8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORTPursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 18, 2012


POLARIS INDUSTRIES INC.
(Exact name of Registrant as specified in its charter)

Minnesota	1-11411	41-1790959
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2100 Highway 55
Medina, Minnesota 55340
(Address of principal executive offices)
(Zip Code)

(763) 542-0500
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02       Results of Operations and Financial Condition.

On April 18, 2012, Polaris Industries Inc. (the “Company”) issued a press release announcing the Company’s first quarter 2012 financial results for the reporting period ended March 31, 2012.  On April 18, 2012, the Company also hosted its quarterly earnings conference call, which was accessible to the public.  A recording of the conference call will be available through the end of the business day on April 25, 2012 by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 for international calls and entering passcode 65237997, and on the Company’s website, www.polarisindustries.com/irhome.

A copy of the Company’s press release is furnished as Exhibit 99.1 attached hereto and a copy of the presentation materials discussed during the conference call is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.

Item 7.01       Regulation FD Disclosure.

The disclosures set forth in Item 2.02 above are hereby incorporated by reference into this Item 7.01.

Item 9.01       Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press Release dated April 18, 2012 of Polaris Industries Inc.
99.2	Presentation materials dated April 18, 2012 of Polaris Industries Inc.

The information contained in this Current Report is furnished and not deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.  The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	April 18, 2012
		POLARIS INDUSTRIES INC.
		/s/ Michael W. Malone
		Michael W. Malone
		Vice President – Finance and
		Chief Financial Officer of Polaris Industries Inc.

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated April 18, 2012 of Polaris Industries Inc.
99.2	Presentation materials dated April 18, 2012 of Polaris Industries Inc.

EX-99.1

Exhibit 99.1

CONTACT:
Polaris Industries Inc.
Richard Edwards, 763-542-0500

Polaris Reports Record First Quarter 2012 Results; EPS Increased 27% to $0.85 on 25% Sales Growth

First Quarter Highlights:

• Net income increased 27% to $60.1 million, or $0.85 per diluted share, with sales climbing 25% to $673.8 million, representing a record for first quarter sales and earnings.
• Off-Road Vehicle sales increased 30% and On-Road Vehicle sales increased 44% during the 2012 first quarter.
• North American retail sales remained strong, increasing 17% in the first quarter compared to a year ago.
• Gross profit margins expanded 60 basis points to 28.9% due to manufacturing realignment savings and lower product and warranty costs.
• Raising guidance for full year 2012 earnings to a range of $3.85 to $4.00 per diluted share, an increase of 20% to 25% over 2011 based on expected full year 2012 sales growth of 10% to 13%.

MINNEAPOLIS--(BUSINESS WIRE)--April 18, 2012--Polaris Industries Inc. (NYSE: PII) today reported record first quarter net income of $60.1 million, or $0.85 per diluted share, for the quarter ended March 31, 2012. By comparison, 2011 first quarter net income was $47.3 million, or $0.67 per diluted share. Net sales for the first quarter 2012 totaled $673.8 million, an increase of 25 percent from last year’s first quarter sales of $537.2 million.

“Our record first quarter results reflect not only the continued strength of our business and solid execution of our strategy, but also a healthy start to the year for our end markets,” commented Scott Wine, Polaris’ Chief Executive Officer. “Retail sales in the North American off-road vehicle and motorcycle industries are off to their best start in years, and through our innovative products and motivated dealers, Polaris continued to gain market share. We have significant work to do, but as momentum built throughout the first quarter, we gained confidence that 2012 will be another record year for Polaris, as indicated by our increased full year sales and earnings guidance.”

“Sales increased 25 percent during the first quarter 2012, driven by robust sales of our Off-Road Vehicles and motorcycles. Customer demand for our broad array of RANGER^® and RANGER RZR^® side-by-side vehicles continues to exceed our expectations, both in North America and our international markets. Our international sales, which include the recent acquisition of Goupil, grew 20 percent for the quarter in spite of the continuing EU economic uncertainty. We are well positioned to meet this higher demand, as we have increased production at our Minnesota, Iowa and Wisconsin plants, while our Monterrey, Mexico plant continues to raise production levels. In addition, North American dealer inventories remain in line with our previous projections, with decreased ATV inventory year over year and increased side-by-side vehicle dealer inventory to meet the higher demand. Season-end snowmobile dealer inventory is higher than a year ago due to the poor snowfall, but remains at manageable levels.”

