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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gentex Corporation | NASDAQ:GNTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.17 | 0.50% | 34.13 | 33.90 | 34.81 | 34.325 | 33.925 | 34.32 | 1,203,143 | 23:16:03 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Michigan
|
38-2030505
|
|||||||
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|||||||
600 N. Centennial | ||||||||
Zeeland | ||||||||
Michigan | 49464 | |||||||
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.06 per share | GNTX | NASDAQ Global Select Market |
Large accelerated filer
|
☑ |
Accelerated filer
|
☐ | |||||||||||
Non-accelerated filer
|
☐ |
Smaller reporting company
|
☐ | |||||||||||
Emerging growth company
|
☐ |
Class
|
Shares Outstanding, July 23, 2021 | |||||||
Common Stock, $.06 Par Value
|
238,954,080 |
Part I - Financial Information
|
Page
|
|||||||
Item 1.
|
||||||||
Item 2.
|
||||||||
Item 3.
|
||||||||
Item 4.
|
||||||||
Part II - Other Information
|
||||||||
Item 1A.
|
||||||||
Item 2.
|
||||||||
Item 6.
|
||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
NET SALES
|
$ | 428,005,026 | $ | 229,925,556 | $ | 911,729,865 | $ | 683,687,281 | |||||||||||||||
COST OF GOODS SOLD
|
276,408,285 | 185,980,748 | 576,832,956 | 483,154,994 | |||||||||||||||||||
Gross profit | 151,596,741 | 43,944,808 | 334,896,909 | 200,532,287 | |||||||||||||||||||
OPERATING EXPENSES:
|
|||||||||||||||||||||||
Engineering, research and development | 29,059,058 | 28,992,968 | 56,711,139 | 58,608,390 | |||||||||||||||||||
Selling, general & administrative | 22,613,062 | 21,690,096 | 44,527,448 | 43,634,987 | |||||||||||||||||||
Total operating expenses | 51,672,120 | 50,683,064 | 101,238,587 | 102,243,377 | |||||||||||||||||||
Income (Loss) from operations | 99,924,621 | (6,738,256) | 233,658,322 | 98,288,910 | |||||||||||||||||||
OTHER INCOME | |||||||||||||||||||||||
Investment income | 903,139 | 1,462,033 | 1,926,549 | 3,908,682 | |||||||||||||||||||
Other income, net | 987,959 | 1,404,196 | 1,497,584 | 1,205,030 | |||||||||||||||||||
Total other income | 1,891,098 | 2,866,229 | 3,424,133 | 5,113,712 | |||||||||||||||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 101,815,719 | (3,872,027) | 237,082,455 | 103,402,622 | |||||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 15,309,301 | (1,497,994) | 37,125,167 | 16,270,854 | |||||||||||||||||||
NET INCOME (LOSS) | $ | 86,506,418 | $ | (2,374,033) | $ | 199,957,288 | $ | 87,131,768 | |||||||||||||||
EARNINGS (LOSS) PER SHARE: (1)
|
|||||||||||||||||||||||
Basic | $ | 0.36 | $ | (0.01) | $ | 0.83 | $ | 0.35 | |||||||||||||||
Diluted | $ | 0.36 | $ | (0.01) | $ | 0.82 | $ | 0.35 | |||||||||||||||
Cash Dividends Declared per Share | $ | 0.120 | $ | 0.120 | $ | 0.240 | $ | 0.240 | |||||||||||||||
(1) Earnings (Loss) Per Share has been adjusted to exclude the portion of net income (loss) allocated to participating securities as a result of share-based payment awards.
