Polaris Inc. Files 10-Q for Q2 2024

TL;DR

Polaris Q2 2024 10-Q is in. Check financials for latest performance.

AI Summary

Polaris Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024, detailing revenues, net income, and earnings per share. Specific financial figures and segment performance are outlined within the filing.

Why It Matters

This filing provides investors with the latest financial performance data for Polaris Inc., crucial for understanding the company's operational health and future prospects in the recreational vehicle market.

Risk Assessment

Risk Level: medium — 10-Q filings are routine financial reports, but the specific details within can reveal significant performance trends or risks.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial results)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (First six months of 2024 financial results)

Key Players & Entities

• Polaris Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240723 (date) — Filing date
• MEDINA, MN (location) — Company headquarters

FAQ

Filing Documents

• pii-20240630.htm (10-Q) — 1402KB
• exhibit10a-directordeferre.htm (EX-10.A) — 21KB
• exhibit31a-06302024.htm (EX-31.A) — 10KB
• exhibit31b-06302024.htm (EX-31.B) — 9KB
• exhibit32a-06302024.htm (EX-32.A) — 5KB
• exhibit32b-06302024.htm (EX-32.B) — 5KB
• 0001628280-24-032580.txt ( ) — 7305KB
• pii-20240630.xsd (EX-101.SCH) — 36KB
• pii-20240630_cal.xml (EX-101.CAL) — 75KB
• pii-20240630_def.xml (EX-101.DEF) — 214KB
• pii-20240630_lab.xml (EX-101.LAB) — 568KB
• pii-20240630_pre.xml (EX-101.PRE) — 408KB
• pii-20240630_htm.xml (XML) — 1171KB

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 5 Consolidated Statements of Equity 6 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

– 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 21 Results of Operations 22 Liquidity and Capital Resources 28 Critical Accounting Policies 29 Note Regarding Forward Looking Statements 29

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 30

– Controls and Procedures

Item 4 – Controls and Procedures 31

OTHER INFORMATION

Part II OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 32

– Risk Factors

Item 1A – Risk Factors 32

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 32

– O ther Information

Item 5 – O ther Information 33

– Exhibits

Item 6 – Exhibits 33

SIGNATURES

SIGNATURES 34 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) June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 322.7 $ 367.8 Trade receivables, net 254.9 306.4 Inventories, net 2,000.5 1,810.5 Prepaid expenses and other 210.9 198.0 Income taxes receivable 11.1 9.0 Total current assets 2,800.1 2,691.7 Property and equipment, net 1,212.5 1,201.5 Investment in finance affiliate 142.4 141.1 Deferred tax assets 317.4 295.9 Goodwill and other intangible assets, net 960.2 906.4 Operating lease assets 136.9 143.9 Other long-term assets 139.4 135.8 Total assets $ 5,708.9 $ 5,516.3 Liabilities and Equity Current liabilities: Current financing obligations $ 54.1 $ 54.0 Accounts payable 785.4 713.1 Accrued expenses 1,094.3 1,123.6 Other current liabilities 41.2 43.1 Total current liabilities 1,975.0 1,933.8 Long-term financing obligations 2,089.4 1,854.4 Other long-term liabilities 292.6 297.0 Total liabilities $ 4,357.0 $ 4,085.2 Deferred compensation $ 9.1 $ 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, 55.7 and 56.5 shares issued and outstanding, respectively $ 0.6 $ 0.6 Additional paid-in capital 1,243.0 1,231.8 Retained earnings 182.6 243.5 Accumulated other comprehensive loss, net ( 88.1 ) ( 57.5 ) Total shareholders' equity 1,338.1 1,418.4 Noncontrolling interest 4.7 2.4 Total equity 1,342.8 1,420.8 Total liabilities and equity $ 5,708.9 $ 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Sales $ 1,961.2 $ 2,216.6 $ 3,697.6 $ 4,396.3 Cost of sales

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