Softbank Group Corp. · TSE:9984
Softbank — Q3 FY2020 Earnings Presentation
29 slides from Softbank's earnings presentation, February 2021
Slide 1: SoftBank Vision Funds Update
QUARTER ENDED DECEMBER 31, 2020 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: Validation of Our Vision
Slide 5: Progress & Highlights
Progress & Highlights Investment Advisers
Slide 6: SPAC Launch
PROGRESS & HIGHLIGHTS 6 SPAC Launch Leveraging Our Flexibility as an Investor SoftBank Vision Fund 2 Role of SoftBank Investment Advisers SPAC Public SVF2 Commitment Offering Size to PIPE1 Tech & AI Focused High Growth Opportunities Lock-Up Period Warrants PRIVATE PRE-IPO STAGE PUBLIC Footnotes: 1.
Slide 7: SVF1: DoorDash IPO Creates Significant Value
PROGRESS & HIGHLIGHTS 7 SVF1: DoorDash IPO Creates Significant Value As of February 05, 2021 Gross MOIC1 Gross Unrealized Gain2 Current Market Cap3 NYSE: DASH Cost4 Trading Activity5 FEB 05, 2021 +86% IPO – DEC 08, 2020 DEC 21, 2018 2020 Footnotes: 1. Gross MOIC (Gross Multiple of Invested Capital)
Slide 8: SVF1 & SVF2: Additional New Listings
PROGRESS & HIGHLIGHTS 8 SVF1 & SVF2: Additional New Listings As of February 05, 2021 SVF1 SVF2 NASDAQ: OPEN Gross MOIC1 Gross Unrealized Gain2 NASDAQ: SEER Gross MOIC1 Gross Unrealized Gain2 4.4x $1.5B 1.7x $0.1B 3 3 4 Cost Trading Activity4 Cost Trading Activity FEB 05, 2021 FEB 05, 2021 SPAC ANNOU
Slide 9: SVF1 & SVF2: Public Listings Since Inception
PROGRESS & HIGHLIGHTS 9 SVF1 & SVF2: 13 Public Listings Since Inception As of December 31, 2020 SVF1 NYSE: DASH NASDAQ: OPEN NASDAQ: RLAY NYSE: OCFT NASDAQ: VIR NYSE: UBER SVF2 GROSS MOIC1 GROSS MOIC1 GROSS MOIC1 GROSS MOIC1 GROSS MOIC1 GROSS MOIC1 13.2x 3.7x 3.9x 0.9x 3.0x 1.5x 2 2 2 BEIKE NASDAQ:
Slide 10: Performance Snapshot
10 SoftBank SoftBank Vision Fund 1 Vision Fund 2 Combined Total Commitment $98.6B $10.0B $108.6B PROGRESS & HIGHLIGHTS Performance Acquisition Cost1 $84.8B $4.3B $89.1B Snapshot Cumulative $22.6B $5.0B $27.6B Investment Gains1 As of December 31, 2020 Total Fair Value2 $107.4B $9.3B $116.7B Distribut
Slide 11: SVF1 Portfolio Overview
PROGRESS & HIGHLIGHTS 11 SVF1 Portfolio Overview As of December 31, 2020 NO. OF PORTFOLIO COMPANIES BY GEOGRAPHY PORTFOLIO FAIR VALUE BY SECTOR 92 Total 10 Investments Consumer Fintech Logistics Investments Made1 Exited2 7 44 31 Edtech Frontier Tech Proptech 74 Current Private 8 Current Public AMERI
Slide 12: SVF2 Portfolio Overview
PROGRESS & HIGHLIGHTS 12 SVF2 Portfolio Overview As of December 31, 2020 NO. OF PORTFOLIO COMPANIES BY GEOGRAPHY PORTFOLIO FAIR VALUE BY SECTOR 26 Total - Investments Consumer Fintech Logistics Investments Made1 Exited2 3 12 11 Edtech Frontier Tech Proptech 24 Current Private 2 Current Public AMERIC
Slide 13: SVF1: Measurable Value in Our Portfolio
PROGRESS & HIGHLIGHTS 13 SVF1: Measurable Value in Our Portfolio As of December 31, 2020 Total Acquisition Cost1 Cumulative Investment Gains1 Total Fair Value1,3 $84.8B $22.6B $107.4B Realized Investments2 Unrealized Investments FULL & PARTIAL PUBLIC PRIVATE $66.9B $67.6B $24.8B $15.0B $9.7B $8.2B C
Slide 14: Performance & Impact on SoftBank Group (SBG)
14 Performance & Impact on SoftBank Group (SBG)
Slide 15: SVF1 Contribution to SBG, Net of 3rd Party Interests
15 SVF1 2019 2020 Nine-Month Period Ended Dec 31 Dec 31 Fund Net Profit (Loss)2 ($6.20) $17.46 PERFORMANCE & IMPACT ON SBG Less: Change in 3rd Party Contribution to Interests in Fund 3.28 (8.49) SBG, Net of 3rd SBG LP Income (Loss): (2.92) 8.97 Share of Fund Net Profit (Loss) Party Interests1 SBG GP
Slide 16: SVF1 Contribution to SBG, Net of 3rd Party Interests
16 SVF1 2020 Inception to Dec 31 Fund Net Profit2,3 $13.45 PERFORMANCE & IMPACT ON SBG Less: Change in 3rd Party Contribution to Interests in Fund (6.38) SBG, Net of 3rd SBG LP Income: 7.07 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD billions 3.40 Management Fees & Perf
Slide 17: Contribution to SBG, Realized and Unrealized Values (SVF1)
