Polaris Inc. · NYSE:PII
Polaris — Polaris Industries — Investor Day (July 2004)
182 slides from Polaris's investor day presentation, Jul 22, 2004
Slide 1: Welcome to the Polaris Industries Inc. Analyst Day
The WELCOME to the POLARIS INDUSTRIES INC. ANALYST DAY Thursday, July 22, 2004
Slide 2: Bob Nygaard, GM - Snowmobiles
BOB NYGAARD GM - Snowmobiles
Slide 3: Snowmobile Industry Demographics
Snowmobile Industry Demographics 01/02 02/03 Average Age 42 4 % Male 80% 80% Married 74% 75% Children at Home 0.8 0.8 Median Annual Household Inc. $70,000 not updated Avg. Miles Ridden 960 990 % usually Trailering to Ride 65% 65% Number of Snowmobile Clubs 3,000+ 3,000+ Miles Of Trail 219,000 225,00
Slide 4: Worldwide Snowmobile Industry Retail
eS Worldwide Snowmobile Industry Retail b Pol 300000 250000 200000 + 150000 + 10000 sooo i 86 87 88 89 90 91 92 93 94 95 96 97 98 99 OO O1 02 03 O4 Low = 104k, High = 261k, Currently 181k
Slide 5: Snowmobile Industry North America
Snowmobile Industry North America PeLARIS. Poor Annual Seasons Years SnowYears Compound Growth 86/87 - 96/97 10 3 +8.8% 96/97 - 03/04 7 6 5.7% Substantial Growth Opportunity with Snowfall
Slide 6: 03/04 Snowmobile Industry
03/04 Snowmobile Industry PeLARIS. U.S. Canada Int'l Worldwide Retail Sales 109,750 48,556 22,452 180,758 % Change Yow Ys For YJs3% Market Share Polaris #1 #2 #2 #2 Bombardier/Lynx #2 #1 #1 #1 Arctic Cat #3 #3 #4 Esc) Yamaha #4 #4 Bp #4 § T= 03/04 Trena
Slide 7: Snowmobile Industry Segments
Snowmobile Industry Segments (North America) % of 03/04 % of 01/02 03/04 Polaris Industry Industry Share vs. 02/03 Trail Performance 34% 40% T Mountain 16% 16% il Two-Up Touring 14% 15% il Trail Luxury 11% 13% t Trail Sport 8% 5% Crossover TM% 2% il Utility 6% 5% t Kids 3% 4% Trail Performance Buyer
Slide 8: 03/04 North American Snowmobiles
03/04 North American Snowmobiles Pipeline Ending Sell Thru = Inventory Change Polaris 80% -48% Competitive 76% -8% Industry 77% -23% Accomplished Inventory Reduction Plan Estimate Polaris Sell Thru Best In Industry Industry Ending Inv. 2"! Lowest Since 96/97
Slide 9: Polaris Snowmobile Sales
Polaris Snowmobile Sales (In Millions) AE R096 ©) | “Range 1997 198, 19992000 2001 2002 20032004 (Est)
Slide 10: U.S. EPA Fleet Emission Reduction
U.S. EPA Fleet Emission Reduction From Snowmobile Industry Averages Phase 1 Phase 2 Phase 3 Cal07 Cal09 Cal11 MY_08* MY 10 MY 12** Hydro Carbons (HC) -30% -50% -50% Carbon Monoxide (CO) -30% -30% 50% 50% offleet must meet in 06/07 Not yet final Individualmodelcaps apply Canada expected to be the sam
Slide 11: Polaris Snowmobile Segments
(Snowmobiles) PeLARIS. Segment 03/04 02/03 Change 2-up Touring 3,932 2,539 1,393 Trail Luxury 3,397 6,224 (2,827) Crossover 2,588 0 2,588 Utility 862 828 34 Performance 667 1,786 (1,119) Mountain 571 2,226 (1,655) Total 12,017 13,603 (1,586) % of Industry 8% 8% 0% Expect To Grow Mix Of Clean Technol
Slide 12: Yellowstone
Yellowstone PeLARIS. Status + For 04/05 the Park is currently open to snowmobiles + In mid June Congress voted against a ban of snowmobiles in Yellowstone + Wyoming & D.C. Federal Courts both claim jurisdiction — Court of Appeals has assigned the disputed part of the case to Wyoming with hearing sch
Slide 13: Snowmobile Growth Potential
Snowmobile Growth Potential In Use / Retail Sales PeLARIS. MI, MN, WI NY, ME, NH U.S. Total State Registrations 99 775,827 258,554 1,514,379 03 823,232 342,268 1,723,202 % Change 6% 32% 14% Industry Retail 99 56,489 21,637 136,715 03 35,884 25,242 109,720 % Change (36%) 17% (20%) Better Snow In East
Slide 14: Fusion
