Softbank Group Corp. · TSE:9984
Softbank — Q4 FY2020 Earnings Presentation
31 slides from Softbank's earnings presentation, May 2021
Slide 1: SoftBank Vision Funds Update
QUARTER ENDED MARCH 31, 2021 SoftBank Vision Funds Update NAVNEET GOVIL Managing Partner & Chief Financial Officer SoftBank Investment Advisers
Slide 2: Important Information (1 of 2)
2 Important Information (1 of 2) This presentation (this “Presentation”) is furnished to you for informational purposes in connection with the interests of SoftBank Group Corp. (together with its affiliates, “SoftBank”) in SoftBank Vision Fund L.P. (together with, as the context may require, any par
Slide 3: Important Information (2 of 2)
3 Important Information (2 of 2) Vision Fund I performance herein is based on unrealized valuations of portfolio investments. Valuations of unrealized investments are based on assumptions and factors (including, for example, as of the date of the valuation, average multiples of comparable companies,
Slide 4: Topics
4 Topics 01- Progress & Highlights 02- Performance & Impact on SoftBank Group (SBG) 03- In Focus: Unlocking Portfolio Value
Slide 5: Progress & Highlights
Progress & Highlights Investment Advisers
Slide 6: Performance Snapshot
PROGRESS & HIGHLIGHTS 6 Performance Snapshot As of March 31, 2021 SVF1 & SVF2 COMBINED METRICS 1 2 3 Total Fair Value Cumulative Investment Gains Distributions Total Cumulative Total Commitment Total Fair Value1 Distributions3 Acquisition Cost2 Investment Gains2 SVF1 $98.6B $85.7B $57.1B $142.8B $22
Slide 7: A Broad and Diverse Portfolio
SVF2 PROGRESS & HIGHLIGHTS 7 A Broad and Diverse Portfolio… As of March 31, 2021 44 PRIVATE3 Total Number of Portfolio 1 Companies $6.2B Total Invested2 SVF2 Launch OCT. 2019 PUBLIC4 BEIKE Footnotes: 1. Total Number of Portfolio Companies include investments in portfolio companies made by the Fund a
Slide 8: Invested Across Disruptive Sectors
SVF2 PROGRESS & HIGHLIGHTS 8 …Invested Across Disruptive Sectors As of March 31, 2021 Consumer Edtech Enterprise Health Tech Fintech Transportation Frontier Tech Logistics Proptech ACQUISITION COST BY SECTOR1 Footnotes: 1. Acquisition Cost by Sector is cumulative from Fund Inception to March 31, 202
Slide 9: Measurable Value in Our Portfolio
SVF1 PROGRESS & HIGHLIGHTS 9 Measurable Value in Our Portfolio As of March 31, 2021 Total Acquisition Cost1 Cumulative Investment Gains1 Total Fair Value1,3 $85.7B $57.1B $142.8B Realized Investments2 Unrealized Investments FULL & PARTIAL PUBLIC PRIVATE $69.0B $62.2B $54.0B $19.8B $10.5B $13.0B Cost
Slide 10: Coupang IPO Drives Substantial Valuation Uplift
SVF1 PROGRESS & HIGHLIGHTS 10 Coupang IPO Drives Substantial Valuation Uplift As of May 07, 2021 Gross MOIC1 Gross Unrealized Gain2 Current Market Cap3 NYSE: CPNG Cost4 Trading Activity5 MAY 07, 2021 +41% IPO – MAR 11, 2021 SEP 28, 2018 2021 Footnotes: 1. Gross MOIC (Gross Multiple of Invested Capit
Slide 11: Additional IPOs Continue to Unlock Value
PROGRESS & HIGHLIGHTS 11 Additional IPOs1 Continue to Unlock Value As of May 07, 2021 SVF1 SVF2 2 2 Gross MOIC Gross MOIC 3.1x 1.2x ETR: AG1 NASDAQ: XM 3 4 3 4 Cost Trading Activity Cost Trading Activity MAY 07, 2021 MAY 07, 2021 +39% +52% IPO – FEB 04, 2021 JAN 10, 2018 2021 IPO – JAN 28, 2021 Foot
