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LexinFintech Holdings Ltd. Reports Second Quarter 2018 Unaudited Financial Results

SHENZHEN, China, Aug. 23, 2018 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading online consumer finance platform for educated young adults in China, today announced its unaudited financial results for the second quarter ended June 30, 2018.

Second Quarter 2018 Operational Highlights:

  • Total loan originations in the second quarter of 2018 reached RMB16.6 billion, representing an increase of 68.4% from RMB9.8 billion in the second quarter of 2017.
     
  • Total outstanding principal balance of loans reached RMB24.7 billion as of June 30, 2018, representing an increase of 97.9% from RMB12.5 billion as of June 30, 2017.
     
  • The weighted average tenor of loans originated on our platform in the second quarter of 2018 was approximately 12.8 months. The effective APR1 was 25.7% for the second quarter of 2018.
     
  • The GMV2 of our e-commerce channel amounted to RMB1.5 billion, representing an increase of 53.8% from RMB1.0 billion in the second quarter of 2017.
     
  • Customer acquisition cost3 amounted to RMB138 in the second quarter of 2018, compared to RMB134 in the second quarter of 2017.
     
  • Total number of registered users reached 29.2 million as of June 30, 2018, representing an increase of 82.9% from 16.0 million as of June 30, 2017; and users with credit line reached 8.9 million as of June 30, 2018, up by 58.8% from 5.6 million as of June 30, 2017.
     
  • Number of active customers who used our loan products in the second quarter of 2018 reached 2.7 million, representing an increase of 28.8% from 2.1 million in the second quarter of 2017. Number of new active customers who used our loan products in the second quarter of 2018 was 514 thousand.
     
  • 90 day+ delinquency ratio4 were 1.39% as of June 30, 2018.

1 The Effective APR refers to the percentage equal to the annualized actual amount of finance charges, including interest and service fees, generated from a customer loan, divided by the average outstanding principal balance for the loan.
2“GMV” refers to the total value of transactions completed for products purchased on the e-commerce channel of our platform, net of returns.
3 Customer acquisition cost refers to the amount of total costs we incur in connection with acquiring customers divided by the number of new active customers during a given time period.
4 90 day+ delinquency ratio refers to outstanding principal balance of on- and off-balance sheet loans that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans on our platform as of a specific date. Loans that are charged off are not included in the delinquency rate calculation.

Second Quarter 2018 Financial Highlights:

  • Total operating revenue reached RMB1.8 billion. Financial services income reached RMB1.2 billion, representing an increase of 64.9% from the second quarter of 2017. Loan facilitation and servicing fees reached RMB232 million, representing an increase of 339% from the second quarter of 2017.
     
  • Gross profit reached RMB619 million, representing an increase of 123% from the second quarter of 2017.
     
  • Net income was RMB465 million, representing an increase of 2,905% from the second quarter of 2017.
     
  • Non-GAAP EBIT5 was RMB353 million, representing an increase of 343% from the second quarter of 2017.
     
  • Adjusted net income5 was RMB502 million, representing an increase of 776% from the second quarter of 2017.

“Our continuous investment in financial technology over the past five years has started to pay off, enabling us to increase our operating leverage and improve profitability,” said Mr. Jay Wenjie Xiao, Lexin’s chairman and chief executive officer. “We continued to grow in changing market conditions and I believe that with increasing regulatory clarity, Lexin’s compliance and strong financial technology capabilities will enable us to develop further.”

“We continue to see strong growth in our business in the second quarter,” said Mr. Craig Yan Zeng, Lexin’s chief financial officer. “In the second quarter, Lexin’s gross profit reached RMB619 million and non-GAAP EBIT reached RMB353 million, representing an increase of 123% and 343% from the same period in 2017. Our adjusted net income also increased by 776% to over RMB502 million due to our strong performance, as well as the reversal of previously recognized valuation allowance of deferred tax assets of RMB193 million.” 

“Our increasing profitability is also a reflection of our increasing operating leverage, as we continue to scale our business.” continued Mr. Zeng. “And as our business continues to grow and expand, we can expect the trend to continue.”