(4 900 Fusion POLnnIs. + ‘1Q™ chassis and suspension — Industry leading ride quality — Reduced steering effort, added driver control, razor sharp handling — Proprietary variable caster design + Rider Select ™ adjustable steering — Adapts to the way you ride = Attack, Control, or Comfort riding posit
Slide 15: RMK
(42 900 RMK POLARIS Purpose built for mountain riding (IQ Mountain Chassis) — Wide flat nose pan for greater flotatior/reduced drag — 151", 159", 166" track lengths with 2" or 2.4” deep lug options Rider Select ™ adjustable steering — Adapts to the way you ride — Attack, Control, or Comfort riding p
Slide 16: Snowmobile Press Writings On The New IQ Models
Snowmobile Press Writings On The New IQ Models (From The Top 5 Magazines) “Roseau’s engineers pulled out all the stops delivering the most revolutionary Polaris snowmobile in 20 years. The Fusion promises to deliver panting excitement.” - - Supertrax, 03/04 “The Fusion’s ride, Handling and power are
Slide 17: Growth Expected In Polaris Snowmobiles
PeLARIS. Growth Expected In Polaris Snowmobiles Consumer passion for the sport remains strong. Need snow Proven / Experienced leadership team with infusion of new talent IQ chassis winning rave reviews and is platform for the future Excellent product plan in all segments Will meet EPA regulations Su
Slide 18: Jeff Bjorkman, Vice President - Operations
JEFF BJORKMAN Vice President - Operations
Slide 19: Operations Group Mission
& OPERATIONS GROUP MISSION « Provide innovative products with ¢ Industry-leading quality / reliability utilizing a « Globally-competitive supply chain to « Flexibly meet market needs DOMINANT PRODUCTS
Slide 20: Industry-leading Product Development
Industry-leading Product Development PeLARIS. + Innovation + Success Factors Understand consumer — Best in Class processes needs/desires v — Industry-leading tools Develop innovative methods — World-class people to fulfill (IDEAS) v Create concepts from ideas v Bring concepts to reality PASSION TO B
Slide 21: Processes
PeLARIS. « Inthe Processes last 3 years: — New Product Development Process — Elec — Extel °F — Esta ronic Release System nsive Validation Process ocus on Reliability” blished Technology Development Process — New Product Planning Process + Clear Expectations * Efficient Communication « Forward Thinki
Slide 22: g (4) WY) eI
g (4) WY) eI
Slide 23: Wyoming Product Development Center
Wyoming Product Development Center Consolidate 3 locations to 2 Modern facility near metro — Improve recruitment capability On site — Virtual testing — Laboratory testing — Field proving grounds Riding areas for employees + Improving Product Development Efficiency + Better Quality + Faster |
Slide 24: People
PEOPLE Empowered, Passionate, Talented In the last 3 years: + Developed a formal Engineering Development Program « Relationships with target universities * Strong support for Society of Automotive Engineers (SAE) events — Mini Baja — Formula SAE Hiring the Best Grooming Future Leaders
Slide 25: Product Development
Product Development Industry-leading: v Processes ¥ Tools / Facilities v People Culture which embodies: v Understand the Riding Experience v Live the Riding Experience v Work to make it better DOMINANT PRODUCTS
Slide 26: Manufacturing Mission
MANUFACTURING S MISSION PeLARIS. * Industry-leading Quality « World-competitive Costs ¢ Market-driven Flexibility
Slide 27: Wyoming
Wyoming jedina Spirit Lake . Sea t am Das Moines ® o aap 20
Slide 28: Roseau, MN
Roseau, MN 2000 employees (Manufacturing and Engineering) Nearly 700,000 sq ft — 96,000 sq ft - engineering Produces 900-1100 units/day on 4 assembly lines — Snowmobiles — ATVs — Ranger Processes — Assembly — Paint — Weld — Injection Molding Snow, ATV, Ranger, Engine - Engineering Site a
Slide 29: Spirit Lake, IA