“Looking ahead, strong retail demand in the first quarter and our expectations for the remainder of the year underscores our confidence in raising our full year 2012 guidance for sales and earnings,” continued Wine. “Cash flow is expected to remain strong and our balance sheet remains solid with $286 million of cash on hand and minimal debt. Additionally, we are realizing the expected savings from our manufacturing realignment project, which provides support to our ongoing margin expansion efforts. Given our excellent start, and despite continued caution about the economy in the second half of the year and particularly the fourth quarter, we believe 2012 is shaping up to be another record year for Polaris.”

2012 Business Outlook
Based on Polaris’ performance during the 2012 first quarter and projections for the remainder of the year, the Company is increasing its 2012 full year sales and earnings guidance. The Company now expects full year 2012 earnings to be in the range of $3.85 to $4.00 per diluted share, an increase of 20 to 25 percent over earnings of $3.20 per diluted share for the full year 2011. Sales for the full year 2012 are now expected to grow in the range of 10 to 13 percent.

First Quarter Performance Summary (in thousands except per share data)
	Three Months ended March 31,
Product Line Sales	2012			2011			Change
Off-Road Vehicles	$	504,567		$	388,019		30	%
Snowmobiles		4,647			8,935		-48	%
On-Road Vehicles		64,656			44,908		44	%
Parts, Garments & Accessories		99,880			95,336		5	%
Total Sales	$	673,750		$	537,198		25	%
Gross Profit	$	194,963		$	151,835		28	%
Gross profit as a % of sales		28.9	%		28.3	%	+60 bps
Operating Expenses	$	110,599		$	87,538		26	%
Operating expenses as a % of sales		16.4	%		16.3	%	-10 bps
Operating Income	$	91,547		$	69,583		32	%
Operating Income as a % of sales		13.6	%		13.0	%	+60 bps
Net Income	$	60,078		$	47,310		27	%
Net income as a % of sales		8.9	%		8.8	%	+10 bps
Diluted Net Income per share	$	0.85		$	0.67		27	%

Off-Road Vehicle (“ORV”) sales increased 30 percent from the first quarter 2011 to $504.6 million. This increase reflects strong market share gains for both ATV and side-by-side vehicles, primarily driven by new product offerings, including the recently introduced RANGER RZR XP4^® 900, and increased sales in our military business. North American consumer ORV retail sales increased mid-twenties percent for the 2012 first quarter from the first quarter last year, with side-by-side vehicle retail sales once again increasing significantly and ATV retail sales increasing double digits percent. North American dealer ORV inventories for the 2012 first quarter were up slightly from the first quarter of 2011, as additional side-by-sides were shipped to meet increasing demand. Sales of ORVs outside of North America increased 15 percent in the first quarter 2012 when compared to the first quarter 2011, due to market share gains and positive mix benefit from greater sales of higher priced side-by-side vehicles.

Snowmobile sales totaled $4.6 million for the 2012 first quarter compared to $8.9 million for the first quarter of 2011. Historically, the first quarter is a slow quarter for snowmobile shipments to dealers. The North American snowmobile industry finished the selling season in March 2012 with retail sales down less than five percent compared to the prior season, in spite of unusually warm weather and minimal snowfall in many parts of the U.S. Snowbelt regions, whereas Polaris’ retail snowmobile sales for the season were about even with the prior season’s results. Polaris led the North American industry in market share gains, and recorded its highest season-ending market share since 2004. Season-end North American dealer inventories for Polaris snowmobiles are higher than last year, but remain manageable given the previous season’s very low dealer inventory levels. During the first quarter the Company introduced ten new or significantly updated model year 2013 snowmobiles with industry-leading innovation, technology and value, including updated PRO-RMK^® models, now lightest in the industry at 417 pounds and an all new version of the legendary Indy model, the new Indy® 600.

