Company Quick10K Filing
Polaris
Price86.66 EPS4
Shares62 P/E24
MCap5,396 P/FCF12
Net Debt1,558 EBIT365
TEV6,954 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-04-28
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-22
10-Q 2019-06-30 Filed 2019-07-23
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-24
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-22
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-24
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-23
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-06-18
8-K 2020-05-26
8-K 2020-04-30
8-K 2020-04-28
8-K 2020-04-09
8-K 2020-03-25
8-K 2020-01-28
8-K 2019-10-22
8-K 2019-08-01
8-K 2019-07-29
8-K 2019-07-23
8-K 2019-04-25
8-K 2019-04-23
8-K 2019-01-31
8-K 2019-01-29
8-K 2018-10-22
8-K 2018-07-25
8-K 2018-07-02
8-K 2018-06-14
8-K 2018-05-29
8-K 2018-04-26
8-K 2018-04-24
8-K 2018-03-06
8-K 2018-02-27
8-K 2018-01-30

PII 10Q Quarterly Report

Part I Financial Information
Item 1 - Financial Statements
Note 1. Significant Accounting Policies
Note 2. Revenue Recognition
Note 3. Share - Based Compensation
Note 4. Financing Agreements
Note 5. Goodwill and Other Intangible Assets
Note 6. Shareholders' Equity
Note 7. Financial Services Arrangements
Note 8. Commitments and Contingencies
Note 9. Derivative Instruments and Hedging Activities
Note 10. Segment Reporting
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Exhibits
EX-31.A exhibit31a-06302020.htm
EX-31.B exhibit31b-06302020.htm
EX-32.A exhibit32a-06302020.htm
EX-32.B exhibit32b-06302020.htm

Polaris Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.63.72.81.80.90.02012201420172020
Assets, Equity
1.81.41.00.70.3-0.12012201420172020
Rev, G Profit, Net Income
0.60.30.0-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-11411
POLARIS INC.
(Exact name of registrant as specified in its charter)
Minnesota41-1790959
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2100 Highway 55,MedinaMN55340
(Address of principal executive offices)(Zip Code)
763542-0500
(Registrant’s telephone number, including area code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valuePIINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
Non-accelerated filerSmaller reporting company
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. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No   x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of July 21, 2020, 61,338,503 shares of Common Stock, $.01 par value, of the registrant were outstanding. 
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  POLARIS INC.
FORM 10-Q
For Quarterly Period Ended June 30, 2020
Page
Part I FINANCIAL INFORMATION
2

Table of Contents
Part I FINANCIAL INFORMATION
Item 1 – FINANCIAL STATEMENTS
POLARIS INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except per share data)
June 30, 2020December 31, 2019
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $544.4  $157.1  
Trade receivables, net 195.2  190.4  
Inventories, net 1,026.4  1,121.1  
Prepaid expenses and other 103.5  125.9  
Income taxes receivable 14.2  32.5  
Total current assets1,883.7  1,627.0  
Property and equipment, net873.7  899.8  
Investment in finance affiliate 72.0  110.6  
Deferred tax assets 184.7  93.3  
Goodwill and other intangible assets, net 1,092.0  1,490.2  
Operating lease assets105.4  110.2  
Other long-term assets 101.2  99.4  
Total assets $4,312.7  $4,430.5  
Liabilities and Equity
Current liabilities:
Current portion of debt, finance lease obligations and notes payable $536.5  $166.7  
Accounts payable 545.6  450.2  
Accrued expenses:
Compensation 127.1  184.5  
Warranties 134.2  136.2  
Sales promotions and incentives 132.6  189.9  
Dealer holdback 138.6  145.8  
Other 249.8  213.9  
Current operating lease liabilities35.3  34.9  
Income taxes payable 7.9  5.9  
Total current liabilities 1,907.6  1,528.0  
Long-term income taxes payable 20.0  28.1  
Finance lease obligations14.2  14.8  
Long-term debt 1,377.3  1,512.0  
Deferred tax liabilities3.3  4.0  
Long-term operating lease liabilities72.4  77.9  
Other long-term liabilities 150.5  143.9  
Total liabilities $3,545.3  $3,308.7  
Deferred compensation$14.2  $13.6  
Shareholders’ equity:
Preferred stock $0.01 par value per share, 20.0 shares authorized, no shares issued and outstanding     
Common stock $0.01 par value per share, 160.0 shares authorized, 61.3 and 61.4 shares issued and outstanding, respectively$0.6  $0.6  
Additional paid-in capital 921.3  892.8  
Retained earnings (accumulated deficit)(69.3) 287.3  
Accumulated other comprehensive loss, net (99.6) (72.7) 
Total shareholders’ equity 753.0  1,108.0  
Noncontrolling interest0.2  0.2  
Total equity 753.2  1,108.2  
Total liabilities and equity $4,312.7  $4,430.5  
The accompanying footnotes are an integral part of these consolidated statements.
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POLARIS INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions, except per share data)
(Unaudited)
Three months ended June 30,Six months ended June 30,
2020201920202019
Sales $1,511.8  $1,779.3  $2,917.0  $3,275.0  
Cost of sales 1,179.1  1,342.9  2,291.4  2,486.1  
Gross profit 332.7  436.4  625.6  788.9  
Operating expenses:
Selling and marketing 119.6  140.6  269.8  269.9  
Research and development 66.8  76.4  145.2  143.5  
General and administrative 87.9  104.1  166.4  197.0  
Goodwill and other intangible asset impairments379.2    379.2    
Total operating expenses 653.5  321.1  960.6  610.4  
Income from financial services 25.4  19.8  45.1  38.5  
Operating income (loss)(295.4) 135.1  (289.9) 217.0  
Non-operating expense:
Interest expense 17.9  20.6  34.1  41.0  
Equity in loss of other affiliates   0.5    1.1  
Other (income) expense, net 0.8  (0.3) 1.7  (3.8) 
Income (loss) before income taxes (314.1) 114.3  (325.7) 178.7  
Provision for income taxes (78.7) 26.2  (84.9) 42.2  
Net income (loss)(235.4) 88.1  (240.8) 136.5  
Net loss attributable to noncontrolling interest  0.1    0.1  
Net income (loss) attributable to Polaris Inc.$(235.4) $88.2  $(240.8) $136.6  
Net income (loss) per share attributable to Polaris Inc. common shareholders:
Basic $(3.82) $1.44  $(3.90) $2.23  
Diluted $(3.82) $1.42  $(3.90) $2.20  
Weighted average shares outstanding:
Basic 61.6  61.4  61.7  61.4  
Diluted 61.6  62.2  61.7  62.1  
The accompanying footnotes are an integral part of these consolidated statements.
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POLARIS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
 
