0001157523-19-002069.txt : 20191022 0001157523-19-002069.hdr.sgml : 20191022 20191022060134 ACCESSION NUMBER: 0001157523-19-002069 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20191022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191022 DATE AS OF CHANGE: 20191022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Polaris Inc. CENTRAL INDEX KEY: 0000931015 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790] IRS NUMBER: 411790959 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11411 FILM NUMBER: 191160493 BUSINESS ADDRESS: STREET 1: 2100 HIGHWAY 55 CITY: MEDINA STATE: MN ZIP: 55340 BUSINESS PHONE: (763) 542-0500 MAIL ADDRESS: STREET 1: 2100 HIGHWAY 55 STREET 2: NONE CITY: MEDINA STATE: MN ZIP: 55340 FORMER COMPANY: FORMER CONFORMED NAME: POLARIS INDUSTRIES INC/MN DATE OF NAME CHANGE: 19941004 8-K 1 a52115282.htm POLARIS INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): October 22, 2019

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

Minnesota
 001-11411
 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)

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

Polaris Industries Inc.
(Former name)

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
  
Trading Symbol
  
Name of each exchange on which registered
Common Stock, $.01 par value per share
  
PII
  
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 
Results of Operations and Financial Condition.
    
On October 22, 2019, Polaris Inc. (the “Company”) issued a press release announcing the Company’s third quarter 2019 financial results for the reporting period ended September 30, 2019.  On October 22, 2019, the Company also hosted its quarterly earnings conference call, which was accessible to the public.  A replay of the conference call will be available by accessing the webcast link on the Company’s website at http://ir.polaris.com.
 
A copy of the Company’s press release is furnished as Exhibit 99.1 is attached to this Current Report on Form 8-K.  
 

Item 9.01 
Financial Statements and Exhibits.
 
(d) Exhibits.
 
 

2

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:
 October 22, 2019
  
   
 
   
POLARIS INC.
   
 
     
   
 
 
  
/s/ Michael T. Speetzen
   
Michael T. Speetzen
   
Executive Vice President – Finance and
   
Chief Financial Officer of Polaris Inc.


3

 EX-99.1 2 a52115282_ex991.htm EXHIBIT 99.1
Exhibit 99.1


Contacts

Investor Contact: Richard Edwards 763-513-3477

Media Contact: Jess Rogers 763-513-3445

Polaris Reports 2019 Third Quarter Results

Q3 2019 Highlights

Reported and adjusted sales for the third quarter of 2019 increased 7% to $1,772 million

Reported net income was $1.42 per diluted share; adjusted net income for the same period was $1.68 per diluted share

North American side-by-side retail sales were up low-single digits compared to last year with both RANGER and RZR retail sales up during the quarter

Gross profit margin for the third quarter was 24.6%, up 30 basis points over prior year. Adjusted gross profit margin was 24.9%, up 10 basis points versus last year due to positive product mix, despite the absorption of approximately 140 basis points of tariff costs and negative foreign exchange impact

Polaris narrowed its full year 2019 earnings guidance by maintaining the upper end of the net income range and increasing the lower end of the range and now expects earnings to be in the $6.20 to $6.30 per diluted share range. Full year 2019 adjusted sales growth guidance is expected to be up approximately 12% over the prior year.

MINNEAPOLIS--(BUSINESS WIRE)--October 22, 2019--Polaris Industries Inc. (NYSE: PII):

Key Financial Data

(in thousands, except per share data)

 

 

 

 

 

 

 

 

INCOME STATEMENT - Q3 September 30, 2019

Reported

 

YOY % Chg.

 

 

Adjusted*

 

YOY % Chg.

Sales

$

1,771,647

 

 

7%

 

 

$

1,771,647

 

 

7%

Net income attributable to Polaris

$

88,388

 

 

(7)%

 

 

$

104,466

 

 

(11)%

Diluted EPS

$

1.42

 

 

(5)%

 

 

$

1.68

 

 

(10)%

 

 

 

 

 

 

 

 

 

BALANCE SHEET - Q3 September 30, 2019

Reported

 

YOY % Chg.

 

 

 

 

 

Cash and cash equivalents

$

122,216

 

 

(33)%

 

 

 

 

 

Inventories, net

$

1,270,110

 

 

25%

 

 

 

 

 

Total debt, finance lease obligations and notes payable

$

1,783,623

 


(4)%

 

 

 

 

 

Shareholders' equity

$

1,013,043

 

 

13%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW - YTD September 30, 2019

Reported

 

YOY % Chg.