Spirit Lake, IA 550 employees 250,000 sq ft 300-400 units per day on 3 assembly lines Production - AIV - PWC - Victory Processes — Assembly — Paint — Weld PWC Engineering Site 2
Slide 30: Osceola, WI
PeLARIS. Osceola, WI 770 employees Three plants — Plant 1 - 192,000 sq ft — Plant 2 - 97,000 sq ft — Plant 3- 59,000 sq ft Total 348,000 sq ft Processes — Fabricated components — Exhaust systems — Clutches — Seats — Engines Victory Engineering Site Ey
Slide 31: Industry-leading Quality
& Industry-leading Quality « Past 12 months progress — Plant defects down 42% — Supplier defects down 41% — Internal Cost of Quality down 25% Consumer problems per vehicle down 31% since M.Y. 2001 Product Quality has Substantially Improved
Slide 32: Manufacturing Productivity
* Manufacturing Productivity "* Cell Teams operating at all facilities — Lean training/Implementation methodology Cross-site Teams — Coatings technologies — Chassis technologies — Assembly technologies Formalized design for manufacturing standards implemented Results Labor per vehicle down 33% in 6
Slide 33: Market Flexibility
& Market Flexibility PeLARIS. ¢ Formal initiative implemented in 2004 * Goal to reduce lead time 35% « Progress to date - 88% complete « Plant assembly lines designed for plant- to-plant flexibility Produce what Sells
Slide 34: Supply Chain Management Mission
SUPPLY CHAIN MANAGEMENT MISSION PeLARIS. « Develop a global supply base with ¢ Industry-leading quality at « Globally-competitive costs with « Value-added Innovation
Slide 35: Supply Chain Management
Supply Chain Management PeLARIS. * Increased Global Purchases — Direct relationships — Assisting Tier 1 suppliers to develop Tier 2 — Entry level vehicle assembly Europe Asia North America Increasing Global Supply Base 8
Slide 36: Supply Chain Management Cost Strategies
Supply Chain Management Cost Strategies + Early Participation with Key Suppliers on New Product — Influence to achieve goals * Quality + Cost + Time to market + Proprietary web software — Supplier report card — Electronic RFQ - Online auction functionality + STAR Program - Strategy Towards Annual Re
Slide 37: Operations Summary
OPERATIONS SUMMARY PeLARIS. + Product Development — Improved Processes — Better Tools — Improved Talent Dominant Products * Manufacturing / Supply Chain Six Sigma Process Capability — Sustainable Productivity Improvement — Global Supply Chain — Greater Flexibility Sustainable Margin Improvement Lowe
Slide 38: Mike Dougherty, Director - International
MIKE DOUGHERTY Director - International
Slide 39: Polaris International 2004
Polaris International 2004 PeLARIS. Great year in 2003 - Huge growth -$98M to $155M. Momentum continuing in 2004 — Forecasting $195-205M International up from 6% in 2001 to 10% of total Polaris sales in 2003 All product lines and geographic areas are expanding ATV market in Europe is booming Solid e
Slide 40: 2004 International Powersport Market Estimates
2004 Int’| Powersport Market Estimates (Includes Snow, PWC, ATV, +900cc Cruiser Motorcycles) Pores Total 2004 Market Intl ATV Market Growth by Region $1.8 Billion uk Australia Germany Finland! Swannor, ia tly France Spain Portugal Jepan Others: 2003 2004 [arance mGermany Span @Europe Cher wAUSNZ gRe
Slide 41: European ATV Market Growth & Shift
») European ATV Market Growth & Shift Homologated Non- homiologated Very dynamic & exciting
Slide 42: ATV/Quad Growth - Europe
ATV/Quad Growth - Europe Industry Growth Drivers « Ability to legally travel to trails + 35-46 year old motorcycle riders “getting into” sport « Utility + fun * Car license vs difficult to obtain motorcycle license + EU Expansion Polaris Growth Drivers * Quadricycle Product Development + Factory Dir
Slide 43: Polaris Enters Quadricycle Market!
