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LexinFintech Holdings Ltd. Reports First Quarter 2024 Unaudited Financial Results

/EIN News/ -- SHENZHEN, China, May 23, 2024 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended March 31, 2024.

“In the first quarter of 2024, Lexin reported total loan origination of RMB58.0 billion, a decrease of 4.8% year-over-year, reflecting a strategy of controlled growth. The outstanding loan balance grew by 13.5% to RMB122 billion on a year-over-year basis”. Jay Wenjie Xiao, Chairman and CEO of Lexin, stated, “During this period, we maintained a conservative outlook on the macroeconomic environment and adhered firmly to prudent business principles. Our goal remains to strike a healthy balance between growth in loan origination and maintaining asset quality.”

“Amid the tepid macroeconomic recovery and the seasonal impacts of the Chinese New Year Festival, we strategically prioritized asset quality. We enhanced our comprehensive risk management capabilities and operational efficiency,” Xiao explained. “Thanks to our focused efforts in risk management, the asset quality of newly issued loans has shown an improving trend. We reached a record low in funding cost and saw optimization in operational efficiency, contributing to our profitability. Additionally, our emerging business in Mexico demonstrated a strong double-digit quarter-over-quarter growth, albeit on a smaller base.”

Looking forward, Mr. Xiao emphasized the company’s cautious perspectives on macro-economic projections and sustained focus on risk management enhancement and asset quality improvement.

“Despite a challenging economic and credit environment, Lexin has shown resilient profitability,” James Zheng, Chief Financial Officer of Lexin, commented on the financial outcomes, “our total operating revenue for the first quarter was RMB3.2 billion, an increase of 8.7% year-over-year. Net profit was RMB202 million, largely affected by a decrease in loan origination volume and increased credit provisioning on a year-over-year basis. However, our net profit margin bounced back from the previous quarter. This quarter, we observed a slight uptick in revenue take rate, a record low in funding cost and a more optimized expense structure, all contributing to the resilience of our business.

As 2024 progresses, we will continue to navigate through economic uncertainties with a firm strategy focused on financial stability and robust risk management,” concluded Mr. Zheng.

First Quarter 2024 Operational Highlights:

  User Base

  • Total number of registered users reached 215 million as of March 31, 2024, representing an increase of 10.8% from 194 million as of March 31, 2023, and users with credit lines reached 42.8 million as of March 31, 2024, up by 5.8% from 40.5 million as of March 31, 2023.
  • Number of active users1 who used our loan products in the first quarter of 2024 was 4.5 million, representing a decrease of 10.8% from 5.0 million in the first quarter of 2023.
  • Number of cumulative borrowers with successful drawdown was 32.0 million as of March 31, 2024, an increase of 6.8% from 30.0 million as of March 31, 2023.

  Loan Facilitation Business

  • As of March 31, 2024, we cumulatively originated RMB1,171.1 billion in loans, an increase of 26.8% from RMB923.5 billion as of March 31, 2023.
  • Total loan originations2 in the first quarter of 2024 was RMB58.0 billion, a decrease of 4.8% from RMB60.9 billion in the first quarter of 2023.
  • Total outstanding principal balance of loans2 reached RMB122 billion as of March 31, 2024, representing an increase of 13.5% from RMB107 billion as of March 31, 2023.

  Credit Performance

  • 90 day+ delinquency ratio was 3.0% as of March 31, 2024, as compared with 2.9% as of December 31, 2023.
  • First payment default rate (30 day+) for new loan originations was below 1% as of March 31, 2024.

  Tech-empowerment Service

  • For the first quarter of 2024, we served over 70 business customers with our tech-empowerment service.
  • In the first quarter of 2024, the business customer retention rate3 of our tech-empowerment service was over 75%.

  Installment E-commerce Platform Service

  • GMV4 in the first quarter of 2024 for our installment e-commerce platform service was RMB903 million, representing a decrease of 20.0% from RMB1,129 million in the first quarter of 2023.
  • In the first quarter of 2024, our installment e-commerce platform service served over 300,000 users and 400 merchants.

  Other Operational Highlights

  • The weighted average tenor of loans originated on our platform in the first quarter of 2024 was approximately 12.5 months, as compared with 15.1 months in the first quarter of 2023.
  • Repeated borrowers’ contribution5 of loans across our platform for the first quarter of 2024 was 86.7%.

