GENTEX CORP
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
GNTX$19.42-0.4%Stored close · as of Nov 10, 2026
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Unaudited Condensed Consolidated Statements of Comprehensive Income
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2024 and 2023
| 2024 | 2023 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $316,820,194 | $311,459,076 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 70,887,294 | 71,001,177 |
| (Gain) on disposal of assets | (1,279,049) | (271,510) |
| Loss on disposal of assets | 48,618 | 250,435 |
| (Gain) on sale of investments and technology investment income | (4,736,312) | (2,747,586) |
| Loss on sale of investments and technology investment losses | 14,839,974 | 6,840,692 |
| Deferred tax expense | (9,970,207) | (11,870,944) |
| Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock | 30,936,895 | 29,212,236 |
| Change in operating assets and liabilities: | ||
| Accounts receivable, net | (34,528,140) | (74,648,395) |
| Inventories | (46,837,992) | 8,907,490 |
| Prepaid expenses and other | (2,616,370) | (5,416,624) |
| Accounts payable | (8,976,998) | 27,451,773 |
| Accrued liabilities, excluding dividends declared | 19,229,845 | 7,500,486 |
| Net cash provided by operating activities | 343,817,752 | 367,668,306 |
| CASH FLOWS USED FOR INVESTING ACTIVITIES: | ||
| Activity in investments: | ||
| Sales proceeds | 35,059,971 | 32,839,883 |
| Maturities and calls | 10,260,000 | 14,435,000 |
| Purchases | (83,764,695) | (112,608,739) |
| Plant and equipment additions | (102,966,564) | (121,393,801) |
| Proceeds from sale of plant and equipment | 142,400 | 185,610 |
| Increase in other assets | (5,614,129) | (2,533,687) |
| Net cash used for investing activities | (146,883,017) | (189,075,734) |
| CASH FLOWS USED FOR FINANCING ACTIVITIES: | ||
| Issuance of common stock from stock plan transactions | 24,024,353 | 24,304,861 |
| Cash dividends paid | (83,145,216) | (84,159,105) |
| Repurchases of common stock | (184,609,148) | (76,859,341) |
| Net cash used for financing activities | (243,730,011) | (136,713,585) |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | (46,795,276) | 41,878,987 |
| CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period | 226,435,019 | 218,754,638 |
| CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period | $179,639,743 | $260,633,625 |
| Nine Months Ended September 30 | ||
|---|---|---|
| SUPPLEMENTAL CASH FLOW DATA | 2024 | 2023 |
| Non-cash investing and financing activities: | ||
| Change in property and equipment in accounts payable and accrued expenses and other current liabilities | $(4,115,011) | $9,708,125 |
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