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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