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Polaris Inc. (PII) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

PII Quarterly Reports

Polaris Industries Incmn

CIK: 931015 Ticker: PII
Exhibit 99.1

Contacts

Investor Contact: J.C. Weigelt 763-542-0525

Media Contact: Jess Rogers 763-513-3445

Polaris First Quarter 2022 Earnings Results

FINANCIAL AND OPERATIONAL HIGHLIGHTS

  • First quarter sales were $1,957 million, flat relative to last year
  • First quarter reported earnings per share was $1.14, down 46% versus last year; adjusted earnings per share was $1.29, down 44% versus last year
  • Primary drivers in the quarter included increasing supply chain challenges and inflationary pressures, partially offset by strong pricing; demand remains healthy
  • Retail Sales for the quarter were down 22% versus last year when retail sales rose 70% in the same quarter, primarily driven by supply chain challenges
  • Repurchased ~1.5 million shares for approximately $172 million dollars

MINNEAPOLIS--(BUSINESS WIRE)--April 26, 2022--Polaris Inc. (NYSE: PII):

KEY FINANCIAL DATA



















 

(in millions, except per share data)


 

 

 

 

 

 

 

 

Quarter ending March 31, 2022


Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales


$

1,956.8

 

 

%

 

 

$

1,956.8

 

 

%

Gross profit margin


 

20.3

%

 

- 438

 bps

 

 

 

20.3

%

 

- 447

 bps

Total operating expenses


$

312.9

 

 

%

 

 

 

 

 

Net income attributable to Polaris


$

69.9

 

 

(48

)%

 

 

$

79.2

 

 

(46

)%

Adjusted EBITDA


 

 

 

 

 

$

164.5

 

 

(34

)%

Diluted EPS


$

1.14

 

 

(46

)%

 

 

$

1.29

 

 

(44

)%

 


 

 

 

 

 

 

 

 

*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

Sales for this quarter remained relatively flat to last year, depressed by continued supply chain pressures. While much of our focus centers on navigating the highly volatile and challenging supply chain environment, demand for our industry-leading products and services remains healthy, as we continued to see high levels of pre-sold orders and low cancellations, strong short- and long-term repurchase rates, and record levels of PG&A attachments. We are making strategic investments in both innovation and operations to enable our long-term growth plans and productivity needs and strengthen our position as the global leader in powersports. The Polaris team remains laser focused on executing against our plans for this year and delivering for our customers, dealers and shareholders.

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

PERFORMANCE SUMMARY (Reported)

Polaris Inc. (NYSE: PII) (the "Company") today released first quarter 2022 results, which ended March 31, 2022. The Company reported worldwide sales of $1,957 million, approximately flat versus the first quarter of 2021. North America sales of $1,667 million represented 85 percent of total company sales and increased slightly from $1,663 million in 2021. International sales of $290 million represented 15 percent of total company sales and increased one percent. Sales in the first quarter of 2022 were largely impacted by continued supply chain challenges reducing shipments, despite healthy demand, attractive pricing trends, and low dealer inventory levels, compared to a particularly strong first quarter in 2021.

As reported, first quarter net income of $70 million decreased 48 percent and diluted earnings per share (EPS) of $1.14 decreased 46 percent compared to the first quarter in 2021. Adjusted net income for the quarter was $79 million, down 46 percent and adjusted EPS of $1.29 was down 44 percent, in each case as compared to the first quarter of 2021.


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, April 26, 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-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 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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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
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)
Significant Accounting Policies Property And Equipment, Net (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: 0001628280-22-010440
Submitted to the SEC: Tue Apr 26 2022 2:40:21 PM EST
Accepted by the SEC: Tue Apr 26 2022
Period: Thursday, March 31, 2022
Industry: Miscellaneous Transportation Equipment

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