 

 

 

 

 

Net cash provided by operating activities

$

436,131

 

 

23%

 

 

 

 

 

Purchase of property & equipment

$

189,336

 

 

20%

 

 

 

 

 

Repurchase and retirement of common shares

$

6,997

 

 

(97)%

 

 

 

 

 

Cash dividends to shareholders

$

111,722

 

 

(1)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*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

"Through the strength of our brand portfolio and solid execution from our team, Polaris delivered 7 percent revenue growth and modest margin expansion amid mounting macroeconomic ambiguity. We augmented our industry-leading Off-Road Vehicle lineup with the introduction of our Model Year ’20 products, and continued to improve dealer satisfaction and engagement. We also launched our evolved Polaris brand and Think Outside tagline. This more modern compass appeals to broader demographics - as seen in Polaris Adventures bringing 90 percent new customers to the brand or the uptick in millennial purchases of the RZR and RANGER. Indeed, our RANGER/GENERAL and RZR brands continue to perform well, driving growth in side-by-sides despite an increasingly competitive market. We converted this growth into increased profitability, as our strategic supply chain investments, which are driving organization-wide value enhancement, began realizing cost savings in the quarter. Our commitment to being a customer-centric, highly efficient growth company remains steadfast, and coupled with industry-leading innovation, it will further solidify our position as the global leader in Powersports.”

-- Scott Wine, Chairman and Chief Executive Officer of Polaris Inc.

Third Quarter Performance Summary (Reported)

(in thousands, except per share data)


Three months ended September 30,

 


2019


2018


Change

Sales


$

1,771,647

 


$

1,651,415

 


7

%

Gross profit


 

436,542

 


 

401,270

 


9

%

% of Sales


 

24.6

%


 

24.3

%


+34 bpts

Total operating expenses


 

327,890

 


 

283,749

 


16

%

% of Sales


 

18.5

%


 

17.2

%


+133 bpts

Income from financial services


 

21,602

 


 

21,348

 


1

%

% of Sales


 

1.2

%


 

1.3

%


-7 bpts

Operating income


 

130,254

 


 

138,869

 


(6

)%

% of Sales


 

7.4

%


 

8.4

%


-106 bpts

Net income attributable to Polaris


 

88,388

 


 

95,529

 


(7

)%

% of Sales


 

5.0

%


 

5.8

%


-80 bpts

Diluted net income per share


$

1.42

 


$

1.50

 


(5

)%







 

Polaris Inc. (NYSE: PII) (the "Company") today released third quarter 2019 results with sales of $1,772 million on a reported and adjusted basis, up 7 percent from reported and adjusted sales of $1,651 million and $1,653 million for the third quarter of 2018, respectively. The Company reported third quarter 2019 net income of $88 million, or 1.42 per diluted share, compared with net income of $96 million, or 1.50 per diluted share, for the 2018 third quarter. Adjusted net income for the quarter ended September 30, 2019 was $104 million, or $1.68 per diluted share compared to $118 million, or $1.86 per diluted share in the 2018 third quarter.

Gross profit increased 9 percent to $437 million for the third quarter of 2019 from $401 million in the third quarter of 2018. Reported gross profit margin was 24.6 percent of sales for the third quarter of 2019, up 30 basis points compared to 24.3 percent of sales for the third quarter of 2018. Adjusted gross profit for the third quarter 2019 was $441 million, or 24.9 percent of adjusted sales compared to the third quarter of 2018 adjusted gross profit of $410 million, or 24.8 percent of adjusted sales. Adjusted gross profit margins were up 10 basis points during the quarter. Adjusted gross profit for the third quarter of 2019 excludes the negative impact of $5 million of restructuring and realignment costs, and adjusted gross profit for the third quarter of 2018 excludes the negative impact of $4 million of restructuring and realignment costs, $3 million of acquisition-related costs, and $1 million of Victory Motorcycles® wind-down costs.

Operating expenses increased 16 percent for the third quarter of 2019 to $328 million, or 18.5 percent of sales, from $284 million, or 17.2 percent of sales, in the same period in 2018. Operating expenses in dollars and as a percent of sales, increased primarily due to the addition of the new multi-brand distribution center in Nevada, the costs associated with the 65th anniversary celebration and summer dealer meeting and ongoing investment in research and development.

Income from financial services was $22 million for the third quarter of 2019, up 1 percent compared with $21 million for the third quarter of 2018. Wholesale credit income increased due to higher dealer inventory levels while retail credit income declined due to slightly lower penetration rates during the quarter.

Non-Operating Expenses (Reported)

(in thousands)


Three months ended September 30,

 


2019

 

2018

 

Change

Interest expense


$

19,733

 

 

$

19,823

 

 

0

%

Equity in loss of other affiliates


$

4,072

 

 

$

111

 

 

NM

Other income, net


$

(1,711

)

 

$

(4,124

)

 

(59

)%

Provision for income taxes


$

19,772

 

 

$

27,530

 

 

(28

)%

Interest expense was $20 million for both 2019 and 2018 third quarters.

Equity in loss of other affiliates was $4 million for the third quarter of 2019 compared to $111 thousand for the same period last year primarily due to the write-down of certain investments during the quarter.

