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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arctic Cat Inc. | NASDAQ:ACAT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.50 | 18.49 | 18.54 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 21, 2015
ARCTIC CAT INC.
(Exact name of Registrant as Specified in its Charter)
Minnesota | 0-18607 | 41-1443470 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
505 Hwy 169 North Suite 1000 Plymouth, Minnesota |
55441 | |
(Address of Principal Executive Offices) | (Zip Code) |
(763) 354-1800
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 | Regulation FD Disclosure. |
The executive officers of Arctic Cat Inc. intend to present materials at meetings with analyst and investors at an investor day on Thursday, May 21, 2015. A copy of the presentation materials to be used at those meetings and from time to time thereafter is filed as Exhibit 99.1 hereto. The presentation material will also be posted on the Companys website, www.arcticcat.com.
The information contained in the presentation materials is summary information that is intended to be considered in the context of the Companys SEC filings and other public announcements. The Company does not intend to file any update of these presentation materials.
The information in this Form 8-K being furnished under Item 7.01 shall not be deemed to be filed for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the Exchange Act), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Companys expectations and involve risks and uncertainties that could cause the Companys actual results to differ materially from those set forth in the statements. These risks are discussed in the Companys filings with the Securities and Exchange Commission, including an extensive discussion of these risks in the Companys Annual Report on Form 10-K for the year ended March 31, 2014.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
99.1 | Presentation Materials |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
ARCTIC CAT INC. | ||||
By | /s/ CHRISTOPHER J. EPERJESY | |||
Christopher J. Eperjesy | ||||
Chief Financial Officer |
Dated: May 21, 2015
ARCTIC CAT INC.
FORM 8-K CURRENT REPORT
INDEX TO EXHIBITS
Exhibit No. |
Description | |
99.1 | Presentation Materials |
Exhibit 99.1
|
Exhibit 99.1
2015 ANALYSTAND INVESTOR DAY
MAY 21, 2015
|
SAFE HARBOR STATEMENT
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. The companys Annual Report, as well as the Report on Form 10-K, its
Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission, the companys press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the companys current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. The words aim, believe, expect, anticipate, intend, estimate and other expressions that indicate future events and trends identify forward-looking statements including statements related to our fiscal 2016 outlook, business strategy, expected inventory reductions, product introductions and demand. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to those set forth in the companys Annual Report on Form 10-K for the year ended March 31, 2014, under heading Item 1A. Risk Factors. The company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
2 |
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TODAYS AGENDA1
1 |
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2 |
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FINANCIAL PERSPECTIVE |
3 |
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CURRENT SITUATION |
INTRODUCTIONS
4 |
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2020 VISION & STRATEGIC PLAN |
5 |
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Q&A |
BREAK
3 |
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CHRIS EPERJESY BACKGROUND
13 YEARS AS PUBLIC COMPANY CFO
CFO at Twin Disc, Inc.
