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 23, 2014

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 23, 2014, Polaris Industries Inc. (the “Company”) issued a press release announcing the Company’s first quarter 2014 financial results for the reporting period ended March 31, 2014.  On April 23, 2014, 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 May 7, 2014 by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 for international calls; the conference ID is #24519692.  A link to conference call recording will also be posted on the Company’s website at www.polaris.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 23, 2014 of Polaris Industries Inc.
99.2	Presentation materials dated April 23, 2014 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 23, 2014
		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 23, 2014 of Polaris Industries Inc.
99.2	Presentation materials dated April 23, 2014 of Polaris Industries Inc.

EX-99.1

Exhibit 99.1

Polaris Reports Record First Quarter 2014 Results; EPS Increased 11% to $1.19 on 19% Sales Growth

First Quarter 2014 Highlights:

• Sales increased 19% to $888.3 million, setting a new record for the first quarter.
• Operating income increased 24% to $126.7 million during the 2014 first quarter.
• Raising guidance for full year 2014 earnings to a range of $6.30 to $6.45 per diluted share from continuing operations, an increase of 17% to 19% over 2013 based on projected full year 2014 sales growth of 14% to 16%.

MINNEAPOLIS--(BUSINESS WIRE)--April 23, 2014--Polaris Industries Inc. (NYSE:PII) today reported record first quarter net income of $80.9 million, or $1.19 per diluted share, for the quarter ended March 31, 2014. By comparison, 2013 first quarter net income was $75.5 million, or $1.07 per diluted share. Net sales for the first quarter 2014 totaled $888.3 million, which represents an increase of 19 percent from last year’s first quarter sales of $745.9 million.

“I am extremely pleased to report record sales and earnings for our 2014 first quarter, which represents the 18th consecutive quarter of record earnings performance. Our broad and diversified product and brand portfolio has Polaris off to yet another strong start, with first quarter sales up 19 percent led by continued excellent performance from our Off-Road Vehicles (“ORV”) business and rapid growth within our motorcycle, small vehicle and PG&A businesses in both North America and internationally,” commented Scott Wine, Polaris’ Chairman and CEO.

“We remain true to the long-term corporate strategy to become a customer-centric, highly profitable $8 billion global enterprise, and made solid progress in the quarter towards each of our strategic growth objectives. We are intensifying our efforts to improve all that we do through Lean and our teams are further strengthening our powerful portfolio of brands. Product innovation is at the forefront of this initiative, highlighted by the first quarter introduction of the revolutionary Sportsman ACE™, which garnered initial interest exceeding even our high expectations. Additionally, during the quarter, we unveiled nine snowmobiles featuring the all-new model year 2015 AXYS™ platform, which gives the rider unrivaled control. And we expanded the breadth and reach of our PG&A business with this month’s acquisition of Kolpin Outdoors, Inc., a highly respected powersports aftermarket products company. To support these new additions and our entire portfolio of brands and products, we are excited about the January announcement that Tim Larson will lead our enhanced and streamlined customer experience, which includes the merging of our sales and service operations, corporate marketing and interactive group into a unified global customer excellence team.”

Wine concluded, “2014 marks Polaris’ 60^th year of bringing innovative products to our consumers. From our humble origin as a small snowmobile company in northern Minnesota, Polaris has evolved into a multi-national Company that builds numerous industry leading products and is on track to generate over $4 billion in annualized sales. With our solid start to the year and a number of additional new innovative product introductions expected later this year, we are raising our 2014 full year sales and earnings guidance.”

2014 Business Outlook

For the full year 2014, the Company now expects earnings to be in the range of $6.30 to $6.45 per diluted share from continuing operations, an increase of 17 to 19 percent over full year 2013 earnings of $5.40 per diluted share from continuing operations. Full year 2014 sales are expected to grow in the range of 14 to 16 percent over full year 2013 sales.