First Quarter 2024 Financial Highlights:

  • Total operating revenue was RMB3,242 million, representing an increase of 8.7% from the first quarter of 2023.
  • Credit facilitation service income was RMB2,648 million, representing an increase of 25.2% from the first quarter of 2023. Tech-empowerment service income was RMB362 million, representing a decrease of 1.7% from the first quarter of 2023. Installment e-commerce platform service income was RMB232 million, representing a decrease of 53.5% from the first quarter of 2023.
  • Net income attributable to ordinary shareholders of the Company was RMB202 million, representing a decrease of 38.4% from the first quarter of 2023. Net income per ADS attributable to ordinary shareholders of the Company was RMB1.21 on a fully diluted basis.
  • Adjusted net income attributable to ordinary shareholders of the Company6 was RMB230 million, representing a decrease of 38.6% from the first quarter of 2023. Adjusted net income per ADS attributable to ordinary shareholders of the Company6 was RMB1.35 on a fully diluted basis.

__________________________

  1. Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using the credit line granted by us.
  2. Originations of loans and outstanding principal balance represent the origination and outstanding principal balance of both on- and off-balance sheet loans.
  3. Customer retention rate refers to the number of financial institution customers and partners who repurchase our service in the current quarter as a percentage of the total number of financial institution customers and partners in the preceding quarter.
  4. GMV refers to the total value of transactions completed for products purchased on our e-commerce and Maiya channel, net of returns.
  5. Repeated borrowers’ contribution for a given period refers to the principal amount of loans borrowed during that period by borrowers who had previously made at least one successful drawdown as a percentage of the total loan facilitation and origination volume through our platform during that period.
  6. Adjusted net income attributable to ordinary shareholders of the Company, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

First Quarter 2024 Financial Results:

Operating revenue increased by 8.7% from RMB2,983 million in the first quarter of 2023 to RMB3,242 million in the first quarter of 2024.

Credit facilitation service income increased by 25.2% from RMB2,116 million in the first quarter of 2023 to RMB2,648 million in the first quarter of 2024. The increase was driven by the increases in loan facilitation and servicing fees-credit oriented and guarantee income, partially offset by the decrease in financing income.

Loan facilitation and servicing fees-credit oriented increased by 47.0% from RMB964 million in the first quarter of 2023 to RMB1,417 million in the first quarter of 2024. The increase was primarily due to the increase in off-balance sheet loans originated under the credit-oriented model, as well as better control over the early repayment behaviors.

Guarantee income increased by 34.4% from RMB554 million in the first quarter of 2023 to RMB744 million in the first quarter of 2024. The increase was primarily driven by the increase of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

Financing income decreased by 18.6% from RMB598 million in the first quarter of 2023 to RMB487 million in the first quarter of 2024. The decrease was primarily due to the decrease in the origination of on-balance sheet loans.

Tech-empowerment service income was RMB362 million in the first quarter of 2024, as compared to RMB368 million in the first quarter of 2023. The decrease was primarily due to the decrease of loan facilitation volume under the profit-sharing model.

Installment e-commerce platform service income decreased by 53.5% from RMB499 million in the first quarter of 2023 to RMB232 million in the first quarter of 2024. The decrease was primarily due to the decrease in transaction volume in the first quarter of 2024.

Cost of sales decreased by 49.5% from RMB466 million in the first quarter of 2023 to RMB236 million in the first quarter of 2024, which was consistent with the decrease in installment e-commerce platform service income.

Funding cost decreased by 39.7% from RMB150 million in the first quarter of 2023 to RMB90.7 million in the first quarter of 2024, which was primarily driven by the decrease in the cost of funding and funding debts to fund the on-balance sheet loans.

Processing and servicing costs increased by 11.1% from RMB529 million in the first quarter of 2023 to RMB588 million in the first quarter of 2024. This increase was primarily due to an increase in risk management and collection expenses.

Provision for financing receivables was RMB137 million for the first quarter of 2024, as compared to RMB139 million for the first quarter of 2023. The decrease was primarily due to the decrease in on-balance sheet loans originated.

Provision for contract assets and receivables was RMB166 million in the first quarter of 2024, as compared to RMB142 million in the first quarter of 2023. The increase was primarily due to the increase in loan facilitations and servicing fees and the decrease in performance of the off-balance sheet loans.

Provision for contingent guarantee liabilities was RMB828 million in the first quarter of 2024, as compared to RMB653 million in the first quarter of 2023. The increase was primarily due to the increase of outstanding balances of the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees, as well as the decrease in performance of the off-balance sheet loans.

Gross profit increased by 32.5% from RMB903 million in the first quarter of 2023 to RMB1,197 million in the first quarter of 2024.

Sales and marketing expenses was RMB418 million in the first quarter of 2024, as compared to RMB440 million in the first quarter of 2023. The decrease was primarily due to a decrease in online advertising costs.

Research and development expenses was RMB135 million in the first quarter of 2024, as compared to RMB130 million in the first quarter of 2023.

General and administrative expenses decreased by 7.5% from RMB97.0 million in the first quarter of 2023 to RMB89.8 million in the first quarter of 2024, primarily as a result of the Company’s expense control measures.