On-Road Vehicle sales, comprised primarily of Victory motorcycles, but also including Indian motorcycles and our GEM and Goupil electric vehicles, increased 44 percent over Q1 2011 to $64.7 million. Notably, the 2011 acquisitions of Indian, GEM and Goupil contributed about half of On-Road Vehicles first quarter revenue growth. North American industry heavyweight cruiser and touring motorcycle retail sales increased mid-teens percent during the 2012 first quarter compared to the prior year’s first quarter. Over the same period, Victory North American unit retail sales increased approximately 40 percent, while North American Victory dealer inventory increased slightly versus 2011 levels to support these sales and market share gains. During the 2012 first quarter the Company began shipments of two new Victory models, the Victory Hard-Ball™ and the new Victory Judge™, an American muscle motorcycle. Polaris sales of On-Road Vehicles to customers outside of North America, now including Goupil, increased over 100 percent during the 2012 first quarter compared to the prior year’s first quarter.

Parts, Garments and Accessories (“PG&A”) sales increased five percent during the first quarter 2012 compared to the same period last year. The increase was primarily driven by higher RANGER™ side-by-side vehicle related sales, largely offset by weak snow related PG&A sales due to the unseasonably warm winter.

Gross profit was 28.9 percent of sales for the first quarter of 2012, an increase of 60 basis points from the first quarter of 2011; while over the same period gross profit dollars increased 28 percent to $195.0 million. The first quarter 2012 increase in gross profit dollars and margin percentage was driven by volume, cost savings from the manufacturing realignment project, continued product cost reduction efforts, lower warranty costs, and higher selling prices, partially offset by commodity cost increases and negative product mix.

Operating expenses for first quarter 2012 grew 26 percent to $110.6 million or 16.4 percent of sales, compared to $87.5 million or 16.3 percent of sales for the first quarter of 2011. Operating expenses in absolute dollars for the first quarter of 2012 rose primarily due to planned strategic investments and increased research and development activities related to new products under development.

Income from financial services was $7.2 million during first quarter 2012, an increase of 36 percent compared to $5.3 million in the first quarter of 2011, largely due to increased profitability generated from the retail credit portfolios with Sheffield, GE and HSBC.

Non-operating other income was $2.6 million in the first quarter of 2012, as compared to $3.2 million in the first quarter of 2011. The change in income stems from foreign currency exchange rate movements and the resulting effects on foreign currency transactions and balance sheet positions related to the Company’s foreign subsidiaries from period to period.

The provision for income taxes for the first quarter 2012 was recorded at a rate of 35.1 percent of pretax income compared to 34.5 percent of pretax income for the first quarter 2011. The higher income tax rate for the first quarter 2012 is primarily due to the United States Congress not yet extending the research and development income tax credit as of March 31, 2012.

Financial Position and Cash Flow
Net cash used for operating activities was $0.7 million for the first quarter ended March 31, 2012 compared to net cash provided by operating activities of $4.8 million for the first quarter of 2011. The quarter over quarter change in net cash from operating activities is the result of higher net income for the quarter, offset by a higher investment in working capital in the 2012 period, primarily due to the payment of certain accrued compensation liabilities. Total debt at the end of the first quarter 2012 was $108.1 million. During the 2012 first quarter, the Company increased its quarterly dividend payment 64 percent to $0.37 per share and paid a total of $25.3 million in dividends to shareholders. The Company’s debt-to-total capital ratio was 16 percent at March 31, 2012, compared to 34 percent a year ago. Cash and cash equivalents were $285.9 million at March 31, 2012 compared to $345.9 million for the same period in 2011.

Conference Call and Webcast Presentation
Today at 9:00 AM (CDT) Polaris Industries Inc. will host a conference call and webcast to discuss Polaris’ 2012 first quarter earnings results released this morning. The call will be hosted by Scott Wine, CEO, Bennett Morgan, President and COO, and Mike Malone, Vice President --Finance and CFO. A slide presentation and link to the audio webcast will be posted on the Investor Relations page of the Polaris web site at www.polarisindustries.com/irhome.

To listen to the conference call by phone, dial 877-706-7543 in the U.S. and Canada, or 973-200-3967 internationally. The Conference ID is # 65237997.

A replay of the conference call will be available approximately two hours after the call for a one-week period by accessing the same link on our website, or by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 internationally.

About Polaris
Polaris is a recognized leader in the powersports industry with annual 2011 sales of $2.7 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.

Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory and Indian motorcycle brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM) and Goupil Industrie SA, and internally developed vehicles. Polaris enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.

Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index.

Information about the complete line of Polaris products, apparel and vehicles accessories are available from authorized Polaris dealers or anytime at www.polarisindustries.com.

Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding 2012 sales, shipments, net income, net income per share, manufacturing realignment transition costs and savings in logistical and production costs, are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations realignment initiatives, product offerings, promotional activities and pricing strategies by competitors; acquisition integration costs; warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements.

(summarized financial data follows)

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
	For Three Months
	Ended March 31,
	2012			2011
Sales	$	673,750		$	537,198
Cost of Sales		478,787			385,363
Gross Profit		194,963			151,835
Operating Expenses
Selling and marketing		45,133			37,213
Research and development		30,466			22,999
General and administrative		35,000			27,326
Total operating expenses		110,599			87,538
Income from financial services		7,183			5,286
Operating Income		91,547			69,583
Non-operating Expense (income):
Interest expense		1,512			511
Other income, net		(2,577	)		(3,201	)
Income before income taxes		92,612			72,273
Provision for Income Taxes		32,534			24,963
Net Income	$	60,078		$	47,310
Basic Net Income per share	$	0.88		$	0.69
Diluted Net Income per share	$	0.85		$	0.67
Weighted average shares outstanding:
Basic		68,637			68,537
Diluted		70,825			70,663

POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
Subject to Reclassification	March 31, 2012		March 31, 2011
Assets
Current Assets:
Cash and cash equivalents	$	285,889	$	345,921
Trade receivables, net		139,626		121,696
Inventories, net		314,042		244,436
Prepaid expenses and other		45,714		20,556
Deferred income taxes		79,666		68,863
Total current assets		864,937		801,472
Property and equipment, net		219,779		184,553
Investments in finance affiliate		44,221		38,517
Investments in other affiliates		5,000		990
Deferred tax assets		10,709		—
Goodwill and intangible assets, net		78,187		31,551
Total Assets	$	1,222,833	$	1,057,083
Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of long-term borrowings under credit agreement		—	$	100,000
Current portion of capitalized lease obligations	$	2,736		—
Accounts payable		182,645		132,210
Accrued expenses:
Compensation		109,395		98,912
Warranties		40,430		31,029
Sales promotions and incentives		84,887		76,118
Dealer holdback		60,407		52,263
Other		79,473		58,484
Income taxes payable		167		12,245
Total current liabilities		560,140		561,261
Long term income taxes payable		8,120		5,835
Deferred income taxes		—		811
Capital lease obligations		5,314		—
Long-term debt		100,000		100,000
Total liabilities		673,574		667,907
Shareholders’ Equity:
Total shareholders’ equity		549,259		389,176
Total Liabilities and Shareholders’ Equity	$	1,222,833	$	1,057,083

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Subject to Reclassification	For the Three Months
	Ended March 31,
	2012			2011
Operating Activities:
Net income	$	60,078		$	47,310
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Depreciation and amortization		16,807			18,782
Noncash compensation		7,066			4,590
Noncash income from financial services		(743	)		(1,178	)
Deferred income taxes		(2,006	)		(1,402	)
Tax effect of share-based compensation exercises		(6,484	)		(2,452	)
Changes in current operating items:
Trade receivables		(23,110	)		(30,276	)
Inventories		(13,249	)		(5,395	)
Accounts payable		35,452			18,576
Accrued expenses		(92,236	)		(53,035	)
Income taxes payable/receivable		31,063			12,359
Prepaid expenses and others, net		(13,300	)		(3,095	)
Net cash (used for) provided by operating activities		(662	)		4,784
Investing Activities:
Purchase of property and equipment		(20,957	)		(18,968	)
Investments in finance affiliate, net		(1,227	)		(170	)
Acquisition of business, net of cash acquired		—			—
Net cash used for investing activities		(22,184	)		(19,138	)
Financing Activities:
Borrowings under credit agreement/capitalized lease debt		553			—
Repurchase and retirement of common shares		(5,871	)		(30,964	)
Cash dividends to shareholders		(25,328	)		(15,315	)
Proceeds from stock issuances under employee plans		6,529			9,005
Tax effect of proceeds from share-based compensation exercises		6,484			2,452
Net cash used for financing activities		(17,633	)		(34,822	)
Impact of currency translation on cash balances		1,032			1,170
Net decrease in cash and cash equivalents		(39,447	)		(48,006	)
Cash and cash equivalents at beginning of period		325,336			393,927
Cash and cash equivalents at end of period	$	285,889		$	345,921

