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Driven 2 0 1 7 a N N U a L R E P O R T 2017 Annual Report

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Driven 2 0 1 7 a N N U a L R E P O R T 2017 Annual Report Polaris Industries Inc. 2100 Highway 55 Medina, MN 55340 763-542-0500 763-542-0599 fax www.polaris.com DRIVEN DRIVEN 2017 ANNUAL REPORT ©2018 Polaris Industries Inc. All rights reserved. Printed in the USA on paper containing mixed post-consumer fiber. 2017 ANNUAL REPORT 2017 HIGHLIGHTS DRIVEN Stock Exchange Dividend Reinvestment Plan SALES ORV/SNOW Shares of common stock of Polaris Industries Inc. trade on Shareholders may automatically reinvest their dividends in additional the New York Stock Exchange under the symbol PII. Polaris common stock through the Dividend Reinvestment Plan, which also provides for purchase of common stock with voluntary Independent Auditors cash contributions. For additional information, please contact UP Ernst & Young LLP, Minneapolis, MN EQ Shareowner Services at 1-800-468-9716 or visit the website at www.shareowneronline.com. Transfer Agent and Registrar $ Communications concerning transfer requirements, address Internet Access changes, dividends and lost certificates, as well as requests for To view the Company’s annual report and financial information, 9% Dividend Reinvestment Plan enrollment information, should be products and specifications, press releases, dealer locations and addressed to: product brochures, access Polaris on the Internet at: 5,428 EQ­ Shareowner Services www.polaris.com $ DOLLARS IN MILLIONS 1110 Centre Point Curve, Suite 101 UP Mendota Heights, MN 55120 Investor Relations 1-800-468-9716 Security analysts and investment professionals should direct their MOTORCYCLES www.shareowneronline.com business-related inquiries to: DOWN Richard Edwards 20% Annual Shareholders’ Meeting Director of Investor Relations The virtual only meeting will be held at 9 a.m. Central Time, Polaris Industries Inc. SALES BY SEGMENT SALES BY GEOGRAPHY 18% April 26, 2018. The proxy statement will be available on or about 2100 Highway 55 March 9, 2018. The shareholder-of-record date is February 28, 2018. Medina, MN 55340-9770 763-513-3477 % UP 7% 7 Summary of Trading [email protected] 11% 13% 7% For the Years Ended December 31 EXCLUDING VICTORY Research Coverage as of February 2018 Quarter 2017 2016 Aegis Capital % High Low High Low B. Riley FBR. 16 BMO Capital Markets First $91.90 $81.14 $100.95 $67.80 Bernstein Research % Second 95.75 77.91 104.25 77.58 66% 80 C.L. King Third 108.46 86.51 99.00 70.14 Citigroup Investment Research GLOBAL ADJACENT Fourth 134.67 101.06 92.50 73.07 Cleveland Research MARKETS KeyBanc Capital Markets Cash Dividends Declared Off-road vehicles/snow United States Lake Street Capital Cash dividends are declared quarterly and have been paid since 1995. Aftermarket International Longbow Research On February 2, 2018, the quarterly dividend was increased 3 percent Motorcycles Canada Morningstar, Inc. Global adjacent markets UP to $0.60 per share. Northcoast Research † Quarter 2017 2016 RBC Capital Markets Raymond James & Associates GROSS PROFIT First $0.58 $0.55 Robert W. Baird & Company 16% Second 0.58 0.55 Stephens Inc. $ Third 0.58 0.55 Stifel Nicolaus 1,325 MILLION Fourth 0.58 0.55 SunTrust Robinson Total $2.32 $2.20 UBS Securities Wedbush Securities PERCENTAGE Wells Fargo Securities AFTERMARKET OF SALES 24.4% Stock-Split History August 1993 2 for 1 October 1995 3 for 2 NET INCOME UP March 2004 2 for 1 $ 172 $ 2.69 September 2011 2 for 1 PER DILUTED MILLION SHARE 362% TO OUR SHAREHOLDERS THE ROAD AHEAD When you know you’re ready for the journey, there’s a drive from within to get out there and conquer it. Every twist and turn. Every climb. And to love every minute of the ride. etween the letter from an Iowan family comes through. Our business unit presidents Scott Wine about their Sportsman® 400 with led spirited discussions about their investment Chairman and Chief Executive Officer B21,125 miles on it and the testimony from plans and corresponding prospects for growth, a soldier in Afghanistan who completed his and Mike Speetzen and Ken Pucel outlined how mission on an MRZR ®, I am regularly reminded our financial and operational improvements will of the great privilege our customers give Polaris, yield strong growth, profitability and Returns on allowing us to be a part of the memories they Invested Capital. Coupling these initiatives with create, the journeys they travel and the work they added benefits from the 2018 tax plan, we are proudly accomplish. They inspire us to pursue our confident in our ability to generate sufficient cash important work and delight our stakeholders. both to reward shareholders and invest wisely in our future. Just as Polaris customers are driven to seek their passion — be it adventure, exhilaration One relatively unique aspect of our Board is its or getting the job done — Polaris is driven to Technology Committee, which oversees our be a customer-centric, highly efficient growth product development, technology, operations company. We made meaningful progress toward and quality and safety. Annette