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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 June 30, 2020 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 PRECEDING 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, July 24, 2020
Common Stock, $.06 Par Value
245,779,601

1


GENTEX CORPORATION AND SUBSIDIARIES
For the Three and Six Months Ended June 30, 2020
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 June 30, 2020 and December 31, 2019
June 30, 2020 (Unaudited)
December 31, 2019
(Note)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$343,811,484  $296,321,622  
Short-term investments70,015,164  140,384,053  
Accounts receivable, net170,643,014  235,410,326  
Inventories259,728,189  248,941,855  
Prepaid expenses and other15,128,837  29,319,036  
Total current assets859,326,688  950,376,892  
PLANT AND EQUIPMENT—NET485,314,868  498,316,100  
OTHER ASSETS
Goodwill309,033,022  307,365,845  
Long-term investments171,134,695  139,909,323  
Intangible assets, net251,725,000  250,375,000  
Patents and other assets, net24,507,260  22,460,033  
Total other assets756,399,977  720,110,201  
Total assets$2,101,041,533  $2,168,803,193  
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Accounts payable$60,183,429  $97,553,917  
Current portion of long-term debt75,000,000    
Accrued liabilities82,447,668  74,292,883  
Total current liabilities217,631,097  171,846,800  
OTHER NON-CURRENT LIABILITIES10,306,855  7,414,424  
DEFERRED INCOME TAXES50,496,168  51,454,149  
Total liabilities278,434,120  230,715,373  
SHAREHOLDERS’ INVESTMENT
Common stock14,746,529  15,076,651  
Additional paid-in capital818,678,880  807,928,139  
Retained earnings986,442,760  1,116,372,133  
Accumulated other comprehensive income (loss)2,739,244  (1,289,103) 
Total shareholders’ investment1,822,607,413  1,938,087,820  
Total liabilities and shareholders’ investment$2,101,041,533  $2,168,803,193  

Note: The condensed consolidated balance sheet at December 31, 2019 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 Six Months Ended June 30, 2020 and 2019
 
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
NET SALES
$229,925,556  $468,711,354  $683,687,281  $937,300,351  
COST OF GOODS SOLD
185,980,748  292,173,750  483,154,994  591,118,243  
Gross profit43,944,808  176,537,604  200,532,287  346,182,108  
OPERATING EXPENSES:
Engineering, research and development28,992,968  28,359,343  58,608,390  56,448,524  
Selling, general & administrative21,690,096  20,273,295  43,634,987  40,232,286  
Total operating expenses50,683,064  48,632,638  102,243,377  96,680,810  
(Loss) Income from operations(6,738,256) 127,904,966  98,288,910  249,501,298  
OTHER INCOME
Investment income1,462,033  2,140,387  3,908,682  5,403,128  
Other income, net1,404,196  237,191  1,205,030  286,660  
Total other income2,866,229  2,377,578  5,113,712  5,689,788  
(LOSS) INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES(3,872,027) 130,282,544  103,402,622  255,191,086  
(BENEFIT FROM) PROVISION FOR INCOME TAXES(1,497,994) 21,323,919  16,270,854  41,952,050  
NET (LOSS) INCOME$(2,374,033) $108,958,625  $87,131,768  $213,239,036  
EARNINGS (LOSS) PER SHARE: (1)
Basic$(0.01) $0.42  $0.35  $0.82  
Diluted$(0.01) $0.42  $0.35  $0.82  
Cash Dividends Declared per Share$0.120  $0.115  $0.240  $0.230  
(1) Earnings (Loss) 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 Six Months Ended June 30, 2020 and 2019
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net (Loss) Income$(2,374,033) $108,958,625  $87,131,768$213,239,036
Other comprehensive income before tax:
Foreign currency translation adjustments136,627  (475,686) (555,463) (176,687) 
Unrealized gains on debt securities, net3,022,561  1,583,089  5,802,291  2,881,325  
Other comprehensive income, before tax3,159,188  1,107,403  5,246,828  2,704,638  
Income tax impact related to components of other comprehensive income634,738  332,448  1,218,481  605,079  
Other comprehensive income, net of tax2,524,450  774,955  4,028,347  2,099,559  
Comprehensive Income$150,417  $109,733,580  $91,160,115  $215,338,595  

