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Polaris Inc. (PII) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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 Second Quarter 2021 Earnings Results

Financial and Operational Highlights

Second quarter reported and adjusted sales increased 40% to $2,117 million, a second quarter sales record

Second quarter reported net income was $2.52 per share; adjusted net income for the same period was $2.70 per share

Gross profit margin, reported and adjusted, for the second quarter was 26.0% and 26.1%, up 403 and 311 basis points over the prior year, respectively. The increase was primarily due to lower promotional costs and increased pricing, partially offset by increased input costs including supply chain constraints, logistic, labor and commodity prices

North American retail sales decreased 28% for the quarter compared to uncharacteristically strong retail sales last year, driven largely by low product availability due to supply chain constraints limiting production. On a two-year basis, retail sales were up 14% over second quarter 2019 pre-COVID levels

Market share improved during the quarter for ORV and boats

Polaris repurchased approximately 0.8 million shares of Polaris stock during the quarter for $111 million

Polaris increased its full year 2021 earnings guidance and now expects earnings to be in the range of $9.35 to $9.60 per diluted share. Full year 2021 adjusted sales guidance was narrowed and is now expected to be up 19% to 21% over the prior year

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

Key Financial Data

(in millions, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q2 June 30, 2021

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

2,117.2

 

 

40%

 

 

$

2,117.2

 

 

40%

Net income attributable to Polaris

$

158.4

 

 

NM

 

 

$

169.4

 

 

109%

Diluted EPS

$

2.52

 

 

NM

 

 

$

2.70

 

 

108%

 

 

 

 

 

 

 

 

 

BALANCE SHEET - June 30, 2021

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

288.8

 

 

(47)%

 

 

 

 

 

Inventories, net

$

1,514.9

 

 

48%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,331.3

 

 

(31)%

 

 

 

 

 

Shareholders' equity

$

1,120.6

 

 

49%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD Q2 June 30, 2021

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

195.6

 

 

(37)%

 

 

 

 

 

Purchase of property & equipment

$

114.4

 

 

30%

 

 

 

 

 

Repurchase and retirement of common shares

$

410.5

 

 

NM

 

 

 

 

 

Cash dividends to shareholders

$

77.0

 

 

1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

‘Think Outside’ is resonating with new and current customers alike with continued strong demand and second quarter results that beat last year’s COVID-impacted quarter as anticipated. Even more notable, we delivered double digit sales and earnings increases compared to our pre-COVID results from the second quarter and first half of 2019. All of our segments performed extremely well, posting strong increases in both sales and profitability in the face of a challenging supply chain and increasing input cost environment. While supply chain-related headwinds and higher input costs will continue into the second half of the year, the Polaris team’s operational dexterity and nimble approach has been nothing short of spectacular. I remain confident in our ability to meet the product demands of our dealers and consumers and deliver value for our shareholders.

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


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, July 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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Polaris Industries Incmn's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 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

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)

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: 0001628280-21-014498
Submitted to the SEC: Tue Jul 27 2021 1:11:21 PM EST
Accepted by the SEC: Tue Jul 27 2021
Period: Wednesday, June 30, 2021
Industry: Miscellaneous Transportation Equipment

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