Softbank Group Corp. · TSE:9984
Softbank — H1 FY2022 Earnings Presentation
78 slides from Softbank's earnings presentation, Nov 11, 2022
Slide 1: Earnings Results for the 6-month period ended September 30, 2022
Ver.1.1 Earnings Results for the 6-month period ended September 30, 2022 November 11, 2022
Slide 2: Disclaimers
Disclaimers This presentation provides relevant information about SoftBank Group Corp. (“SBG”) and its subsidiaries (including Arm Limited, together with SBG, the “Company”) and its affiliates (together with the Company, the “Group”) and does not constitute or form any solicitation of investment inc
Slide 3: External Environment and Strategic Direction
External Environment and Strategic Direction 2 2
Slide 4: Results of Defense (Sep. 2022)
Results of Defense (Sep. 30 2022) NAV (Net Asset Value) JPY 16.7tr (USD 115bn) LTV (Loan-to-Value) 15.0% Cash position JPY 4.3tr (USD 29bn) For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 30, 2022)” Cash position: cash and cash equivalents
Slide 5: Market Environment
Market Environment U.S. Consumer Price Index U.S. Long-term Interest Rate NASDAQ Composite Index (%) (%) （Index with Dec. 31, 2021 as 100） 10 5 110 4.1% 100 90 8 3 80 7.7％ 70 -34％ 6 1 60 Dec. 2021 Oct. 2022 Dec. 31 Nov. 9 Dec. 31 Nov. 9 2021 2022 2021 2022 U.S. Consumer Price Index: created by SBG b
Slide 6: Heightened Geopolitical Risk
Heightened Geopolitical Risk Russian US/China Invasion of Relationship Ukraine 5
Slide 7: Defense
Defense Stricter Continued Monetization × Investment Criteria 6
Slide 8: Consolidated Results
Consolidated Results 7
Slide 9: Consolidated Results
Consolidated Results (JPY bn) FY2021 FY2022 H1 H1 Change Net sales 2,983.5 3,182.5 +199.0 Loss on -395.2 -849.6 -454.4 investments Income before 1,047.0 292.6 -754.3 income tax Net income 363.6 -129.1 -492.7 Net Income: Net income attributable to owners of the parent 8
Slide 10: Gain/Loss on Investments
Gain/Loss on Investments (JPY bn) Gain relating to 3,524.7 Alibaba transactions 9.6 279.9 (684.8) (395.2) (849.6) Investment business of Holding (4,353.5) Loss on investments Companies Segment SVF Segment Others at SVF Consolidated (20.7) FY2021 FY2022 H1 H1 SVF Segment: SoftBank Vision Funds Segmen
Slide 11: Income Before Income Tax (by segment)
Income Before Income Tax (by segment) (JPY bn) FY21 FY22 H1 H1 Change Investment Business of Holding Companies 1,015.6 3,262.3 +2,246.7 SVF -401.2 -3,350.7 -2,949.5 SoftBank 532.1 429.3 -102.8 Arm 34.0 35.6 +1.6 Other/Reconciliations -133.5 -83.9 +49.6 Consolidated 1,047.0 292.6 -754.3 SVF: SoftBank
Slide 12: Net Income (quarterly)
Net Income (quarterly) (JPY bn) 3,033.6 1,932.8 1,121.7 1,255.7 1,172.0 912.3 698.3 627.5 761.5 526.4 313.7 5.5 97.1 24.0 55.0 29.0 (127.2) (397.9) (700.2) (1,438.2) (2,100.6) (3,162.7) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Net In
Slide 13: Impact of Alibaba-related Transactions
Impact of Alibaba-related Transactions (JPY tr) Gain on settlement of 0.6 prepaid forward contracts Total impact on Gain from consolidated 4.0 remeasurement P&L 0.8 Derivative gain JPY 4.3tr FVTPL (1.1) Valuation loss Impact of Alibaba-related transactions on consolidated results: sum of (a) and (b)
Slide 14: Impact of Forex
Impact of Forex On NAV On accounting Increase in NAV Increase in equity JPY +2.6tr JPY +2.9tr Consolidated net income JPY (1.1)tr Weaker JPY increased NAV and equity For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 30, 2022)” 13