Slide 12: Active Public Listings
SVF1 SVF2 PROGRESS & HIGHLIGHTS 12 Active Public Listings As of March 31, 2021 ETR: AG1 NYSE: CPNG NYSE: DASH NASDAQ: GH NYSE: OCFT NASDAQ: OPEN NASDAQ: RLAY GROSS MOIC1 GROSS MOIC1 GROSS MOIC1 1 1 GROSS MOIC1 GROSS MOIC1 GROSS MOIC GROSS MOIC New Listings During the Quarter2 3.1x 10.3x 12.1x 9.4x 0
Slide 13: Recent Funding Rounds
SVF1 PROGRESS & HIGHLIGHTS 13 Recent Funding Rounds Pre-Money Valuations Jan 2021 $25.8B Mar 2021 $12.5B Mar 2021 $7.8B Mar 2021 $1.6B Prior Round: Prior Round: Prior Round: Prior Round: Series G $16.0B Series F $6.2B Series G $3.8B Series F $1.0B Lead Lead Lead Lead Investors: Investor: Investor: I
Slide 14: Additional SPAC Launches
PROGRESS & HIGHLIGHTS 14 Additional SPAC Launches Over $1.1B Raised to Accelerate Growth in Target Companies SVFA SVFB SVFC Public Offering Size $604M SVF2 Forward Purchase Agreement $300M Lock-up Period 1 Year Warrants 1/5th I P O D AT E : Footnotes: SVF Investment Corp. Website, Home | SVF Investm
Slide 15: Performance & Impact on SoftBank Group (SBG)
15 Performance & Impact on SoftBank Group (SBG)
Slide 16: SVF1 Contribution to SBG, Net of 3rd Party Interests
16 SVF1 2020 2021 Twelve-Month Period Ended Mar 31 Mar 31 SVF1 Fund Net Profit (Loss)2 ($14.81) $44.48 PERFORMANCE & IMPACT ON SBG Less: Change in 3rd Party Contribution to Interests in Fund 7.74 (21.64) SBG, Net of 3rd SBG LP Income (Loss): (7.07) 22.84 Share of Fund Net Profit (Loss) Party Interes
Slide 17: SVF1 Contribution to SBG, Net of 3rd Party Interests
17 SVF1 2021 Inception to Mar 31 SVF1 Fund Net Profit2 $40.47 PERFORMANCE & IMPACT ON SBG Less: Change in 3rd Party Contribution to Interests in Fund (19.79) SBG, Net of 3rd SBG LP Income: 20.68 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD billions 10.18 Management & Per
Slide 18: Contribution to SBG, Realized and Unrealized Values (SVF1)
18 SBG Paid-In Capital4 SVF1 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Realized and SBG Total Value5 Net Asset Value1 Unrealized Values (Unrealized Value) Distributions2 As of March 31, 2021 (Realized Value) Accrued & Paid Performance Fees3 Footnotes: 1. Net Asset Value includes net changes i
Slide 19: Contribution to SBG, Realized and Unrealized Values (SVF2)
19 SBG Paid-In Capital3 SVF2 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Realized and SBG Total Value4 Unrealized Values Net Asset Value1 (Unrealized Value) As of March 31, 2021 Accrued Performance Fees2 Footnotes: 1. Net Asset Value includes net changes in fair value of financial assets at fai
Slide 20: In Focus: Unlocking Portfolio Value
20 In Focus: Unlocking Portfolio Value
Slide 21: Our Philosophy
21 UNLOCKING PORTFOLIO VALUE SoftBank Vision Funds Our Philosophy Limited Portfolio Partners Long-term, Companies Patient Investor The information provided herein is for illustrative purposes only and reflects the beliefs of SBIA as of the date of this presentation. There can be no assurance that th
Slide 22: Disciplined Monetization and Distributions