EX-99.2

Exhibit 99.2

Polaris Industries Inc. April 18, 2012 First Quarter 2012 Earnings Results

2 Safe Harbor Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2012 sales, shipments, net income, cash flow, and manufacturing realignment transition costs and savings, are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as product offerings, promotional activities and pricing strategies by competitors; manufacturing realignment transition costs; acquisition integration costs; warranty expenses; impact of changes in Polaris stock prices on incentive compensation; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in our 2011 annual report and Form 10-K filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements. The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and compiled by the Company or Company estimates. The Company must rely on information that its dealers supply concerning retail sales, and other retail sales data sources and this information is subject to revision. Note: Shares and per share information have been adjusted to give effect to the two-for-one stock split declared on July 20, 2011, payable on September 12, 2011 to shareholders of record on September 2, 2011.APRIL 2012

Scott Wine, CEO April 18, 2012 First Quarter 2012 Earnings Results

4 APRIL 2012 Q1 2012 Sales and Net Income Q1 Net Income ($ in millions) Q1 Sales ($ in millions) $47.3 Up 27% $60.1 Q1 2012 Q1 2011 Q1 2012 Q1 2011 Record 1st Quarter Sales and Net Income ORV Sales remained strong +30%; On-Road up 44% Earnings per Share up 27% to record $0.85 Operating Income dollars increased 32% to $91.5M, gross profit margins up 60 bps Up 25% $673.8 $537.2 Record First Quarter Sales, Net Income and EPS

5 APRIL 2012 Full Year 2012 Guidance $2,657 Up 10% to 13% $2,925 to $3,000 2011 Actual 2012 Guidance $3.20 Up 20% to 25% $3.85 to $4.00 Retail sales growth and market share gains continue to outpace industry Growth investment continues; acquisition integration on plan Commodity pressures moderating; remain manageable throughout the year Net Income projected up 20% to 25% On-going margin improvement expected from Monterrey & LEAN journey Diluted EPS planned to be up 20% to 25% to $3.85 - $4.00 2011 Actual 2012 Guidance Staying on Offense Total Company Sales (in millions) Diluted EPS

6 APRIL 2012 Strategic Objectives Best in Powersports PLUS 5-8% annual organic growth ORV retail sales & market share up solidly Victory retail growth & share gains continue Snow gained market share in down market Growth through Adjacencies $200 - $500M growth Military sales up significantly GEM & Goupil integration on track Business development remains active Global Market Leadership >25% of Polaris revenue International sales up 20% EMEA +15% and AP/LA +38% ORV gained market share again Operations is Competitive Advantage Op Ex drives > 200 bps operating margin improvement Gross profit margins up 60 bps Productivity improving Monterrey plant ramping, output on plan Strong Financial Performance Sustainable, profitable growth; Net income margin >9.5% Sales up 25% Net Income / EPS +27% Net income margin to 8.9% 3 – 5 Year Initiatives Strategy Producing Excellent Results Grow Sales to $5+ Billion by 2018 Expand Net Income Margins to 10% of Sales by 2018 Q1 2012 Progress

Bennett Morgan, President & COO April 18, 2012 First Quarter 2012 Earnings Results

Retail Sales & N.A. Dealer Inventory 8 APRIL 2012 8 Polaris Q1 N.A. retail sales up 17%, demand remains strong ORV and Motorcycle industries improving – retail up low double digits % in Q1 N.A. ATV industry grew in Q1 2012 Polaris N.A. dealer inventory up 9% from 2011 ATV dealer inventory down 5% from 2011 Side-by-side inventory up due to continued strong retail demand Snowmobile inventory up, but manageable N.A. Retail Sales Remain Strong Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Units 2008 Actual 2009 Actual 2010 Actual 2011 Actual 2012 Actual North American Polaris Dealer Inventory Levels Q1 2012

#1 in ORV - Gained share in SxS and ATVs again New RANGER RZR® XP4 900 launched in January 2012 selling very well Dealer inventories up slightly from higher SxS shipments FY 2012 Guidance FY 2011 SXS SXS ATV ATV APRIL 2012 9 Best in Powersports Plus Off-Road Vehicles ORV Polaris Sales (in millions) N.A. ORV Retail Sales Q1 2012 #1 & Momentum Continues SXS SXS ATV ATV $388.0 Up low-double digits % +30% $504.6 Q1 2012 Q1 2011 Polaris Industry Up about 10% Up mid-twenties % +32% $1,822.3