First Quarter Performance Summary (in thousands except per share data)
	Three Months ended March 31,
Product Line Sales	2014			2013			Change
Off-Road Vehicles	$	602,843		$	541,272		11	%
Snowmobiles		15,586			14,714		6	%
Motorcycles		78,867			51,797		52	%
Small Vehicles		38,483			11,059		248	%
Parts, Garments & Accessories		152,567			127,067		20	%
Total Sales	$	888,346		$	745,909		19	%
Gross Profit	$	258,417		$	216,648		19	%
Gross profit as a % of sales		29.1	%		29.0	%	+10 bps
Operating Expenses	$	142,375		$	124,753		14	%
Operating expenses as a % of sales		16.0	%		16.7	%	-70 bps
Operating Income	$	126,682		$	101,969		24	%
Operating Income as a % of sales		14.3	%		13.7	%	+60 bps
Net Income	$	80,901		$	75,464		7	%
Net income as a % of sales		9.1	%		10.1	%	-100 bps
Diluted Net Income per share	$	1.19		$	1.07		11	%

Off-Road Vehicle (“ORV”) sales increased 11 percent from the first quarter 2013 to $602.8 million. This increase reflects continued market share gains for ORV, aided by the all-new 2014 RZR XP1000 high performance recreation vehicle introduced in the third quarter 2013 and the new Sportsman ACE™, a single-seat sit-in off-road vehicle introduced in January. Polaris’ North American ORV unit retail sales were up high single digits percent from the first quarter of 2013, with consumer purchases of ATVs, RANGER’s and RZR’s each increasing from the first quarter last year. The Company estimates North American industry ORV retail sales in the first quarter 2014 increased mid-single digits percent. Polaris ORV dealer inventory was up in the 2014 first quarter compared to a year ago primarily reflecting new ORV product categories added during the 2014 model year. Sales of ORVs outside of North America increased 12 percent in the first quarter 2014 when compared to the first quarter 2013, primarily due to market share gains.

Snowmobile sales totaled $15.6 million for the 2014 first quarter compared to $14.7 million for the first quarter of 2013. The North American snowmobile industry finished the season strong with industry retail sales up just over ten percent for the entire season ending March 31, 2014 due to favorable snowfall levels in most of the North American snowmobile riding areas. Polaris’ North American retail snowmobile sales were up mid-single digits percent for the full 2013-2014 season, but were lower than the industry primarily due to a slow start to the Company’s pre-season orders from consumers last spring. However, Polaris maintained ownership of the second largest market share for North America snowmobiles with dealer inventories up only modestly from last year’s season-end levels. Sales to customers outside North America decreased 39 percent in the first quarter 2014 due to unseasonably warm weather and unfavorable snowfall levels in the Scandinavian region and Russia during the first quarter 2014. During the quarter, the Company introduced its model year 2015 snowmobile lineup highlighted by the all-new AXYS™ platform featured on nine new models, which is designed to deliver unmatched handling and performance. In addition, the Company introduced two new model year 2015 long-track INDY™ models, which deliver exceptional on and off-trail riding.

Motorcycle division sales increased 52 percent in the 2014 first quarter to $78.9 million due to the shipments of the new model year 2014 Indian motorcycles. Consumer retail demand for Polaris Motorcycles, driven by strong Indian Motorcycle retail sales, was up about 50 percent during the 2014 first quarter, while first quarter North American industry heavyweight cruiser and touring motorcycle retail sales were up low-single digits percent from 2013. The re-launch of Indian Motorcycle continued during the 2014 first quarter as more dealers began retailing the brand and the product line received high visibility from both motorcycle shows and an aggressive marketing campaign. While Indian received the lion’s share of the press from the media during the quarter, Victory continues to market innovative, high performance products with the recent introduction of the Victory Gunner, an urban cruiser with a combination of bobber style, performance and power. Sales of Polaris motorcycles outside of North America increased 140 percent in the first quarter of 2014 as compared to a year ago driven by strong shipments of Indian motorcycles.

