Gentex Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Gentex Corp. filed its Q1 2024 10-Q, detailing financial performance and asset information.</b>

AI Summary

GENTEX CORP (GNTX) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Gentex Corp. reported financial results for the quarter ended March 31, 2024. The filing includes data on common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income for various periods. Key intangible assets such as patents, trademarks, developed technology rights, customer contracts, and licensing agreements are noted as of March 31, 2024. The company has investments in subsidiaries including HomeLink, Vaporsens Inc., AirCraft Glass Production BV, Argil Inc., Guardian Optical Technologies, and ESight Corporation. Financial data from previous periods, including Q1 2023 and fiscal year-end 2022 and 2023, are referenced for comparison.

Why It Matters

For investors and stakeholders tracking GENTEX CORP, this filing contains several important signals. This filing provides stakeholders with the latest financial snapshot of Gentex Corp., crucial for investment decisions and performance evaluation. Understanding the company's asset structure and historical financial data helps in assessing its stability and growth potential in the automotive parts sector.

Risk Assessment

Risk Level: low — GENTEX CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any updates on the performance of acquired subsidiaries like Vaporsens Inc. and ESight Corporation.

Key Numbers

• 2024-03-31 — Report Date (Conformed period of report)
• 2024-05-03 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Q1 End Date (Comparison period end date)

Key Players & Entities

• GENTEX CORP (company) — Filer name
• ZEELAND (location) — Business and mail address city
• MI (location) — Business and mail address state
• 6167721800 (phone) — Business phone number
• HomeLink (company) — Subsidiary/product name
• Vaporsens Inc (company) — Subsidiary name
• ESight Corporation (company) — Subsidiary name
• Guardian Optical Technologies (company) — Subsidiary name

FAQ

Risk Factors

• Dependence on Key Customers [medium — operational]: The company's success is significantly dependent on a limited number of major customers, primarily in the automotive industry.
• Automotive Industry Fluctuations [medium — market]: The company's business is subject to the cyclical nature and economic conditions affecting the automotive industry, including production volumes and consumer demand.
• Compliance with Regulations [low — regulatory]: The company must comply with various domestic and international regulations related to its products, manufacturing, and environmental impact.

Industry Context

Gentex Corp. operates in the automotive parts and accessories industry, focusing on manufacturing dimmable rearview mirrors and related electronic features for vehicles.

Regulatory Implications

The company operates under various automotive industry standards and regulations, including those related to safety and environmental compliance.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Analyze revenue trends and profitability in subsequent filings.
3. Assess the impact of any new automotive technologies or market shifts on Gentex's product demand.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.06 — ich registered Common Stock, par value $0.06 per share GNTX NASDAQ Global Select Mar

Filing Documents

• gntx-20240331.htm (10-Q) — 1057KB
• gntx10q03312024-exx311.htm (EX-31.1) — 8KB
• gntx10q03312024-exx312.htm (EX-31.2) — 8KB
• gntx10q03312024-exx32.htm (EX-32) — 4KB
• 0000355811-24-000027.txt (&nbsp;) — 6477KB
• gntx-20240331.xsd (EX-101.SCH) — 42KB
• gntx-20240331_cal.xml (EX-101.CAL) — 91KB
• gntx-20240331_def.xml (EX-101.DEF) — 188KB
• gntx-20240331_lab.xml (EX-101.LAB) — 477KB
• gntx-20240331_pre.xml (EX-101.PRE) — 350KB
• gntx-20240331_htm.xml (XML) — 1112KB

- Financial Information

Part I - Financial Information Page Item 1. Unaudited Condensed Consolidated Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets 3 Unaudited Condensed Consolidated Statements of Income 4 Unaudited Condensed Consolidated Statements of Comprehensive Income 5 Unaudited Condensed Consolidated Statements of Shareholders' Investment 6 Unaudited Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32

- Other Information

Part II - Other Information Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 6. Exhibits 34 Signature s 34 Exhibit Index 36 2

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements. GENTEX CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2024 and December 31, 2023 March 31, 2024 (Unaudited) December 31, 2023 (Note) ASSETS CURRENT ASSETS Cash and cash equivalents $ 249,004,534 $ 226,435,019 Short-term investments 16,758,924 14,356,476 Accounts receivable, net 341,591,131 321,809,868 Inventories 436,537,244 402,473,028 Prepaid expenses and other 28,702,868 32,663,762 Total current assets 1,072,594,701 997,738,153 PLANT AND EQUIPMENT—NET 664,788,932 652,877,672 OTHER ASSETS Goodwill 340,105,631 340,105,631 Long-term investments 311,028,408 299,080,876 Intangible assets, net 209,809,035 214,005,910 Deferred tax asset 44,741,075 41,113,759 Patents and other assets, net 70,146,788 66,515,551 Total other assets 975,830,937 960,821,727 Total assets $ 2,713,214,570 $ 2,611,437,552 LIABILITIES AND SHAREHOLDERS' INVESTMENT CURRENT LIABILITIES Accounts payable $ 191,736,616 $ 184,398,820 Accrued liabilities 112,674,602 87,210,156 Total current liabilities 304,411,218 271,608,976 OTHER NON-CURRENT LIABILITIES 32,439,563 27,311,507 Total liabilities 336,850,781 298,920,483 SHAREHOLDERS' INVESTMENT Common stock 13,871,933 13,887,326 Additional paid-in capital 991,053,652 968,245,875 Retained earnings 1,378,904,530 1,336,940,990 Accumulated other comprehensive loss ( 7,466,326 ) ( 6,557,122 ) Total shareholders' investment 2,376,363,789 2,312,517,069 Total liabilities and shareholders' investment $ 2,713,214,570 $ 2,611,437,552 Note: The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated 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 CONSOL

View Full Filing

View this 10-Q filing on SEC EDGAR