Three months ended June 30,Six months ended June 30,
2020201920202019
Net income (loss)$(235.4) $88.1  $(240.8) $136.5  
Other comprehensive income, net of tax:
Foreign currency translation adjustments10.5  2.9  (14.6) (0.8) 
Unrealized loss on derivative instruments(2.1) (4.0) (12.4) (6.5) 
Retirement plan and other activity  0.1  0.1  (0.5) 
Comprehensive income (loss)(227.0) 87.1  (267.7) 128.7  
Comprehensive income attributable to noncontrolling interest  0.1    0.1  
Comprehensive income (loss) attributable to Polaris Inc.$(227.0) $87.2  $(267.7) $128.8  
The accompanying footnotes are an integral part of these consolidated statements.
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POLARIS INC.
CONSOLIDATED STATEMENTS OF EQUITY
(In millions)
(Unaudited)
 
Number
of Shares
Common
Stock
Additional
Paid-
In Capital
Retained
Earnings
Accumulated Other
Comprehensive
Income (loss)
Non Controlling InterestTotal Equity
Balance, December 31, 2019
61.4  $0.6  $892.8  $287.3  $(72.7) $0.2  $1,108.2  
Employee stock compensation
0.4    11.9  —  —  —  11.9  
Deferred compensation
—  —  (0.5) 7.4  —  —  6.9  
Proceeds from stock issuances under employee plans
  —  2.3  —  —  —  2.3  
Cash dividends declared (1)
—  —  —  (38.0) —  —  (38.0) 
Repurchase and retirement of common shares
(0.6)   (8.1) (40.7) —  —  (48.8) 
Net loss
—  —  —  (5.4) —    (5.4) 
Other comprehensive loss
—  —  —  —  (35.3) —  (35.3) 
Balance, March 31, 2020
61.2  0.6  898.4  210.6  (108.0) 0.2  1,001.8  
Employee stock compensation
    19.8  —  —  —  19.8  
Deferred compensation
—  —  (1.4) (6.1) —  —  (7.5) 
Proceeds from stock issuances under employee plans
0.1  —  4.6  —  —  —  4.6  
Cash dividends declared (1)
—  —  —  (38.0) —  —  (38.0) 
Repurchase and retirement of common shares
    (0.1) (0.4) —  —  (0.5) 
Net loss
—  —  —  (235.4) —  —  (235.4) 
Other comprehensive income
—  —  —  —  8.4  —  8.4  
Balance, June 30, 2020
61.3  0.6  921.3  (69.3) (99.6) 0.2  753.2  
6

Table of Contents
 
Number
of Shares
Common
Stock
Additional
Paid-
In Capital
Retained
Earnings
Accumulated Other
Comprehensive
Income (loss)
Non Controlling InterestTotal Equity
Balance, December 31, 2018
60.9  $0.6  $808.0  $121.1  $(63.0) $0.3  $867.0  
Employee stock compensation
0.2  —  12.1  —  —  —  12.1  
Deferred compensation
—  —  (1.5) (0.3) —  —  (1.8) 
Proceeds from stock issuances under employee plans
    3.2  —  —  —  3.2  
Cash dividends declared (1)
—  —  —  (37.1) —  —  (37.1) 
Repurchase and retirement of common shares
(0.1)   (1.0) (5.2) —  —  (6.2) 
Cumulative effect of adoption of accounting standards (ASU 2018-02)
—  —  —  0.6  (0.6) —    
Net income
—  —  —  48.4  —  —  48.4  
Other comprehensive loss
—  —  —  —  (6.1) —  (6.1) 
Balance, March 31, 2019
61.0  0.6  820.8  127.5  (69.7) 0.3  879.5  
Employee stock compensation
  —  22.1  —  —  —  22.1  
Deferred compensation
—  —  (1.2) (0.6) —  —  (1.8) 
Proceeds from stock issuances under employee plans
0.1    3.0  —  —  —  3.0  
Cash dividends declared (1)
—  —  —  (37.3) —  —  (37.3) 
Repurchase and retirement of common shares
    (0.1) (0.3) —