Gentex Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gentex Corp. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

GENTEX CORP (GNTX) filed a Annual Report (10-K) with the SEC on February 22, 2024. Gentex Corp. filed its 2023 Form 10-K on February 22, 2024, reporting on the fiscal year ending December 31, 2023. The company's principal business is in Motor Vehicle Parts & Accessories, SIC code 3714. Gentex Corp. is incorporated in Michigan with its principal business address in Zeeland, MI. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key events include transactions related to VOXX International Corporation common stock in October 2023 and January 2024.

Why It Matters

For investors and stakeholders tracking GENTEX CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gentex's financial health, operational performance, and strategic positioning within the automotive parts industry for the fiscal year 2023. Investors and analysts can use this report to assess the company's historical performance, identify key financial metrics, and understand potential risks and future outlook.

Risk Assessment

Risk Level: medium — GENTEX CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, specific financial performance details and forward-looking statements within the full report would be needed for a more precise risk assessment.

Analyst Insight

Review the full 10-K filing to analyze Gentex Corp.'s detailed financial statements, management discussion and analysis, and risk factors to understand its performance and outlook for 2023 and beyond.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-22 — Filing Date (FILED AS OF DATE)
• 2023 — Fiscal Year (Reporting Period)
• 2022 — Previous Fiscal Year (Financial Data Reference)
• 2021 — Prior Fiscal Year (Financial Data Reference)

Key Players & Entities

• GENTEX CORP (company) — FILER
• 0000355811 (company) — CENTRAL INDEX KEY
• MOTOR VEHICLE PARTS & ACCESSORIES (company) — STANDARD INDUSTRIAL CLASSIFICATION
• MI (company) — STATE OF INCORPORATION
• ZEELAND (company) — BUSINESS ADDRESS CITY
• VOXX International Corporation (company) — Related Company Mentioned

FAQ

Industry Context

Gentex Corp. operates within the Motor Vehicle Parts & Accessories industry, supplying products primarily to the automotive sector.

Regulatory Implications

The filing is a standard Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and other key performance indicators for fiscal year 2023.
2. Examine the Management's Discussion and Analysis section for insights into the company's performance drivers and outlook.
3. Review the risk factors section to understand potential challenges and uncertainties facing Gentex Corp.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-22: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing year-end financial and operational data, which supersedes previous filings for the same period.

Filing Documents

• gntx-20231231.htm (10-K) — 2003KB
• gntx12312023-ex1027.htm (EX-10.27) — 59KB
• gntx12312023-ex21.htm (EX-21) — 6KB
• gntx12312023-ex231.htm (EX-23.1) — 7KB
• gntx12312023-ex311.htm (EX-31.1) — 8KB
• gntx12312023-ex312.htm (EX-31.2) — 8KB
• gntx12312023-ex32.htm (EX-32) — 6KB
• gntx12312023-ex97.htm (EX-97) — 21KB
• gentexcorporation.jpg (GRAPHIC) — 10KB
• gntx-20231231_g1.jpg (GRAPHIC) — 155KB
• 0000355811-24-000011.txt (&nbsp;) — 11170KB
• gntx-20231231.xsd (EX-101.SCH) — 58KB
• gntx-20231231_cal.xml (EX-101.CAL) — 111KB
• gntx-20231231_def.xml (EX-101.DEF) — 286KB
• gntx-20231231_lab.xml (EX-101.LAB) — 805KB
• gntx-20231231_pre.xml (EX-101.PRE) — 544KB
• gntx-20231231_htm.xml (XML) — 1976KB

Page

Part I Page Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 16 I tem 1 C. C ybersecurity 1 7 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 Part II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. Reserved 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28 Item 9A.

Controls and Procedures

Controls and Procedures 28 Item 9B. Other Information 29 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 29 Part III Item 10. Directors, Executive Officers and Corporate Governance 30 Item 11.

Executive Compensation

Executive Compensation 32 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36 Item 13. Certain Relationships and Related Transactions, and Director Independence 37 Item 14. Principal Accounting Fees and Services 37 Part IV Item 15. Exhibits, Financial Statement Schedules 38 Item 16. Form 10-K Summary 38

Signatures

Signatures 39 Exhibit Index 76 . Part I

Business

Item 1. Business. (a) General Development of Business Gentex Corporation (the "Company") was incorporated as a Michigan corporation in 1974. The Company designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection technologies, including: automatic-dimming rearview and non-dimming mirrors and electronics for the automotive industry; dimmable aircraft windows for the aviation industry; and commercial smoke alarms and signaling devices for the fire protection industry. The Company's largest business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize proprietary electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. Within this business segment, the Company also designs, develops and manufactures various electronics that are value added features to the interior and exterior automotive rearview mirrors as well as electronics for interior visors, overhead consoles, and other locations in the vehicle. The Company ships its products to all of the major automotive producing regions worldwide, which it supports with numerous sales, engineering and distribution locations worldwide. At its inception, the Company manufactured smoke detectors, a product line that has since evolved to include a variety of fire protection technologies. In the early 1980's, the Company introduced an interior electromechanical automatic-dimming rearview mirror as an alternative to the manual day/night rearview mirrors for automotive applications. In the late 1980's, the Company introduced an interior electrochromic automatic-dimming rearview mirror for automotive applications. In the early 1990's, the Company introduced an exterior electrochromic automatic-dimming rearview mirror for automotive applications. In the late 1990's, the Company began making volume shipments of three ne

View Full Filing

View this 10-K filing on SEC EDGAR