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Polaris Inc   (PII)
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Polaris Inc 's Customers Performance

PII

 
PII's Source of Revenues Polaris Inc 's Customers have recorded an advance in their cost of revenue by 1.09 % in the 1 quarter 2020 year on year, sequentially costs of revenue were trimmed by -6.56 %, for the same period Polaris Inc revnue deteriorated by -6.05 % year on year, sequentially revnue fell by -19.05 %.

List of PII Customers




Polaris Inc 's Customers have recorded an advance in their cost of revenue by 1.09 % in the 1 quarter 2020 year on year, sequentially costs of revenue were trimmed by -6.56 %, for the same period Polaris Inc revnue deteriorated by -6.05 % year on year, sequentially revnue fell by -19.05 %.

List of PII Customers


   
Customers Net Income fell in Q1 by Customers Net margin fell to %
-67.56 % 1.66 %



Polaris Inc 's Customers, Q1 2020 Revenue Growth By Industry
Customers in Auto & Truck Parts Industry -10.38 %   
Customers in Rental & Leasing Industry -4.54 %   
Customers in Internet Services & Social Media Industry -2.4 %   
Customers in Automotive Aftermarket Industry      0.87 %
     
• Customers Valuation • Segment Rev. Growth • Segment Inc. Growth • Customers Mgmt. Effect.


Polaris Inc 's Comment on Sales, Marketing and Customers



Our products are sold through a network of approximately 1,800 independent dealers in North America, and approximately 1,700 independent international dealers through 23 subsidiaries and approximately 75 distributors in over 100 countries outside of North America. With the exception of France, the United Kingdom, Sweden, Norway, Australia, New Zealand, Germany, Spain, China, India, Mexico and Brazil, sales of our non-Global Adjacent Markets vehicles in Europe and other offshore markets are handled through independent distributors.


ORV/Snowmobiles. We sell our ORVs directly to a network of over 1,500 dealers. Many of our ORV dealers and distributors are also authorized snowmobile dealers, and are located in the snowbelt regions of the United States and Canada. At the end of 2015, approximately 860 Polaris dealers were located in areas of the United States where snowmobiles are not regularly sold. Unlike our primary competitors, which market their ORV products principally through their affiliated motorcycle dealers, we also sell our ORVs through lawn and garden and farm implement dealers. In 2012 through 2015, we acquired Klim, Kolpin, Pro Armor, Timbersled, Hammerhead and 509, which each have their own dealer/distributor relationships established.


Motorcycles. Victory and Indian motorcycles and Slingshot are distributed directly through independently owned dealers and distributors, except in Australia where we have four Company-owned retail stores. We have a high quality dealer network for our other product lines from which many of the approximately 450 current North American Victory dealers were selected. Indian currently has approximately 225 North American dealers signed up, of which approximately 180 are retailing Indian motorcycles as of the end of 2015. We expect the number of Indian retailing dealerships to continue to increase over the coming years. Slingshot currently has approximately 450 North American dealers retailing. In 2005, we began selling Victory motorcycles in the United Kingdom. Since 2005, we have been gradually expanding our international sales of motorcycles, primarily in Europe and Australia. We expect to further expand our motorcycle dealer network over the next few years in North America and internationally for Victory, Indian and Slingshot motorcycles.


Global Adjacent Markets. Within Global Adjacent Markets, our Work and Transportation vehicles each have their own distribution networks through which their respective vehicles are distributed. In 2011 through 2013, we acquired GEM, Goupil and Aixam in the Global Adjacent Markets operating segment. GEM has approximately 215 dealers. Goupil and Aixam sell directly to customers in France, through subsidiaries in certain Western European countries and through several dealers and distributors for markets outside such countries. Polaris Defense products are sold based upon contract terms with certain military and governmental agencies.


In addition, we sell Polaris vehicles directly to military and government agencies and other national accounts and we supply a highly differentiated side-by-side vehicle branded Bobcat to their dealerships in North America. In 2013, we entered into a partnership with Ariens Company (“Ariens”), a Brillion, Wisconsin based manufacturer of outdoor power equipment. Through the partnership, we leverage each other's dealer networks, sharing certain technologies, research and development and supplying Ariens with a highly differentiated work vehicle to sell through its dealer network. In 2014, we began shipping vehicles to Ariens under the terms of the partnership.


Dealer agreements. Dealers and distributors sell our products under contractual arrangements pursuant to which the dealer or distributor is authorized to market specified products and is required to carry certain replacement parts and perform certain warranty and other services. Changes in dealers and distributors take place from time to time. We believe a sufficient number of qualified dealers and distributors exist in all geographic areas to permit an orderly transition whenever necessary.