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (Loss) | $ | 86,506,418 | $ | (2,374,033) | $ | 199,957,288 | $ | 87,131,768 | |||||||||||||||
Other comprehensive income (loss) before tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | 963,199 | 136,627 | 110,787 | (555,463) | |||||||||||||||||||
Unrealized gains (losses) on debt securities, net | 1,705,281 | 3,022,561 | (3,413,672) | 5,802,291 | |||||||||||||||||||
Other comprehensive income (loss), before tax | 2,668,480 | 3,159,188 | (3,302,885) | 5,246,828 | |||||||||||||||||||
Income tax impact related to components of other comprehensive income (loss) | 358,109 | 634,738 | (716,871) | 1,218,481 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 2,310,371 | 2,524,450 | (2,586,014) | 4,028,347 | |||||||||||||||||||
Comprehensive income | $ | 88,816,789 | $ | 150,417 | $ | 197,371,274 | $ | 91,160,115 |
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, 2021 | 241,538,824 | $ | 14,492,329 | $ | 859,355,232 | $ | 1,085,178,486 | $ | 1,954,667 | $ | 1,960,980,714 | ||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | 838,896 | 50,334 | 4,340,710 | — | — | 4,391,044 | |||||||||||||||||||||||||||||
Repurchases of common stock | (3,411,131) | (204,668) | (10,745,063) | (104,971,348) | — | (115,921,079) | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | 6,727,513 | — | — | 6,727,513 | |||||||||||||||||||||||||||||
Dividends declared ($0.12 per share)
|
— | — | — | (28,675,992) | — | (28,675,992) | |||||||||||||||||||||||||||||
Net income | — | — | — | 86,506,418 | — | 86,506,418 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 2,310,371 | 2,310,371 | |||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2021 | 238,966,589 | $ | 14,337,995 | $ | 859,678,392 | $ | 1,038,037,564 | $ | 4,265,038 | $ | 1,916,318,989 | ||||||||||||||||||||||||
BALANCE AS OF APRIL 1, 2020 | 244,865,658 | $ | 14,691,939 | $ | 801,388,454 | $ | 1,018,310,446 | $ | 214,794 | $ | 1,834,605,633 | ||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | 746,112 | 44,767 | 8,310,437 | — | — | 8,355,204 | |||||||||||||||||||||||||||||
Issuance of common stock related to acquisitions | 163,718 | 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, 2020 | 245,775,488 | $ | 14,746,529 | $ | 818,678,880 | $ | 986,442,760 | $ | 2,739,244 | $ | 1,822,607,413 |
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, 2021 | 243,692,869 | $ | 14,621,572 | $ | 852,771,508 | $ | 1,089,698,996 | $ | 6,851,052 | $ | 1,963,943,128 | ||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | 1,439,916 | 86,395 | 13,570,489 | — | — | 13,656,884 | |||||||||||||||||||||||||||||
Repurchases of common stock | (6,166,196) | (369,972) | (19,285,763) | (193,958,107) | — | (213,613,842) | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | 12,622,158 | — | — | 12,622,158 | |||||||||||||||||||||||||||||
Dividends declared ($0.24 per share)
|
— | — | — | (57,660,613) | — | (57,660,613) | |||||||||||||||||||||||||||||
Net income | — | — | — | 199,957,288 | — | 199,957,288 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (2,586,014) | (2,586,014) | |||||||||||||||||||||||||||||
BALANCE AS OF June 30, 2021 | 238,966,589 | $ | 14,337,995 | $ | 859,678,392 | $ | 1,038,037,564 | $ | 4,265,038 | $ | 1,916,318,989 | ||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2020 | 251,277,515 | $ | 15,076,651 | $ | 807,928,139 | $ | 1,116,372,133 | $ | (1,289,103) | $ | 1,938,087,820 | ||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | 1,353,287 | 81,198 | 15,629,494 | — | — | 15,710,692 | |||||||||||||||||||||||||||||
Issuance of common stock related to acquisitions | 163,718 | 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, 2020 | 245,775,488 | $ | 14,746,529 | $ | 818,678,880 | $ | 986,442,760 | $ | 2,739,244 | $ | 1,822,607,413 |
