Hello and welcome again to our common morning take a look at non-public firms, public markets and the grey area in between.
Today we’re digging into SoftBank’s newest earnings slides. Not solely do they include a wealth of updates and different helpful data, however a few of them are gosh-darn-freaking hilarious. We all deserve a little bit of levity after the previous couple of months.
The visible components we quote beneath come from SoftBank’s reporting of its personal outcomes from its fiscal 12 months ending March 31, 2020. Much of the deck is made up of monetary reporting tables and different bits of stuff you don’t wish to learn. We’ve lower all that out and left the enjoyable elements.
Before we dive in, please observe that we’re largely guffawing at some slide design decisions and solely considerably on the outcomes themselves. We are actually not making enjoyable of people that’ve been impacted by layoffs and different such issues that these slides’ outcomes embody.
But we’re going to have some enjoyable with how SoftBank describes the way it views the world, as a result of how can we not? Let’s start.
TechCrunch has a variety of of us parsing SoftBank’s deck this morning, trying to do critical work. That’s not our purpose. Sure, this put up will inform you issues like the truth that there are 88 firms within the Vision Fund portfolio, and that in relation to unrealized features and losses, the portfolio has seen $13.Four billion in features and $14.2 billion in losses. $4.9 billion of features have been realized, thoughts you, whereas simply $200 million of losses have had the identical honor.
And this put up will inform you that the “internet blended [internal rate of return] for SoftBank Vision Fund traders is -1%.”
Hell, you in all probability additionally wish to know that Uber was detailed as Vision Fund’s worst-performing public firm, producing a $1.46 billion loss for the group. In distinction, Guardant Health is nice for a $1.67 billion acquire, whereas 2019 IPO Slack has been good for $605 million in earnings. Those have been the 2 finest firms within the Vision Fund’s public portfolio.
But what you actually need is the great things. So, shared by slide quantity, right here you go: