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Polaris Inc. (PII) SEC Filing 10-Q Quarterly report for the period ending Monday, September 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 Third Quarter Results

Q3 2019 Highlights

Reported and adjusted sales for the third quarter of 2019 increased 7% to $1,772 million

Reported net income was $1.42 per diluted share; adjusted net income for the same period was $1.68 per diluted share

North American side-by-side retail sales were up low-single digits compared to last year with both RANGER and RZR retail sales up during the quarter

Gross profit margin for the third quarter was 24.6%, up 30 basis points over prior year. Adjusted gross profit margin was 24.9%, up 10 basis points versus last year due to positive product mix, despite the absorption of approximately 140 basis points of tariff costs and negative foreign exchange impact

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 $6.20 to $6.30 per diluted share range. Full year 2019 adjusted sales growth guidance is expected to be up approximately 12% over the prior year.

MINNEAPOLIS--(BUSINESS WIRE)--October 22, 2019--Polaris Industries Inc. (NYSE: PII):

Key Financial Data

(in thousands, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q3 September 30, 2019

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

1,771,647

 

 

7%

 

 

$

1,771,647

 

 

7%

Net income attributable to Polaris

$

88,388

 

 

(7)%

 

 

$

104,466

 

 

(11)%

Diluted EPS

$

1.42

 

 

(5)%

 

 

$

1.68

 

 

(10)%

 

 

 

 

 

 

 

 

 

BALANCE SHEET - Q3 September 30, 2019

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

122,216

 

 

(33)%

 

 

 

 

 

Inventories, net

$

1,270,110

 

 

25%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,783,623

 


(4)%

 

 

 

 

 

Shareholders' equity

$

1,013,043

 

 

13%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD September 30, 2019

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

436,131

 

 

23%

 

 

 

 

 

Purchase of property & equipment

$

189,336

 

 

20%

 

 

 

 

 

Repurchase and retirement of common shares

$

6,997

 

 

(97)%

 

 

 

 

 

Cash dividends to shareholders

$

111,722

 

 

(1)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*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

"Through the strength of our brand portfolio and solid execution from our team, Polaris delivered 7 percent revenue growth and modest margin expansion amid mounting macroeconomic ambiguity. We augmented our industry-leading Off-Road Vehicle lineup with the introduction of our Model Year ’20 products, and continued to improve dealer satisfaction and engagement. We also launched our evolved Polaris brand and Think Outside tagline. This more modern compass appeals to broader demographics - as seen in Polaris Adventures bringing 90 percent new customers to the brand or the uptick in millennial purchases of the RZR and RANGER. Indeed, our RANGER/GENERAL and RZR brands continue to perform well, driving growth in side-by-sides despite an increasingly competitive market. We converted this growth into increased profitability, as our strategic supply chain investments, which are driving organization-wide value enhancement, began realizing cost savings in the quarter. Our commitment to being a customer-centric, highly efficient growth company remains steadfast, and coupled with industry-leading innovation, it will further solidify our position as the global leader in Powersports.”

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


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, October 22, 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.

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

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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: 0001628280-19-012462
Submitted to the SEC: Tue Oct 22 2019 12:06:05 PM EST
Accepted by the SEC: Tue Oct 22 2019
Period: Monday, September 30, 2019
Industry: Miscellaneous Transportation Equipment

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