Polaris market cap is $7.9 b, and annual revenue was $7.03 b in FY 2020

Polaris Gross profit (Q2, 2021)551.4 M

Polaris Gross profit margin (Q2, 2021), %26%

Polaris Net income (Q2, 2021)158.5 M

Polaris EBIT (Q2, 2021)214.6 M

Polaris Cash, 30-Jun-2021288.8 M

Polaris EV9.1 B

Polaris revenue was $7.03 b in FY, 2020 which is a 3.6% year over year increase from the previous period.

Polaris revenue breakdown by business segment: 8.3% from Motorcycles, 64.5% from ORV/Snowmobiles, 6.0% from Global Adjacent Markets, 12.6% from Aftermarket and 8.6% from Boats

Polaris revenue breakdown by geographic segment: 82.4% from United States, 12.0% from Other Foreign Countries and 5.6% from Canada

USD | FY, 2018 | FY, 2019 | FY, 2020 |
---|---|---|---|

## Revenue | 6.1b | 6.8b | 7.0b |

| 12% | 12% | 4% |

## Cost of goods sold | 4.6b | 5.1b | 5.3b |

## Gross profit | 1.5b | 1.6b | 1.7b |

| 25% | 24% | 24% |

## Sales and marketing expense | 491.8m | 559.1m | 544.3m |

## R&D expense | 259.7m | 292.9m | 295.6m |

## General and administrative expense | 349.8m | 393.9m | 359.2m |

## Operating expense total | 1.1b | 1.2b | 1.6b |

## EBIT | 487.4m | 483.7m | 212.3m |

| 8% | 7% | 3% |

## Interest expense | 57.0m | 77.6m | 66.7m |

## Pre tax profit | 429.2m | 407.8m | 141.4m |

## Income tax expense | 94.0m | 83.9m | 16.5m |

## Net Income | 335.3m | 324.0m | 124.8m |

## EPS | 5.2 | 5.2 | 2.0 |

USD | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q2, 2020 | Q3, 2020 | Q1, 2021 | Q2, 2021 |
---|---|---|---|---|---|---|---|---|