International acquisitions
Global manufacturing & supply chain experience
25 YEARS OF INTERNATIONAL BUSINESS
DaimlerChrysler USA, Belgium & Germany
PwC USA & Germany
GUIDING PRINCIPLES
Finance enables profitable growth
Processes matter
Talent and its development are critical to succeed
Investors need to be kept informed
Chris Eperjesy
4 |
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FINANCIAL
PERSPECTIVE
5 |
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2015 FISCAL YEAR OVERVIEW
SALES DOWN 4% TO $699 MILLION
Q4 Sales down $46 million, or 32%, versus FY14
Impacted by $7.6 million No Brainer campaign to reduce dealer ATV inventory:
However, did result in ATV Retail Mkt Share gains:
ACAT Industry
Mar 15 vs. 14 50+% 6%
Mar 15 vs. Feb 15 25+% 4%
Estimated FX impact of $(18) million vs. FY14
GROSS PROFIT DOWN 360 BPS TO 17.1%
FX had biggest impact, 200+ bps
Increased sales incentives, driven by No Brainer program, had a 110 bps impact
ATV warranty recall charges were 70 bps
NET EARNINGS DOWN 87% TO $0.38 EPS
Lower volume, 1-time charges, FX and higher than expected legal expenses significantly impact profitability in FY 2015
BALANCE SHEET REMAINS STRONG
No debt and over $40 million of cash
Snowmobile ATV/SxS PG&A
$800
$700
$600 $108 $115 $114
$500
$400 $300 $333 $284
$300
$200 $264 $282 $301
$100
$0
FY13 FY14 FY15
Gross Profit %
30%
20%
10%
0%
Q1 Q2 Q3 Q4
-10%
FY13 FY14 Fy15
6 |
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2015 FISCAL YEAR INCOME STATEMENT
B/(W)
$ thousands FY15 FY14 $ %
Sales $ 698,756 $ 730,491 -31,735 -4.3%
Gross Profit 119,449 151,079 -31,630 -20.9%
% of Sales 17.1% 20.7%
Operating Expenses 112,911 90,583 -22,328 -24.6%
% of Sales 16.2% 12.4%
Operating Income 6,538 60,496 -53,958 -89.2%
% of Sales 0.9% 8.3%
Pre-Tax Earnings 6,210 60,404 -54,194 -89.7%
Income Taxes 1,290 21,000 19,710 93.9%
20.8% 34.8%
Net Earnings 4,920 39,404 -34,484 -87.5%
% of Sales 0.7% 5.4%
EPS $ 0.38 $ 2.90 $ (2.52)
Guidance $0.36-$0.44
7 |
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ARCTIC CAT OVERVIEW
FY2015 SALES BY PRODUCT
FY2015 SALES BY GEOGRAPHY
Parts Garments
& Accessories
16%
ATV and
41% Side-by-Sides
Snowmobiles
43%
International
12% Canada
28%
60%
United States
8 |
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ARCTIC CAT OVERVIEW
SALES
(IN MILLIONS)
$730
$699 $690-705
$672
$585
$465
FY11 FY12 FY13 FY14 FY15 FY16*
Actuals Estimate
* |
|
Company guidance for year |
9
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FINANCIALS HISTORICAL PERSPECTIVE
Sales
$800 $730
$700 $672 $699
$585
$600
$500 $451 $465
$400
$300
$200
$100
$0
FY10 FY11 FY12 FY13 FY14 FY15
Gross Profit
$200 25%
$150 20%
15%
$100
10%
$50 5%
$0 0%
FY10 FY11 FY12 FY13 FY14 FY15
Gross Profit GP%
Earnings per Diluted Share
$ 4
$ 3 $ 2.89 $ 2.90
$ 3
$ 2 $ 1.72
$ 2
$ 1 $ 0.70
$ 0.38
$ 1 $ 0.10
$ 0
FY10 FY11 FY12 FY13 FY14 FY15
Operating Cash Flows
$120
$101
$100
$80
$57
$60 $44
$40 $29 $33
$20
$0
FY10 FY11 FY12 FY13 FY14 FY15
-$20 -$5
RECENT FINANCIAL PERFORMANCE HAS NOT MET EXPECTATIONS
10
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FINANCIALS HISTORICAL PERSPECTIVE
Cash & Cash Equiv.
$140 $125
$120 $113
$100 $82
$80
$60 $41
$40 $28
$20
$0
FY10 FY11 FY12 FY13 FY14 FY15
Cash & Cash Equiv. Share Repurchases
Inventory
$200 6
5.0
$152 5
$150
4 |
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3.1 3.4
$100 3
$61
2 |
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$50
1 |
|
$0 0
FY10 FY11 FY12 FY13 FY14 FY15
Inventory Turns*
Calculated as total costs of good sold divided by average inventory of past 13 months.
