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Polaris Inc. (PII) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Polaris Industries Incmn

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CIK: 931015 Ticker: PII
 
 Exhibit 99.1


Polaris First Quarter 2021 Earnings Results

Financial and Operational Highlights

First quarter reported and adjusted sales increased 39% to $1,951 million

First quarter reported net income was $2.11 per share; adjusted net income for the same period was $2.30 per share

Gross profit margin, reported and adjusted, for the first quarter was 24.6% and 24.7%, up 378 basis and 352 basis points over the prior year, respectively. The increase was primarily due to lower promotional costs, partially offset by costs related to supplier constraints

North American retail sales increased 70% for the quarter compared to last year driven by broad-based strength across the business

Market share improved for all segments during the quarter; ORV, snowmobiles, motorcycles and boats

Polaris repurchased approximately 2.5 million shares of Polaris stock during the quarter for $299.1 million

Polaris increased its full year 2021 sales and earnings guidance and now expects earnings to be in the range of $9.00 to $9.25 per diluted share. Full year 2021 adjusted sales is now expected to be up 18% to 21% over the prior year

MINNEAPOLIS--(BUSINESS WIRE)--April 27, 2021--Polaris Inc. (NYSE: PII):

Key Financial Data

















 

(in millions, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q1 March 31, 2021

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

1,951.1

 

 

39%

 

 

$

1,951.1

 

 

39%

Net income attributable to Polaris

$

134.1

 

 

NM

 

 

$

145.6

 

 

NM

Diluted EPS

$

2.11

 

 

NM

 

 

$

2.30

 

 

NM

 

 

 

 

 

 

 

 

 

BALANCE SHEET - March 31, 2021

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

432.4

 

 

2%

 

 

 

 

 

Inventories, net

$

1,339.9

 

 

9%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,433.8

 

 

(34)%

 

 

 

 

 

Shareholders' equity

$

1,059.4

 

 

6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD Q1 March 31, 2021

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

56.0

 

 

NM

 

 

 

 

 

Purchase of property & equipment

$

45.4

 

 

(3)%

 

 

 

 

 

Repurchase and retirement of common shares

$

299.1

 

 

NM

 

 

 

 

 

Cash dividends to shareholders

$

38.6

 

 

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 strength of our brands and the agility and dedication of the global Polaris team were on full display yet again this quarter, building on our incredible momentum from 2020 and delivering results that exceeded our expectations. Despite pandemic-related supply chain constraints, logistical challenges, and North American weather-related disruptions, sales across our business grew double-digits as we leveraged our capabilities and scale as the industry leader in powersports to deliver for our customers and dealers. Industry-leading innovation remains core to who we are, which was evident by the introduction of over 40 new or limited edition models during the quarter, including 22 new snowmobiles and a new turbo charged engine, 15 new and limited edition ORV models and three all-new Indian Chief motorcycles celebrating 100 years of one of the most historic and influential motorcycles of all time. We also announced plans to launch an all-new full-size electric RANGER by year-end, which further positions us to be the leader in powersports electrification. We will continue to swiftly navigate the challenges that may present themselves in the coming quarters, while positioning Polaris for long-term growth and value-creation for all our stakeholders.

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

The following information was filed by Polaris Industries Incmn (PII) on Tuesday, April 27, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Income (Loss)
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)
Goodwill And Other Intangible Assets - Goodwill And Other Intangible Assets (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Revenue (Details)
Revenue Recognition - Deferred Revenue (Details)
Revenue Recognition - Narrative (Details)
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 Fair Value Measurements (Details)
Significant Accounting Policies Major Components Of Inventories (Details)
Ticker: PII
CIK: 931015
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-21-007668
Submitted to the SEC: Tue Apr 27 2021 12:37:42 PM EST
Accepted by the SEC: Tue Apr 27 2021
Period: Wednesday, March 31, 2021
Industry: Miscellaneous Transportation Equipment

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