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|||||||||||
Net income | $ | 199,957,288 | $ | 87,131,768 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 51,497,665 | 53,437,698 | |||||||||
(Gain) on disposal of assets | (19,891) | (155,229) | |||||||||
Loss on disposal of assets | 133,036 | 88,357 | |||||||||
(Gain) on sale of investments | (969,971) | (1,023,683) | |||||||||
Loss on sale of investments | 192,346 | 72,871 | |||||||||
Change in deferred income taxes | (3,546,862) | (2,176,462) | |||||||||
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock | 12,622,158 | 15,960,362 | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable, net | 50,784,339 | 64,981,864 | |||||||||
Inventories | (37,608,133) | (10,710,548) | |||||||||
Prepaid expenses and other | (41,394,722) | 14,230,026 | |||||||||
Accounts payable | 16,477,865 | (37,452,944) | |||||||||
Accrued liabilities, excluding dividends declared and short-term debt | 4,117,051 | 6,068,104 | |||||||||
Net cash provided by operating activities | 252,242,169 | 190,452,184 | |||||||||
CASH FLOWS (USED FOR) FROM INVESTING ACTIVITIES: | |||||||||||
Activity in available-for-sale securities: | |||||||||||
Sales proceeds | 34,250,068 | 5,607,634 | |||||||||
Maturities and calls | 16,685,000 | 90,017,368 | |||||||||
Purchases | (71,596,074) | (52,650,769) | |||||||||
Plant and equipment additions | (31,352,443) | (28,828,066) | |||||||||
Proceeds from sale of plant and equipment | 99,850 | 200,475 | |||||||||
Acquisition of businesses, net of cash acquired | (12,023,440) | (7,031,827) | |||||||||
Increase in other assets | (458,637) | (3,886,518) | |||||||||
Net cash (used for) provided by investing activities | (64,395,676) | 3,428,297 | |||||||||
CASH FLOWS (USED FOR) FINANCING ACTIVITIES: | |||||||||||
Proceeds from borrowings on Credit Agreement | — | 75,000,000 | |||||||||
Issuance of common stock from stock plan transactions | 13,656,884 | 15,710,692 | |||||||||
Cash dividends paid | (58,227,768) | (58,281,727) | |||||||||
Repurchases of common stock | (213,613,842) | (178,819,584) | |||||||||
Net cash (used for) financing activities | (258,184,726) | (146,390,619) | |||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (70,338,233) | 47,489,862 | |||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 423,371,036 | 296,321,622 | |||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 353,032,803 | $ | 343,811,484 |
Carrying Amount | |||||
Balance as of December 31, 2020 | $ | 311,922,787 | |||
Acquisitions | — | ||||
Divestitures | — | ||||
Impairments | — | ||||
Other | — | ||||
Balance as of June 30, 2021 | $ | 311,922,787 |
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life | ||||||||||
Gentex Patents | $ | 38,860,181 | $ | (25,402,803) | $ | 13,457,378 | Various | |||||||
Vaporsens Technology Licenses | 333,850 | (58,232) | 275,618 | Various | ||||||||||
Other Intangible Assets | ||||||||||||||
HomeLink® Trade Names and Trademarks
|
$ | 52,000,000 | $ | — | $ | 52,000,000 | Indefinite | |||||||
HomeLink® Technology
|
180,000,000 | (116,250,000) | 63,750,000 | 12 years | ||||||||||
Existing Customer Platforms | 43,000,000 | (33,325,000) | 9,675,000 | 10 years | ||||||||||
Exclusive Licensing Agreement | 96,000,000 | — | 96,000,000 | Indefinite | ||||||||||
Vaporsens In-Process R&D | 11,000,000 | — | 11,000,000 | Indefinite | ||||||||||
Argil In- Process R&D | 6,278,132 | — | 6,278,132 | Indefinite | ||||||||||
Air-Craftglass In-Process R&D | 1,250,000 | — | 1,250,000 | Indefinite | ||||||||||
Guardian In-Process R&D | 11,260,429 | — | 11,260,429 | Indefinite | ||||||||||
Total Other Intangible Assets | $ | 400,788,561 | $ | (149,575,000) | $ | 251,213,561 | ||||||||
Total Patents & Other Intangible Assets | $ | 439,982,592 | $ | (175,036,035) | $ | 264,946,557 |
