Polaris Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Polaris Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operations.</b>

AI Summary

Polaris Inc. (PII) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Polaris Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31st. Polaris Inc. is classified under Miscellaneous Transportation Equipment. The company's principal executive offices are located in Medina, Minnesota.

Why It Matters

For investors and stakeholders tracking Polaris Inc., this filing contains several important signals. This filing provides investors with the latest financial data and operational updates for Polaris Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — Polaris Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Polaris Inc.'s performance in Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers the period ending on this date.)
• 2024-01-01 — Reporting Period Start Date (The 10-Q covers the period starting on this date.)
• 1231 — Fiscal Year End (Polaris Inc.'s fiscal year concludes on this date annually.)

Key Players & Entities

• Polaris Inc. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — End of the reporting period.
• 2024-01-01 (date) — Start of the reporting period.
• Medina, MN (location) — Location of the company's principal executive offices.

FAQ

Industry Context

Polaris Inc. operates in the Miscellaneous Transportation Equipment industry, manufacturing powersports vehicles and related products.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review any disclosed risk factors or management commentary for potential business challenges.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the financial reporting period covered by the 10-Q.
• 2024-04-23: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024; no prior period comparison data is available in this extract.

Filing Documents

• pii-20240331.htm (10-Q) — 1001KB
• exhibit41descriptionofsecu.htm (EX-4.1) — 20KB
• exhibit10aexecnqso2024.htm (EX-10.A) — 49KB
• exhibit10bexecrsu2024.htm (EX-10.B) — 39KB
• exhibit10cexecprsu2024.htm (EX-10.C) — 56KB
• exhibit31a-03312024.htm (EX-31.A) — 10KB
• exhibit31b-03312024.htm (EX-31.B) — 9KB
• exhibit32a-03312024.htm (EX-32.A) — 5KB
• exhibit32b-03312024.htm (EX-32.B) — 5KB
• 0001628280-24-017335.txt (&nbsp;) — 6420KB
• pii-20240331.xsd (EX-101.SCH) — 35KB
• pii-20240331_cal.xml (EX-101.CAL) — 69KB
• pii-20240331_def.xml (EX-101.DEF) — 209KB
• pii-20240331_lab.xml (EX-101.LAB) — 558KB
• pii-20240331_pre.xml (EX-101.PRE) — 403KB
• pii-20240331_htm.xml (XML) — 836KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income (Loss) 5 Consolidated Statements of Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Results of Operations 20 Liquidity and Capital Resources 25 Critical Accounting Policies 27 Note Regarding Forward Looking Statements 27

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 28

– Controls and Procedures

Item 4 – Controls and Procedures 29

OTHER INFORMATION

Part II OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 30

– Risk Factors

Item 1A – Risk Factors 31

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 31

– O ther Information

Item 5 – O ther Information 31

– Exhibits

Item 6 – Exhibits 32

SIGNATURES

SIGNATURES 33 2 Table of Contents

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

Item 1 – FINANCIAL STATEMENTS POLARIS INC. CONSOLIDATED BALANCE SHEETS (In millions, except per share data) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 318.8 $ 367.8 Trade receivables, net 254.1 306.4 Inventories, net 1,952.8 1,810.5 Prepaid expenses and other 195.8 198.0 Income taxes receivable 11.1 9.0 Total current assets 2,732.6 2,691.7 Property and equipment, net 1,214.9 1,201.5 Investment in finance affiliate 139.6 141.1 Deferred tax assets 300.0 295.9 Goodwill and other intangible assets, net 899.7 906.4 Operating lease assets 143.8 143.9 Other long-term assets 136.8 135.8 Total assets $ 5,567.4 $ 5,516.3 Liabilities and Equity Current liabilities: Current financing obligations $ 54.0 $ 54.0 Accounts payable 779.0 713.1 Accrued expenses 988.1 1,123.6 Other current liabilities 39.5 43.1 Total current liabilities 1,860.6 1,933.8 Long-term financing obligations 2,014.2 1,854.4 Other long-term liabilities 300.8 297.0 Total liabilities $ 4,175.6 $ 4,085.2 Deferred compensation $ 11.2 $ 10.3 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, 56.5 shares issued and outstanding as of March 31, 2024 and December 31, 2023 $ 0.6 $ 0.6 Additional paid-in capital 1,243.8 1,231.8 Retained earnings 197.3 243.5 Accumulated other comprehensive loss, net ( 63.6 ) ( 57.5 ) Total shareholders' equity 1,378.1 1,418.4 Noncontrolling interest 2.5 2.4 Total equity 1,380.6 1,420.8 Total liabilities and equity $ 5,567.4 $ 5,516.3 The accompanying footnotes are an integral part of these consolidated statements. 3 Table of Contents POLARIS INC. CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) Three months ended March 31, 2024 2023 Sales $ 1,736.4 $ 2,179.7 Cost of sales 1,406.1 1,710.5 Gross profit 330.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1. Basis of Presentation and Significant Accounting Policies Basis of presentation. The accompanying unaudited consolidated financial statements of Polaris Inc. ("Polaris" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and, therefore, do not include all information and disclosures of results of operations, financial position, and changes in cash flow in conformity with accounting principles generally accepted in the United States for complete financial statements. Accordingly, such statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023 previously filed with the Securities and Exchange Commission ("SEC"). In the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, equity, and cash flows for the periods presented. Due to the seasonality trends for certain products and certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year. Fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets t