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Polaris Inc. (PII) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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 2020 Third Quarter Results

Financial and Operational Highlights

Third quarter reported and adjusted sales increased 10% to $1,955 million and $1,953 million, respectively

Third quarter reported net income was $2.66 per share; adjusted net income for the same period was $2.85 per share

North American retail sales increased 15% for the quarter compared to last year led by strength in ORV, Motorcycles and Snow. Boats retail sales were also strong during the quarter.

Gross profit margin for the third quarter was 27.3%, up 270 basis points over prior year. Adjusted gross profit margin was 27.5%, up 260 basis points versus last year primarily due to positive product mix and lower promotional costs

Dealer inventory levels decreased 55% given continued strong retail sales growth

Polaris' liquidity profile remains solid with debt/EBITDA at 2.45 times and total liquidity of $1.5 billion at quarter end

Polaris raising full year 2020 sales and adjusted earnings guidance with full year adjusted earnings in the range of $7.15 to $7.30 per diluted share and full year sales up in the range of 2% to 3%

MINNEAPOLIS--(BUSINESS WIRE)--October 27, 2020--Polaris Inc. (NYSE: PII):

Key Financial Data


 





 

(in millions, except per share data)


 

 

 

 

 

 

 

 

INCOME STATEMENT - Q3 September 30, 2020


Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales


$

1,954.6

 

 

10%

 

 

$

1,953.4

 

 

10%

Net income attributable to Polaris


$

166.8

 

 

89%

 

 

$

179.2

 

 

71%

Diluted EPS


$

2.66

 

 

87%

 

 

$

2.85

 

 

70%

 


 

 

 

 

 

 

 

 

BALANCE SHEET - September 30, 2020


Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents


$

820.6

 

 

NM

 

 

 

 

 

Inventories, net


$

1,213.5

 

 

(4)%

 

 

 

 

 

Total debt, finance lease obligations and notes payable


$

1,864.4

 

 

5%

 

 

 

 

 

Shareholders' equity


$

947.5

 

 

(6)%

 

 

 

 

 

 


 

 

 

 

 

 

 

 

CASH FLOW - YTD Q3 September 30, 2020


Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities


$

675.7

 

 

55%

 

 

 

 

 

Purchase of property & equipment


$

131.8

 

 

(30)%

 

 

 

 

 

Repurchase and retirement of common shares


$

49.5

 

 

NM

 

 

 

 

 

Cash dividends to shareholders


$

114.2

 

 

2%

 

 

 

 

 

 


 

 

 

 

 

 

 

 

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

Our continued strength in the third quarter reflects the broad-based consumer demand for our industry leading Powersports products, and tremendous execution by our Polaris team and dealers. Their focus and determination enabled Polaris to generate double-digit sales increases in ORV, Motorcycles and Boats, which were somewhat limited by supply chain capacity constraints. I am extremely proud of the diligent and efficient efforts of our team to mitigate these supplier disruptions and drive a three-year high in quarterly gross profit margins. Demand has remained strong to start the fourth quarter and we expect our sales and earnings momentum to continue for the rest of the year. This pushes our expectations for overall Company performance to exceed our pre-Covid-19 targets for 2020, demonstrating our confidence in the team to accelerate production as we manage through continued challenges. Thanks to the dedication, innovation and customer-centric work of our entire Polaris team, whom we are working relentlessly to keep safe, we are realizing tremendous progress from our strategic investments in supply chain and digital transformation, electrification, and breakthrough product development programs. I am very optimistic about the future growth and profitability prospects for Polaris and our stakeholders.

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


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, October 27, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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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
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)
Revenue Recognition (Contract Revenue) (Details)
Revenue Recognition (Deferred Revenue) (Details)
Revenue Recognition (Narrative) (Details)
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: 0001628280-20-014861
Submitted to the SEC: Tue Oct 27 2020 1:52:22 PM EST
Accepted by the SEC: Tue Oct 27 2020
Period: Wednesday, September 30, 2020
Industry: Miscellaneous Transportation Equipment

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