Polaris 2014 Annual Report Download - page 6

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too often we executed below our expectations.
Fortunately, we made notable progress on our
Strategic Objectives, strengthened our leadership
team and expanded our market share, so our wins
outnumbered our losses and we enter 2015 with
enthusiasm and optimism about our future.
Our confidence partially stems from a core
belief that we will ANTICIPATE while others react.
Whether we create markets and trends or simply
stay ahead of them, we expect to set the standard
rather than follow it. Between bold moves like the
innovative ACE™ and exhilarating Slingshot®, and
stylish moves like the beautiful, powerful Indian
Scout™, we will strive to deliver the next big thing
that is and will be hot, rather than what was desired.
Dave Longren’s industry-leading O-Road Vehicles
(ORV) division oers a great example of what we
can accomplish when we ANTICIPATE and execute,
and from Brazil to China and Kolpin to Klim, we are
following that same path. ANTICIPATING is also an
important corporate initiative, and it was our view
of what the future required that led us to promote
Matt Homan to lead our Global Adjacent Markets
business, where he will accelerate our profitable
growth in markets either o-cycle or counter-
cyclical to our core business. Between our recent
acquisition of Brammo’s motorcycle business
and select access to their advanced lithium-ion
DEAR SHAREHOLDER,
There are few things I enjoy more than riding our
Polaris PRO-RMK® snowmobiles in deep powder,
and the sage advice I learned early and never forget
is that “the throttle is your friend.” Interestingly,
this rarely refers to speed when you are on the
mountain, but rather to the ability to avoid a tree
or get out of a steep canyon. This concept is
analogous to this year’s annual report theme of
“Powering Ahead,” which indicates our commitment
to stay on the throttle and drive growth in a
challenging and uncertain global economy.
After five consecutive years of growth that more
than doubled revenue and tripled earnings per
share, we have both the momentum and the solid
platform necessary to build a stronger, more capable
Polaris. Our more than 7,800 global employees work
hard every day to deliver value for our customers,
and increasingly, to make us better. Not one of us
thinks this is the time to relax and enjoy our success,
especially as we see intensifying competition and
weakening growth in many markets.
While there is much to celebrate about the 19
percent sales and 23 percent earnings per
share* growth we delivered in 2014, we also see
tremendous opportunities for us to be more
ecient and eective in all that we do. From the
insucient speed of our inventory turns to our
decrease in gross profit margin performance, all
SCOTT W. WINE, CHAIRMAN & CEO, & BENNETT J. MORGAN, PRESIDENT & COO 
*from continuing operations
SHAREHOLDER LETTER
2
POLARIS INDUSTRIES INC. ANNUAL REPORT