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Polaris Investor Presentation – May 2016

This document provides an overview of Polaris Industries for investors. In 2015, Polaris saw sales growth of 5% but net income was flat. International sales were down 5% due to currency effects. Polaris aims to grow to $8 billion in sales by 2020 through organic growth of 5-8% annually and over $2 billion from acquisitions. Polaris' strategic objectives include maintaining leadership in powersports vehicles while expanding into adjacent markets, achieving lean enterprise benefits, and delivering strong financial performance including net income margins over 10%.

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Investor Presentation May 2016 POLARIS INDUSTRIES INC.
CORPORATE OVERVIEW – 2015 2015 Sales by Reporting Segments*1954 Year Polaris was Founded ~8,100 Employees Worldwide 16 Manufacturing Locations 5 Research & Development Centers ~1,800 Dealers In North America ~1,700 Dealers Outside North America >390,000 Units Shipped Worldwide >100 Countries – Polaris Products Sold Building a Highly Profitable Global Enterprise IR MAY 2016 2 78% 15% 7% 78% 14% 8% Int’l Canada United States Global Adjacent Markets Motorcycles Off-Road Vehicles/ Snow *PG&A included in respective segments BILLION UP 2015 Sales by Geography
Grew Full Year Sales 5%; Net income flat All businesses gained market share in 2015 International sales down 5% (up 10% excluding currency) Constant Currency: EMEA +2%; Latin America +66%; Asia Pacific +21%; Pretax Income included ~$70 million of negative currency Earnings per share up 2% to $6.75 Repurchased 2.2 million shares for $294 million Net income margin down 49 bps from 2014 $4,479.6 $4,719.3 FY 2014 FY 2015 $454.0 $455.4 FY 2014 FY 2015 Grew Market Share in All Businesses Despite Tough Economic Headwinds Net IncomeTotal Company Sales 3IR MAY 2016 2015 SALES & NET INCOME 78% 15% 7% Motorcycles Adjacent Markets FY 2015 Sales by Reporting Segments (includes respective PG&A) ORV / Snowmobiles ($ millions) ($ millions)
Company Performance Below Expectations 4IR MAY 2016 WHAT WENT WELLINTERNAL FACTORSEXTERNAL FACTORS STRENGTHENING DOLLAR US Canda Euro OIL & AG COMMODITIES DOWN Soft retail in oil states MORE COMPETITIVE OFFERINGS Honda, BRP, John Deere , Yamaha MILD WINTER Snowmobile market weak PAINT ISSUES Scout / Slingshot delays INVENTORY TOO HIGH Factory and Dealer INCONSISTENT QUALITY Recalls POOR FORECASTING / EXECUTION Guidance revision in Q4 INDIAN GROWTH Retail ~80% for 2015 SLINGSHOT GROWTH / PROFITABILITY Sales well north of $100 million in year one POWERSPORTS SHARE GAINS Grew for 7th straight year LEAN / VIP ACCELERATION Over 900 VIP projects in pipeline 2015 PERFORMANCE – WHAT HAPPENED?
Strategic Objectives Vision & Strategy VISION Fuel the passion of riders, workers and outdoor enthusiasts around the world by delivering innovative, high quality vehicles, products, services and experiences that enrich their lives. STRATEGY Polaris will be a highly profitable, customer centric, $8B global enterprise by 2020. We will make the best off-road and on-road vehicles and products for recreation, transportation and work supporting consumer, commercial and military applications. Our winning advantage is our innovative culture, operational speed and flexibility, and passion to make quality products that deliver value to our customers. Best in Powersports PLUS Growth through Adjacencies 5-8% annual organic growth >$2B from acquisitions & new markets Global Market Leadership LEAN Enterprise is Competitive Advantage >33% of Polaris revenue Significant Quality, Delivery & Cost Improvement Strong Financial Performance Sustainable, profitable growth Net Income Margin >10% Guiding Principles Best People, Best Team Safety & Ethics Always Customer Loyalty Performance Priorities Growth Margin Expansion Product & Quality Leadership LEAN Enterprise >$8 Billion by 2020 12% CAGR >10% of Sales by 2020 13% CAGR 5IR MAY 2016 Strategy and Objectives Remain Valid & Achievable
ORV/Snowmobiles Down Modestly, Motorcycles Unchanged; GAM Increased 6IR MAY 2016 Global Adjacent MarketsMotorcyclesORV / Snowmobiles 2015 Reported 2016 Guidance 2015 Reported 2016 Guidance 2015 Reported 2016 Guidance 2016 SALES GUIDANCE BY REPORTING SEGMENTS $698.3 Up high-teens % (unchanged) Indian Victory Slingshot Indian Victory Slingshot PG&A PG&A PG&A PG&A W&T Defense W&T Defense Up high-single digits % (increased) Down low to mid-single digits % (decreased) ORV ORV PG&A PG&A Snow $3,708.9 $312.1 ($ millions) Snow
$1,822 $2,226 $2,423 $2,793 $2,748 2011 2012 2013 2014 2015 OFF-ROAD VEHICLES (ORV) 7IR MAY 2016 2016 ObjectivesPolaris Off-Road Vehicles Sales* Polaris N.A. ORV Market Share Polaris Off-Road Maintain #1 Market Share Position in More Competitive Environment ($ millions) Excludes PG&A Twice the Nearest Competitor! Leverage #1 Industry Position – scale Eliminate waste, reduce costs – RFM On-going innovation for global expansion Expand market to new customers New leadership: Matt Homan & Craig Scanlon 2008 2009 2010 2011 2012 2013 2014 2015 Best in Powersports PLUS 5-Year CAGR +15% NEW MY 16.5 *2013-2015 reclassified to exclude Defense and Commercial Sales to GAM
2013 2014 2015 2013 2014 2015 2013 2014 2015 MOTORCYCLES 8IR MAY 2016 2016 ObjectivesMotorcycle Vehicle Sales Indian® “Legendary” / Victory® “American Muscle” Broaden product line Expand dealer network Accelerate accessories growth Slingshot® Broaden consumer base Build upon first mover advantage Grow globally Enhance dealer engagement Total Motorcycle Market Share 2013 - 2015 Motorcycle Growth Continues; Production Constraints Resolved Acquired 2011 Est. 2014 1.8PTS 2013 to 2015 Indian MotorcycleHarley-Davidson Japanese Top 4 3.6PTS 2013 to 2015 0.5PTS 2013 to 2015 $134 $196 $220 $349 $608 2011 2012 2013 2014 2015 Best in Powersports PLUS MY’17 Victory Octane™ (Mid-sized) MY 16.5 Slingshot® White Pearl SL LE (Moto-Roadster) MY’16 Indian Springfield™ (Bagger/Touring) 5-Year CAGR +50% ($ millions) Excludes PG&A
