TSLX FY 2018 Earnings Report — Sixth Street Specialty Lending, Inc. Revenue & Financial Results | Market Cap Arena

Sixth Street Specialty Lending, Inc.TSLX

FY 2018 Earnings

Reported February 20, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$178M	—	$152M	—	16.7%
Op. Income	$122M	—	$114M	—	6.9%
Gross Margin	79.5%	—	84.5%	—	-5.1pp
Net Margin	66.9%	—	73.2%	—	-6.3pp
EPS (Diluted)	$1.86	—	$1.86	—	0.0%
Free Cash Flow	$133M	—	$84M	—	58.3%

Revenue Flow

Item	Amount
REVENUE	$178M
Cost of Revenue	$37M
GROSS PROFIT	$141M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$13M
SG&A Expenses	$13M
Other Expenses	$6M
Operating Expenses	$19M
Cost & Expenses	$56M
OPERATING INCOME	$122M
Interest Income	$250M
Interest Expense	$37M
Other Income/Expenses	$0
INCOME BEFORE TAX	$122M
Income Tax Expense	$3M
Net Income from Continuing Ops	$119M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$119M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$119M
D&A	$0
EBIT	$122M
EBITDA	$122M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$178M
Cost of Revenue	$37M
GROSS PROFIT	$141M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$13M
SG&A Expenses	$13M
Other Expenses	$6M
Operating Expenses	$19M
Cost & Expenses	$56M
OPERATING INCOME	$122M
Interest Income	$250M
Interest Expense	$37M
Other Income/Expenses	$0
INCOME BEFORE TAX	$122M
Income Tax Expense	$3M
Net Income from Continuing Ops	$119M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$119M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$119M
D&A	$0
EBIT	$122M
EBITDA	$122M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$119M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$458.0K
Change in Working Capital	$14M
OPERATING CASH FLOW	$133M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$838M
Sales/Maturities of Investments	$824M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$14M
Net Debt Issuance	-$91M
Common Stock Repurchased	$0
Common Dividends Paid	-$96M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$115M
FREE CASH FLOW	$133M
Net Change in Cash	$4M

Balance Sheet

Item	Amount
Cash & Equivalents	$3M
Short-Term Investments	$0
Net Receivables	$9M
Inventory	$0
Other Current Assets	$7M
TOTAL CURRENT ASSETS	$24M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$1.7B
Tax Assets	$0
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$1.7B
TOTAL ASSETS	$1.7B
Account Payables	$0
Short-Term Debt	$114M
Deferred Revenue	$0
Other Current Liabilities	$25M
TOTAL CURRENT LIABILITIES	$157M
Long-Term Debt	$494M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$16M
TOTAL NON-CURRENT LIABILITIES	$510M
TOTAL LIABILITIES	$667M
Common Stock	$655.0K
Additional Paid-In Capital	$992M
Retained Earnings	$72M
Treasury Stock	-$1M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.1B
Minority Interest	$0
TOTAL EQUITY	$1.1B
TOTAL LIABILITIES & EQUITY	$1.7B
Total Debt	$608M
Net Debt	$605M