Small Vehicles division, which is comprised of Aixam, GEM and Goupil, increased 248 percent to $38.5 million compared to the first quarter of 2013. All three businesses experienced sales growth during the 2014 first quarter with incremental sales from the Aixam acquisition in April, 2013 representing the most significant portion of the 2014 first quarter sales growth.

Parts, Garments and Accessories (“PG&A”) sales increased 20 percent during the first quarter 2014 to $152.6 million compared to the same period last year. The growth was driven by double digit sales increases in ORV, motorcycles and small vehicles resulting from product innovation, increased integration of accessories and a greater focus on apparel sales through the Klim business.

International sales to customers outside of North America totaled $165.1 million for the 2014 first quarter, up 44 percent over the same period in 2013. The increase in first quarter sales resulted from strong sales growth in the Europe, Middle East and Africa (“EMEA”) region with sales up about 50 percent; over two-thirds coming from the April 2013 acquisition of Aixam, and a 28 percent combined increase in sales to customers in the Asia/Pacific and Latin America regions. Both ORV and motorcycles gained market share outside of North America during the 2014 first quarter.

Gross profit increased 19 percent to $258.4 million or 29.1 percent of sales for the first quarter of 2014, compared to $216.6 million or 29.0 percent of sales in the first quarter of 2013. As expected, negative currency movements, primarily the Canadian dollar, pressured gross margins during the 2014 first quarter, but this was more than offset by lower product costs and higher pricing.

Operating expenses for first quarter 2014 grew 14 percent to $142.4 million or 16.0 percent of sales, compared to $124.8 million or 16.7 percent of sales for the first quarter of 2013. Operating expenses as a percent of sales for the first quarter of 2014 declined due to lower long-term incentive compensation expenses partially offset by higher marketing and advertising expenses primarily related to the re-launch of Indian Motorcycle.

Income from financial services was $10.6 million during first quarter 2014, an increase of six percent compared to $10.1 million in the first quarter of 2013, due to higher income from Polaris Acceptance’s dealer inventory financing.

Equity in loss of affiliates was $0.9 million for the first quarter 2014 compared to $0.4 million last year, which represents the Company’s portion of the start-up costs related to the Polaris/Eicher joint venture in India established in 2012.

Non-operating other income, which primarily relates to foreign currency exchange rate movements and the corresponding effects on foreign currency transactions related to the Company’s foreign subsidiaries, was $2.1 million in the first quarter of 2014 compared to $2.5 million in the first quarter of 2013.

The provision for income taxes for the first quarter 2014 was $44.2 million or 35.3 percent of pretax income compared to $27.1 million or 26.4 percent of pretax income for the first quarter 2013. The higher income tax rate for the first quarter 2014 is primarily due to the United States federal government not yet extending the research and development income tax credit as of March 31, 2014 and the income tax rate in the first quarter 2013 reflecting a non-recurring $8.2 million benefit resulting from the reinstatement of the federal research and development income tax credit retroactively for calendar year 2012 and favorable outcomes of income tax audits during the first quarter of 2013. This change in the income tax rate, accounts for about 130 basis points negative impact to the net income margin percentage in the first quarter 2014.

The weighted average diluted shares outstanding for the first quarter 2014 decreased four percent to 68.0 million shares compared to 70.8 million shares in the first quarter last year. The decrease in the weighted average diluted shares outstanding is primarily due to the Company’s purchase of 3.96 million shares of Polaris stock previously held by FHI Heavy Industries Ltd. (“Fuji”) for a purchase price of $497.5 million in November 2013.

Financial Position and Cash Flow

Net cash provided by operating activities was $44.7 million for the first quarter ended March 31, 2014 compared to net cash provided by operating activities of $47.8 million for the first quarter of 2013. The slight decline in net cash provided by operating activities in the 2014 first quarter was the result of increased working capital requirements primarily from higher factory inventory offset somewhat by higher net income. Total debt, including capital lease obligations, at the end of the first quarter 2014 was $331.8 million. During the 2014 first quarter, the Company increased its quarterly dividend payment for the 19^th consecutive year by 14 percent to $0.48 per share and paid a total of $31.7 million in dividends to shareholders. The Company’s debt-to-total capital ratio was 35 percent at March 31, 2014, compared to 13 percent a year ago. Cash and cash equivalents were $101.8 million at March 31, 2014, compared to $380.8 million for the same period in 2013.