RECENT FINANCIAL PERFORMANCE HAS NOT MET EXPECTATIONS
11
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FY16
GUIDANCE
12
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FULL YEAR FY16 GUIDANCE OVERVIEW
Wholesale Sales
Snowmobiles ATV/Side-by-Side PG&A
Total Sales Gross Margins Operating Expenses Earnings Per Share
Retail Sales
Snowmobile Industry ATV (core) Industry Side-by-Side Industry
$254M to $259M $311M to $318M $125M to $128M $690M to $705M
18.1%, +100bps Down 3% $0.80 to $0.95
-15% to -14%
+9% to +12%
+10% to +12%
-1% to +1%
+111% to +150%
+0% to +3%
+2% to +3%
+9% to +11%
13
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FY 2016 GUIDANCE SOME COLOR
GOOD GUYS not in FY16
No Brainer incurred incremental expense of $7.6 million in Q4
ATV Warranty Recall incurred warranty expense of $5.3 million in Q2
Severance & Executive Transition Costs approximately $4 million incurred in Q1, Q3 & Q4
BAD GUYS expected in FY16
FX headwinds primarily driven by the Canadian $ exposure, we expect sales/gross profit to be negatively impacted by $12 million to $15 million (more info when we discuss hedging strategy)
Inventory Reduction/Absorption as we reduce ACAT inventory by $30+ million in FY16, there will be a negative impact on absorption of approximately $2-$3 million
Expect to reduce dealer inventory 5,000-7,000 units lost opportunity for wholesale sales
FISCAL 2016 = REBUILD & REPOSITION FOR PROFITABLE GROWTH
14
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FY 2016 GUIDANCE MORE COLOR
INVENTORY
$152
$120
Goal = 40% decrease
in finished goods
inventory
Goal = Improve turns
by at least 1 turn
2015 2016
MARGINS
18.1%
17.1%
ATV Hard
FX Inventory No Recall work
Absorp. Brainer
FISCAL 2016 = REBUILD & REPOSITION FOR PROFITABLE GROWTH
15
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FOREIGN CURRENCY SALES
More than 1/3 of ACATs net sales are denominated in foreign currencies.
$ millions
$800
$730 $699 $690-$705
$700 $672
$600
$216 $193
$216
$500
$400
$300
$200 $423 $476 $471
$100
$0
FY13 FY14 FY15 FY16E
US$ CAD EUR
US Dollar 63% 65% 67%
Canadian Dollar 32% 30% 28%
EURO 5% 5% 5%
TOTAL in FX 37% 35% 33%
16
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FY 2016 BUDGET FX HEDGING STRATEGY
17
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OUR HEDGING STRATEGY
We are employing a simple, but formal hedging strategy going forward
Out 1 Quarter 80%+ hedge Current strategy
Out 2 Quarters 60%+ hedge employed for Canadian
$ exposure, which
Out 3 Quarters 40%+ hedge represents nearly 90%
Out 4 Quarters 20%+ hedge of net exposure
Where are we currently
We are currently hedged at about 53% of our estimated Canadian $ exposure for Fiscal 2016, consistent with above parameters.
Hedged rates range from $1.08/09 to $1.25/26, with the average hedged rate in the $1.20-$1.21 range.
The average Fiscal Year 2015 Canadian $ rate for ACAT based on the timing of shipments was estimated to be $1.13.
