Softbank Group Corp. · TSE:9984
Softbank — Q3 FY2022 Earnings Presentation
81 slides from Softbank's earnings presentation, Feb 7, 2023
Slide 1: Earnings Results for the 9-month period ended December 31, 2022
Ver.1.1 Earnings Results for the 9-month period ended December 31, 2022 February 7, 2023
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: Most Important Indicators for SBG
Most Important Indicators for SBG (as of Dec. 31, 2022) NAV (Net Asset Value) JPY 13.9tr LTV (Loan-to-Value) 18.2% Cash position JPY 3.8tr For details of NAV and LTV as of Dec. 31, 2022, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec. 31, 2022)” Cash position: cash a
Slide 4: Change in NAV
Change in NAV (JPY tr) 16.7 13.9 Sep. 30, 2022 Dec. 31, 2022 For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 30, 2022)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec. 31, 2022)” 4
Slide 5: Change in NAV
Change in NAV (JPY tr) -1.5 Forex impact 16.7 13.9 Sep. 30, 2022 Dec. 31, 2022 For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 30, 2022)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec. 31, 2022)” 5
Slide 6: Forex Trends (since Dec. 31, 2021)
Forex Trends (since Dec. 31, 2021) (USD/JPY) 160 JPY 144.81 135 JPY 132.70 JPY 115.44 110 Dec. 31 Sep. 30 Dec. 31 2021 2022 2022 Created by SBG based on MUFG Bank’s TTM data 6
Slide 7: LTV (Net Debt / Equity Value of Holdings)
LTV (Net Debt / Equity Value of Holdings) excl. asset-backed finance 40% 35% 30% 21.6% 25% Maintain 20% 18.7% 20.4% 18.2% low LTV 15.9% 14.5% 15.0% 14.3% 12.2% 10% 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2020 FY2021 FY2022 As of the end of each quarter For details of LTV, see Appendix "Definition and Calcul
Slide 8: LTV (Net Debt / Equity Value of Holdings)
LTV (Net Debt / Equity Value of Holdings) excl. asset-backed finance 40% 35% 30% 21.6% 25% Maintain 20% 18.7% 20.4% 18.2% low LTV 15.9% 14.5% 15.0% 14.3% 12.2% 16.1% (excl. forex impact) 10% 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2020 FY2021 FY2022 As of the end of each quarter For details of LTV, see Appe
Slide 9: Cash Position
Cash Position (JPY tr) Maintain ample cash position 4.3 3.8 Sep. 30, 2022 Dec. 31, 2022 Cash position: cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line undrawn commitment line (JPY 701.7bn as of Sep. 30, 2022, JPY 646.0bn as of Dec. 31, 2022) SB
Slide 10: Cash Position
Cash Position (JPY tr) Forex impact -0.2 Maintain ample cash position 4.3 3.8 Sep. 30, 2022 Dec. 31, 2022 Cash position: cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line undrawn commitment line (JPY 701.7bn as of Sep. 30, 2022, JPY 646.0bn as of
Slide 11: How We Are: Solid defense, ample cash to play offense
How We Are Solid defense Ample cash available to play offense 11
Slide 12: When Do We Start Playing Offense?
