Gentex corporation (GNTX)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income

89,505

99,547

111,897

108,958

104,280

106,274

111,335

109,023

111,248

130,468

90,230

88,535

97,556

88,761

92,064

86,485

80,279

88,395

78,332

74,558

77,183

70,974

72,336

76,726

68,566

69,881

55,520

52,097

45,430

39,598

41,877

40,766

46,344

40,466

43,397

38,472

42,332

36,923

34,291

34,057

32,462

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

26,295

25,371

26,035

25,197

28,098

21,438

24,839

27,862

28,046

24,712

24,430

25,246

25,181

19,733

23,063

22,950

22,839

16,890

21,237

21,192

21,279

17,628

20,155

19,767

19,825

20,519

14,768

13,760

13,805

12,559

12,481

12,464

12,674

9,324

12,026

10,730

10,552

9,029

10,037

9,877

9,675

(Gain) on disposal of assets

151

-

-

-

43

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on disposal of assets

-

-

-

-

-

431

15

126

4

24

80

-62

146

135

0

0

10

-7

0

-26

44

9

0

-19

54

54

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal of assets

54

1,084

-155

-462

122

135

-16

-1

-8

587

-2

73

-359

1,876

-90

-127

-577

816

-110

-28

-221

1,052

-36

-156

-218

4,276

-103

-514

-1,495

1,279

69

-235

-161

154

298

32

507

-1,732

222

618

-179

(Gain) on sale of investments

42

67

374

130

88

1,030

263

0

1,245

280

152

601

274

-

1,513

158

1,498

-

3,555

1,922

2,912

-

2,750

7,164

5,049

-

6,554

8,567

0

-

-

-

-

-

-

-

-

-

-

-

-

Loss on sale of investments

-

-

-

-

-

-

-3

0

-529

-

-75

-16

-21

7,752

-1,367

-182

-1,961

11,495

-1,521

-6

-300

17,823

-433

-621

-25

19,818

-91

-3,536

2,822

-

-

-

1,494

8,397

2,212

2,806

2,371

5,387

916

1,127

2,336

Loss on sale of investments

5

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment loss on available-for-sale securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

Change in deferred income taxes

-1,589

-5,548

1,993

1,429

-1,233

1,123

-2,794

3

-2,746

-21,851

-152

1,290

5,718

20,294

2,606

2,001

-2,403

23,895

-8,364

-2,457

-15

14,592

-441

2,282

-1,614

-1,455

-3,246

-844

-2,180

-2,079

1,193

849

880

10,914

-4,300

5,324

2,003

6,226

3,863

461

-160

Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock

6,356

5,743

5,788

5,276

4,862

4,747

4,905

4,675

3,977

5,286

3,976

4,691

4,422

4,689

4,725

4,802

4,974

4,896

5,310

5,410

5,813

5,706

5,422

5,405

4,742

4,898

4,450

4,227

3,850

4,071

4,370

4,031

3,960

4,012

3,765

3,318

3,101

2,982

2,799

2,535

2,334

Excess tax benefits from stock based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