Conference Call and Webcast Presentation

Today at 9:00 AM (CDT) Polaris Industries Inc. will host a conference call and webcast to discuss Polaris’ 2014 first quarter earnings results released this morning. The call will be hosted by Scott Wine, Chairman and 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.polaris.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 # 24519692.

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 2013 sales of $3.8 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER^® and RZR^® 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), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris Engineered Parts, Accessories and Apparel, Klim branded apparel and ORV accessories under the Kolpin and Cycle Country brands.

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 vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.

Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding 2014 sales, shipments, net income, and net income per share from continuing operations 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; 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; performance of affiliate partners; 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)
	Three months ended March 31,
	2014			2013
Sales	$	888,346		$	745,909
Cost of sales	629,929			529,261
Gross profit	258,417			216,648
Operating expenses:
Selling and marketing	65,570			54,493
Research and development	35,513			31,450
General and administrative	41,292			38,810
Total operating expenses	142,375			124,753
Income from financial services	10,640			10,074
Operating income	126,682			101,969
Non-operating expense (income):
Interest expense	2,812			1,473
Equity in loss of other affiliates	896			412
Other (income), net	(2,105		)	(2,468		)
Income before income taxes	125,079			102,552
Provision for income taxes	44,178			27,088
Net income	$	80,901		$	75,464
Basic net income per share	$	1.23		$	1.10
Diluted net income per share	$	1.19		$	1.07
Weighted average shares outstanding:
Basic	65,833			68,793
Diluted	67,958			70,762

POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
Subject to Reclassification	March 31, 2014		March 31, 2013
Assets
Current Assets:
Cash and cash equivalents	$	101,789	$	380,750
Trade receivables, net	150,464		129,332
Inventories, net	482,874		370,856
Prepaid expenses and other	59,326		30,740
Income taxes receivable	3,030		9,194
Deferred tax assets	93,024		85,488
Total current assets	890,507		1,006,360
Property and equipment, net	495,053		274,737
Investment in finance affiliate	71,439		56,432
Investment in other affiliates	15,102		12,421
Deferred tax assets	20,048		26,257
Goodwill and other intangible assets, net	226,461		105,096
Other long-term assets	45,839		21,603
Total assets	$	1,764,449	$	1,502,906
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of capital lease obligations	$	3,076	$	2,627
Accounts payable	257,795		215,187
Accrued expenses:
Compensation	50,870		65,666
Warranties	47,224		40,941
Sales promotions and incentives	133,058		109,601
Dealer holdback	90,374		75,659
Other	77,284		66,930
Income taxes payable	27,333		18,017
Current liabilities of discontinued operations	—		5,000
Total current liabilities	687,014		599,628
Long term income taxes payable	13,405		3,616
Capital lease obligations	28,723		3,727
Long-term debt	300,000		100,000
Deferred tax liabilities	24,067		2,017
Other long-term liabilities	85,369		62,080
Total liabilities	$	1,138,578	$	771,068
Deferred compensation	$ 10,022		—
Total shareholders’ equity	615,849		731,838
Total liabilities and shareholders’ equity	$	1,764,449	$	1,502,906
Certain reclassifications of previously reported balance sheet amounts have been made to conform to the current year presentation

