TSLX FY 2019 Earnings Report — Sixth Street Specialty Lending, Inc. Revenue & Financial Results | Market Cap Arena

Sixth Street Specialty Lending, Inc.TSLX

FY 2019 Earnings

Reported February 19, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$220M	—	$178M	—	23.9%
Op. Income	$158M	—	$122M	—	29.4%
Gross Margin	81.8%	—	79.5%	—	2.4pp
Net Margin	70.1%	—	66.9%	—	3.2pp
EPS (Diluted)	$2.34	—	$1.86	—	25.8%
Free Cash Flow	$118M	—	$133M	—	-11.5%

Revenue Flow

Item	Amount
REVENUE	$220M
Cost of Revenue	$40M
GROSS PROFIT	$180M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$13M
SG&A Expenses	$13M
Other Expenses	$9M
Operating Expenses	$22M
Cost & Expenses	$62M
OPERATING INCOME	$158M
Interest Income	$237M
Interest Expense	$40M
Other Income/Expenses	$0
INCOME BEFORE TAX	$158M
Income Tax Expense	$4M
Net Income from Continuing Ops	$155M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$155M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$155M
D&A	$0
EBIT	$158M
EBITDA	$158M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$220M
Cost of Revenue	$40M
GROSS PROFIT	$180M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$13M
SG&A Expenses	$13M
Other Expenses	$9M
Operating Expenses	$22M
Cost & Expenses	$62M
OPERATING INCOME	$158M
Interest Income	$237M
Interest Expense	$40M
Other Income/Expenses	$0
INCOME BEFORE TAX	$158M
Income Tax Expense	$4M
Net Income from Continuing Ops	$155M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$155M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$155M
D&A	$0
EBIT	$158M
EBITDA	$158M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$155M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$44M
Change in Working Capital	$8M
OPERATING CASH FLOW	$118M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$1.1B
Sales/Maturities of Investments	$622M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$496M
Net Debt Issuance	$480M
Common Stock Repurchased	$0
Common Dividends Paid	-$98M
Other Financing Activities	$0
NET CASH FROM FINANCING	$382M
FREE CASH FLOW	$118M
Net Change in Cash	$4M

Balance Sheet

Item	Amount
Cash & Equivalents	$5M
Short-Term Investments	$0
Net Receivables	$13M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$26M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$48M
Tax Assets	$0
Other Non-Current Assets	$2.2B
TOTAL NON-CURRENT ASSETS	$2.3B
TOTAL ASSETS	$2.3B
Account Payables	$26M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$26M
Long-Term Debt	$1.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$41M
TOTAL NON-CURRENT LIABILITIES	$1.1B
TOTAL LIABILITIES	$1.2B
Common Stock	$666.0K
Additional Paid-In Capital	$1.0B
Retained Earnings	$111M
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	$2.3B
Total Debt	$1.1B
Net Debt	$1.1B