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LexinFintech Holdings Ltd. Reports Second Quarter 2024 Unaudited Financial Results

Bay Street

SHENZHEN, China, Aug. 27, 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 June 30, 2024.

“We harvested a healthy set of operational and financial results with improved risk performance for new loans, uplifted net profit from the first quarter of 2024, and controlled loan origination in the second quarter of 2024,” said Jay Wenjie Xiao, Chairman and CEO of Lexin. “Total loan origination for the second quarter reached RMB 51.1 billion, a 12% decline quarter-over-quarter. Nevertheless, both total operating revenue and net profit grew by 12% compared to the first quarter of 2024, this was despite continued soft consumer demand and a weak credit environment.”

“Attributing to our persistent efforts to uphold our key strategies, we achieved several milestones during past quarter, including a rapid growth in our overseas business, a new record-low funding cost, and positive signs of overall risk performance improvement.”

“By leveraging Lexin’s over a decade of experience in the domestic fintech market and quickly replicating our business model overseas, we saw an accelerated growth in our international operations, far outpacing our domestic business in the second quarter. Although the current scale of our overseas business is still small, we will continue to invest and sharpen our focus abroad.”

“Despite quarterly fluctuations in some risk performance indicators, more risk metrics showed early signs of improvement that extended into August. This was due to the proactive control on loan origination and substantial risk management capability improvement over the past quarters.”

“Additionally, our funding cost hit a historical low with a significant quarterly drop compared to the previous quarter. This improvement in funding cost effectively boosted our profitability compared to the first quarter of 2024.”

“Looking ahead to the remainder of 2024, we remain confident in navigating challenges and seizing opportunities in both Chinese and overseas markets, positioning ourselves for sustainable growth in a cautious consumer environment. We are committed to returning sustainable value to shareholders and have declared a cash dividend payout of US$0.072 per ADS for the six-month period ended June 30, 2024, representing roughly 20% of total net income, continuing our consistent capital return program,” Mr. Xiao continued.

Mr. James Zheng, Chief Financial Officer of Lexin, added, “The second quarter’s total operating revenue reached RMB 3.6 billion, showing a 19.1% year-over-year increase and a 12.3% quarter-over-quarter increase. Net profit for the second quarter reached RMB 227 million, a 12.4% increase from the previous quarter. This significant revenue rise was achieved despite a controlled loan origination volume, demonstrating a substantial expansion of our revenue take rate. This increase was primarily driven by improved risk performance of newly issued assets and a record-low funding cost. Furthermore, we resumed ABS issuance in May and completed the second ABS in July, with the senior tranche funding cost as low as 2.80%. Additional factors such as a slight improvement in the early repayment ratio and an increased revenue split ratio in our profit-sharing model, also bolstered our resilient financial results in the second quarter.”

Second Quarter 2024 Operational Highlights:

  User Base

Second Quarter 2024 Financial Highlights:

__________________________

  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.

Second Quarter 2024 Financial Results:

Operating revenue increased by 19.1% from RMB3,056 million in the second quarter of 2023 to RMB3,641 million in the second quarter of 2024.

Credit facilitation service income increased by 24.9% from RMB2,138 million in the second quarter of 2023 to RMB2,669 million in the second 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 51.5% from RMB946 million in the second quarter of 2023 to RMB1,433 million in the second quarter of 2024. The increase was primarily due to the better control over the early repayment behaviors.

Guarantee income increased by 17.0% from RMB618 million in the second quarter of 2023 to RMB722 million in the second 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 10.6% from RMB574 million in the second quarter of 2023 to RMB513 million in the second quarter of 2024. The decrease was primarily due to the decrease in the origination of on-balance sheet loans.

Tech-empowerment service income increased by 36.5% from RMB392 million in the second quarter of 2023 to RMB535 million in the second quarter of 2024. The increase was primarily due to the increase of loan facilitation volume under the profit-sharing model.

Installment e-commerce platform service income decreased by 17.0% from RMB526 million in the second quarter of 2023 to RMB437 million in the second quarter of 2024. The decrease was primarily due to the decrease in transaction volume in the second quarter of 2024.

Cost of sales decreased by 9.1% from RMB465 million in the second quarter of 2023 to RMB423 million in the second quarter of 2024, which was consistent with the decrease in installment e-commerce platform service income.

