Last10K.com

Polaris Industries Incmn (PII) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

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 Reports 2019 Second Quarter Results

Q2 2019 Highlights

Reported and adjusted sales for the second quarter of 2019 increased 18% to $1,779 million

Reported net income was $1.42 per diluted share, down 1% over the prior year; adjusted net income for the same period was $1.73 per diluted share, down 2% over the prior year

North American Side-by-side retail sales increased low-single digits percent for the quarter compared to last year; Indian retail sales were down high-single digits percent, outperforming the industry and gaining share in an extremely challenging market

Dealer inventory was up 1% year-over-year for the second quarter 2019, slightly below targeted inventory levels

Polaris narrowed its full year 2019 earnings guidance by maintaining the upper end of the net income range and increasing the lower end of the range and now expects earnings to be in the $6.10 to $6.30 per diluted share range, which takes into account the China 301 list 3 tariff increasing from 10% to 25%. Full year 2019 adjusted sales growth guidance was also narrowed to up 12% to 13% over the prior year.

MINNEAPOLIS--(BUSINESS WIRE)--July 23, 2019--Polaris Industries Inc. (NYSE: PII):

Key Financial Data

















 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q2 June 30, 2019

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

1,779,315

 

 

18%

 

 

$

1,779,315

 

 

18%

Net income attributable to Polaris

$

88,263

 

 

(5)%

 

 

$

107,480

 

 

(6)%

Diluted EPS

$

1.42

 

 

(1)%

 

 

$

1.73

 

 

(2)%

 

 

 

 

 

 

 

 

 

BALANCE SHEET - Q2 June 30, 2019

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

96,081

 

 

(47)%

 

 

 

 

 

Inventories, net

$

1,130,264

 

 

22%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,898,068

 

 

71%

 

 

 

 

 

Shareholders' equity

$

951,909

 

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD June 30, 2019

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

202,852

 

 

23%

 

 

 

 

 

Purchase of property & equipment

$

137,203

 

 

31%

 

 

 

 

 

Repurchase and retirement of common shares

$

6,537

 

 

(97)%

 

 

 

 

 

Cash dividends to shareholders

$

74,430

 

 

(2)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*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

“Our second quarter results reflect the deft leadership and disciplined execution of our Polaris team. We worked diligently to overcome the impacts of tariffs, a very wet spring and an aggressive promotional environment, delivering financial results slightly favorable to expectations but trailing our long-term performance goals. The strength of our industry-leading brands and vehicles enabled us to gain share in Indian Motorcycles and drive growth in Side-by-Sides with RANGER and RZR, although our decision to assume price leadership did impact volume, specifically in our lower margin youth and value segments. We are encouraged by our market share gains and year-to-date growth in Boats, as well as the continued improvement at TAP, where retail store sales growth was up nicely. Our operational and dealer fundamentals are in good shape as we head into the critically important model year 2020 product introductions, and we anticipate improved retail performance during the second half of the year. We are excited to host our unrivaled dealer network at our 65th Anniversary dealer show later this month, and look forward to demonstrating how we will continue to be the global leader in Powersports with our unwavering commitment to be a customer-centric, highly efficient growth company.”

-- Scott Wine, Chairman and Chief Executive Officer of Polaris Industries Inc.


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, July 23, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Polaris Industries Incmn's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Polaris Industries Incmn.

Continue

Assess how Polaris Industries Incmn's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Polaris Industries Incmn's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
M & A
Other
Filter by Subcategory:
All
Earnings
Product
Income
Shares
Geography
Expense
Debt
Cash Flow
Other
Inside Polaris Industries Incmn's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity Consolidated Statements Of Equity
Consolidated Statements Of Income
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Unaudited Proforma Information (Details)
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 (Details)
Derivative Instruments And Hedging Activities Carrying Values Of Derivative Instruments (Detail)
Derivative Instruments And Hedging Activities Open Foreign Currency Contracts (Details)
Derivative Instruments And Hedging Activities Open Interest Rate Swap Contracts (Details)
Financial Services Arrangements
Financial Services Arrangements - Additional Information (Detail)
Financing Agreement
Financing Agreement (Tables)
Financing Agreement - Additional Information (Detail)
Financing Arrangements, Interest Rates And Maturities (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 In Carrying Amount Of Goodwill (Detail)
Goodwill And Other Intangible Assets Components Of Other Intangible Assets (Detail)
Investment In Other Affiliates
Investment In Other Affiliates Additional Information (Details)
Leases
Leases (Additional Information) (Details)
Leases (Lease Assets And Liabilities) (Details)
Leases (Lease Cost) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Maturity Of Lease Liabilities) (Details)
Leases (Other Information) (Details)
Leases (Tables)
Revenue Recognition (Contract Revenue) (Details)
Revenue Recognition (Deferred Revenue) (Details)
Revenue Recognition (Narrative) (Details)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation Expenses (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)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies Activity In Polaris Accrued Warranty Reserve (Detail)
Significant Accounting Policies Additional Information (Details)
Significant Accounting Policies Deferred Revenue (Details)
Significant Accounting Policies Fair Value Measurements (Details)
Significant Accounting Policies Major Components Of Inventories (Details)

Material Contracts, Statements, Certifications & more

Polaris Industries Incmn provided additional information to their SEC Filing as exhibits

Ticker: PII
CIK: 931015
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-19-008890
Submitted to the SEC: Tue Jul 23 2019 12:07:54 PM EST
Accepted by the SEC: Tue Jul 23 2019
Period: Sunday, June 30, 2019
Industry: Miscellaneous Transportation Equipment

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/pii/0001628280-19-008890.htm