Third Quarter 2023 Earnings Presentation
Non-GAAP Reconciliations - Segments / Cash Flow
Reconciliation of GAAP Segment Gross Profit to Non-GAAP
Segment Gross Profit
(In Millions, Unaudited)
Reconciliation of GAAP Operating Cash Flow to Non-GAAP
Adjusted Free Cash Flow
(In Millions, Unaudited)
Three months ended September 30,
2023
2022
Nine months ended September 30,
2023
2022
Nine months ended September 30,
2023
2022
Full Year
2022
425.5
449.2
$
1,122.6
$
1,062.1
Net cash provided by operating activities of
continuing operations
534.5
Off Road segment gross profit
No adjustment
Purchase of property and equipment
Adjusted Off Road segment gross profit
425.5
449.2
1,122.6
On Road segment gross profit
1,062.1
Investment in finance affiliate, net
Adjusted free cash flow
57.7
60.1
208.7
154.7
376.0
(311.7)
12.5
76.8 $
139.4
(193.6)
(0.8)
(55.0) $
(306.6)
(28.7)
199.2
No adjustment
Adjusted On Road segment gross profit
57.7
60.1
208.7
154.7
Marine segment gross profit
24.3
55.9
143.3
169.0
No adjustment
―
=
Adjusted Marine segment gross profit
24.3
55.9
143.3
Corporate segment gross profit
1.3
(6.0)
8.4
0.7
Restructuring & realignment (1)
-
0.2
Adjusted Corporate segment gross profit
1.3
(6.0)
8.4
0.9
Total gross profit
508.8
559.2
1,483.0
1,386.5
Total adjustments
Adjusted total gross profit
$
508.8
$
559.2
$
1,483.0
$
0.2
1,386.7
169.0
Key Definitions: This presentation contains certain GAAP financial measures which
have been "adjusted" for certain revenues, expenses, gains and losses as described
below and include "adjusted" sales, gross profit, income from continuing operations
before income taxes, net income from continuing operations attributed to Polaris Inc.,
diluted EPS from contributing operations attributed to Polaris Inc., EPS from continuing
operations attributed to Polaris Inc., EBITDA, EBITDA margin, and free cash flow (non-
GAAP measures) as measures of our operating performance. Management believes
these measures may be useful in performing meaningful comparisons of past and
present operating results, to understand the performance of its ongoing operations and
how management views the business. These measures, however, should not be
construed as an alternative to any other measure of performance determined in
accordance with GAAP.
Adjustments:
(1) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation
POLARIS
Q3'23 Earnings 10/24/23 19View entire presentation