When Do We Start Playing Offense? 12
Slide 13: Stock Market Trends
Stock Market Trends (Index with Dec. 31, 2021 as 100) Latest (Feb. 3, 2023) 100 88.0 Golden Dragon China 80.6 86.8 S&P500 75.4 76.7 NASDAQ 66.9 50 0 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31 2021 2022 2022 2022 2022 Created by SBG based on Bloomberg 13
Slide 14: Share Price of Major Listed Portfolio Companies
Share Price of Major Listed Portfolio Companies (Index with Dec. 31, 2021 as 100) Latest (Feb. 3, 2023) 125 100 89.5 Alibaba 74.2 75 68.3 AutoStore 51.5 55.1 Coupang 50 50.1 25 0 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31 2021 2022 2022 2022 2022 Major listed portfolio companies: The portfolio companie
Slide 15: Prospects
Prospects Scenario 1 Linear early recovery Scenario 2 Instability followed by recovery from H2 2023 TODAY Scenario 3 Further decline followed by recovery after 2024 Dec. 31 2022 2024 This slide is for illustrative purposes only. 15
Slide 16: Market Views
Market Views Some expect a full Factors watched stock market recovery to begin in H2 2023 • Inflation trends or later • Key interest rates • Possible Fundraisings in recessions private market and • Geopolitical risks IPO trends 16
Slide 17: Our Investment Strategies
Our Investment Strategies Vision Capitalist for the Information Revolution • Our vision remains the same • The fund is managed for the long term Financially prepared for all scenarios Continue to focus on creating value for Arm and other portfolio companies 17
Slide 18: Consolidated Results
Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 18
Slide 19: Consolidated Results
Consolidated Results (JPY bn) FY2021 FY2022 Q1-Q3 Q1-Q3 Change Net sales 4,580.8 4,875.8 +294.9 Loss on investments -551.8 -1,361.2 -809.4 Income before income tax 1,234.7 -290.0 -1,524.8 Net income 392.6 -912.5 -1,305.1 Net Income: Net income attributable to owners of the parent 19
Slide 20: Gain/Loss on Investments
Gain/Loss on Investments (JPY bn) 3,699.6 Gain relating to 61.4 Alibaba transactions 16.0 -629.1 -551.8 -1,361.2 Investment Business of Holding Companies segment -5,006.8 Loss on SVF segment investments at SVF Others Consolidated -54.0 FY2021 FY2022 Q1-Q3 Q1-Q3 SVF segment: SoftBank Vision Funds seg
Slide 21: Income Before Income Tax (by segment)
Income Before Income Tax (by segment) (JPY bn) FY2021 FY2022 Q1-Q3 Q1-Q3 Change Investment Business of Holding Companies 973.0 3,131.8 +2,158.8 SVF -350.8 -4,010.8 -3,660.0 SoftBank 700.8 545.5 -155.3 Arm 31.1 54.9 +23.8 Other/Reconciliations -119.3 -11.5 +107.8 Consolidated 1,234.7 -290.0 -1,524.8
Slide 22: 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 -783.4 -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 Q3 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Ne
Slide 23: Impact of Forex (FY2022 Q1-Q3)
Impact of Forex （FY2022 Q1-Q3） On NAV On accounting Increase in NAV Increase in equity JPY +1.2tr JPY + 1.2tr Consolidated net income JPY -0.7tr (improved from JPY -1.1tr for FY22H1) Weaker JPY increased NAV and equity For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV
Slide 24: NAV (Net Asset Value)
NAV (Net Asset Value) JPY 13.9tr (USD 104bn) （Dec. 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 Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec. 31,
Slide 25: NAV decreased by JPY 2.8tr
NAV (Net Asset Value) (JPY tr) Equity value of holdings 19.7 16.9 Net Debt 3.0 3.1 NAV decreased by JPY 2.8tr NAV 16.7 since Sep 2022 13.9 Sep. 30, 2022 Dec. 31, 2022 For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 30, 2022)” and “Definition and C
Slide 26: Change in NAV
Change in NAV (JPY tr) 1.5 0.4 0.5 0.2 0.2 NAV decreased by JPY 2.8tr NAV 16.7 mainly due to 13.9 stronger yen Sep. 30 Forex Share Share Tax Dec. 31 impact price repurchase payment Others 2022 2022 For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 3
