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10-Q Filing

GENTEX CORP CIK: 355811 Q3 2023
Filing Information
Form Type 10-Q
Accession Number 0000355811-23-000056
Period End Date 20230930
Filing Date 20231103
Fiscal Year 2023
Fiscal Period Q3
XBRL Instance gntx-20230930_htm.xml
Filing Contents
Balance Sheet 56 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $214.75M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $260.63M USD Point-in-time
Restricted Cash RestrictedCashCurrent $4.00M USD Point-in-time
Restricted Cash RestrictedCashCurrent - USD Point-in-time
Short-term investments ShortTermInvestments $23.01M USD Point-in-time
Short-term investments ShortTermInvestments $17.46M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $351.14M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $276.49M USD Point-in-time
Inventories InventoryNet $404.36M USD Point-in-time
Inventories InventoryNet $395.45M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $26.04M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $30.76M USD Point-in-time
Total current assets AssetsCurrent $948.65M USD Point-in-time
Total current assets AssetsCurrent $1.06B USD Point-in-time
PLANT AND EQUIPMENTNET PropertyPlantAndEquipmentNet $606.18M USD Point-in-time
PLANT AND EQUIPMENTNET PropertyPlantAndEquipmentNet $550.03M USD Point-in-time
Goodwill Goodwill $313.81M USD Point-in-time
Goodwill Goodwill $313.16M USD Point-in-time
Long-term investments LongTermInvestments $202.33M USD Point-in-time
Long-term investments LongTermInvestments $272.62M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $204.89M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $219.36M USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $36.51M USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $25.53M USD Point-in-time
Patents and other assets, net PatentAndOtherAssetsNet $67.52M USD Point-in-time
Patents and other assets, net PatentAndOtherAssetsNet $69.51M USD Point-in-time
Total other assets OtherAssetsNoncurrent $828.54M USD Point-in-time
Total other assets OtherAssetsNoncurrent $896.69M USD Point-in-time
Total assets Assets $2.33B USD Point-in-time
Total assets Assets $2.56B USD Point-in-time
Accounts payable AccountsPayableCurrent $171.36M USD Point-in-time
Accounts payable AccountsPayableCurrent $151.74M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $103.05M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $98.81M USD Point-in-time
Total current liabilities LiabilitiesCurrent $250.55M USD Point-in-time
Total current liabilities LiabilitiesCurrent $274.41M USD Point-in-time
OTHER NON-CURRENT LIABILITIES OtherLiabilitiesNoncurrent $15.46M USD Point-in-time
OTHER NON-CURRENT LIABILITIES OtherLiabilitiesNoncurrent $10.88M USD Point-in-time
Total liabilities Liabilities $289.87M USD Point-in-time
Total liabilities Liabilities $261.44M USD Point-in-time
Common stock CommonStockValue $14.05M USD Point-in-time
Common stock CommonStockValue $14.00M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $917.50M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $961.20M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.15B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.31B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-14.14M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-13.67M USD Point-in-time
Total shareholders investment StockholdersEquity $2.27B USD Point-in-time
Total shareholders investment StockholdersEquity $2.20B USD Point-in-time
Total shareholders investment StockholdersEquity $1.99B USD Point-in-time
Total shareholders investment StockholdersEquity $2.07B USD Point-in-time
Total shareholders investment StockholdersEquity $1.94B USD Point-in-time
Total shareholders investment StockholdersEquity $2.03B USD Point-in-time
Total liabilities and shareholders investment LiabilitiesAndStockholdersEquity $2.56B USD Point-in-time
Total liabilities and shareholders investment LiabilitiesAndStockholdersEquity $2.33B USD Point-in-time
Income Statement 64 line items
Line Item Tag Value Unit Period
NET SALES RevenueFromContractWithCustomerExcludingAssessedTax $493.64M USD 1 Quarter