SNOWMOBILES 9IR MAY 2016 2016 ObjectivesSnowmobile Vehicle Sales Industry-leading quality Grow Timbersled™ category Leverage platform commonality Continue to grow Market Share Introduced 7 new MY’17 snowmobiles in March (+4 Limited Editions) 6-Year Market Share Pts. Growth – N.A. Strong #2 and Gaining Share in N.A. 8 pts (’15/’16 season vs. ’09/’10) $280 $283 $302 $322 $323 2011 2012 2013 2014 2015 $inMillions Best in Powersports PLUS 5-Year CAGR +11% ($ millions) Excludes PG&A
PARTS, GARMENTS & ACCESSORIES (PG&A) 10IR MAY 2016 2016 ObjectivesPG&A Sales – All Businesses Grow Core PG&A globally Build aftermarket brands Expand digital shopping experience Refine retail transformation model (SMART) FY 2015 Sales by Segment & Category Accelerate Core Growth / Broaden Aftermarket Offerings CorePolarisPG&ABrandsAftermarketBrands $408 $461 $611 $742 $781 2011 2012 2013 2014 2015 ($ millions) 82% 11% 7% Motorcycles Adjacent Markets ORV / Snowmobiles Apparel 53% 39% 8% Accessories Parts Best in Powersports PLUS 5-Year CAGR +18% Accessorized RANGER Crew® XP-900 With Lock & Ride® Pro-Fit Cab System
People Movers Light Duty Haulers Industrial EQC Golf GLOBAL ADJACENT MARKETS 11IR MAY 2016 2016 ObjectivesGlobal Adjacent Markets Vehicle Sales* Aixam grows #1 market share . . . Again Expand commercial sales / improved execution Leverage installed base Add scale / capability through M&A Obtain program of record (Military) Work & Transportation / Military ORV Markets Building Businesses for Future Growth / Profitability Growth Through Adjacencies $81 $110 $221 $270 $260 2011 2012 2013 2014 2015 Work&TransportationMilitary $600+ Million Market Very-light Ultra-light COTS (Commercial off the shelf) $4+ Billion Market 5-Year CAGR +46% Acquired March 2016 *2013-2015 reclassified to include Defense and Commercial Sales ($ millions) Excludes PG&A
Overcome Currency Challenges, Grow Share, Leverage Opole 12IR MAY 2016 INTERNATIONAL $424 $461 $593 $685 $652 2011 2012 2013 2014 2015 5% (cc +10%) ($ millions) Includes PG&A 2016 Objectives Drive motorcycle growth – midsize offerings catalysts Effectively leverage Poland operations Continue to build emerging market foundation Improve execution ~1,700 dealers International Sales Opole, Poland Manufacturing Plant Hammerhead Off-RoadPolaris/Eicher JV - Multix Global Market Leadership 5-Year CAGR +16%
Lean Delivers Sustainable Profitable Growth and Competitive Advantage 13IR MAY 2016 LEAN ENTERPRISE Lean drives continuous improvement across the business. Customer Value, Flow, Pull, Standardized Work, Waste Elimination, Built-in Quality and Speed RFM Commercial Model Lean Product Development Lean Business Process Plant Lean Lean Material Flow OUT IN Consumer & Dealer Pull 1 2 3 4 5 SxS to RFM in 2H 2016 Start of Production Q2 2016 >$100 Million VIP Cost Down Opportunity Lean Business Process Improv’t Lean PDPRFM - Order to Delivery Distribution Plant Network Supply Chain Dealers Huntsville Lean LEAN Enterprise is Competitive Advantage
750 experienced engineers Industry-leading technology centers Wyoming, MN Roseau, MN Switzerland France (Goupil, Aixam) R&D Investment Fuels Innovation & Growth Innovation Vitality IndexR&D Spend 14IR MAY 2016 RESEARCH & DEVELOPMENT $106 $127 $139 $148 $166 4.0% 4.0% 3.7% 3.3% 3.5% 2011 2012 2013 2014 2015 R&D $   % Sales 82% 78% 71% 72% 86% 2011 2012 2013 2014 2015 ($ millions)
725,000 sq. ft. manufacturing plant Initially produce RANGER® SxS; Slingshot® to start in Q3 2016 ~1,700 employees at capacity ~$150 million investment Provides capacity, flexibility and improved efficiencies Incorporates most advanced lean flow processes and industry-leading technologies Huntsville Production to Start in Q2 2016 as Planned 15IR MAY 2016 NEW MANUFACTURING FACILITY – HUNTSVILLE, AL LEAN Enterprise is Competitive Advantage
Difficult / Decent Start to Year Sales & Earnings down- on guidance; Indian outpacing industry; ORV catching up; Recall Variability too Consistent Month-to-month, region-to-region demand shifts challenging Lean Enterprise Traction Building VIP cost initiatives; Inventory reduction; Standard work & waste elimination Executing RZR Recall Q2 Priority Customer safety / back to riding #1 focus; Retail & production plans in place Regain Momentum in Growing Powersports Industry Aggressively protecting #1 share position R&D and Growth Investments Ongoing Products / services and acquisition pipeline active All Out Assault on Cost & Working to Make Growth Happen 16IR MAY 2016 Q1 2016 COMMENTS
Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2016 sales, shipments, margins, currencies, net income and cash flow, the opportunities for expansion and diversification of the Company’s business and the Company’s guidance on earnings per share 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 product offerings, promotional activities and pricing strategies by competitors; manufacturing operation expansion initiatives; acquisition integration costs; warranty expenses; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performance of affiliate partners; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in our 2015 annual report and Form 10-K filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward- looking statements. The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and compiled by the Company or Company estimates. The Company must rely on information that its dealers supply concerning retail sales, and other retail sales data sources and this information is subject to revision. Non-GAAP Measure - Constant Currency Reporting. This presentation includes information regarding the Company’s 2015 results and 2016 expectations on a constant currency basis, which is a non-GAAP measure, as well as on a GAAP basis. For purpose of comparison, the results on a constant currency basis uses the respective prior year exchange rates for the comparative period to enhance the visibility of the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. 17IR MAY 2016 SAFE HARBOR
Thank You Questions?
