Full year 2021 reported net income was $7.88 per diluted share; adjusted net income for the same period was a record $9.13 per diluted share, exceeding our previously issued guidance

Fourth quarter reported and adjusted sales increased one percent to $2,170 million

Fourth quarter reported net income was $1.40 per diluted share; adjusted net income for the same period was $2.16 per diluted share

PG&A and International reported strong sales increasing 24% and 34% for the full year 2021, respectively

Market share improved during the year for ORV and Boats in North America; Internationally, market share improved for all powersports segments in 2021

Expanded and strengthened the ORV, Snow, Motorcycle, and Boats product portfolios with over 30 new vehicles and nearly 500 new accessories in 2021

GEM and Taylor-Dunn businesses divested during the quarter

Polaris announced full year 2022 sales and adjusted earnings guidance with full year adjusted net income in the range of $10.10 to $10.40 per diluted share and full year sales up in the range of 12% to 15%

MINNEAPOLIS--(BUSINESS WIRE)--January 25, 2022--Polaris Inc. (NYSE: PII):

Key Financial Data
(in millions, except per share data)
INCOME STATEMENT - Q4 December 31, 2021	Reported		YOY % Chg.	Adjusted*		YOY % Chg.
Sales	$	2,170.4	1%	$	2,170.4	1%
Net income attributable to Polaris	$	86.8	(56)%	$	134.2	(36)%
Diluted EPS	$	1.40	(56)%	$	2.16	(35)%

BALANCE SHEET - December 31, 2021	Reported		YOY % Chg.
Cash and cash equivalents	$	509.2	(20)%
Inventories, net	$	1,644.8	40%
Total debt, finance lease obligations and notes payable	$	1,800.7	24%
Shareholders' equity	$	1,224.3	7%

CASH FLOW - YTD Q4 December 31, 2021	Reported		YOY % Chg.
Net cash provided by operating activities	$	293.7	(71)%
Purchase of property & equipment	$	298.3	39%
Repurchase and retirement of common shares	$	461.6	NM
Cash dividends to shareholders	$	153.4	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

Marking a strong finish to the year, we delivered record sales and earnings in 2021, propelled by the Polaris team's dedication and tenacity as they capitalized on opportunities while navigating the macroeconomic-related headwinds. Innovation remained the cornerstone of our culture, supported by the introduction of several new category-defining vehicles this year. With interest in powersports continuing to grow and new customers increasingly entering our industry, we expect 2022 to be another record year for Polaris. Leveraging the Company’s strengths and scale as the global leader in powersports, our refreshed strategy and new strategic objectives will guide our path forward to create greater competitive advantage, welcome new customers and grow the market, drive profitable growth, and deliver value for all our stakeholders.

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

The following information was filed by Polaris Industries Incmn (PII) on Tuesday, January 25, 2022 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:

Revenue - Geography Highlight
Additional information on our ORV end markets in 2021 compared to 2020: Polaris North America ATV unit retail sales down low-double digits percent Polaris North America side-by-side unit retail sales down mid-teens percent Total Polaris North America ORV unit retail sales down mid-teens percent Estimated North America industry ORV unit retail sales down high-teens percent Total Polaris North America ORV dealer inventories down approximately 20 percent Snowmobiles sales, inclusive of PG&A sales, were $424.3 million for 2021, compared to $345.4 million in 2020.

Financial - Shares Highlight
Weighted average shares outstanding: Weighted average diluted shares outstanding increased slightly in 2021 compared to 2020, primarily due to the increased dilution of weighted shares and options outstanding, partially offset by share repurchases.
Other - Other Highlight
An accounting estimate is considered to be critical if it meets both of the following criteria: (i) the estimate requires assumptions about matters that are highly uncertain at the time the accounting estimate is made, and (ii) different estimates reasonably could have been used, or changes in the estimate that are reasonably likely to occur may have a material impact on our financial condition or results of operations.
Revenue - Product Highlight
During this period, sales and profitability were also negatively impacted by a decline in economic activity related to certain of our end markets, such as those served by Global Adjacent Markets and Aftermarket.
Financial - Earnings Highlight
Gross profit, as a percentage of sales, increased from 2020 to 2021, primarily due to increased pricing and favorable mix.
Financial - Dividend
On January 27, 2022, we...Read more
Revenue - Product
The increase was driven primarily...Read more
Revenue - Product
As a result of the...Read more
Financial - Income
Income from financial services: The...Read more
Revenue - Product
With respect to services provided...Read more
Revenue - Product
Boats: Boat sales increased 26...Read more
Financial - Shares
Share Repurchases: As of December...Read more
Financial - Shares
The increase was partially offset...Read more
Revenue - Product
The components of the consolidated...Read more
Revenue - Product
TAP sales increased two percent...Read more
Revenue - Product
Sales by geographic region were...Read more
Other - Other
New Accounting Pronouncements See Item...Read more
Revenue - Product
Forecasted revenues are derived from...Read more
Financial - Expense
We participate in the cost...Read more
Financial - Earnings
Full year net income attributable...Read more
Revenue - Product
Sales in Canada for 2021...Read more
Revenue - Product
Sales in other foreign countries,...Read more
Revenue - Geography
As a result of strong...Read more
Revenue - Product
Aftermarket: Aftermarket sales, which includes...Read more
Other - Other
Critical Accounting Policies and Critical...Read more
Revenue - Product
Sales of motorcycles (including Slingshot)...Read more
Revenue - Product
Global Adjacent Markets: Global Adjacent...Read more
Other - Other
An increase in property, equipment...Read more
Financial - Expense
Interest expense: Interest expense decreased...Read more
Revenue - Product
Factors that could have an...Read more
Other - Other
The original discounted payable was...Read more
Financial - Shares
We repurchased a total of...Read more
Other - Other
As of December 31, 2021,...Read more
M & A - Other
On July 2, 2018, pursuant...Read more
Revenue - Product
With respect to wholegood vehicles,...Read more
Legal - Other
While management believes the product...Read more
Revenue - Product
Consolidated Results of Operations The...Read more
Other - Other
If the estimated fair value...Read more
Revenue - Product
ORV sales to customers outside...Read more
Revenue - Product
Sales to customers outside of...Read more
Financial - Income
The increase was partially offset...Read more
Other - Other
As of December 31, 2021,...Read more
Revenue - Product
Revenues and EBITDA beyond five...Read more
Revenue - Product
Overview 2021 was a record...Read more
Financial - Expense
These disruptions, and related costs...Read more
Financial - Income
The increase in the effective...Read more
Revenue - Product
Sales of snowmobiles to customers...Read more
Financial - Cash Flow
We believe that existing cash...Read more
Other - Other
Our primary identifiable intangible assets...Read more
Other - Other
Our identifiable intangible assets with...Read more
Other - Other
It was determined that our...Read more
Other - Other
The Company achieved growth across...Read more
Other - Other
We expect supply chain-related headwinds...Read more
Revenue - Product
Motorcycles: Motorcycle sales, inclusive of...Read more
Financial - Expense
Our financial exposure under these...Read more
Revenue - Product
The volume of installment credit...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Polaris Industries Incmn provided additional information to their SEC Filing as exhibits

Exhibit 10.GG: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.A: Section 1350 Certification

Exhibit 32.B: Section 1350 Certification

Ticker: PII
CIK: 931015
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-002730
Submitted to the SEC: Tue Feb 15 2022 4:52:24 PM EST
Accepted by the SEC: Tue Feb 15 2022
Period: Friday, December 31, 2021
Industry: Miscellaneous Transportation Equipment