NET SALES RevenueFromContractWithCustomerExcludingAssessedTax $575.85M USD 1 Quarter
NET SALES RevenueFromContractWithCustomerExcludingAssessedTax $1.71B USD 3 Qtrs
NET SALES RevenueFromContractWithCustomerExcludingAssessedTax $1.43B USD 3 Qtrs
COST OF GOODS SOLD CostOfGoodsAndServicesSold $1.15B USD 3 Qtrs
COST OF GOODS SOLD CostOfGoodsAndServicesSold $969.33M USD 3 Qtrs
COST OF GOODS SOLD CostOfGoodsAndServicesSold $384.41M USD 1 Quarter
COST OF GOODS SOLD CostOfGoodsAndServicesSold $346.44M USD 1 Quarter
Gross profit GrossProfit $455.98M USD 3 Qtrs
Gross profit GrossProfit $191.44M USD 1 Quarter
Gross profit GrossProfit $559.26M USD 3 Qtrs
Gross profit GrossProfit $147.20M USD 1 Quarter
Engineering, research and development ResearchAndDevelopmentExpense $112.83M USD 3 Qtrs
Engineering, research and development ResearchAndDevelopmentExpense $33.54M USD 1 Quarter
Engineering, research and development ResearchAndDevelopmentExpense $98.37M USD 3 Qtrs
Engineering, research and development ResearchAndDevelopmentExpense $40.20M USD 1 Quarter
Selling, general & administrative SellingGeneralAndAdministrativeExpense $26.87M USD 1 Quarter
Selling, general & administrative SellingGeneralAndAdministrativeExpense $28.83M USD 1 Quarter
Selling, general & administrative SellingGeneralAndAdministrativeExpense $81.72M USD 3 Qtrs
Selling, general & administrative SellingGeneralAndAdministrativeExpense $83.48M USD 3 Qtrs
Total operating expenses OperatingExpenses $180.09M USD 3 Qtrs
Total operating expenses OperatingExpenses $196.30M USD 3 Qtrs
Total operating expenses OperatingExpenses $60.41M USD 1 Quarter
Total operating expenses OperatingExpenses $69.02M USD 1 Quarter
Income from operations OperatingIncomeLoss $362.96M USD 3 Qtrs
Income from operations OperatingIncomeLoss $275.89M USD 3 Qtrs
Income from operations OperatingIncomeLoss $122.42M USD 1 Quarter
Income from operations OperatingIncomeLoss $86.79M USD 1 Quarter
Investment income InvestmentIncomeNonoperating $9.68M USD 3 Qtrs
Investment income InvestmentIncomeNonoperating $1.50M USD 1 Quarter
Investment income InvestmentIncomeNonoperating $3.21M USD 3 Qtrs
Investment income InvestmentIncomeNonoperating $3.85M USD 1 Quarter
Other loss, net OtherNonoperatingIncomeExpense $-3.56M USD 3 Qtrs
Other loss, net OtherNonoperatingIncomeExpense $-2.13M USD 1 Quarter
Other loss, net OtherNonoperatingIncomeExpense $-1.79M USD 1 Quarter
Other loss, net OtherNonoperatingIncomeExpense $-4.83M USD 3 Qtrs
Total other income (loss) NonoperatingIncomeExpense $2.06M USD 1 Quarter
Total other income (loss) NonoperatingIncomeExpense $6.12M USD 3 Qtrs
Total other income (loss) NonoperatingIncomeExpense $-629.19K USD 1 Quarter
Total other income (loss) NonoperatingIncomeExpense $-1.62M USD 3 Qtrs
INCOME BEFORE PROVISION FOR INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $86.16M USD 1 Quarter
INCOME BEFORE PROVISION FOR INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $124.48M USD 1 Quarter
INCOME BEFORE PROVISION FOR INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $274.27M USD 3 Qtrs
INCOME BEFORE PROVISION FOR INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $369.08M USD 3 Qtrs
PROVISION FOR INCOME TAXES IncomeTaxExpenseBenefit $19.75M USD 1 Quarter
PROVISION FOR INCOME TAXES IncomeTaxExpenseBenefit $57.62M USD 3 Qtrs
PROVISION FOR INCOME TAXES IncomeTaxExpenseBenefit $41.68M USD 3 Qtrs
PROVISION FOR INCOME TAXES IncomeTaxExpenseBenefit $13.51M USD 1 Quarter
NET INCOME NetIncomeLoss $104.73M USD 1 Quarter
NET INCOME NetIncomeLoss $311.46M USD 3 Qtrs
NET INCOME NetIncomeLoss $72.66M USD 1 Quarter
NET INCOME NetIncomeLoss $232.59M USD 3 Qtrs
Basic (in dollars per share) EarningsPerShareBasic $0.45 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.99 USD 3 Qtrs
Basic (in dollars per share) EarningsPerShareBasic $1.33 USD 3 Qtrs
Basic (in dollars per share) EarningsPerShareBasic $0.31 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.99 USD 3 Qtrs
Diluted (in dollars per share) EarningsPerShareDiluted $0.45 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.33 USD 3 Qtrs
Diluted (in dollars per share) EarningsPerShareDiluted $0.31 USD 1 Quarter
