TSLX FY 2022 Earnings Report — Sixth Street Specialty Lending, Inc. Revenue & Financial Results | Market Cap Arena

Sixth Street Specialty Lending, Inc.TSLX

FY 2022 Earnings

Reported February 16, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$187M	—	$266M	—	-29.7%
Op. Income	$111M	—	$214M	—	-48.0%
Gross Margin	72.9%	—	84.8%	—	-11.9pp
Net Margin	57.7%	—	79.5%	—	-21.8pp
EPS (Diluted)	$1.38	—	$2.79	—	-50.5%
Free Cash Flow	$72M	—	$113M	—	-36.2%

Revenue Flow

Item	Amount
REVENUE	$187M
Cost of Revenue	$51M
GROSS PROFIT	$136M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$13M
SG&A Expenses	$13M
Other Expenses	$12M
Operating Expenses	$25M
Cost & Expenses	$76M
OPERATING INCOME	$111M
Interest Income	$298M
Interest Expense	$51M
Other Income/Expenses	$0
INCOME BEFORE TAX	$111M
Income Tax Expense	$3M
Net Income from Continuing Ops	$108M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$108M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$108M
D&A	$0
EBIT	$111M
EBITDA	$111M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$187M
Cost of Revenue	$51M
GROSS PROFIT	$136M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$13M
SG&A Expenses	$13M
Other Expenses	$12M
Operating Expenses	$25M
Cost & Expenses	$76M
OPERATING INCOME	$111M
Interest Income	$298M
Interest Expense	$51M
Other Income/Expenses	$0
INCOME BEFORE TAX	$111M
Income Tax Expense	$3M
Net Income from Continuing Ops	$108M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$108M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$108M
D&A	$0
EBIT	$111M
EBITDA	$111M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$108M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$32M
Change in Working Capital	-$68M
OPERATING CASH FLOW	$72M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$996M
Sales/Maturities of Investments	$699M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$296M
Net Debt Issuance	$385M
Common Stock Repurchased	-$6M
Common Dividends Paid	-$135M
Other Financing Activities	$0
NET CASH FROM FINANCING	$234M
FREE CASH FLOW	$72M
Net Change in Cash	$10M

Balance Sheet

Item	Amount
Cash & Equivalents	$10M
Short-Term Investments	$0
Net Receivables	$19M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$34M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$2.8B
TOTAL NON-CURRENT ASSETS	$2.8B
TOTAL ASSETS	$2.8B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$1.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$54M
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$1.5B
Common Stock	$821.0K
Additional Paid-In Capital	$1.3B
Retained Earnings	$56M
Treasury Stock	-$10M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.3B
Minority Interest	$0
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$2.8B
Total Debt	$1.4B
Net Debt	$1.4B