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Non-Gaap Reconciliations RAYMOND JAMES INVESTOR CONFERENCE MIKE SPEETZEN EVP – FINANCE & CFO Orlando, Florida | March 5, 2019 POLARIS INDUSTRIES INC. – A GLOBAL CORPORATION 1954 Year Polaris was Founded 2018 SALES BY SEGMENT Off-road Vehicles / Motorcycles Snowmobiles ~13,000 Employees Worldwide 64% 9% 7% Adjacent Markets 20 Manufacturing Locations 15% Aftermarket 5% 9 Key Research & Development Centers Boats ~2,300 Dealers In North America 2018 SALES BY GEOGRAPHY United ~1,400 Dealers Outside North America 80% States >400,000 Units Shipped Worldwide in 2018 13% International 7% >120 Countries – Polaris Products Sold Canada RJames 3-5-19 2 2018 SUMMARY SALES NET INCOME EARNINGS PER SHARE $6.079 billion $335 million $5.24 GAAP 12% y/y 94% y/y 95% y/y $6.083 billion $420 million $6.56 12% y/y 28% y/y 29% y/y ADJUSTED* ADJUSTED* (6.9% of sales; ) Full year 2018 adjusted* results in-line with Company expectations despite headwinds International sales and profits up strong driven by Europe GAAP & adjusted* net income margins improved in 2018 *See GAAP/Non-GAAP Reconciliation in Appendix Successfully Navigated Through Significant External Volatility in 2018 RJames 3-5-19 3 N.A. POWERSPORTS CONSOLIDATED MARKET SHARE REMAIN CLEAR #1 IN N.A. POWERSPORTS RJames 3-5-19 4 RJames 3-5-19 55 BUILDING A . CUSTOMER-CENTRIC HIGHLY EFFICIENT GROWTH COMPANY RJames 3-5-19 CUSTOMER-CENTRICITY KEY DRIVERS ULTIMATE DEALER EXPERIENCE OWNERSHIP ENGAGEMENT Expand Customer Base 25,000 13,000 Over 500 Attendees Registrations Demos Improve Rider Experience Seamless Dealer Connection ✓ Complete Polaris Portfolio of Products Increase Ownership ✓ Premium Service Experience October 2018 – Glamis, CA Engagement FACTORY CHOICE POLARIS ADVENTURES ✓ Premium cab, 1st FULL YEAR audio, upfitter packages straight from factory ~35,000 Rides ✓ Online build configurator 90+ Locations Deliver Personalized Experiences to Delight Customers RJames 3-5-19 7 EFFICIENCY KEY DRIVERS QUALITY IMPROVEMENT ($ in millions) Best Practices & LEAN Warranty Expense $195 % of Sales $146 Standardized DFMEA 4.3% $105 $74 (Design Failure Mode and Effects Analysis) 2.7% 1.6% 1.7% Product Development 2015 2016 2017 2018 Process (PDP) Evolution STRATEGIC SOURCING INITIATIVE: 2018–2022 OPPORTUNITY Plant Network Flexibility IMPROVED QUALITY >$200Million On-going Value Improvement GROSS MATERIAL SIGNIFICANT SUPPLIER <150 SAVINGS DEVELOPMENT/ PPM REJECTS Process (VIP) Savings RATIONALIZATION Retail Flow Management Project Timing WAVE 1 WAVES 2&3 (RFM) Process (4 WAVES TOTAL) Began in 2017; Kick-off 2019 Savings to begin in 2H’18 (~$1B annual spend ) (~$1B annual spend) Building and Improving Operational Capabilities of Organization RJames 3-5-19 8 GROWTH KEY DRIVERS INDUSTRY-LEADING BRANDS OFF-ROAD VEHICLES SNOWMOBILES MOTORCYCLES ADJACENT MARKETS AFTERMARKET Industry-leading Brands Efficient Sales & Marketing Customer focused product development Design to Value (DTV) 2018 PORTFOLIO EXPANSION PRODUCT INNOVATION* *Key 2018 Product Launches Best in Class Safety & Quality RANGER XP 1000 Indy EVO RZR RS 1 FTR 1200 RZR Turbo S Pro XD Sportsman XP 1000 RZR Velocity RANGER 150 Geo Fencing Indian Elite Long-term Goal: Sales CAGR >5% | Net Income CAGR >15% Through 2022 RJames 3-5-19 9 FY 2019 GUIDANCE (Unchanged as of 1/29/19) SALES 2019 FULL YEAR ADJUSTED* EPS GUIDANCE BRIDGE Adjusted* Sales Guidance 14% to 18% $6.75 to $6.90 Billion $7.50 to $7.75 +11% to +13% 5% to 9% $6.56 +9% to +11% $0.60 to $0.75 ~($1.00) $6.00 to $6.25 +5% to +7% $0.34 to $0.44 ~($0.40) ~($0.10) EARNINGS PER SHARE** Adjusted* EPS Guidance $6.00 to $6.25 FY 2018 Boats Growth/ FY 2019 Tariff F/X Interest FY 2019 -5% to -9% Adjusted* Leverage/ Adjusted* Costs Adjusted* EPS Productivity EPS EPS Guidance *See GAAP/Non-GAAP Reconciliation and discussion regarding non-GAAP adjustments excluded from 2019 guidance in Appendix Operational Improvements Offset by Tariffs, F/X, Higher Interest Costs RJames 3-5-19 10 FY 2019 SALES GUIDANCE BY SEGMENT (Unchanged as of 1/29/19) $ in millions ORV/Snowmobiles Motorcycles Global Adjacent Markets Aftermarket Boats mid-single digits % $3,923 mid-single digits % $889 mid-teens % more than mid-single $546 double** digits % $445 $280 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 Adjusted* Guidance Adjusted* Guidance Guidance Guidance Guidance **up mid-single digits % on a FY proforma basis *See GAAP/Non-GAAP Reconciliation in Appendix All Segments Growing Sales FY; Gross Profit Margins Up Excluding Tariffs RJames 3-5-19 11 OFF-ROAD VEHICLES (ORV) / SNOWMOBILES SALES GROSS PROFIT RZR Turbo S ($ in millions) FY 2018 FY 