CONSISTENT FINANCIAL PERFORMANCE Q1 2016 SALES & NET INCOME Q1 2016 N.A. RETAIL SALES & DEALER INVENTORY 2016 FULL YEAR DETAILED GUIDANCE 2016 FULL YEAR GROSS PROFIT MARGIN GUIDANCE FOREIGN CURRENCIES EXPOSURES FOR POLARIS POLARIS FINANCIAL POSITION FACTORY INVENTORY TAYLOR-DUNN ACQUISITION POLARIS CUSTOMER USAGE PROFILES MANUFACTURING LOCATIONS 19IR MAY 2016 APPENDICES
106% 54% 74% 45% 64% Polaris Peer Avg.* S&P 500 Russell 2000 DJIA $194 $230 $644 $209 $433 2011 2012 2013 2014 2015 2016 Dividends Repurchases Return on Invested CapitalSales & Earnings Per Share 33% $2,657 21% $3,210 18% $3,777 19% $4,480 5% $4,719 2% to 3% $3.20 $4.40 $5.40 $6.65 $6.75 2011 2012 2013 2014 2015 2016 Sales EPS 39% 40% 39% 38% 32% 12% 20% 26% 16% 13% 9% 9% 9% 9% 8% 2011 2012 2013 2014 2015 Polaris Peer Average* S&P 500 Average Strong Balance Sheet & Cash Flow Generation – Long History of Shareholder Value Creation Dividends & Share Repurchase5-Year Total Return 20IR MAY 2016 FINANCIAL STRENGTH & FLEXIBILITY Dividend 4% More Aggressive Share Buyback Expectations ($ millions) *PEERS: ACAT, BC, DE, DOO, HOG, WGO, TTC Industry- Leading! April 22, 2011 – April 22, 2016 (Including Dividend Yield) 5-Year CAGR: Sales 19%, EPS 26% Guidance $6.20 TO $6.80 ($ millions)
Q1 sales and net income in-line with guidance ORV/Snowmobile sales down 9%; Motorcycles up 18%; Global Adjacent Markets down 5% Results include ~$30 million of additional costs: product liability, warranty, acquisition related costs and severance accruals Earnings per share decreased 45% to $0.71 Gross profit margin down 324 bps from negative currency, mix and higher warranty N.A. dealer inventory levels down 1% ORV down 10 percent Q1 Results In-line with Expectations Q1 2016 Net IncomeQ1 2016 Sales 21IR MAY 2016 Q1 2016 SALES & NET INCOME $1,033.3 $983.0 Q1 2015 Q1 2016 $88.6 $46.9 Q1 2015 Q1 2016 ($ millions) ($ millions)
Polaris N.A. retail 6% for Q1 2016 vs. Q1 2015 Polaris held Powersports share – remains clear #1 North American Industry improved sequentially vs. Q4; Q1 similar to Polaris Polaris Q1 2016 N.A. dealer inventory 1% vs. Q1 2015 ORV 10% year-over-year; RANGER®, RZR® and ATVs all declined Motorcycles significantly as expected, near targeted levels Snowmobiles low-twenties % due to lower snowfall in key regions RFM business model re-engaged for motorcycles; ATVs working well; SxS to convert in Q4 2016 +8% +11% +7% -6% +6% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Retail Improved; Dealer Inventory Down vs. Q1 2015 N.A. Dealer InventoryPolaris Retail Sales 22IR MAY 2016 N.A. POWERSPORTS RETAIL SALES: Q1 2016 Q1 2015 Q1 2016 -12% Existing ORV Models 4% New ORV models 2% Snowmobiles 5% Slingshot/Indian 0% New Dealers -1% Total Increase -1%
Earnings Per Share (diluted)Gross Profit Margin 23IR MAY 2016 Total Company Sales $4,719 2015 Actual FY 2016 Guidance 28.4% 2015 Actual FY 2016 Guidance 2016 Sales & Earnings Guidance Remains Unchanged $6.75 2015 Actual FY 2016 Guidance Assumptions Protect market share Dealer inventory about flat Segment Expectations ORV/Snowmobiles low to mid-single digits % (decreased) Motorcycles high-teens % (unchanged) Global Adjacent Markets high-single digits % (increased) Assumptions F/X = minus ~90 bps Huntsville start-up Q2’16 Commodities positive Assumptions F/X = minus ~55¢ per share (unchanged) Share count down ~2% (increased) Net income $ down 1% to 10% (unchanged) 2016 FULL YEAR GUIDANCE 2% to 3% (unchanged) Constant Currency Flat to 5% Constant Currency 20 to 30 bps Constant Currency Flat to 9% $6.75 to $7.35 8% to % $6.20 to $6.80 (unchanged) 70 to 120 bps (Improved) Other 2016 Expectations Operating expenses: Up 10 to 30 bps as a % of sales (decreased) Income from financial services: grow faster than total company sales (increased) Income taxes: Approx. 35% of pre-tax income (unchanged) International sales: low to mid-single digits % (unchanged) PG&A sales: Grow faster than overall company (unchanged) ($ millions)
By Component Q1 2015 Actual Q1 2016 Actual FY 2016 Guidance Prior period 29.1 28.4% 28.4% Production volume/capacity to Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix Motorcycle Production Constraints New plant start-up costs Warranty costs Depreciation/Tooling amortization Sales promotional costs Current period 28.4% 25.2% 27.2% to 27.7% Change -66 bps -324 bps Down 70 to 120 bps By Reporting Segments Q1 2015 Actual Q1 2016 Actual FY 2016 Guidance ORV/Snowmobiles 32.7% 29.0% Motorcycles 12.7% 15.3% Global Adjacent Markets 23.4% 27.5% Gross Profit Margin 28.4% 25.2% 24IR MAY 2016 2016 GROSS PROFIT MARGIN GUIDANCE Improvement to gross profit margin % Headwind to gross profit margin % Neutral to gross profit margin %