5


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
For the Three Months Ended June 30, 2020 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 APRIL 1, 2020244,865,658  $14,691,939  $801,388,454  $1,018,310,446  $214,794  $1,834,605,633  
Issuance of common stock from stock plan transactions746,112  44,767  8,310,437  —  —  8,355,204  
Issuance of common stock related to acquisitions163,718  9,823  3,549,406  —  —  3,559,229  
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock—  —  5,430,583  —  —  5,430,583  
Dividends declared ($0.12 per share)
—  —  —  (29,493,653) —  (29,493,653) 
Net loss—  —  —  (2,374,033) —  (2,374,033) 
Other comprehensive income—  —  —  —  2,524,450  2,524,450  
BALANCE AS OF JUNE 30, 2020245,775,488  $14,746,529  $818,678,880  $986,442,760  $2,739,244  $1,822,607,413  
BALANCE AS OF APRIL 1, 2019255,584,345  $15,335,061  $748,641,461  $1,093,373,960  $(275,734) $1,857,074,748  
Issuance of common stock from stock plan transactions2,269,483  136,170  31,284,090  —  —  31,420,260  
Repurchases of common stock(3,074,709) (184,483) (7,963,499) (61,723,161) —  (69,871,143) 
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock—  —  5,276,201  —  —  5,276,201  
Dividends declared ($0.115 per share)
—  —  —  (29,299,410) —  (29,299,410) 
Net income—  —  —  108,958,625  —  108,958,625  
Other comprehensive income—  —  —  —  774,955  774,955  
BALANCE AS OF JUNE 30, 2019254,779,119  $15,286,748  $777,238,253  $1,111,310,014  $499,221  $1,904,334,236  


6


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
For the Six Months Ended June 30, 2020 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, 2020251,277,515  $15,076,651  $807,928,139  $1,116,372,133  $(1,289,103) $1,938,087,820  
Issuance of common stock from stock plan transactions1,353,287  81,198  15,629,494  —  —  15,710,692  
Issuance of common stock related to acquisitions163,718  9,823  3,549,406  —  —  3,559,229  
Repurchases of common stock(7,019,032) (421,143) (20,214,812) (158,183,629) —  (178,819,584) 
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock—  —  11,786,653  —  —  11,786,653  
Dividends declared ($0.24 per share)
—  —  —  (58,877,512) —  (58,877,512) 
Net income—  —  —  87,131,768  —  87,131,768  
Other comprehensive income—  —  —  —  4,028,347  4,028,347  
BALANCE AS OF JUNE 30, 2020245,775,488  $14,746,529  $818,678,880  $986,442,760  $2,739,244  $1,822,607,413  
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 transactions3,250,153  195,010  41,739,804  —  —  41,934,814  
Repurchases of common stock(7,799,647) (467,979) (19,964,843) (145,705,549) —  (166,138,371) 
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock—  —  10,139,148  —  —  10,139,148  
Dividends declared ($0.23 per share)
—  —  —  (58,691,610) —  (58,691,610) 
Net income—  —  —  213,239,036  —  213,239,036  
Other comprehensive loss—  —  —  —  2,099,560  2,099,558  
BALANCE AS OF JUNE 30, 2019254,779,119  $15,286,748  $777,238,253  $1,111,310,014  $499,221  $1,904,334,236  

7


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2020 and 2019
20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$87,131,768  $213,239,036  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization53,437,698  53,296,388  
(Gain) on disposal of assets(155,229) (95,658) 
Loss on disposal of assets88,357  340,070  
(Gain) on sale of investments(1,023,683) (218,981) 
Loss on sale of investments72,871    
Change in deferred income taxes(2,176,462) 196,133  
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock15,960,362  10,139,148  
Change in operating assets and liabilities:
Accounts receivable, net64,981,864  (12,888,533) 
Inventories(10,710,548) 187,136  
Prepaid expenses and other14,230,026  (2,311,576) 
Accounts payable(37,452,944) (2,769,229) 
Accrued liabilities, excluding dividends declared and short-term debt6,068,104  14,353,360  
Net cash provided by operating activities190,452,184  273,467,294  
CASH FLOWS (USED FOR) INVESTING ACTIVITIES:
Activity in available-for-sale securities:
Sales proceeds5,607,634  28,845,319  
Maturities and calls90,017,368  9,714,000  
Purchases(52,650,769) (40,298,297) 
Plant and equipment additions(28,828,066) (45,504,667) 
Proceeds from sale of plant and equipment200,475  227,738  
Acquisition of businesses, net of cash acquired(7,031,827)   
Decrease in other assets(3,886,518) (1,022,057) 
Net cash (used for) investing activities3,428,297  (48,037,964) 
CASH FLOWS (USED FOR) FINANCING ACTIVITIES:
Proceeds from borrowings on Credit Agreement75,000,000    
Issuance of common stock from stock plan transactions15,710,692  41,934,814  
Cash dividends paid(58,281,727) (57,918,158) 
Repurchases of common stock(178,819,584) (166,138,372) 
Net cash (used for) financing activities(146,390,619) (182,121,716) 
NET INCREASE IN CASH AND CASH EQUIVALENTS47,489,862  43,307,614  
CASH AND CASH EQUIVALENTS, beginning of period296,321,622  217,025,278  
CASH AND CASH EQUIVALENTS, end of period$343,811,484  $260,332,892  

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 2019 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 June 30, 2020, and the results of operations and cash flows for the interim periods presented.