“In the second quarter, we have made some adjustments to our business model for new loans funded by individual investors on Juzi Licai.” continued Mr. Zeng. “After assessing the accounting impact in respect of the updated business model, we have concluded that all loans funded by individual investors on Juzi Licai under this business model from late April 2018 should be accounted for as off-balance sheet loans.”

“Our credit quality continues to be stable – which is a reflection of the stability of our educated young adult customers” said Mr. Ryan Huanian Liu, Lexin’s chief risk officer. “Our vintage charge-off rate6 continues to be approximately 2.0%. At the end of the second quarter of 2018, our 90+ delinquency rate was 1.39%, a slight improvement from the first quarter.”

5 Non-GAAP EBIT and adjusted net income 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 table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
6 “Vintage charge-off rate” refers to, with respect to on- and off-balance sheet loans originated during a specified time period, which we refer to as a vintage, the total outstanding principal balance of the loans that are charged off during a specified period, divided by the total initial principal of the loans originated in such vintage.

Second Quarter 2018 Financial Results:

Operating revenue increased from RMB1.3 billion in the second quarter of 2017 to RMB1.8 billion in the second quarter of 2018. This increase was primarily due to the substantial increase in financial services income.

Financial services income increased by 64.9% from RMB699 million in the second quarter of 2017 to RMB1.2 billion in the second quarter of 2018. This increase was primarily due to an increase in the outstanding principal balance of on-balance sheet loans, which was in turn driven by increases in the number of active customers and the average outstanding principal balance of loans per customer.

Loan facilitation and servicing fees increased by 339% from RMB52.9 million in the second quarter of 2017 to RMB232 million in the second quarter of 2018. This increase was primarily due to the significant increase in off-balance sheet loans.

Funding cost increased by 43.8% from RMB183 million in the second quarter of 2017 to RMB263 million in the second quarter of 2018. This increase was primarily due to an increase in our funding debts to fund on-balance sheet loans originated on our platform.

Processing and servicing cost increased by 38.2% from RMB51.5 million in the second quarter of 2017 to RMB71.2 million in the second quarter of 2018. This increase was primarily due to an increase in fees to third-party payment platforms, an increase in risk management expenses and an increase in salaries and personnel related costs.

Provision for credit losses increased by 55.7% from RMB149 million in the second quarter of 2017 to RMB232 million in the second quarter of 2018. This increase was primarily due to the increase in the average outstanding principal balance of on-balance sheet loans. In addition, as we had continued to improve our credit assessment and risk management capabilities as well as to enhance our collection efforts, we gradually expanded our customer base to improve our profit, while maintaining credit risks at a reasonable level.

Gross profit increased by 123% from RMB278 million in the second quarter of 2017 to RMB619 million in the second quarter of 2018.

Sales and marketing expenses increased by 39.3% from RMB104 million in the second quarter of 2017 to RMB144 million in the second quarter of 2018. This increase was primarily due to an increase in payroll expenses and an increase in online promotional fees and advertising costs.

Research and development expenses increased by 37.7% from RMB57.0 million in the second quarter of 2017 to RMB78.5 million in the second quarter of 2018. This increase was primarily due to an increase in payroll and related expenses, an increase in share-based compensation expenses allocated to research and development expenses, and an increase in depreciation expenses allocated to research and development expenses.

General and administrative expenses increased by 35.9% from RMB51.3 million in the second quarter of 2017 to RMB69.6 million in the second quarter of 2018. This increase was primarily due to an increase in share-based compensation expenses allocated to general and administrative expenses and an increase in payroll expenses. In addition, we incurred an increase in professional service fees and rental expenses.

Loss on guarantee liabilities of RMB20.1 million in the second quarter of 2018 was due to the implementation of risk safeguard scheme as part of the adjustments to the business model for loans funded by individual investors on Juzi Licai.

Income tax benefit for the second quarter of 2018 was RMB156 million, compared to income tax expense of RMB21.9 million in the second quarter of 2017. The Company's PRC subsidiaries completed 2017 annual tax filings with relevant tax authorities in May 2018. The tax filing result provided additional insights as to the recoverability of the deferred tax assets arising from provision for credit losses. Accordingly, a valuation allowance of RMB193 million previously recognized as of December 31, 2017 was reversed in this quarter.

Net income for the second quarter of 2018 was RMB465 million, representing an increase of 2,905% compared to RMB15.5 million in the second quarter of 2017.

