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XBRL
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019 or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File Number: 0-10235
GENTEX CORPORATION
(Exact name of registrant as specified in its charter)
Michigan
38-2030505
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
600 N. Centennial
Zeeland
Michigan49464
(Address of principal executive offices)
(Zip Code)
(616) 772-1800
(Registrant’s telephone number, including area code)
________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.06 per shareGNTXNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes:  þ No:  o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes:  þ No:  o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes:    No:   þ
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes:  o No:  o
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Shares Outstanding, October 18, 2019
Common Stock, $.06 Par Value
252,972,254  

1


GENTEX CORPORATION AND SUBSIDIARIES
For the Three and Nine Months Ended September 30, 2019
FORM 10-Q
Index

Part I - Financial Information
Page
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Item 1A.
Item 2.
Item 6.


2


PART I —FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements.
GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2019 and December 31, 2018
September 30, 2019 (Unaudited)
December 31, 2018
(Note)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$260,151,083  $217,025,278  
Short-term investments207,156,287  169,412,999  
Accounts receivable, net253,108,715  213,537,799  
Inventories238,676,795  225,281,599  
Prepaid expenses and other28,402,524  25,672,579  
Total current assets987,495,404  850,930,254  
PLANT AND EQUIPMENT—NET491,968,638  498,473,766  
OTHER ASSETS
Goodwill307,365,845  307,365,845  
Long-term investments103,025,468  137,979,082  
Intangible assets, net255,200,000  269,675,000  
Patents and other assets, net22,241,049  21,010,121  
Total other assets687,832,362  736,030,048  
Total assets$2,167,296,404  $2,085,434,068  
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Accounts payable$95,309,797  $92,810,316  
Accrued liabilities86,994,334  76,350,603  
Total current liabilities182,304,131  169,160,919  
OTHER NON-CURRENT LIABILITIES6,952,703    
DEFERRED INCOME TAXES56,711,307  54,521,489  
Total liabilities245,968,141  223,682,408  
SHAREHOLDERS’ INVESTMENT
Common stock15,178,860  15,559,717  
Additional paid-in capital799,462,368  745,324,144  
Retained earnings1,107,449,540  1,102,468,137  
Accumulated other comprehensive income (loss)(762,505) (1,600,338) 
Total shareholders’ investment1,921,328,263  1,861,751,660  
Total liabilities and shareholders’ investment$2,167,296,404  $2,085,434,068  

Note: The condensed consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
3


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three and Nine Months Ended September 30, 2019 and 2018
 
Three Months Ended September 30,Nine Months Ended September 30,
2019201820192018
NET SALES
$477,761,417  $460,253,433  $1,415,061,768  $1,380,654,978  
COST OF GOODS SOLD
297,440,131  287,263,147  888,558,373  862,231,819  
Gross profit180,321,286  172,990,286  526,503,395  518,423,159  
OPERATING EXPENSES:
Engineering, research and development29,398,725  26,888,999  85,847,249  80,138,722  
Selling, general & administrative22,786,881  18,673,376  63,019,167  55,658,189  
Total operating expenses52,185,606  45,562,375  148,866,416  135,796,911  
Income from operations128,135,680  127,427,911  377,636,979  382,626,248  
OTHER INCOME (LOSS)
Investment income3,353,510  3,180,683  8,756,638  8,062,421  
Other income (loss), net90,323  (73,979) 376,983  578,655  
Total other income3,443,833  3,106,704  9,133,621  8,641,076  
INCOME BEFORE PROVISION FOR INCOME TAXES131,579,513  130,534,615  386,770,600  391,267,324  
PROVISION FOR INCOME TAXES19,681,661  19,198,798  61,633,712  59,658,782  
NET INCOME$111,897,852  $111,335,817  $325,136,888  $331,608,542  
EARNINGS PER SHARE: (1)
Basic$0.44  $0.42  $1.27  $1.23  
Diluted$0.44  $0.42  $1.26  $1.22  
Cash Dividends Declared per Share$0.115  $0.110  $0.345  $0.330  
(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.

4


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three and Nine Months Ended September 30, 2019 and 2018
Three Months Ended September 30,Nine Months Ended September 30,
2019201820192018
Net Income
$111,897,852  $111,335,817  $325,136,888  $331,608,542  
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments(1,623,102) (1,174,213) (1,799,789) (2,013,638) 
Unrealized gains on derivatives  16,165    98,769  
Unrealized gains (losses) on debt securities, net457,438  (609,422) 3,338,762  (932,953) 
Other comprehensive (loss) income, before tax(1,165,664) (1,767,470) 1,538,973  (2,847,822) 
Income tax impact related to components of other comprehensive income96,062  (124,584) 701,140  (175,177) 
Other comprehensive (loss) income, net of tax(1,261,726) (1,642,886) 837,833  (2,672,645) 
Comprehensive Income
$110,636,126  $109,692,931  $325,974,721  $328,935,897  

