Polaris Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Polaris Inc. has submitted its 2023 Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Polaris Inc. (PII) filed a Annual Report (10-K) with the SEC on February 16, 2024. Polaris Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 2100 Highway 55, Medina, MN 55340. Polaris Inc. was formerly known as POLARIS INDUSTRIES INC/MN, with a name change effective October 4, 1994. The company's Standard Industrial Classification code is 3790 (MISCELLANEOUS TRANSPORTATION EQUIPMENT).

Why It Matters

For investors and stakeholders tracking Polaris Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Polaris Inc.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the 10-K are essential for understanding Polaris Inc.'s revenue streams, profitability, debt levels, and overall market position within the recreational and utility vehicle industry.

Risk Assessment

Risk Level: medium — Polaris Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information, but lacks specific forward-looking guidance or significant negative events that would elevate the risk level beyond medium.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Polaris Inc.'s performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2024-02-16 — Filing Date (The date the 10-K was filed with the SEC.)
• 3790 — SIC Code (Standard Industrial Classification code for the company.)

Key Players & Entities

• Polaris Inc. (company) — Filer of the 10-K report.
• POLARIS INDUSTRIES INC/MN (company) — Former name of Polaris Inc.
• Medina, MN (location) — Location of Polaris Inc.'s principal executive offices.

FAQ

Industry Context

Polaris Inc. operates within the powersports industry, manufacturing a range of recreational and utility vehicles.

Regulatory Implications

The filing adheres to the reporting requirements of the Securities Exchange Act of 1934, specifically Form 10-K, for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-16: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Comparative data from the previous year's filing (2022) would be found within this document.

Key Financial Figures

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Filing Documents

• pii-20231231.htm (10-K) — 2147KB
• exhibit21-subsidiariesx123.htm (EX-21) — 40KB
• exhibit23-consentx12312023.htm (EX-23) — 5KB
• exhibit24-poax12312023.htm (EX-24) — 16KB
• exhibit31a-12312023.htm (EX-31.A) — 10KB
• exhibit31b-12312023.htm (EX-31.B) — 10KB
• exhibit32a-12312023.htm (EX-32.A) — 6KB
• exhibit32b-12312023.htm (EX-32.B) — 6KB
• exhibit97-polarisinccompen.htm (EX-97) — 42KB
• pii-20231231_g1.jpg (GRAPHIC) — 88KB
• 0001628280-24-005284.txt (&nbsp;) — 11425KB
• pii-20231231.xsd (EX-101.SCH) — 63KB
• pii-20231231_cal.xml (EX-101.CAL) — 133KB
• pii-20231231_def.xml (EX-101.DEF) — 328KB
• pii-20231231_lab.xml (EX-101.LAB) — 979KB
• pii-20231231_pre.xml (EX-101.PRE) — 655KB
• pii-20231231_htm.xml (XML) — 1662KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

[Reserved]

Item 6. [Reserved] 25

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 36

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 38

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 70

Controls and Procedures

Item 9A. Controls and Procedures 71

Other Information

Item 9B. Other Information 71

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 72

Executive Compensation

Item 11. Executive Compensation 72

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 72

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 72

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 72 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 73

Form 10-K Summary

Item 16. Form 10-K Summary 73

Signatures

Signatures 81 2 Table of Contents PART I

Business

Item 1. Business Polaris Inc., formerly known as Polaris Industries Inc., a Delaware corporation, was formed in 1994 and is the successor to Polaris Industries Partners LP. The terms "Polaris," the "Company," "we," "us," and "our" as used herein refer to the business and operations of Polaris Inc., its subsidiaries and its predecessors, which began doing business in 1954. We design, engineer, manufacture and market powersports vehicles which include: off-road vehicles ("ORV"), including all-terrain vehicles ("ATV") and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; moto-roadsters; quadricicycles; and boats. We also design and manufacture or source parts, garments and accessories ("PG&A"), which includes aftermarket accessories and apparel. Our products are sold online and through dealers and distributors principally located in the United States, Canada, Western Europe, Australia, and Mexico. Business Segments We operate in three business segments; Off Road, On Road, and Marine. Our products are sold through a network of approximately 2,500 independent dealers in North America, approximately 1,500 independent international dealers through over 25 subsidiaries, and approximately 70 independent distributors in nearly 90 countries outside of North America. A majority of our dealers and distributors are multi-line and also carry competitor products, however some dealers carry our full line of products and, while relatively consistent, the actual number of dealers carrying our products can vary from time to time. Off Road: The Off Road segment primarily consists of ORVs and snowmobiles. ORVs are four-wheel vehicles designed for off-road use and traversing a wide variety of terrain, including dunes, trails, and mud. The vehicles can be multi-passenger or single passenger, are used for recreation in such sports as fishing and hunting and for trail and dune riding, and for utility purposes on farms, ranches, and construction sites. The OR