Other income, net, was $2 million in the third quarter of 2019 compared to $4 million in the third quarter of 2018. Other income is the result of foreign currency exchange rate movements and the corresponding effects on foreign currency transactions related to the Company’s foreign subsidiaries.

The provision for income taxes for the third quarter of 2019 was $20 million, or 18.3 percent of pretax income, compared with $28 million, or 22.4 percent of pretax income for the third quarter of 2018. The decrease in the effective income tax rate is primarily due to additional Section 199 benefits realized from the filing of amended tax returns in the third quarter of 2019 as compared to the third quarter of 2018.

Product Segment Highlights (Reported)

(in thousands)


Sales

 

Gross Profit

 


Q3 2019

 

Q3 2018

 

Change

 

Q3 2019

 

Q3 2018

 

Change

Off-Road Vehicles / Snowmobiles


$

1,152,405

 

 

$

1,035,554

 

 

11

%

 

$

323,940

 

 

$

290,631

 

 

11

%

Motorcycles


$

149,900

 

 

$

155,316

 

 

(3

)%

 

$

11,940

 

 

$

19,577

 

 

(39

)%

Global Adjacent Markets


$

114,003

 

 

$

96,251

 

 

18

%

 

$

31,138

 

 

$

24,155

 

 

29

%

Aftermarket


$

236,261

 

 

$

229,973

 

 

3

%

 

$

61,794

 

 

$

66,092

 

 

(7

)%

Boats


$

119,078

 

 

$

134,321

 

 

(11

)%

 

$

22,335

 

 

$

20,253

 

 

10

%

Off-Road Vehicles (“ORV”) and Snowmobiles segment sales, including PG&A, totaled $1,152 million for the third quarter of 2019, up eleven percent over $1,036 million for the third quarter of 2018 driven by growth in side-by-side sales and timing of snowmobile shipments. PG&A sales for ORV and Snowmobiles combined increased 10 percent in the third quarter of 2019 compared to the third quarter last year. Gross profit increased 11 percent to $324 million in the third quarter of 2019, compared to $291 million in the third quarter of 2018. Gross profit percentage increased four basis points during the 2019 third quarter.

ORV wholegood sales for the third quarter of 2019 increased eight percent primarily driven by increased price and mix. Polaris North American ORV retail sales were flat for the quarter with side-by-side vehicles up low-single digits percent and ATV vehicles down mid-single digits percent. The North American ORV industry was up mid-single digits percent compared to the third quarter last year.

Snowmobile wholegood sales in the third quarter of 2019 were $106 million, up 53 percent compared to $69 million in the third quarter last year. Snowmobile sales were favorably impacted by the timing of shipments for the Company's pre-season snowmobile orders.

Motorcycles segment sales, including PG&A, totaled $150 million, down three percent compared to the third quarter of 2018. Both Indian and Slingshot reported sales decline during the quarter. Gross profit for the third quarter of 2019 was $12 million compared to $20 million in the third quarter of 2018. The decrease in gross profit was primarily due to tariff costs and negative mix.

North American consumer retail sales for Polaris Indian motorcycles decreased mid-teens percent during the third quarter of 2019 primarily due to the weak mid to heavy-weight two-wheel motorcycle industry that was down high-single digits percent and retail pressure from heavy competitive promotional spending. North American consumer retail sales for Polaris' motorcycle segment, including both Indian Motorcycles and Slingshot, decreased low-double digit percent during the third quarter of 2019, while the North American Motorcycle industry retail sales for mid to heavy-weight motorcycles including three-wheel vehicles, was down low-single digits percent in the third quarter of 2019.

Global Adjacent Markets segment sales, including PG&A, increased 18 percent to $114 million in the 2019 third quarter compared to $96 million in the 2018 third quarter primarily due to strong commercial, government and defense sales, and growth in Polaris Adventures. Gross profit increased 29 percent to $31 million or 27.3 percent of sales in the third quarter of 2019, compared to $24 million or 25.1 percent of sales in the third quarter of 2018, due to increased volume and favorable product mix.

Aftermarket segment sales of $236 million in the 2019 third quarter increased three percent compared to $230 million in the 2018 third quarter. TAP sales of $193 million in the third quarter of 2019 increased two percent compared to $189 million in the third quarter of 2018. The Company's other aftermarket brands increased sales by five percent. Gross profit decreased to $62 million in the third quarter of 2019, compared to $66 million in the third quarter of 2018 primarily due to higher tariff costs.

Boats segment sales decreased 11 percent to $119 million in the 2019 third quarter compared to $134 million in the 2018 third quarter primarily due to a slowing marine industry. Gross profit increased 10 percent to $22 million or 18.8 percent of sales in the third quarter of 2019, compared to $20 million or 15.1 percent of sales in the third quarter of 2018 due to favorable product mix.

Supplemental Data:

Parts, Garments, and Accessories (“PG&A”) sales increased 11 percent for the 2019 third quarter primarily driven by growth in all segments and categories.

