TSLX Q4 2016 Earnings Report — Sixth Street Specialty Lending, Inc. Revenue & Financial Results | Market Cap Arena

Sixth Street Specialty Lending, Inc.TSLX

Q4 2016 Earnings

Reported February 22, 2017

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2016	Q3 2016	Q4 2015	QoQ Change	YoY Change
Revenue	$42M	$48M	—	-11.4%	—
Op. Income	$33M	$38M	—	-11.3%	—
Gross Margin	86.7%	88.2%	—	-1.5pp	—
Net Margin	77.7%	77.6%	—	0.1pp	—
EPS (Diluted)	$0.55	$0.62	—	-11.3%	—
Free Cash Flow	$24M	$23M	—	2.4%	—

Revenue Flow

Item	Amount
REVENUE	$42M
Cost of Revenue	$6M
GROSS PROFIT	$37M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$3M
SG&A Expenses	$3M
Other Expenses	$393.0K
Operating Expenses	$3M
Cost & Expenses	$9M
OPERATING INCOME	$33M
Interest Income	$46M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$33M
Income Tax Expense	$610.0K
Net Income from Continuing Ops	$33M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$33M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$33M
D&A	$0
EBIT	$33M
EBITDA	$33M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$42M
Cost of Revenue	$6M
GROSS PROFIT	$37M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$3M
SG&A Expenses	$3M
Other Expenses	$393.0K
Operating Expenses	$3M
Cost & Expenses	$9M
OPERATING INCOME	$33M
Interest Income	$46M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$33M
Income Tax Expense	$610.0K
Net Income from Continuing Ops	$33M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$33M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$33M
D&A	$0
EBIT	$33M
EBITDA	$33M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$33M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$10M
Change in Working Capital	$989.0K
OPERATING CASH FLOW	$24M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$77M
Sales/Maturities of Investments	$69M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$8M
Net Debt Issuance	$6M
Common Stock Repurchased	$0
Common Dividends Paid	-$21M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$15M
FREE CASH FLOW	$24M
Net Change in Cash	$0

Balance Sheet

Item	Amount
Cash & Equivalents	$5M
Short-Term Investments	$0
Net Receivables	$10M
Inventory	$0
Other Current Assets	$1M
TOTAL CURRENT ASSETS	$18M
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	$0
Deferred Revenue	$0
Other Current Liabilities	$23M
TOTAL CURRENT LIABILITIES	$37M
Long-Term Debt	$681M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$6M
TOTAL NON-CURRENT LIABILITIES	$686M
TOTAL LIABILITIES	$723M
Common Stock	$598.0K
Additional Paid-In Capital	$899M
Retained Earnings	$3M
Treasury Stock	-$1M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$952M
Minority Interest	$0
TOTAL EQUITY	$952M
TOTAL LIABILITIES & EQUITY	$1.7B
Total Debt	$681M
Net Debt	$676M