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Polaris Inc. (PII) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Polaris Industries Incmn

CIK: 931015 Ticker: PII
 
Exhibit 99.1

Polaris Fourth Quarter & Full Year 2019 Results

Fourth Quarter & Full Year 2019 Highlights

Fourth quarter reported and adjusted sales increased 7% to $1,736 million

Fourth quarter reported net income was $1.58 per diluted share; adjusted net income for the same period was $1.83 per diluted share

Full year reported and adjusted sales increased 12% to $6,783 million

Full year 2019 reported net income was $5.20 per diluted share; adjusted net income for the same period was $6.32 per diluted share, exceeding the high-end of previously issued guidance

North American retail sales increased 2% for the quarter compared to last year; ORV N.A. retail sales were up low-single digits percent, Indian motorcycles retail sales were up low-single digits percent

Polaris announced full year 2020 sales and adjusted earnings guidance with full year sales growth in the range of 2% to 4% over the prior year and full year adjusted earnings in the range of $6.80 to $7.05 per diluted share.

MINNEAPOLIS--(BUSINESS WIRE)--January 28, 2020--Polaris Industries Inc. (NYSE: PII):

 

Key Financial Data









 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q4 December 31, 2019

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

1,735,866

 

 

7%

 

 

$

1,735,866

 

 

7%

Net income attributable to Polaris

$

98,931

 

 

8%

 

 

$

114,858

 

 

1%

Diluted EPS

$

1.58

 

 

7%

 

 

$

1.83

 

 

—%

 

 

 

 

 

 

 

 

 

BALANCE SHEET - December 31, 2019

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

157,064

 

 

(3)%

 

 

 

 

 

Inventories, net

$

1,121,111

 

 

16%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,693,509

 

 

(14)%

 

 

 

 

 

Shareholders' equity

$

1,107,999

 

 

28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD December 31, 2019

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

655,036

 

 

37%

 

 

 

 

 

Purchase of property & equipment

$

251,374

 

 

12%

 

 

 

 

 

Repurchase and retirement of common shares

$

8,378

 

 

(98)%

 

 

 

 

 

Cash dividends to shareholders

$

149,101

 

 

—%

 

 

 

 

 

*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

"We ended the year with positive fourth quarter retail momentum in both Off-Road Vehicles and Motorcycles, supporting strong full year, broad-based sales growth of 12 percent. While TAP grew modestly in the fourth quarter, non-TAP Parts, Garments and Accessories (PG&A) and aftermarket sales stole the show, eclipsing $1 billion for the first time in 2019. Our recent leadership changes were made to spur both tactical and strategic growth, and the 37 percent increase in Indian Motorcycle sales in the fourth quarter, driven largely by the Indian Challenger, demonstrates what is possible as Mike Dougherty takes over that important segment. Steve Menneto is aggressively moving to accelerate retail performance in Off-Road Vehicles and Snowmobiles, building off a strong year of financial performance in our largest business. In 2019, we delivered strong operational performance across Polaris, especially productivity and delivery, and we expect further gains to create value for customers and shareholders in the year ahead. Our commitment to being a customer-centric highly profitable growth company is unwavering, and I am extremely confident in this Polaris team to deliver on that promise."

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


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, January 28, 2020 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

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
Consolidated Statements Of Shareholders' Equity (Parenthetical)
- Assumptions Used To Estimate Weighted Average Fair Value Of Options (Detail)
- Components Of Other Intangible Assets (Detail)
- Components Of Provision For Income Taxes (Detail)
- Financial Information For Polaris Acceptance Reflecting Effects Of Securitization Facility (Detail)
- Major Components Of Inventories (Detail)
- Net Deferred Income Taxes (Detail)
- Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Detail)
- Reconciliation Of Federal Statutory Income Tax Rate To Effective Tax Rate (Detail)
- Stock Option Activity And Weighted Average Exercise Price (Detail)
- Summary Of Restricted Stock Activity (Detail)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Informaton (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 (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)
Employee Savings Plans
Employee Savings Plans - Additional Information (Detail)
Financial Services Arrangements
Financial Services Arrangements (Tables)
Financial Services Arrangements - Additional Information (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 In Carrying Amount Of Goodwill (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 - Income From Continuing Operations, Before Income Taxes (Detail)
Investment In Other Affiliates
Investment In Other Affiliates (Detail)
Leases (Details)
Leases (Tables)
Leases Leases
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)
Quarterly Financial Data
Quarterly Financial Data (Detail)
Quarterly Financial Data (Tables)
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 - 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)
Victory Motorcycles Wind Down
Victory Motorcycles Wind Down (Tables)
Victory Motorcycles Wind Down - Liability Balance (Details)
Victory Motorcycles Wind Down - Narrative (Detail)
Victory Motorcycles Wind Down - Wind Down Charges (Details)
Ticker: PII
CIK: 931015
Form Type: 10-K Annual Report
Accession Number: 0001628280-20-001541
Submitted to the SEC: Thu Feb 13 2020 5:34:02 PM EST
Accepted by the SEC: Fri Feb 14 2020
Period: Tuesday, December 31, 2019
Industry: Miscellaneous Transportation Equipment

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