
		June 30, 2020 (Unaudited)		December 31, 2019 (Note)			September 30, 2020 (Unaudited)		December 31, 2019 (Note)
ASSETS	ASSETS					ASSETS
CURRENT ASSETS	CURRENT ASSETS					CURRENT ASSETS
Cash and cash equivalents	Cash and cash equivalents	$	343,811,484	$	296,321,622	Cash and cash equivalents	$	400,499,542	$	296,321,622
Short-term investments	Short-term investments	70,015,164		140,384,053		Short-term investments	52,578,480		140,384,053
Accounts receivable, net	Accounts receivable, net	170,643,014		235,410,326		Accounts receivable, net	268,457,875		235,410,326
Inventories	Inventories	259,728,189		248,941,855		Inventories	233,358,102		248,941,855
Prepaid expenses and other	Prepaid expenses and other	15,128,837		29,319,036		Prepaid expenses and other	20,424,567		29,319,036
Total current assets	Total current assets	859,326,688		950,376,892		Total current assets	975,318,566		950,376,892

PLANT AND EQUIPMENT—NET	PLANT AND EQUIPMENT—NET	485,314,868		498,316,100		PLANT AND EQUIPMENT—NET	474,019,432		498,316,100

OTHER ASSETS	OTHER ASSETS					OTHER ASSETS
Goodwill	Goodwill	309,033,022		307,365,845		Goodwill	311,216,556		307,365,845
Long-term investments	Long-term investments	171,134,695		139,909,323		Long-term investments	159,011,362		139,909,323
Intangible assets, net	Intangible assets, net	251,725,000		250,375,000		Intangible assets, net	247,911,399		250,375,000
Patents and other assets, net	Patents and other assets, net	24,507,260		22,460,033		Patents and other assets, net	24,997,791		22,460,033
Total other assets	Total other assets	756,399,977		720,110,201		Total other assets	743,137,108		720,110,201

Total assets	Total assets	$	2,101,041,533	$	2,168,803,193	Total assets	$	2,192,475,106	$	2,168,803,193

LIABILITIES AND SHAREHOLDERS’ INVESTMENT	LIABILITIES AND SHAREHOLDERS’ INVESTMENT					LIABILITIES AND SHAREHOLDERS’ INVESTMENT

CURRENT LIABILITIES	CURRENT LIABILITIES					CURRENT LIABILITIES
Accounts payable	Accounts payable	$	60,183,429	$	97,553,917	Accounts payable	$	90,246,791	$	97,553,917
Current portion of long-term debt	Current portion of long-term debt	75,000,000		—		Current portion of long-term debt	25,000,000		0
Accrued liabilities	Accrued liabilities	82,447,668		74,292,883		Accrued liabilities	121,242,379		74,292,883
Total current liabilities	Total current liabilities	217,631,097		171,846,800		Total current liabilities	236,489,170		171,846,800

OTHER NON-CURRENT LIABILITIES	OTHER NON-CURRENT LIABILITIES	10,306,855		7,414,424		OTHER NON-CURRENT LIABILITIES	15,071,701		7,414,424

DEFERRED INCOME TAXES	DEFERRED INCOME TAXES	50,496,168		51,454,149		DEFERRED INCOME TAXES	45,301,936		51,454,149

Total liabilities	Total liabilities	278,434,120		230,715,373		Total liabilities	296,862,807		230,715,373

SHAREHOLDERS’ INVESTMENT	SHAREHOLDERS’ INVESTMENT					SHAREHOLDERS’ INVESTMENT
Common stock	Common stock	14,746,529		15,076,651		Common stock	14,703,703		15,076,651
Additional paid-in capital	Additional paid-in capital	818,678,880		807,928,139		Additional paid-in capital	830,408,683		807,928,139
Retained earnings	Retained earnings	986,442,760		1,116,372,133		Retained earnings	1,046,052,853		1,116,372,133
Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss)	2,739,244		(1,289,103)		Accumulated other comprehensive income (loss)	4,447,060		(1,289,103)
Total shareholders’ investment	Total shareholders’ investment	1,822,607,413		1,938,087,820		Total shareholders’ investment	1,895,612,299		1,938,087,820
Total liabilities and shareholders’ investment	Total liabilities and shareholders’ investment	$	2,101,041,533	$	2,168,803,193	Total liabilities and shareholders’ investment	$	2,192,475,106	$	2,168,803,193


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019			2020		2019		2020		2019
NET SALES	NET SALES	$	229,925,556	$	468,711,354	$	683,687,281	$	937,300,351	NET SALES	$	474,638,584	$	477,761,417	$	1,158,325,866	$	1,415,061,768

COST OF GOODS SOLD	COST OF GOODS SOLD	185,980,748		292,173,750		483,154,994		591,118,243		COST OF GOODS SOLD	286,401,872		297,440,131		769,556,865		888,558,373
Gross profit	Gross profit	43,944,808		176,537,604		200,532,287		346,182,108		Gross profit	188,236,712		180,321,286		388,769,001		526,503,395

OPERATING EXPENSES:	OPERATING EXPENSES:									OPERATING EXPENSES:
Engineering, research and development	Engineering, research and development	28,992,968		28,359,343		58,608,390		56,448,524		Engineering, research and development	27,812,730		29,398,725		86,421,121		85,847,249
Selling, general & administrative	Selling, general & administrative	21,690,096		20,273,295		43,634,987		40,232,286		Selling, general & administrative	21,571,093		22,786,881		65,206,080		63,019,167
Total operating expenses	Total operating expenses	50,683,064		48,632,638		102,243,377		96,680,810		Total operating expenses	49,383,823		52,185,606		151,627,201		148,866,416

(Loss) Income from operations		(6,738,256)		127,904,966		98,288,910		249,501,298
Income from operations										Income from operations	138,852,889		128,135,680		237,141,800		377,636,979

OTHER INCOME	OTHER INCOME									OTHER INCOME
Investment income	Investment income	1,462,033		2,140,387		3,908,682		5,403,128		Investment income	1,825,257		3,353,510		5,733,939		8,756,638
Other income, net	Other income, net	1,404,196		237,191		1,205,030		286,660		Other income, net	2,218,852		90,323		3,423,881		376,983
Total other income	Total other income	2,866,229		2,377,578		5,113,712		5,689,788		Total other income	4,044,109		3,443,833		9,157,820		9,133,621

(LOSS) INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES		(3,872,027)		130,282,544		103,402,622		255,191,086
INCOME BEFORE PROVISION FOR INCOME TAXES										INCOME BEFORE PROVISION FOR INCOME TAXES	142,896,998		131,579,513		246,299,620		386,770,600

(BENEFIT FROM) PROVISION FOR INCOME TAXES		(1,497,994)		21,323,919		16,270,854		41,952,050
PROVISION FOR INCOME TAXES										PROVISION FOR INCOME TAXES	25,804,396		19,681,661		42,075,250		61,633,712

NET (LOSS) INCOME		$	(2,374,033)	$	108,958,625	$	87,131,768	$	213,239,036
NET INCOME										NET INCOME	$	117,092,602	$	111,897,852	$	204,224,370	$	325,136,888

EARNINGS (LOSS) PER SHARE: ⁽¹⁾
EARNINGS PER SHARE: (1)										EARNINGS PER SHARE: (1)
Basic	Basic	$	(0.01)	$	0.42	$	0.35	$	0.82	Basic	$	0.48	$	0.44	$	0.83	$	1.27
Diluted	Diluted	$	(0.01)	$	0.42	$	0.35	$	0.82	Diluted	$	0.48	$	0.44	$	0.82	$	1.26

Cash Dividends Declared per Share	Cash Dividends Declared per Share	$	0.120	$	0.115	$	0.240	$	0.230	Cash Dividends Declared per Share	$	0.120	$	0.115	$	0.360	$	0.345

⁽¹⁾ Earnings (Loss) Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.
(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.										(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019			2020		2019		2020		2019
Net (Loss) Income		$	(2,374,033)	$	108,958,625	$87,131,768		$213,239,036
Net Income										Net Income	$	117,092,602	$	111,897,852	$204,224,370		$325,136,888

Other comprehensive income before tax:	Other comprehensive income before tax:									Other comprehensive income before tax:
Foreign currency translation adjustments	Foreign currency translation adjustments	136,627		(475,686)		(555,463)		(176,687)		Foreign currency translation adjustments	1,823,667		(1,623,102)		1,268,204		(1,799,789)

Unrealized gains on debt securities, net		3,022,561		1,583,089		5,802,291		2,881,325
Unrealized (losses) gains on debt securities, net										Unrealized (losses) gains on debt securities, net	(146,647)		457,438		5,655,644		3,338,762

Other comprehensive income, before tax		3,159,188		1,107,403		5,246,828		2,704,638
Other comprehensive income (loss), before tax										Other comprehensive income (loss), before tax	1,677,020		(1,165,664)		6,923,848		1,538,973

Income tax impact related to components of other comprehensive income	Income tax impact related to components of other comprehensive income	634,738		332,448		1,218,481		605,079		Income tax impact related to components of other comprehensive income	(30,796)		96,062		1,187,685		701,140

Other comprehensive income, net of tax		2,524,450		774,955		4,028,347		2,099,559
Other comprehensive income (loss), net of tax										Other comprehensive income (loss), net of tax	1,707,816		(1,261,726)		5,736,163		837,833

Comprehensive Income	Comprehensive Income	$	150,417	$	109,733,580	$	91,160,115	$	215,338,595	Comprehensive Income	$	118,800,418	$	110,636,126	$	209,960,533	$	325,974,721


		Common Stock Shares	Common Stock Amount		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Investment			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, 2020		244,865,658	$	14,691,939	$	801,388,454	$	1,018,310,446	$	214,794	$	1,834,605,633
BALANCE AS OF JULY 1, 2020													BALANCE AS OF JULY 1, 2020	245,775,488	$	14,746,529	$	818,678,880	$	986,442,760	$	2,739,244	$	1,822,607,413
Issuance of common stock from stock plan transactions	Issuance of common stock from stock plan transactions	746,112	44,767		8,310,437		—		—		8,355,204		Issuance of common stock from stock plan transactions	461,983	27,719		7,938,770		—		—		7,966,489
Issuance of common stock related to acquisitions		163,718	9,823		3,549,406		—		—		3,559,229

Repurchases of common stock													Repurchases of common stock	(1,175,756)	(70,545)		(3,515,510)		(28,074,807)		—		(31,660,862)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	—	—		5,430,583		—		—		5,430,583		Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	—	—		7,306,543		—		—		7,306,543
Dividends declared ($0.12 per share)	Dividends declared ($0.12 per share)	—	—		—		(29,493,653)		—		(29,493,653)		Dividends declared ($0.12 per share)	—	—		—		(29,407,702)		—		(29,407,702)
Net loss		—	—		—		(2,374,033)		—		(2,374,033)
Net income													Net income	—	—		—		117,092,602		—		117,092,602
Other comprehensive income	Other comprehensive income	—	—		—		—		2,524,450		2,524,450		Other comprehensive income	—	—		—		—		1,707,816		1,707,816
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
BALANCE AS OF SEPTEMBER 30, 2020													BALANCE AS OF SEPTEMBER 30, 2020	245,061,715	$	14,703,703	$	830,408,683	$	1,046,052,853	$	4,447,060	$	1,895,612,299

BALANCE AS OF APRIL 1, 2019		255,584,345	$	15,335,061	$	748,641,461	$	1,093,373,960	$	(275,734)	$	1,857,074,748
BALANCE AS OF JULY 1, 2019													BALANCE AS OF JULY 1, 2019	254,779,119	$	15,286,747	$	777,238,253	$	1,111,310,014	$	499,221	$	1,904,334,235
Issuance of common stock from stock plan transactions	Issuance of common stock from stock plan transactions	2,269,483	136,170		31,284,090		—		—		31,420,260		Issuance of common stock from stock plan transactions	1,771,463	106,287		26,180,774		—		—		26,287,061
Repurchases of common stock	Repurchases of common stock	(3,074,709)	(184,483)		(7,963,499)		(61,723,161)		—		(69,871,143)		Repurchases of common stock	(3,569,577)	(214,174)		(9,744,945)		(86,665,884)		—		(96,625,003)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	—	—		5,276,201		—		—		5,276,201		Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	—	—		5,788,286		—		—		5,788,286
Dividends declared ($0.115 per share)	Dividends declared ($0.115 per share)	—	—		—		(29,299,410)		—		(29,299,410)		Dividends declared ($0.115 per share)	—	—		—		(29,092,442)		—		(29,092,442)
Net income	Net income	—	—		—		108,958,625		—		108,958,625		Net income	—	—		—		111,897,852		—		111,897,852
Other comprehensive income		—	—		—		—		774,955		774,955
BALANCE AS OF JUNE 30, 2019		254,779,119	$	15,286,748	$	777,238,253	$	1,111,310,014	$	499,221	$	1,904,334,236
Other comprehensive loss													Other comprehensive loss	—	—		—		—		(1,261,726)		(1,261,726)
BALANCE AS OF SEPTEMBER 30, 2019													BALANCE AS OF SEPTEMBER 30, 2019	252,981,005	$	15,178,860	$	799,462,368	$	1,107,449,540	$	(762,505)	$	1,921,328,263


