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Polaris Inc. (PII) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 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 Second Quarter 2022 Earnings Results

FINANCIAL AND OPERATIONAL HIGHLIGHTS

  • Second quarter sales were $2,063 million, up eight percent compared to last year
  • Second quarter reported diluted earnings per share from continuing operations was $2.34, down five percent versus last year; adjusted diluted earnings per share from continuing operations was $2.42, down seven percent versus last year
  • Primary drivers in the quarter were improved operational performance, strong pricing and stable demand supported by a healthy consumer while still seeing supply chain challenges constraining dealer inventory, as well as continued inflationary pressures
  • Retail Sales for the quarter were down 23 percent versus last year, primarily driven by supply chain challenges; North America ORV retail was up 13 percent sequentially

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

KEY FINANCIAL DATA








 

(in millions, except per share data)

 

 

 

 

 

 

 

 

Quarter ending June 30, 2022

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

2,062.8

 

 

8

%

 

 

$

2,062.8

 

 

8

%

Gross profit margin

 

23.0

%

 

- 303 bps

 

 

 

23.0

%

 

- 312 bps

Total operating expenses

$

291.5

 

 

(3

)%

 

 

 

 

 

Net income from continuing operations attributable to Polaris

$

141.8

 

 

(9

)%

 

 

$

146.6

 

 

(11

)%

Adjusted EBITDA Margin

 

 

 

 

 

 

12.4

%

 

- 182 bps

Diluted EPS from continuing operations attributable to Polaris

$

2.34

 

 

(5

)%

 

 

$

2.42

 

 

(7

)%

 

 

 

 

 

 

 

 

 

*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

Our results during the second quarter reflect our team’s commitment to our customers through industry-leading innovation and exceptional execution, despite the ongoing supply chain constraints impacting the global economy. While we are closely watching a number of demand indicators to understand the resilience of the consumer in this environment, we continue to see a healthy consumer and stable demand. In the quarter, some easing of logistics complexities, commodity costs, and certain supply chain bottlenecks helped to support sequential margin improvement and increased shipment volume. While this trend is expected to continue in the back half of the year, we remain diligent and prepared to respond if headwinds materialize. Our focused strategy of being the leading player in powersports, coupled with the significant opportunity to get back to optimal dealer inventory levels, gives us confidence in our ability to drive continued performance for Polaris and value creation for our shareholders.

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

PERFORMANCE SUMMARY (Reported)

Polaris Inc. (NYSE: PII) (the "Company") today released second quarter 2022 results, which ended June 30, 2022. The Company reported worldwide sales of $2,063 million, up eight percent versus the second quarter of 2021. North America sales of $1,748 million represented 85 percent of total company sales and increased nine percent from $1,600 million in 2021. International sales of $315 million represented 15 percent of total company sales and increased one percent. Sales in the second quarter of 2022 were largely impacted by strong mix and pricing offset by volume declines related to continued supply chain challenges reducing shipments and low dealer inventory levels.

As reported, second quarter net income from continuing operations attributable to Polaris of $142 million decreased nine percent and diluted earnings per share from continuing operations (EPS) of $2.34 decreased five percent compared to the second quarter in 2021. Adjusted net income from continuing operations attributable to Polaris for the quarter was $147 million, down 11 percent and adjusted EPS of $2.42 was down seven percent, in each case as compared to the second quarter of 2021.


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

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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)
Divestitures And Discontinued Operations
Divestitures And Discontinued Operations (Details)
Divestitures And Discontinued Operations (Tables)
Divestitures And Discontinued Operations - Results Of Discontinued Operations (Details)
Divestitures And Discontinued Operations - Summary Of Carrying Values (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 - Property And Equipment Narrative (Details)
Significant Accounting Policies Activity In Polaris Accrued Warranty Reserve (Detail)
Significant Accounting Policies Fair Value Measurements (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)

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: 0001628280-22-019445
Submitted to the SEC: Tue Jul 26 2022 1:28:36 PM EST
Accepted by the SEC: Tue Jul 26 2022
Period: Thursday, June 30, 2022
Industry: Miscellaneous Transportation Equipment

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