Funding cost decreased by 41.8% from RMB156 million in the second quarter of 2023 to RMB90.5 million in the second 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 16.3% from RMB446 million in the second quarter of 2023 to RMB519 million in the second quarter of 2024. This increase was primarily due to an increase in risk management and collection expenses.

Provision for financing receivables was RMB171 million for the second quarter of 2024, as compared to RMB146 million for the second quarter of 2023. The increase was primarily due to the decrease in performance of the on-balance sheet loans.

Provision for contract assets and receivables was RMB155 million in the second quarter of 2024, as compared to RMB125 million in the second quarter of 2023. The increase was primarily due to the increase in loan facilitation and servicing fees and the decrease in performance of the off-balance sheet loans.

Provision for contingent guarantee liabilities was RMB935 million in the second quarter of 2024, as compared to RMB722 million in the second 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 35.4% from RMB995 million in the second quarter of 2023 to RMB1,348 million in the second quarter of 2024.

Sales and marketing expenses was RMB467 million in the second quarter of 2024, as compared to RMB453 million in the second quarter of 2023.

Research and development expenses was RMB143 million in the second quarter of 2024, as compared to RMB121 million in the second quarter of 2023. The increase was primarily due to increased investment in technology development.

General and administrative expenses RMB100 million in the second quarter of 2024, as compared to RMB96.5 million in the second quarter of 2023.

Change in fair value of financial guarantee derivatives and loans at fair value was a loss of RMB368 million in the second quarter of 2024, as compared to a gain of RMB130 million in the second quarter of 2023. The change in fair value was primarily due to the re-measurement of the expected loss rates, partially offset by the fair value gains realized as a result of the release of guarantee obligation.

Income tax expense is RMB60.0 million in the second quarter of 2024, as compared to RMB80.8 million in the second quarter of 2023. The change was primarily due to the decrease of income before income tax expense.

Net income decreased by 36.3% from RMB356 million in the second quarter of 2023 to RMB227 million in the second quarter of 2024.

Recent Development

Semi-Annual Dividend

The board of directors of the Company has approved a dividend of US$0.036 per ordinary share, or US$0.072 per ADS, for the six-month period ended June 30, 2024 in accordance with the Company’s dividend policy, which is expected to be paid on October 18, 2024 to shareholders of record (including holders of ADSs) as of the close of business on September 16, 2024 New York time.

Conference Call

The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on August 27, 2024 (10:00 AM Beijing/Hong Kong time on August 28, 2024).

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

https://register.vevent.com/register/BI3c6bd663baef41b58321967fdd88a0d6

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 RMB7.2672 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 28, 2024. The Company makes no representation that the RMB or US$ 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   June 30, 2024  
  RMB   RMB   US$  
ASSETS            
Current Assets            
Cash and cash equivalents   2,624,719     2,093,712     288,104  
Restricted cash   1,433,502     2,079,970     286,213  
Restricted term deposit and short-term investments   305,182     345,192     47,500  
Short-term financing receivables, net(1)   3,944,000     3,865,333     531,888  
Short-term contract assets and receivables, net(1)   6,112,981     6,595,149     907,523  
Deposits to insurance companies and guarantee companies   2,613,271     2,369,989     326,121  
Prepayments and other current assets   1,428,769     1,327,862     182,721  
Amounts due from related parties   6,989     7,321     1,007  
Inventories, net   33,605     45,034     6,197  
Total Current Assets   18,503,018     18,729,562     2,577,274  
Non-current Assets            
Restricted cash   144,948     98,880     13,606  
Long-term financing receivables, net(1)   200,514     144,478     19,881  
Long-term contract assets and receivables, net(1)   599,818     398,602     54,849  
Property, equipment and software, net   446,640     548,630     75,494  
Land use rights, net   897,267     880,067     121,101  
Long‑term investments   255,003     255,641     35,177  
Deferred tax assets   1,232,092     1,345,458     185,141  
Other assets   861,491     618,063     85,050  
Total Non-current Assets   4,637,773     4,289,819     590,299  
TOTAL ASSETS   23,140,791     23,019,381     3,167,573  
             