Slide 15: NAV (Net Asset Value)
NAV (Net Asset Value) JPY 1.8tr decrease since Mar 2022 JPY 18.5tr JPY 16.7tr (USD 115bn) (USD 135bn) （Sep. 30, 2022） (Mar. 31, 2022) '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 （FY） As of the end of each quarter For details of NAV, see Appendi
Slide 16: NAV (Net Asset Value)
NAV (Net Asset Value) (JPY tr) Equity value of 23.2 holdings 4.7 19.7 Net debt 3.0 NAV decreased by JPY 1.8tr since Mar 2022 NAV 18.5 16.7 Mar. 31, 2022 Sep. 30, 2022 For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar. 31, 2022)” and “Definition and C
Slide 17: NAV per Share and Share Price
NAV per Share and Share Price (JPY) Share price NAV per share 11,206 10,791 (50)% (55)% 7,019 5,559 4,900 Mar. 31, 2022 Sep. 30, 2022 Nov. 9, 2022 For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar. 31, 2022)” and “Definition and Calculation Method of
Slide 18: Equity Value of Holdings
Equity Value of Holdings excl. asset-backed finance (JPY tr) 25.7 24.7 23.2 Composition (as of Sep. 30, 2022） 21.7 7.3 6.0 5.2 19.7 Alibaba 15% 4.5 3.0 SBKK 11% 2.4 2.3 2.2 2.4 2.2 SVF1 17% 5.1 5.2 4.0 3.4 3.3 SVF2 21% LatAm Funds 5% 5.0 4.0 4.8 4.5 4.2 T-Mobile/Deutsche Telekom 7% 0.8 1.3 0.9 1.1 1
Slide 19: Equity Value of Holdings: Diversified Portfolio
Equity Value of Holdings: Diversified Portfolio excl. asset-backed finance Mar. 31, 2022 Sep. 30, 2022 % of listed shares % of listed shares (net of asset-backed finance) (net of asset-backed finance) 52% 44% Others Others T-Mobile/ 8% T-Mobile/ 8% Alibaba Deutsche Telekom Alibaba Deutsche Telekom 1
Slide 20: Defense
Defense 19 19
Slide 21: Defense + Stakeholder Returns
Defense + Stakeholder Returns NAV LTV Cash Position (Net Asset Value) (Loan-to-Value) JPY 16.7tr 15.0% JPY 4.3tr (as of Sep. 30, 2022） Creditors Shareholders Debt repayment Share repurchases For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep.
Slide 22: Maintaining low LTV
LTV (Net Debt / Equity Value of Holdings) excl. asset-backed finance 40% LTV 35% 30% Maintaining 25% 20% 18.7% 21.6% 20.4% 15.0% low LTV 15.9% 14.5% 14.3% 10% 11.6% 12.2% 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2020 FY2021 FY2022 As of the end of each quarter For details of LTV, see Appendix “Definition and
Slide 23: Monetization and Capital Allocation (FY2022 H1)
Monetization and Capital Allocation (FY2022 H1) (JPY tr) +3.4 SVF investment (0.2) (0.5) Share repurchase Debt repayment Monetization (2.2) 4.3 Undrawn Weaker yen, etc. 0.7 commitment line +0.4 2.7 (2.9) 3.6 Cash position Increase Decrease Other Cash position （Mar. 31, 2022） （Sep. 30, 2022） Converte
Slide 24: Cash Position
Cash Position (JPY tr) 4.3 (USD 29bn) 0.7 Undrawn commitment line ＞ Next 4 years 3.6 JPY 4.1tr (USD 28bn) 0.9 1.0 0.9 1.2 Sep. 30, 2022 After 1 year After 2 years After 3 years After 4 years Cash Position Planned Bond Redemption Cash position: cash and cash equivalents + short term investments recor
Slide 25: Reduction in SBG Stand-alone Debt
Reduction in SBG Stand-alone Debt (FY22 H1+ bond repurchase in Oct 2022) Redemption/repurchase of bonds Total JPY 456.5bn (incl. bond repurchase in Oct 2022) Repayment of margin loans Total JPY 1,007.8bn Total JPY 2.4tr reduction Repayment of bank loans Total JPY 886.0bn FX: mainly average rate for
Slide 26: Shareholders Return: Share Repurchases
Shareholders Return: Share Repurchases JPY 1.0tr (Nov. 9, 2021 - Nov. 8, 2022) Completed (on Oct. 17, 2022) 25