		Common Stock Shares	Common Stock Amount		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Investment			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, 2020	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	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	Issuance of common stock from stock plan transactions	1,353,287	81,198		15,629,494		—		—		15,710,692		Issuance of common stock from stock plan transactions	1,815,270	108,917		23,568,264		—		—		23,677,181
Issuance of common stock related to acquisitions	Issuance of common stock related to acquisitions	163,718	9,823		3,549,406		—		—		3,559,229		Issuance of common stock related to acquisitions	163,718	9,823		3,549,406		—		—		3,559,229
Repurchases of common stock	Repurchases of common stock	(7,019,032)	(421,143)		(20,214,812)		(158,183,629)		—		(178,819,584)		Repurchases of common stock	(8,194,788)	(491,688)		(23,730,322)		(186,258,436)		—		(210,480,446)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	—	—		11,786,653		—		—		11,786,653		Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	—	—		19,093,196		—		—		19,093,196
Dividends declared ($0.24 per share)		—	—		—		(58,877,512)		—		(58,877,512)
Dividends declared ($0.36 per share)													Dividends declared ($0.36 per share)	—	—		—		(88,285,214)		—		(88,285,214)
Net income	Net income	—	—		—		87,131,768		—		87,131,768		Net income	—	—		—		204,224,370		—		204,224,370
Other comprehensive income	Other comprehensive income	—	—		—		—		4,028,347		4,028,347		Other comprehensive income	—	—		—		—		5,736,163		5,736,163
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
BALANCE AS OF SEPTEMBER 30, 2020													BALANCE AS OF SEPTEMBER 30, 2020	245,061,715	$	14,703,703	$	830,408,683	$	1,046,052,853	$	4,447,060	$	1,895,612,299

BALANCE AS OF JANUARY 1, 2019	BALANCE AS OF JANUARY 1, 2019	259,328,613	$	15,559,717	$	745,324,144	$	1,102,468,137	$	(1,600,338)	$	1,861,751,660	BALANCE AS OF JANUARY 1, 2019	259,328,613	$	15,559,717	$	745,324,144	$	1,102,468,137	$	(1,600,338)	$	1,861,751,660
Issuance of common stock from stock plan transactions	Issuance of common stock from stock plan transactions	3,250,153	195,010		41,739,804		—		—		41,934,814		Issuance of common stock from stock plan transactions	5,021,616	301,297		67,920,578				—		68,221,875
Repurchases of common stock	Repurchases of common stock	(7,799,647)	(467,979)		(19,964,843)		(145,705,549)		—		(166,138,371)		Repurchases of common stock	(11,369,224)	(682,154)		(29,709,788)		(232,371,433)		—		(262,763,375)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	—	—		10,139,148		—		—		10,139,148		Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	—	—		15,927,434		—		—		15,927,434
Dividends declared ($0.23 per share)		—	—		—		(58,691,610)		—		(58,691,610)
Dividends declared ($0.345 per share)													Dividends declared ($0.345 per share)	—	—		—		(87,784,052)		—		(87,784,052)
Net income	Net income	—	—		—		213,239,036		—		213,239,036		Net income	—	—		—		325,136,888		—		325,136,888
Other comprehensive loss		—	—		—		—		2,099,560		2,099,558
BALANCE AS OF JUNE 30, 2019		254,779,119	$	15,286,748	$	777,238,253	$	1,111,310,014	$	499,221	$	1,904,334,236
Other comprehensive income													Other comprehensive income	—	—		—		—		837,833		837,833
BALANCE AS OF SEPTEMBER 30, 2019													BALANCE AS OF SEPTEMBER 30, 2019	252,981,005	$	15,178,860	$	799,462,368	$	1,107,449,540	$	(762,505)	$	1,921,328,263


		2020		2019			2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:	CASH FLOWS FROM OPERATING ACTIVITIES:					CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	Net income	$	87,131,768	$	213,239,036	Net income	$	204,224,370	$	325,136,888
Adjustments to reconcile net income to net cash provided by operating activities:	Adjustments to reconcile net income to net cash provided by operating activities:					Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	Depreciation and amortization	53,437,698		53,296,388		Depreciation and amortization	78,489,026		79,331,513
(Gain) on disposal of assets	(Gain) on disposal of assets	(155,229)		(95,658)		(Gain) on disposal of assets	(281,542)		(148,376)
Loss on disposal of assets	Loss on disposal of assets	88,357		340,070		Loss on disposal of assets	146,195		495,697
(Gain) on sale of investments	(Gain) on sale of investments	(1,023,683)		(218,981)		(Gain) on sale of investments	(1,504,757)		(593,351)
Loss on sale of investments	Loss on sale of investments	72,871		—		Loss on sale of investments	143,370		0
Change in deferred income taxes	Change in deferred income taxes	(2,176,462)		196,133		Change in deferred income taxes	(9,559,993)		2,189,818
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	15,960,362		10,139,148		Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	23,266,906		15,927,434

Change in operating assets and liabilities:	Change in operating assets and liabilities:					Change in operating assets and liabilities:
Accounts receivable, net	Accounts receivable, net	64,981,864		(12,888,533)		Accounts receivable, net	(32,832,997)		(39,570,916)
Inventories	Inventories	(10,710,548)		187,136		Inventories	15,659,539		(13,395,196)
Prepaid expenses and other	Prepaid expenses and other	14,230,026		(2,311,576)		Prepaid expenses and other	8,934,297		(2,729,945)
Accounts payable	Accounts payable	(37,452,944)		(2,769,229)		Accounts payable	(7,389,582)		2,499,481
Accrued liabilities, excluding dividends declared and short-term debt	Accrued liabilities, excluding dividends declared and short-term debt	6,068,104		14,353,360		Accrued liabilities, excluding dividends declared and short-term debt	49,749,418		14,797,251
Net cash provided by operating activities	Net cash provided by operating activities	190,452,184		273,467,294		Net cash provided by operating activities	329,044,250		383,940,298

CASH FLOWS (USED FOR) INVESTING ACTIVITIES:	CASH FLOWS (USED FOR) INVESTING ACTIVITIES:					CASH FLOWS (USED FOR) INVESTING ACTIVITIES:
Activity in available-for-sale securities:	Activity in available-for-sale securities:					Activity in available-for-sale securities:
Sales proceeds	Sales proceeds	5,607,634		28,845,319		Sales proceeds	15,559,590		57,087,935
Maturities and calls	Maturities and calls	90,017,368		9,714,000		Maturities and calls	117,172,368		9,714,000
Purchases	Purchases	(52,650,769)		(40,298,297)		Purchases	(59,933,780)		(66,360,636)
Plant and equipment additions	Plant and equipment additions	(28,828,066)		(45,504,667)		Plant and equipment additions	(37,048,073)		(58,322,472)
Proceeds from sale of plant and equipment	Proceeds from sale of plant and equipment	200,475		227,738		Proceeds from sale of plant and equipment	331,465		1,937,207
Acquisition of businesses, net of cash acquired	Acquisition of businesses, net of cash acquired	(7,031,827)		—		Acquisition of businesses, net of cash acquired	(8,043,217)		0
Decrease in other assets		(3,886,518)		(1,022,057)
Increase in other assets						Increase in other assets	(3,326,783)		(3,111,644)
Net cash (used for) investing activities	Net cash (used for) investing activities	3,428,297		(48,037,964)		Net cash (used for) investing activities	24,711,570		(59,055,610)

CASH FLOWS (USED FOR) FINANCING ACTIVITIES:	CASH FLOWS (USED FOR) FINANCING ACTIVITIES:					CASH FLOWS (USED FOR) FINANCING ACTIVITIES:
Proceeds from borrowings on Credit Agreement	Proceeds from borrowings on Credit Agreement	75,000,000		—		Proceeds from borrowings on Credit Agreement	75,000,000		0

Repayment of borrowings on Credit Agreement						Repayment of borrowings on Credit Agreement	(50,000,000)		0

Issuance of common stock from stock plan transactions	Issuance of common stock from stock plan transactions	15,710,692		41,934,814		Issuance of common stock from stock plan transactions	23,677,181		68,221,875
Cash dividends paid	Cash dividends paid	(58,281,727)		(57,918,158)		Cash dividends paid	(87,774,635)		(87,217,383)
Repurchases of common stock	Repurchases of common stock	(178,819,584)		(166,138,372)		Repurchases of common stock	(210,480,446)		(262,763,375)

Net cash (used for) financing activities	Net cash (used for) financing activities	(146,390,619)		(182,121,716)		Net cash (used for) financing activities	(249,577,900)		(281,758,883)

NET INCREASE IN CASH AND CASH EQUIVALENTS	NET INCREASE IN CASH AND CASH EQUIVALENTS	47,489,862		43,307,614		NET INCREASE IN CASH AND CASH EQUIVALENTS	104,177,920		43,125,805

CASH AND CASH EQUIVALENTS, beginning of period	CASH AND CASH EQUIVALENTS, beginning of period	296,321,622		217,025,278		CASH AND CASH EQUIVALENTS, beginning of period	296,321,622		217,025,278

CASH AND CASH EQUIVALENTS, end of period	CASH AND CASH EQUIVALENTS, end of period	$	343,811,484	$	260,332,892	CASH AND CASH EQUIVALENTS, end of period	$	400,499,542	$	260,151,083

The unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2019 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of ~~June~~September 30, 2020, and the results of operations and cash flows for the interim periods presented.

Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. Based on the insignificant impact of this ASU on the Company's financial statements, a cumulative-effect adjustment to retained earnings was not deemed necessary. The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. The standard requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. It also modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The adoption of this standard did not have a material impact on the Company's consolidated balance sheet, consolidated income statement, or consolidated statement of cash flows.

Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of $307.4 million as part of the HomeLink^®acquisition in 2013 and recorded an additional ~~$1.7~~$3.9 million in Goodwill ~~during the second quarter of 2020~~ as part of the acquisition of ~~Vaporsens.~~Vaporsens that occurred in the second quarter of 2020. See Note 16 for more information on the Vaporsens transaction. The carrying value of Goodwill as of ~~June~~September 30, 2020 and December 31, 2019 was ~~$309.0~~$311.2 million and $307.4 million, respectively.

In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. The impact of COVID-19 was again considered in the most recently completed quarter, but did not indicate the need for interim impairment testing.


Other Intangible Assets	Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life	Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	Gentex Patents	$	37,859,912	$	(23,591,325)	$	14,268,587	Various	Gentex Patents	$	38,011,452	$	(23,982,357)	$	14,029,095	Various
Vaporsens Technology License		279,113		(31,357)		247,756		Various
Vaporsens Technology Licenses									Vaporsens Technology Licenses	292,943		(35,002)		257,941		Various

Other Intangible Assets	Other Intangible Assets								Other Intangible Assets
HomeLink^®Trade Names and Trademarks	HomeLink^®Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite	HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink^® Technology	HomeLink^® Technology	180,000,000		(101,250,000)		78,750,000		12 years	HomeLink® Technology	180,000,000		(105,000,000)		75,000,000		12 years
Existing Customer Platforms	Existing Customer Platforms	43,000,000		(29,025,000)		13,975,000		10 years	Existing Customer Platforms	43,000,000		(30,100,000)		12,900,000		10 years
Exclusive Licensing Agreement	Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite	Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
Vaporsens In-Process R&D	Vaporsens In-Process R&D	11,000,000		—		11,000,000		Indefinite	Vaporsens In-Process R&D	11,000,000		—		11,000,000		Indefinite
Air-Craftglass In-Process R&D									Air-Craftglass In-Process R&D	1,011,399		—		1,011,399		Indefinite
Total Other Intangible Assets	Total Other Intangible Assets	$	382,000,000	$	(130,275,000)	$	251,725,000		Total Other Intangible Assets	$	383,011,399	$	(135,100,000)	$	247,911,399

Total Patents & Other Intangible Assets	Total Patents & Other Intangible Assets	$	420,139,025	$	(153,897,682)	$	266,241,343		Total Patents & Other Intangible Assets	$	421,315,794	$	(159,117,359)	$	262,198,435


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	37,328,963	$	(22,491,010)	$	14,837,953	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(93,750,000)		86,250,000		12 years
Existing Customer Platforms	43,000,000		(26,875,000)		16,125,000		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
Total Other Intangible Assets	$	371,000,000	$	(120,625,000)	$	250,375,000

Total Patents & Other Intangible Assets	$	408,328,963	$	(143,116,010)	$	265,212,953

The Company follows the provisions of Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements with respect to a company’s use of fair-value measurements, including the effect of such measurements on earnings. The cost of securities sold is based on the specific identification method.

The Company also periodically makes technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities. Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, such equity investments are held at cost. These technology investments totaled approximately ~~$8.7~~$8.6 million and $9.0 million as of ~~June~~September 30, 2020 and December 31, 2019, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet.