Other Intangible Assets
|
Gross
|
Accumulated Amortization
|
Net
|
Assumed Useful Life
|
||||||||||
Gentex Patents
|
$ | 38,625,292 | $ | (24,528,853) | $ | 14,096,439 | Various | |||||||
Vaporsens Technology Licenses | 300,985 | (38,856) | 262,129 | Various | ||||||||||
Other Intangible Assets | ||||||||||||||
HomeLink® Trade Names and Trademarks
|
$ | 52,000,000 | $ | — | $ | 52,000,000 | Indefinite | |||||||
HomeLink® Technology
|
180,000,000 | (108,750,000) | 71,250,000 | 12 years | ||||||||||
Existing Customer Platforms | 43,000,000 | (31,175,000) | 11,825,000 | 10 years | ||||||||||
Exclusive Licensing Agreement
|
96,000,000 | — | 96,000,000 | Indefinite | ||||||||||
Vaporsens In-Process R&D | 11,000,000 | — | 11,000,000 | Indefinite | ||||||||||
Argil In-Process R&D | 6,278,132 | — | 6,278,132 | Indefinite | ||||||||||
Air-Craftglass In-Process R&D | 1,394,995 | — | 1,394,995 | Indefinite | ||||||||||
Total Other Intangible Assets | $ | 389,673,127 | $ | (139,925,000) | $ | 249,748,127 | ||||||||
Total Patents & Other Intangible Assets | $ | 428,599,404 | $ | (164,492,709) | $ | 264,106,695 |
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, 2021 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Cash & Cash Equivalents
|
$ | 353,032,803 | $ | 353,032,803 | $ | — | $ | — | |||||||||||||||
Short-Term Investments:
|
|||||||||||||||||||||||
Certificate of Deposit | 1,511,377 | 1,511,377 | — | — | |||||||||||||||||||
Corporate Bonds | 2,020,280 | — | 2,020,280 | — | |||||||||||||||||||
Government Securities | 602,016 | — | 602,016 | — | |||||||||||||||||||
Municipal Bonds | 7,951,512 | — | 7,951,512 | — | |||||||||||||||||||
Other | 1,713,642 | 1,713,642 | — | — | |||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset Backed Securities | 29,174,900 | — | 29,174,900 | — | |||||||||||||||||||
Certificate of Deposit | 2,599,960 | 2,599,960 | — | — | |||||||||||||||||||
Corporate Bonds | 27,966,498 | — | 27,966,498 | — | |||||||||||||||||||
Government Securities | 35,738,826 | — | 35,738,826 | — | |||||||||||||||||||
Municipal Bonds | 88,934,125 | — | 88,934,125 | — | |||||||||||||||||||
Total | $ | 551,245,939 | $ | 358,857,782 | $ | 192,388,157 | $ | — |
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
|
December 31, 2020 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Cash & Cash Equivalents
|
$ | 423,371,036 | $ | 423,371,036 | $ | — | $ | — | |||||||||||||||
Short-Term Investments:
|
|||||||||||||||||||||||
Certificate of Deposit | 1,516,693 | 1,516,693 | — | — | |||||||||||||||||||
Corporate Bonds | 7,155,600 | — | 7,155,600 | — | |||||||||||||||||||
Government Securities | 6,678,450 | — | 6,678,450 | — | |||||||||||||||||||
Municipal Bonds | 10,284,765 | — | 10,284,765 | — | |||||||||||||||||||
Other | 1,528,861 | 1,528,861 | — | — | |||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | 37,924,537 | — | 37,924,537 | — | |||||||||||||||||||
Certificate of Deposit | 3,645,520 | 3,645,520 | — | ||||||||||||||||||||
Corporate Bonds | 9,024,035 | — | 9,024,035 | — | |||||||||||||||||||
Municipal Bonds | 107,407,831 | — | 107,407,831 | — | |||||||||||||||||||
Total | $ | 608,537,328 | $ | 430,062,110 | $ | 178,475,218 | $ | — |
Unrealized
|
|||||||||||||||||||||||
Cost
|
Gains
|
Losses
|
Market Value
|
||||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | $ | 1,502,822 | $ | 10,107 | $ | (1,552) | $ | 1,511,377 | |||||||||||||||
Corporate Bonds | 2,013,237 | 7,043 | — | 2,020,280 | |||||||||||||||||||
Government Securities | 601,784 | 232 | — | 602,016 | |||||||||||||||||||
Municipal Bonds | 7,926,891 | 24,621 | — | 7,951,512 | |||||||||||||||||||
Other | 1,713,642 | — | — | 1,713,642 | |||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset Backed Securities | 29,690,643 | 69,718 | (585,461) | 29,174,900 | |||||||||||||||||||