Slide 27: Shareholders Return: Share Repurchases
Shareholders Return: Share Repurchases JPY 400bn (Aug. 9, 2022 - Aug. 8, 2023) Completed (on Nov. 10, 2022) 26
Slide 28: Shareholders Return: Share Repurchases
Shareholders Return: Share Repurchases Cumulatively repurchased JPY 5.0tr （since 2016） (JPY bn) 2,500 Continue large-scale 1,000 share 600 repurchase 500 400 Feb - Aug Feb - May Mar 2020 Nov 2021 Oct - Nov 2022 The chart illustrates the share repurchase programs approved by the Company's Board of Di
Slide 29: Shareholders Return: Share Repurchases Ranking
Shareholders Return: Share Repurchases (USD bn) （Feb 2019 - Oct 2022） 1 Apple 299 2 Alphabet 128 Ranking 3 Microsoft 92 4 Meta Platforms 83 vs 5 Oracle 75 global 6 7 Charter Communications Procter & Gamble 41 31 companies 8 Lowe's 30 9 Intel 30 Additional 10 SoftBank Group 28 USD 2.7bn (JPY 400bn) r
Slide 30: SoftBank Vision Funds
SoftBank Vision Funds SoftBank Vision Funds: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds 29
Slide 31: Gain/Loss on Investments (Quarterly)
Gain/Loss on Investments (Quarterly) USD basis 34,467 (USD mm) (SVF1 + SVF2 + LatAm) 13,567 10,910 4,607 2,869 3,549 3,768 5,554 941 2,285 958 715 2,969 Q3 The information contained herein is provided solely 785 630 for illustrative purposes on an SBG basis and Q3 individual investors' results may v
Slide 32: Gain/Loss on Investments (Cumulative)
Gain/Loss on Investments (Cumulative) 66,374 USD basis (USD mm) (SVF1 + SVF2 + LatAm) 60,821 56,808 55,867 31,245 26,353 20,166 16,398 The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. 12,849 Furthermore, past pe
Slide 33: SVF1: Cumulative Investment Return (as of Sep. 30, 2022)
SVF1: Cumulative Investment Return (as of Sep. 30, 2022) (USD bn) 102.9 89.4 42.3 Exited 21.8 Public companies 32.3 21.3 currently held Private companies 35.3 39.3 currently held Investment cost Cumulative investment return The information contained herein is provided solely for illustrative purpose
Slide 34: SVF2: Cumulative Investment Return (as of Sep. 30, 2022)
SVF2: Cumulative Investment Return (as of Sep. 30, 2022) (USD bn) 49.8 Exited 1.5 Public 8.2 companies 35.2 currently held 2.5 3.5 Private companies 40.1 currently held 29.2 Investment cost Cumulative investment return The information contained herein is provided solely for illustrative purposes on
Slide 35: Value Changes in Portfolio (cumulative)
Value Changes in Portfolio (cumulative) USD basis (SVF1 + SVF2 + LatAm) Mar. 31, 2022 Sep. 30, 2022 Gain No change Gain No change USD 62.9bn 44 co USD 48.9bn (9%) 112 co 117 co 163 co (24%) (26%) (36%) 316 co 169 co (67%) Loss (38%) Loss USD (31.7)bn USD (50.4)bn USD 31,245mm （449 co） USD (1,460)mm
Slide 36: Gain/Loss on Investments (FY22 H1)
Gain/Loss on Investments (FY22 H1) USD basis (SVF1 + SVF2 + LatAm) Total USD (32,705)mm Markup Markdown USD +1,878mm (40 companies) USD (34,582)mm (334 companies) (Main factors of markups, USD mm) (Main factors of markdowns, USD mm) +875 +603 +343 +58 (664) (2,441) (7,721) (7,828) (15,929) Performan
Slide 37: Focused on Defense: Invested Amounts (SVF1+SVF2)
Invested Amounts （SVF1+SVF2） (USD bn) 15.6 14.1 9.6 Focused on 5.0 Defense 2.2 0.3 Q1 Q2 Q3 Q4 Q1 Q2 FY2021 FY2022 Invested amounts include those through share exchanges and new and follow-ons investments 36
Slide 38: IPO & Sales/Monetization (SVF1+2; FY22 H1)