Cash Dividends Declared per Share (in dollars per share) CommonStockDividendsPerShareDeclared $0.12 USD 1 Quarter
Cash Dividends Declared per Share (in dollars per share) CommonStockDividendsPerShareDeclared $0.36 USD 3 Qtrs
Cash Dividends Declared per Share (in dollars per share) CommonStockDividendsPerShareDeclared $0.12 USD 1 Quarter
Cash Dividends Declared per Share (in dollars per share) CommonStockDividendsPerShareDeclared $0.36 USD 3 Qtrs
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $104.73M USD 1 Quarter
Net income NetIncomeLoss $311.46M USD 3 Qtrs
Net income NetIncomeLoss $72.66M USD 1 Quarter
Net income NetIncomeLoss $232.59M USD 3 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $71.00M USD 3 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $73.29M USD 3 Qtrs
(Gain) on disposal of assets GainOnDisposalOfAssets $271.51K USD 3 Qtrs
(Gain) on disposal of assets GainOnDisposalOfAssets $56.26K USD 3 Qtrs
Loss on disposal of assets LossOnDispositionOfAssets $250.44K USD 3 Qtrs
Loss on disposal of assets LossOnDispositionOfAssets $22.10K USD 3 Qtrs
(Gain) on sale of investments and equity method investment income GainOnSaleOfInvestments $391.38K USD 3 Qtrs
(Gain) on sale of investments and equity method investment income GainOnSaleOfInvestments $2.75M USD 3 Qtrs
Loss on sale of investments and equity method investment losses LossOnSaleOfInvestments $1.25M USD 3 Qtrs
Loss on sale of investments and equity method investment losses LossOnSaleOfInvestments $6.84M USD 3 Qtrs
Change in deferred income taxes DeferredIncomeTaxExpenseBenefit $4.79M USD 3 Qtrs
Change in deferred income taxes DeferredIncomeTaxExpenseBenefit $-11.87M USD 3 Qtrs
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock ShareBasedCompensation $29.21M USD 3 Qtrs
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock ShareBasedCompensation $22.97M USD 3 Qtrs
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $74.65M USD 3 Qtrs
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $42.62M USD 3 Qtrs
Inventories IncreaseDecreaseInInventories $102.02M USD 3 Qtrs
Inventories IncreaseDecreaseInInventories $-8.91M USD 3 Qtrs
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $16.98M USD 3 Qtrs
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $5.42M USD 3 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $52.51M USD 3 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $27.45M USD 3 Qtrs
Accrued liabilities, excluding dividends declared IncreaseDecreaseInAccruedLiabilities $11.00M USD 3 Qtrs
Accrued liabilities, excluding dividends declared IncreaseDecreaseInAccruedLiabilities $7.50M USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $236.36M USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $367.67M USD 3 Qtrs
Sales proceeds ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $37.43M USD 3 Qtrs
Sales proceeds ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $32.84M USD 3 Qtrs
Maturities and calls ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $14.44M USD 3 Qtrs
Maturities and calls ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $3.50M USD 3 Qtrs
Purchases PaymentsToAcquireAvailableForSaleSecuritiesDebt $112.61M USD 3 Qtrs
Purchases PaymentsToAcquireAvailableForSaleSecuritiesDebt $49.55M USD 3 Qtrs
Plant and equipment additions PaymentsToAcquireProductiveAssets $121.39M USD 3 Qtrs
Plant and equipment additions PaymentsToAcquireProductiveAssets $108.48M USD 3 Qtrs
Proceeds from sale of plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $185.61K USD 3 Qtrs
Proceeds from sale of plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $91.95K USD 3 Qtrs
Increase in other assets IncreaseDecreaseInOtherOperatingAssets $2.53M USD 3 Qtrs
Increase in other assets IncreaseDecreaseInOtherOperatingAssets $2.31M USD 3 Qtrs
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-119.32M USD 3 Qtrs
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-189.08M USD 3 Qtrs
Issuance of common stock from stock plan transactions ProceedsFromIssuanceOfCommonStock $12.37M USD 3 Qtrs
Issuance of common stock from stock plan transactions ProceedsFromIssuanceOfCommonStock $24.30M USD 3 Qtrs