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Subject to Reclassification	Three months ended March 31,
	2014			2013
Operating Activities:
Net income	$	80,901		$	75,464
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,069			19,906
Noncash compensation	12,785			10,351
Noncash income from financial services	(1,543		)	(1,052		)
Noncash loss from other affiliates	896			412
Deferred income taxes	(2,262		)	(1,170		)
Tax effect of share-based compensation exercises	(8,884		)	(5,379		)
Changes in operating assets and liabilities:
Trade receivables	36,037			(10,393		)
Inventories	(63,210		)	(26,897		)
Accounts payable	19,727			46,342
Accrued expenses	(81,942		)	(80,823		)
Income taxes payable/receivable	35,312			21,463
Prepaid expenses and others, net	(11,139		)	(450		)
Net cash provided by operating activities	44,747			47,774
Investing Activities:
Purchase of property and equipment	(39,703		)	(40,113		)
Investment in finance affiliate, net	(678		)	1,607
Net cash used for investing activities	(40,381		)	(38,506		)
Financing Activities:
Borrowings under debt arrangements	652,838			119
Repayments under debt arrangements and capital lease obligations	(633,887		)	(750		)
Repurchase and retirement of common shares	(244		)	(25,687		)
Cash dividends to shareholders	(31,719		)	(28,662		)
Proceeds from stock issuances under employee plans	9,365			4,995
Tax effect of proceeds from share-based compensation exercises	8,884			5,379
Net cash provided by (used for) financing activities	5,237			(44,606		)
Impact of currency exchange rates on cash balances	(62		)	(927		)
Net increase (decrease) in cash and cash equivalents	9,541			(36,265		)
Cash and cash equivalents at beginning of period	92,248			417,015
Cash and cash equivalents at end of period	$	101,789		$	380,750

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

EX-99.2

Exhibit 99.2

First Quarter 2014 Earnings Results April 23, 2014 POLARIS INDUSTRIES INC. Relentless MAKING OUR POWERFUL PORTFOLIO EVEN STRONGER

Safe Harbor Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2014 sales, shipments, margins, net income and cash flow, the trend toward producing more of the Company’s own engines for its vehicles, the opportunities for expansion and diversification of the Company’s business, the impact of the repurchase of shares on the Company’s full year 2014 earnings per share and the Company’s guidance on earnings per share from continuing operations 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 operation initiatives; acquisition integration costs; warranty expenses; 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; performance of affiliate partners; 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 2013 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.Q1-2014 2

Scott W. Wine Chairman & CEO First Quarter 2014 Earnings Results April 23, 2014 POLARIS INDUSTRIES INC.

$75.5 $80.9 Q1 2013 Q1 2014 Q1 2014 Sales and Net Income Record 1st quarter sales and net income ORV sales up 11%; Motorcycles up 52%; PG&A up 20%; International up 44% N.A. retail sales increased 7%; ORV up high-single digits, Motorcycles up significantly New Sportsman ACE initial sales exceed expectations Earnings per share up 11% to a record $1.19 Gross profit margin up 10 bps Operating income increased 24% to $126.7 million Net income margin decreased from 2013 due to a non-recurring tax benefit in Q1 2013 $745.9 $888.3 Q1 2013 Q1 2014 Record First Quarter Sales, Net Income & EPS Q1 Net Income Q1 Sales (in millions) (in millions) +7% +19% Q1-2014 4

Full Year 2014 Guidance North American retail sales growth and market share gains expected to accelerate PG&A expected to grow about 20% with Kolpin acquisition International sales projected to increase low-double digits% Continued market share gains in ORV and motorcycles Net income* projected up 14% to 16% Net income margin* projected to hold above long-term goal of 10% 5 Q1-2014 $3,777 2013 Actual FY 2014 Guidance $5.40 2013 Actual FY 2014 Guidance Increased Full Year 2014 Sales & EPS Guidance Diluted EPS* Total Company Sales Up 14% to 16% $4,300 to $4,400 Up 17% to 19% $6.30 to $6.45 (in millions) * from continuing operations 5

