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

Polaris Industries Incmn

CIK: 931015 Ticker: PII
Exhibit 99.1

Polaris Third Quarter 2021 Earnings Results

Financial and Operational Highlights

Third quarter reported and adjusted sales increased slightly to $1,960 million

Third quarter reported net income was $1.84 per share; adjusted net income for the same period was $1.98 per share

Market share improved during the quarter for ORV and Snowmobiles

Expanded and strengthened the ORV product portfolio with fifteen new vehicles introduced during the quarter

Gross profit margin, reported and adjusted, for the third quarter was 23.8% and 23.9%, down 359 and 362 basis points over the prior year, respectively. The decrease was primarily due to increased input costs including logistics, labor and commodity prices, as well as supply chain constraints, partially offset by increased pricing and lower promotional costs

North American retail sales decreased 24% for the quarter driven by the lack of product availability due to supply chain constraints

GEM and Taylor-Dunn expected to be divested by year-end

Polaris lowered its full year 2021 adjusted earnings and sales guidance given the supply chain constraints and now expects to earn approximately $9.00 per diluted share with adjusted sales now expected to be up approximately 16% over the prior year

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

Key Financial Data

(in millions, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q3 September 30, 2021

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

1,959.5

 

 

0%

 

 

$

1,959.5

 

 

0%

Net income attributable to Polaris

$

114.6

 

 

(31)%

 

 

$

123.4

 

 

(31)%

Diluted EPS

$

1.84

 

 

(31)%

 

 

$

1.98

 

 

(31)%

 

 

 

 

 

 

 

 

 

BALANCE SHEET - September 30, 2021

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

316.5

 

 

(61)%

 

 

 

 

 

Inventories, net

$

1,773.6

 

 

46%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,523.3

 

 

(18)%

 

 

 

 

 

Shareholders' equity

$

1,211.8

 

 

28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD Q3 September 30, 2021

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

153.4

 

 

(77)%

 

 

 

 

 

Purchase of property & equipment

$

199.3

 

 

51%

 

 

 

 

 

Repurchase and retirement of common shares

$

411.3

 

 

NM

 

 

 

 

 

Cash dividends to shareholders

$

115.2

 

 

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

Throughout the third quarter, the Polaris team displayed a high level of flexibility and demonstrated their commitment to delivering industry-leading products to our dealers and customers as quickly as possible. Retail sales were impacted by the substantial deterioration of the supply chain permeating the global economy, but continued interest and demand from existing riders and new customers advanced our market position, further illustrating Polaris’ role as the global leader in Powersports. Despite total Company sales being flat for the quarter due to component shortages, we gained ORV share for the 4th straight quarter against the backdrop of a very difficult supply chain environment. We expect the supply chain will remain volatile into 2022, but with this team’s tenacity, our strong brands, future product plans, and focused execution, I am excited by what the future holds for Polaris.

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


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, October 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-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)
Subsequent Event

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: 0001628280-21-020507
Submitted to the SEC: Tue Oct 26 2021 2:38:20 PM EST
Accepted by the SEC: Tue Oct 26 2021
Period: Thursday, September 30, 2021
Industry: Miscellaneous Transportation Equipment

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