18
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5 |
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YEAR |
OUTLOOK
19
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5-YEAR FINANCIAL OBJECTIVE
FISCAL 2016-2020
8-9xs FY16
guidance
10-12% 10%+ pts
5%+ pts
Organic Revenue Gross Margin Market Share Gains EPS Growth
Growth Expansion
Aggressive, yet realistic targets
20
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2020 LONG RANGE PLAN SALES MIX
FY15
16%
43%
41%
SNOW ATV/SxS PG&A
FY20
16%
37%
48%
SNOW ATV/SxS PG&A
LESS DEPENDENCE ON SNOW
AND GREATER MIX OF DIRT PRODUCTS
21
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2020 LONG RANGE PLAN P&L
$ millions FY15A FY16E FY20E CAGR
SALES $698.8 $690.0-$705.0 $1,150.0 10.5%
GROSS PROFIT $119.4 $125.0-$128.0 $320.0 21.8%
% OF SALES 17.1% 18.0% to 18.2% 27.8%
OPERATING EXPENSES $112.9 $109.0-$111.0 $173.0 8.9%
% OF SALES 16.2% 15.6% to 15.8% 15.0%
OPERATING INCOME $6.5 $16.0-$19.0 147.0 86.4%
% OF SALES 0.9% 2.4% to 2.7% 12.8%
PRE-TAX EARNINGS $6.2 $16.0-$18.7 $147.0
12.8%
$1.3 $39.0
INCOME TAXES $5.4-$6.4
20.8% 26.5%
NET EARNINGS $4.9 $10.5-$12.5 $108.0 85.5%
% OF SALES 0.7% 1.5% to 1.8% 9.4%
INVESTMENT THESIS
TOPLINE GROWTH WITH RENEWED FOCUS ON MARGIN EXPANSION
22
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GROSS PROFIT % WALK 2015 to 2020
AREAS FOR IMPROVEMENT
28% +
17%
FY FY
2015A 2020E
+11% pts
Excludes acquisitions and strategic partnerships
Assumes no significant favorable/unfavorable FX movements
23
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ARCTIC CAT OVERVIEW
24
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CHRIS METZ BACKGROUND
13 YEARS AT BLACK & DECKER, INC.
Assistant product manager to president
U.S. and Europe
DEWALT story
10 YEARS AT SUN CAPITAL PARTNERS, INC.
$500M to $10B under management
#1 private equity firm in turn-around space
JOINED ARCTIC CAT IN DECEMBER 2014 GUIDING PRINCIPLES
Teams win invest for success
Leadership matters drive execution
Culture is critical create passion for winning
Credibility is built one quarter at a time drive accountability and results
Chris Metz
25
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REASONS FOR JOINING ARCTIC CAT
MARKET UNDERPERFORMER OPPORTUNITY
ICONIC LEADING WITH FUNDAMENTAL
BRAND PRODUCTS STRENGTHS TO WIN
PERFECT MATCH
PRODUCT STRONG GLOBAL UNDER- OUTDOOR/
IS A HERO LEADERSHIP BUSINESS PERFORMER SPORTS
SPACE
26
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55 YEAR HERITAGE
1962 First front-mounted engine snowmobile Tin Lizzie
1966 ACAT Panther First slide-rail rear suspension and rubber track
1978 El Tigre Fastest Snowmobile
1985 Breakthrough A-Arm front suspension
1993 One Millionth ACAT Snowmobile built
1995 First ATV with biggest engine displacement and highest ground
clearance
2003 Introduce industry first 4-stroke snowmobile engine low emissions, quiet
2005 ACAT builds first Turbocharged Snowmobile T660 Turbo
2007 ACAT begins production of engines in St. Cloud, MN
2011 ACAT introduces first pure performance ROV The Wildcat with 5 Link
Rear Suspension and 18 inches of rear travel
2014 ACAT introduces industry first Trail Ready 50 inch ROV Wildcat Trail
27
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CURRENT SITUATION
28
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CURRENT SITUATION
ICONIC BRAND NOT ENOUGH
with great product line up SELL THROUGH
MARKETING
to support sales and brand
UNDER INVESTED DEALER NETWORK
in key talent areas lags industry in size, productivity and
capability
SALES NOT GROWING
Dealers have too much
inventory
29
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CURRENT SITUATION
PASSIONATE CULTURE DELIVERING NO