International sales to customers outside of North America, including PG&A, totaled $187 million for the third quarter of 2019, up eight percent from the same period in 2018. The increase in sales is attributable to growth in ORV, motorcycles and Global Adjacent markets.

Financial Position and Cash Flow

(in thousands)

 

Nine months ended September 30,

 

 

2019

 

2018

 

Change

Cash and cash equivalents

 

$

122,216

 

 

$

183,411

 

 

(33

)%

Net cash provided by operating activities

 

$

436,131

 

 

$

354,138

 

 

23

%

Repurchase and retirement of common shares

 

$

6,997

 

 

$

246,931

 

 

(97

)%

Cash dividends to shareholders

 

$

111,722

 

 

$

112,748

 

 

(1

)%

Acquisition of businesses

 

$

1,800

 

 

$

729,925

 

 

NM

Total debt, finance lease obligations and notes payable

 

$

1,783,623

 

 

$

1,864,327

 

 

(4

)%

Debt to Total Capital Ratio

 

64

%

 

67

%

 

 

 

 

 

 

 

 

 

NM = Not meaningful

Net cash provided by operating activities was $436 million for the nine months ended September 30, 2019, compared to $354 million for the same period in 2018. Total debt at September 30, 2019, including finance lease obligations and notes payable, was $1,784 million. The Company’s debt-to-total capital ratio was 64 percent at September 30, 2019 compared to 67 percent at September 30, 2018. Cash and cash equivalents were $122 million at September 30, 2019, down from $183 million at September 30, 2018.

2019 Business Outlook

Taking into account its year-to-date performance, the Company is narrowing its earnings guidance range for the full year 2019 by increasing the lower end to $6.20 per diluted share and maintaining the upper end of the range at $6.30 per diluted share. Sales are expected to increase approximately 12 percent for the full year 2019 compare to the prior year.

Non-GAAP Financial Measures

This press release and our related earnings call contain certain non-GAAP financial measures, consisting of “adjusted" sales, gross profit, income before taxes, net income and net income per diluted share as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of its ongoing operations and how management views the business. Reconciliations of reported GAAP measures to adjusted non-GAAP measures are included in the financial schedules contained in this press release. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.

Third Quarter 2019 Earnings Conference Call and Webcast

Today at 9:00 AM (CDT) Polaris Inc. will host a conference call and webcast to discuss the 2019 third quarter results released this morning. The call will be hosted by Scott Wine, Chairman and CEO; and Mike Speetzen, Executive Vice President - Finance and CFO. The earnings presentation and link to the webcast will be posted on the Polaris Investor Relations website at ir.polaris.com. To listen to the conference call by phone, dial 1-877-883-0383 in the U.S., or 1-412-902-6506 internationally. The Conference ID is 7682873. A replay of the conference call will be available by accessing the same link on our website.

About Polaris

As the global leader in Powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2018 sales of $6.1 billion, Polaris’ high-quality product line-up includes the Polaris RANGER®, RZR® and Polaris GENERAL™ side-by-side off-road vehicles; Sportsman® all-terrain off-road vehicles; Indian Motorcycle® mid-size and heavyweight motorcycles; Slingshot® moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments, and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com

Forward-looking Statements

Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding 2019 future sales, shipments, net income, and net income per share, future cash flows and capital requirements, operational initiatives, tariffs, currency fluctuations, interest rates, and commodity 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 expansion and supply chain initiatives, product offerings, promotional activities and pricing strategies by competitors; economic conditions that impact consumer spending; disruptions in manufacturing facilities; acquisition integration costs; product recalls, 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; freight and tariff costs (tariff relief or ability to mitigate tariffs); changes to international trade policies and agreements; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performance of affiliate partners; changes in tax policy; relationships with dealers and suppliers; and the general overall economic and political environment. 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. The data source for retail sales figures included in this release is registration information provided by Polaris dealers in North America compiled by the Company or Company estimates and other industry data sources. The Company must rely on information that its dealers supply concerning retail sales, and other retail sales data sources related to Polaris and the powersports industry, and this information is subject to revision. Retail sales references to total Company retail sales includes only ORV, snowmobiles and motorcycles in North America unless otherwise noted.

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data) (Unaudited)

 


Three months ended September 30,

 

Nine months ended September 30,

 


2019

 

2018

 

2019

 

2018

Sales


$

1,771,647

 

 

$

1,651,415

 

 

$

5,046,652

 

 

$

4,451,420

 

Cost of sales


1,335,105

 

 

1,250,145

 

 

3,821,214

 

 

3,341,493

 

Gross profit


436,542

 

 

401,270

 

 

1,225,438

 

 

1,109,927

 

Operating expenses:


 

 

 

 

 

 

 

Selling and marketing


149,759

 

 

128,929

 

 

419,621

 

 

369,495

 

Research and development


77,337

 

 

64,181

 

 

220,836

 

 

197,741

 

General and administrative


100,794

 