Certificate of Deposit | 2,502,449 | 97,511 | — | 2,599,960 | |||||||||||||||||||
Corporate Bonds | 27,724,234 | 362,001 | (119,737) | 27,966,498 | |||||||||||||||||||
Government Securities | 35,656,412 | 90,333 | (7,919) | 35,738,826 | |||||||||||||||||||
Municipal Bonds | 84,595,949 | 6,309,593 | (1,971,417) | 88,934,125 | |||||||||||||||||||
Total | $ | 193,928,063 | $ | 6,971,159 | $ | (2,686,086) | $ | 198,213,136 |
Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Market Value | ||||||||||||||||||||
Short-Term Investments:
|
|||||||||||||||||||||||
Certificate of Deposit | $ | 1,502,187 | $ | 14,506 | $ | — | $ | 1,516,693 | |||||||||||||||
Corporate Bonds | 7,084,638 | 70,962 | — | 7,155,600 | |||||||||||||||||||
Government Securities | 6,635,132 | 43,318 | — | 6,678,450 | |||||||||||||||||||
Municipal Bonds | 10,160,376 | 124,389 | — | 10,284,765 | |||||||||||||||||||
Other | 1,528,861 | — | — | 1,528,861 | |||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | 37,681,113 | 800,802 | (557,378) | 37,924,537 | |||||||||||||||||||
Certificate of Deposit | 3,503,898 | 141,622 | — | 3,645,520 | |||||||||||||||||||
Corporate Bonds | 8,595,020 | 429,015 | — | 9,024,035 | |||||||||||||||||||
Municipal Bonds | 100,776,325 | 6,635,428 | (3,922) | 107,407,831 | |||||||||||||||||||
Total | $ | 177,467,550 | $ | 8,260,042 | $ | (561,300) | $ | 185,166,292 |
Aggregate Unrealized Losses | Aggregate Fair Value of Investments | ||||||||||
Loss duration of less than one year | $ | 2,274,743 | $ | 40,341,064 | |||||||
Loss duration of greater than one year | 411,342 | 1,956,482 | |||||||||
Total
|
$ | 2,686,085 | $ | 42,297,546 |
Aggregate Unrealized Losses
|
Aggregate Fair Value of Investments | ||||||||||
Loss duration of less than one year | $ | 561,300 | $ | 12,317,187 | |||||||
Loss duration of greater than one year | — | — | |||||||||
Total
|
$ | 561,300 | $ | 12,317,187 |
Due within one year
|
$ | 12,085,185 | |||
Due between one and five years
|
42,578,597 | ||||
Due over five years
|
141,835,712 | ||||
$ | 196,499,494 |
June 30, 2021 | December 31, 2020 | ||||||||||
Raw materials
|
$ | 179,304,938 | $ | 151,688,455 | |||||||
Work-in-process
|
35,083,146 | 32,791,675 | |||||||||
Finished goods
|
49,511,892 | 41,811,713 | |||||||||
Total Inventory
|
$ | 263,899,976 | $ | 226,291,843 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Basic Earnings (Loss) Per Share | ||||||||||||||||||||||||||
Net Income (Loss) | $ | 86,506,418 | $ | (2,374,033) | $ | 199,957,288 | $ | 87,131,768 | ||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating securities | 1,324,767 | 439,327 | 2,974,367 | 1,245,275 | ||||||||||||||||||||||
Net Income (Loss) available to common shareholders | $ | 85,181,651 | $ | (2,813,360) | $ | 196,982,921 | $ | 85,886,493 | ||||||||||||||||||
Basic weighted average shares outstanding | 238,602,197 | 241,684,323 | 238,198,668 | 243,983,276 | ||||||||||||||||||||||
Net Income (Loss) per share - Basic | $ | 0.36 | $ | (0.01) | $ | 0.83 | $ | 0.35 | ||||||||||||||||||
Diluted Earnings (Loss) Per Share | ||||||||||||||||||||||||||
Allocation of Net Income (Loss) used in basic computation | $ | 85,181,651 | $ | (2,813,360) | $ | 196,982,921 | $ | 85,886,493 | ||||||||||||||||||
Reallocation of undistributed earnings | 3,980 | — | 10,464 | 1,697 | ||||||||||||||||||||||
Net Income (Loss) available to common shareholders - Diluted | $ | 85,185,631 | $ | (2,813,360) | $ | 196,993,385 | $ | 85,888,190 | ||||||||||||||||||
Number of shares used in basic computation | 238,602,197 | 241,684,323 | 238,198,668 | 243,983,276 | ||||||||||||||||||||||
Additional weighted average dilutive common stock equivalents | 1,130,301 | — | 1,218,528 | 1,085,380 | ||||||||||||||||||||||