782

555

1,073

2,886

1,212

701

702

2,169

779

1,154

341

174

54

268

318

2,000

762

1,353

1,246

2,435

88

221

276

Change in operating assets and liabilities:
Accounts receivable, net

-1,832

-17,698

26,682

-17,839

30,728

-33,784

7,915

-7,020

15,305

-9,384

11,255

-20,207

37,866

-17,645

9,793

-4,546

28,020

-12,234

12,143

-5,722

33,773

-18,403

8,131

6,943

28,290

-9,407

21,147

-1,740

12,347

-16,692

-3,675

-9,348

28,907

-19,649

18,180

-4,471

20,682

-11,034

13,228

9,626

12,667

Inventories

2,064

10,265

13,582

-208

21

11,887

1,018

5,142

-9,532

10,107

10,117

-548

7,776

9,957

3,127

-12,398

13,929

10,091

13,831

5,208

3,806

6,159

10,386

-3,137

8,275

2,667

1,404

-14,067

-29,860

-17,189

-15,210

-8,421

11,997

37,622

31,673

15,421

3,307

8,622

12,825

11,534

14,137

Prepaid expenses and other

-12,779

916

418

13,159

-10,847

-3,529

5,626

12,044

-2,872

-1,643

2,271

2,045

-18,857

17,115

-1,633

3,639

-23,521

18,636

2,506

3,606

-15,219

8,532

5,604

8,343

-534

2,362

341

-195

-133

-10,464

-1,098

8,571

-11,876

13,274

-5,553

3,946

-4,712

5,039

-1,030

121

-2,777

Accounts payable

2,545

2,244

5,268

-76

-2,692

2,768

-16,742

29,476

-12,590

9,994

-3,017

5,206

-2,249

8,962

-10,822

2,403

13,065

-17,538

13,956

-3,348

1,827

2,843

12,792

-8,579

7,889

6,170

6,549

10,787

-10,198

-9,034

-1,280

-19,471

7,515

-4,687

6,874

2,209

20,777

-9,810

5,842

-5,494

22,301

Accrued liabilities, excluding dividends declared and short-term debt

15,755

-12,043

443

-6,083

20,436

-6,187

-901

-15,815

23,125

-1,051

-2,668

-10,718

27,385

-11,868

990

-28,840

50,511

-30,906

11,989

-5,910

27,731

-11,312

2,697

-32,001

39,907

-4,729

3,371

-15,500

30,735

-7,307

-238

-4,667

20,435

-11,438

6,029

-13,792

20,995

-1,682

-6,026

-13,268

21,154

Net cash provided by operating activities

151,280

122,026

110,473

139,627

133,840

154,211

105,822

144,935

147,449

148,446

88,998

132,366

131,191

120,631

101,286

103,261

151,868

71,254

91,273

83,935

107,951

99,769

85,348

44,383

97,721

93,672

51,380

74,863

97,422

81,396

74,920

40,397

61,131

16,236

20,816

27,239

77,375

36,024

25,002

5,797

61,308

CASH FLOWS (USED FOR) INVESTING ACTIVITIES:
Activity in available-for-sale securities:
Sales proceeds

3,124

51

28,242

11,705

17,139

1,170

255

0

53,822

27,319

708

863

1,316

11,551

29,758

2,565

43,417

12,729

31,982

6,265

7,540

6,655

13,588

31,514

23,856

12,925

38,037

21,272

10,627

7,267

12,595

12,440

6,527

-

-

-

-

-

-

-

-

Maturities and calls

19,720

115,299

0

6,714

3,000

130,000

30,008

18,884

3,000

5,000

6,000

6,000

6,100

5,500

0

0

0

-

-

-

-

-

-

-

-

0

91,892

3,250

3,000

5,000

39,652

14,000

17,000

-

-

-

-

-

-

-

-

Purchases

48,606

86,896

26,062

21,823

18,475

151,449

3,413

176,029

1,213

11,812

845

991

16,225

34,006

17,168

140,341

25,154

13,133

21,441

6,579

6,360

17,576

10,367

28,455

24,487

2,265

6,644

18,497

33,136

49,104

27,813

17,940

17,687

-

-

-

-

-

-

-

-

Plant and equipment additions

15,574

26,257

12,817

28,660

16,844

17,219

16,910

25,612

26,247

17,929

29,892

29,098

27,119

29,458

36,664

34,503

20,329

35,658

28,692

18,429

15,160

22,524

19,746

13,830

16,417

17,353

13,959

11,392

12,674

19,877

28,172

29,599

39,824

35,182

35,999

29,559

19,436

17,770

48,221

-8,249

-10,845

Proceeds from sale of plant and equipment

165

64

1,709

110

117

543

14

112

67

57

103

74

15

148

0

0

516

43

0

0

0

188

0

0

35

69

300

6

9

52

1,001

10

0

2

99

30

47

24

219

114

146

(Increase) decrease in investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22,146