Currency Improved Slightly in Q1; Remains Volatile 25IR MAY 2016 FOREIGN CURRENCY EXPOSURE FOR POLARIS Foreign Currency Hedging Contracts Currency Impact on Net Income Notional Avg. Exchange Compared to Prior Year Period Foreign Currency Currency Position Cash Flow Exposure Hedged Amounts (US $ in Millions) Rate of Open Contracts FY 2016 (Expectation) Canadian Dollar (CAD) Long 80% $193 $0.72 to 1 CAD Negative Australian Dollar (AUD) Long 60% $22 $0.71 to 1 AUD Negative Euro (EUR) Long 0% - - Negative Japanese Yen (JPY) Short 40% $6 120 Yen to $1 Positive Mexican Peso (MXN) Short 90% $41 17 Peso to $1 Positive F/X Impacts vs. Prior Year ($ in millions) Actual Q1 2015 Actual Q1 2016 Actual FY 2015 FY 2016 Expectations Sales ($32) ($14) ($160) ($75) Gross Profit ($12) ($17) ($70) ($75) Pretax Income ($16) ($8) ($70) ($55) Open F/X Hedging Contracts as of March 31, 2016
POLARIS FINANCIAL POSITION 26IR MAY 2016 Capital Summary March 2016Cash Drivers Fav/(Unfav) March 2015 Cash $ 145.8 +32% Debt /Capital Lease Obligations $ 532.4 (63%) Shareholders’ Equity $ 930.9 8% Total Capital $1,463.3 23% Debt to Total Capital 36% (9%) 2015 Operating cash flow up significantly Factory inventory flat sequentially from Q4’15 Increased share repurchases given stock price Cap Ex expected to be slightly higher than 2015 Reflects Huntsville, Spirit Lake Investments Operating Cash Flow Strong Balance Sheet and Cash Flow Generation ROIC* Cash Q1 2015 Operating Activities Dividends Capex Net Borrow- ings Share Repur- chase Acquisition Other Cash Q1 2016 $155 $139 $35 $55 $66 $85 $55 $16 $146 $4 $139 Q1 2015 Q1 2016 2016 38% 28% Q1 2015 Q1 2016 *Defined as trailing 12 months net income divided by average total assets, minus average current liabilities Up Significantly ($ millions) ($ millions) ($ millions) Expectations Q1 2016 Summary 2016 Expectations
Inventory Turns Decreasing as Inventory Value Grows at a Faster Rate than Sales Factory Inventory & TurnsSales 27IR MAY 2016 POLARIS SALES GROWTH & FACTORY INVENTORY ($ millions) $298 $345 $418 $566 $710 5.6 5.6 5.5 5.0 4.3 2011 2012 2013 2014 2015 2016 Inventory Turns Factory inventory historically growing faster than sales – major focus in 2016 Inventory reduction closely tied to Retail Flow Management (RFM) Vehicle platforming, localization of suppliers, reduction of supplier lead-times, distribution network reconfiguration Tied incentive compensation to factory inventory reduction targets for executives $2,657 $3,210 $3,777 $4,480 $4,719 2011 2012 2013 2014 2015 ($ millions) +23% +18% +30% +24% +33% +21% +18% +19% +5% Inventory $ down significantly, Turns Improve Expectations
Burden Carriers Tow Tractors Stock Chasers Personal Carriers Utility Vehicles ACQUISITION: TAYLOR-DUNN (3/7/16) 28March 2016 Taylor Dunn Product LineTaylor-Dunn Overview Leader in light-industrial and commercial vehicles 2015 sales: ~1% of total Polaris (80% N.A.) ~80 models, ~95% electric ~240 dealers worldwide 150+ Employees; HQ and manufacturing in Anaheim, CA Customers: Industrial, warehouse, schools/universities Business expected to be neutral to 2016 earnings Established dealer network Large installed base Industrial market presence Strong brand recognition Strategic Fit with Work & Transportation (W&T) Expands Products and Channel Access to Polaris W&T Business MSRP – $5,500 to $48,500
SnowmobilesMotorcycles POLARIS CUSTOMER USAGE PROFILES IR MAY 2016 Off-Road Vehicles 29 Die-Hard "Biker" Motorcycle Enthusiast Show-off Rider Commuter RiderWeekend Rider Trail/ Touring Off-Trail/ Deep Snow On/Off Trail Recreation/ Utility AVERAGE AGE 50 43 44 43 47 52 56 42 INCOME ~$100k ~$100k -- ~$90k ~$90k ~$100k - $125k $160k ~$90k MALE FEMALE 91% 9% 91% 9% 98% 2% 87% 13% 75% 25% 90% 10% 95% 5% 90% 10% PRIMARY USE Work & Play Farm/Ranch Property Maint. Rec/Trail Hunt Mostly Play Rec/Trail Dunes Property Play & Work Rec/Trail Property Farm/Ranch Work & Play Rec/Trail Property Maint. Hunt Rec/Trail Hunt Utility Cruising, Day trips around town Commute Cruising, Day trips, Commute Recreation on & off trail Trail Riding Private Property Maintenance Farm/Ranch Hunt/Fish Desert/Dunes MY15, except GENERAL (MY16)
17 In-House Manufacturing Facilities Worldwide 30IR MAY 2016 MANUFACTURING LOCATIONS Monterrey MEXICO SxS, Engines Spirit Lake & Milford IOWA Motorcycles, SxS, ACE, GEM Roseau MINNESOTA Snow, ATV, SxS Osceola WISCONSIN Engines Bourran FRANCE Goupil Chanas & Aix-les-Bains FRANCE Aixam Mega Cuyahoga Falls OHIO Kolpin Riverside, CALIFORNIA Pro Armor Shanghai, CHINA Hammerhead Huntsville ALABAMA (2016) SxS, Slingshot Opole POLAND ATV, SxS Jaipur INDIA Eicher JV Sandpoint IDAHO Timbersled Spearfish SOUTH DAKOTA Motorcycle Paint Anaheim, CALIFORNIA Taylor-Dunn
Polaris Investor Presentation – May 2016

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Polaris Investor Presentation – May 2016

  • 1.