Diluted weighted average shares outstanding | 239,732,498 | 241,684,323 | 239,417,196 | 245,068,656 | ||||||||||||||||||||||
Net Income (Loss) per share - Diluted | $ | 0.36 | $ | (0.01) | $ | 0.82 | $ | 0.35 | ||||||||||||||||||
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive | 270,475 | 1,636,661 | 137,484 | 428,948 |
Shares Granted | Conversion Rate | Total Shares Under 2019 Omnibus Plan | ||||||||||||||||||
Non-Qualified Stock Options | 2,925,681 | 1.00 | 2,925,681 | |||||||||||||||||
Restricted Stock / Performance Shares | 2,809,621 | 4.06 | 11,407,061 | |||||||||||||||||
Total | 5,735,302 | 14,332,742 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Dividend Yield (1)
|
1.86 | % | 1.99 | % | 1.88 | % | 2.01 | % | |||||||||||||||
Expected volatility (2)
|
27.68 | % | 27.91 | % | 27.76 | % | 27.21 | % | |||||||||||||||
Risk-free interest rate (3)
|
0.87 | % | 0.29 | % | 0.90 | % | 0.33 | % | |||||||||||||||
Expected term of options (years) (4)
|
4.15 | 4.16 | 4.15 | 4.16 | |||||||||||||||||||
Weighted-avg. grant date fair value
|
$6.32 | $4.67 | $6.58 | $4.24 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||
Balance at beginning of period | $ | (83,367) | $ | (3,076,679) | $ | 769,045 | $ | (2,384,589) | |||||||||||||||
Other Comprehensive income (loss) before reclassifications
|
963,199 | 136,627 | 110,787 | (555,463) | |||||||||||||||||||
Net current-period change | 963,199 | 136,627 | 110,787 | (555,463) | |||||||||||||||||||
Balance at end of period
|
879,832 | (2,940,052) | 879,832 | (2,940,052) | |||||||||||||||||||
Unrealized gains on available-for-sale debt securities: | |||||||||||||||||||||||
Balance at beginning of period
|
2,038,034 | 3,291,473 | 6,082,007 | 1,095,486 | |||||||||||||||||||
Other Comprehensive income (loss) before reclassifications
|
1,610,141 | 3,109,755 | (2,082,477) | 5,334,951 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income
|
(262,969) | (721,932) | (614,324) | (751,141) | |||||||||||||||||||
Net current-period change
|
1,347,172 | 2,387,823 | (2,696,801) | 4,583,810 | |||||||||||||||||||
Balance at end of period
|
3,385,206 | 5,679,296 | 3,385,206 | 5,679,296 | |||||||||||||||||||
Accumulated other comprehensive income, end of period
|
$ | 4,265,038 | $ | 2,739,244 | $ | 4,265,038 | $ | 2,739,244 |
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Other Comprehensive Income | Affected Line item in the Statement of Consolidated Income | ||||||||||||||||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Unrealized gains on available-for-sale debt securities | ||||||||||||||||||||||||||||||||
Realized gain on sale
of securities |
$ | 332,872 | $ | 913,838 | $ | 777,625 | $ | 950,812 | Investment income | |||||||||||||||||||||||
Provision for income taxes | (69,903) | (191,906) | (163,301) | (199,671) | Provision for (Benefit from) income taxes | |||||||||||||||||||||||||||
Total net reclassifications for the period | $ | 262,969 | $ | 721,932 | $ | 614,324 | $ | 751,141 | Net of tax | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue:
|
|||||||||||||||||||||||
Automotive Products | $ | 420,622,653 | $ | 222,067,846 | $ | 896,240,089 | $ | 661,923,434 | |||||||||||||||
Other | 7,382,373 | 7,857,710 | 15,489,776 | 21,763,847 | |||||||||||||||||||
Total | $ | 428,005,026 | $ | 229,925,556 | $ | 911,729,865 | $ | 683,687,281 | |||||||||||||||
Income (Loss) from operations: | |||||||||||||||||||||||
Automotive Products | $ | 101,790,310 | $ | (6,054,235) | $ | 236,458,363 | $ | 94,721,308 | |||||||||||||||
Other | (1,865,689) | (684,021) | (2,800,041) | 3,567,602 | |||||||||||||||||||
Total | $ | 99,924,621 | $ | (6,738,256) | $ | 233,658,322 | $ | 98,288,910 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
Revenue
|
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Automotive Products | |||||||||||||||||||||||||||||
U.S.