-15,494

-38,010

-

-869

32,804

46,187

Decrease in other assets

2,544

-84

2,089

1,186

-164

1,045

1,591

3,011

-45

-213

-648

-2,371

588

4,861

128

2,423

-135

911

847

-66

1,150

930

530

398

285

-28

70

-175

706

1,565

15,311

900

-175

862

913

-234

-2,239

1,675

-1,388

3,440

2,043

Net cash (used for) investing activities

-43,716

2,344

-11,017

-33,139

-14,898

-38,000

8,362

-185,656

29,473

2,847

-23,278

-20,780

-36,502

-51,125

-24,203

-174,703

-1,413

-36,930

-18,999

-18,677

-15,130

-34,188

-17,055

-11,169

-17,299

-6,638

-588,550

-5,185

-32,881

-58,227

-18,047

-21,989

-33,809

-51,628

-58,959

-13,799

20,860

-13,721

-7,554

-44,379

-58,930

CASH FLOWS (USED FOR) FINANCING ACTIVITIES:
Proceeds from borrowings on Credit Agreement

75,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of long-term debt

-

-

-

-

-

0

23,125

26,875

28,000

29,500

9,375

26,875

41,875

16,875

49,375

-1,875

-16,875

63,125

-26,875

-1,875

-1,875

13,125

-1,875

-1,875

-1,875

1,875

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of common stock from stock plan transactions

7,355

9,599

26,287

31,420

10,514

5,458

8,383

16,729

36,267

15,873

9,966

4,692

17,237

25,861

26,166

18,604

10,678

10,160

6,198

4,678

9,131

40,784

7,607

5,349

6,227

15,850

6,495

9,438

6,592

3,790

978

4,973

2,466

11,488

7,040

6,633

8,142

35,332

6,341

8,083

17,308

Cash dividends paid

28,896

29,091

29,299

29,392

28,526

28,832

29,581

30,123

28,028

28,397

28,620

25,899

25,896

25,913

25,883

24,575

24,759

24,840

24,956

23,574

23,619

23,422

23,401

20,427

20,380

20,262

20,196

20,101

18,599

18,557

18,793

18,747

17,288

17,216

17,174

17,128

15,652

15,439

15,395

15,341

15,217

Repurchases of common stock

178,819

68,708

96,625

69,871

96,267

69,828

172,543

146,633

202,572

101,535

56,270

42,570

30,986

40,619

30,466

47,689

44,585

28,328

32,793

25,058

25,049

20,010

9,999

0

0

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Excess tax benefits from stock based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

782

555

1,073

2,886

1,212

701

702

2,169

779

1,154

341

174

54

268

318

2,000

762

1,353

1,246

2,435

88

221

276

Net cash (used for) financing activities

-125,360

-88,200

-99,637

-67,842

-114,278

-93,202

-216,867

-186,902

-222,333

-143,559

-84,299

-90,652

-81,520

-57,547

-42,058

-55,534

-75,541

-47,295

-77,643

-45,273

-40,339

-1,637

-26,456

-16,251

-15,325

-4,119

261,125

-9,508

-11,666

-14,592

-51,477

-13,505

-14,503

-3,727

-9,371

-9,142

-6,263

22,328

-8,965

-7,036

2,367

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

-17,796

36,170

-181

38,644

4,663

23,008

-102,682

-227,624

-45,410

7,734

-18,579

20,933

13,168

11,958

35,024

-126,976

74,913

-12,970

-5,368

19,984

52,481

63,943

41,836

16,962

65,096

82,914

-276,044

60,168

52,874

8,576

5,394

4,902

12,817

-39,118

-47,514

4,298

91,972

44,631

8,483

-45,619

4,745