LIABILITIES            
Current liabilities            
Accounts payable   49,801     42,968     5,913  
Amounts due to related parties   2,958     9,167     1,261  
Short‑term borrowings   502,013     608,093     83,676  
Short‑term funding debts   3,483,196     2,345,753     322,786  
Deferred guarantee income   1,538,385     1,275,387     175,499  
Contingent guarantee liabilities   1,808,540     1,474,899     202,953  
Accruals and other current liabilities   4,434,254     4,800,387     660,553  
Convertible notes   505,450     –     –  
Total Current Liabilities   12,324,597     10,556,654     1,452,641  
Non-current Liabilities            
Long-term borrowings   524,270     551,938     75,949  
Long‑term funding debts   455,800     1,701,449     234,127  
Deferred tax liabilities   75,340     71,192     9,796  
Other long-term liabilities   50,702     47,235     6,500  
Total Non-current Liabilities   1,106,112     2,371,814     326,372  
TOTAL LIABILITIES   13,430,709     12,928,468     1,779,013  
Shareholders’ equity:            
Class A Ordinary Shares   199     200     30  
Class B Ordinary Shares   41     41     7  
Treasury stock   (328,764 )   (328,764 )   (45,239 )
Additional paid-in capital   3,204,961     3,254,489     447,833  
Statutory reserves   1,106,579     1,106,579     152,270  
Accumulated other comprehensive income   (13,545 )   (24,776 )   (3,409 )
Retained earnings   5,740,611     6,083,144     837,068  
Total shareholders’ equity   9,710,082     10,090,913     1,388,560  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   23,140,791     23,019,381     3,167,573  

__________________________

(1) Short-term financing receivables, net of allowance for credit losses of RMB58,594 and RMB91,343 as of December 31, 2023 and June 30, 2024, respectively.
   
  Short-term contract assets and receivables, net of allowance for credit losses of RMB436,136 and RMB467,977 as of December 31, 2023 and June 30, 2024, respectively.
   
  Long-term financing receivables, net of allowance for credit losses of RMB3,087 and RMB4,186 as of December 31, 2023 and June 30, 2024, respectively.
   
  Long-term contract assets and receivables, net of allowance for credit losses of RMB61,838 and RMB35,408 as of December 31, 2023 and June 30, 2024, respectively.
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations
 
 
  For the Three Months Ended June 30,     For the Six Months Ended June 30,  
(In thousands, except for share and per share data) 2023   2024     2023   2024  
  RMB   RMB   US$     RMB   RMB   US$  
Operating revenue:                          
Credit facilitation service income   2,137,718     2,669,093     367,280       4,253,526     5,317,571     731,722  
Loan facilitation and servicing fees-credit oriented   945,919     1,433,416     197,245       1,910,090     2,850,664     392,264  
Guarantee income   617,599     722,288     99,390       1,171,267     1,466,539     201,802  
Financing income   574,200     513,389     70,645       1,172,169     1,000,368     137,655  
Tech-empowerment service income   391,695     534,548     73,556       759,627     896,091     123,306  
Installment e-commerce platform service income   526,399     437,047     60,140       1,025,558     668,956     92,051  
Total operating revenue   3,055,812     3,640,688     500,976       6,038,711     6,882,618     947,079  
Operating cost                          
Cost of sales   (465,393 )   (422,933 )   (58,198 )     (931,864 )   (658,680 )   (90,637 )
Funding cost   (155,651 )   (90,525 )   (12,457 )     (306,034 )   (181,263 )   (24,943 )
Processing and servicing cost   (446,140 )   (518,692 )   (71,374 )     (975,101 )   (1,106,423 )   (152,249 )
Provision for financing receivables   (145,931 )   (170,974 )   (23,527 )     (284,779 )   (307,657 )   (42,335 )
Provision for contract assets and receivables   (125,242 )   (154,778 )   (21,298 )     (267,188 )   (320,720 )   (44,133 )
Provision for contingent guarantee liabilities   (722,018 )   (934,693 )   (128,618 )     (1,375,095 )   (1,763,070 )   (242,607 )
Total operating cost   (2,060,375 )   (2,292,595 )   (315,472 )     (4,140,061 )   (4,337,813 )   (596,904 )
Gross profit   995,437     1,348,093     185,504       1,898,650     2,544,805     350,175  
Operating expenses:                          
Sales and marketing expenses   (453,112 )   (467,423 )   (64,320 )     (893,077 )   (885,040 )   (121,786 )
Research and development expenses   (121,338 )   (143,250 )   (19,712 )     (250,865 )   (278,232 )   (38,286 )
General and administrative expenses   (96,519 )   (100,434 )   (13,820 )     (193,556 )   (190,194 )   (26,172 )
Total operating expenses   (670,969 )   (711,107 )   (97,852 )     (1,337,498 )   (1,353,466 )   (186,244 )
Change in fair value of financial guarantee derivatives and loans at fair value   130,461     (368,261 )   (50,674 )     286,726     (684,184 )   (94,147 )
Interest (expense)/income, net   (21,804 )   1,988     274       (25,884 )   (1,916 )   (264 )
Investment (loss)/income   (699 )   260     36       (539 )   350     48  
Others, net   4,101     15,603     2,147       16,856     36,028     4,958  
Income before income tax expense   436,527     286,576     39,435       838,311     541,617     74,526  
Income tax expense   (80,794 )   (60,045 )   (8,262 )     (155,088 )   (113,463 )   (15,613 )
Net income   355,733     226,531     31,173       683,223     428,154     58,913  
Net income attributable to ordinary shareholders of the Company   355,733     226,531     31,173       683,223     428,154     58,913  
                           