|
$ | 135,857,058 | $ | 55,849,461 | $ | 282,282,375 | $ | 191,431,379 | |||||||||||||||||||||
Germany | 58,935,672 | 23,866,009 | 128,350,856 | 96,651,733 | |||||||||||||||||||||||||
Japan | 54,160,515 | 37,333,947 | 108,064,110 | 88,470,880 | |||||||||||||||||||||||||
Mexico | 28,589,143 | 13,589,601 | 60,335,131 | 59,540,082 | |||||||||||||||||||||||||
Other | 143,080,265 | 91,428,828 | 317,207,617 | 225,829,360 | |||||||||||||||||||||||||
Total Automotive Products | $ | 420,622,653 | $ | 222,067,846 | $ | 896,240,089 | $ | 661,923,434 | |||||||||||||||||||||
Other Products (U.S.) | 7,382,373 | 7,857,710 | 15,489,776 | 21,763,847 | |||||||||||||||||||||||||
Total Revenue | $ | 428,005,026 | $ | 229,925,556 | $ | 911,729,865 | $ | 683,687,281 |
Year ending December 31, | ||||||||
2021 (excluding the six months ended June 30, 2021) | $ | 774,897 | ||||||
2022 | 1,046,545 | |||||||
2023 | 430,533 | |||||||
2024 | 38,075 | |||||||
2025 | 6,369 | |||||||
Thereafter | 127 | |||||||
Total future minimum lease payments | 2,296,546 | |||||||
Less imputed interest | (12,135) | |||||||
Total | $ | 2,284,411 |
Reported as of June 30, 2021 | ||||||||
Accrued Liabilities | $ | 1,384,444 | ||||||
Other Non-Current Liabilities | 899,967 | |||||||
Total | $ | 2,284,411 | ||||||
Fair Value | ||||||||
Current Assets | $ | 32,000 | ||||||
Personal Property | 15,000 | |||||||
In-Process R&D | 10,945,367 | |||||||
Deferred Tax Asset | 1,049,073 | |||||||
Total Net Assets Acquired | $ | 12,041,440 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
North American Interior Mirrors | 1,873 | 787 | 138% | 3,946 | 2,806 | 41% | |||||||||||||||||||||||||||||
North American Exterior Mirrors | 1,497 | 455 | 229% | 2,990 | 1,689 | 77% | |||||||||||||||||||||||||||||
Total North American Mirror Units
|
3,370 | 1,242 | 171% | 6,936 | 4,495 | 54% | |||||||||||||||||||||||||||||
International Interior Mirrors | 4,811 | 2,916 | 65% | 10,590 | 7,948 | 33% | |||||||||||||||||||||||||||||
International Exterior Mirrors | 2,240 | 1,102 | 103% | 4,676 | 3,211 | 46% | |||||||||||||||||||||||||||||
Total International Mirror Units
|
7,052 | 4,018 | 76% | 15,266 | 11,159 | 37% | |||||||||||||||||||||||||||||
Total Interior Mirrors | 6,684 | 3,703 | 81% | 14,535 | 10,754 | 35% | |||||||||||||||||||||||||||||
Total Exterior Mirrors | 3,738 | 1,557 | 140% | 7,666 | 4,900 | 56% | |||||||||||||||||||||||||||||
Total Auto-Dimming Mirror Units | 10,422 | 5,260 | 98% | 22,202 | 15,654 | 42% |
June 30, 2021 | December 31, 2020 | ||||||||||
Working Capital | $ | 728,179,559 | $ | 801,593,707 | |||||||
Long Term Investments | 193,418,570 | 162,028,068 | |||||||||