  • 2.
    CORPORATE OVERVIEW –2015 2015 Sales by Reporting Segments*1954 Year Polaris was Founded ~8,100 Employees Worldwide 16 Manufacturing Locations 5 Research & Development Centers ~1,800 Dealers In North America ~1,700 Dealers Outside North America >390,000 Units Shipped Worldwide >100 Countries – Polaris Products Sold Building a Highly Profitable Global Enterprise IR MAY 2016 2 78% 15% 7% 78% 14% 8% Int’l Canada United States Global Adjacent Markets Motorcycles Off-Road Vehicles/ Snow *PG&A included in respective segments BILLION UP 2015 Sales by Geography
  • 3.
    Grew Full YearSales 5%; Net income flat All businesses gained market share in 2015 International sales down 5% (up 10% excluding currency) Constant Currency: EMEA +2%; Latin America +66%; Asia Pacific +21%; Pretax Income included ~$70 million of negative currency Earnings per share up 2% to $6.75 Repurchased 2.2 million shares for $294 million Net income margin down 49 bps from 2014 $4,479.6 $4,719.3 FY 2014 FY 2015 $454.0 $455.4 FY 2014 FY 2015 Grew Market Share in All Businesses Despite Tough Economic Headwinds Net IncomeTotal Company Sales 3IR MAY 2016 2015 SALES & NET INCOME 78% 15% 7% Motorcycles Adjacent Markets FY 2015 Sales by Reporting Segments (includes respective PG&A) ORV / Snowmobiles ($ millions) ($ millions)
  • 4.
    Company Performance BelowExpectations 4IR MAY 2016 WHAT WENT WELLINTERNAL FACTORSEXTERNAL FACTORS STRENGTHENING DOLLAR US Canda Euro OIL & AG COMMODITIES DOWN Soft retail in oil states MORE COMPETITIVE OFFERINGS Honda, BRP, John Deere , Yamaha MILD WINTER Snowmobile market weak PAINT ISSUES Scout / Slingshot delays INVENTORY TOO HIGH Factory and Dealer INCONSISTENT QUALITY Recalls POOR FORECASTING / EXECUTION Guidance revision in Q4 INDIAN GROWTH Retail ~80% for 2015 SLINGSHOT GROWTH / PROFITABILITY Sales well north of $100 million in year one POWERSPORTS SHARE GAINS Grew for 7th straight year LEAN / VIP ACCELERATION Over 900 VIP projects in pipeline 2015 PERFORMANCE – WHAT HAPPENED?
  • 5.
    Strategic Objectives Vision &Strategy VISION Fuel the passion of riders, workers and outdoor enthusiasts around the world by delivering innovative, high quality vehicles, products, services and experiences that enrich their lives. STRATEGY Polaris will be a highly profitable, customer centric, $8B global enterprise by 2020. We will make the best off-road and on-road vehicles and products for recreation, transportation and work supporting consumer, commercial and military applications. Our winning advantage is our innovative culture, operational speed and flexibility, and passion to make quality products that deliver value to our customers. Best in Powersports PLUS Growth through Adjacencies 5-8% annual organic growth >$2B from acquisitions & new markets Global Market Leadership LEAN Enterprise is Competitive Advantage >33% of Polaris revenue Significant Quality, Delivery & Cost Improvement Strong Financial Performance Sustainable, profitable growth Net Income Margin >10% Guiding Principles Best People, Best Team Safety & Ethics Always Customer Loyalty Performance Priorities Growth Margin Expansion Product & Quality Leadership LEAN Enterprise >$8 Billion by 2020 12% CAGR >10% of Sales by 2020 13% CAGR 5IR MAY 2016 Strategy and Objectives Remain Valid & Achievable
  • 6.
    ORV/Snowmobiles Down Modestly,Motorcycles Unchanged; GAM Increased 6IR MAY 2016 Global Adjacent MarketsMotorcyclesORV / Snowmobiles 2015 Reported 2016 Guidance 2015 Reported 2016 Guidance 2015 Reported 2016 Guidance 2016 SALES GUIDANCE BY REPORTING SEGMENTS $698.3 Up high-teens % (unchanged) Indian Victory Slingshot Indian Victory Slingshot PG&A PG&A PG&A PG&A W&T Defense W&T Defense Up high-single digits % (increased) Down low to mid-single digits % (decreased) ORV ORV PG&A PG&A Snow $3,708.9 $312.1 ($ millions) Snow
  • 7.
    $1,822 $2,226 $2,423 $2,793 $2,748 2011 20122013 2014 2015 OFF-ROAD VEHICLES (ORV) 7IR MAY 2016 2016 ObjectivesPolaris Off-Road Vehicles Sales* Polaris N.A. ORV Market Share Polaris Off-Road Maintain #1 Market Share Position in More Competitive Environment ($ millions) Excludes PG&A Twice the Nearest Competitor! Leverage #1 Industry Position – scale Eliminate waste, reduce costs – RFM On-going innovation for global expansion Expand market to new customers New leadership: Matt Homan & Craig Scanlon 2008 2009 2010 2011 2012 2013 2014 2015 Best in Powersports PLUS 5-Year CAGR +15% NEW MY 16.5 *2013-2015 reclassified to exclude Defense and Commercial Sales to GAM
  • 8.
    2013 2014 20152013 2014 2015 2013 2014 2015 MOTORCYCLES 8IR MAY 2016 2016 ObjectivesMotorcycle Vehicle Sales Indian® “Legendary” / Victory® “American Muscle” Broaden product line Expand dealer network Accelerate accessories growth Slingshot® Broaden consumer base Build upon first mover advantage Grow globally Enhance dealer engagement Total Motorcycle Market Share 2013 - 2015 Motorcycle Growth Continues; Production Constraints Resolved Acquired 2011 Est. 2014 1.8PTS 2013 to 2015 Indian MotorcycleHarley-Davidson Japanese Top 4 3.6PTS 2013 to 2015 0.5PTS 2013 to 2015 $134 $196 $220 $349 $608 2011 2012 2013 2014 2015 Best in Powersports PLUS MY’17 Victory Octane™ (Mid-sized) MY 16.5 Slingshot® White Pearl SL LE (Moto-Roadster) MY’16 Indian Springfield™ (Bagger/Touring) 5-Year CAGR +50% ($ millions) Excludes PG&A
  • 9.