 

90,639

 

 

297,822

 

 

262,206

 

Total operating expenses


327,890

 

 

283,749

 

 

938,279

 

 

829,442

 

Income from financial services


21,602

 

 

21,348

 

 

60,153

 

 

64,117

 

Operating income


130,254

 

 

138,869

 

 

347,312

 

 

344,602

 

Non-operating expense:


 

 

 

 

 

 

 

Interest expense


19,733

 

 

19,823

 

 

60,772

 

 

37,087

 

Equity in loss of other affiliates


4,072

 

 

111

 

 

5,133

 

 

25,576

 

Other income, net


(1,711

)

 

(4,124

)

 

(5,483

)

 

(27,660

)

Income before income taxes


108,160

 

 

123,059

 

 

286,890

 

 

309,599

 

Provision for income taxes


19,772

 

 

27,530

 

 

61,961

 

 

65,816

 

Net income


88,388

 

 

95,529

 

 

224,929

 

 

243,783

 

Net loss attributable to noncontrolling interest


—

 

 

—

 

 

100

 

 

—

 

Net income attributable to Polaris Inc.


$

88,388

 

 

$

95,529

 

 

$

225,029

 

 

$

243,783

 

 


 

 

 

 

 

 

 

Net income per share attributable to Polaris Inc. common shareholders:


 

 

 

 

 

 

 

Basic


$

1.44

 

 

$

1.54

 

 

$

3.67

 

 

$

3.88

 

Diluted


$

1.42

 

 

$

1.50

 

 

$

3.62

 

 

$

3.78

 

Weighted average shares outstanding:


 

 

 

 

 

 

 

Basic


61,480

 

 

62,207

 

 

61,394

 

 

62,894

 

Diluted


62,265

 

 

63,546

 

 

62,152

 

 

64,550

 

CONSOLIDATED BALANCE SHEETS

(In Thousands), (Unaudited)

 


September 30, 2019

 

September 30, 2018

 


 

 

 

Assets


 

 

 

Current Assets:


 

 

 

Cash and cash equivalents


$

122,216

 

 

$

183,411

 

Trade receivables, net


217,231

 

 

217,694

 

Inventories, net


1,270,110

 

 

1,019,517

 

Prepaid expenses and other


118,623

 

 

105,066

 

Income taxes receivable


14,958

 

 

5,865

 

Total current assets


1,743,138

 

 

1,531,553

 

Property and equipment, net


887,644

 

 

807,511

 

Investment in finance affiliate


104,060

 

 

88,790

 

Deferred tax assets


95,189

 

 

116,447

 

Goodwill and other intangible assets, net


1,494,646

 

 

1,515,431

 

Operating lease assets


107,906

 

 

—

 

Other long-term assets


94,839

 

 

88,299

 

Total assets


$

4,527,422

 

 

$

4,148,031

 

Liabilities and Equity


 

 

 

Current Liabilities:


 

 

 

Current portion of debt, finance lease obligations and notes payable


$

66,664

 

 

$

66,595

 

Accounts payable


584,506

 

 

436,401

 

Accrued expenses:


 

 

 

Compensation


169,989

 

 

160,033

 

Warranties


137,114

 

 

122,544

 

Sales promotions and incentives


198,566

 

 

187,307

 

Dealer holdback


136,437

 

 

124,259

 

Other


214,038

 

 

179,738

 

Current operating lease liabilities


34,179

 

 

—

 

Income taxes payable


4,632

 

 

8,963

 

Total current liabilities


1,546,125

 

 

1,285,840

 

Long term income taxes payable


26,639

 

 

26,805

 

Finance lease obligations


14,840

 

 

16,712

 

Long-term debt


1,702,119

 

 

1,781,020

 

Deferred tax liabilities


4,741

 

 

7,054

 

Long-term operating lease liabilities


76,390

 

 

—

 

Other long-term liabilities


131,731

 

 

122,728

 

Total liabilities


$

3,502,585

 

 

$

3,240,159

 

Deferred compensation


11,615

 

 

9,620

 

Equity:


 

 

 

Total shareholders’ equity


1,013,043

 

 

897,973

 

Noncontrolling interest


179

 

 

279

 

Total equity


1,013,222

 

 

898,252

 

Total liabilities and equity


$

4,527,422


 

$

4,148,031

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands), (Unaudited)

 


Nine months ended September 30,

 


2019

 

2018

Operating Activities:


 

 

 

Net income


$

224,929

 

 

$

243,783

 

Adjustments to reconcile net income to net cash used for operating activities:


 

 

 

Depreciation and amortization


173,003

 

 

155,910

 

Noncash compensation


56,559

 

 

43,219

 

Noncash income from financial services


(23,704

)

 

(22,232

)

Deferred income taxes


(9,134

)

 

(4,171

)

Impairment charges


3,558

 

 

21,716

 

Other, net


1,575

 

 

(9,618

)

Changes in operating assets and liabilities:


 

 

 

Trade receivables


(23,613

)

 

(991

)

Inventories


(304,261

)

 

(201,229

)

Accounts payable


239,226

 

 

90,842

 

Accrued expenses


75,293

 

 

1,620

 

Income taxes payable/receivable


19,680

 

 

28,715

 

Prepaid expenses and others, net


3,020

 

 

6,574

 

Net cash provided by operating activities


436,131

 

 

354,138

 

 


 

 

 

Investing Activities:


 

 

 

Purchase of property and equipment


(189,336

)

 

(157,763

)

Investment in finance affiliate, net


11,703

 

 

22,207

 

Investment in other affiliates, net


—

 

 

7,366

 

Acquisition of businesses, net of cash acquired


(1,800

)

 

(729,925

)

Net cash used for investing activities


(179,433

)

 

(858,115

)

 


 

 

 

Financing Activities:


 

 

 

Borrowings under debt arrangements / finance lease obligations


2,654,218

 

 

2,845,688

 

Repayments under debt arrangements / finance lease obligations


(2,831,666

)

 

(1,970,701

)

Repurchase and retirement of common shares


(6,997

)

 

(246,931

)

Cash dividends to shareholders


(111,722

)

 

(112,748

)

Proceeds from stock issuances under employee plans


8,165

 

 

47,158

 

Net cash used for financing activities


(288,002

)

 

562,466

 

Impact of currency exchange rates on cash balances


(3,092

)

 

(5,904

)

 


 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash


(34,396

)

 

52,585

 

Cash, cash equivalents and restricted cash at beginning of period


193,126

 

 

161,618

 

Cash, cash equivalents and restricted cash at end of period


$

158,730

 

 

$

214,203

 

 


 

 

 

The following presents the classification of cash, cash equivalents and restricted cash within the consolidated balance sheets:





Cash and cash equivalents


$

122,216

 

 

$

183,411

 

Other long-term assets


36,514

 

 

30,792

 

Total


$

158,730

 

 

$

214,203

 

NON-GAAP RECONCILIATION OF RESULTS

(In Thousands, Except Per Share Data), (Unaudited)

 

Three months ended September 30,

 

Nine months ended September 30,

 

2019

 

2018

 

2019

 

2018

Sales

$

1,771,647

 

$

1,651,415

 

$

5,046,652

 

$

4,451,420

 

Victory wind down (1)

—

 

 

1,055

 

—

 

 

1,304

 

Restructuring & realignment (3)

—

 

 

660

 

—

 

 

2,789

 

Adjusted sales

 

1,771,647

 

 

1,653,130

 

 

5,046,652

 

 

4,455,513

 

 

 

 

 

 

 

 

 

Gross profit

 

436,542

 

 

401,270

 

 

1,225,438

 

 

1,109,927

 

Victory wind down (1)

—

 

 

1,239

 

—

 

 

417

 

Acquisition-related costs (2)

—

 

 

3,130

 

—

 

 

3,130

 

Restructuring & realignment (3)

 

4,765

 

 

4,128

 

 

18,048

 

 

15,965

 

Adjusted gross profit

 

441,307

 

 

409,767

 

 

1,243,486

 

 

1,129,439

 

 

 

 

 

 

 

 

 

Income before taxes

 

108,160

 

 

123,059

 

 

286,890

 

 

309,599

 

Victory wind down (1)

—

 

 

1,514

 

—

 

 

1,757

 

Acquisition-related costs (2)

 

1,838

 

 

8,989

 

 

5,319

 

 

16,798

 

Restructuring & realignment (3)

 

4,765

 

 

4,671

 

 

18,048

 

 

22,564

 

EPPL impairment (5)

—

 

—

 

—

 

 

23,447

 

Brammo (6)

—

 

—

 

—

 

 

(13,478

)

Intangible amortization (7)

 

10,428

 

 

10,403

 

 

30,925

 

 

22,591

 

Other expenses (4)

 

4,189

 

 

3,288

 

 

16,699

 

 

5,010

 

Adjusted income before taxes

 

129,380

 

 

151,924

 

 

357,881

 

 

388,288

 

 

 

 

 

 

 

 

 

Net income attributable to PII

 

88,388

 

 

95,529

 

 

225,029

 

 

243,783

 

Victory wind down (1)

—

 

 

1,154

 

—

 

 

1,339

 

Acquisition-related costs (2)

 

1,401

 

 

6,848

 

 

4,054

 

 

12,799

 

Restructuring & realignment (3)

 

3,632

 

 

3,559

 

 

13,753

 

 

17,192

 

EPPL impairment (5)

—

 

—

 

—

 

 

22,325

 

Brammo (6)

—

 

—

 

—

 

 

(13,113

)

Intangible amortization (7)

 

7,853

 

 

7,763

 

 

23,283

 

 

16,708

 

Other expenses (4)

 

3,192

 

 

3,073

 