5


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
For the Three Months Ended September 30, 2019 and 2018
Common 
Stock
Shares
Common 
Stock
Amount
Additional 
Paid-In
Capital
Retained 
Earnings
Accumulated 
Other
Comprehensive
Income (Loss)
Total 
Shareholders’
Investment
BALANCE AS OF JULY 1, 2019254,779,119  $15,286,747  $777,238,253  $1,111,310,014  $499,221  $1,904,334,235  
Issuance of common stock from stock plan transactions1,771,463  106,287  26,180,774  —  —  26,287,061  
Repurchases of common stock(3,569,577) (214,174) (9,744,945) (86,665,884) —  (96,625,003) 
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock—  —  5,788,286  —  —  5,788,286  
Dividends declared ($.115 per share)
—  —  —  (29,092,442) —  (29,092,442) 
Net income—  —  —  111,897,852  —  111,897,852  
Other comprehensive loss—  —  —  —  (1,261,726) (1,261,726) 
BALANCE AS OF SEPTEMBER 30, 2019252,981,005  $15,178,860  $799,462,368  $1,107,449,540  $(762,505) $1,921,328,263  
BALANCE AS OF JULY 1, 2018268,923,121  $16,135,387  $748,794,815  $1,157,048,214  $(479,104) $1,921,499,312  
Issuance of common stock from stock plan transactions702,296  42,138  8,340,935  —  —  8,383,073  
Repurchases of common stock(7,508,249) (450,495) (18,545,378) (153,547,831) —  (172,543,703) 
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock—  —  4,905,626  —  —  4,905,626  
Dividends declared ($.110 per share)
—  —  —  (28,832,984) —  (28,832,984) 
Net income—  —  —  111,335,817  —  111,335,817  
Other comprehensive loss—  —  —  —  (1,642,886) (1,642,886) 
BALANCE AS OF SEPTEMBER 30, 2018262,117,168  15,727,030  743,495,999  1,086,003,216  (2,121,990) 1,843,104,255  



6


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
For the Nine Months Ended September 30, 2018 and 2019
Common 
Stock
Shares
Common 
Stock
Amount
Additional 
Paid-In
Capital
Retained 
Earnings
Accumulated 
Other
Comprehensive
Income (Loss)
Total 
Shareholders’
Investment
BALANCE AS OF JANUARY 1, 2019259,328,613  $15,559,717  $745,324,144  $1,102,468,137  $(1,600,338) $1,861,751,660  
Issuance of common stock from stock plan transactions5,021,616  301,297  67,920,578  —  —  68,221,875  
Repurchases of common stock(11,369,224) (682,154) (29,709,788) (232,371,433) —  (262,763,375) 
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock—  —  15,927,434  —  —  15,927,434  
Dividends declared ($.345 per share)
—  —  —  (87,784,052) —  (87,784,052) 
Net income—  —  —  325,136,888  —  325,136,888  
Other comprehensive income—  —  —  —  837,833  837,833  
BALANCE AS OF SEPTEMBER 30, 2019252,981,005  $15,178,860  $799,462,368  $1,107,449,540  $(762,505) $1,921,328,263  
BALANCE AS OF JANUARY 1, 2018280,281,321  $16,816,879  $723,510,672  $1,301,997,327  $7,193,383  $2,049,518,261  
Issuance of common stock from stock plan transactions4,960,412  297,625  61,082,042  —  —  61,379,666  
Repurchases of common stock(23,124,565) (1,387,474) (54,655,280) (465,706,871) —  (521,749,624) 
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock—  —  13,558,565  —  —  13,558,565  
Impact of ASU 2016-01 Adoption—  —  —  6,642,727  (6,642,727)   
Dividends declared ($.330 per share)
—  —  —  (88,538,509) —  (88,538,509) 
Net income—  —  —  331,608,542  —  331,608,542  
Other comprehensive loss—  —  —  —  (2,672,645) (2,672,647) 
BALANCE AS OF SEPTEMBER 30, 2018262,117,168  $15,727,030  $743,495,999  $1,086,003,216  $(2,121,990) $1,843,104,255  

7


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2019 and 2018
 
20192018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$325,136,888  $331,608,542  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization79,331,513  80,748,272  
(Gain) on disposal of assets(148,376) (145,777) 
Loss on disposal of assets495,697  26,839  
(Gain) on sale of investments(593,351) (1,508,411) 
Loss on sale of investments  532,494  
Change in deferred income taxes2,189,818  (5,538,048) 
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock15,927,434  13,558,557  
Change in operating assets and liabilities:
Accounts receivable, net(39,570,916) (16,200,315) 
Inventories(13,395,196) 3,371,546  
Prepaid expenses and other(2,729,945) (14,797,969) 
Accounts payable2,499,481  143,514  
Accrued liabilities, excluding dividends declared and short-term debt14,797,251  6,408,044  
Net cash provided by operating activities383,940,298  398,207,288  
CASH FLOWS (USED FOR) INVESTING ACTIVITIES:
Activity in available-for-sale securities:
Sales proceeds57,087,935  54,078,232  
Maturities and calls9,714,000  51,892,136  
Purchases(66,360,636) (180,657,259) 
Plant and equipment additions(58,322,472) (68,771,193) 
Proceeds from sale of plant and equipment1,937,207  194,200  
Decrease in other assets(3,111,644) (4,557,125) 
Net cash (used for) investing activities(59,055,610) (147,821,009) 
CASH FLOWS (USED FOR) FINANCING ACTIVITIES:
Repayment of debt  (78,000,000) 
Issuance of common stock from stock plan transactions68,221,875  61,379,666  
Cash dividends paid(87,217,383) (87,733,776) 
Repurchases of common stock(262,763,375) (521,749,624) 
Net cash (used for) financing activities(281,758,883) (626,103,734) 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS43,125,805  (375,717,455) 
CASH AND CASH EQUIVALENTS, beginning of period217,025,278  569,734,496  
CASH AND CASH EQUIVALENTS, end of period$260,151,083  $194,017,041  