## Revenue | 1.5b | 1.8b | 1.8b | 1.4b | 1.5b | 2.0b | 2.0b | 2.1b |

## Cost of goods sold | 1.1b | 1.3b | 1.3b | 1.1b | 1.2b | 1.4b | 1.5b | 1.6b |

## Gross profit | 352.4m | 436.4m | 436.5m | 292.9m | 332.7m | 534.6m | 480.5m | 551.4m |

| 24% | 25% | 25% | 21% | 22% | 27% | 25% | 26% |

## Sales and marketing expense | 129.3m | 140.6m | 149.8m | 150.2m | 119.6m | 135.5m | 145.9m | 154.2m |

## R&D expense | 67.1m | 76.4m | 77.3m | 78.4m | 66.8m | 77.2m | 79.5m | 88.8m |

## General and administrative expense | 92.9m | 104.1m | 100.8m | 78.5m | 87.9m | 100.6m | 87.1m | 107.5m |

## Operating expense total | 289.3m | 321.1m | 327.9m | 307.1m | 653.5m | 313.3m | 312.5m | 336.8m |

## EBIT | 81.9m | 135.1m | 130.3m | 5.5m | (295.4m) | 239.4m | 184.2m | 214.6m |

| 5% | 8% | 7% | 0% | (20%) | 12% | 9% | 10% |

## Interest expense | 20.4m | 20.6m | 19.7m | 16.2m | 17.9m | 17.3m | 11.5m | 10.7m |

## Pre tax profit | 64.4m | 114.3m | 108.2m | (11.6m) | (314.1m) | 218.9m | 175.2m | 207.1m |

## Income tax expense | 16.0m | 26.2m | 19.8m | (6.2m) | (78.7m) | 52.0m | 41.0m | 48.6m |

## Net Income | 48.4m | 88.1m | 88.4m | (5.4m) | (235.4m) | 166.9m | 134.2m | 158.5m |

## EPS | 0.8 | 1.4 | 1.4 | (0.1) | (3.8) | 2.7 | 2.1 |

USD | FY, 2018 | FY, 2019 | FY, 2020 |
---|---|---|---|

## Cash | 161.2m | 157.1m | 634.7m |

## Accounts Receivable | 197.1m | 190.4m | 257.2m |

## Prepaid Expenses | 121.5m | 125.9m | 134.1m |

## Inventories | 969.5m | 1.1b | 1.2b |

## Current Assets | 1.5b | 1.6b | 2.2b |

## PP&E | 843.1m | 899.8m | 888.8m |

## Total Assets | 4.1b | 4.4b | 4.6b |

## Accounts Payable | 346.3m | 450.2m | 782.2m |

## Short-term debt | 66.5m | 201.6m | 176.8m |

## Current Liabilities | 1.2b | 1.5b | 1.9b |

## Long-term debt | 1.9b | 1.6b | 1.4b |

## Total Debt | 1.9b | 1.8b | 1.6b |

## Total Liabilities | 3.3b | 3.3b | 3.5b |

## Common Stock | 609.0k | 614.0k | 600.0k |

## Additional Paid-in Capital | 808.0m | 892.8m | 983.9m |

## Retained Earnings | 121.4m | 287.3m | 218.4m |

## Total Equity | 867.0m | 1.1b | 1.1b |

## Debt to Equity Ratio | 2.2 x | 1.6 x | 1.4 x |

## Debt to Assets Ratio | 0.5 x | 0.4 x | 0.3 x |

## Financial Leverage | 4.8 x | 4 x | 4 x |

USD | FY, 2018 | FY, 2019 | FY, 2020 |
---|---|---|---|

## Net Income | 335.3m | 323.9m | 124.9m |

## Depreciation and Amortization | 211.0m | 234.5m | 260.7m |

## Accounts Receivable | 20.7m | 6.8m | (56.2m) |

## Inventories | (149.7m) | (149.9m) | (44.9m) |

## Accounts Payable | (984.0k) | 103.8m | 326.6m |

## Cash From Operating Activities | 477.1m | 655.0m | 1.0b |

## Purchases of PP&E | (225.4m) | (251.4m) | (213.9m) |

## Cash From Investing Activities | (959.5m) | (239.3m) | (150.7m) |

## Long-term Borrowings | (2.6b) | (3.6b) | (1.6b) |

## Dividends Paid | (149.0m) | (149.1m) | (152.5m) |

## Cash From Financing Activities | 523.4m | (411.8m) | (415.4m) |

## Net Change in Cash | 31.5m | 3.2m | 461.2m |

## Interest Paid | 51.0m | 77.0m | 67.0m |

## Income Taxes Paid | 74.0m | 87.8m | 65.5m |

USD | FY, 2018 |
---|---|

## EV/EBIT | 13.1 x |

## EV/CFO | 13.4 x |

## Revenue/Employee | 506.5k |

## Debt/Equity | 2.2 x |

## Debt/Assets | 0.5 x |

## Financial Leverage | 4.8 x |

## P/E Ratio | 14.6 |

FY, 2018 | FY, 2019 | FY, 2020 | |
---|---|---|---|

## Manufacturing Facilities | 19 | 19 | 20 |

## Distribution Centers | 33 | 33 | 30 |

## Models (Off-Road Vehicles) | 56 | 63 | 85 |

## Models (Snowmobiles) | 29 | 30 | 80 |

## Models (Motorcycles) | 21 | 25 | 25 |

## Models (Global Adjacent Markets) | 69 | 60 | 85 |

## Independent Dealers (North America) | 2.25 k | 2.2 k | 2.3 k |

## Independent International Dealers | 1.45 k | 1.4 k | 1.4 k |

## Independent Distributors (outside of North America) | 85 | 85 | 90 |