IPO & Sales/Monetization （SVF1+2; FY22 H1） IPO 3 companies Sales/ Monetization* USD 5.1bn etc. Sales and monetization amount includes those through share exchanges and procured through asset-backed finance. Amounts are before distribution to third-party investors. 37
Slide 39: Current Policy
Current Policy 1 Improve organizational efficiency (Centralizing global platform) 2 Heightened discipline for new investments 3 Enhance the value of current portfolio 38
Slide 40: New Leadership
New Leadership Alex Clavel Greg Moon Navneet Govil Oversees investing teams Oversees investing Oversees all functional in the U.S. / Latin America teams in Europe / Asia teams globally 39
Slide 41: SoftBank Vision Funds ― Sectors in Focus
SoftBank Vision Funds ― Sectors in Focus SoftBank Vision Funds. Includes SVF1, SVF2, and LatAm Funds 40
Slide 42: Shifting Commerce to the Digital World
Shifting Commerce to the Digital World Continued growth in global E-Commerce sales Indicative Portfolio (USD bn) 8,000 Worldwide Retail E-Commerce Sales 6,000 4,000 2,000 0 E-Commerce Sales % of Total Retail Sales 22% 23% 24% 25% 20% 21% 18% 19% 14% 12% 10% 7% 9% 0% 2015 2016 2017 2018 2019 2020 202
Slide 43: Reimaging the Global Supply Chain
Reimaging the Global Supply Chain Significant opportunity for further warehouse automation Indicative Portfolio Automation (ASRS) Market Opportunity Unautomated 98% 2% Automated Select Investments presented herein are solely for illustrative purposes and do not purport to be a complete list of SoftB
Slide 44: Democratizing Access to Financial Services
Democratizing Access to Financial Services Fintech poised for continued growth Indicative Portfolio (USD tr) 16 Transaction value by segment 14 Digital Payments Neobanking 12 Digital Investments & 10 Assets 8 6 4 2 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Select Investments presented
Slide 45: Navigating a New Frontier in Labor Markets
Navigating a New Frontier in Labor Markets Historically high job openings Indicative Portfolio (mm) 12 U.S. Job Openings 11 10 9 8 7 6 5 4 2016 2017 2018 2019 2020 2021 2022 Select Investments presented herein are solely for illustrative purposes and do not purport to be a complete list of SoftBank
Slide 46: Managing, Analyzing, and Protecting the World’s Data
Managing, Analyzing, and Protecting the World’s Data Worldwide data forecasted to grow Indicative Portfolio exponentially (Zettabytes) 200 Global volume of data created and 180 consumed 160 140 120 100 80 60 40 20 0 2010 2013 2016 2019 2022 2025 Select Investments presented herein are solely for ill
Slide 47: Portfolio Companies’ Update
Portfolio Companies’ Update 46
Slide 48: 財務編
財務編 47
Slide 49: Arm Revenue
H2 2,665 3-year CAGR (H1) 21% H1 1,980 1,201 1,823 1,809 1,788 1,689 1,044 977 967 1,035 917 1,463 1,375 846 936 772 821 774 (Source) Arm After FY2017: excl. ISG revenues ISG: Internet-of-Things Services Group Based on, but not necessarily in conformity with IFRS All numbers are unaudited and provid
Slide 50: Arm Adjusted EBITDA
Adjusted EBITDA H2 3-year CAGR (H1) 107% H1 999 827 215 740 596 463 428 300 371 365 784 740 225 289 282 364 296 (Source) Arm Arm’s Adjusted EBITDA for FY2018-19 excludes ISG direct costs only 203 FY2020-21 also excludes some corporate costs associated with ISG 82 83 ISG: Internet-of-Things Services
Slide 51: Market Share (2021)
Market Share (2021) Mobile IoT Automotive Cloud 95% 63% 24% 5% Finding Opportunities in Adversity Mobile: market share (by volume) of mobile application processors in smartphones and tablets, IoT: market share (by volume) of the combined embedded and IoT market which includes all industrial chips an