 

12,724

 

 

5,110

 

Adjusted net income attributable to PII (8)

 

104,466

 

 

117,926

 

 

278,843

 

 

306,143

 

 

 

 

 

 

 

 

 

Diluted EPS attributable to PII

$

1.42

 

$

1.50

 

$

3.62

 

$

3.78

 

Victory wind down (1)

—

 

 

0.02

 

—

 

 

0.02

 

Acquisition-related costs (2)

 

0.02

 

 

0.11

 

 

0.07

 

 

0.20

 

Restructuring & realignment (3)

 

0.06

 

 

0.06

 

 

0.22

 

 

0.26

 

EPPL impairment (5)

—

 

—

 

—

 

 

0.34

 

Brammo (6)

—

 

—

 

—

 

 

(0.20

)

Intangible amortization (7)

 

0.13

 

 

0.12

 

 

0.37

 

 

0.26

 

Other expenses (4)

 

0.05

 

 

0.05

 

 

0.21

 

 

0.08

 

Adjusted EPS attributable to PII (8)

$

1.68

 

$

1.86

 

$

4.49

 

$

4.74

 

 

 

 

 

 

 

 

 

(1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel

(2) Represents adjustments for integration and acquisition-related expenses and purchase accounting adjustments

(3) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation

(4) Represents adjustments for class action litigation-related expenses and the impacts of tax reform

(5) Represents adjustments for the impairment of the Company's equity investment in Eicher-Polaris Private Limited (EPPL). This charge is included in Equity in loss of other affiliates (non-operating) on the Consolidated Statements of Income.

(6) Represents a gain on the Company's investment in Brammo, Inc. This gain is included in Other income (non-operating) on the Consolidated Statements of Income.

(7) Represents amortization expense for acquisition-related intangible assets

(8) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2019 and 2018, except for the non-deductible items and the tax reform related changes noted in Item 4

NON-GAAP RECONCILIATION OF SEGMENT RESULTS

(In Thousands), (Unaudited)

 

Three months ended September 30,

 

Nine months ended September 30,

SEGMENT SALES

2019

 

2018

 

2019

 

2018

ORV/Snow segment sales

$

1,152,405

 

 

$

1,035,554

 

 

$

3,069,173

 

 

$

2,858,959

 

Restructuring & realignment (3)

—

 

 

 

660

 

 

—

 

 

 

2,789

 

Adjusted ORV/Snow segment sales

 

1,152,405

 

 

 

1,036,214

 

 

 

3,069,173

 

 

 

2,861,748

 

Motorcycles segment sales

 

149,900

 

 

 

155,316

 

 

 

464,615

 

 

 

458,285

 

Victory wind down (1)

—

 

 

 

1,055

 

 

—

 

 

 

1,304

 

Adjusted Motorcycles segment sales

 

149,900

 

 

 

156,371

 

 

 

464,615

 

 

 

459,589

 

Global Adjacent Markets (GAM) segment sales

 

114,003

 

 

 

96,251

 

 

 

340,883

 

 

 

322,996

 

No adjustment

—

 

 

—

 

 

—

 

 

—

 

Adjusted GAM segment sales

 

114,003

 

 

 

96,251

 

 

 

340,883

 

 

 

322,996

 

Aftermarket segment sales

 

236,261

 

 

 

229,973

 

 

 

685,668

 

 

 

676,859

 

No adjustment

—

 

 

—

 

 

—

 

 

—

 

Adjusted Aftermarket sales

 

236,261

 

 

 

229,973

 

 

 

685,668

 

 

 

676,859

 

Boats segment sales

 

119,078

 

 

 

134,321

 

 

 

486,313

 

 

 

134,321

 

No adjustment

—

 

 

—

 

 

—

 

 

—

 

Adjusted Boats sales

 

119,078

 

 

 

134,321

 

 

 

486,313

 

 

 

134,321

 

Total sales

 

1,771,647

 

 

 

1,651,415

 

 

 

5,046,652

 

 

 

4,451,420

 

Total adjustments

—

 

 

 

1,715

 

 

—

 

 

 

4,093

 

Adjusted total sales

$

1,771,647

 

 

$

1,653,130

 

 

$

5,046,652

 

 

$

4,455,513

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

SEGMENT GROSS PROFIT

2019

 

2018

 

2019

 

2018

ORV/Snow segment gross profit

$

323,940

 

 

$

290,631

 

 

$

888,864

 

 

$

831,413

 

Restructuring & realignment (3)

—

 

 

 

660

 

 

—

 

 

 

2,789

 

Adjusted ORV/Snow segment gross profit

 

323,940

 

 

 

291,291

 

 

 

888,864

 

 

 

834,202

 

Motorcycles segment gross profit

 

11,940

 

 

 

19,577

 

 

 

45,704

 

 

 

60,817

 

Victory wind down (1)

—

 

 

 

1,239

 

 

—

 

 

 

