Third Quarter 2023 Earnings Presentation
Non-GAAP Reconciliations - Total Company
Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results
(In Millions, Except Per Share Data; Unaudited)
Gross profit
Three months ended September 30,
2023
2022
508.8
559.2
Nine months ended September 30,
2023
2022
Full Year
2022
1,483.0
1,386.5
Restructuring & realignment (3)
Adjusted gross profit
508.8
559.2
1,483.0
0.2
1,386.7
1,959.5
0.2
1,959.7
Income from continuing operations before income taxes
181.7
241.6
499.6
514.7
761.4
Distributions from other affiliates (1)
(0.7)
-
(0.7)
(0.7)
Acquisition-related costs (2)
Restructuring & realignment (3)
0.7
0.7
0.9
1.2
1.4
5.5
6.2
4.4
4.5
13.3
14.3
18.8
0.4
1.4
5.4
2.5
188.1
248.0
520.4
536.3
Intangible amortization (4)
Class action litigation expenses
(5)
Adjusted Income from continuing operations before
income taxes
Net income from continuing operations attributable to
Polaris Inc.
151.7
190.4
399.4
406.3
602.9
Distributions from other affiliates (1)
(0.7)
―
(0.7)
Acquisition-related costs (2)
0.5
0.5
-
-
Restructuring & realignment (3)
0.7
0.9
1.1
4.2
4.7
Intangible amortization (4)
3.4
3.5
10.1
10.9
14.3
Class action litigation expenses (5)
0.3
1.0
4.1
1.9
156.6 $
195.1
$
415.2
$
422.6
$
3.6
624.8
4.5
790.2
(0.7)
Adjustments:
(1) Represents distributions received related to an impaired
investment held by the Company
(2) Represents adjustments for integration and acquisition-
related expenses
(3) Represents adjustments for corporate restructuring,
network realignment costs, and supply chain transformation
costs
(4) Represents amortization expense for acquisition-related
intangible assets
(5) Represents adjustments for certain class action
litigation-related expenses
(6) The Company used its estimated statutory tax rate of
23.8% for the non-GAAP adjustments in 2023 and 2022,
except for non-deductible items
Adjusted net income from continuing operations
attributable to Polaris Inc. (6)
Diluted EPS from continuing operations attributable to
Polaris Inc.
$
2.62
$
3.17
$
6.90
$
6.71
10.04
Distributions from other affiliates (1)
(0.01)
(0.01)
(0.01)
Acquisition-related costs (2)
0.01
0.01
Restructuring & realignment (3)
0.01
0.01
0.02
0.07
0.08
Intangible amortization (4)
0.06
0.06
0.17
0.18
0.24
Class action litigation expenses (5)
0.01
0.02
0.07
0.03
0.05
Adjusted EPS from continuing operations attributable to
Polaris Inc. (6)
$
2.71
$
3.25
$
7.17
$
6.98
$
10.40
POLARIS
Q3'23 Earnings 10/24/23 17View entire presentation