Adjusted net income for the second quarter of 2018 was RMB502 million, representing an increase of 776% from RMB57.3 million in the second quarter of 2017.

Please click here to view our vintage curve: http://resource.globenewswire.com/Resource/Download/f27d9d37-3fb0-4a68-8b8c-1d05828a99ae 

Outlook

The Chinese government's recent actions to reduce financial risks have tightened liquidity in the P2P market, which has led to smaller players’ exiting from the industry. The Company believes that this is a positive evolution of the industry towards a more mature regulatory environment that will foster a healthy and stable market in the future. Noticing that the government has issued new policies to encourage the development of consumer finance and based on the latest market conditions, the Company remains positive in terms of outlook and has adjusted its estimate for the total loan origination for fiscal year 2018 to a range from RMB65 billion to RMB75 billion. This outlook is Lexin’s current and preliminary view, which is subject to changes and uncertainties.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern time on August 23, 2018 8:00 PM Beijing/Hong Kong time on August 23, 2018.

Dial-in details for the earnings conference call are as follows:
     
  United States (toll free): 1 845 675 0437 or 1 866 519 4004
     
  International: 65 6713 5090
     
  Hong Kong (toll free): 800 906 601 or 852 3018 6771
     
  China: 400 6208 038 or 800 8190 121

Participants should dial-in at least 5 minutes before the scheduled start time and use the following passcode: 6173307.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.lexinfintech.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until August 31, 2018, by dialing the following telephone numbers:
     
  United States (toll free): 1 855 452 5696 or 1 646 254 3697
     
  International: 61 2 8199 0299
     
  Replay Access Code: 6173307

About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumer finance platform for educated young adults in China. As one of China’s leading financial technology companies, Lexin integrates its e-commerce-driven installment finance platform, Fenqile, with advanced risk management technologies, the Company’s Dingsheng asset distribution technology platform, and the Company’s Juzi Licai online investment platform for individual investors, to create a comprehensive consumer finance ecosystem. The Company utilizes technologies including big data, cloud computing and artificial intelligence to enable the near-instantaneous matching of user funding requests with offers from the Company’s more than 30 funding partners, which include commercial banks, consumer finance companies, and other licensed financial institutions.

For more information, please visit http://ir.lexinfintech.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 and non-GAAP EBIT, two 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 as net income excluding share-based compensation expenses, interest expense associated with convertible loans and investment-related impairment and we define non-GAAP EBIT as net income excluding income tax expense/(benefit), share-based compensation expenses, interest expense, net and investment-related impairment.

We present these non-GAAP financial measures because it is used by our management to evaluate our operating performance and formulate business plans. Adjusted net income enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible loans and investment-related impairment. Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense/(benefit), share-based compensation expenses, interest expense, net and investment-related impairment. We also believe that the use of these non-GAAP financial measures facilitate 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 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 loans, income tax expense/(benefit), interest expense, net and investment-related impairment have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income 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 the non-GAAP financial measure 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 RMB6.6171 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 29, 2018. The Company makes no representation that the RMB or US$ 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. 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 its 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. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. 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:
Tony Hung
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: IR@lexinfintech.com

Media inquiries:
Limin Chen
Tel: +86 (755) 3367-8888 ext. 6993
E-mail: liminchen@lexinfintech.com

SOURCE LexinFintech Holdings Ltd.