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, 2020 (Level 1) (Level 2) (Level 3)
Cash & Cash Equivalents $ 343,811,484 $ 343,811,484 $ — $ —
Short-Term Investments:
Certificate of Deposit 1,023,558 1,023,558 — —
Corporate Bonds 18,465,053 — 18,465,053 —
Government Securities 43,412,712 — 43,412,712 —
Municipal Bonds 4,292,331 — 4,292,331 —
Other 2,821,510 2,821,510 — —
Long-Term Investments:
Asset Backed Securities 42,140,999 — 42,140,999 —
Certificate of Deposit 4,173,150 4,173,150 — —
Corporate Bonds 21,101,912 — 21,101,912 —
Government Securities 617,226 — 617,226 —
Municipal Bonds 94,430,839 — 94,430,839 —
Total $ 576,290,774 $ 351,829,702 $ 224,461,072 $ —


			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	September 30, 2020		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	400,499,542	$	400,499,542	$	0	$	0
Short-Term Investments:
Certificate of Deposit	1,270,465		1,270,465		0		0
Corporate Bonds	14,105,245		0		14,105,245		0
Government Securities	23,235,183		0		23,235,183		0
Municipal Bonds	11,025,844		0		11,025,844		0
Other	2,941,743		2,941,743		0		0
Long-Term Investments:
Asset Backed Securities	42,012,670		0		42,012,670		0
Certificate of Deposit	3,913,968		3,913,968		0		0
Corporate Bonds	8,975,930		0		8,975,930		0
Government Securities	0		0		0		0
Municipal Bonds	95,487,532		0		95,487,532		0


Total	$	603,468,122	$	408,625,718	$	194,842,404	$	0


				Fair Value Measurements at Reporting Date Using													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			Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Description	December 31, 2019		(Level 1)		(Level 2)		(Level 3)		Description	December 31, 2019		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	Cash & Cash Equivalents	$	296,321,622	$	296,321,622	$	—	$	—	Cash & Cash Equivalents	$	296,321,622	$	296,321,622	$	0	$	0
Short-Term Investments:	Short-Term Investments:									Short-Term Investments:
Certificate of Deposit	Certificate of Deposit	50,099,795		50,099,795		—		—		Certificate of Deposit	50,099,795		50,099,795		0		0
Corporate Bonds	Corporate Bonds	29,219,685		—		29,219,685		—		Corporate Bonds	29,219,685		0		29,219,685		0
Government Securities	Government Securities	58,432,823		—		58,432,823		—		Government Securities	58,432,823		0		58,432,823		0
Other	Other	2,631,750		2,631,750		—		—		Other	2,631,750		2,631,750		0		0

Long-Term Investments:	Long-Term Investments:									Long-Term Investments:
Asset-backed Securities	Asset-backed Securities	25,791,029		—		25,791,029		—		Asset-backed Securities	25,791,029		0		25,791,029		0
Certificate of Deposit	Certificate of Deposit	3,557,798		3,557,798				—		Certificate of Deposit	3,557,798		3,557,798				0
Corporate Bonds	Corporate Bonds	22,815,998		—		22,815,998		—		Corporate Bonds	22,815,998		0		22,815,998		0
Governmental Securities	Governmental Securities	6,088,190		—		6,088,190		—		Governmental Securities	6,088,190		0		6,088,190		0
Municipal Bonds	Municipal Bonds	72,638,690		—		72,638,690		—		Municipal Bonds	72,638,690		0		72,638,690		0
Total	Total	$	567,597,380	$	352,610,965	$	214,986,415	$	—	Total	$	567,597,380	$	352,610,965	$	214,986,415	$	0

Unrealized
Cost Gains Losses Market Value
Short-Term Investments:
Certificate of Deposit $ 1,000,000 $ 23,558 $ — $ 1,023,558
Corporate Bonds 18,328,367 138,975 (2,289) 18,465,053
Government Securities 43,146,665 266,047 — 43,412,712
Municipal Bonds 4,256,184 36,147 — 4,292,331
Other 2,821,510 — — 2,821,510
Long-Term Investments:
Asset Backed Securities 41,140,592 1,032,218 (31,811) 42,140,999
Certificate of Deposit 4,006,912 166,238 — 4,173,150
Corporate Bonds 20,230,114 871,798 — 21,101,912
Government Securities 614,995 2,231 — 617,226
Municipal Bonds 89,744,967 4,707,257 (21,385) 94,430,839
Total $ 225,290,306 $ 7,244,469 $ (55,485) $ 232,479,290


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,252,187	$	18,278	$	0	$	1,270,465
Corporate Bonds	13,970,360		134,885		0		14,105,245
Government Securities	23,105,527		129,656		0		23,235,183
Municipal Bonds	10,864,899		160,945		0		11,025,844
Other	2,941,743		0		0		2,941,743
Long-Term Investments:
Asset Backed Securities	41,521,603		1,086,633		(595,566)		42,012,670
Certificate of Deposit	3,754,312		159,656		0		3,913,968
Corporate Bonds	8,598,910		377,020		0		8,975,930

Municipal Bonds	89,916,703		5,580,670		(9,841)		95,487,532
Total	$	195,926,244	$	7,647,743	$	(605,407)	$	202,968,580


				Unrealized											Unrealized
		Cost		Gains		Losses		Market Value			Cost		Gains		Losses		Market Value
Short-Term Investments:	Short-Term Investments:									Short-Term Investments:
Certificate of Deposit	Certificate of Deposit	$	50,099,795	$	—	$	—	$	50,099,795	Certificate of Deposit	$	50,099,795	$	0	$	0	$	50,099,795
Corporate Bonds	Corporate Bonds	29,025,624		194,061		—		29,219,685		Corporate Bonds	29,025,624		194,061		0		29,219,685

Government Securities	Government Securities	58,343,911		99,917		(11,005)		58,432,823		Government Securities	58,343,911		99,917		(11,005)		58,432,823
Other	Other	2,631,750		—		—		2,631,750		Other	2,631,750		0		0		2,631,750
Long-Term Investments:	Long-Term Investments:									Long-Term Investments:
Asset-backed Securities	Asset-backed Securities	25,971,156		—		(180,127)		25,791,029		Asset-backed Securities	25,971,156		0		(180,127)		25,791,029
Certificate of Deposit	Certificate of Deposit	3,500,000		58,808		(1,010)		3,557,798		Certificate of Deposit	3,500,000		58,808		(1,010)		3,557,798
Corporate Bonds	Corporate Bonds	22,306,130		509,868		—		22,815,998		Corporate Bonds	22,306,130		509,868		0		22,815,998
Government Securities	Government Securities	6,012,705		75,485		—		6,088,190		Government Securities	6,012,705		75,485		0		6,088,190
Municipal Bonds	Municipal Bonds	71,997,996		1,036,116		(395,422)		72,638,690		Municipal Bonds	71,997,996		1,036,116		(395,422)		72,638,690

Total	Total	$	269,889,067	$	1,974,255	$	(587,564)	$	271,275,758	Total	$	269,889,067	$	1,974,255	$	(587,564)	$	271,275,758


		Aggregate Unrealized Losses		Aggregate Fair Value			Aggregate Unrealized Losses		Aggregate Fair Value
Loss duration of less than one year	Loss duration of less than one year	$	55,485	$	18,860,975	Loss duration of less than one year	$	605,407	$	24,572,356
Loss duration of greater than one year	Loss duration of greater than one year	—		—		Loss duration of greater than one year	0		0
Total	Total	$	55,485	$	18,860,975	Total	$	605,407	$	24,572,356


		Aggregate Unrealized Losses		Aggregate Fair Value			Aggregate Unrealized Losses		Aggregate Fair Value
Loss duration of less than one year	Loss duration of less than one year	$	587,564	$	90,721,081	Loss duration of less than one year	$	587,564	$	90,721,081
Loss duration of greater than one year	Loss duration of greater than one year	—		—		Loss duration of greater than one year	0		0
Total	Total	$	587,564	$	90,721,081	Total	$	587,564	$	90,721,081

As stated in Note 1, effective January 1, 2020, the Company adopted ~~Accounting Standards Update ("ASU")~~ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. NaN investments were considered to be impaired during the periods presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered.


		June 30, 2020		December 31, 2019			September 30, 2020		December 31, 2019
Raw materials	Raw materials	$	179,537,716	$	164,974,553	Raw materials	$	160,155,658	$	164,974,553
Work-in-process	Work-in-process	34,708,883		33,069,255		Work-in-process	30,308,212		33,069,255
Finished goods	Finished goods	45,481,590		50,898,047		Finished goods	42,894,232		50,898,047
Total Inventory	Total Inventory	$	259,728,189	$	248,941,855	Total Inventory	$	233,358,102	$	248,941,855

The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income ~~(loss)~~ per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income ~~(loss)~~ is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities.


		Three Months Ended June 30,									Six Months Ended June 30,							Three Months Ended September 30,					Nine Months Ended September 30,
		2020			2019				2020		2019			2020		2019			2020		2019
Basic Earnings Per Share	Basic Earnings Per Share												Basic Earnings Per Share
Net (Loss) Income	Net (Loss) Income	$	(2,374,033)		$	108,958,625			$	87,131,768	$	213,239,036	Net (Loss) Income	$	117,092,602	$	111,897,852		$	204,224,370	$	325,136,888
Less: Dividends and undistributed earnings allocated to participating securities	Less: Dividends and undistributed earnings allocated to participating securities	439,327			1,256,243				1,245,275		2,348,020		Less: Dividends and undistributed earnings allocated to participating securities	1,697,281		1,389,659			2,906,048		3,699,548
Net (Loss) Income available to common shareholders	Net (Loss) Income available to common shareholders	$	(2,813,360)		$	107,702,382			$	85,886,493	$	210,891,016	Net (Loss) Income available to common shareholders	$	115,395,321	$	110,508,193		$	201,318,322	$	321,437,340

Basic weighted average shares outstanding	Basic weighted average shares outstanding	241,684,323			255,219,868				243,983,276		256,350,600		Basic weighted average shares outstanding	241,898,117		251,075,859			243,240,699		252,811,950
Net (Loss) Income per share - Basic	Net (Loss) Income per share - Basic	$	(0.01)		$	0.42			$	0.35	$	0.82	Net (Loss) Income per share - Basic	$	0.48	$	0.44		$	0.83	$	1.27

Diluted Earnings Per Share	Diluted Earnings Per Share												Diluted Earnings Per Share
Allocation of Net (Loss) Income used in basic computation	Allocation of Net (Loss) Income used in basic computation	$	(2,813,360)		$	107,702,382	$	—	$	85,886,493	$	210,891,016	Allocation of Net (Loss) Income used in basic computation	$	115,395,321	$	110,508,193		$	201,318,322	$	321,437,340
Reallocation of undistributed earnings	Reallocation of undistributed earnings	—			4,848				1,697		8,842		Reallocation of undistributed earnings	4,742		6,051			6,731		15,389
Net (Loss) Income available to common shareholders - Diluted	Net (Loss) Income available to common shareholders - Diluted	$	(2,813,360)		$	107,707,230			$	85,888,190	$	210,899,858	Net (Loss) Income available to common shareholders - Diluted	$	115,400,063	$	110,514,244		$	201,325,053	$	321,452,729

Number of shares used in basic computation	Number of shares used in basic computation	241,684,323			255,219,868				243,983,276		256,350,600		Number of shares used in basic computation	241,898,117		251,075,859			243,240,699		252,811,950
Additional weighted average dilutive common stock equivalents	Additional weighted average dilutive common stock equivalents	—			1,359,753				1,085,380		1,344,285		Additional weighted average dilutive common stock equivalents	918,950		1,503,123			1,026,916		1,455,901
Diluted weighted average shares outstanding	Diluted weighted average shares outstanding	241,684,323		0	256,579,621		0		245,068,656		257,694,885		Diluted weighted average shares outstanding	242,817,067		252,578,982			244,267,615		254,267,851

Net (Loss) Income per share - Diluted	Net (Loss) Income per share - Diluted	$	(0.01)		$	0.42			$	0.35	$	0.82	Net (Loss) Income per share - Diluted	$	0.48	$	0.44		$	0.82	$	1.26

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,636,661			1,013,332				428,948		1,011,948		Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	412,775		3,054			412,775		170,386

The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options (both incentive stock options and non-qualified stock options), appreciation rights, restricted stock, restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the "Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans ~~including those made to non-officers in the first quarter of 2019,~~ remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable.

The Company recognized total compensation expense for share-based payments of ~~$9,641,353~~$6,904,725 for the three months ended September 30, 2020, and ~~$15,960,362~~total compensation expense for ~~three and six~~share-based payments of $22,865,087 for nine months ended ~~June~~September 30, 2020, ~~respectively,~~ which included approximately $4,173,710 in severance expense that was recognized during the second quarter 2020. The Company recognized compensation expense for share-based payments of ~~$5,200,045~~$5,712,132 and ~~$9,986,839~~$15,927,434 for the three and ~~six~~nine months ended ~~June~~September 30, 2019, respectively. A portion of the compensation cost for share based payment awards is capitalized as part of inventory.

The 2019 Omnibus Incentive Plan covers 45,000,000 shares of common stock. The purpose of the 2019 Omnibus Incentive Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. As of ~~June~~September 30, 2020, ~~8,458,942~~9,191,249 shares (net of shares from canceled/expired options) have been issued under the 2019 Omnibus Plan, which includes stock options (at a set conversion rate), restricted shares, and performance share awards.

Under the 2019 Omnibus Plan and the Employee Stock Option Plan, the option exercise price equals the stock’s market price on the date of grant. The options vest after one to five years, and expire after five to ten years. As of ~~June~~September 30, 2020, there was ~~$6,882,606~~$7,153,596 of unearned compensation cost associated with stock options granted under the 2019 Omnibus Incentive Plan and the Employee Stock Option Plan, which is expected to be recognized over the remaining vesting periods.


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019			2020		2019		2020		2019
Dividend Yield ⁽¹⁾	Dividend Yield ⁽¹⁾	1.99	%	2.03	%	2.01	%	2.03	%	Dividend Yield (1)	1.98	%	1.99	%	1.99	%	2.02	%
Expected volatility ⁽²⁾	Expected volatility ⁽²⁾	27.91	%	23.71	%	27.21	%	23.64	%	Expected volatility (2)	27.72	%	24.25	%	27.38	%	23.84	%
Risk-free interest rate ⁽³⁾	Risk-free interest rate ⁽³⁾	0.29	%	1.76	%	0.33	%	2.00	%	Risk-free interest rate (3)	0.28	%	1.55	%	0.31	%	1.85	%
Expected term of options (years) ⁽⁴⁾	Expected term of options (years) ⁽⁴⁾	4.16		4.17		4.16		4.18		Expected term of options (years) (4)	4.16		4.16		4.16		4.18
Weighted-avg. grant date fair value	Weighted-avg. grant date fair value	$4.67		$4.23		$4.24		$3.96		Weighted-avg. grant date fair value	$4.64		$4.76		$4.38		$4.23

Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock Plan entitle the shareholder to all rights of common stock ownership except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of ~~June~~September 30, 2020, the Company had unearned stock-based compensation of ~~$43,352,020~~$40,755,008 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the prior plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Amortization expense from restricted stock grants in the three ~~and six~~ months ended ~~June~~September 30, 2020 was ~~$7,580,492~~$4,366,025 and ~~$11,905,749, respectively,~~amortization expense from restricted stock grants in the nine months ended September 30, 2020 was $16,271,774, which included $4,148,477 of severance related expense ~~for~~that occurred in the second quarter of 2020. Amortization expense from restricted stock grants for the three and ~~six~~nine months ended ~~June~~September 30, 2019 was ~~$3,274,411~~$3,843,962 and ~~$6,046,175,~~$9,890,137, respectively.

Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's closing stock price on the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change.

As of ~~June~~September 30, 2020, the Company had unearned stock-based compensation of ~~$4,932,401~~$5,133,550 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Amortization expense from performance share grants in the three and ~~six~~nine months ended ~~June~~September 30, 2020 was ~~$563,783~~$1,403,799 and ~~$957,560,~~$2,361,359, respectively. ~~NaN amortization~~Amortization expense ~~for~~from performance share grants in the three and nine months ended September 30, 2019 was ~~incurred in 2019, as no such awards were issued~~$263,392 and ~~outstanding.~~$633,576, respectively.


		Three Months Ended June 30,								Six Months Ended June 30,					Three Months Ended September 30,					Nine Months Ended September 30,
		2020		2019		2020		2019			2020		2019			2020		2019
Foreign currency translation adjustments:	Foreign currency translation adjustments:									Foreign currency translation adjustments:
Balance at beginning of period	Balance at beginning of period	$	(3,076,679)	$	(1,375,888)	$	(2,384,589)	$	(1,674,887)	Balance at beginning of period	$	(2,940,052)	$	(1,851,574)		$	(2,384,589)	$	(1,674,887)
Other Comprehensive (loss) income before reclassifications		136,627		(475,686)		(555,463)		(176,687)
Other Comprehensive income (loss) before reclassifications										Other Comprehensive income (loss) before reclassifications	1,823,667		(1,623,102)			1,268,204		(1,799,789)

Net current-period change	Net current-period change	136,627		(475,686)		(555,463)		(176,687)		Net current-period change	1,823,667		(1,623,102)			1,268,204		(1,799,789)
Balance at end of period	Balance at end of period	(2,940,052)		(1,851,574)		(2,940,052)		(1,851,574)		Balance at end of period	(1,116,385)		(3,474,676)			(1,116,385)		(3,474,676)

Unrealized gains on available-for-sale debt securities:	Unrealized gains on available-for-sale debt securities:									Unrealized gains on available-for-sale debt securities:
Balance at beginning of period	Balance at beginning of period	3,291,473		1,100,154		1,095,486		74,549		Balance at beginning of period	5,679,296		2,350,795			1,095,486		74,549
Other Comprehensive income before reclassifications	Other Comprehensive income before reclassifications	3,109,755		1,353,661		5,334,951		2,449,241		Other Comprehensive income before reclassifications	208,503		657,128			5,543,455		3,106,369
Amounts reclassified from accumulated other comprehensive income	Amounts reclassified from accumulated other comprehensive income	(721,932)		(103,020)		(751,141)		(172,995)		Amounts reclassified from accumulated other comprehensive income	(324,354)		(295,752)			(1,075,496)		(468,747)
Net current-period change	Net current-period change	2,387,823		1,250,641		4,583,810		2,276,246		Net current-period change	(115,851)		361,376			4,467,959		2,637,622
Balance at end of period	Balance at end of period	5,679,296		2,350,795		5,679,296		2,350,795		Balance at end of period	5,563,445		2,712,171			5,563,445		2,712,171

Accumulated other comprehensive income, end of period		$	2,739,244	$	499,221	$	2,739,244	$	499,221
Accumulated other comprehensive income (loss), end of period										Accumulated other comprehensive income (loss), end of period	$	4,447,060	$	(762,505)		$	4,447,060	$	(762,505)


Details about Accumulated Other Comprehensive Income Components	Details about Accumulated Other Comprehensive Income Components	Amounts Reclassified from Other Comprehensive Income														Affected Line item in the Statement of Consolidated Income		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,									Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019				2020		2019			2020		2019
Unrealized gains on available-for-sale debt securities	Unrealized gains on available-for-sale debt securities										Unrealized gains on available-for-sale debt securities
Realized gain on sale of securities	Realized gain on sale of securities	$	913,838	$	130,405	$	950,812	$	218,981	Investment income	Realized gain on sale of securities	$	410,575	$	374,370		$	1,361,387	$	593,351	Investment income
Provision for income taxes	Provision for income taxes	(191,906)		(27,385)		(199,671)		(45,986)		Provision for income taxes	Provision for income taxes	(86,221)		(78,618)			(285,891)		(124,604)		Provision for income taxes
Total net reclassifications for the period	Total net reclassifications for the period	$	721,932	$	103,020	$	751,141	$	172,995	Net of tax	Total net reclassifications for the period	$	324,354	$	295,752		$	1,075,496	$	468,747	Net of tax

Pursuant to this Credit Agreement, the Company has access to a $150 million senior revolving credit facility (“Revolver”). Under the terms of the Credit Agreement, the Company is entitled to further request an additional aggregate principal amount of up to $100 million, subject to the satisfaction of certain conditions. In addition, the Company is entitled to the benefit of swing loans from amounts otherwise available under the Revolver in the aggregate principal amount of up to $20 million and to request Letters of Credit from amounts otherwise available under the Revolver in the aggregate principle amount up to $20 million, both subject to certain conditions. The obligations of the Company under the Credit Agreement are not secured, but are subject to certain covenants.

During the three months ended September 30, 2020, the Company made principal repayments of $50 million, plus accrued interest, on the Revolver. The Company used cash and cash equivalents to fund the payments. As of September 30, 2020, there was an outstanding balance of $25 million on the Revolver. The Company has the ability and intent to repay the full outstanding balance using cash, and anticipates paying the remaining balance during the fourth quarter of 2020; therefore, this balance has been classified as a current liability. The Revolver expires on October 15, 2023.

As of ~~June~~September 30, 2020, the borrowing rate on its Revolver is derived from the one month LIBOR, and based on the Company's leverage ratio as of ~~June~~September 30, 2020, the interest rate on its borrowings is equal to ~~1.06%~~1.03%. During the three and ~~six~~nine months ended ~~June~~September 30, 2020, interest expense was ~~$0.3~~$0.2 million and ~~$0.4~~$0.6 million, respectively, which was recorded with the "Other income (loss), net" section of the Unaudited Consolidated Statements of Income. Based on the loan ~~balances~~balance as of ~~June~~September 30, 2020, a 1 percent increase in the Company's borrowing rate would increase net interest expense paid by the Company on its borrowings by approximately ~~$0.8~~$0.1 million ~~dollars~~ on an annual basis.

The decrease in common stock during the ~~six~~nine months ended ~~June~~September 30, 2020, was primarily due to the repurchases of ~~7.0~~8.2 million shares, partially offset by the issuance of ~~1.4~~1.9 million shares of the Company’s common stock under the Company’s stock-based compensation plans and the issuance of 0.1 million shares of the Company's common stock as part of the acquisition of Vaporsens (see Note 16 for more information). The total net decrease was ~~5.5~~6.2 millionshares.

The Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company.

The Company's automotive segment develops and manufactures digital vision and connected car products and electronics, including: automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other electronics. The Company also develops and manufactures variably dimming windows for the aerospace industry and fire protection products for the commercial construction industry, which are combined into the "Other" segment. During the second quarter of 2020, the Company also acquired Vaporsens, which specializes in nanofiber chemical sensing research and development, which was also combined in the "Other" segment, as shown below. Further information in regards to the Vaporsens transaction is included in Note 16 of the financial statements.


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019			2020		2019		2020		2019
Revenue:	Revenue:									Revenue:
Automotive Products	Automotive Products	$	222,067,846	$	456,625,064	$	661,923,434	$	912,423,707	Automotive Products	$	464,673,587	$	464,280,707	$	1,126,597,020	$	1,376,704,413
Other	Other	7,857,710		12,086,290		21,763,847		24,876,644		Other	9,964,997		13,480,710		31,728,846		38,357,355
Total	Total	$	229,925,556	$	468,711,354	$	683,687,281	$	937,300,351	Total	$	474,638,584	$	477,761,417	$	1,158,325,866	$	1,415,061,768
Income from operations:	Income from operations:									Income from operations:
Automotive Products	Automotive Products	$	(6,054,235)	$	124,295,223	$	94,721,308	$	241,247,925	Automotive Products	$	138,428,628	$	123,342,538	$	233,149,936	$	364,590,462
Other	Other	(684,021)		3,609,743		3,567,602		8,253,373		Other	424,261		4,793,142		3,991,864		13,046,517
Total	Total	$	(6,738,256)	$	127,904,966	$	98,288,910	$	249,501,298	Total	$	138,852,889	$	128,135,680	$	237,141,800	$	377,636,979


											Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	Revenue	Three Months Ended June 30, 2020		Three Months Ended June 30, 2019		Six Months Ended June 30, 2020		Six Months Ended June 30, 2019		Revenue	2020		2019		2020		2019
Automotive Products	Automotive Products									Automotive Products
U.S.	U.S.	$	55,849,461	$	144,547,946	$	191,431,379	$	285,931,010	U.S.	$	156,521,110	$	145,798,028	$	347,952,489	$	431,729,037
Germany	Germany	23,866,009		73,151,692		96,651,733		151,601,619		Germany	56,514,969		74,047,596		153,166,702		225,649,215
Japan	Japan	37,333,947		55,722,292		88,470,880		112,055,986		Japan	64,353,263		60,641,977		152,824,143		172,697,963
Mexico	Mexico	13,589,601		42,178,705		59,540,082		86,589,093		Mexico	33,342,171		43,884,609		92,882,253		130,473,702
Other	Other	91,428,828		141,024,429		225,829,360		276,245,999		Other	153,942,074		139,908,497		379,771,433		416,154,496
Total Automotive Products	Total Automotive Products	$	222,067,846	$	456,625,064	$	661,923,434	$	912,423,707	Total Automotive Products	$	464,673,587	$	464,280,707	$	1,126,597,020	$	1,376,704,413
Other Products (U.S.)	Other Products (U.S.)	7,857,710		12,086,290		21,763,847		24,876,644		Other Products (U.S.)	9,964,997		13,480,710		31,728,846		38,357,355
Total Revenue	Total Revenue	$	229,925,556	$	468,711,354	$	683,687,281	$	937,300,351	Total Revenue	$	474,638,584	$	477,761,417	$	1,158,325,866	$	1,415,061,768


											Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	Revenue	Three Months Ended June 30, 2020		Three Months Ended June 30, 2019		Six Months Ended June 30, 2020		Six Months Ended June 30, 2019		Revenue	2020		2019		2020		2019
Automotive Segment	Automotive Segment									Automotive Segment
Automotive Mirrors & Electronics	Automotive Mirrors & Electronics	$	210,600,540	$	413,429,267	$	611,685,854	$	822,400,934	Automotive Mirrors & Electronics	$	427,426,159	$	418,746,334	$	1,039,112,012	$	1,241,147,268
HomeLink Modules*	HomeLink Modules*	11,467,306		43,195,797		50,237,580		90,022,773		HomeLink Modules*	37,247,428		45,534,373		87,485,008		135,557,145
Total Automotive Products	Total Automotive Products	$	222,067,846	$	456,625,064	$	661,923,434	$	912,423,707	Total Automotive Products	$	464,673,587	$	464,280,707	$	1,126,597,020	$	1,376,704,413

Other Segment	Other Segment									Other Segment
Fire Protection Products	Fire Protection Products	4,837,540		6,359,266		11,006,291		12,211,499		Fire Protection Products	6,378,303		5,977,245		17,384,594		18,188,744
Windows Products	Windows Products	3,020,170		5,727,024		10,757,557		12,665,145		Windows Products	3,586,694		7,503,465		14,344,252		20,168,611
Total Other	Total Other	$	7,857,710	$	12,086,290	$	21,763,848	$	24,876,644	Total Other	$	9,964,997	$	13,480,710	$	31,728,846	$	38,357,355

*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.	*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.															*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.


Year ending December 31,	Year ending December 31,			Year ending December 31,

2020 (excluding the six months ended June 30, 2020)		$	616,477
2020 (excluding the nine months ended September 30, 2020)				2020 (excluding the nine months ended September 30, 2020)	$	394,431
2021	2021	931,848		2021	1,345,977
2022	2022	617,178		2022	825,645
2023	2023	209,525		2023	268,705
2024	2024	12,555		2024	32,956
Thereafter	Thereafter	2,697		Thereafter	5,951
Total future minimum lease payments	Total future minimum lease payments	2,390,280		Total future minimum lease payments	2,873,665
Less imputed interest	Less imputed interest	(25,703)		Less imputed interest	(24,182)
Total	Total	$	2,364,577	Total	$	2,849,483

On April 3, 2020, the Company acquired Vaporsens, Inc (“Vaporsens”) for $10.6 million in a stock purchase deal, which was in addition to the previous $3.0 million equity investment by the Company in Vaporsens. The Company funded the acquisition with $7.1 million in cash payments, with the remaining $3.5 million of consideration paid with ~~restricted~~ common stock of the Company. Vaporsens specializes in nanofiber chemical sensing research and development, which the Company anticipates using to complement and expand its product offerings. Vaporsens is now a 100% owned subsidiary of the Company, and ~~will be~~has been classified within the “Other” segment.

The allocation of the purchase price above is considered preliminary and was based upon valuation information available and estimates and assumptions made as of ~~June~~September 30, 2020. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, deferred taxes, net working capital, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the end of calendar year 2020.

On September 18, 2020, the Company acquired Air-Craftglass, a Belgian company specializing in research and development for aircraft windows, for an initial payment of $1.1 million in a stock purchase deal. The Company funded the acquisition with a cash payment from cash on hand. The transaction also included contingent consideration based on future revenues. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, deferred taxes, net working capital, contingent consideration liability, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the second quarter of 2021.