17 SBG Paid-In Capital SVF1 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Realized and SBG Total Value4 Net Asset Value1 Unrealized Values (Unrealized Value): Distributions2 As of December 31, 2020 (Realized Value): Accrued & Paid Performance Fees3 Footnotes: 1. Net Asset Value includes net chang
Slide 18: Contribution to SBG, Realized and Unrealized Values (SVF2)
18 SBG Paid-In Capital SVF2 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Realized and SBG Total Value3 Unrealized Values Net Asset Value1 (Unrealized Value): As of December 31, 2020 Accrued Performance Fees2: Footnotes: 1. Net Asset Value includes net changes in fair value of financial assets at
Slide 19: In Focus: Validation of Our Vision
19 In Focus: Validation of Our Vision
Slide 20: Deeply Engaged with Our Existing Portfolio
VALIDATION OF OUR VISION 20 Deeply Engaged with Our Existing Portfolio 2019 2020 COVID-19 Focus on Liquidity & Cash Runway Focus on Strengthening Governance Focus on Path to Profitability Focus on Unit Economics The information herein is provided solely for illustrative purposes, reflects the curren
Slide 21: Validation of Our Vision
VALIDATION OF OUR VISION 21 Validation of Our Vision 2020 2021+ COVID-19 Accelerating Continuing Unlocking Value through Technological Shifts to Invest Public Listings and M&A +25 BEIKE FUNDING +2 RO UNDS 1 STRATEG IC EXITS 1 +5 PUBLIC LISTING S 1 Footnotes: 1. Funding Rounds, Public Listings and St
Slide 22: Accelerating Technological Shifts
VALIDATION OF OUR VISION 22 Accelerating Technological Shifts Education Food Delivery Healthcare SoftBank Entertainment Vision Funds1 Future of Work E-Commerce Footnotes: 1. SoftBank Vision Funds includes SoftBank Vision Fund 1 and Softbank Vision Fund 2 Investments. Information herein reflects curr
Slide 23: Continuing to Invest
VALIDATION OF OUR VISION 23 Continuing to Invest Twelve-Month Period Ended December 31, 2020 Number of Transportation Logistics Health Tech Frontier Tech Edtech Consumer Investments 1 Made SVF1 Capital 2 Invested SVF2 Footnotes: 1. Number of Investments Made include new Investments, follow-on Invest
Slide 24: Institutional Investors Leading New Rounds
VALIDATION OF OUR VISION 24 Institutional Investors Leading New Rounds PRE-MONEY VALUATIONS 28 GUAZI UNDISCLOSED UNDISCLOSED Series E-1 Series H Series D+ Series A-16 Series E+ Series E-1 Series D Funding Rounds1 $178.0B $15.6B $11.7B $10.0B $10.0B $8.7B $8.5B $15B+ Capital Raised Series I Series E
Slide 25: Unlocking Value Through Public Listings
VALIDATION OF OUR VISION 25 Unlocking Value Through Public Listings SVF1 SVF2 Public Investment Value1 $25.4B Public Investment Value1 2 2 Unrealized Gross Gain Acquisition Cost3 Unrealized Gross Gain Acquisition Cost3 $6.6B +$13.5B $14.6B UNREALIZED GAIN $5.2B $10.6B $1.1B +$5.2B UNREALIZED GAIN $9
Slide 26: Exits and M&A Creating Realized Value
VALIDATION OF OUR VISION 26 Exits and M&A Creating Realized Value SVF1 GROSS PORTFOLIO EXIT REALIZED COMPANY STATUS Gross Realized Proceeds1 PROCEEDS $0.3B $1.0B GROSS REALIZED PROCEEDS $27.3B $0.8B UNDISCLOSED EXITS Other Undisclosed Full & Partial $2.7B $10.2B $2.2B 3 $10.1B Dec 2019 Dec 2020 Pro-
Slide 27: SVF1: Portfolio Evolution
27 Exited1 $108.0B Public2 Private3 $90.0B $27.3B $10.2B Represents Represents Combined Exited & Combined Exited & VALIDATION OF OUR VISION $10.6B Public Fair Value4 Public Fair Value4 $25.4B SVF1: Portfolio Evolution $69.2B $55.3B Dec 2019 Dec 2020 Pro-Forma5 Footnotes: 1. Exited represents the Gro
Slide 28: AI Revolution Flywheel
28 Consumer Health Tech Edtech Logistics Enterprise Proptech Fintech Transportation Frontier Tech VALIDATION OF OUR VISION Ecosystem Synergies AI Revolution Geographic Flywheel Expansion 12-14 YEARS Operational Distributions to LPs Support Public Markets Strategic M&A IPO, DPO, or SPAC The informati
Slide 29: Thank You
29 Thank You == SoftBank Investment Advisers