 
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Balance Sheets
 
(In thousands, except for share and per share data) As of
December 31,
2017
  June 30,
2018
  RMB   RMB US$
ASSETS          
Current assets          
Cash and cash equivalents 1,126,475     439,829     66,469  
Restricted cash 561,922     750,351     113,396  
Restricted time deposits 6,750     248,306     37,525  
Short‑term financing receivables, net 9,857,209     9,788,744       1,479,310    
Accrued interest receivable 129,622     145,037     21,919  
Prepaid expenses and other current assets 945,258     1,046,605       158,167    
Amounts due from related parties 9,447     125     19  
Inventories, net 101,653     75,982     11,483  
Total current assets 12,738,336     12,494,979     1,888,288  
Non‑current assets                
Restricted cash 46,889     40,097     6,060  
Restricted time deposits 600      -       -   
Long‑term financing receivables, net 1,785,045      2,231,009     337,158  
Property, equipment and software, net 63,125     76,606     11,577  
Long‑term investments 23,485     18,821     2,844  
Deferred tax assets 38,841     213,277     32,231  
Other assets 33,263     23,688     3,580  
Total non‑current assets 1,991,248      2,603,498     393,450  
TOTAL ASSETS 14,729,584     15,098,477     2,281,738  
LIABILITIES                
Current liabilities                
Accounts payable 198,177     193,421     29,230  
Amounts due to related parties 67,510     24,893     3,762  
Short‑term borrowings 168,844     439,069     66,354  
Short‑term funding debts 10,525,134     9,579,317     1,447,661  
Accrued interest payable 290,446     367,033     55,467  
Accrued expenses and other current liabilities 1,611,029     1,706,734      257,930  
Total current liabilities 12,861,140     12,310,467     1,860,404  
Non‑current liabilities                
Long‑term funding debts 166,629     337,980     51,077  
Long‑term borrowings 289     -     -  
Total non‑current liabilities 166,918     337,980     51,077  
TOTAL LIABILITIES 13,028,058     12,648,447     1,911,481  
SHAREHOLDERS’ EQUITY                
Class A Ordinary Shares 142     149     23  
Class B Ordinary Shares 68     68     10  
Additional paid‑in capital 2,110,957     2,265,640     342,391  
Statutory reserves  55,861     55,861     8,442  
Accumulated other comprehensive loss (14,951 )   (32,774 )   (4,953 )
(Accumulated deficit)/Retained earnings (450,551 )   161,086      24,344  
TOTAL SHAREHOLDERS’ EQUITY 1,701,526      2,450,030     370,257  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   14,729,584      15,098,477     2,281,738  
                 


 
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations
 
(In thousands, except for share and per share data) For the Three Months Ended   For the Six Months Ended June 30,
June 30, 2017   March 31, 2018
  June 30, 2018
  2017
  2018
  RMB
  RMB
  RMB
  US$
  RMB
  RMB
  US$
Operating revenue:                                        
Online direct sales 614,780     542,899     582,906     88,091     1,193,959     1,125,805      170,136  
Services and others 3,479     30,094     47,452     7,171     6,095     77,546      11,719  
Online direct sales and services income 618,259     572,993     630,358     95,262     1,200,054     1,203,351      181,855  
Interest and financial services income 599,900     782,989     873,719     132,040     1,131,609     1,656,708      250,368  
Loan facilitation and servicing fees 52,920     164,377     232,461     35,130     106,981     396,838      59,972  
Other revenue 46,044     50,302     46,558     7,036     97,077     96,860      14,638  
Financial services income 698,864     997,668     1,152,738     174,206     1,335,667     2,150,406      324,978  
Total operating revenue 1,317,123     1,570,661     1,783,096     269,468     2,535,721     3,353,757      506,833  
Operating cost:                                        
Cost of sales (655,546 )   (548,723 )   (597,737 )   (90,332 )    (1,261,266 )    (1,146,460 )    (173,257 )
Funding cost (183,139 )   (257,026 )   (263,311 )   (39,793 )    (359,059 )    (520,337 )    (78,635 )
Processing and servicing cost (51,476 )   (65,934 )    (71,161 )    (10,754 )    (95,610 )    (137,095 )    (20,718 )
Provision for credit losses (149,131 )   (286,791 )    (232,125 )    (35,080 )    (271,215 )    (518,916 )    (78,420 )
Total operating cost (1,039,292 )   (1,158,474 )    (1,164,334 )    (175,959 )    (1,987,150 )    (2,322,808 )    (351,030 )
Gross profit 277,831     412,187      618,762      93,509      548,571      1,030,949      155,803  
Operating expenses:                                        
Sales and marketing expenses (103,613 )   (101,510 )    (144,339 )    (21,813 )    (190,018 )    (245,849 )    (37,154 )
Research and development expenses (57,007 )   (68,093 )    (78,518 )    (11,866 )    (101,216 )    (146,611 )    (22,156 )
General and administrative expenses (51,257 )   (58,641 )    (69,638 )    (10,524 )    (94,200 )    (128,279 )    (19,386 )
Total operating expenses (211,877 )   (228,244 )    (292,495 )    (44,203 )    (385,434 )    (520,739 )    (78,696 )
Loss on guarantee liabilities -     -      (20,128 )    (3,042 )    -       (20,128 )    (3,042 )
Interest expense, net (22,543 )   (3,639 )    (6,793 )    (1,027 )    (44,262 )    (10,432 )    (1,577 )
Investment-related impairment -     -      (4,841 )    (732 )    -       (4,841 )    (732 )
Change in fair value of financial guarantee derivatives (1,976 )   (8,075 )    21,249      3,211      14,762      13,174      1,991  
Others, net (4,033 )   7,625      (6,285 )    (950 )    (6,456 )    1,340      203  
Income before income tax expense 37,402     179,854      309,469      46,766       127,181      489,323      73,950  
Income tax (expense)/benefit (21,920 )   (33,441 )    155,755      23,538      (55,442 )    122,314      18,485  
Net income 15,482     146,413      465,224      70,304      71,739      611,637      92,435  
Pre-IPO Preferred Shares redemption value accretion (16,957 )   -     -     -      (33,404 )   -     -  
Income allocation to participating preferred shares -     -     -     -      (38,335 )   -     -  
Net (loss)/income attributable to ordinary shareholders (1,475 )   146,413      465,224      70,304      -       611,637      92,435  
                                         