417

 

Restructuring & realignment (3)

—

 

 

—

 

 

—

 

 

 

1,185

 

Adjusted Motorcycles segment gross profit

 

11,940

 

 

 

20,816

 

 

 

45,704

 

 

 

62,419

 

Global Adjacent Markets (GAM) segment gross profit

 

31,138

 

 

 

24,155

 

 

 

94,851

 

 

 

83,520

 

Restructuring & realignment (3)

—

 

 

 

45

 

 

—

 

 

 

479

 

Adjusted GAM segment gross profit

 

31,138

 

 

 

24,200

 

 

 

94,851

 

 

 

83,999

 

Aftermarket segment gross profit

 

61,794

 

 

 

66,092

 

 

 

173,483

 

 

 

182,291

 

No adjustment

—

 

 

—

 

 

—

 

 

—

 

Adjusted Aftermarket segment gross profit

 

61,794

 

 

 

66,092

 

 

 

173,483

 

 

 

182,291

 

Boats segment gross profit

 

22,335

 

 

 

20,253

 

 

 

98,976

 

 

 

20,253

 

Acquisition-related costs (2)

—

 

 

 

3,130

 

 

—

 

 

 

3,130

 

Boats segment gross profit

 

22,335

 

 

 

23,383

 

 

 

98,976

 

 

 

23,383

 

Corporate segment gross profit

 

(14,605

)

 

 

(19,438

)

 

 

(76,440

)

 

 

(68,367

)

Restructuring & realignment (3)

 

4,765

 

 

 

3,423

 

 

 

18,048

 

 

 

11,512

 

Adjusted Corporate segment gross profit

 

(9,840

)

 

 

(16,015

)

 

 

(58,392

)

 

 

(56,855

)

Total gross profit

 

436,542

 

 

 

401,270

 

 

 

1,225,438

 

 

 

1,109,927

 

Total adjustments

 

4,765

 

 

 

8,497

 

 

 

18,048

 

 

 

19,512

 

Adjusted total gross profit

$

441,307

 

 

$

409,767

 

 

$

1,243,486

 

 

$

1,129,439

 

 

 

 

 

 

 

 

 

(1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel

(2) Represents adjustments for integration and acquisition-related expenses and purchase accounting adjustments

(3) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation

NON-GAAP ADJUSTMENTS
2019 Third Quarter Results & Full Year Guidance

Restructuring, Realignment and Acquisition Related Costs
Polaris announced in 2017 that it was making changes to its network to consolidate production and distribution of like products and better leverage plant capacity and embarked on a multi-phase supply chain transformation initiative to continue to leverage its supply chain as a strategic asset. Additionally, the Company has recorded acquisitions and integration related costs associated with the TAP and Boat Holdings acquisitions. For the third quarter of 2019, the Company has recorded combined costs totaling $7 million.

Intangible amortization related to acquisitions
As a result of the Boat Holdings acquisition, Polaris' amortization of intangible assets increased by approximately $20 million on an annual basis. Given the significant increase in non-cash amortization associated with this acquisition along with intangible amortization from prior acquisitions, the Company has moved to an adjusted net income metric, excluding intangible amortization from all acquisitions. The Company believes this treatment will provide additional transparency into the true, ongoing earnings performance of its business. For the third quarter of 2019, Polaris excluded $10 million of intangible amortization related to acquisitions.

Eicher-Polaris Joint Venture Impairment in India
Regulatory changes have negatively impacted the likelihood of success of the joint venture, and as a result, in late-February 2018, the Board of Directors of the joint venture approved the wind-down of the joint venture. For the full year ended December 31, 2018, Polaris has recorded charges totaling $27 million, including the impairment of the Company's equity investment in the Eicher-Polaris joint venture in India and wind down costs. No costs were recorded in 2019.

2019 Adjusted Guidance
2019 guidance excludes the pre-tax effect of acquisition integration costs of approximately $5 million to $10 million, supply chain transformation and network realignment costs of approximately $25 million to $30 million, and approximately $17 million to $20 million for class action litigation-related expenses. Intangible amortization of approximately $40 million related to all acquisitions has also been excluded. The Company has not provided reconciliations of guidance for adjusted diluted net income per share, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include restructuring and realignment costs and acquisition integration costs that are difficult to predict in advance in order to include in a GAAP estimate.

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Document and Entity Information
Oct. 22, 2019
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 22, 2019
Entity Registrant Name POLARIS INC.
Entity Incorporation, State or Country Code MN
Entity File Number 001-11411
Entity Tax Identification Number 41-1790959
Entity Address, Address Line One 2100 Highway 55
Entity Address, City or Town Medina
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55340
City Area Code 763
Local Phone Number 542-0500
Entity Information, Former Legal or Registered Name Polaris Industries Inc.
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000931015
Title of 12(b) Security Common Stock, $.01 par value per share
Trading Symbol PII
Security Exchange Name NYSE
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