The following discussion includes adjusted gross profit ("Adjusted Gross Profit"), adjusted gross margin ("Adjusted Gross Margin"), adjusted operating expenses ("Adjusted Operating Expenses"), adjusted engineering, research and development expenses ("Adjusted E, R & D Expenses"), adjusted selling, general and administrative expenses ("Adjusted S, G & A Expenses"), adjusted operating (loss) income ("Adjusted Operating Income"), adjusted net (loss) income ("Adjusted Net Income"), and adjusted earnings per diluted shares ("Adjusted Earnings per Diluted Share"), which are non-GAAP measures. See section ~~Non-GAAP Financial Measure~~s for the GAAP measure, definitions of these terms, and reconciliations between the non-GAAP measure and the GAAP measure, as well as a discussion of why the Company believes this non-GAAP information is useful to investors and how management uses such non-GAAP information.

Automotive net sales for the ~~second~~third quarter of 2020 ~~decreased 51% to $222.1~~ were $464.7million, compared with automotive net sales of ~~$456.6~~$464.3 million in the ~~second~~third quarter of 2019. ~~This quarter over quarter decline in automotive~~Automotive net sales ~~was driven primarily by a 51% quarter over quarter decrease in automotive mirror unit shipments. The 51% decrease in automotive mirror unit shipments in~~were strong during the ~~second~~third quarter of 2020 ~~to 5.3 million units compared with 10.8 million units in~~despite the ~~second quarter of 2019, was driven primarily by a 51%~~3% quarter over quarter decrease in interior auto-dimming mirror unit shipments, ~~as a result~~which strength was primarily driven by ongoing revenue growth of the ~~overall 45%~~Company's Full Display Mirror® product. The 3% decrease in automotive mirror unit shipments in the third quarter of 2020 to 10.6 million units compared with 10.8 million units in the third quarter of 2019, was driven primarily by a 5% quarter over quarter decrease in ~~global light vehicle production, and the more severe decreases in Europe (62% quarter over quarter decrease) and North America (69% quarter over quarter decrease),~~international auto-dimming mirror unit shipments, stemming largely from the COVID-19 ~~pandemic.~~pandemic and related shutdowns.


		Three Months Ended June 30,					Six Months Ended June 30,						Three Months Ended September 30,		Nine Months Ended September 30,
		2020	2019	% Change	2020	2019	% Change		2020	2019	% Change	2020	2019	% Change
North American Interior Mirrors	North American Interior Mirrors	787	2,206	(64)%	2,806	4,433	(37)%	North American Interior Mirrors	2,234	2,139	4%	5,040	6,571	(23)%
North American Exterior Mirrors	North American Exterior Mirrors	455	1,320	(66)%	1,689	2,549	(34)%	North American Exterior Mirrors	1,404	1,412	(1)%	3,093	3,961	(22)%
Total North American Mirror Units	Total North American Mirror Units	1,242	3,526	(65)%	4,495	6,981	(36)%	Total North American Mirror Units	3,638	3,551	2%	8,133	10,532	(23)%

International Interior Mirrors	International Interior Mirrors	2,916	5,339	(45)%	7,948	10,596	(25)%	International Interior Mirrors	4,940	5,189	(5)%	11,670	15,785	(26)%
International Exterior Mirrors	International Exterior Mirrors	1,102	1,953	(44)%	3,211	3,924	(18)%	International Exterior Mirrors	1,981	2,101	(6)%	7,028	6,025	17%
Total International Mirror Units	Total International Mirror Units	4,018	7,293	(45)%	11,159	14,520	(23)%	Total International Mirror Units	6,921	7,290	(5)%	18,697	21,810	(14)%

Total Interior Mirrors	Total Interior Mirrors	3,703	7,545	(51)%	10,754	15,028	(28)%	Total Interior Mirrors	7,174	7,328	(2)%	16,709	22,356	(25)%
Total Exterior Mirrors	Total Exterior Mirrors	1,557	3,273	(52)%	4,900	6,473	(24)%	Total Exterior Mirrors	3,385	3,513	(4)%	10,121	9,986	1%
Total Auto-Dimming Mirror Units	Total Auto-Dimming Mirror Units	5,260	10,819	(51)%	15,654	21,501	(27)%	Total Auto-Dimming Mirror Units	10,559	10,841	(3)%	26,830	32,342	(17)%

Cost of Goods Sold. As a percentage of net sales, cost of goods sold ~~increased~~decreased to ~~80.9%~~60.3% in the ~~second~~third quarter of 2020 versus 62.3% in the ~~second~~third quarter of 2019.The quarter over quarter net ~~decrease~~increase in gross margin was directly impacted by the increasing strength in orders during the third quarter of 2020, as well as the previously announced $35 million in annualized structural cost reductions that took place in the ~~gross profit~~second quarter of 2020. Gross margin was ~~primarily the result of lost sales~~also impacted positively by purchasing cost reductions and ~~manufacturing inefficiencies due to the COVID-19 pandemic and the related shutdowns, severance~~improvements in tariff related costs, ~~of $3.9 million, and~~which together were able to offset the typical impact caused by annual customer price reductions. On a quarter over quarter basis, the ~~lost sales and manufacturing inefficiencies due to the COVID-19 pandemic and the related shutdowns had~~savings as a ~~negative impact~~result of approximately 14% - 15%, and the above-referenced severance related costs and annual price reductions each independently had a negative impact of approximately 150 - 200 basis points on gross profit margin. Purchasingstructural cost reductions ~~and product mix improvements independently~~that took place in the second quarter of 2020 had a positive impact of approximately 150 - 200 basis points on gross ~~profit~~margin, and the above-referenced purchasing cost reductions and tariffs independently had a positive impact of approximately 50 - 100 basis points on gross margin, each on a quarter over quarter basis. These positive impacts were partially offset by annual customer price

Operating Expenses. Engineering, research and development ("E, R & D") expenses for the ~~second~~third quarter of 2020 ~~increased~~decreased by 2%5% or ~~$0.6~~$1.6 million when compared with the ~~second~~third quarter of 2019, primarily due to ~~severance related costs of $3.3 million, which was partially offset by~~ reductions in wages and discretionary ~~spending. When excluding such severance related costs, Adjusted E, R & D Expenses for~~spending as a result of the structural cost reductions that took place in the second quarter ~~of 2020 would have decreased by 9% when compared with the second quarter of 2019. (See~~ ~~Non-GAAP Financial Measures~~).2020.

Selling, general and administrative ("S, G & A") expenses ~~increased~~decreased by 7%5% or ~~$1.4~~$1.2 million for the ~~second~~third quarter of 2020 compared to the ~~second~~third quarter of 2019. S, G & A expenses ~~were~~remained at 9%5% of net sales in the ~~second~~third quarter of 2020, ~~up from 4% of net sales in~~similar to the ~~second~~third quarter of 2019. S, G, & A expenses ~~increased~~decreased on a quarter over quarter basis primarily due to ~~severance related costs of $1.6 million, which was partially offset by~~ reductions in wages and discretionary spending. ~~When excluding the severance related costs, Adjusted S, G & A Expenses for the second quarter of 2020 would have decreased by 1% when compared with the second quarter of 2019. (See~~ ~~Non-GAAP Financial Measures~~).

Total operating expenses were ~~$50.7~~$49.4 million in the ~~second~~third quarter of 2020, which ~~increased~~decreased by 4%5% or ~~$2.1~~$2.8 million, from ~~$48.6~~$52.2 million in the ~~second~~third quarter of 2019. ~~When excluding severance expenses, Adjusted Operating Expenses in the second quarter of 2020 were down 6% when compared with operating expenses in the second quarter of 2019. (See~~ ~~Non-GAAP Financial Measures~~). The decrease in ~~Adjusted Operating Expense~~total operating expenses was primarily driven by reductions in wages and discretionary ~~spending.~~spending, such as decreased spending for trade shows and travel expenses.

Provision for Income Taxes. The ~~Company recognized a~~effective tax ~~benefit~~rate was 18.1% and income tax expense of ~~$1.5~~$25.8 million in the ~~second~~third quarter of 2020 compared to a 15.0% effective tax rate and income tax expense of ~~$16.3~~$19.7 million ~~and a 16.4% effective tax rate~~ for the same quarter of 2019. Typically, effective tax rates for the Company differ from statutory federal income tax rates, due to provisions for state and local income taxes, permanent tax differences, research and development tax credits and the foreign-derived intangible income tax deduction.

Earnings ~~(Loss)~~ Per Share. The Company had ~~a loss~~earnings per diluted share for the ~~second~~third quarter of 2020 of ~~$0.01~~$0.48 which compared to earnings per diluted share of ~~$0.42~~$0.44 for the ~~second~~third quarter of 2019, primarily as a result of the COVID-19 pandemic and the related shutdowns. Adjusted Earnings per Diluted Share were $0.02 per share for the second quarter of 2020, when adjusting for the impact of the severance related costs. (See ~~Non-GAAP Financial Measures~~).

 The financial information for the three months (above) and six months (below) ended June 30, 2020, is provided in accordance with Generally Accepted Accounting Principles ("GAAP"). Still, the Company believes that it is useful for the three months ended June 30, 2020 to provide non-GAAP: Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Expenses, Adjusted E, R & D Expenses, Adjusted S, G & A Expenses, Adjusted Operating Income, Adjusted Net Income; and Adjusted Earnings per Diluted Share with the adjustments set forth in the "Reconciliation of Non-GAAP Measures" table below. This non-GAAP financial information allows investors to evaluate current performance in the Company's core business in relation to historical performance by excluding the impact of certain COVID-19 related severance expenses.

 Management uses such non-GAAP information internally to help assess performance in the current period versus prior periods in the Company's core business. A reconciliation of the Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Expenses, Adjusted E, R & D Expenses, Adjusted S, G & A Expenses, Adjusted Operating Income, Adjusted Net Income, and Adjusted Earnings per Diluted Share is provided in the attached "Reconciliation of non-GAAP Measures" table below. Like all non-GAAP financial measures, these non-GAAP measures are intended to supplement, not to replace, GAAP measures. All non-GAAP financial measures are subject to inherent limitations because not all of the expenses required by GAAP are included.

~~The Company has presented Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Expenses, Adjusted E, R & D Expenses, Adjusted S, G & A Expenses, and~~Adjusted Operating Income as supplemental measures of the Company's performance. Current quarter Adjusted Gross Profit, Adjusted Operating Expenses, Adjusted E, R & D Expenses, Adjusted S, G & A Expenses, and Adjusted Operating Income exclude certain severance related costs set forth in the table below. Current quarter Adjusted Gross Margin is defined as Adjusted Gross Profit divided by Net Sales.

Reconcilliation of Non-GAAP Measures
(Unaudited)
Three Months Ended June 30,
2020 2019
Gross Profit - GAAP $ 43,944,808 $ 176,537,604
Severance Related Costs 3,927,906 —
Adjusted Gross Profit - (Non-GAAP) $ 47,872,714 $ 176,537,604
Gross Margin - GAAP 19.1 % 37.7 %
Adjusted Gross Margin - (Non-GAAP) 20.8 % 37.7 %
E, R & D Expenses - GAAP $ 28,992,968 $ 28,359,343
Less: Severance Related Costs (3,311,839) —
Adjusted E, R & D Expenses - (Non-GAAP) $ 25,681,129 $ 28,359,343
S, G & A Expenses - GAAP $ 21,690,096 $ 20,273,295
Less: Severance Related Costs (1,593,610) —
Adjusted S, G & A Expenses - (Non-GAAP) $ 20,096,486 $ 20,273,295
Operating Expenses - GAAP $ 50,683,064 $ 48,632,638
Less: Severance Related Costs (4,905,449) —
Adjusted Operating Expenses - (Non-GAAP) $ 45,777,615 $ 48,632,638
Operating (Loss) Income - GAAP $ (6,738,256) $ 127,904,966
Severance Related Costs - Overhead 3,927,906 —
Severance Related Costs - Operating 4,905,449 —
Adjusted Operating Income - (Non-GAAP) $ 2,095,099 $ 127,904,966

Reconcilliation of Non-GAAP Measures (continued)
(Unaudited)
Three Months Ended June 30,
2020 2019
Net (Loss) Income - GAAP $ (2,374,033) $108,958,625
Severance related costs 8,833,355 —
Tax Impact of Adjusting Items (at effective tax rate of 21% in each period) (1,855,005) —
Adjusted Net Income (Loss) - (Non-GAAP) $4,604,317 $108,958,625
Earnings Per Share⁽¹⁾:
Basic $ (0.01) $ 0.42
Diluted (0.01) 0.42
Adjusted Earnings Per Share⁽¹⁾:
Basic $ 0.02 $ 0.42
Diluted 0.02 0.42
Weighted Average Shares
Basic 241,684,323 255,219,868
Diluted 242,545,795 256,579,622
⁽¹⁾ Earnings Per Share andAdjusted Earnings Per Share for the three months ended June 30, 2019 has been adjusted to exclude the portion of net (loss) income allocated to participating securities as a result of share-based payment awards.

Automotive net sales for the first ~~six~~nine months of 2020 were ~~$661.9 million,~~$1.13 billion, down ~~27%~~18% compared with automotive net sales of ~~$912.4 million~~$1.38 billion for the first ~~six~~nine months of 2019, driven by a ~~27%~~17% period over period decrease in automotive mirror unit shipments. North American automotive mirror shipments in the ~~six~~nine months ended ~~June~~September 30, 2020 decreased ~~36%~~23% to ~~4.5~~8.1 million units compared with the same period in ~~2019, primarily due to a period over period decrease of 36% for North American unit shipments of the Company's auto-dimming mirrors.~~2019.

Cost of Goods Sold. As a percentage of net sales, cost of goods sold increased to ~~70.7%~~66.4% for the first ~~six~~nine months of 2020, versus ~~63.1%~~62.8% in the same period last year. The period over period decrease in the gross profit margin was primarily the result of the Company's inability to leverage fixed overhead during the second quarter of 2020 as a result of COVID-19 related shutdowns and decreases in demand, ~~and~~as well as annual customer price reductions, which were partially offset by improvements in product mix related to Full Display Mirror^® as well as purchasing cost reductions and structural cost reductions. On a period over period basis, the inability to leverage fixed overhead had a negative impact of approximately 6%200 - ~~7%,~~300 basis points, and annual customer price reductions had aan additional negative impact of approximately 150 - 200 basis points, each on gross margin. Purchasing cost reductions, ~~and~~ product mix improvements, and structural cost reductions each independently had a positive impact on gross margin on a period over period basis of approximately 50 - 100 basis points.