Net (loss)/income per ordinary share                                        
Basic  (0.01 )   0.44     1.40      0.21     -      1.84      0.28  
Diluted  (0.01 )   0.41     1.28      0.19     -      1.69      0.26  
                                         
Net income per ADS                                        
Basic -     0.88      2.80      0.42     -      3.69      0.56  
Diluted -     0.81      2.57      0.39     -      3.38      0.51  
                                         
Weighted average number of ordinary shares outstanding                                        
Basic  110,647,199     331,158,139      332,208,249      332,208,249      110,647,199      331,686,095      331,686,095  
Diluted  110,647,199     361,428,816      362,162,094      362,162,094      110,647,199      361,798,356      361,798,356  
                                         


 
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
 
(In thousands, except for share and per share data) For the Three Months Ended   For the Six Months Ended June 30,
June 30, 2017   March 31, 2018   June 30, 2018   2017   2018
  RMB   RMB   RMB   US$   RMB   RMB   US$
                                 
Net income  15,482   146,413      465,224    70,304    71,739    611,637      92,435  
Other comprehensive income/(loss)                                
Foreign currency translation adjustments, net of nil tax  1,306    (43,249 )    25,426    3,842    322    (17,823 )    (2,693 )
Total comprehensive income  16,788   103,164       490,650    74,146    72,061    593,814      89,742  
                                 


 
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(In thousands)
 
  For the Three Months Ended   For the Six Months Ended June 30,
June 30, 2017   March 31, 2018   June 30, 2018   2017   2018
  RMB   RMB   RMB   US$   RMB   RMB   US$
Reconciliation of Adjusted Net Income to Net Income                          
Net income  15,482    146,413    465,224    70,304    71,739    611,637    92,435
Add: Share-based compensation expenses  19,822    27,311    32,249    4,874    34,690    59,560    9,001
Interest expense associated with convertible loans  22,010    -     -     -     43,152    -     - 
Investment-related impairment  -     -     4,841    732    -     4,841    732
Adjusted net income  57,314    173,724    502,314    75,910    149,581    676,038    102,168
                           


  For the Three Months Ended   For the Six Months Ended June 30,
June 30, 2017   March 31, 2018   June 30, 2018   2017   2018
  RMB   RMB   RMB   US$    RMB   RMB     US$ 
Reconciliations of Non-GAAP EBIT to Net Income                                  
Net income  15,482    146,413    465,224      70,304      71,739    611,637      92,435  
Add: Income tax expense/(benefit)  21,920    33,441    (155,755 )    (23,538 )    55,442    (122,314 )    (18,485 )
Share-based compensation expenses  19,822    27,311    32,249      4,874      34,690    59,560      9,001  
Interest expense, net  22,543    3,639    6,793      1,027      44,262    10,432      1,577  
Investment-related impairment  -     -     4,841      732      -     4,841      732  
Non-GAAP EBIT  79,767    210,804    353,352      53,399      206,133    564,156      85,260  
                                   

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