10 APRIL 2012 Growth Through Adjacencies RANGER RZR – SW Sales slightly lower in Q1 2012 – timing of shipments - full year expected to increase Q1 Bobcat retail sales increased upper single digits % Co-development project on plan Dealer inventories at reasonable levels FY 2011 FY 2012 Bobcat Military Business Foundation in Place for Meaningful Growth Military Bobcat Strategic Alliance Expectations #1 in Ultra-Light military space Q1 2012 sales up approx. 60% - record shipment quarter Began shipping $54M multi-year TACOM contract for Afghan Military Continued strong order backlog for 2012 Expectations Bobcat Strategic Alliance FY 2011 FY 2012

+48% $280.0 FY 2012 Guidance FY 2011 APRIL 2012 11 Best in Powersports Plus Snowmobiles Snowmobiles Polaris Sales (in millions) Market Share Continues to Grow $8.9 Down midsingle digits % -48% $4.6 Q1 2012 Q1 2011 600 Pro RMK 155 600 Indy SP N.A. Snowmobile Retail Sales Season-Ending March 31, 2012 Down less than 5% Approx. flat Polaris #2 – strong market share gains for the season Dealer inventory up, but manageable Introduced 10 new MY ’13 snowmobiles 417 lbs RMK-PRO & Indy 600 N.A. dealer orders solid Strong international snow season + MY ’13 orders Polaris Industry

12 New MY’13 Victory Judge™ Victory retail sales up about 40% in Q1; gained share Indian integration and product development on track Dealer inventories up modestly from new model year shipments New Victory Hard-Ball™ & Judge™ began shipping in Q1 GEM & Goupil unit sales growing; integration on track FY 2012 Guidance FY 2011 APRIL 2012 12 On-Road Vehicles Polaris Total On-Road Sales (millions) N.A. Motorcycle Industry 1400cc+ Victory Momentum Continues $44.9 Up 40% – 50% +44% $64.7 Q1 2012 Q1 2011 Polaris Industry Up mid-teens % Up about 40% +79% $146.3 MY’12 Indian Chief Vintage Best in Powersports Plus On-Road Vehicles

13 Best in Powersports Plus PG&A $95.3 +5% $99.9 FY 2012 guidance FY 2011 Q1 2012 Q1 2011 +19% $408.2 Grow similar to the overall Company Maintain High Quality By Business Unit By Product Category APRIL 2012 Off-Road Vehicles 67% On-Road Vehicles 8% Other 6% Snow 19% Accessories 44% Parts 54% Apparel 2% 180+ new snowmobile accessories and garments introduced for MY 2013 ORV growth up 13%; International up 11% from Q1 2011 – offset weak Q1 snow PG&A due to poor snowfall PG&A Polaris PG&A Sales (millions) Q1 2012 PG&A Revenue

EMEA +15% LATIN AMERICA +6% ASIA PACIFIC +59% CORPORATE HEADQUARTERS POLARIS INTERNATIONAL SUBSIDIARIES 14 APRIL 2012 Global Market Leadership Profitable global growth of 20% On-Road / Victory sales up over 100% ORV up 15% Increased ORV market share – clear leader in Europe Strong snow season and MY’13 snow orders FY 2012 Guidance FY 2011 +39% $424.4 Up mid-double digits % ON-ROAD 16% SNOW 6% ORV 61% PG&A 17% Q1 2012 Growth by Region Q1 2012 International Sales by Product Investing for Future Growth Q1 2011 Q1 2012 $91.1 +20% $109.3 Polaris Sales (millions)

Q1 2011 Q1 2012 FY 2011 FY 2012 Guidance 15 Operational Excellence Q1 2012 Margins +0.6% -0.1% -0.2% -0.2% Gross Margin Operating Expense Other Non-Operating Expense Income Taxes/Other Q1 2011 Q1 2012 28.3% 28.9% 8.8% 8.9% +60 bps Gross margins remain strong driven by: Manufacturing realignment savings; increased volume; continued value engineering investment; higher selling prices from strong innovation Net income margin at record high – 8.9% for Q1 2012 Commodity pressures moderating but remained elevated from a year ago Productivity continued to improve; Monterrey plant savings accelerating Factory inventory up in Q1 due to higher demand, acquisitions and PG&A 27.9% Up to +100 bps First Quarter Gross and Net Income Margin Expansion Gross Margins Net Income as a Percent of Sales APRIL 2012