Change in fair value of financial guarantee derivatives and loans at fair value was a loss of RMB316 million in the first quarter of 2024, as compared to a gain of RMB156 million in the first quarter of 2023. The change in fair value was primarily due to the re-measurement of the expected loss rates and changes in the balances of the underlying outstanding off-balance sheet loans at the balance sheet date, partially offset by the fair value gains realized as a result of the release of guarantee obligation.

Income tax expense is RMB53.4 million in the first quarter of 2024, as compared to RMB74.3 million in the first quarter of 2023. The change was primarily due to the decrease of income before income tax expense.

Net income decreased by 38.4% from RMB327 million in the first quarter of 2023 to RMB202 million in the first quarter of 2024.

Conference Call

The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 23, 2024 (10:00 AM Beijing/Hong Kong time on May 24, 2024).

Participants who wish to join the conference call should register online at:

https://register.vevent.com/register/BI09081023042542878c42e37191800a96

Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.

Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.lexin.com.

About LexinFintech Holdings Ltd.

We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.

For more information, please visit http://ir.lexin.com.

To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

Use of Non-GAAP Financial Measures Statement

In evaluating our business, we consider and use adjusted net income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income attributable to ordinary shareholders of the Company as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss).

We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense, interest expense, net, and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling each of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information Statement

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2203 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 29, 2024. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

LexinFintech Holdings Ltd.
IR inquiries:
Mandy Dong
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: Mandydong@lexin.com

Media inquiries:
Limin Chen
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: liminchen@lexin.com

SOURCE LexinFintech Holdings Ltd.


 
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Balance Sheets
 
  As of  
(In thousands) December 31, 2023   March 31, 2024  
  RMB   RMB   US$  
ASSETS            
Current Assets            
Cash and cash equivalents   2,624,719     1,937,694     268,368  
Restricted cash   1,433,502     1,693,636     234,566  
Restricted term deposit and short-term investments   305,182     315,202     43,655  
Short-term financing receivables, net(1)   3,944,000     4,266,124     590,851  
Short-term contract assets and receivables, net(1)   6,112,981     6,432,765     890,928  
Deposits to insurance companies and guarantee companies   2,613,271     3,054,180     422,999  
Prepayments and other current assets   1,428,769     1,313,891     181,972  
Amounts due from related parties   6,989     8,266     1,145  
Inventories, net   33,605     29,562     4,094  
Total Current Assets   18,503,018     19,051,320     2,638,578  
Non-current Assets            
Restricted cash   144,948     103,643     14,354  
Long-term financing receivables, net(1)   200,514     89,332     12,372  
Long-term contract assets and receivables, net(1)   599,818     474,566     65,727  
Property, equipment and software, net   446,640     483,881     67,017  
Land use rights, net   897,267     888,667     123,079  
Long-term investments   255,003     255,243     35,351  
Deferred tax assets   1,232,092     1,278,674     177,094  
Other assets   861,491     662,716     91,785  
Total Non-current Assets   4,637,773     4,236,722     586,779  
TOTAL ASSETS   23,140,791     23,288,042     3,225,357  
             
LIABILITIES            
Current liabilities            
Accounts payable   49,801     33,233     4,603  
Amounts due to related parties   2,958     4,902     679  
Short-term borrowings   502,013     579,522     80,263  
Short-term funding debts   3,483,196     2,417,994     334,888  
Deferred guarantee income   1,538,385     1,414,495     195,905  
Contingent guarantee liabilities   1,808,540     1,665,211     230,629  
Accruals and other current liabilities   4,434,254     4,786,647     662,940  
Convertible notes   505,450     142,710     19,765  
Total Current Liabilities   12,324,597     11,044,714     1,529,672  
Non-current Liabilities            
Long-term borrowings   524,270     540,190     74,815  
Long-term funding debts   455,800     1,652,332     228,845  
Deferred tax liabilities   75,340     64,475     8,930  
Other long-term liabilities   50,702     47,936     6,639  
Total Non-current Liabilities   1,106,112     2,304,933     319,229  
TOTAL LIABILITIES   13,430,709     13,349,647     1,848,901  
Shareholders’ equity:            
Class A Ordinary Shares   199     200     30  
Class B Ordinary Shares   41     41     7  
Treasury stock   (328,764 )   (328,764 )   (45,533 )
Additional paid-in capital   3,204,961     3,229,327     447,257  
Statutory reserves   1,106,579     1,106,579     153,259  
Accumulated other comprehensive income   (13,545 )   (11,222 )   (1,554 )
Retained earnings   5,740,611     5,942,234     822,990  
Total shareholders’ equity   9,710,082     9,938,395     1,376,456  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   23,140,791     23,288,042     3,225,357  


____________________________

(1) Short-term financing receivables, net of allowance for credit losses of RMB58,594 and RMB77,611 as of December 31, 2023 and March 31, 2024, respectively.