but need to drive accountability MATERIAL
PRODUCTIVITY
NEED BETTER PROCESS ONE SINGLE PLANT
for reliable, consistent performance not in a low cost region
30
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APPROACH
STRONG LEADERSHIP
FOCUSED ON KEY
STRATEGIES
ACT QUICKLY AND DECISIVELY
MANIACALLY DRIVE EXECUTION
EMBRACE ACCOUNTABILITY
31
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INVESTMENT THESIS
GROSS MARGIN EXPANSION
SALES GROWTH OF
to 27.8%
BY 2020
TODAY
ARCTIC CAT IS AT 17.1%
COMPETITION AT
HIGH 20s GM%
10.5%
CAGR BY 2020
LAST FOUR YEARS
ARCTIC CAT 11% CAGR
COMPETITION > 15%
32
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STRATEGIC PRIORITIES
Y1
Y2
Y3+
FIX THE FOUNDATION
EXPAND MARGINS
HIGH TEENS
and build
and begin
REVENUE
the business
to grow
GROWTH
THIS WILL HAPPEN AS WE INVEST NOW TO FUEL MARGIN EXPANSION AND REVENUE GROWTH
OVER THE NEXT 1218 MONTHS
33
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GUIDING PRINCIPLES
INVEST
for success, best team wins
CREATE
a winning culture
DRIVE
maniacal execution
DEMAND
and expect results accountability
34
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2020 LONG RANGE PLAN P&L
$ millions
FY15A
FY16E
FY20E
CAGR
SALES
$698.8
$690.0-$705.0
$1,150.0
10.5%
GROSS PROFIT
$119.4
$125.0-$128.0
$320.0
21.8%
% OF SALES
17.1%
18.0% to 18.2%
27.8%
OPERATING EXPENSES
$112.9
$109.0-$111.0
$173.0
8.9%
% OF SALES
16.2%
15.6% to 15.8%
15.0%
OPERATING INCOME
$6.5
$16.0-$19.0
147.0
86.4%
% OF SALES
0.9%
2.4% to 2.7%
12.8%
PRE-TAX EARNINGS
$6.2
$16.0-$18.7
$147.0
12.8%
$1.3
$39.0
INCOME TAXES
$5.4-$6.4
20.8%
26.5%
NET EARNINGS
$4.9
$10.5-$12.5
$108.0
85.5%
% OF SALES
0.7%
1.5% to 1.8%
9.4%
INVESTMENT THESIS
TOPLINE GROWTH WITH RENEWED FOCUS ON MARGIN EXPANSION
35
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VISION
Deliver the ultimate experience for riders, workers and outdoor enthusiasts around the world by driving passion and performance in every product and service we provide
36
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BRAND PROMISE
Create the ultimate
off-road riding experience
37
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STRATEGIC PLAN
38
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KEY STRATEGIES
DRAMATICALLY
RAMP UP
PURSUE OEM
CREATE BRAND
IMPROVE OUR
END-USER
PARTNERSHIPS &
MARKETING
DEALER
FOCUSED NEW
BOLT-ON
POWERHOUSE
NETWORK
PRODUCTS
ACQUISITIONS
39
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KEY ENABLERS
PROCESS EXCELLENCE & EXECUTION
PROFIT IMPROVEMENT
PEOPLE AND CULTURE
40
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ENABLER PROCESS EXCELLENCE
Develop and implement clearly defined, documented and communicated processes across all functions to deliver consistent and reliable performance
41
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ENABLER PROCESS EXCELLENCE
Stage gate new product development Change management Lean productivity SAP
Strategic deployment
Weekly, monthly and quarterly reporting
Operating model
42
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ENABLER PROFIT IMPROVEMENT
Develop repeatable productivity methodology to deliver 5% gross productivity to expand gross margins and deliver
10% operating income
43
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ENABLER PROFIT IMPROVEMENT
Supplier cost down
Value engineering
In bound/out bound freight
Currency hedging
Lower rebate incentives with greater amount of current inventory
Lower effective tax rate
44
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ENABLER PEOPLE AND CULTURE
Top grade or recruit A talent in critical leadership and management positions supported by strategies and goals that are aligned and appraisals that are honest