Slide 52: Arm Neoverse V2
Arm Neoverse V2 ーArm’s highest performance processor Core 1 2 Arm Neoverse V2 Armv9 based CPU NVIDIA announces Grace CPU Superchip deploying two Arm Neoverse V2 processors 51 © 2022 Arm NVIDIA announcement in September 2022 51
Slide 53: Strengthening Management
Strengthening Management New Board member New Board member Karen Dykstra Jeff Sine Director of VMware, Inc. and Gartner Co-Founder and Partner of The Inc. (to present) Raine Group (to present) Former Chief Financial and Prior to founding Raine, worked in Administrative Officer of AOL investment bank
Slide 54: PayPay
p>) PayPay
Slide 55: Number of Registered Users
Number of Registered Users (mm) 60 51.21mm 50 40 >51mm users (as of Sep. 24, 2022) 30 20 10 0 Oct 2018 Sep 2022 (Source) PayPay Corporation Period from Oct. 5, 2018 to Sep. 30, 2022 Number of registered users: cumulative number of users who registered their accounts 54
Slide 56: GMV (Gross Merchandise Value)
GMV (Gross Merchandise Value) (JPY tr) JPY 1.8tr 1.7 1.5 1.5 1.2 1.2 Steady growth 1.0 0.8 0.7 0.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2020 FY2021 FY2022 (Source) PayPay Corporation GMV: does not include the number of times PayPay balance "send/receive" function is used among users. From FY21 Q4 onwards
Slide 57: Strong Brand Recognition
Strong Brand Recognition No.1 QR code payment market share in Japan Most downloaded app in Japan No.1 App with most users in Japan No.2 QR code payment market share in Japan: Payments Japan Association “Code Payment Trends Report” (published on Sep. 9, 2022). Calculated from Jul 2021 to Jun 2022 res
Slide 58: Cashless Payment Market
Cashless Payment Market Alliance/Synergies with PayPay Card TAM Enhance finance Approx. business Expand merchant JPY 250tr business JPY PayPay GMV Pursuing further 4.9tr (CY2021) value growth (Source) calculated from nominal GDP statistical data from Economic and Social Research Institute, Cabinet O
Slide 59: Mobile
‘ Mobile
Slide 60: U.S. Telecom Market Capitalization
U.S. Telecom Market Capitalization Jul. 11, 2013 Sep. 30, 2022 USD 193bn USD 168bn USD 159bn USD 147bn USD USD 137bn 129bn USD 109bn USD 48bn USD USD USD USD USD 19bn 19bn 18bn 13bn 7bn AT&T Verizon Comcast DISH Charter Verizon Comcast AT&T Charter DISH (Source) S＆P Capital IQ 59
Slide 61: Investment Return (Sprint, T-Mobile & Deutsche Telekom)
Investment Return （Sprint, T-Mobile & Deutsche Telekom） JPY 4.6tr Debt IRR （repaid in full) JPY 2.1tr JPY Equity 25% 3.0tr value FX rate: TTM of each transaction date IRR: equity value IRR Debt: amount raised at acquisition in Japanese yen (JPY 1.65tr) Acquisition cost: excludes incidental expenses
Slide 62: Financial Strategy
Financial Strategy 61
Slide 63: Financial Strategy Unchanged
Financial Strategy Unchanged (1) Firmly keeping (2) Flexible and adaptive financial financial policy management 62
Slide 64: Firmly Keeping Financial Policy
Firmly Keeping Financial Policy 1. Maintain LTV below 25% in normal times (upper threshold of 35% even in times of emergency) 2. Maintain at least 2-year worth of bond redemptions in cash 3. Secure recurring distributions and dividend income from SVF and other subsidiaries 63
Slide 65: Sustainability
Sustainability 64
Slide 66: Our Corporate Philosophy and Sustainability