Slide 27: NAV per Share and Share Price
NAV per Share and Share Price (JPY) Share Price NAV per share 10,791 9,472 -55％ -40％ 5,644 6,328 4,900 Sep. 30 Dec. 31 Feb. 3 2022 2022 2023 For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep. 30, 2022)” and “Definition and Calculation Method of SBG’s
Slide 28: Equity Value of Holdings
Equity Value of Holdings (JPY tr) excl. asset-backed finance 24.7 23.2 21.7 6.0 Composition （as of Dec. 31, 2022） 5.2 19.7 16.9 4.5 2.3 3.0 Alibaba 12％ 2.2 2.4 2.2 2.0 SBKK 13％ 5.2 4.0 3.4 3.3 2.3 SVF1 16% 2.8 SVF2 22% 5.0 4.5 4.2 4.8 3.7 LatAm Funds 5% 1.0 1.0 0.9 0.8 1.1 1.1 1.2 1.3 0.9 T-Mobile/D
Slide 29: Equity Value of Holdings
Equity Value of Holdings (JPY tr) excl. asset-backed finance 24.7 23.2 21.7 6.0 5.2 19.7 Monetization 16.9 4.5 -3.2 2.3 2.2 3.0 impact 2.4 2.0 2.2 5.2 4.0 2.3 3.4 3.3 2.8 23.2 5.0 4.5 4.2 4.8 3.7 16.9 1.1 1.0 1.0 0.9 0.9 0.8 1.1 1.2 1.3 1.3 2.8 2.7 3.0 3.1 2.6 1.8 1.9 1.8 1.6 1.3 Q3 Q4 Q1 Q2 Q3 Q4 1
Slide 30: Equity Value of Holdings: Diversified Portfolio
Equity Value of Holdings: Diversified Portfolio excl. asset-backed finance Mar. 31, 2022 Dec. 31, 2022 ％ of listed shares ％ of listed shares (net of asset-backed finance) (net of asset-backed finance) 52% 44% Others Others Alibaba 8% 8% Arm 12% Alibaba 23% T-Mobile/ 12% Arm 16% SBKK Deutsche Telekom
Slide 31: SoftBank Vision Funds
SoftBank Vision Funds SoftBank Vision Funds: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 31
Slide 32: Gain/Loss on Investments (cumulative)
Gain/Loss on Investments (cumulative) USD basis (SVF1 + SVF2 + LatAm Funds) 66,374 (USD mm) 60,821 56,808 55,867 31,245 26,353 20,166 16,398 12,849 The information contained herein is provided solely for illustrative 11,403 purposes on an SBG basis and individual investors' results may vary. 12,786
Slide 33: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) USD basis (SVF1 + SVF2 + LatAm Funds) 34,467 (USD mm) 13,567 10,910 4,607 5,554 2,869 3,549 3,768 2,285 2,969 958 785 715 '21Q3 630 '19Q3 '21Q1 941 The information contained herein is provided solely for illustrative purposes on an SBG basis and individual invest
Slide 34: SVF1: Cumulative Investment Return
SVF1: Cumulative Investment Return (as of Dec. 31, 2022) (USD bn) 100.6 89.6 Exited 23.1 44.0 Public companies 31.4 19.9 currently held Private companies 35.1 36.7 currently held Investment cost Cumulative investment return The information contained herein is provided solely for illustrative purpose
Slide 35: SVF2: Cumulative Investment Return
SVF2: Cumulative Investment Return (as of Dec. 31, 2022) (USD bn) 49.9 Exited 1.6 Public 8.1 companies currently held 33.2 2.5 3.9 Private companies 40.2 currently held 26.8 Investment cost Cumulative investment return The information contained herein is provided solely for illustrative purposes on
Slide 36: Value Changes in Portfolio (cumulative)
Value Changes in Portfolio (cumulative) USD basis (SVF1 + SVF2 + LatAm Funds) Mar. 31, 2022 Dec. 31, 2022 No change No change Gain Gain 28 co USD +62.9bn (6%) USD +45.5bn 100 co 117 co 163 co (21%) (26%) (36%) 344 co 169 co (73%) Loss (38%) Loss USD -31.7bn USD -52.1bn USD 31,245mm （449 co） USD -6,6
Slide 37: Gain/Loss on Investments (FY22 Q1-Q3)
Gain/Loss on Investments (FY22 Q1-Q3) USD basis (SVF1 + SVF2 + LatAm Funds) Total USD -37,890mm Markup Markdown USD +3,377mm (45 companies) USD -41,267mm (354 companies) (By main factor of markups; USD mm) (By main factor of markdowns; USD mm) +1,110 +788 +25 +1,392 +62 -2,799 -1,788 -7,837 -12,215
Slide 38: Invested Amounts (SVF1+SVF2)
Invested Amounts (SVF1+SVF2) (USD bn) 15.6 14.1 9.6 Focused on Defense 5.0 2.2 0.3 0.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2021 FY2022 38 Invested amounts include those through share exchanges and new and follow-ons investments.