2018 mid-single 10% 10% GAAP Adjusted* $3,919 $3,923 digits % 28.4% 28.5% FY 2019 Adjusted* Expectations Including Excluding Tariff Impact Tariff Impact FY 2018 FY 2018 FY 2019 GAAP* Adjusted* Guidance PRIORITIES RANGER XP 1000 850 Pro RMK Build on global leadership position Personalize customer experiences Expand Factory Choice Best in class safety and quality Elevated dealer experience *See GAAP/Non-GAAP Reconciliation in Appendix Solid Growth Driven by New ProductFY Introductions, 2018 SALES Improved Quality and Availability RJames 3-5-19 12 MOTORCYCLES SALES GROSS PROFIT Indian Chieftain Indian FTR 1200 ($ in millions) FY 2018 FY 2018 GAAP Adjusted* 5% 5% mid-teens % $546 $546 11.6% 11.8% FY 2019 Adjusted* Expectations Including Excluding Tariff Impact Tariff Impact FY 2018 FY 2018 FY 2019 GAAP* Adjusted* Guidance PRIORITIES MY’19 Slingshot Continue building the brands Build on strong dealer channel Expand product portfolio Engage new customers *See GAAP/Non-GAAP Reconciliation in Appendix Build ProfitableFY 2018 Motorcycle SALES Portfolio RJames 3-5-19 13 GLOBAL ADJACENT MARKETS (GAM) SALES GROSS PROFIT Polaris Commercial Pro XD Aixam e COUPE’ GTI ($ in millions) FY 2018 FY 2018 GAAP Adjusted* mid-single 12% 26.2% 26.3% $445 digits % FY 2019 Adjusted* Expectations Including Excluding Tariff Impact Tariff Impact FY 2018 FY 2019 GAAP* Guidance Goupil GEM PRIORITIES Become preferred solutions provider for: Urban mobility Lean manufacturing/distribution Light-tactical vehicle applications *See GAAP/Non-GAAP Reconciliation in Appendix A Portfolio of Solutions forFY Consumers, 2018 SALES Commercial & Government RJames 3-5-19 14 AFTERMARKET SALES GROSS PROFIT Transamerican Auto Parts 4Wheel Parts Retail Store Jeep Accessories ($ in millions) FY 2018 FY 2018 mid-single ~Flat GAAP Adjusted* digits % $889 26.4% 26.4% FY 2019 Adjusted* Expectations Including Excluding Tariff Impact Tariff Impact FY 2018 FY 2019 GAAP* Guidance Klim Apparel Transamerican Auto Parts PRIORITIES Truck Accessories Increase customer focus Accelerate product development Improve profitability Enhance manufacturing, quality/safety *See GAAP/Non-GAAP Reconciliation in Appendix Only Vertically Integrated, OmniFY- channel2018 SALES Jeep & Truck Aftermarket Retailer RJames 3-5-19 15 BOATS SALES GROSS PROFIT BenningtonBennington PontoonPontoon ($ in millions) FY 2018 FY 2018 GAAP Adjusted* more than 16.5% 17.7% double $280 FY 2019 Adjusted* Expectations Including Excluding Tariff Impact Tariff Impact FY 2018 FY 2019 Guidance PRIORITIES Hurricane SD 2690 Bennington Pontoon Successfully integrate businesses Attract new markets with products Focus on quality/safety Leverage Polaris capabilities Solid AdditionFY 2018 to the SALES Polaris Portfolio RJames 3-5-19 16 PARTS, GARMENTS & ACCESSORIES (PG&A) SALES* ($ in millions) Sales by Business mid-single 7% digits % ORV / Snow Motorcycles $841 9% 6% Adjacent Markets 9% FY 2018 FY 2019 GAAP Expectations PRIORITIES Sales by Category Accessories Parts Win with product innovation 14% 1% Deliver efficient customer service Leverage global scale Grow profitably Apparel 3% *Included in respective reporting segments Leverage Polaris’ Global Reach to Maximize PG&A Portfolio RJames 3-5-19 17 INTERNATIONAL SALES* ($ in millions) Sales by Business EMEA low-single +17% digits % Motorcycles 11% ORV / Snow $604 14% $805 9% $516 Global Adjacent Markets FY 2018 FY 2019 14% FY 2017 FY 2018 Expectations PRIORITIES Build on global powersports portfolio Asia Pacific Latin America (includes Australia/New Zealand) Solidify ORV leadership position Flat -6% $83 $83 $126 $118 Grow snowmobiles Expand Indian: growth and profitability FY 2017 FY 2018 Strengthen the global foundation FY 2017 FY 2018 *Included in respective reporting segments International Results Remain Strong, Significant Opportunity Going Forward RJames 3-5-19 18 CUSTOMER-CENTRIC HIGHLY EFFICIENT GROWTH COMPANY RJames 3-5-19 Questions? RJames 3-5-19 20 SAFE HARBOR & NON-GAAP MEASURES Except for historical information contained herein, the matters set forth in this presentation, including management’s expectations regarding 2019 future sales, shipments, net income, and net income per share, operational initiatives, tariffs, currency fluctuations, interest rates, and commodity costs, are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations expansion initiatives, product offerings, promotional activities and pricing strategies by competitors; economic conditions that impact consumer spending; acquisition integration costs; product recalls, warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental
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