Short-term contract assets and receivables, net of allowance for credit losses of RMB436,136 and RMB409,463 as of December 31, 2023 and March 31, 2024, respectively.

Long-term financing receivables, net of allowance for credit losses of RMB3,087 and RMB1,615 as of December 31, 2023 and March 31, 2024, respectively.

Long-term contract assets and receivables, net of allowance for credit losses of RMB61,838 and RMB39,760 as of December 31, 2023 and March 31, 2024, respectively.



LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations
 
  For the Three Months Ended March 31,  
(In thousands, except for share and per share data) 2023   2024  
  RMB   RMB   US$  
Operating revenue:            
Credit facilitation service income   2,115,808     2,648,478     366,811  
Loan facilitation and servicing fees-credit oriented   964,171     1,417,248     196,287  
Guarantee income   553,668     744,251     103,078  
Financing income   597,969     486,979     67,446  
Tech-empowerment service income   367,932     361,543     50,073  
Installment e-commerce platform service income   499,159     231,909     32,119  
Total operating revenue   2,982,899     3,241,930     449,003  
Operating cost            
Cost of sales   (466,471 )   (235,747 )   (32,651 )
Funding cost   (150,383 )   (90,738 )   (12,567 )
Processing and servicing cost   (528,961 )   (587,731 )   (81,400 )
Provision for financing receivables   (138,848 )   (136,683 )   (18,930 )
Provision for contract assets and receivables   (141,946 )   (165,942 )   (22,983 )
Provision for contingent guarantee liabilities   (653,077 )   (828,377 )   (114,729 )
Total operating cost   (2,079,686 )   (2,045,218 )   (283,260 )
Gross profit   903,213     1,196,712     165,743  
Operating expenses:            
Sales and marketing expenses   (439,965 )   (417,617 )   (57,839 )
Research and development expenses   (129,527 )   (134,982 )   (18,695 )
General and administrative expenses   (97,037 )   (89,760 )   (12,432 )
Total operating expenses   (666,529 )   (642,359 )   (88,966 )
Change in fair value of financial guarantee derivatives and loans at fair value   156,265     (315,923 )   (43,755 )
Interest expense, net   (4,080 )   (3,904 )   (541 )
Investment income   160     90     12  
Others, net   12,755     20,425     2,829  
Income before income tax expense   401,784     255,041     35,322  
Income tax expense   (74,294 )   (53,418 )   (7,398 )
Net income   327,490     201,623     27,924  
Net income attributable to ordinary shareholders of the Company   327,490     201,623     27,924  
             
Net income per ordinary share attributable to ordinary shareholders of the Company            
Basic   1.00     0.61     0.08  
Diluted   0.92     0.60     0.08  
             
Net income per ADS attributable to ordinary shareholders of the Company            
Basic   2.00     1.22     0.17  
Diluted   1.83     1.21     0.17  
             
Weighted average ordinary shares outstanding            
Basic   327,538,233     330,277,142     330,277,142  
Diluted   374,265,630     333,650,104     333,650,104  
                   


LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
     
  For the Three Months Ended March 31,  
(In thousands) 2023   2024  
  RMB   RMB   US$  
Net income   327,490     201,623     27,924  
Other comprehensive income            
Foreign currency translation adjustment, net of nil tax   3,997     2,323     322  
Total comprehensive income   331,487     203,946     28,246  
Total comprehensive income attributable to ordinary shareholders of the Company   331,487     203,946     28,246  


 
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
     
  For the Three Months Ended March 31,  
(In thousands, except for share and per share data) 2023   2024  
  RMB   RMB   US$  
Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company            
Net income attributable to ordinary shareholders of the Company   327,490     201,623     27,924  
Add: Share-based compensation expenses   32,669     23,274     3,223  
Interest expense associated with convertible notes   15,056     5,322     737  
Investment income   (160 )   (90 )   (12 )
Adjusted net income attributable to ordinary shareholders of the Company   375,055     230,129     31,872  
             
Adjusted net income per ordinary share attributable to ordinary shareholders of the Company            
Basic   1.15     0.70     0.10  
Diluted   1.00     0.68     0.09  
             
Adjusted net income per ADS attributable to ordinary shareholders of the Company            
Basic   2.29     1.39     0.19  
Diluted   2.00     1.35     0.19  
             
weighted average shares used in calculating net income per ordinary share for non-GAAP EPS            
Basic   327,538,233     330,277,142     330,277,142  
Diluted   374,265,630     339,997,043     339,997,043  
             
             
Reconciliations of Non-GAAP EBIT to Net income            
Net income   327,490     201,623     27,924  
Add: Income tax expense   74,294     53,418     7,398  
Share-based compensation expenses   32,669     23,274     3,223  
Interest expense, net   4,080     3,904     541  
Investment income   (160 )   (90 )   (12 )
Non-GAAP EBIT   438,373     282,129     39,074  
                   


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