TSLX FY 2017 Earnings Report — Sixth Street Specialty Lending, Inc. Revenue & Financial Results | Market Cap Arena

Sixth Street Specialty Lending, Inc.TSLX

FY 2017 Earnings

Reported February 21, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$152M	—	$175M	—	-12.9%
Op. Income	$114M	—	$139M	—	-17.8%
Gross Margin	84.5%	—	88.0%	—	-3.4pp
Net Margin	73.2%	—	78.2%	—	-5.0pp
EPS (Diluted)	$1.86	—	$2.34	—	-20.5%
Free Cash Flow	$84M	—	$83M	—	1.2%

Revenue Flow

Item	Amount
REVENUE	$152M
Cost of Revenue	$24M
GROSS PROFIT	$129M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$11M
SG&A Expenses	$11M
Other Expenses	$4M
Operating Expenses	$14M
Cost & Expenses	$38M
OPERATING INCOME	$114M
Interest Income	$201M
Interest Expense	$24M
Other Income/Expenses	$0
INCOME BEFORE TAX	$114M
Income Tax Expense	$3M
Net Income from Continuing Ops	$112M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$112M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$112M
D&A	$0
EBIT	$114M
EBITDA	$114M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$152M
Cost of Revenue	$24M
GROSS PROFIT	$129M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$11M
SG&A Expenses	$11M
Other Expenses	$4M
Operating Expenses	$14M
Cost & Expenses	$38M
OPERATING INCOME	$114M
Interest Income	$201M
Interest Expense	$24M
Other Income/Expenses	$0
INCOME BEFORE TAX	$114M
Income Tax Expense	$3M
Net Income from Continuing Ops	$112M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$112M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$112M
D&A	$0
EBIT	$114M
EBITDA	$114M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$112M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$23M
Change in Working Capital	-$4M
OPERATING CASH FLOW	$84M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$1.0B
Sales/Maturities of Investments	$1.0B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$2M
Net Debt Issuance	$13M
Common Stock Repurchased	$0
Common Dividends Paid	-$95M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$82M
FREE CASH FLOW	$84M
Net Change in Cash	$711.0K

Balance Sheet

Item	Amount
Cash & Equivalents	$4M
Short-Term Investments	$0
Net Receivables	$7M
Inventory	$0
Other Current Assets	$3M
TOTAL CURRENT ASSETS	$27M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$1.7B
Tax Assets	$1.7B
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$1.7B
TOTAL ASSETS	$1.7B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$23M
TOTAL CURRENT LIABILITIES	$37M
Long-Term Debt	$703M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$10M
TOTAL NON-CURRENT LIABILITIES	$714M
TOTAL LIABILITIES	$751M
Common Stock	$603.0K
Additional Paid-In Capital	$907M
Retained Earnings	-$5M
Treasury Stock	-$1M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$969M
Minority Interest	$0
TOTAL EQUITY	$969M
TOTAL LIABILITIES & EQUITY	$1.7B
Total Debt	$703M
Net Debt	$700M