The Company's cash and cash equivalents as of ~~June~~September 30, 2020 were ~~$343.8~~$400.5 million, which increased ~~$47.5~~$104.2 million compared to $296.3 million as of December 31, 2019. The increase was primarily due to cash flows from operations and the draw-down of $75 million on the Company's line of credit during the first quarter of 2020 (as described in Note 9 of the financial statements included in this Form 10-Q), which was partially offset by share repurchases, dividend payments, ~~and~~ capital expenditures, and repayment of $50 million on the line of credit during the ~~six~~nine months ended ~~June~~September 30, 2020.

Inventories as of ~~June~~September 30, 2020 were ~~$259.7~~$233.4 million, compared to $248.9 million as of December 31, 2019, primarily due to ~~increases~~decreases in finished goods and raw materials on ~~hand to meet forecasted demand.~~hand. Throughout 2020, the Company's purchasing and supply chain teams have had to manage through supply chain stresses, which have included managing rolling shutdowns in the Company's supplier base, managing run-out situations on certain components, working through the second quarter order reductions, and now ~~preparing for a ramp up for~~meeting rebounding demand that occurred in the ~~second half~~third, and is expected to occur in the fourth, quarter of 2020.


		June 30, 2020		December 31, 2019			September 30, 2020		December 31, 2019
Working Capital	Working Capital	$	641,695,591	$	778,530,092	Working Capital	$	738,829,396	$	778,530,092
Long Term Investments	Long Term Investments	171,134,695		139,909,323		Long Term Investments	159,011,362		139,909,323
Total	Total	$	812,830,286	$	918,439,415	Total	$	897,840,758	$	918,439,415

The decrease in working capital as of ~~June~~September 30, 2020 is primarily due to lower sales and lower net income, as well as share repurchases, dividend payments and capital expenditures. In order to continue to maintain flexibility and liquidity during the COVID-19 pandemic, in the first quarter of 2020 the Company drew-down $75 million on its line of credit, of which $50 million was paid off in the third quarter of 2020, which is classified as short-term debt as discussed in Note 9 of the financial statements included in this Form 10-Q. The Company believes it has the ability ~~and has the intent~~ to repay the ~~full~~remaining balance in the ~~next twelve months.~~fourth quarter of 2020.

The Company has a previously announced share repurchase plan under which the Board of Directors has authorized the repurchase of shares of the Company's common stock, which remains a part of the broader publicly disclosed capital allocation strategy. ~~The Company did not repurchase any common stock during~~During the ~~most recently completed~~third quarter ~~as efforts were focused on preservation~~ of capital given the unknown impact of the COVID-19 pandemic on customers and the resultant impact on the Company's operations and financial results. Provided that business begins to return to more normalized levels,2020, the Company ~~will consider~~repurchased 1,175,756 shares under the ~~appropriateness of any~~ share ~~repurchases in the second half of 2020.~~repurchase plan. Future share repurchases may vary from time to time and will take into account macroeconomic events (including the COVID-19 pandemic), market trends, and other factors the Company deems appropriate (including the market price of the stock, anti-dilutive effect of repurchases, and available cash). During the ~~six~~nine months ended ~~June~~September 30, 2020, the Company repurchased ~~7,019,032~~8,194,788 shares. The Company has ~~13,046,287~~11,870,531 shares remaining under the plan as of ~~June~~September 30, 2020, as is further detailed in Part II, Item 2 of this Form 10-Q.

For the ~~second~~third quarter of 2020, the Company reported net sales of ~~$229.9~~$474.6 million,which was a decrease of ~~51%~~1% compared to net sales of ~~$468.7~~$477.8 million in the ~~second~~third quarter of 2019. The Company’s decrease of ~~51%~~1% in net sales was in comparison to global light vehicle production levels that dropped ~~45%~~4% for the ~~second~~third quarter of 2020 when compared to the ~~second~~third quarter of 2019. However, the light vehicle production declines were even more severe in Europe and the Japan/Korea markets, which each experienced a ~~62%~~8% quarter over quarter reduction, ~~and in~~which was partially offset by the China market increase of 11%, while North America remained relatively flat. The Company's main revenue generating markets are North America, Europe, and Japan/Korea which ~~experienced a 69%~~were collectively down 5% quarter over quarter reduction. The impact of COVID-19, government enacted shutdowns of certain countries and states and the resultant economic impact lead to the most severe change in demand in a very short period of time that the Company has ever experienced.quarter. The Company's overall revenue out-performance in comparison to production declines in the Company's primary underlying markets was largely due to the relative success of the Full Display Mirror^®~~, as well as exterior electrochromic mirror units.~~.

The Full Display Mirror^® began production in the fourth quarter of 2015. Current automotive design trends are yielding vehicles with small rear windows that are often further obstructed by headrests, passengers, and roof support pillars which can significantly hinder the mirror’s rearward view. The Company's Full Display Mirror^® is an intelligent rear vision system that uses a custom, internally or externally mounted video camera and mirror-integrated video display to optimize a vehicle driver’s rearward view. This rear vision system consists of a hybrid Full Display Mirror^® that offers bi-modal functionality. In mirror mode, the product functions as an auto-dimming rearview mirror which means that during nighttime driving, digital light

With the flip of a switch, the mirror enters display mode, and a clear, bright display appears through the mirror’s reflective surface, providing a wide, unobstructed rearward view. The bi-modality of the Full Display Mirror^® is essential, because in the event of any failure of the camera or display, the product is able to function as a mirror, which meets long-standing safety requirements in the automotive industry. In addition, the driver has the ability to switch between modes to accommodate usage preferences for various weather conditions, lighting conditions, and driving tasks.

In the first quarter of 2020, the Company announced Aston Martin at CES, and began shipping to Mitsubishi, as OEMs for Full Display Mirror^®. As of the ~~first~~third quarter of 2020, the Company is shipping production Full Display Mirrors^® to ~~six~~eight automaker customers, which are General Motors, Subaru, Toyota, Nissan, Jaguar Land Rover, ~~and~~ Mitsubishi, ~~and expects to begin shipping for~~ Aston Martin, ~~around mid-year in 2020.~~and FCA. As of the end of the ~~second~~third quarter of 2020, the Company is shipping Full Display Mirror^®on ~~46 nameplates.~~50 nameplates, of which 18 nameplates were launched during 2020. The second quarter launch of the Full Display Mirror^® for the Toyota Harrier iswas the first Full Display Mirror^® to launch with Digital Video Recording ("DVR") capability. This mirror and system ~~have~~ launched in the Japan market, and combine the superior functionality of the Full Display Mirror^® with the added capability to record video from the rearward facing and forward-facing cameras simultaneously. Per OEM request, the data is stored to an SD storage card. This integrated solution provides consumers with the features they want, while allowing the OEM to control the integration and execution in the vehicle. ~~For the second half of 2020, the Company anticipates an additional 8 new vehicle nameplate launches for the Full Display Mirror~~^®. The Company remains confident that on-going discussions with certain other customers, in the future, may cause such customers to consider adding the Full Display Mirror^® into their product road-map for future vehicles.

In 2017, the Company introduced a new three-camera rear vision system that streams rear video in multiple composite views to its Full Display Mirror^®. The Company believes it is the industry’s first practical and comprehensive rear vision solution designed to meet automaker, driver, safety and regulatory requirements. The Company's rear vision system, known generally as a camera monitoring system ("CMS"), uses three cameras to provide a comprehensive view of the sides and rear of the vehicle. The side-view cameras are discretely housed in downsized, automatic-dimming exterior mirrors. Their video feeds are combined with that of a roof-mounted or rear window based camera and stitched together into multiple composite views, which are streamed to the driver using the Full Display Mirror^®. The system’s modular nature lets the automaker customize functionality while offering it as an affordable, optional feature thereby enhancing safety by allowing the system to fail safe. During any failures due to weather conditions or otherwise that disrupt the digital view, drivers can still safely use the interior and exterior mirrors. The system also supports user preference by permitting drivers to use standard mirror views, camera views, or both. The system can also be tuned to meet the various regulatory field-of-view requirements around the world by using different types of flat and curved glass, combined with simple alterations to the video viewing modes. Downsized exterior mirrors provide automakers with significant weight savings and fuel efficiency improvements. To further enhance safety, the Company's CMS solution can also work in conjunction with a vehicle’s side blind zone warning system. When a trailing vehicle enters a side blind zone, a warning indicator illuminates in both the interior and exterior mirrors while the corresponding side-view video feed appears in the display until the vehicle passes. In January 2020, the Company announced a collaboration with Aston Martin to bring CMS to future Aston Martin vehicles.

On March 31, 2014, the Alliance of Automobile Manufacturers petitioned the National Highway Traffic Safety Administration ("NHTSA") to allow automakers to use cameras as an option to replace conventional rearview mirrors within the United States. At the annual SAE Government-Industry Meeting in January 2017, NHTSA requested that SAE develop Recommended Procedures for test protocols and performance criteria for CMS that would replace mirror systems on light vehicles in the U.S. market. SAE assigned the task to the Driver Vision Committee, and the SAE Driver Vision Committee created a CMS Task Force to draft the Recommended Procedures. NHTSA published a report dated October 2018 related to camera monitoring systems for outside mirror replacements. On October 10, 2019, an Advanced Notice of Proposed Rulemaking (ANPRM) was published seeking public comment on permitting camera-based rear visibility systems, as an alternative to inside and outside rearview mirrors required under Federal motor vehicle safety standard (FMVSS) No. 111, “Rear Visibility,” which currently requires that vehicles be equipped with rearview mirrors to provide drivers with a view of objects that are to their side or to their side and rear. This ANPRM builds on NHTSA's prior efforts to obtain supporting technical information, data, and analysis on CMS so that the agency can determine whether these systems can provide the same level of safety as the rearview mirrors currently required under FMVSS No. 111. The ANPRM states that one reason

In July 2016, a revision to UN-ECE Regulation 46 was published with an effective date of June 18, 2016, which allows for CMS to replace mirrors in Japan and European countries. Since January 2017, camera monitoring systems are also permitted as an alternative to replace mirrors in the Korean market. Notwithstanding the foregoing, the Company continues to believe rearview mirrors provide a robust, simple and cost effective means to view the surrounding areas of a vehicle and remain the primary safety function for rear vision today. Cameras when used as the primary rear vision delivery mechanism have some inherent limitations such as: electrical failure; cameras being blocked or obstructed; depth perception challenges; and viewing angles of the camera. Nonetheless, the Company continues designing and manufacturing not only rearview mirrors, but CMOS imagers and video displays as well. The Company believes that combining video displays with mirrors may well provide a more robust product by addressing all driving conditions in a single solution that can be controlled by the driver. As noted, the Company is currently in production with a rear vision camera system that streams rear video to a rearview-mirror-integrated display using the Company's Full Display Mirror^®. The Company's CMS solution uses three cameras to provide a comprehensive view of the sides and rear of the vehicle. The Company also continues development in the areas of imager performance, camera dynamic range, lens design, image processing from the camera to the display, and camera lens cleaning. The Company acknowledges that as such technology evolves over time, such as cameras replacing mirrors and/or autonomous driving, there could be increased competition.

The Company's HomeLink^® products are the auto industry's most widely used and trusted car-to-home communication system, with an estimated 50 million units on the road. The system consists of two or three in-vehicle buttons that can be programmed to operate garage doors, security gates, home lighting, and other radio-frequency-controlled devices. During the first quarter of 2017, the Company demonstrated the next generation of HomeLink^®, commonly referred to as HomeLink Connect^® which uses both RF and wireless cloud-based connectivity to deliver complete vehicle-to-home automation. With HomeLink Connect^®, a HomeLink^® button press communicates with the HomeLink Connect^® app on the user’s smartphone. The app contains predefined, user-programmed actions, from single device operations to entire home automation scenes. The app, in turn, communicates to the home’s smart hub over the cloud activates the appropriate devices, including security systems, door locks, thermostats, lighting, and other home automation devices, providing comprehensive vehicle-to-home automation. The ability to prepare the home for arrival or departure can occur with one button press. For the automaker, it allows them to offer a customizable, yet proven solution without the engineering effort or security concerns associated with integrating 3rd party software into the vehicle’s computer network. The Company also continues to work on providing HomeLink^® applications for alternative automobile and vehicle types which include but are not limited to motorcycles, mopeds, snowmobiles, tractors, combines, lawn mowers, loaders, bulldozers, road-graders, backhoes and golf carts. The Company further continues to work with compatibility partners for HomeLink^® applications in newer markets like China. The unique attributes of the China market allow for potential different use cases of these products and offer ~~what~~ the ~~Company believes to be a real opportunity~~potential for additional growth opportunities for the of the HomeLink^® brand and products. In 2017, the Company began its first volume production shipments of HomeLink^® units on vehicles for the China market.

In January 2016, the Company announced a partnership with TransCore to provide automobile manufacturers with a vehicle-integrated tolling solution that enables motorists to drive on nearly all U.S. toll roads without a traditional toll tag on the windshield. Currently more than 75 percent of new car registrations are in states with toll roads with over 50 million drivers accessing these roads each year. The Company signed an exclusive agreement, in the ordinary course of business, to integrate TransCore's toll module technology. In January 2017, the Company signed an extension of its agreement in the ordinary course of business, which enables the Company to offer the Integrated Toll Module system in Canada and Mexico. In September 2019, the Company signed a new agreement with TransCore, in the ordinary course of business, which extended the term of the partnership. The interior mirror is the optimal location for a vehicle-integrated toll transponder and it eliminates the need to affix multiple toll tags to the windshield and

helps automakers seamlessly integrate toll collection into the car. Since the Integrated Toll Module^® or ITM^® enables travel across almost all United States toll roads, and others in North America, motorists would no longer need multiple toll tags for different regions of the country or to manage multiple toll accounts. The Company's vehicle-integrated solution simplifies and expedites local, regional, and national travel. ITM^®provides transportation agencies with an interoperability solution without costly infrastructure changes to the thousands of miles of toll lanes throughout North America. The Company believes that this product could potentially represent another growth opportunity over the next several years.