Polaris Enters Quadricycle Market!
Slide 44: Quadricycle
Slide 45: Polaris France
Polaris France "Benchmark" Subsidiary 15 Employees 100 dealers, located in Alps More units than Harley in France In 1 year Quadricycles = 75% of sales 4 l| fm Quadriyck 5 r ary oe H Saree [fae [eon Poor a [Essen [ota [spa Pos pos eos EEgresmee| io ano [oar irae ps vs SO PKS Unit sales by month 2003/
Slide 46: Polaris Scandinavia
Polaris Scandinavia 10 employees Sales, finance, logistics, IT, Service Askim, Norway - 1 hour East of Oslo #1 share in ATVs & Sleds Sweden 12 employees Sales, finance, purchasing, service @stersund, Sweden #2 in ATVs & Sleds Going direct in 2002 has produced dramatic revenue and profit growth
Slide 47: Scandinavia & Russian Sales
Scandinavia & Russian Sales PeLARIS. millions $75 . a a ional. 2000 2001 2002 aSwonNonway mFinand/Russ\ 2003 2004 ia Scandinavia + Russian = 1/3 of nternational
Slide 48: Polaris Britain
& Polaris Britain + Large ATV Market + Low share = big opportunity + PWC share > USA « Regional Service Center for Europe, ME, Africa + New Leadership
Slide 49: Polaris Australia
& Polaris Australia ~« ATV share increasing = doubled in 4 years + PWC share > USA + Upside volume Opportunity in NZ « Regional hub for SE Asia + New leadership and engaged team
Slide 50: European Distributor Growth
European Distributor Growth $n wiay Span aPotugal mw Geimany + Germany and Spain growing 100%+/year * Solid market share in Spain, Portugal & Italy Well positioned in growing markets cy
Slide 51: International Distribution Mix
(3a International Distribution Mix $ Revenue 54% 11% 24% 43% a o_o 2000 2001 2002 2003 Subs mDistributors 2004 * More than 50% of revenue now through Subsidiaries + Independent Distributors are growing fast too! Balanced Channel Mix 64
Slide 52: 2004 International Sales Goals
2004 Int’! Sales Goals $250,000 $200,000 150,000 at = 100,000 90,000 a * cvea cvoo cvot cvo2 cvos cvoe aEWope mMicEsstA fica aLatinAmerica GAS * All regions forecasted to grow double digit-Execution + ATV sales in Europe driving largest growth (25%) 55
Slide 53: ATV International Growth
PeLARIS. ATV = International Growth ATY International Revenue 5 ERovenie g ; | i zoo 2001-2002, 20032004 ATY International Gross Margin $ g sows i 2000 2001 2002 2003 2004 ca
Slide 54: International Revenue by Quarter
Polaris International 2004 POLARIS. International Revenue by Quarter $75,000,000 § $50,000,000 ———a g —, Fa © $25,000,000 —— e $- : ; ¥ Qi Q2 Q3 a4 —2002 —- 2003 ——2004 Positive trends
Slide 55: Polaris International Takeaways
Polaris International Takeaways PeLARIS. We have the momentum Sled market share growth in Scandinavia International ATV market and sales continue to grow fast Team is stronger than ever & delivering consistent growth Execution is key Focused on goals for each channel and for each product line Manage
Slide 56: Rich Kobes, GM - Marine Division
Rich Kobes GM — Marine Division
Slide 57: Division Strategy
PeLARIS. Division Strategy + Manage the Business - Smarter designs with improved margins + Focus on the Critical Few — Maximize returns with minimal investment — Quality and reliability are prime objectives - Be The Best Maximize returns through rigorous cost reductions Solid product lineups — aimed
Slide 58: PWC Industry Retail Sales
