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Polaris Inc. (PII) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

PII Annual Reports

Polaris Industries Incmn

CIK: 931015 Ticker: PII
Exhibit 99.1

Contacts

Investor Contact: Richard Edwards 763-513-3477
Media Contact: Jess Rogers 763-513-3445

Polaris Fourth Quarter & Full Year 2021 Earnings Results

Financial and Operational Highlights

Full year reported and adjusted sales increased 17% to a record $8,198 million

Full year 2021 reported net income was $7.88 per diluted share; adjusted net income for the same period was a record $9.13 per diluted share, exceeding our previously issued guidance

Fourth quarter reported and adjusted sales increased one percent to $2,170 million

Fourth quarter reported net income was $1.40 per diluted share; adjusted net income for the same period was $2.16 per diluted share

PG&A and International reported strong sales increasing 24% and 34% for the full year 2021, respectively

Market share improved during the year for ORV and Boats in North America; Internationally, market share improved for all powersports segments in 2021

Expanded and strengthened the ORV, Snow, Motorcycle, and Boats product portfolios with over 30 new vehicles and nearly 500 new accessories in 2021

GEM and Taylor-Dunn businesses divested during the quarter

Polaris announced full year 2022 sales and adjusted earnings guidance with full year adjusted net income in the range of $10.10 to $10.40 per diluted share and full year sales up in the range of 12% to 15%

MINNEAPOLIS--(BUSINESS WIRE)--January 25, 2022--Polaris Inc. (NYSE: PII):

Key Financial Data

(in millions, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q4 December 31, 2021

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

2,170.4

 

1%

 

 

$

2,170.4

 

1%

Net income attributable to Polaris

$

86.8

 

(56)%

 

 

$

134.2

 

(36)%

Diluted EPS

$

1.40

 

(56)%

 

 

$

2.16

 

(35)%

 

 

 

 

 

 

 

 

 

BALANCE SHEET - December 31, 2021

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

509.2

 

(20)%

 

 

 

 

 

Inventories, net

$

1,644.8

 

40%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,800.7

 

24%

 

 

 

 

 

Shareholders' equity

$

1,224.3

 

7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD Q4 December 31, 2021

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

293.7

 

(71)%

 

 

 

 

 

Purchase of property & equipment

$

298.3

 

39%

 

 

 

 

 

Repurchase and retirement of common shares

$

461.6

 

NM

 

 

 

 

 

Cash dividends to shareholders

$

153.4

 

1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NM = Not meaningful

 

 

 

 

 

 

 

 

*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word “adjusted” preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.

CEO Commentary

Marking a strong finish to the year, we delivered record sales and earnings in 2021, propelled by the Polaris team's dedication and tenacity as they capitalized on opportunities while navigating the macroeconomic-related headwinds. Innovation remained the cornerstone of our culture, supported by the introduction of several new category-defining vehicles this year. With interest in powersports continuing to grow and new customers increasingly entering our industry, we expect 2022 to be another record year for Polaris. Leveraging the Company’s strengths and scale as the global leader in powersports, our refreshed strategy and new strategic objectives will guide our path forward to create greater competitive advantage, welcome new customers and grow the market, drive profitable growth, and deliver value for all our stakeholders.

-- Mike Speetzen, Chief Executive Officer of Polaris Inc.


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, January 25, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Polaris Industries Incmn's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Additional Information (Detail)
Derivative Instruments And Hedging Activities - Carrying Values Of Derivative Instruments (Detail)
Derivative Instruments And Hedging Activities - Open Foreign Currency Contracts (Detail)
Derivative Instruments And Hedging Activities - Open Interest Rate Swap Contracts (Details)
Divestitures
Divestitures - Additional Information (Detail)
Employee Savings Plans
Employee Savings Plans - Additional Information (Detail)
Financial Services Arrangements
Financial Services Arrangements (Tables)
Financial Services Arrangements - Additional Information (Detail)
Financial Services Arrangements - Financial Information For Polaris Acceptance Reflecting Effects Of Securitization Facility (Detail)
Financing Agreement
Financing Agreement (Tables)
Financing Agreement - Additional Information (Details)
Financing Agreement - Debt Instruments (Details)
Financing Agreement - Summary Of Activity Under Credit Arrangements, Excluding Acquired Borrowings (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Changes On The Carrying Amount Of Goodwill By Reportable Segment (Details)
Goodwill And Other Intangible Assets - Components Of Other Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Other Intangible Assets, Changes In Net Carrying Amount (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Provision For Income Taxes (Detail)
Income Taxes - Income From Continuing Operations, Before Income Taxes (Detail)
Income Taxes - Net Deferred Income Taxes (Detail)
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Detail)
Income Taxes - Reconciliation Of Federal Statutory Income Tax Rate To Effective Tax Rate (Detail)
Investment In Other Affiliates
Investment In Other Affiliates (Detail)
Leases
Leases (Details)
Leases (Tables)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies (Policies)
Organization And Significant Accounting Policies (Tables)
Organization And Significant Accounting Policies - Activity In Polaris Accrued Warranty Reserve (Detail)
Organization And Significant Accounting Policies - Additional Information (Detail)
Organization And Significant Accounting Policies - Fair Value Measurements (Detail)
Organization And Significant Accounting Policies - Major Components Of Inventories (Detail)
Revenue Recognition
Revenue Recognition (Contract Revenue) (Details)
Revenue Recognition (Deferred Revenue) (Details)
Revenue Recognition (Narrative) (Details)
Revenue Recognition (Tables)
Segment Reporting
Segment Reporting (Detail)
Segment Reporting (Tables)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Assumptions Used To Estimate Fair Value Of Tsr Grants (Details)
Share-Based Compensation - Assumptions Used To Estimate Weighted Average Fair Value Of Options (Detail)
Share-Based Compensation - Stock Option Activity And Weighted Average Exercise Price (Detail)
Share-Based Compensation - Summary Of Restricted Stock Activity (Detail)
Share-Based Compensation - Summary Of Share-Based Compensation Expense (Detail)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Additional Information (Detail)
Shareholders' Equity - Cash Dividends Declared Per Common Share (Details)
Shareholders' Equity - Changes In Accumulated Other Comprehensive Income (Loss) Balances (Detail)
Shareholders' Equity - Gains And Losses, Net Of Tax Reclassified From Accumulated Other Comprehensive Income (Details)
Shareholders' Equity - Reconciliation Of Weighted Average Number Of Shares (Detail)
Shareholders' Equity - Share Repurchases (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Detail)
Ticker: PII
CIK: 931015
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-002730
Submitted to the SEC: Tue Feb 15 2022 4:52:24 PM EST
Accepted by the SEC: Tue Feb 15 2022
Period: Friday, December 31, 2021
Industry: Miscellaneous Transportation Equipment

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