Total | $ | 921,598,129 | $ | 963,621,775 |
Light Vehicle Production (per IHS Markit Automotive mid-July light vehicle production forecast) | ||||||||||||||||||||||||||||||||||||||||||||
(in Millions)
|
||||||||||||||||||||||||||||||||||||||||||||
Region
|
2h 2021 | 2h 2020 | % Change | Calendar Year 2022 | Calendar Year 2021 | Calendar Year 2020 |
2022 vs 2021
% Change |
2021 vs 2020
% Change |
||||||||||||||||||||||||||||||||||||
North America
|
7.83 | 7.87 | (1) | % | 17.03 | 14.63 | 13.02 | 16 | % | 12 | % | |||||||||||||||||||||||||||||||||
Europe
|
9.11 | 9.61 | (5) | % | 20.29 | 18.05 | 16.57 | 12 | % | 9 | % | |||||||||||||||||||||||||||||||||
Japan and Korea
|
6.04 | 6.15 | (2) | % | 12.40 | 11.81 | 11.21 | 5 | % | 5 | % | |||||||||||||||||||||||||||||||||
China | 13.26 | 14.24 | (7) | % | 26.60 | 24.98 | 23.59 | 6 | % | 6 | % | |||||||||||||||||||||||||||||||||
Total Light Vehicle Production | 36.24 | 37.87 | (4) | % | 76.32 | 69.47 | 64.39 | 10 | % | 8 | % |
Issuer Purchase of Equity Securities
|
||||||||||||||
Period
|
Total Number of Shares Purchased |
Weighted
Average Price Paid Per Share
|
Total Number of Shares Purchased As Part of a Publicly Announced Plan or Program | Maximum Number of Shares That May Yet Be Purchased Under the Plan or Program | ||||||||||
January 2021 | — | — | — | 9,419,266 | ||||||||||
February 2021 | 1,005,009 | 35.27 | 1,005,009 | 8,414,257 | ||||||||||
March 2021 | 1,750,056 | 35.57 | 1,750,056 | 6,664,201 | ||||||||||
1st Quarter 2021 Total | 2,755,065 | 35.46 | 2,755,065 | |||||||||||
April 2021 | 250,000 | 35.66 | 250,000 | 6,414,201 | ||||||||||
May 2021 | 1,175,144 | 34.90 | 1,175,144 | 30,239,057 | ||||||||||
June 2021 | 1,985,987 | 33.23 | 1,985,987 | 28,253,070 | ||||||||||
2nd Quarter 2021 Total | 3,411,131 | 33.98 | 3,411,131 | |||||||||||
2021 Total | 6,166,196 | 34.64 | 6,166,196 | 28,253,070 |
See Exhibit Index on Page 39
|
GENTEX CORPORATION
|
|||||||||||
Date:
|
August 5, 2021 |
/s/ Steven R. Downing
|
|||||||||
Steven R. Downing
|
|||||||||||
President and Chief Executive Officer
|
|||||||||||
(Principal Executive Officer) on behalf of Gentex Corporation
|
|||||||||||
Date:
|
August 5, 2021 |
/s/ Kevin C. Nash
|
|||||||||
Kevin C. Nash
|
|||||||||||
Vice President, Finance, Chief Financial Officer and Treasurer
|
|||||||||||
(Principal Financial Officer and Principal Accounting Officer) on behalf of Gentex Corporation
|
Exhibit No.
|
Description
|
|||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH
|
Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase |
1 Year Gentex Chart |
1 Month Gentex Chart |
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