Net income per ordinary share attributable to ordinary shareholders of the Company                          
Basic   1.08     0.68     0.09       2.08     1.30     0.18  
Diluted   1.02     0.68     0.09       1.94     1.30     0.18  
                           
Net income per ADS attributable to ordinary shareholders of the Company                          
Basic   2.17     1.37     0.19       4.16     2.59     0.36  
Diluted   2.04     1.35     0.19       3.87     2.59     0.36  
                           
Weighted average ordinary shares outstanding                          
Basic   328,241,855     330,780,601     330,780,601       328,402,747     330,528,871     330,528,871  
Diluted   374,351,114     335,192,422     335,192,422       374,821,074     334,421,262     334,421,262  
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
 
  For the Three Months Ended June 30,     For the Six Months Ended June 30,  
(In thousands) 2023   2024     2023   2024  
  RMB   RMB   US$     RMB   RMB   US$  
Net income   355,733     226,531     31,173       683,223     428,154     58,913  
Other comprehensive income                          
Foreign currency translation adjustment, net of nil tax   (24,579 )   (13,554 )   (1,865 )     (20,582 )   (11,231 )   (1,545 )
Total comprehensive income   331,154     212,977     29,308       662,641     416,923     57,368  
Total comprehensive income attributable to ordinary shareholders of the Company   331,154     212,977     29,308       662,641     416,923     57,368  
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
 
  For the Three Months Ended June 30,     For the Six Months Ended June 30,  
(In thousands, except for share and per share data) 2023   2024     2023   2024  
  RMB   RMB   US$     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   355,733     226,531     31,173       683,223     428,154     58,913  
Add: Share-based compensation expenses   25,987     23,119     3,181       58,656     46,393     6,384  
Interest expense associated with convertible notes   27,017     373     51       42,073     5,695     784  
Investment loss/(income)   699     (260 )   (36 )     539     (350 )   (48 )
Adjusted net income attributable to ordinary shareholders of the Company   409,436     249,763     34,369       784,491     479,892     66,033  
                           
Adjusted net income per ordinary share attributable to ordinary shareholders of the Company                          
Basic   1.25     0.76     0.10       2.39     1.45     0.20  
Diluted   1.09     0.75     0.10       2.09     1.43     0.20  
                           
Adjusted net income per ADS attributable to ordinary shareholders of the Company                          
Basic   2.49     1.51     0.21       4.78     2.90     0.40  
Diluted   2.19     1.49     0.21       4.19     2.87     0.39  
                           
Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS                          
Basic   328,241,855     330,780,601     330,780,601       328,402,747     330,528,871     330,528,871  
Diluted   374,351,114     335,192,422     335,192,422       374,821,074     334,421,262     334,421,262  
                           
                           
Reconciliations of Non-GAAP EBIT to Net income                          
Net income   355,733     226,531     31,173       683,223     428,154     58,913  
Add: Income tax expense   80,794     60,045     8,262       155,088     113,463     15,613  
Share-based compensation expenses   25,987     23,119     3,181       58,656     46,393     6,384  
Interest expense/(income), net   21,804     (1,988 )   (274 )     25,884     1,916     264  
Investment loss/(income)   699     (260 )   (36 )     539     (350 )   (48 )
Non-GAAP EBIT   485,017     307,447     42,306       923,390     589,576     81,126  


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