(2) Adoption of New Accounting Pronouncements

Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. Based on the insignificant impact of this ASU on the Company's financial statements, a cumulative-effect adjustment to retained earnings was not deemed necessary. 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. It also modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The adoption of this standard did not have a material impact on the Company's consolidated balance sheet, consolidated income statement, or consolidated statement of cash flows.


(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 in 2013 and recorded an additional $1.7 million in Goodwill during the second quarter of 2020 as part of the acquisition of Vaporsens. See Note 16 for more information on the Vaporsens transaction. The carrying value of Goodwill as of June 30, 2020 and December 31, 2019 was $309.0 million and $307.4 million, respectively.


Carrying Amount
Balance as of December 31, 2019$307,365,845  
Acquisitions1,667,177  
Divestitures  
Impairments  
Other   
Balance as of June 30, 2020$309,033,022  


9


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


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 of goodwill or other intangible assets 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 industry, market and macroeconomic conditions. The impact of COVID-19 was considered in the most recently completed quarter, but did not indicate 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 June 30, 2020:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$37,859,912  $(23,591,325) $14,268,587  Various
Vaporsens Technology License279,113  (31,357) 247,756  Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000  $—  $52,000,000  Indefinite
HomeLink® Technology
180,000,000  (101,250,000) 78,750,000  12 years
Existing Customer Platforms43,000,000  (29,025,000) 13,975,000  10 years
Exclusive Licensing Agreement96,000,000  —  96,000,000  Indefinite
Vaporsens In-Process R&D11,000,000  —  11,000,000  Indefinite
Total Other Intangible Assets$382,000,000  $(130,275,000) $251,725,000  
Total Patents & Other Intangible Assets$420,139,025  $(153,897,682) $266,241,343  

As of December 31, 2019:

Other Intangible Assets
Gross
Accumulated Amortization
Net
Assumed Useful Life
Gentex Patents
$37,328,963  $(22,491,010) $14,837,953  Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000  $—  $52,000,000  Indefinite
HomeLink® Technology
180,000,000  (93,750,000) 86,250,000  12 years
Existing Customer Platforms43,000,000  (26,875,000) 16,125,000  10 years
Exclusive Licensing Agreement
96,000,000  —  96,000,000  Indefinite
Total Other Intangible Assets$371,000,000  $(120,625,000) $250,375,000  
Total Patents & Other Intangible Assets$408,328,963  $(143,116,010) $265,212,953  

Amortization expense on patents and intangible assets was approximately $5.6 million and $11.2 million during the three and six months ended June 30, 2020, compared to approximately $5.6 million and $11.2 million for the same periods ended June 30, 2019.

Excluding the impact of any future acquisitions, the Company estimates amortization expense for each of the years ended December 31, 2020 and 2021 to be approximately $22 million annually, for the year ended
10


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


December 31, 2022 to be approximately $21 million, for the year ended December 31, 2023 to be approximately $19 million, and for the year ended December 31, 2024 to be approximately $16 million.


(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 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 with respect to a company’s use of fair-value measurements, including the effect of such measurements on earnings. The cost of securities sold is based on the specific identification method.
The Company determines the fair value of its government securities, asset-backed 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 are classified as available for sale and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value.

The Company also periodically makes 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 approximately $8.7 million and $9.0 million as of June 30, 2020 and December 31, 2019, 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 June 30, 2020 and December 31, 2019:
As of June 30, 2020:
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
June 30, 2020(Level 1)(Level 2)(Level 3)
Cash & Cash Equivalents
$343,811,484  $343,811,484  $  $  
Short-Term Investments:
Certificate of Deposit1,023,558  1,023,558      
Corporate Bonds18,465,053    18,465,053    
Government Securities43,412,712    43,412,712    
Municipal Bonds4,292,331    4,292,331    
Other2,821,510  2,821,510      
Long-Term Investments:
Asset Backed Securities42,140,999