UNLOCKING PORTFOLIO VALUE 22 Disciplined Monetization and Distributions Growth & Expansion Public Listing M&A IPO, DPO, or SPAC Capital Geographic PORTFOLIO Raising Expansion COMPANIES Strategic Financial Opportunistic Ecosystem Market Synergies Share Monetization Factors PHASE 3 SOFTBANK VISION FUN
Slide 23: Steadily Growing Distributions to Investors
SVF1 UNLOCKING PORTFOLIO VALUE 23 Steadily Growing Distributions to Investors Inception to March 31, 2021 SVF1 Launch MAY 2017 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Footnotes: 1. Cumulative Distributions include proceeds from Investment Realizations and Preferred Equity Coupon distributed to Limi
Slide 24: Key Steps of the Distribution Waterfall
24 PREFERRED EQUITY INVESTORS 1 Payment of Preferred Equity Coupon SVF1 2 PREFERRED EQUITY INVESTORS UNLOCKING PORTFOLIO VALUE Return of Preferred Equity Contributions Key Steps of the Distribution Waterfall 3 EQUITY INVESTORS Return of Equity Contributions EQUITY INVESTORS 4 Distribution of Equity
Slide 25: Distributions Through the Waterfall
25 Net Proceeds Distributed Through Waterfall $22.3B1 1 Payment of Preferred Equity Coupon $4.7B SVF1 UNLOCKING PORTFOLIO VALUE 2 Distributions Through Return of Preferred Equity Contributions $14.0B the Waterfall 3 Inception to March 31, 2021 Return of Equity Contributions $1.5B 4 Distribution of E
Slide 26: Distributions Have Significantly Reduced Ongoing Coupon Payments
SVF1 UNLOCKING PORTFOLIO VALUE 26 Distributions Have Significantly Reduced Ongoing Coupon Payments Inception to March 31, 2021 Steps 2 & 3 Distribution Waterfall (A) (B) (C) (D) = (B)-(C) Fund Drawn Return of Outstanding Commitment Capital1 Capital2 Capital3 Preferred Equity $40.0B $35.2B $14.0B $21
Slide 27: Continued Focus on Value and Distributions
SVF1 UNLOCKING PORTFOLIO VALUE 27 Continued Focus on Value and Distributions Inception to March 31, 2021 Value Maximization & Distributions through Public Listings and M&A Track Record Cumulative Distributions 1 to our Investors $22.3B Fund Inception Year 4 12-Year Fund Life May 20, 2017 March 31, 2
Slide 28: Significant Portfolio Value Unlocked Through Public Listings
28 Exited1 $142.8B Public2 $19.8B 3 Private SVF1 UNLOCKING PORTFOLIO VALUE $85.7B $54.0B Significant Portfolio $10.5B $13.0B Value Unlocked Through Public Listings $62.2B $69.0B As of March 31, 2021 Cost4 Fair Value4 Footnotes: 1. Exited Cost figure represents the cost for full and partially Realize
Slide 29: Portfolio Evolution
29 $142.8B $29.5B $81.9B Combined Exited & SVF1 Public Fair Value4 $10.8B UNLOCKING PORTFOLIO VALUE Combined Exited & $54.0B $10.1B Public Fair Value4 Portfolio Evolution Exited1 Public2 $61.0B $59.3B 3 Private Mar 2020 Mar 2021 Pro-Forma5 Footnotes: 1. Exited represents the Gross Realized Proceeds
Slide 30: Maximizing Value for Our Investors
UNLOCKING PORTFOLIO VALUE 30 Maximizing Value for Our Investors Value Creation Monetization Distributions The information provided herein is for illustrative purposes only and reflects the beliefs of SBIA as of the date of this presentation. There can be no assurance that the operations and/or proce
Slide 31: Thank You
31 Thank You SoftBank Vision Funds Investor Briefing Presentations Available at visionfund.com/presentations