TSLX Q2 2021 Earnings Report — Sixth Street Specialty Lending, Inc. Revenue & Financial Results | Market Cap Arena

Sixth Street Specialty Lending, Inc.TSLX

Q2 2021 Earnings

Reported August 3, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2021	Q1 2021	Q2 2020	QoQ Change	YoY Change
Revenue	$72M	$70M	$110M	3.3%	-34.7%
Op. Income	$59M	$57M	$97M	2.5%	-39.6%
Gross Margin	85.2%	86.2%	92.2%	-0.9pp	-7.0pp
Net Margin	81.3%	81.5%	87.3%	-0.2pp	-6.0pp
EPS (Diluted)	$0.74	$0.75	$1.43	-1.3%	-48.3%
Free Cash Flow	$27M	$23M	$31M	18.4%	-14.0%

Revenue Flow

Item	Amount
REVENUE	$72M
Cost of Revenue	$11M
GROSS PROFIT	$61M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$3M
SG&A Expenses	$3M
Other Expenses	-$545.0K
Operating Expenses	$3M
Cost & Expenses	$13M
OPERATING INCOME	$59M
Interest Income	$61M
Interest Expense	$11M
Other Income/Expenses	$0
INCOME BEFORE TAX	$59M
Income Tax Expense	$165.0K
Net Income from Continuing Ops	$58M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$58M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$58M
D&A	$0
EBIT	$59M
EBITDA	$59M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$72M
Cost of Revenue	$11M
GROSS PROFIT	$61M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$3M
SG&A Expenses	$3M
Other Expenses	-$545.0K
Operating Expenses	$3M
Cost & Expenses	$13M
OPERATING INCOME	$59M
Interest Income	$61M
Interest Expense	$11M
Other Income/Expenses	$0
INCOME BEFORE TAX	$59M
Income Tax Expense	$165.0K
Net Income from Continuing Ops	$58M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$58M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$58M
D&A	$0
EBIT	$59M
EBITDA	$59M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$58M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$35M
Change in Working Capital	$4M
OPERATING CASH FLOW	$27M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$269M
Sales/Maturities of Investments	$119M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$150M
Net Debt Issuance	$231M
Common Stock Repurchased	$0
Common Dividends Paid	-$109M
Other Financing Activities	$0
NET CASH FROM FINANCING	$121M
FREE CASH FLOW	$27M
Net Change in Cash	-$1M

Balance Sheet

Item	Amount
Cash & Equivalents	$3M
Short-Term Investments	$0
Net Receivables	$14M
Inventory	$0
Other Current Assets	$15M
TOTAL CURRENT ASSETS	$38M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$2.5B
Tax Assets	$0
Other Non-Current Assets	$69M
TOTAL NON-CURRENT ASSETS	$2.6B
TOTAL ASSETS	$2.6B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$30M
TOTAL CURRENT LIABILITIES	$61M
Long-Term Debt	$1.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$19M
TOTAL NON-CURRENT LIABILITIES	$1.3B
TOTAL LIABILITIES	$1.4B
Common Stock	$729.0K
Additional Paid-In Capital	$1.1B
Retained Earnings	$98M
Treasury Stock	-$4M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$0
TOTAL EQUITY	$1.2B
TOTAL LIABILITIES & EQUITY	$2.6B
Total Debt	$1.3B
Net Debt	$1.3B