45
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ENABLER PEOPLE AND CULTURE
Goal setting
Appraisals
Investing in talent
Minneapolis headquarters
46
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KEY STRATEGY IMPROVE DEALER NETWORK
Develop top quartile performing dealer network, in terms of size, productivity and capabilities in every key region in North America
47
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KEY STRATEGY IMPROVE DEALER NETWORK
Rank and top grade
Set expectations, measure results, drive accountability
Dealer development existing and new
Training
Dramatically reduce non-current inventory
Sell-through programming Sell-through brand marketing Ensure appropriate resources
48
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KEY STRATEGY RAMP UP NEW PRODUCTS
Develop end-user focused SBUs that deliver industry leading Hero new products that are innovative, potentially breakthrough, and yield 25%+ gross margins
49
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KEY STRATEGY RAMP UP NEW PRODUCTS
Launch exciting HERO products for
MY 2017 (introduced August 2016)
Build product management functions focused on end-user
Develop 10 year multi-generational product and technology roadmap for ATVs, ROVs and snowmobiles
Unveil well thought out accessories with all new products
Use new stage gate process to drive faster and higher quality new products
Continue to develop existing and new OEM partnerships
50
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KEY STRATEGY OEM & BOLT-ON ACQUISITIONS
Leverage internal resources to pursue meaningful partnerships
Partnerships will leverage others channels of distribution strengths and geographic footprint
Acquisition into current space or near adjacencies
Acquisitions that are financially compelling
No Acquisitions Included in 2020 Vision
51
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KEY STRATEGY BRAND MARKETING
Create brand marketing powerhouse that delivers passionate and exciting experiences at all customer touch points to drive double-digit retail sales growth every year
52
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KEY STRATEGY BRAND MARKETING
Advertising
Invest in team
Experiential marketing
Event field marketing
Digital
Training
53
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CULTURAL BEHAVIORS
PASSION FOR WINNING
INNOVATION
ATTITUDE
ACHIEVE COMMITMENTS
HIGH ENERGY
STRAIGHT TALK
RISK TAKING
RAISE THE BAR
54
|
RECENT PROGRESS PAST FIVE MONTHS
NEW
ACCELERATED
MANAGEMENT
DEALER ATV
MOTORFIST
TEAM
INVENTORY
ACQUISITION
CEO, CFO,
REDUCTION
CMO, VP
SALES
NEW
TORO
STRATEGIC
OPERATING
PARTNERSHIP
PLAN
MODEL
DEVELOPED
IMPLEMENTED
55
|
RECENT TRENDS
SNOW
2015 RETAIL +9% vs. INDUSTRY +8%
2016 SNOWMOBILE SHOW NEW PRODUCT WELL RECEIVED
SPRING SELLING UP 10% VS. LAST YEAR
ATV/ROV
NO BRAINER PROMOTION IS
WORKING
56
|
ATV RETAIL YOY GROWTH
ATV/ROV
Arctic Cat
Industry
ATVs
ATVs
February 2015
30%
Down low
single digits
March 2015
50%
Up mid
single digits
April 2015
50%
Down low
single digits
ARCTIC CAT ROV YTD 20% VERSUS INDUSTRY UP LOW
DOUBLE DIGITS
57
|
RECENT TRENDS
SNOW ATV/ROV
2016 SNOWMOBILE SHOW NO BRAINER PROMOTION IS
NEW PRODUCTS WELL RECEIVED WORKING SPRING SELLING UP 10% VS. LAST YEAR
PG&A
MOTORFIST ADDED 125 ARCTIC CAT DEALERS TO BASE OF 291 FOR CURRENT TOTAL OF 416 DEALERS
58
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INVESTMENT MERITS
59
|
INVESTMENT MERITS
STRONG
ICONIC
NEW
INNOVATIVE
BALANCE
BRAND
LEADERSHIP
PRODUCTS
SHEET
TARGETING
EXPANDING
$1.15+ BILLION
GROSS
IN SALES
MARGINS
BY 2020
TO 27%+
BY 2020
60
|
BREAK
FOLLOWED BY
Q&A
61
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