Our Corporate Philosophy and Sustainability Information Revolution ー Autonomous driving for safer roads Happiness for Everyone Using AI to cure deadly diseases Sustainability commitment Remote learning for educational equality integrated in our corporate philosophy An enriched life for all More crea
Slide 67: Addressing Challenges through Investment
Addressing Challenges through Investment Our diverse portfolio companies address environmental and social challenges; including climate change, circular economy, enhanced productivity, and improved access to education and finance 66
Slide 68: Toward Greenhouse Gas Reduction
Toward Greenhouse Gas Reduction Group Target Achieving Carbon Neutrality by FY2030 FY2021 Progress SBG Achieved Carbon Neutrality Arm SoftBank Corp. Yahoo Japan 98% of electricity used by 53.5% of electricity used 59% of energy used by the company is renewable at base stations is the company is rene
Slide 69: Initiatives for Diversity & Inclusion
Initiatives for Diversity & Inclusion FY2021 Progress SBG Ratio of female employees 44% Ratio of female managers 22% SoftBank Corp. SB Opportunity Fund SoftBank Group International Set Target for ratio of Invested in businesses led by Ratio in new hire female managers underrepresented founders Women
Slide 70: Governance Initiatives
Governance Initiatives Our diverse management Representative Director, Board Director, Board Director Board Director team with knowledge in Corporate Officer, Corporate Officer, Representative Director & President and Representative Chairman & CEO Senior Vice President, Chairman, Director, Co-CEO, C
Slide 71: Income Taxes Paid (Net) on Consolidated basis
Income Taxes Paid (Net) on Consolidated basis (JPY bn) 636.3 61.1 589.3 Subsidiaries SBG 38.1 outside Japan 445.5 SBG & 324.7 200.0 holding companies in Wholly owned subs OpCos 135.0 Japan 35.7 Operating companies in Japan (SoftBank each pay taxes 250.5 274.8 351.2 Corp., Yahoo Japan Corporation, et
Slide 72: Information Revolution ― Happiness for everyone
Information Revolution ― Happiness for everyone 71
Slide 73: SoftBank
SoftBank
Slide 74: Appendix
Appendix
Slide 75: Definition and Calculation Method of SBG’s NAV and LTV (as of Mar. 31, 2022)
Definition and Calculation Method of SBG’s NAV and LTV (as of Mar. 31, 2022) 1. NAV（Net Asset Value） ◦ NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjusting asset-backed financing) ◦ Alibaba: calculated by multiplying the number of Alibaba ADSs equivalent to the numb
Slide 76: Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 30, 2022)
Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 30, 2022) 1. NAV（Net Asset Value） ◦ NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjusting asset-backed financing) ◦ Alibaba: calculated by multiplying the number of Alibaba ADSs equivalent to the numb
Slide 77: SVF1 Public Portfolio Companies (as of Sep. 30, 2022)
SVF1 Public Portfolio Companies (as of Sep. 30, 2022) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ mm) Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC to SVF1 to SVF1 to SVF1 Coupang 2,729 10,423 7,694 3.8x Doordash 680 6,993 6,313 10.3x Fully Exited NVIDIA 2,878 5,813 2,936
Slide 78: SVF2 Public Portfolio Companies (as of Sep. 30, 2022)
SVF2 Public Portfolio Companies (as of Sep. 30, 2022) (a) (b) (c) = (b) - (a) (d) = (b) / (a) *2 *3 Investment cost Gross return Gross gain (loss) *4 ($ mm) Company Gross MOIC to SVF2 to SVF2 to SVF2 Fully Exited Beike (KE Holdings) 1,350 2,497 1,147 1.8x Symbotic 200 230 30 1.2x Berkshire Grey 115