8


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)



(1) Basis of Presentation

The unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2018 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of September 30, 2019, and the results of operations and cash flows for the interim periods presented.

(2) Adoption of New Accounting Pronouncements

New Accounting Pronouncements Adopted in Fiscal Year 2019

Effective January 1, 2019, the Company adopted Accounting Standards Update ("ASU") 2016-02, Leases, which provides guidance for lease accounting. The new guidance contained in the ASU stipulates that lessees will need to recognize a right-of-use ("ROU") asset and a lease liability for substantially all leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. Treatment in the consolidated statements of income will be similar to the historical treatment of operating and capital leases. The adoption of this standard did not have a material impact on the Company's consolidated balance sheet or consolidated income statement. Disclosures are now required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.

New Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. The standard requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. The Company will be required to adopt ASU 2016-13 as of January 1, 2020. Early adoption is permitted. The Company does not anticipate a material impact on the Company’s consolidated financial statements.


(3) Goodwill and Other Intangible Assets

Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of $307.4 million as part of the HomeLink® acquisition. The carrying value of Goodwill as of both September 30, 2019 and December 31, 2018 was $307.4 million.

In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general
9


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


industry, market and macroeconomic conditions. No such events or circumstances in the most recently completed quarter indicated the need for interim impairment testing.

The patents and intangible assets and related change in carrying values are set forth in the tables below:

As of September 30, 2019:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$37,160,431  $(22,094,953) $15,065,478  Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000  $—  $52,000,000  Indefinite
HomeLink® Technology
180,000,000  (90,000,000) 90,000,000  12 years
Existing Customer Platforms43,000,000  (25,800,000) 17,200,000  10 years
Exclusive Licensing Agreement96,000,000  —  96,000,000  Indefinite
Total Other Intangible Assets$371,000,000  $(115,800,000) $255,200,000  
Total Patents & Other Intangible Assets$408,160,431  $(137,894,953) $270,265,478  


As of December 31, 2018:

Other Intangible Assets
Gross
Accumulated Amortization
Net
Assumed Useful Life
Gentex Patents
$36,737,434  $(21,014,168) $15,723,266  Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000  $—  $52,000,000  Indefinite
HomeLink® Technology
180,000,000  (78,750,000) 101,250,000  12 years
Existing Customer Platforms43,000,000  (22,575,000) 20,425,000  10 years
Exclusive Licensing Agreement
96,000,000  —  96,000,000  Indefinite
Total Other Intangible Assets$371,000,000  $(101,325,000) $269,675,000  
Total Patents & Other Intangible Assets$407,737,434  $(122,339,168) $285,398,266  

Amortization expense on patents and intangible assets was approximately $5.6 million and $16.8 million during the three and nine months ended September 30, 2019, respectively, compared to approximately $5.6 million and $16.9 million for the same periods ended September 30, 2018, respectively.

Excluding the impact of any future acquisitions, the Company continues to estimate amortization expense for each of the years ended December 31, 2019, 2020, and 2021 to be approximately $22 million annually, approximately $21 million for 2022, and approximately $19 million for the year ended December 31, 2023.


(4) Investments
The Company follows the provisions of Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of
10


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company’s use of fair-value measurements, including the effect of such measurement on earnings. The cost of securities sold is based on the specific identification method.
The Company determines the fair value of its government securities, municipal bonds, and corporate bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets.
The Company's certificates of deposit have remaining maturities of less than one year and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value.

The Company will also periodically make technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities. Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, such equity investments are held at cost. These technology investments totaled $8.6 million and $3.85 million as of September 30, 2019 and December 31, 2018, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet. 
Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2019 and December 31, 2018:
As of September 30, 2019:
Fair Value Measurements at Reporting Date Using
Total as of
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable
Inputs
Significant
Unobservable
Inputs
Description
September 30, 2019(Level 1)(Level 2)(Level 3)
Cash & Cash Equivalents
$260,151,083  $260,151,083  $  $  
Short-Term Investments:
Certificate of Deposit150,299,384  150,299,384      
Government Securities38,163,353    38,163,353    
Corporate Bonds16,050,560    16,050,560    
Municipal Bonds1,671,264    1,671,264    
Other971,726  971,726      
Long-Term Investments:
Corporate Bonds42,320,659    42,320,659    
Municipal Bonds40,467,299    40,467,299  
Government Securities11,637,510    11,637,510    
Total$561,732,838  $411,422,193  $