PeLARIS. PWC Industry Retail Sales 39 39 39 40 —-¢— North America |= International |~- Canada 4 4 a4 a4 2000 2001 2002 2003 2004 est The Market Has Stabilized a
Slide 59: Polaris Marine Sales Growth
$ Millions Polaris Marine Sales Growth $66 $60 $52 $53 $53 Up Modestly $47 1998 1999 = 20002001. 20022008 2008 Adual Actual Projected Actual Actual «= Actual «= Actual Polaris PWC Keeping Pace With The Market 62
Slide 60: Watercraft Segment Trends
PeLARIS. % of Market Share 100 80 60 40 20 Watercraft Segment Trends 00.-=- ESS ‘99 ‘00 ‘01 ‘02 ‘03 '04 |-+-1 Passenger 8-2 Passenger +3 Passenger -~ 4 Passenger| 3 Seaters Are The Heart Of The Market
Slide 61: Retail Four Stroke Penetration
Retail Four Stroke Penetration Four Stroke Retail [-eIndustry Four Stroke |e Industry Two Stroke ® 2 S a £ ry 60 © 5 c= 5 2 5 oO 10, i} 2001 2002 2003 2004 STD Tracking to forecast - 2 stroke is still important market. 64
Slide 62: 2004 PWC Sales Trends and Market Share
+: Bombardier * Yamaha + Kawasaki + Polaris + Honda + Industry 2004 PWC Sales Trends and Market har Sales Trends share, Date (Oct. 03 - June ’04) Retail Sales Market Share tT aT tT #21 tT #31 t = tT #5T T4% 65
Slide 63: Marine Dealer
Marine Dealer PeLARIS. 2003 2004 Variance # of active 502 475 <27> dealer * Transition to Marine focused dealers continues... versus traditional Polaris dealer base * Small dealers are leaving the business * Sport boats are helping to attract large Marine dealers 68
Slide 64: Sport Boats
Sport Boats PeLARIS. “Industry leading alliance + Polaris, Brunswick Boat Companies & Mercury Marine + Polaris Designed, Built at Baja, Mercury powered *Sold through Polaris Marine dealers + Expand our presence in the Marine Business + Sport Boat that is class leading quality, highest construction s
Slide 65: Polaris Marine Division Focus/Outlook
Polaris Marine Division Focus/Outlook Industry — Overall Marine market is growing again, expect modest single digit growth in 2004/2005 — Personal watercraft market segment of the overall Marine market has stabilized, expect flat to low single digit growth this year — Cleaner engine technology is en
Slide 66: Model Year 2005
Model Year 2005 PeLARIS. Streamlined product offerings aimed at the heart of the market. We have: — PWC’s based upon the award winning MSX hull — 4 Stroke engines with great performance, durability and reliability — Sport boats — great quality and performance ata market leading price. — Established
Slide 67: MSX
2) MSX 140 Engine: 110 HP 4 Stroke 3 Seater — Base family model
Slide 68: MSX
& MSX 150 POLARIS. “— Engine: 150 HP 4 Stroke 3 Seater — Higher performance
Slide 69: Engine: HP Stroke
Engine: 100 HP 2 Stroke Entry level and rental market n
Slide 70: Engine: HP Stroke
Engine: 100 HP 2 Stroke Entry level - Family n
Slide 71: Matrix
Matrix Engine: 200 HP 2 Stroke Musclecraft - Enthusiast
Slide 72: EX 2100
22Z) EX 2100 Mercury 250 Optimax or Mercury 240 EFI Top Quality and Value Seating for 7 8
Slide 73: LE 2100
4 LE 2100 Mercury 250 Optimax or Mercury 240 EFI Luxurious appointments Upgraded sound system Seating for 9 6
Slide 74: Mercury Optimax
Mercury 250 Optimax A Wakeboarder’s dream Seating for 9 Control Tower 7
Slide 75: Scott Swenson, GM - Parts, Garments & Accessories
Scott Swenson GM - Parts, Garments & Accessories
Slide 76: What Is Pure Polaris?
