$PII
Polaris Inc.

2012 Q1 Form 10-Q Financial Statement

#000119312512211396 Filed on May 04, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $673.8M $537.2M
YoY Change 25.42% 48.52%
Cost Of Revenue $478.8M $385.4M
YoY Change 24.24% 44.44%
Gross Profit $195.0M $151.8M
YoY Change 28.4% 59.99%
Gross Profit Margin 28.94% 28.26%
Selling, General & Admin $80.13M $64.54M
YoY Change 24.16% 33.07%
% of Gross Profit 41.1% 42.51%
Research & Development $30.47M $23.00M
YoY Change 32.47% 22.99%
% of Gross Profit 15.63% 15.15%
Depreciation & Amortization $16.81M $18.78M
YoY Change -10.52% 17.39%
% of Gross Profit 8.62% 12.37%
Operating Expenses $110.6M $87.54M
YoY Change 26.34% 30.07%
Operating Profit $91.55M $69.58M
YoY Change 31.57% 152.11%
Interest Expense $1.512M $511.0K
YoY Change 195.89% -85.81%
% of Operating Profit 1.65% 0.73%
Other Income/Expense, Net $2.577M $3.201M
YoY Change -19.49% -1700.5%
Pretax Income $92.61M $72.27M
YoY Change 28.14% 132.39%
Income Tax $32.53M $24.96M
% Of Pretax Income 35.13% 34.54%
Net Earnings $60.08M $47.31M
YoY Change 26.99% 138.94%
Net Earnings / Revenue 8.92% 8.81%
Basic Earnings Per Share $0.88 $0.69
Diluted Earnings Per Share $0.85 $0.67
COMMON SHARES
Basic Shares Outstanding 68.64M shares 68.54M shares
Diluted Shares Outstanding 70.83M shares 70.66M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $285.9M $345.9M
YoY Change -17.35% 178.05%
Cash & Equivalents $285.9M $345.9M
Short-Term Investments
Other Short-Term Assets $125.4M $89.50M
YoY Change 40.11% 11.32%
Inventory $314.0M $244.4M
Prepaid Expenses
Receivables $139.6M $121.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $864.9M $801.5M
YoY Change 7.91% 68.24%
LONG-TERM ASSETS
Property, Plant & Equipment $219.8M $184.6M
YoY Change 19.06% -2.53%
Goodwill $45.44M
YoY Change
Intangibles $32.75M
YoY Change
Long-Term Investments $49.20M $39.50M
YoY Change 24.56% -16.31%
Other Assets $10.70M $0.00
YoY Change
Total Long-Term Assets $357.9M $255.6M
YoY Change 40.02% -3.36%
TOTAL ASSETS
Total Short-Term Assets $864.9M $801.5M
Total Long-Term Assets $357.9M $255.6M
Total Assets $1.223B $1.057B
YoY Change 15.68% 42.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $182.6M $132.2M
YoY Change 38.16% 47.38%
Accrued Expenses $374.6M $315.3M
YoY Change 18.81% 47.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $100.0M
YoY Change -100.0%
Long-Term Debt Due $2.700M $0.00
YoY Change
Total Short-Term Liabilities $560.1M $561.3M
YoY Change -0.21% 81.47%
LONG-TERM LIABILITIES
Long-Term Debt $105.3M $100.0M
YoY Change 5.3% -50.0%
Other Long-Term Liabilities $8.100M $5.800M
YoY Change 39.66% 13.73%
Total Long-Term Liabilities $113.4M $105.8M
YoY Change 7.18% -48.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $560.1M $561.3M
Total Long-Term Liabilities $113.4M $105.8M
Total Liabilities $673.6M $667.9M
YoY Change 0.85% 26.35%
SHAREHOLDERS EQUITY
Retained Earnings $350.9M
YoY Change
Common Stock $686.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $549.3M $389.2M
YoY Change
Total Liabilities & Shareholders Equity $1.223B $1.057B
YoY Change 15.68% 42.68%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $60.08M $47.31M
YoY Change 26.99% 138.94%
Depreciation, Depletion And Amortization $16.81M $18.78M
YoY Change -10.52% 17.39%
Cash From Operating Activities -$662.0K $4.784M
YoY Change -113.84% 25.89%
INVESTING ACTIVITIES
Capital Expenditures $20.96M $18.97M
YoY Change 10.49% -334.17%
Acquisitions
YoY Change
Other Investing Activities -$1.200M -$200.0K
YoY Change 500.0% -107.69%
Cash From Investing Activities -$22.18M -$19.14M
YoY Change 15.92% 247.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.871M $30.96M
YoY Change -81.04% -719.28%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$17.63M -34.82M
YoY Change -49.36% 146.96%
NET CHANGE
Cash From Operating Activities -$662.0K 4.784M
Cash From Investing Activities -$22.18M -19.14M
Cash From Financing Activities -$17.63M -34.82M
Net Change In Cash -$40.48M -49.18M
YoY Change -17.69% 211.24%
FREE CASH FLOW
Cash From Operating Activities -$662.0K $4.784M
Capital Expenditures $20.96M $18.97M
Free Cash Flow -$21.62M -$14.18M
YoY Change 52.42% -219.19%

