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Polaris Inc. (PII) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Polaris Industries Incmn

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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 2020 Results

Fourth quarter reported and adjusted sales increased 24% to $2,156 million

Fourth quarter reported net income was $3.15 per share; adjusted net income for the same period was $3.34 per share

Full year reported sales increased 4% to $7,028 million

Full year 2020 reported net income was $1.99 per diluted share; adjusted net income for the same period was $7.74 per diluted share, exceeding the high-end of previously issued guidance

North American retail sales increased 28% 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 fourth quarter was 25.5%, up 112 basis points over prior year. Adjusted gross profit margin was 25.6%, up 95 basis points versus last year primarily due to positive product mix and lower promotional costs, offset somewhat, by costs related to supplier constraints.

Full year operating cash flow finished at a record $1.019 billion

Polaris announced full year 2021 sales and adjusted earnings guidance with full year adjusted earnings in the range of $8.45 to $8.75 per diluted share and full year sales up in the range of $7,950 million to $8,150 million, an increase of 13% to 16%

MINNEAPOLIS--(BUSINESS WIRE)--January 26, 2021--Polaris Inc. (NYSE: PII):

Key Financial Data

(in millions, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q4 December 31, 2020

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

2,156.3

 

 

24%

 

 

$

2,156.3

 

 

24%

Net income attributable to Polaris

$

198.8

 

 

101%

 

 

$

210.9

 

 

84%

Diluted EPS

$

3.15

 

 

99%

 

 

$

3.34

 

 

83%

 

 

 

 

 

 

 

 

 

BALANCE SHEET - December 31, 2020

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

634.7

 

 

NM

 

 

 

 

 

Inventories, net

$

1,177.6

 

 

5%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,450.7

 

 

(14)%

 

 

 

 

 

Shareholders' equity

$

1,144.5

 

 

3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD Q4 December 31, 2020

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

1,018.6

 

 

55%

 

 

 

 

 

Purchase of property & equipment

$

213.9

 

 

(15)%

 

 

 

 

 

Repurchase and retirement of common shares

$

50.3

 

 

NM

 

 

 

 

 

Cash dividends to shareholders

$

152.5

 

 

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

The Polaris team once again demonstrated its strength and agility to deliver a strong finish to an exceptionally unusual year. While 2020 brought many unforeseen challenges, we emerged from the abrupt shutdown of the global economy early in the year to leverage the surge in demand across the Powersports industry and outdoor recreation, growing full year adjusted sales and earnings 4% and 22%, respectively. Our highly innovative product line-up of ORVs, snowmobiles and boats brought in new customers and powersports enthusiasts to Polaris. Over the year, we introduced over 120 new products across our portfolio and over 900 new accessories in our PG&A business and Aftermarket segment, combined. While supply chain challenges remain front and center for Polaris and most of the industry as we enter 2021, the operational track record of our team gives me great confidence in our ability to navigate those constraints, rebuild dealer inventories, and continue to bring to market the highest quality, most innovative products and services in the powersports industry.

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

The following information was filed by Polaris Industries Incmn (PII) on Tuesday, January 26, 2021 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)
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)
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 In Carrying Amount Of Goodwill (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: 0001628280-21-002278
Submitted to the SEC: Tue Feb 16 2021 5:00:12 PM EST
Accepted by the SEC: Tue Feb 16 2021
Period: Thursday, December 31, 2020
Industry: Miscellaneous Transportation Equipment

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