snowmobiles, off-road vehicles, and motorcycles [6] - The company operates in over 100 countries and is known for its commitment to innovation and quality in outdoor recreational products [6] Polaris Adventures - Launched in 2017, Polaris Adventures has become a leading powersports vehicle rental service, supporting over 250 outdoor experience Outfitters [7] - The initiative aims to provide customers with opportunities to engage in new activities and experience various models of powersports vehicles at premier riding destinations [7] Program Details - The Free Snowmobile Rides program is designed for all riders, from beginners to enthusiasts, and includes safety overviews and protective gear [9] - Last year's program reached capacity within weeks, indicating strong demand and interest in winter recreational activities [4]

Core Insights - BRP Inc. is a significant player in the recreational vehicle industry, focusing on powersports vehicles such as snowmobiles, watercraft, and off-road vehicles (ORVs) [1] - The company reported strong financial results, with earnings per share (EPS) of $0.94, exceeding estimates, and revenues of approximately $2.25 billion, significantly above forecasts [2][3] Financial Performance - In Q3 of fiscal year 2026, BRP achieved revenues of $2.25 billion, marking a 14% increase from the previous year, driven by higher ORV deliveries and a favorable product mix [3] - Net income for the quarter surged to $68 million, indicating robust financial health [3] - The company raised its full-year guidance for normalized diluted EPS to approximately $5.00, supported by successful new product introductions and a leaner inventory position [4] Market Position - Despite a 4% decrease in North American Powersports retail sales, BRP gained market share in North America for ORVs [4] - The price-to-sales ratio of 0.93 suggests that the stock may be undervalued relative to its annual sales [5][6] - The debt-to-equity ratio stands at 6.25, indicating a reliance on debt financing, while the current ratio of 1.34 reflects reasonable liquidity [5]

Core Viewpoint - Polaris is restructuring by separating its Indian Motorcycle business into a stand-alone company, which has positively impacted its stock price, increasing shares by 10.4% [1][3]. Group 1: Business Strategy - The separation of the Indian Motorcycle business aims to enhance Polaris' earnings profile and focus on growth areas within its portfolio [3][4]. - Polaris plans to sell a majority stake in Indian Motorcycle to private equity firm Carolwood, which is expected to unlock greater long-term value for both Polaris and its shareholders [3][4]. Group 2: Financial Impact - The deal is projected to increase adjusted earnings per share by approximately $1 and annualized adjusted EBITDA by $50 million upon closing [4][7]. - Indian Motorcycle sales accounted for about 7% of Polaris' revenue over the trailing 12-month period ending June 30 [3][7].

Core Insights - The company is undergoing a rebranding initiative, changing its name to RideNow Group, Inc., relocating its corporate headquarters back to Phoenix, AZ, and changing its ticker symbol from "RMBL" to "RDNW" effective August 13, 2025 [6][10][12] - The second quarter of 2025 showed a decline in revenue and net loss compared to the same period in 2024, but there were improvements in adjusted EBITDA and SG&A expenses [4][6][19] Financial Performance - Revenue for Q2 2025 was $299.9 million, down 11.0% from $336.8 million in Q2 2024 [4][6] - Gross profit decreased to $83.9 million, a decline of 6.7% year-over-year [4][6] - Selling, general, and administrative (SG&A) expenses were reduced to $66.7 million, down 6.6% from $71.4 million in the previous year [4][6] - The company reported a net loss of $32.2 million, compared to a net loss of $0.7 million in Q2 2024 [4][6] - Adjusted EBITDA increased to $17.2 million, up 6.2% from $16.2 million in Q2 2024 [4][6] Segment Performance - In the Powersports segment, unit retail sales of new powersports vehicles decreased by 11.5% to 10,618 units, while pre-owned powersports sales increased by 10.2% to 5,283 units [7][8] - Revenue from the Powersports segment was $298.6 million, down 7.2% from $321.6 million in the previous year [7][8] - The Vehicle Transportation Services segment saw a significant decline, with revenue dropping to $1.3 million, down 91.4% from $15.2 million in Q2 2024 [8] Balance Sheet and Liquidity - As of June 30, 2025, the company had $44.7 million in unrestricted cash and $185.1 million in non-vehicle net debt [9][17] - Total available liquidity was $185.7 million, which includes cash and availability under credit facilities [9] - The company executed a term loan amendment to extend the maturity of its term loan to September 30, 2027, with a reduction in interest rates [10][19] Strategic Initiatives - The company is focused on a "back to our roots" strategy aimed at improving operational execution and driving growth [3] - The successful closing of a term loan amendment provides operational flexibility to execute its strategic initiatives [3][10]

Core Viewpoint - Polaris Inc (PII) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4]. Recent Performance and Outlook - Polaris Inc is projected to earn -$0.97 per share for the fiscal year ending December 2025, with no year-over-year change expected [8]. - Over the past three months, the Zacks Consensus Estimate for Polaris Inc has increased by 3.7%, reflecting a positive trend in earnings outlook [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [9][10].