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CY2012Q1 us-gaap Gross Profit
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194963000
CY2012Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5871000
CY2012Q1 us-gaap Future Amortization Expense Remainder Of Fiscal Year
FutureAmortizationExpenseRemainderOfFiscalYear
1860000
CY2012Q1 us-gaap Future Amortization Expense Year Two
FutureAmortizationExpenseYearTwo
2480000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-22184000
CY2012Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
45133000
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2577000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
23110000
CY2012Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
12317000
CY2012Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
478787000
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
3664000
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax
-165000
CY2012Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
5871000
CY2012Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
85000 shares
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-662000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
60321000
CY2012Q1 us-gaap Future Amortization Expense Year Five
FutureAmortizationExpenseYearFive
2199000
CY2012Q1 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
31063000
CY2012Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
25328000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
92612000
CY2012Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
6529000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7066000
CY2012Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
553000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.85
CY2012Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
673750000
CY2012Q1 us-gaap Restructuring And Related Cost Expected Cost
RestructuringAndRelatedCostExpectedCost
7100000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
35000000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70825000 shares
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17633000
CY2012Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.370
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-92236000
CY2012Q1 us-gaap Interest Expense
InterestExpense
1512000
CY2012Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2006000
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3421000
CY2012Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
14420000
CY2012Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
68177000 shares
CY2012Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition
1.9 Year
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
60078000
CY2012Q1 us-gaap Financial Services Revenue
FinancialServicesRevenue
7183000
CY2012Q1 us-gaap Restructuring Reserve Period Expense
RestructuringReservePeriodExpense
118000
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
30466000
CY2012Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
768000
CY2012Q1 us-gaap Line Of Credit Facility Expiration Date
LineOfCreditFacilityExpirationDate
2016-08
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23027000
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1025000 shares
CY2012Q1 us-gaap Finite Lived Intangible Assets Amortization Expense
FiniteLivedIntangibleAssetsAmortizationExpense
CY2012Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2012-03-15
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16807000
CY2012Q1 us-gaap Future Amortization Expense Year One
FutureAmortizationExpenseYearOne
2480000
CY2012Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
CY2012Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
8392000
CY2012Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
4101000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
20957000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2012Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
672000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
91547000
CY2012Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
118000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
35452000
CY2012Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
8607000
CY2012Q1 us-gaap Future Amortization Expense Year Three
FutureAmortizationExpenseYearThree
2480000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32534000
CY2012Q1 us-gaap Other Noncash Income
OtherNoncashIncome
743000
CY2012Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
359000 shares
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-39447000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68637000 shares
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
13300000
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1032000
CY2012Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
101000 shares
CY2012Q1 us-gaap Future Amortization Expense After Year Five
FutureAmortizationExpenseAfterYearFive
1399000
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
1848000
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
13249000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
110599000
CY2012Q1 pii Finite Lived Intangible Assets Acquired During Period
FiniteLivedIntangibleAssetsAcquiredDuringPeriod
CY2012Q1 pii Finite Lived Intangible Assets Foreign Currency Translation Adjustments And Other
FiniteLivedIntangibleAssetsForeignCurrencyTranslationAdjustmentsAndOther
405000
CY2012Q1 pii Excess Tax Charge Benefit From Share Based Compensation Financing Activities
ExcessTaxChargeBenefitFromShareBasedCompensationFinancingActivities
6484000
CY2012Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1681000
CY2012Q1 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
1227000
CY2012Q1 pii Other Comprehensive Income Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeReclassificationAdjustmentsNetOfTax
-1900000
CY2012Q1 pii Other Comprehensive Income Change In Fair Value Net Of Tax
OtherComprehensiveIncomeChangeInFairValueNetOfTax
2143000
CY2012Q1 pii Tax Benefit Deficiency From Share Based Compensation Operating Activities
TaxBenefitDeficiencyFromShareBasedCompensationOperatingActivities
-6484000
CY2012Q1 pii Finite Lived Intangible Assets Accumulated Amortization Period Increase Decrease
FiniteLivedIntangibleAssetsAccumulatedAmortizationPeriodIncreaseDecrease
672000
CY2012Q1 pii Finite Lived Intangible Assets Accumulated Amortization Acquired During Period
FiniteLivedIntangibleAssetsAccumulatedAmortizationAcquiredDuringPeriod
CY2012Q1 pii Previously Estimated Restructuring Cost During Period
PreviouslyEstimatedRestructuringCostDuringPeriod
7100000
CY2012Q1 pii Finite Lived Intangible Assets Accumulated Amortization Foreign Currency Translation Effect
FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignCurrencyTranslationEffect
32000
CY2011Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio
StockholdersEquityNoteStockSplitConversionRatio
2 shares
CY2012Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-1900000
CY2012Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
Polaris provides a limited warranty for ORVs for a period of six months and for a period of one year for its snowmobiles and motorcycles and a two year period of SEVs. Polaris provides longer warranties in certain geographical markets as determined by local regulations and market conditions and may provide longer warranties related to certain promotional programs. Polaris' standard warranties require the Company or its dealers to repair or replace defective product during such warranty period at no cost to the consumer. The warranty reserve is established at the time of sale to the dealer or distributor based on management's best estimate using historical rates and trends
CY2012Q1 us-gaap Future Amortization Expense Year Four
FutureAmortizationExpenseYearFour
2456000
CY2012Q1 us-gaap Restructuring Reserve Settled With Cash
RestructuringReserveSettledWithCash
1877000
CY2012Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2012-03-01
CY2012Q1 pii Other Stock Based Compensation Expense
OtherStockBasedCompensationExpense
18926000

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