Silicon Valley Bank Results Presentation Deck
Record warrant and investment gains as client exit activity accelerated
Gains will fluctuate with changes in valuation and market conditions
●
●
• $116M realized warrant gains from exercises related to Coinbase Global,
Inc.'s direct listing
●
Q1'21 activity
Robust client exit activity drove sales of public equity securities, warrant
exercises and improved valuations
●
Sold remaining BigCommerce, Inc. shares for $182M, realizing $43M
investment gains in Q1
●
• $64M investment gains from improved valuations of SVB Capital funds
and strategic investments
$62M warrant gains from valuation increases of private company
portfolio driven primarily by pending SPAC activity, as well as pending
M&A and IPO activity
FY'21 key drivers
Shifting conditions may create volatility for marketsensitive
revenues:
+
+
Valuations of warrants and non-marketable and
other equity securities
Fluctuate with market conditions and public and private
fundraising and exit activity, but offer meaningful long-term
earnings support
Realized gains from sale of Coinbase shares
Sold all Coinbase shares in April- recording additional $38M
pretax gains in Q2'21
svb>
WARRANT AND INVESTMENT GAINS
NET OF NCI¹
$ Millions
Warrant gains
Investment
Securities gains
Warrants
61.0
13.4
47.6
Non-marketable
and other equity
securities²
Q1'20
152.7
WARRANTS & NON-MARKETABLE
AND OTHER EQUITY SECURITIES²
$ Millions
47.0 162.0
26.5
20.5
Q2'20
171.1
555.5 590.4
215.8
Q1'20 Q2'20
53.8
Note: The extent to which unrealized gains (or losses) from investment securities from our nonmarketable and other equity securities
portfolio as well as our equity warrant assets will become realized is subject to a variety of factors, including, among othethings,
performance of the underlying portfolio companies, investor demand for IPOs and SPACs, fluctuations in the underlying valuatin of these
companies, levels of M&A activity and legal and contractual restrictions on our ability to sell the underlying securities.
1. Non-GAAP financial measure. See "Use of non-GAAP Financial Measures" in our Q1 2021 Earnings Release and our noRGAAP
reconciliations at the end of this presentation.
2. Net of investments in qualified affordable housing projects and noncontrolling interests.
202.2
247.9
818.1
143.8
104.1
Q3'20 Q4'20 Q1'21
363.7
203.4
221.7
142.0
244.3
972.6 1,014.9
Q3'20 Q4'20 Q1'21
Q1 2021 Financial Highlights
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