    SNOWMOBILES 9IR MAY 2016 2016ObjectivesSnowmobile Vehicle Sales Industry-leading quality Grow Timbersled™ category Leverage platform commonality Continue to grow Market Share Introduced 7 new MY’17 snowmobiles in March (+4 Limited Editions) 6-Year Market Share Pts. Growth – N.A. Strong #2 and Gaining Share in N.A. 8 pts (’15/’16 season vs. ’09/’10) $280 $283 $302 $322 $323 2011 2012 2013 2014 2015 $inMillions Best in Powersports PLUS 5-Year CAGR +11% ($ millions) Excludes PG&A
  • 10.
    PARTS, GARMENTS &ACCESSORIES (PG&A) 10IR MAY 2016 2016 ObjectivesPG&A Sales – All Businesses Grow Core PG&A globally Build aftermarket brands Expand digital shopping experience Refine retail transformation model (SMART) FY 2015 Sales by Segment & Category Accelerate Core Growth / Broaden Aftermarket Offerings CorePolarisPG&ABrandsAftermarketBrands $408 $461 $611 $742 $781 2011 2012 2013 2014 2015 ($ millions) 82% 11% 7% Motorcycles Adjacent Markets ORV / Snowmobiles Apparel 53% 39% 8% Accessories Parts Best in Powersports PLUS 5-Year CAGR +18% Accessorized RANGER Crew® XP-900 With Lock & Ride® Pro-Fit Cab System
  • 11.
    People Movers Light Duty Haulers Industrial EQC Golf GLOBAL ADJACENTMARKETS 11IR MAY 2016 2016 ObjectivesGlobal Adjacent Markets Vehicle Sales* Aixam grows #1 market share . . . Again Expand commercial sales / improved execution Leverage installed base Add scale / capability through M&A Obtain program of record (Military) Work & Transportation / Military ORV Markets Building Businesses for Future Growth / Profitability Growth Through Adjacencies $81 $110 $221 $270 $260 2011 2012 2013 2014 2015 Work&TransportationMilitary $600+ Million Market Very-light Ultra-light COTS (Commercial off the shelf) $4+ Billion Market 5-Year CAGR +46% Acquired March 2016 *2013-2015 reclassified to include Defense and Commercial Sales ($ millions) Excludes PG&A
  • 12.
    Overcome Currency Challenges,Grow Share, Leverage Opole 12IR MAY 2016 INTERNATIONAL $424 $461 $593 $685 $652 2011 2012 2013 2014 2015 5% (cc +10%) ($ millions) Includes PG&A 2016 Objectives Drive motorcycle growth – midsize offerings catalysts Effectively leverage Poland operations Continue to build emerging market foundation Improve execution ~1,700 dealers International Sales Opole, Poland Manufacturing Plant Hammerhead Off-RoadPolaris/Eicher JV - Multix Global Market Leadership 5-Year CAGR +16%
  • 13.
    Lean Delivers SustainableProfitable Growth and Competitive Advantage 13IR MAY 2016 LEAN ENTERPRISE Lean drives continuous improvement across the business. Customer Value, Flow, Pull, Standardized Work, Waste Elimination, Built-in Quality and Speed RFM Commercial Model Lean Product Development Lean Business Process Plant Lean Lean Material Flow OUT IN Consumer & Dealer Pull 1 2 3 4 5 SxS to RFM in 2H 2016 Start of Production Q2 2016 >$100 Million VIP Cost Down Opportunity Lean Business Process Improv’t Lean PDPRFM - Order to Delivery Distribution Plant Network Supply Chain Dealers Huntsville Lean LEAN Enterprise is Competitive Advantage
  • 14.
    750 experienced engineers Industry-leadingtechnology centers Wyoming, MN Roseau, MN Switzerland France (Goupil, Aixam) R&D Investment Fuels Innovation & Growth Innovation Vitality IndexR&D Spend 14IR MAY 2016 RESEARCH & DEVELOPMENT $106 $127 $139 $148 $166 4.0% 4.0% 3.7% 3.3% 3.5% 2011 2012 2013 2014 2015 R&D $   % Sales 82% 78% 71% 72% 86% 2011 2012 2013 2014 2015 ($ millions)
  • 15.
    725,000 sq. ft.manufacturing plant Initially produce RANGER® SxS; Slingshot® to start in Q3 2016 ~1,700 employees at capacity ~$150 million investment Provides capacity, flexibility and improved efficiencies Incorporates most advanced lean flow processes and industry-leading technologies Huntsville Production to Start in Q2 2016 as Planned 15IR MAY 2016 NEW MANUFACTURING FACILITY – HUNTSVILLE, AL LEAN Enterprise is Competitive Advantage
  • 16.
    Difficult / DecentStart to Year Sales & Earnings down- on guidance; Indian outpacing industry; ORV catching up; Recall Variability too Consistent Month-to-month, region-to-region demand shifts challenging Lean Enterprise Traction Building VIP cost initiatives; Inventory reduction; Standard work & waste elimination Executing RZR Recall Q2 Priority Customer safety / back to riding #1 focus; Retail & production plans in place Regain Momentum in Growing Powersports Industry Aggressively protecting #1 share position R&D and Growth Investments Ongoing Products / services and acquisition pipeline active All Out Assault on Cost & Working to Make Growth Happen 16IR MAY 2016 Q1 2016 COMMENTS
  • 17.
    Except for historicalinformation contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2016 sales, shipments, margins, currencies, net income and cash flow, the opportunities for expansion and diversification of the Company’s business and the Company’s guidance on earnings per share 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 product offerings, promotional activities and pricing strategies by competitors; manufacturing operation expansion initiatives; acquisition integration costs; warranty expenses; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performance of affiliate partners; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in our 2015 annual report and Form 10-K filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward- looking statements. The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and compiled by the Company or Company estimates. The Company must rely on information that its dealers supply concerning retail sales, and other retail sales data sources and this information is subject to revision. Non-GAAP Measure - Constant Currency Reporting. This presentation includes information regarding the Company’s 2015 results and 2016 expectations on a constant currency basis, which is a non-GAAP measure, as well as on a GAAP basis. For purpose of comparison, the results on a constant currency basis uses the respective prior year exchange rates for the comparative period to enhance the visibility of the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. 17IR MAY 2016 SAFE HARBOR
  • 18.
  • 19.
    CONSISTENT FINANCIAL PERFORMANCE Q12016 SALES & NET INCOME Q1 2016 N.A. RETAIL SALES & DEALER INVENTORY 2016 FULL YEAR DETAILED GUIDANCE 2016 FULL YEAR GROSS PROFIT MARGIN GUIDANCE FOREIGN CURRENCIES EXPOSURES FOR POLARIS POLARIS FINANCIAL POSITION FACTORY INVENTORY TAYLOR-DUNN ACQUISITION POLARIS CUSTOMER USAGE PROFILES MANUFACTURING LOCATIONS 19IR MAY 2016 APPENDICES
  • 20.
    106% 54% 74% 45% 64% Polaris Peer Avg.* S&P 500 Russell 2000 DJIA $194 $230 $644 $209 $433 20112012 2013 2014 2015 2016 Dividends Repurchases Return on Invested CapitalSales & Earnings Per Share 33% $2,657 21% $3,210 18% $3,777 19% $4,480 5% $4,719 2% to 3% $3.20 $4.40 $5.40 $6.65 $6.75 2011 2012 2013 2014 2015 2016 Sales EPS 39% 40% 39% 38% 32% 12% 20% 26% 16% 13% 9% 9% 9% 9% 8% 2011 2012 2013 2014 2015 Polaris Peer Average* S&P 500 Average Strong Balance Sheet & Cash Flow Generation – Long History of Shareholder Value Creation Dividends & Share Repurchase5-Year Total Return 20IR MAY 2016 FINANCIAL STRENGTH & FLEXIBILITY Dividend 4% More Aggressive Share Buyback Expectations ($ millions) *PEERS: ACAT, BC, DE, DOO, HOG, WGO, TTC Industry- Leading! April 22, 2011 – April 22, 2016 (Including Dividend Yield) 5-Year CAGR: Sales 19%, EPS 26% Guidance $6.20 TO $6.80 ($ millions)
  • 21.
    Q1 sales andnet income in-line with guidance ORV/Snowmobile sales down 9%; Motorcycles up 18%; Global Adjacent Markets down 5% Results include ~$30 million of additional costs: product liability, warranty, acquisition related costs and severance accruals Earnings per share decreased 45% to $0.71 Gross profit margin down 324 bps from negative currency, mix and higher warranty N.A. dealer inventory levels down 1% ORV down 10 percent Q1 Results In-line with Expectations Q1 2016 Net IncomeQ1 2016 Sales 21IR MAY 2016 Q1 2016 SALES & NET INCOME $1,033.3 $983.0 Q1 2015 Q1 2016 $88.6 $46.9 Q1 2015 Q1 2016 ($ millions) ($ millions)
  • 22.
    Polaris N.A. retail6% for Q1 2016 vs. Q1 2015 Polaris held Powersports share – remains clear #1 North American Industry improved sequentially vs. Q4; Q1 similar to Polaris Polaris Q1 2016 N.A. dealer inventory 1% vs. Q1 2015 ORV 10% year-over-year; RANGER®, RZR® and ATVs all declined Motorcycles significantly as expected, near targeted levels Snowmobiles low-twenties % due to lower snowfall in key regions RFM business model re-engaged for motorcycles; ATVs working well; SxS to convert in Q4 2016 +8% +11% +7% -6% +6% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Retail Improved; Dealer Inventory Down vs. Q1 2015 N.A. Dealer InventoryPolaris Retail Sales 22IR MAY 2016 N.A. POWERSPORTS RETAIL SALES: Q1 2016 Q1 2015 Q1 2016 -12% Existing ORV Models 4% New ORV models 2% Snowmobiles 5% Slingshot/Indian 0% New Dealers -1% Total Increase -1%
  • 23.
    Earnings Per Share(diluted)Gross Profit Margin 23IR MAY 2016 Total Company Sales $4,719 2015 Actual FY 2016 Guidance 28.4% 2015 Actual FY 2016 Guidance 2016 Sales & Earnings Guidance Remains Unchanged $6.75 2015 Actual FY 2016 Guidance Assumptions Protect market share Dealer inventory about flat Segment Expectations ORV/Snowmobiles low to mid-single digits % (decreased) Motorcycles high-teens % (unchanged) Global Adjacent Markets high-single digits % (increased) Assumptions F/X = minus ~90 bps Huntsville start-up Q2’16 Commodities positive Assumptions F/X = minus ~55¢ per share (unchanged) Share count down ~2% (increased) Net income $ down 1% to 10% (unchanged) 2016 FULL YEAR GUIDANCE 2% to 3% (unchanged) Constant Currency Flat to 5% Constant Currency 20 to 30 bps Constant Currency Flat to 9% $6.75 to $7.35 8% to % $6.20 to $6.80 (unchanged) 70 to 120 bps (Improved) Other 2016 Expectations Operating expenses: Up 10 to 30 bps as a % of sales (decreased) Income from financial services: grow faster than total company sales (increased) Income taxes: Approx. 35% of pre-tax income (unchanged) International sales: low to mid-single digits % (unchanged) PG&A sales: Grow faster than overall company (unchanged) ($ millions)
  • 24.
    By Component Q12015 Actual Q1 2016 Actual FY 2016 Guidance Prior period 29.1 28.4% 28.4% Production volume/capacity to Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix Motorcycle Production Constraints New plant start-up costs Warranty costs Depreciation/Tooling amortization Sales promotional costs Current period 28.4% 25.2% 27.2% to 27.7% Change -66 bps -324 bps Down 70 to 120 bps By Reporting Segments Q1 2015 Actual Q1 2016 Actual FY 2016 Guidance ORV/Snowmobiles 32.7% 29.0% Motorcycles 12.7% 15.3% Global Adjacent Markets 23.4% 27.5% Gross Profit Margin 28.4% 25.2% 24IR MAY 2016 2016 GROSS PROFIT MARGIN GUIDANCE Improvement to gross profit margin % Headwind to gross profit margin % Neutral to gross profit margin %
  • 25.