Polaris Strategic Objectives Vision & Strategy Strategic Objectives VISION STRATEGY Fuel the passion of riders, workers and outdoor enthusiasts around the world by delivering innovative, high quality vehicles, products, services and experiences that enrich their lives. Polaris will be a highly profitable, customer centric, $8B global enterprise by 2020. We will make the best off-road and on-road vehicles and products for recreation, transportation and work supporting consumer, commercial and military applications. Our winning advantage is our innovative culture, operational speed and flexibility, and passion to make quality products that deliver value to our customers. Best in Powersports PLUS Global Market Leadership Strong Financial Performance Growth through Adjacencies LEAN Enterprise is Competitive Advantage 5-8% annual organic growth >33% of Polaris revenue $2B from acquisitions & new markets Significant Quality, Delivery & Cost Improvement Sustainable, profitable growth Net Income Margin >10% Guiding Principle Performance Priorities Best People, Best Team Safety & Ethics Always Customer Loyalty Growth Margin Expansion Product & Quality Leadership LEAN Enterprise GROW SALES >$8 Billion by 2020 12% CAGR INCREASE NET INCOME >10% of Sales by 2020 13% CAGRQ1-2014 6

Bennett Morgan President & COO First Quarter 2014 Earnings Results April 23, 2014 POLARIS INDUSTRIES INC.

Q1-2013 Q1-2014 3% Existing Models 7% New models/ categories 3% New Dealers 13% Total Increase Polaris Q1-2014 Industry Q1-2014 N.A. Retail Sales & Dealer Inventory – Q1 2014 Dealer Inventory Remains Appropriate N.A. Dealer Inventory N.A. Powersports Retail Sales Best in Powersports Plus Polaris N.A. retail 7% for Q1 2014 vs. 2013 Gained share in ORV and motorcycles; snowmobile market share modestly for season-ending 3/31/14 Sunbelt regional retail outperformed Northern regions Polaris Q1 2014 N.A. dealer inventory 13% vs. 2013 ORV mid-teens % driven primarily by ORV due to more new models and market categories Motorcycles mid-single digits; increased shipments of Indian motorcycles Snowmobiles and Small Vehicles mid-single digits Continued to optimize RFM business model in motorcycles; introduce to ATVs in late 2014 +4% +7% Q1-2014 8 +13% 8

SxS SxS ATV ATV FY 2013 FY 2014 Guidance SxS SxS ATV ATV Q1 2013 Q1 2014 Off-Road Vehicles All ORV product lines grew: ATVs, SxS, Commercial and Defense N.A. Polaris ORV retail sales high-single digits %; Industry mid-single digits % Polaris side-by-sides and ATVs both high-single digits RZR retail in premium category significantly; RZR XP 1000 / RZR XP 4 1000 New Sportsman ACE off to strong global retail sales start 9 Q1-2014 Remain Clear Market Share Leader in ORV ORV Sales Up 9% to 11% $541.3 +13% $2,521.5 Best in Powersports PLUS +11% $602.8 ($ millions) 9

FY 2013 FY 2014 Guidance Motorcycles Polaris N.A. motorcycle retail sales 50% Indian significantly, re-launch momentum strong Victory retail sales mid-single digits % Indian Motorcycle distribution expanding Over 150 N.A. dealers signed; 50%+ retailing at quarter-end Victory introduced new Gunner, bobber style cruiser at $12,999 10 Q1-2014 Q1 2013 Q1 2014 Indian Motorcycle Off to a Strong Start N.A. ORV Polaris Sales Best in Powersports PLUS ($ millions) Motorcycle Sales Up 65% to 75% +12% $219.8 $51.8 +52% $78.9 New 2014 Victory Gunner 2014 Indian Chief Vintage 10

Indian Motorcycle Re-Launch Update 11 Q1-2014 Huge Presence in Daytona Dealer Locations Increasing Recent Dealer Openings Daytona Bike Week Best in Powersports PLUS Main Street Midway Demo Site Ride Now in Chandler, Arizona North America 150 Signed (50%+ retailing) 220 Indian Motorcycle Dealers Worldwide International 70 1st Qtr 2014 Indian/Victory of Paris, France 11