@) WHAT IS PURE POLARIS? Service Parts, Accessories, Apparel & Retail Financial Services 3rd Largest Division, 50,000 SKU’s, $223 Million in Sales COMPETITIO: Aftermarket: i.e.; Parts Unlimited, Tucker Rocky, MotoVan, Indirects: Other OEM’s Top Selling Accessory & Apparel Polaris Advantages ATV Winc
Slide 77: PG&A Sales Growth
PG&A SALES GROWTH $=millions 1999 2000 2001 2002 2003 2004 (est.) 14% 16% 14% 3%) 10% 10%- 12% ROI for PG&A is over 100% ..... Expected to be Up 20% in 2004 eo
Slide 78: Product Mix Comparison
PRODUCT MIX COMPARISON BY PRODUCT LINE PRODUCT MIX 2003 BY BUSINESS UNIT PRODUCT MIX BY GEOGRAPHY 2003 % ofSales Can, 16%: Om, % sNow, PwC, # 26% Int, 8%: IC, 4% ATY, 59% US, 76% PRODUCT MIX 2003 BY PRODUCT LINE Apparel, 6% Accy's, — _ Parts, 51%
Slide 79: Sales/Distribution Strategy
PeLARIS. c+) c+) c+) APPROACH Drive every day profitability Focus resources on “power” items Focus resources on top dealers - Free fixtures and signage - In Dealership merchandising support - Tiered Freight Programs Simplify order process for dealers - Automated on-line form - Factor in order histor
Slide 80: 2004 Strategy
2004 STRATEGY Double digit growth - ATV Experience Center Implementation - Improve marketing effectiveness in dealerships - Restart apparel business growth Grow operating income as fast as sales - Supplier cost reduction - Warehouse Management System (WMS) - Product margin discipline and execution M
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Slide 82: ATV Experience Center
Slide 83: Product Focus
Slide 84: Dealer Profits
Slide 85: Retail Financial Services
Slide 86: Takeaways
Slide 87: Mike Jonikas, GM - Utility Vehicles
Slide 88: Utility Vehicle Market
Slide 89: Utility Vehicle Market
Slide 90: Utility Vehicle Market: Key Targets
Slide 91: Utility Vehicle Market: Usage Segments
Slide 92: Utility Vehicle Market: Purchase Drivers
Slide 93: Utility Vehicle Market: Share Rank
Slide 94: Utility Vehicle Market: Competitors
Slide 95: Utility Vehicle Market: Competitors
Slide 96: RANGER Leadership
Slide 97: Insert video here
Slide 98: RANGER Leadership
Slide 99: RANGER Leadership: Accessories
Slide 100: RANGER Leadership: Warranty Reduction
Slide 101: Utility Division Strategy: Vision
Slide 102: Utility Division Strategy: Plan
Slide 103: Ken Sobaski, Vice President - Sales, Marketing & Business Development
Slide 104: Front End Strategic Overview
Slide 105: Sales Strategic Initiatives
Slide 106: Fully Engaged Dealers Sell More
Slide 107: Dealer Territories
Slide 108: APR Map
Slide 109: Engage the Dealer: Focus Dealer & DSM on Business Plan
Slide 110: Sales Strategic Initiatives
Slide 111: Bring The Way Out into your Store!
Slide 112: Before
Slide 113: Sports Unlimited: Utica, NY
Slide 114: River Valley Polaris, Rochester, MN
Slide 115: Van Wall Equipment, Olathe, KS
Slide 116: Mid America Moto Plex, Sioux Falls, SD
Slide 117: New ATV Experience Center
Slide 118: ATV Experience Center Features
Slide 119: Sales Strategic Initiatives
Slide 120: Dealership Lifecycle Processes
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Slide 180: The Last Five Years
The Last Five Years In a tough environment..... Recession Iraq War Afghanistan war Sept. 11 terrorist attacks Roseau flood 4 out of 5 low/no snow winters We have performed well..... 25 consecutive quarters of increased revenue and earnings 23 years of earnings growth Investing in Victory, Strengthen
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Slide 182: Polaris in 2009
Polaris in 2009 Objective: Position Polaris to eventually become the best company in the power sports industry. The strongest brand, the highest quality products, and the best dealer network. Diversified for the cycles. Not the biggest.....The best. Key Strategies: Build strength in existing strong