Slide 39: Stock Offerings & Sales/Monetization (SVF1+2; FY22 Q1-Q3)
Stock Offerings & Sales/Monetization （SVF1+2; FY22 Q1-Q3） Stock offerings 4 companies Sales/ Monetization USD 6.5 bn etc. The number of stock offerings includes the number of IPOs and SPAC mergers (De-SPACs). Sales and monetization amount includes those through share exchanges and procured through a
Slide 40: Concerns for SoftBank Vision Funds
Concerns for SoftBank Vision Funds? “What’s the policy?” “Are portco’s cash runways all right?” “Are you adding values to portcos?” “How are you operating?” “Can you still plan IPOs?” SoftBank Vision Funds: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. 40
Slide 41: How We Operate SVF Now
How We Operate SVF Now Belief in AI revolution is unshaken Focus on defense in the current situation Heightened Enhance discipline for new the value of investments current portfolio 41
Slide 42: Operations of SVF Portfolio Companies
Operations of SVF Portfolio Companies Efficiency M&A Partnership Improvement Opening new Scale up and channels and Driving OPEX enter new markets accelerating reductions innovation Examples Examples × 69％ × of portfolio companies increasing operational efficiency Efficiency improvement is based on t
Slide 43: Cash Runways of Portfolio Companies
Cash Runways of Portfolio Companies Proportion of portfolio companies securing 12 months+ cash runways (fair value basis) SVF1 SVF2 LatAm Funds 99% 90% 79% Based on portfolio company fair value. Includes private and OTC traded portfolio companies. Excludes portfolio companies where cash runway data
Slide 44: SVF Fund Level Initiatives
SVF Fund Level Initiatives 1 Diversify portfolio 2 Disciplined monetization 3 Distributions There can be no assurances that future operating plans set forth herein will be attained. 44
Slide 45: Late-stage Investments
Late-stage Investments USD 37bn+ Better Value of late-stage portfolio positioned company holdings （SVF1 + SVF2 + LatAm Funds） for future IPO Value of late-stage portfolio company holdings is total fair value of SVF1, SVF2, and LatAm Funds portfolio companies at Series E or later as of Dec. 31, 2022.
Slide 46: Arm
Some figures in this presentation are rounded and may not add up to the figures presented as the total. 46
Slide 47: Development of Semiconductor Industry
Development of Semiconductor Industry 20th Century 21st Century Rise of Taiwan and Japan/US/ South Korea Key players Europe US-China friction Progress of digitalization and energy-saving Role of A part of electric Semiconductors are semiconductors appliances a key for security and carbon emission re
Slide 48: Semiconductor Value Chain
Semiconductor Value Chain SEMICONDUCTOR CHIP DESIGN MANUFACTURER OEM PRODUCT SOFTWARE & IP APPLICATIONS Most chips need a processor; Software and apps run on Arm, helping to secure Arm’s future as Arm is one of the world’s leading providers of processor IP a leading processor IP provider © 2023 Arm
Slide 49: Semiconductor Value Chain
Semiconductor Value Chain SEMICONDUCTOR S O F T WA R E & CHIP DESIGN M A N U FA C T U R E R OEM PRODUCT IP A P P L I C AT I O N S Most chips need a processor; Software and apps run on Arm, helping to secure Arm’s future as Arm is one of the world’s leading providers of processor IP a leading process
Slide 50: Arm based products are everywhere...