Cash dividends paid PaymentsOfDividendsCommonStock $84.94M USD 3 Qtrs
Cash dividends paid PaymentsOfDividendsCommonStock $84.16M USD 3 Qtrs
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $76.86M USD 3 Qtrs
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $83.84M USD 3 Qtrs
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-156.42M USD 3 Qtrs
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-136.71M USD 3 Qtrs
NET INCREASE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $41.88M USD 3 Qtrs
NET INCREASE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-39.38M USD 3 Qtrs
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $262.31M USD Point-in-time
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $260.63M USD Point-in-time
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $218.75M USD Point-in-time
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $222.93M USD Point-in-time
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $262.31M USD Point-in-time
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $260.63M USD Point-in-time
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $218.75M USD Point-in-time
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $222.93M USD Point-in-time
Property and equipment in accounts payable and accrued expenses and other current liabilities LiabilitiesAssumed1 $9.71M USD 3 Qtrs
Property and equipment in accounts payable and accrued expenses and other current liabilities LiabilitiesAssumed1 $5.06M USD 3 Qtrs
Comprehensive Income 28 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $104.73M USD 1 Quarter
Net income NetIncomeLoss $311.46M USD 3 Qtrs
Net income NetIncomeLoss $72.66M USD 1 Quarter
Net income NetIncomeLoss $232.59M USD 3 Qtrs
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-717.46K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-2.30M USD 3 Qtrs
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $13.72M USD 3 Qtrs
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $17.75M USD 1 Quarter
Unrealized gains (losses) on debt securities, net OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $363.90K USD 1 Quarter
Unrealized gains (losses) on debt securities, net OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $3.50M USD 3 Qtrs
Unrealized gains (losses) on debt securities, net OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $-4.44M USD 1 Quarter
Unrealized gains (losses) on debt securities, net OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $-15.65M USD 3 Qtrs
Other comprehensive (loss) income, before tax OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent $13.31M USD 1 Quarter
Other comprehensive (loss) income, before tax OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent $-353.55K USD 1 Quarter
Other comprehensive (loss) income, before tax OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent $-1.93M USD 3 Qtrs
Other comprehensive (loss) income, before tax OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent $1.21M USD 3 Qtrs
Income tax impact related to components of other comprehensive income (loss) OtherComprehensiveIncomeLossTax $-3.29M USD 3 Qtrs
Income tax impact related to components of other comprehensive income (loss) OtherComprehensiveIncomeLossTax $76.42K USD 1 Quarter
Income tax impact related to components of other comprehensive income (loss) OtherComprehensiveIncomeLossTax $-932.98K USD 1 Quarter
Income tax impact related to components of other comprehensive income (loss) OtherComprehensiveIncomeLossTax $735.05K USD 3 Qtrs
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $1.36M USD 3 Qtrs
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $470.19K USD 3 Qtrs
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $14.24M USD 1 Quarter
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-429.97K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $104.30M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $233.95M USD 3 Qtrs
Comprehensive income ComprehensiveIncomeNetOfTax $311.93M USD 3 Qtrs
Comprehensive income ComprehensiveIncomeNetOfTax $86.90M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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