Clayton, COO and this goal in 2017, accelerating innovation while President of Schneider Electric North America enhancing our safety and quality capabilities, and former GM Executive, chairs this committee and the vehicles and results we delivered bore and provides valuable guidance of our processes this out. From investments in talent, tools and product plans. Todd Gross leads our quality and technology, to the ramp-up of Huntsville and safety efforts, and combining his expertise and the integration of Transamerican Auto with the support of three Tech Committee Parts (TAP), we demonstrated our commitment members who have deep manufacturing and to sustainable, profitable growth. With all four engineering backgrounds gives us sound and business segments and each region of the world active oversight. This was especially valuable contributing, our strategic growth platforms as we outlined our roadmaps for accelerating crossed the threshold from concept to reality. our digital capabilities — an area where Matt Emmerich is driving significant change — and for While we like to focus on our vehicles, our improving Lean flow and reducing lead times at primary concern is to ensure that Polaris can our Monterrey and Huntsville facilities. execute at a high level in the short term, while positioning ourselves to win over the long term. With a bold new long-range product plan With good governance and sage advice, our Board supporting our comprehensive five-year growth conducted a comprehensive review and update of strategy, we are confident in our updated long- our corporate strategy and long-term objectives term guidance and strategic objectives. While last summer. They challenged our market many external stakeholders focus their view on assumptions and tested our business growth our financial targets, we devoted considerable plans against an increasingly aggressive set of effort to ensuring we clearly communicated how global competitors, a rapidly evolving technology we intend to achieve these goals. The updated landscape and a restless global economy. We are strategy chart is available on page five, but I fortunate to have a highly qualified, engaged board will highlight a few of the key changes, while of directors to oversee strategy, and their passion noting that our vision stayed constant because for the company, safety and ethics and all other we must fuel the passion, and enrich the lives, aspects of shareholder value creation consistently of our customers. 1 TO OUR SHAREHOLDERS As I have repeatedly declared, Polaris’ future Consistent with our improved strategy and growth make this a core part of our profitable depends upon improving the reliability, durability structure, the four business segments that make growth plans. When we launched the all-new and safety of our vehicles. Meeting our safety up Polaris each provide a sizeable platform for “850 Patriot” engine this spring, we entered the and quality commitments is non-negotiable, and sustainable, profitable growth. With the world’s most innovative period in the long history of our we will leverage the corresponding investments largest Off-Road Vehicle (ORV) business and the Snowmobile business. With the integration of to establish safety and quality as a competitive fastest-growing Motorcycle brand, we have two Timbersled®, Chris and his team have yet another advantage. Fueling these and other investments businesses in Powersports that are positioned to asset to grow, and their sleds and snow bikes will requires exceptional cash generation, and we will compete, win and grow in a $15+ billion space not disappoint in the showroom, on the mountain utilize our Lean, Value Improvement Process (VIP) that we love. Our PG&A / Aftermarket business or accelerating down a trail. and strategic sourcing initiatives to become a has surpassed the $1.5 billion mark, and with After taking less than a day to savor our strong Productivity Powerhouse capable of delivering brands and businesses supporting Truck, Jeep, Indian® 2017 performance, Steve Menneto the requisite earnings power and cash flow. Off-Road and Motorcycle customers, we will went back to using his “eating glass” mentality Make no mistake: we are driving productivity so continue to expand within this $10+ billion to ensure his team was ready to do it again in we can grow faster and innovate more, and that market. Global Adjacent Markets supplies 2018—this time, with Slingshot® contributing combined focus is reflected in our new long- everything from autonomous, hybrid MRZRs to growth! From great-looking and better- term targets of Compound Annual Sales growth for the military to electric delivery vehicles and performing bikes to responsive dealers and in excess of five percent, with a Net Income quadricycles, so we certainly see a path to reach a rapidly expanding Indian Motorcycle Riders Compound Annual Growth Rate (CAGR) that $1 billion in this $4+ billion segment. Group (IMRG), we are building a global brand that exceeds 15 percent. These new objectives are Entrusting Chris Musso with the leadership resonates with a broad demographic.
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