The Company has its first OEM award of ITM^® with Audi. In the first quarter of 2019, the Company began its first volume shipments of the ITM^® product to Audi. During the second quarter of 2019, the first consumers began registering their ITM^® systems online to activate the device and began using the system for normal tolling use. The Company continues to monitor and assess feedback from consumers, dealers, and the OEM in order to help others understand the use case and acceptance of this product. ~~Currently, the Company is shipping ITM~~^®~~on 3 nameplates in the Audi brand of vehicles.~~ In late June of 2020, Audi published a press release on the 2021 Audi Q5, in which they announced it will implement the ITM^® product as well. During the third quarter of 2020, the Company made its first production shipments of ITM® on 6 new platforms for Audi. Currently, the Company is shipping ITM® on 9 platforms, which are: the A4, A5, A6, A7, Q5, Q7, Q8, e-tron, and the e-tron Sportback. Over the next 18 months, the Company expects further ITM^®nameplate launches with Audi, as well as the initial launch of ITM^® at its second OEM. The launch is targeted to begin production shipments toward the end of calendar year 2020. In April 2020, the Company was honored with an Automotive News PACE Award for its ITM^® ~~system,~~product, which recognizes automotive suppliers for superior innovation, technological advancement, and business performance.

Further, the Company has previously announced an embedded biometric solution for vehicles that leverages iris scanning technology to create a secure environment in the vehicle. There are many use cases for authentication, which range from vehicle security to start functionality to personalization of mirrors, music, seat location and temperature, to the ability to control transactions not only for the ITM^® system, but also the ride sharing car of the future. The Company believes iris recognition is among the most secure forms of biometric identification, with a false acceptance rate as low as one in 10 million, far superior to facial, voice, and other biometric systems. The Company's future plans include integrating biometric authentication with HomeLink^® and HomeLink Connect^®. The biometric system will allow HomeLink^® to provide added security and convenience for multiple drivers by activating the unique home automation presets of different authorized users. The Company announced in January 2018 that it completed an exclusive licensing agreement, in the ordinary course of business, with Fingerprint Cards AB to deploy its ActiveIRIS^® iris-scanning biometric technology in automotive applications.

In January 2018, the Company also announced that an agreement had been signed, in the ordinary course of business, to participate in a round of financing with Yonomi, the Company's partner in home automation technology. The Company is working with Yonomi as a home automation aggregation partner and the Company has developed an app and cloud infrastructure known as HomeLink Connect^®. As discussed above, HomeLink Connect^® is the home automation app that pairs with the vehicle and allows drivers to operate home automation devices from the vehicle. Drivers of HomeLink Connect^® compatible vehicles will be able to download and configure the app to control many available home automation devices and create entire home automation settings.

SmartBeam^®is the Company's proprietary high beam control system integrated into its auto-dimming mirror.SmartBeam^® Generation 4, which was developed using the fourth generation of the Company's custom designed CMOS imager, has an advanced feature set made possible by the high dynamic range of the imager including: high beam assist; dynamic forward lighting with high beams constantly on; LED matrix beam; and a variety of specific detection applications including tunnel, fog and road type as well as certain lane tracking features to assist with lighting control. The Company has the ability to package the control electronics inside of its interior rearview mirrors with a self-calibrating camera attached to the mirror mount with optimal mechanical packaging which also provides for ease of service. In addition, the Company has long been integrating its camera products to optimize performance by fusing with other systems on the vehicle, including radar, navigation, steering and related modules provided by other suppliers. This enables the Company to provide its customers with a highly customizable solution that meets their unique needs and specifications.

On December 8, 2015 NHTSA proposed changes to the NHTSA's 5-Star Safety Ratings for new vehicles (also known as the New Car Assessment Program or NCAP) and initiated a comment period. The proposed changes will, for the first time, encompass assessment of crash-avoidance technologies, which includes lower beam headlamp performance, semi-automatic headlamp switching, and blind spot detection. NHTSA initially intended to implement the enhancements in NCAP in 2018 beginning with model year 2019 vehicles. The NCAP implementation has been delayed. Under these proposed changes, the Company believes that its SmartBeam^® technology will qualify with the semi-automatic headlamp NCAP rating system, and that its SmartBeam^® technology and exterior mirrors with blind spot alert lighting can be included in a system that qualifies with the lower beam headlamp performance and blind spot detection NCAP rating system, respectively. On October 16, 2019, NHTSA issued a press release comparing NCAP to other regions’ version of NCAP, identified new technologies that are not currently included in NCAP, and suggested Congress legislatively direct actions to improve NCAP. In March 2020, HR 6256 was introduced, which would require NHTSA to update NCAP.

On October 12, 2018, NHTSA published a Notice of Proposed Rulemaking ("NPRM") for amendments to Federal Motor Vehicle Safety Standard ("FMVSS") No. 108: Lamps, reflective devices, and associated equipment, and initiated a comment period. The NPRM proposes amendments that would permit the certification of adaptive driving beam headlighting systems, if the manufacturer chooses to equip vehicles with these systems. NHTSA proposes to establish appropriate performance requirements to ensure the safe introduction of adaptive driving beam headlighting systems if equipped on newly manufactured vehicles. The Company believes that its dynamic SmartBeam^® lighting control system (dynamic forward lighting or DFL), which has been sold in markets outside of North America for several years, will meet the requirements of the new FMVSS 108 standards, if amended. The Company's SmartBeam^® application has and will continue to be affected by increased competition by suppliers of multi-function driver assist camera products, which are able to achieve some of the same functionality as SmartBeam^® but at a lower cost, due to other suppliers leveraging similar hardware costs, but offering products with multiple software features.

The Company previously announced that it is providing variably dimmable windows for the Boeing 787 Dreamliner series of aircraft. The Company continues to work with other aircraft manufacturers that have an interest in this technology regarding potential additional programs. In January 2019, the Company announced that its latest generation of dimmable aircraft windows will be offered as optional content on the new Boeing 777X. During the third quarter of 2019, the first production shipments of variably dimmable windows were made to Boeing for the 777X program. In January 2020, the Company announced that Airbus will also be offering the Company's dimmable aircraft windows on its aircraft with production starting in late 2020.

In January 2020 the Company unveiled an innovative lighting technology for medical applications that was co-developed with Mayo Clinic. This new lighting concept represents the collaboration of a global, high-technology electronics company with a world leader in health care. The Company's new intelligent lighting system combines ambient room lighting with camera-controlled, adaptive task lighting to optimize illumination for surgical and patient-care environments. The system was developed over an 18 month period of collaboration between Company engineers and Mayo Clinic surgeons, scientists, and operating room staff. The teams researched, designed, and rapidly iterated multiple prototypes in order to develop unique features intended to address major gaps in current surgical lighting solutions.

The Company’s forecasts for light vehicle production for the ~~second half of~~fourth quarter and full year 2020 are based on IHS Markit's ~~mid-July~~mid-October 2020 forecasts for light vehicle production in North America, Europe, China, and ~~Japan and~~ Japan/Korea. ~~The Company's forecast also takes into account the fact that many of our OEM customers continue to be impacted by the COVID-19 pandemic.~~ Based on this information, ~~global~~ light vehicle production in the Company's primary ~~regions~~markets are expected to be down 2% for the fourth quarter of 2020 versus the same quarter last year. For calendar year 2020, light vehicle production in the Company's primary markets is expected to ~~decline 7% for the second half of~~be down 16% when compared to calendar year 2019. Fourth quarter 2020, and ~~20% for~~ calendar ~~year~~years 2020 ~~compared to 2019 as detailed~~and 2021, forecasted vehicle production volumes are shown below:


Light Vehicle Production (per IHS Markit Automotive mid-July light vehicle production forecast)
Light Vehicle Production (per IHS Markit Automotive mid-October light vehicle production forecast)										Light Vehicle Production (per IHS Markit Automotive mid-October light vehicle production forecast)
(in Millions)	(in Millions)																	(in Millions)
Region	Region	2H 2020	2H 2019	% Change		Calendar Year 2020	Calendar Year 2019	% Change		Region	Q4 2020	Q4 2019	% Change		Calendar Year 2021	Calendar Year 2020	Calendar Year 2019		2021 vs 2020 % Change		2020 vs 2019 % Change
North America	North America	7.53	7.83	(4)	%	12.62	16.31	(23)	%	North America	3.82	3.84	(1)	%	15.90	13.00	16.32		22	%	(20)	%
Europe	Europe	9.05	9.83	(8)	%	15.85	21.11	(25)	%	Europe	5.11	5.17	(1)	%	18.97	16.37	21.14		16	%	(23)	%
Japan and Korea	Japan and Korea	5.45	6.38	(15)	%	10.53	13.11	(20)	%	Japan and Korea	3.13	3.22	(3)	%	11.83	11.08	13.11		7	%	(15)	%
China	China	12.26	13.15	(7)	%	21.52	24.67	(13)	%	China	7.07	7.36	(4)	%	24.18	22.84	24.67		6	%	(7)	%
Total Light Vehicle Production	Total Light Vehicle Production	34.29	37.19	(8)	%	60.52	75.20	(20)	%	Total Light Vehicle Production	19.13	19.59	(2)	%	70.88	63.29	75.24		12	%	(16)	%

Based on this light vehicle production forecast and the structural changes that the Company has made ~~over the last several months,~~during 2020, the Company is ~~providing~~updating previously provided guidance estimates for the second half of ~~2020, as opposed to only updating full year guidance.~~2020. Given the magnitude of changes ~~made in 2020,~~this year, the Company ~~believes this~~continues to believe that providing updated second half guidance iswill provide a more accurate representation of the new cost structure and financial performance ~~not only~~ for the remainder of ~~2020, but should also provide better visibility heading into 2021.~~2020. Such guidance for the second half of 2020 reflects the Company's best estimate of the impact of the ongoing COVID-19 pandemic, as well as changes to the IHS Markit's estimates for light vehicle production for the remainder of 2020.

Based on the aforementioned, the Company currently estimates that top line revenue for the second half of calendar year 2020 will be between ~~$865~~$940 and ~~$915~~$960 million. Ongoing uncertainties remain around the impact of the COVID-19 pandemic on customer demand and restrictions on operations. COVID-19 has created unprecedented circumstances for the Company's industries, which included massive changes to production levels at its customers, which occurred in a very short time period. Beyond the impact of the COVID-19 pandemic, other ongoing uncertainties remain including: light vehicle production levels; impacts of already in place and potential additional future tariffs; impacts of regulation changes; automotive plant shutdowns; supplier part shortages; vehicle sales rates in Europe, Asia and North America; OEM strategies and cost pressures; customer inventory management and the impact of potential automotive customer (including their Tier 1 suppliers) and supplier bankruptcies; work stoppages; etc., all of which could disrupt shipments to these customers and make forecasting difficult.

In accordance with the previously announced share repurchase plan, and provided that business begins to return to more normalized levels, the Company will consider the appropriateness of any share repurchases infor the ~~second half~~remainder of 2020. This determination will take into account macroeconomic issues (including the impact of the COVID-19 pandemic), market trends, and other factors that the Company deems appropriate (including the market price of the stock, anti-dilutive effect of repurchases, and available cash). As of ~~June~~September 30, 2020, the Company has ~~13.0~~11.9 million shares remaining available for repurchase under the previously announced share repurchase plan.

Additionally, based on the ~~difficulties forecasting and the uncertainty of global~~mid-October 2020 light vehicle production ~~data~~estimates for 2021, the Company ~~has withdrawn~~is re-introducing revenue guidance for 2021, ~~until better data becomes available. Despite~~despite the fact that ~~we are withdrawing guidance~~there continues to be significant uncertainty regarding macroeconomic conditions, underlying overall consumer demand for light vehicles worldwide, and the continued impact from the COVID-19 pandemic. The Company currently estimates that revenue for calendar year 2021 ~~the Company remains confident~~will be approximately 15 - 20% higher than estimated revenue in ~~its ability to continue to outperform its primary underlying markets.~~calendar year 2020.

The preparation of the Company’s consolidated condensed financial statements contained in this report, which have been prepared in accordance with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates. Estimates are based on historical experience and/or on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that may not be readily apparent from other sources. Historically, actual results have not been materially different from the Company’s estimates. However, actual results may differ from these estimates under different assumptions or conditions.

The Company is subject to market risk exposures of varying correlations and volatilities, including foreign exchange rate risk and interest rate risk. Fluctuating interest rates could negatively impact the Company's financial performance due to ~~oustanding~~outstanding debt and realized losses on the sale of fixed income investments and/or recognized losses due to impairment of available for sale securities (mark-to-market adjustments). As previously disclosed in the Company's report on Form 10-Q for the quarter ended ~~March 31,~~June 30, 2020, material changes in risk factors disclosed in the Company's report on Form 10-K for the year ended December 31, 2019 are again set forth herein.

The Company has some assets, liabilities and operations outside the United States, including euro-denominated accounts, which currently are not significant overall to the Company as a whole. Because the Company sells its automotive mirrors throughout the world, and automotive manufacturing is highly dependent on general economic conditions, the Company has been and will continue to be affected by uncertain economic conditions in North American and foreign markets that have and will continue to reduce demand for its products.