Arm based products are everywhere... © 2023 Arm 50
Slide 51: 250 Billion
250 Billion Arm based chips shipped through September 2022 51 © 2023 © 2023Arm Arm (Source) Arm 250 Billion: cumulative chip shipments by Arm licensees — From company founding to September 30, 2022 51
Slide 52: 250 Billion
250 Billion '91 '95 '00 '05 '10 '15 '20 '22 Cumulative shipments of Arm-based chips up to end of each calendar year except for 2022 (as of end of September). (Source) Arm © 2023 Arm The information contained herein is provided for illustrative purposes only. The information herein was prepared by Ar
Slide 53: Earnings Results Briefing for FY2016
Earnings Results Briefing for FY2016 Earnings Results Briefing for FY2016: An excerpt from the presentation material for the Company’s Earnings Results Briefing for FY2016 53
Slide 54: 8 Billion
Record 8 Billion Arm based chips shipped from July to September 2022 © 2023 Arm (Source) Arm 8 Billion: chip shipments by Arm licensees — From July 1, 2022, to September 30, 2022 54 Record refers to the highest number of units reported by Arm’s licensees to Arm during the before above. 54
Slide 55: Of all chips with processors are Arm based
>1/3 of all chips with processors are Arm based © 2023 Arm >1/3: Fiscal Year 2021 — April 1, 2021, to March 31, 2022 55 (Source) Based on Arm estimates 55
Slide 56: Of the world's population uses Arm technology every day
~70 % of the world’s population uses Arm technology every day © 2023 Arm ~70%: Fiscal Year 2021 — April 1, 2021, to March 31, 2022 56 (Source) Based on GSMA Mobile Economy 2022 and Arm estimates 56
Slide 57: Arm Gaining Market Share
Arm Gaining Market Share 2016 2021 90% MOBILE 95% MOBILE INTERNET 30% OF THINGS 63% 10% AUTOMOTIVE 24% 0% CLOUD 5% Market shares are estimated based on Calendar Years. 2016: January 1 to December 31, 2016. 2021: January 1 to December 31, 2021 (Source) Arm estimates, provided in January 2023. The inf
Slide 58: Complexity and Performance Increasing
Complexity and Performance Increasing Premium Smartphones Games Consoles High-end Automotive ~420 million units/year ~50 million units/year ~10 million units/year ~50 semiconductors per device ~100 semiconductors per console ~10,000 semiconductors per car © 2023 Arm (Source) Arm estimates 58
Slide 59: Revenue
Revenue 2,665 Q4 Q1-Q3 620 3-year CAGR 1,980 (9 months) 19% 1,823 1,788 1,809 1,689 519 459 497 409 544 2,045 2,120 1,364 1,461 1,280 1,291 1,264 (Source) Arm After FY2017: excl. ISG revenues '16 '17 '18 '19 '20 '21 '22 ISG: Internet-of-Things Services Group Based on, but not necessarily in conformi
Slide 60: Adjusted EBITDA
Adjusted EBITDA Q4 Q1-Q3 3-year CAGR 999 23 (9 months) 71% 827 172 596 1,190 168 975 428 371 365 104 655 128 151 428 324 221 237 (Source) Arm Arm’s Adjusted EBITDA for FY2018-19 excludes ISG direct costs only '16 '17 '18 '19 '20 '21 '22 FY2020-21 also excludes some corporate costs associated with IS
Slide 61: Long-term growth
Size of Semiconductor Industry (USD bn) 250 $250bn Industry revenue 200 $200bn December 150 $150bn Long-term growth 100 $100bn $50bn 50 $0bn 0 0 ’12 2012 ’13 2013 ’14 2014 ’15 2015 ’16 2016 ’17 2017 ’18 2018 ’19 2019 ’20 2020 ’21 2021 ’22 （CY） YTD'22* 2022(E) © 2023 Arm (estimate) (Source) World Sem
Slide 62: Future of Arm
Future of Arm Devices of the future will use more chips, creating more opportunity for Arm © 2023 Arm 62
Slide 63: Arm's strategy is to:
