SAIC Announces Third Quarter of Fiscal Year 2020 Results

Schedule 1:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION

CONDENSED AND CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

November 1,
2019

 

November 2,
2018

 

November 1,
2019

 

November 2,
2018

 

 

(in millions, except per share amounts)

Revenues

 

$

1,630

 

 

$

1,177

 

 

$

4,839

 

 

$

3,467

 

Cost of revenues

 

1,456

 

 

1,048

 

 

4,300

 

 

3,125

 

Selling, general and administrative expenses

 

68

 

 

42

 

 

227

 

 

115

 

Acquisition and integration costs

 

12

 

 

14

 

 

30

 

 

14

 

Operating income

 

94

 

 

73

 

 

282

 

 

213

 

Interest expense

 

22

 

 

16

 

 

69

 

 

38

 

Other (income) expense, net

 

(1

)

 

(1

)

 

(4

)

 

(2

)

Income before income taxes

 

73

 

 

58

 

 

217

 

 

177

 

Provision for income taxes

 

(17

)

 

(10

)

 

(48

)

 

(31

)

Net income

 

$

56

 

 

$

48

 

 

$

169

 

 

$

146

 

Net income attributable to non-controlling interest

 

1

 

 

 

 

2

 

 

 

Net income attributable to common stockholders

 

$

55

 

 

$

48

 

 

$

167

 

 

$

146

 

Weighted-average number of shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

57.7

 

 

42.5

 

 

58.5

 

 

42.5

 

Diluted

 

58.3

 

 

43.2

 

 

59.2

 

 

43.3

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.95

 

 

$

1.13

 

 

$

2.85

 

 

$

3.44

 

Diluted

 

$

0.94

 

 

$

1.11

 

 

$

2.82

 

 

$

3.37

 

 
Schedule 2:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION

CONDENSED AND CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

November 1, 2019

 

February 1, 2019

 

(in millions)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

162

 

 

$

237

 

Receivables, net

1,118

 

 

1,050

 

Inventory, prepaid expenses and other current assets

144

 

 

146

 

Total current assets

1,424

 

 

1,433

 

Goodwill

2,134

 

 

2,120

 

Intangible assets, net

733

 

 

803

 

Property, plant, and equipment, net

94

 

 

103

 

Other assets

315

 

 

104

 

Total assets

$

4,700

 

 

$

4,563

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

808

 

 

$

632

 

Accrued payroll and employee benefits

319

 

 

241

 

Long-term debt, current portion

64

 

 

24

 

Total current liabilities

1,191

 

 

897

 

Long-term debt, net of current portion

1,872

 

 

2,065

 

Other long-term liabilities

248

 

 

102

 

Total common stockholders' equity

1,380

 

 

1,485

 

Non-controlling interest

9

 

 

14

 

Total stockholders' equity

1,389

 

 

1,499

 

Total liabilities and stockholders' equity

$

4,700

 

 

$

4,563

 

 
Schedule 3:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION

CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

November 1,
2019

November 2,
2018

November 1,
2019

November 2,
2018

 

 

(in millions)

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

56

 

 

$

48

 

 

$

169

 

 

$

146

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

33

 

 

11

 

 

103

 

 

33

 

Deferred income taxes

 

11

 

 

 

 

27

 

 

 

Stock-based compensation expense

 

9

 

 

8

 

 

29

 

 

24

 

Loss on extinguishment of debt

 

 

 

4

 

 

 

 

4

 

Provision for inventory

 

 

 

25

 

 

 

 

25

 

Increase (decrease) resulting from changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

(85

)

 

(52

)

 

(68

)

 

(86

)

Inventory, prepaid expenses and other current assets

 

(20

)

 

(11

)

 

(9

)

 

(5

)

Other assets

 

16

 

 

3

 

 

43

 

 

(9

)

Accounts payable and accrued liabilities

 

57

 

 

(11

)

 

78

 

 

(47

)

Accrued payroll and employee benefits

 

60

 

 

56

 

 

78

 

 

69

 

Other long-term liabilities

 

(21

)

 

5

 

 

(61

)

 

8

 

Net cash provided by operating activities

 

116

 

 

86

 

 

389

 

 

162

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Expenditures for property, plant, and equipment

 

 

 

(6

)

 

(14

)

 

(24

)

Purchases of marketable securities

 

(1

)

 

 

 

(23

)

 

 

Sales of marketable securities

 

 

 

 

 

2

 

 

 

Other

 

(2

)

 

 

 

(5

)

 

1

 

Net cash used in investing activities

 

(3

)

 

(6

)

 

(40

)

 

(23

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Dividend payments to stockholders

 

(21

)

 

(13

)

 

(65

)

 

(40

)

Principal payments on borrowings

 

(103

)

 

(759

)

 

(258

)

 

(776

)

Issuances of stock

 

2

 

 

2

 

 

7

 

 

5

 

Stock repurchased and retired or withheld for taxes on equity awards

 

(1

)

 

(1

)

 

(196

)

 

(56

)

Proceeds from borrowings

 

 

 

791

 

 

100

 

 

791

 

Debt issuance costs

 

 

 

(12

)

 

 

 

(13

)

Distributions to non-controlling interest

 

(2

)

 

 

 

(7

)

 

 

Net cash (used in) provided by financing activities

 

(125

)

 

8

 

 

(419

)

 

(89

)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(12

)

 

88

 

 

(70

)

 

50

 

Cash, cash equivalents and restricted cash at beginning of period

 

188

 

 

114

 

 

246

 

 

152

 

Cash, cash equivalents and restricted cash at end of period

 

$

176

 

 

$

202

 

 

$

176

 

 

$

202

 

 

Schedule 4:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION

BACKLOG

(Unaudited)

 

The estimated value of our total backlog as of the dates presented was:

 

 

 

November 1, 2019

 

August 2, 2019

 

February 1, 2019

 

 

 

Funded backlog

 

$

2,868

 

 

$

2,593

 

 

$

2,753

 

Negotiated unfunded backlog

 

11,638

 

 

11,329

 

 

11,048

 

Total backlog

 

$

14,506

 

 

$

13,922

 

 

$

13,801

 

 

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