TSLX Q4 2022 Earnings Report — Sixth Street Specialty Lending, Inc. Revenue & Financial Results | Market Cap Arena

Sixth Street Specialty Lending, Inc.TSLX

Q4 2022 Earnings

Reported February 16, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2022	Q3 2022	Q4 2021	QoQ Change	YoY Change
Revenue	$74M	$57M	$57M	29.8%	30.2%
Op. Income	$48M	$35M	$43M	38.0%	10.6%
Gross Margin	78.8%	73.9%	82.6%	4.9pp	-3.8pp
Net Margin	62.7%	60.5%	73.7%	2.1pp	-11.1pp
EPS (Diluted)	$0.57	$0.43	$0.52	32.6%	9.6%
Free Cash Flow	$27M	$31M	$27M	-11.7%	0.4%

Revenue Flow

Item	Amount
REVENUE	$74M
Cost of Revenue	$16M
GROSS PROFIT	$58M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$3M
SG&A Expenses	$3M
Other Expenses	$7M
Operating Expenses	$10M
Cost & Expenses	$26M
OPERATING INCOME	$48M
Interest Income	$96M
Interest Expense	$16M
Other Income/Expenses	$0
INCOME BEFORE TAX	$48M
Income Tax Expense	$2M
Net Income from Continuing Ops	$46M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$46M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$46M
D&A	$0
EBIT	$48M
EBITDA	$48M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$74M
Cost of Revenue	$16M
GROSS PROFIT	$58M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$3M
SG&A Expenses	$3M
Other Expenses	$7M
Operating Expenses	$10M
Cost & Expenses	$26M
OPERATING INCOME	$48M
Interest Income	$96M
Interest Expense	$16M
Other Income/Expenses	$0
INCOME BEFORE TAX	$48M
Income Tax Expense	$2M
Net Income from Continuing Ops	$46M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$46M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$46M
D&A	$0
EBIT	$48M
EBITDA	$48M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$46M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$2M
Change in Working Capital	-$17M
OPERATING CASH FLOW	$27M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$260M
Sales/Maturities of Investments	$287M
Other Investing Activities	$0
NET CASH FROM INVESTING	$27M
Net Debt Issuance	-$26M
Common Stock Repurchased	-$3M
Common Dividends Paid	-$30M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$59M
FREE CASH FLOW	$27M
Net Change in Cash	-$5M

Balance Sheet

Item	Amount
Cash & Equivalents	$10M
Short-Term Investments	$0
Net Receivables	$19M
Inventory	$0
Other Current Assets	$15M
TOTAL CURRENT ASSETS	$49M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$2.7B
Tax Assets	$0
Other Non-Current Assets	$47M
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	$31M
Long-Term Debt	$1.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$23M
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