FY 2013 FY 2014 Guidance Mountain Flatland Q1 2013 Q1 2014 Snowmobiles Polaris retail mid-single digits % season-end March 31, 2014 N.A. Industry just over 10% - best industry performance in 5 years Lost modest share in 2013/2014 season; pre-season snowchecks and mountains MY’14 product quality was excellent Strong MY’15 introductions New AXYS platform very well received – 9 models addressing half of market New INDY™ 155” models to further grow rec/utility segment opportunity N.A. consumer snowchecks and MY’15 dealer orders vs. 2013 Offset by weakness in Europe due to poor Q1 snow conditions 12 Q1-2014 Snowmobile Business Clear #2 at Season-end 2013/2014 Snowmobile Sales Up mid-single digits % $14.7 +7% $301.7 Best in Powersports PLUS ($ millions) The All New Platform +6% $15.6 38 lbs. lighter +15% power to weight ratio Fastest in ¼ mile shootout 9 models with AXYS Platform: Rush and Switchback Snowmobile Market by Category Season-ending March 2014 12

FY 2013 FY 2014 Guidance 62% 8% 5% 20% 5% Record Q1 sales; 20% ORV sales 20%, Motorcycles 72% All categories increased sales double-digits % in Q1 Accessories 22%, Apparel 47% Expanded brands & distribution channels with Kolpin acquisition announced April 1, 2014 Long-term sourcing & operational synergies Continuing to innovate – launched over 300  accessories and apparel items in Q1 PG&A 13 Q1-2014 Accelerating Sales in Highest Margin Business Q1 2014 Sales by Category PG&A Sales Q1 2013 Q1 2014 Q1 2014 Sales by Product Line Best in Powersports PLUS Up about 20% +33% $611.3 $127.1 ($ millions) +20% $152.6 46% 47% 7% Accessories Apparel Parts Motorcycles Small Vehicles Other Snow ORV

Commercial / Defense. Re-established Momentum into 2014 . Revenue 60%+ Brutus Q1 retail sales improved; retail growth remains slower than expected Dedicated Commercial field sales force in 2014 Introduced RANGER Diesel HST to powersports channel National Accounts sales continue to grow, 50%+ Strong Q1 revenue growth 50%+ Executed 1st significant delivery of LTATV contract International sales 200%+ New DAGOR product concept receiving positive feedback from Special Operations Forces Defense order bank growing FY 2013 Actual FY 2014 Expectations Sales FY 2013 Actual FY 2014 Expectations Sales Q1-2014 14 Growth Through Adjacencies DAGOR™ RANGER® DIESEL HST with Lock & Ride® PRO-FIT™ Cab 14

FY 2013 FY 2014 Guidance Q1 2013 Q1 2014 Small Vehicles 15 Q1-2014 Small Vehicle Business Expecting Continued Growth in 2014 Small Vehicle Sales Growth Through Adjacencies Note: Includes Aixam Mega Acquisition in April 2013 Up 25% to 30% +177% $122.8 $11.1 ($ millions) GEM & Goupil sales 19%, combined Aixam market share notably, #1 share New MY’14 vehicles well-received Strong Q1 orders and shipments Strong improvements in operations and productivity for all 3 brands +248% $38.5 MY’14 Aixam Vision

International 16 Q1-2014 Strong Start in International Market International Q1 2014 Sales Growth International Sales Q1 2013 Q1 2014 FY 2013 FY 2014 Guidance Eicher-Polaris JV Plant in Jaipur, India Up low-double digits % +29% $592.5 $114.4 EMEA +49% ASIA PACIFIC +60% LATIN AMERICA -18% Note: Includes Aixam Mega Acquisition in April 2013 ($ millions) Global Market Leadership +44% $165.1 International sales significantly in Q1 PG&A 36%; ORV 12%; motorcycles 140% EMEA sales increase driven by market share gains in ORV, motorcycles and Aixam acquisition EMEA 15% excluding Aixam Asia Pacific – strong market performance in Australia and China Latin America – transitioning to dealer direct in Mexico New manufacturing plants in India and Poland – on plan and on budget 16