ARM TECHNOLOGY IS DEFINING THE FUTURE OF COMPUTING Arm’s strategy is to: • Maintain or gain share in long-term growth markets • Develop more advanced IP delivering greater value • Invest in emerging technology areas • Create a sustainable business, fit for the long-term © 2023 Arm 63
Slide 64: Arm Listing Plans
Arm Listing Plans SBG continues to plan for an Arm listing in 2023. Preparations advancing while monitoring market conditions. © 2023 Arm 64
Slide 65: Financial Strategy
Financial Strategy Some figures in this presentation are rounded and may not add up to the figures presented as the total. 65
Slide 66: Financial Strategy Unchanged
Financial Strategy Unchanged (2) Flexible and (1) Firmly keeping adaptive financial financial policy management 66
Slide 67: 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 67
Slide 68: Monetization and Capital Allocation (FY2022 Q1-Q3)
Monetization and Capital Allocation (FY2022 Q1-Q3) (JPY tr) +4.3 -0.4 SVF investment -1.1 Share repurchase Monetization -2.7 Debt repayment Bond issuance, etc. 3.8 Undrawn 0.6 commitment 2.7 +0.2 line -4.1 3.1 Cash position Increase Decrease Other Cash position （Mar. 31, 2022） （Dec. 31, 2022） Conver
Slide 69: Cash Position
Cash Position (JPY tr) 3.8 0.6 Undrawn commitment line Next 2 years JPY 1.4tr 3.1 Dec. 31, 2022 ＞ 0.4 After 1 year 1.0 After 2 years 0.9 After 3 years 1.2 After 4 years Cash Position Planned Bond Redemption Cash position: cash and cash equivalents + short term investments recorded as current assets
Slide 70: Share Repurchase
Share Repurchase JPY 1.0tr Completed share repurchase JPY 400bn totaling JPY 1.4tr Nov. 9, 2021 Oct. 18, 2022 - Oct. 17, 2022 - Nov. 10, 2022 JPY 1.0tr: On Oct. 17, 2022, SBG completed the full acquisition of shares under the JPY 1.0tr share repurchase program authorized on Nov. 8, 2021. JPY 400bn:
Slide 71: Capital Allocation
Capital Allocation Endeavor to strike a good balance Shareholder Financial Policy New Returns* (financial stability) Investments *NAV discout levels are also considered 71
Slide 72: Vision Capitalist for the Information Revolution
Vision Capitalist for the Information Revolution 72
Slide 73: SVF Ecosystem
SVF Ecosystem 73
Slide 74: SVF Ecosystem
SVF Ecosystem 74
Slide 75: Information Revolution - Happiness for Everyone
“Information Revolution －Happiness for Everyone” 75
Slide 76: SoftBank
SoftBank
Slide 77: Appendix
Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 77
Slide 78: 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 79: Definition and Calculation Method of SBG's NAV and LTV (as of Dec. 31, 2022)
Definition and Calculation Method of SBG’s NAV and LTV (as of Dec. 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 80: SVF1 Public Portfolio Companies (as of Dec. 31, 2022)
SVF1 Public Portfolio Companies (as of Dec. 31, 2022) (a) (b) (c) = (b) - (a) (d) = (b) / (a) (USD mm) Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC to SVF1 to SVF1 to SVF1 Coupang 2,729 9,652 6,923 3.5x Doordash 680 7,025 6,345 10.3x Fully Exited NVIDIA 2,878 5,813 2,93
Slide 81: SVF2 Public Portfolio Companies (as of Dec. 31, 2022)
SVF2 Public Portfolio Companies (as of Dec. 31, 2022) (a) (b) (c) = (b) - (a) (d) = (b) / (a) Investment cost *2 Gross return*3 Gross gain (loss) (USD mm) Company Gross MOIC *4 to SVF2 to SVF2 to SVF2 Fully Exited Beike (KE Holdings) 1,350 2,497 1,147 1.8x Symbotic 200 239 39 1.2x Berkshire Grey 115