This Quarterly Report contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “goal”, “hope”, “may”, “plan”, “project”, "poised", “will”, and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control, and could cause the Company’s results to differ materially from those described. These risks and uncertainties include, without limitation: changes in general industry or regional market conditions; changes in consumer and customer preferences for our products (such as cameras replacing mirrors and/or

autonomous driving); our ability to be awarded new business; continued uncertainty in pricing negotiations with customers; loss of business from increased competition; changes in strategic relationships; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules (including the impact of customer employee strikes); changes in product mix; raw material shortages; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration and/or ability to maximize the value of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; changes in tax laws; import and export duty and tariff rates in or with the countries with which we conduct business; negative impact of any governmental investigations and associated litigations including securities litigations relating to the conduct of our business; and the length and severity of the COVID-19 (coronavirus) pandemic, including its impact across our business on demand, operations and the global supply chain. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statements should be read in conjunction with additional information about risks and uncertainties identified herein and under the heading "Risk Factors" in the Company's latest Form 10-K filed with the SEC, which risks now include the impacts of the COVID-19 pandemic that have affected, and will continue to affect, general economic and industry conditions, customers, suppliers, and the regulatory environment in which the Company operates. Includes content supplied by IHS Markit Light Vehicle Production Forecast ~~(July~~(October 16, 2020) (http://www.gentex.com/ forecast-disclaimer).

On November 4, 2020, Steve Downing, President and Chief Executive Officer of the Company, entered into a stock trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 providing for a third-party broker to sell shares of common stock of the Company that Mr. Downing may acquire upon the vesting of the 6,300 and 6,384 restricted shares of common stock awarded to Mr. Downing in 2016 and 2017, respectively, and in respect to 15,000 and 13,504 shares of common stock issuable upon exercise of stock options awarded to Mr. Downing in 2014 and 2015, respectively. Options will be exercised and/or shares will be sold under the stock trading plan on the open market over the period of time and according to the other parameters set forth under the stock trading plan. The stock trading plan terminates on October 15, 2021.

On November 4, 2020, Kevin Nash, Vice President of Finance and Chief Financial Officer of the Company, entered into a stock trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 providing for a third-party broker to sell shares of common stock of the Company that Mr. Nash may acquire upon the vesting of 6,552 restricted shares awarded in 2017; 3,150 restricted shares awarded in 2018; and 5,666 restricted shares in 2019; and 13,220 performance shares (payable in common stock) that were awarded in 2019, subject to certain performance conditions. This plan also provides for a third-party broker to sell 5,864 and 4,836 shares of common stock issuable upon exercise of stock options awarded to Mr. Nash in 2014 and 2015, respectively. Options will be exercised and/or shares will be sold under the stock trading plan on the open market over the period of time and according to the other parameters set forth under the stock trading plan. The stock trading plan terminates on March 15, 2022.

On November 4, 2020, Matt Chiodo, Vice President of Sales of the Company, entered into a stock trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 providing for a third-party broker to sell shares of common stock of the Company that Mr. Chiodo may acquire upon the vesting of the 5,000 restricted shares of common stock awarded to Mr. Chiodo on March 31, 2016. The shares will be sold under the stock trading plan on the open market over the period of time and according to the other parameters set forth under the stock trading plan. The stock trading plan terminates on April 14, 2021.

On November 4, 2020, Neil Boehm, Chief Technology Officer and Vice President of Engineering, entered into a stock trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 providing for a third-party broker to sell shares of common stock of the Company that Mr. Boehm may acquire upon the vesting of the 2,053 restricted shares of common stock awarded to Mr. Boehm in 2017, and in respect to 4,968 and 15,000 shares of common stock issuable upon exercise of stock options awarded to Mr. Boehm in 2016 and 2018, respectively. Options will be exercised and/or shares will be sold under the stock

Rule 10b5-1 trading plans are permitted under the Company’s insider trading policy and other policies, and, to the extent required, transactions under such trading plans will be disclosed publicly through Form 144 and/or Form 4 filings with the Securities and Exchange Commission. Except as may be required by law, the Company does not undertake any obligation to report Rule 10b5-1 plans by officers or directors of the Company in the future, or to report modifications or terminations of any such plans, whether or not any such plans were publicly announced.

The COVID-19 pandemic has had a significant impact on the macroeconomic environment and, in particular, on the Company's industries. Such impact has resultantly affected the ability of officers of the Company to achieve performance metrics under the Company's Amended and Restated Annual Incentive Performance-Based Bonus Plan ("Annual Incentive Plan") and Long-Term Incentive Plan. The performance metrics under the Annual Incentive Plan are revenue, operating income, and earnings per diluted share and the performance metrics under the Long-Term Incentive Plan are EBITDA and return on invested capital, over the performance period. Such performance metrics under the Annual Incentive Plan are intended to measure performance and align with overall business strategy, while the performance metrics under the Long-Term Incentive Plan are intended to drive profitable sales growth, optimize cost structure, and ensure capital is used in an effective manner, so as to provide shareholder returns.

The Compensation Committee of the Company designed the performance metrics to property incentivize officers to perform well operationally and deliver shareholder returns. The Compensation Committee has met in 2020 to discuss the fact that macroeconomic factors and industry conditions, including significantly decreased light vehicle production, outside of the control of management have so impacted the ability to achieve targets for the performance metrics (set in February of 2020 before the COVID-19 pandemic was widespread), that such performance metrics may not now properly incentivize and award officers of the Company as intended by the Compensation Committee and the Board of Directors. As such, the Compensation Committee has been assessing any potential changes to officer compensation to ensure the proper incentives for performance remain in place, as well as to recognize and reward officers for the benefit of the Company's shareholders and other stakeholders. The Compensation Committee has not yet made any decisions nor has it made any recommendations to the Board of Directors. With that said, the Compensation Committee will continue to discuss and consider whether changes to officer incentives are appropriate and necessary, whether any changes (such as adjustments to targets for performance metrics) can be done in an objective manner (so as to factor in external factors outside of management's control such as the percentage decline in light vehicle production), and how any such changes would be implemented.

Information regarding risk factors appears in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I – Item 2 of this Form 10-Q and in Part I – Item 1A – Risk Factors of the Company’s report on Form 10-K for the fiscal year ended December 31, 2019. There have been material changes to the risk factors previously disclosed in the Company’s report on Form 10-K for the year ended December 31, 2019, as described in Part I – Item 2 and Item 3 of this Form 10-Q, and otherwise herein, as well as the addition of the following risk factor.

The COVID-19 pandemic has already significantly impacted worldwide economic and industry conditions and has had and ~~will~~may continue to have a material adverse effect on our business, financial condition, and/or results of operations. The ~~present~~ COVID-19 pandemic began to materially impact the Company's operations late in the first quarter of 2020 and continues to affect our business, financial condition, and/or results of operations, ~~including~~by virtue of governmental authorities imposing mandatory closures, work-from-home orders, and social ~~distancing~~disntancing protocols, as well as ~~seeking~~ voluntary ~~facility~~ closures and other restrictions. Even as restrictions have eased and production has resumed by our customers in large part, production volumes have been, and are expected to continue to be, volatile.

The full extent of the effect of the COVID-19 pandemic on the Company, our customers, our supply chain, and our industries still depends on future developments, which remain highly uncertain, including the duration and severity of the current outbreak, subsequent outbreaks, and resulting actions taken by the Company or the various governments to contain or mitigate the spread of the coronavirus. These actions have already included, and could include more, work stoppages, quarantines, shutdowns, shelter-in-place orders or other limitations, which already have and could continue to: materially adversely affect the Company's ability to adequately staff and maintain ~~its operations,~~our operations; impair our ability to sustain existing levels of financial ~~liquidity,~~liquidity; and impact the Company's business, financial condition, and/or results of operations. Additionally, if the negative global economic effects caused by the COVID-19 pandemic continue, overall customer demand may continue to decrease, which could continue to have a material and adverse effect on the Company's business, financial condition, and/or results of operations.

The largest impact that the COVID-19 has had on our business is the reduction in unit shipments driven from global plant closures and the reduction to light vehicle production as a result, however it has also negatively impacted and may continue to negatively impact the mix of our business resulting from a decrease in sales of certain advance feature products, which typically have higher gross margins and could therefore result in lower overall margins. AsWhile we cannot predict the duration and scope of the COVID-19 pandemic, the overall negative financial impact to the Company's business, financial condition, and/or results of operations has been material, is not fully known, ~~but~~and is ~~material and may~~expected to last for an extended period of time.

On April 8, 2020, pursuant to an acquisition agreement, the shareholders of Vaporsens received 163,718 shares of the common stock of the Company as part of the acquisition of Vaporsens by the Company. The shares were issued under Section 4(a)(2) of the Securities Act of 1933, as amended. The Company believes the issuance of the foregoing restricted shares was exempt from registration as a privately negotiated, isolated, non-recurring transaction not involving any public solicitation. An appropriate legend is affixed to the stock certificates issued in such transaction.

The Company has a previously announced share repurchase plan under which the Board of Directors has authorized the repurchase of shares of the Company's common stock, which remains a part of the broader publicly disclosed capital allocation strategy. ~~The~~During the third quarter of 2020, the Company ~~did not~~repurchased 1,175,756 shares under the share repurchase ~~any common stock during the most recently completed quarter for the reasons explained above.~~plan. As previously disclosed, the Company will consider the appropriateness of continuing to repurchase additional shares of common stock in the future in support of the capital allocation strategy, but share repurchases may vary from time to time and will take into account macroeconomic events (including the COVID-19 pandemic), market trends, and other factors the Company deems appropriate (including the market price of the stock, anti-dilutive effect of repurchases, and available cash). During the ~~six~~nine months ended ~~June~~September 30, 2020, the Company repurchased ~~7,019,032 shares (all in the first quarter of 2020).~~8,194,788 shares. The Company has ~~13.0~~11.9 million shares remaining under the plan as of ~~June~~September 30, 2020.

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 2020 — — — 20,065,319
February 2020 1,945,036 29.40 1,945,036 18,120,283
March 2020 5,073,996 23.97 5,073,996 13,046,287
1st Quarter 2020 Total 7,019,032 25.48 7,019,032
2nd Quarter 2020 Total — — 13,046,287
2020 Total 7,019,032 25.48 7,019,032 13,046,287


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 2020	—	—	—	20,065,319
February 2020	1,945,036	29.40	1,945,036	18,120,283
March 2020	5,073,996	23.97	5,073,996	13,046,287
1st Quarter 2020 Total	7,019,032	25.48	7,019,032




2nd Quarter 2020 Total	—		—	13,046,287

July 2020	125,110	27.07	125,110	12,921,177
August 2020	525,295	27.38	525,295	12,395,882
September 2020	525,351	26.44	525,351	11,870,531
3rd Quarter 2020 Total	1,175,756	26.93	1,175,756


2020 Total	8,194,788	25.68	8,194,788	11,870,531


Exhibit No.						Description






























































31.1						Certificate of the Chief Executive Officer of Gentex Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
31.2						Certificate of the Chief Financial Officer of Gentex Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
32						Certificate of the Chief Executive Officer and Chief Financial Officer of Gentex Corporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
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


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


Class						Shares Outstanding, ~~July 24,~~October 23, 2020
Common Stock, $.06 Par Value						~~245,779,601~~245,056,522


Part I - Financial Information			Page
Item 1.	Unaudited 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 Cash Flows	8
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	2324
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3836
Item 4.	Controls and Procedures	3836

Part II - Other Information
Item 1A.	Risk Factors	4039
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4039
Item 6.	Exhibits	4140
	Signatures	4140
	Exhibit Index	4241


	Carrying Amount
Balance as of December 31, 2019	$	307,365,845
Acquisitions	~~1,667,177~~3,850,711
Divestitures	—0
Impairments	—0
Other	—0
Balance as of ~~June~~September 30, 2020	$	~~309,033,022~~311,216,556


☑			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


Due within one year	$	~~67,193,654~~49,192,972
Due between one and five years	~~46,324,201~~30,466,413
Due over five years	~~116,139,925~~113,325,115
	$	~~229,657,780~~192,984,500


Reported as of ~~June~~September 30, 2020

Accrued Liabilities	$	~~1,105,254~~1,419,060
Other Non-Current Liabilities	~~1,259,323~~1,430,423
Total	$	~~2,364,577~~2,849,483


	Fair Value
Current Assets	$	435,722
Personal Property	562,840
Technology Licenses	245,335
In-Process R&D	11,000,000
Goodwill	~~1,667,177~~3,850,711
Total assets acquired	~~13,911,074~~16,094,608
Current liabilities	255,522
Deferred Tax Liability	~~36,552~~2,220,086
Total Liabilities assumed	~~292,074~~2,475,608
Net Assets Acquired	$	13,619,000


Reconcilliation of Non-GAAP Measures
	(Unaudited)
	Three Months Ended June 30,
	2020			2019

Gross Profit - GAAP	$	43,944,808		$	176,537,604
Severance Related Costs	3,927,906			—
Adjusted Gross Profit - (Non-GAAP)	$	47,872,714		$	176,537,604

Gross Margin - GAAP	19.1		%	37.7		%
Adjusted Gross Margin - (Non-GAAP)	20.8		%	37.7		%

E, R & D Expenses - GAAP	$	28,992,968		$	28,359,343
Less: Severance Related Costs	(3,311,839)			—
Adjusted E, R & D Expenses - (Non-GAAP)	$	25,681,129		$	28,359,343

S, G & A Expenses - GAAP	$	21,690,096		$	20,273,295
Less: Severance Related Costs	(1,593,610)			—
Adjusted S, G & A Expenses - (Non-GAAP)	$	20,096,486		$	20,273,295

Operating Expenses - GAAP	$	50,683,064		$	48,632,638
Less: Severance Related Costs	(4,905,449)			—
Adjusted Operating Expenses - (Non-GAAP)	$	45,777,615		$	48,632,638


Operating (Loss) Income - GAAP	$	(6,738,256)		$	127,904,966
Severance Related Costs - Overhead	3,927,906			—
Severance Related Costs - Operating	4,905,449			—
Adjusted Operating Income - (Non-GAAP)	$	2,095,099		$	127,904,966