Polaris Inc. Files Q3 2024 10-Q

Ticker: PII · Form: 10-Q · Filed: 2024-10-22T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, reporting

TL;DR

Polaris Q3 10-Q is in. Check financials for latest performance.

AI Summary

Polaris Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial results for the third quarter and the first nine months of the year. Key financial data and operational details are presented in this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Polaris Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within can reveal risks or opportunities.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the nine months ended September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 22, 2024.

What is Polaris Inc.'s Standard Industrial Classification code?

Polaris Inc.'s Standard Industrial Classification code is 3790, for Miscellaneous Transportation Equipment.

What is the company's fiscal year end?

Polaris Inc.'s fiscal year ends on December 31.

Where is Polaris Inc. headquartered?

Polaris Inc. is headquartered at 2100 Highway 55, Medina, MN 55340.

Filing Stats: 4,836 words · 19 min read · ~16 pages · Grade level 6.6 · Accepted 2024-10-22 14:56:50

Filing Documents

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 22 Results of Operations 23 Liquidity and Capital Resources 29 Critical Accounting Policies 30 Note Regarding Forward Looking Statements 30

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 31

– Controls and Procedures

Item 4 – Controls and Procedures 33

OTHER INFORMATION

Part II OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 33

– Risk Factors

Item 1A – Risk Factors 33

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 34

– O ther Information

Item 5 – O ther Information 34

– Exhibits

Item 6 – Exhibits 35

SIGNATURES

SIGNATURES 36 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) September 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 291.3 $ 367.8 Trade receivables, net 223.7 306.4 Inventories, net 1,998.9 1,810.5 Prepaid expenses and other 156.4 198.0 Income taxes receivable 57.9 9.0 Total current assets 2,728.2 2,691.7 Property and equipment, net 1,199.9 1,201.5 Investment in finance affiliate 140.0 141.1 Deferred tax assets 329.9 295.9 Goodwill and other intangible assets, net 958.1 906.4 Operating lease assets 131.5 143.9 Other long-term assets 142.1 135.8 Total assets $ 5,629.7 $ 5,516.3 Liabilities and Equity Current liabilities: Current financing obligations $ 454.4 $ 54.0 Accounts payable 700.7 713.1 Accrued expenses 1,057.5 1,123.6 Other current liabilities 40.1 43.1 Total current liabilities 2,252.7 1,933.8 Long-term financing obligations 1,725.6 1,854.4 Other long-term liabilities 296.5 297.0 Total liabilities $ 4,274.8 $ 4,085.2 Deferred compensation $ 9.4 $ 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, 55.8 and 56.5 shares issued and outstanding, respectively $ 0.6 $ 0.6 Additional paid-in capital 1,254.2 1,231.8 Retained earnings 173.0 243.5 Accumulated other comprehensive loss, net ( 86.3 ) ( 57.5 ) Total shareholders' equity 1,341.5 1,418.4 Noncontrolling interest 4.0 2.4 Total equity 1,345.5 1,420.8 Total liabilities and equity $ 5,629.7 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Sales $ 1,722.4 $ 2,248.9 $ 5,420.0 $ 6,645

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

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