    Currency Improved Slightlyin Q1; Remains Volatile 25IR MAY 2016 FOREIGN CURRENCY EXPOSURE FOR POLARIS Foreign Currency Hedging Contracts Currency Impact on Net Income Notional Avg. Exchange Compared to Prior Year Period Foreign Currency Currency Position Cash Flow Exposure Hedged Amounts (US $ in Millions) Rate of Open Contracts FY 2016 (Expectation) Canadian Dollar (CAD) Long 80% $193 $0.72 to 1 CAD Negative Australian Dollar (AUD) Long 60% $22 $0.71 to 1 AUD Negative Euro (EUR) Long 0% - - Negative Japanese Yen (JPY) Short 40% $6 120 Yen to $1 Positive Mexican Peso (MXN) Short 90% $41 17 Peso to $1 Positive F/X Impacts vs. Prior Year ($ in millions) Actual Q1 2015 Actual Q1 2016 Actual FY 2015 FY 2016 Expectations Sales ($32) ($14) ($160) ($75) Gross Profit ($12) ($17) ($70) ($75) Pretax Income ($16) ($8) ($70) ($55) Open F/X Hedging Contracts as of March 31, 2016
  • 26.
    POLARIS FINANCIAL POSITION 26IRMAY 2016 Capital Summary March 2016Cash Drivers Fav/(Unfav) March 2015 Cash $ 145.8 +32% Debt /Capital Lease Obligations $ 532.4 (63%) Shareholders’ Equity $ 930.9 8% Total Capital $1,463.3 23% Debt to Total Capital 36% (9%) 2015 Operating cash flow up significantly Factory inventory flat sequentially from Q4’15 Increased share repurchases given stock price Cap Ex expected to be slightly higher than 2015 Reflects Huntsville, Spirit Lake Investments Operating Cash Flow Strong Balance Sheet and Cash Flow Generation ROIC* Cash Q1 2015 Operating Activities Dividends Capex Net Borrow- ings Share Repur- chase Acquisition Other Cash Q1 2016 $155 $139 $35 $55 $66 $85 $55 $16 $146 $4 $139 Q1 2015 Q1 2016 2016 38% 28% Q1 2015 Q1 2016 *Defined as trailing 12 months net income divided by average total assets, minus average current liabilities Up Significantly ($ millions) ($ millions) ($ millions) Expectations Q1 2016 Summary 2016 Expectations
  • 27.
    Inventory Turns Decreasingas Inventory Value Grows at a Faster Rate than Sales Factory Inventory & TurnsSales 27IR MAY 2016 POLARIS SALES GROWTH & FACTORY INVENTORY ($ millions) $298 $345 $418 $566 $710 5.6 5.6 5.5 5.0 4.3 2011 2012 2013 2014 2015 2016 Inventory Turns Factory inventory historically growing faster than sales – major focus in 2016 Inventory reduction closely tied to Retail Flow Management (RFM) Vehicle platforming, localization of suppliers, reduction of supplier lead-times, distribution network reconfiguration Tied incentive compensation to factory inventory reduction targets for executives $2,657 $3,210 $3,777 $4,480 $4,719 2011 2012 2013 2014 2015 ($ millions) +23% +18% +30% +24% +33% +21% +18% +19% +5% Inventory $ down significantly, Turns Improve Expectations
  • 28.
    Burden Carriers Tow Tractors Stock Chasers Personal Carriers Utility Vehicles ACQUISITION: TAYLOR-DUNN (3/7/16) 28March2016 Taylor Dunn Product LineTaylor-Dunn Overview Leader in light-industrial and commercial vehicles 2015 sales: ~1% of total Polaris (80% N.A.) ~80 models, ~95% electric ~240 dealers worldwide 150+ Employees; HQ and manufacturing in Anaheim, CA Customers: Industrial, warehouse, schools/universities Business expected to be neutral to 2016 earnings Established dealer network Large installed base Industrial market presence Strong brand recognition Strategic Fit with Work & Transportation (W&T) Expands Products and Channel Access to Polaris W&T Business MSRP – $5,500 to $48,500
  • 29.
    SnowmobilesMotorcycles POLARIS CUSTOMER USAGEPROFILES IR MAY 2016 Off-Road Vehicles 29 Die-Hard "Biker" Motorcycle Enthusiast Show-off Rider Commuter RiderWeekend Rider Trail/ Touring Off-Trail/ Deep Snow On/Off Trail Recreation/ Utility AVERAGE AGE 50 43 44 43 47 52 56 42 INCOME ~$100k ~$100k -- ~$90k ~$90k ~$100k - $125k $160k ~$90k MALE FEMALE 91% 9% 91% 9% 98% 2% 87% 13% 75% 25% 90% 10% 95% 5% 90% 10% PRIMARY USE Work & Play Farm/Ranch Property Maint. Rec/Trail Hunt Mostly Play Rec/Trail Dunes Property Play & Work Rec/Trail Property Farm/Ranch Work & Play Rec/Trail Property Maint. Hunt Rec/Trail Hunt Utility Cruising, Day trips around town Commute Cruising, Day trips, Commute Recreation on & off trail Trail Riding Private Property Maintenance Farm/Ranch Hunt/Fish Desert/Dunes MY15, except GENERAL (MY16)
  • 30.
    17 In-House ManufacturingFacilities Worldwide 30IR MAY 2016 MANUFACTURING LOCATIONS Monterrey MEXICO SxS, Engines Spirit Lake & Milford IOWA Motorcycles, SxS, ACE, GEM Roseau MINNESOTA Snow, ATV, SxS Osceola WISCONSIN Engines Bourran FRANCE Goupil Chanas & Aix-les-Bains FRANCE Aixam Mega Cuyahoga Falls OHIO Kolpin Riverside, CALIFORNIA Pro Armor Shanghai, CHINA Hammerhead Huntsville ALABAMA (2016) SxS, Slingshot Opole POLAND ATV, SxS Jaipur INDIA Eicher JV Sandpoint IDAHO Timbersled Spearfish SOUTH DAKOTA Motorcycle Paint Anaheim, CALIFORNIA Taylor-Dunn