Polaris Acceptance. In 1996, a wholly-owned subsidiary of Polaris entered into a partnership agreement with a subsidiary of Transamerica Distribution Finance (TDF) to form Polaris Acceptance. Polaris Acceptance provides floor plan financing to our dealers in the United States. Under the partnership agreement, we have a 50 percent equity interest in Polaris Acceptance. We do not guarantee the outstanding indebtedness of Polaris Acceptance. In 2004, TDF was merged with a subsidiary of General Electric Company (GE) and, as a result of that merger, TDF’s name was changed to GE Commercial Distribution Finance Corporation (GECDF). No significant change in the Polaris Acceptance relationship resulted from the change of ownership from TDF. In November 2006, Polaris Acceptance sold a majority of its receivable portfolio to a securitization facility arranged by General Electric Capital Corporation, a GECDF affiliate (“Securitization Facility”), and the partnership agreement was amended to provide that Polaris Acceptance would continue to sell portions of its receivable portfolio to the Securitization Facility from time to time on an ongoing basis. In 2015, GECDF announced that it agreed to sell a portfolio of assets, including its ownership interests in Polaris Acceptance to Wells Fargo & Company, with the closing of the transaction expected in the first quarter of 2016. The sale is not expected to impact the operations of the partnership agreement, which is effective through February 2022.


We have arrangements with Polaris Acceptance (United States) and GE affiliates (Australia, Canada, France, Germany, the United Kingdom, Ireland, China and New Zealand) to provide floor plan financing for our dealers. A majority of our North American sales of snowmobiles, ORVs, motorcycles, Global Adjacent Markets vehicles and related PG&A are financed under arrangements whereby we are paid within a few days of shipment of our product. We participate in the cost of dealer financing and have agreed to repurchase products from the finance companies under certain circumstances and subject to certain limitations. We have not historically been required to repurchase a significant number of units; however, there can be no assurance that this will continue to be the case. If necessary, we will adjust our sales return allowance at the time of sale should we anticipate material repurchases of units financed through the finance companies.


Customer financing. In August 2005, a wholly-owned subsidiary of Polaris entered into a multi-year contract with HSBC Bank Nevada, National Association (“HSBC”), formerly known as Household Bank (SB), N.A., under which HSBC managed our private label credit card program under the StarCard label for the purchase of Polaris products. Since then, HSBC’s U.S. Credit Card and Retail Services business has been acquired by Capital One. Our current agreement with Capital One expires in February 2016, and is not expected to be renewed.


Polaris Inc 's Comment on Sales, Marketing and Customers


Our products are sold through a network of approximately 1,800 independent dealers in North America, and approximately 1,700 independent international dealers through 23 subsidiaries and approximately 75 distributors in over 100 countries outside of North America. With the exception of France, the United Kingdom, Sweden, Norway, Australia, New Zealand, Germany, Spain, China, India, Mexico and Brazil, sales of our non-Global Adjacent Markets vehicles in Europe and other offshore markets are handled through independent distributors.


ORV/Snowmobiles. We sell our ORVs directly to a network of over 1,500 dealers. Many of our ORV dealers and distributors are also authorized snowmobile dealers, and are located in the snowbelt regions of the United States and Canada. At the end of 2015, approximately 860 Polaris dealers were located in areas of the United States where snowmobiles are not regularly sold. Unlike our primary competitors, which market their ORV products principally through their affiliated motorcycle dealers, we also sell our ORVs through lawn and garden and farm implement dealers. In 2012 through 2015, we acquired Klim, Kolpin, Pro Armor, Timbersled, Hammerhead and 509, which each have their own dealer/distributor relationships established.


Motorcycles. Victory and Indian motorcycles and Slingshot are distributed directly through independently owned dealers and distributors, except in Australia where we have four Company-owned retail stores. We have a high quality dealer network for our other product lines from which many of the approximately 450 current North American Victory dealers were selected. Indian currently has approximately 225 North American dealers signed up, of which approximately 180 are retailing Indian motorcycles as of the end of 2015. We expect the number of Indian retailing dealerships to continue to increase over the coming years. Slingshot currently has approximately 450 North American dealers retailing. In 2005, we began selling Victory motorcycles in the United Kingdom. Since 2005, we have been gradually expanding our international sales of motorcycles, primarily in Europe and Australia. We expect to further expand our motorcycle dealer network over the next few years in North America and internationally for Victory, Indian and Slingshot motorcycles.


Global Adjacent Markets. Within Global Adjacent Markets, our Work and Transportation vehicles each have their own distribution networks through which their respective vehicles are distributed. In 2011 through 2013, we acquired GEM, Goupil and Aixam in the Global Adjacent Markets operating segment. GEM has approximately 215 dealers. Goupil and Aixam sell directly to customers in France, through subsidiaries in certain Western European countries and through several dealers and distributors for markets outside such countries. Polaris Defense products are sold based upon contract terms with certain military and governmental agencies.