Operational Excellence LEAN initiatives driving productivity gains; +6% in Q1 RFM yielding results in motorcycles Implementing for ATVs in late 2014 Factory inventory 30% vs. 2013 due to product mix and acquisitions Polaris quality improving – #1 in NPS for Victory, SxS, ATVs 17 Q1-2014 Q1 2013 Q1 2014 Retail Flow Management (RFM) – Motorcycles Order-to-ship lead time reduced 80%+; achieved expectations Production capacity increased 50% per day Reduced downtime by 20% Kaizen Projects – GEM Freed up 25% of workforce Reduced 16,000 sq ft of floor space (31%) Absorbed new products with zero headcount adds Ramping Up LEAN Activities in 2014 Gross Margins FY 2013 FY 2014 Guidance LEAN Initiatives +90 bps 29.7% 29.0% LEAN Enterprise is Competitive Advantage Down 50 to 70 bps +10 bps 29.1% 17

Mike Malone V.P Finance & CFO First Quarter 2014 Earnings Results April 23, 2014 POLARIS INDUSTRIES INC.

Raised Sales and Earnings Expectations 2014 Full Year Guidance METRIC GUIDANCE Product Line Sales Off-Road Vehicles Up 9% to 11% Snowmobiles Up mid-single digits % Motorcycles Up 65% to 75% Small Vehicles Up 25% to 30% PG&A Up about 20% International Up low-double digits % Total Company Sales Up 14% to 16% Gross Margins Down 50 to 70 bps Operating Expenses Down about 100 bps Income from Financial Services Up mid-single digits % Income Taxes 34.25% to 34.5% of pretax income Net Income from continuing operations Up 14% to 16% EPS, Diluted from continuing operations $6.30 - $6.45 (+17% to 19%) Share Count Down 2% to 3% Change in Guidance Increased/ favorable Decreased/ unfavorable Unchanged Narrowed Q1-2014 19

METRIC Actual Q1 2013 Actual Q1 2014 Guidance FY 2014Prior Period 28.9% 29.0% 29.7% Production volume adjustments Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix New Plant Start-up Costs Warranty costs Tooling amortization Sales promotional costs Contract Dispute Charge n/a Current period 29.0% 29.1% 29.0% to 29.2% Change +10 bps +10 bps -50 to -70 bps 2014 Gross Margin Guidance Improvement to gross profit margin % Impairment to gross profit margin % Neutral to gross profit margin % Q1-2014 20

Balance Sheet & Liquidity Profile Remains Healthy Balance Sheet and Liquidity Profile $ In millions (except per share and rate data) Q1 2014 Fav / (UnFav) Q1 2013 2014 Full Year Guidance Cash $101.8 ($279.0) Increase Debt / Capital Lease Obligations $331.8 ($225.5) Decrease Credit Facility $350.0 Flat Unchanged Factory Inventory $482.9 ($112.0) Increase single digits % Capital Expenditures $39.7 $0.4 Lower, but > $200M Depreciation & Amortization $28.1 ($8.2) Increase about 40% from 2013 Operating cash flow from continuing operations $44.7 ($3.0) Increase similar % to 2014 sales increase Dividend (per share) $0.48 $0.06 Increase 14% over 2013 Polaris Acceptance Receivables $958.2 ($168.7) Increase single-digits % Retail Credit – Approval Rate – Penetration Rate 52% 28% (2%) (4%) Approval Rates stable; aggressive financing from other banks Q1-2014 21

Scott W. Wine Chairman & CEO First Quarter 2014 Earnings Results April 23, 2014 POLARIS INDUSTRIES INC.

Heightened Execution & Innovation Drives Improved Returns 23 Closing Comments Q1-2014 Celebrating 60 Years A “new high” for product innovation… incremental and breakthrough! On the Gas… Improving our Commercial Execution Customer experience, capacity expansion, Lean enterprise Competition Making us Better Supporting industry growth; Polaris ORV strong and getting better Victory & Indian Duo Building Momentum… Playing to Win Winning accolades for style and performance; dealer base growing Adjacent Market Focus Continues More investments, higher returns

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