Mike Malone V.P. Finance & CFO April 18, 2012 First Quarter 2012 Earnings Results

17 APRIL 2012 2012 Full Year Guidance Product Line Sales Off-Road Vehicles Snowmobiles On-Road Vehicles PG&A International Total Company Sales Gross Margins Operating expenses Income Taxes Net Income EPS, Diluted Share Count METRIC GUIDANCE Expect Another Record Year Up low double digits % Down mid-single digits % Up 40% - 50% Similar to overall company Up mid double digits % Up 10% to 13% Expand up to 100 bps Down as a percent of sales 34.0% to 34.5% of pretax income Up 20% to 25% $3.85 - $4.00 (+20% to +25%) Approximately flat to 2011 Increased Decreased Unchanged / Narrowed

18 APRIL 2012 Gross Profit Margin Percentage Trends Actual Q1 2011 Actual Q1 2012 Full Year Guidance 2012 Prior Period 26.2% 28.3% 27.9% Production volume adjustments Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix Manufacturing realignment, net Warranty costs Tooling amortization Sales promotional costs Current period 28.3% 28.9% Up to 28.9% Change +210 bps +60 bps Up to 100 bps Improvement to gross profit margin % Impairment to gross profit margin % Neutral to gross profit margin %

19 Manufacturing Realignment Costs and savings projections largely unchanged Savings accelerating through 2012 Quality meeting or exceeding expectations Cost Charged to P&L (in millions) Anticipated Annualized savings upon completion FY 2012 anticipated savings Guidance $2 $34 Estimated Total Capital to Completion FY 2012 Guidance Project To-Date Q1 2012 Actual $1 $27 Estimated Total Project Costs FY 2012 Guidance Project To-Date Q1 2012 Actual $27 - $28 $3 - $4 $1 - $2 $35 - $36 Production & Savings Ramping as Expected APRIL 2012 (on plan) $30+ $12 - $15 Capital Expenditures (in millions) Savings (in millions)

20 APRIL 2012 Balance Sheet and Liquidity Profile $ In millions (except per share and interest rate data) Q1 2012 Fav/(UnFav) Q1 2011 2012 Full Year Guidance Cash $285.9 ($60.0) Increase from 2011 Debt $108.1 $91.9 Unchanged Credit Facility $350.0 ($100.0) Renewed to 2016 Factory Inventory $314.0 ($69.6) Decrease from 2011 by year-end Capital Expenditures $21.0 ($2.0) Similar to 2011 Depreciation & Amortization $16.8 ($2.0) Similar to 2011 Operating cash flow ($0.7) ($5.4) Increase over 2011 Dividend $0.37 per share $0.145 per share Increased to $1.48 (+64%) over 2011 Polaris Acceptance Receivables $602.8 ($109.9) Increase due to product mix Retail Credit – Approval Rate – Penetration Rate 56% 34% -1% pts -1% pts Stable Continued Strong Financial Position

Scott Wine, CEO April 18, 2012 First Quarter 2012 Earnings Results

22 APRIL 2012 End markets healthy and improving Industry-specific fundamental metrics are strongest in years On-Road and Off-Road Vehicles accelerating profitable global growth Snowmobile orders and market share gains point to stable 2012 Exploring opportunities to accelerate PG&A growth Wider economic risks remain, heightened in 2nd half Previous two years have seen U.S. GDP growth stagnate in third and fourth quarters Regulatory and pending tax issues could impact U.S. economy late in 2012 Proven ability to adapt and excel in spite of challenging conditions Firmly committed to calculated investment policy Robust balance sheet supports strategic growth initiatives, including M&A Innovative product and technology development remains high Actively managing risk Volatile commodity and currency markets monitored and managed Solidly performing platform for margin expansion poised to drive further results Maintaining Q1 momentum Staying on offense Excellent Start to 2012 Expect Another Record Year in 2012

23 APRIL 2012 Thank you. Q & A