In addition, we sell Polaris vehicles directly to military and government agencies and other national accounts and we supply a highly differentiated side-by-side vehicle branded Bobcat to their dealerships in North America. In 2013, we entered into a partnership with Ariens Company (“Ariens”), a Brillion, Wisconsin based manufacturer of outdoor power equipment. Through the partnership, we leverage each other's dealer networks, sharing certain technologies, research and development and supplying Ariens with a highly differentiated work vehicle to sell through its dealer network. In 2014, we began shipping vehicles to Ariens under the terms of the partnership.


Dealer agreements. Dealers and distributors sell our products under contractual arrangements pursuant to which the dealer or distributor is authorized to market specified products and is required to carry certain replacement parts and perform certain warranty and other services. Changes in dealers and distributors take place from time to time. We believe a sufficient number of qualified dealers and distributors exist in all geographic areas to permit an orderly transition whenever necessary.


Polaris Acceptance. In 1996, a wholly-owned subsidiary of Polaris entered into a partnership agreement with a subsidiary of Transamerica Distribution Finance (TDF) to form Polaris Acceptance. Polaris Acceptance provides floor plan financing to our dealers in the United States. Under the partnership agreement, we have a 50 percent equity interest in Polaris Acceptance. We do not guarantee the outstanding indebtedness of Polaris Acceptance. In 2004, TDF was merged with a subsidiary of General Electric Company (GE) and, as a result of that merger, TDF’s name was changed to GE Commercial Distribution Finance Corporation (GECDF). No significant change in the Polaris Acceptance relationship resulted from the change of ownership from TDF. In November 2006, Polaris Acceptance sold a majority of its receivable portfolio to a securitization facility arranged by General Electric Capital Corporation, a GECDF affiliate (“Securitization Facility”), and the partnership agreement was amended to provide that Polaris Acceptance would continue to sell portions of its receivable portfolio to the Securitization Facility from time to time on an ongoing basis. In 2015, GECDF announced that it agreed to sell a portfolio of assets, including its ownership interests in Polaris Acceptance to Wells Fargo & Company, with the closing of the transaction expected in the first quarter of 2016. The sale is not expected to impact the operations of the partnership agreement, which is effective through February 2022.


We have arrangements with Polaris Acceptance (United States) and GE affiliates (Australia, Canada, France, Germany, the United Kingdom, Ireland, China and New Zealand) to provide floor plan financing for our dealers. A majority of our North American sales of snowmobiles, ORVs, motorcycles, Global Adjacent Markets vehicles and related PG&A are financed under arrangements whereby we are paid within a few days of shipment of our product. We participate in the cost of dealer financing and have agreed to repurchase products from the finance companies under certain circumstances and subject to certain limitations. We have not historically been required to repurchase a significant number of units; however, there can be no assurance that this will continue to be the case. If necessary, we will adjust our sales return allowance at the time of sale should we anticipate material repurchases of units financed through the finance companies.


Customer financing. In August 2005, a wholly-owned subsidiary of Polaris entered into a multi-year contract with HSBC Bank Nevada, National Association (“HSBC”), formerly known as Household Bank (SB), N.A., under which HSBC managed our private label credit card program under the StarCard label for the purchase of Polaris products. Since then, HSBC’s U.S. Credit Card and Retail Services business has been acquired by Capital One. Our current agreement with Capital One expires in February 2016, and is not expected to be renewed.








PII's vs. Customers, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)



COMPANY NAME TICKER MARKET CAP REVENUES INCOME EMPLOYEES
Polaris Inc PII 5,721 6,692 270 8,100
Autoweb, Inc. ABTL 99 139 -66 228
Autonation Inc AN 3,805 21,021 126 24,000
Autozone Inc AZO 27,795 12,078 1,621 81,000
Avis Budget Group Inc CAR 1,990 9,005 235 30,000
Dorman Products Inc DORM 2,348 991 84 1,846
Fenix Parts, Inc. FENX 8 133 -41 651
Id Systems Inc IDSY 95 55 -8 117
Carmax Inc KMX 15,721 20,320 888 22,064
Motorcar Parts America Inc MPAA 308 513 -2 2,663
O Reilly Automotive Inc ORLY 31,850 10,216 1,370 62,533
Ryder System Inc R 2,011 8,907 -179 30,600
Standard Motor Products Inc SMP 962 1,108 54 3,400
Truecar Inc TRUE 309 352 -51 686
SUBTOTAL 87,301 84,838 4,029 259,788


       
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