SAIC Files Q1 FY25 10-Q Report

TL;DR

SAIC's Q1 FY25 10-Q is in: financials updated.

AI Summary

Science Applications International Corp (SAIC) filed its 10-Q for the period ending May 3, 2024. The company reported its financial performance for the first quarter of fiscal year 2025. Key financial data and operational details for the period are presented in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Science Applications International Corp, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
• N/A — Earnings Per Share (Specific EPS figures are not detailed in the provided header information.)

Key Players & Entities

• Science Applications International Corp (company) — Filer of the 10-Q
• SAIC (company) — Abbreviation for Science Applications International Corp
• 0001571123-24-000086 (filing_id) — Accession Number for the filing
• 20240503 (date) — End of the reporting period
• 20240603 (date) — Filing date

FAQ

Filing Documents

• saic-20240503.htm (10-Q) — 977KB
• saicexhibit1010503202410q.htm (EX-10.1) — 6KB
• saicexhibit1020503202410q.htm (EX-10.2) — 5KB
• saicexhibit3110503202410q.htm (EX-31.1) — 9KB
• saicexhibit3120503202410q.htm (EX-31.2) — 10KB
• saicexhibit3210503202410q.htm (EX-32.1) — 5KB
• saicexhibit3220503202410q.htm (EX-32.2) — 5KB
• 0001571123-24-000086.txt ( ) — 5742KB
• saic-20240503.xsd (EX-101.SCH) — 43KB
• saic-20240503_cal.xml (EX-101.CAL) — 52KB
• saic-20240503_def.xml (EX-101.DEF) — 146KB
• saic-20240503_lab.xml (EX-101.LAB) — 517KB
• saic-20240503_pre.xml (EX-101.PRE) — 347KB
• saic-20240503_htm.xml (XML) — 786KB

Financial Information

Part I Financial Information

Financial Statements

Item 1 Financial Statements 1 Condensed Consolidated Statements of Income 1 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Note 1—Business Overview and Summary of Significant Accounting Policies 6 Note 2—Earnings Per Share, Share Repurchases and Dividends 9 Note 3—Revenues 9 Note 4—Divestitures 12 Note 5—Goodwill and Intangible Assets 13 Note 6—Income Taxes 14 Note 7—Debt Obligations 14 Note 8 —Derivative Instruments Designated as Cash Flow Hedges 16 Note 9—Changes in Accumulated Other Comprehensive Income (Loss) by Component 16 Note 10—Sales of Receivables 17 Note 11—Business Segment s Information 17 Note 1 2 —Legal Proceedings and Other Commitments and Contingencies 17

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4 Controls and Procedures 28

Other Information

Part II Other Information 29

Legal Proceedings

Item 1 Legal Proceedings 29

Risk Factors

Item 1A Risk Factors 29

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 29

Defaults Upon Senior Securities

Item 3 Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 29

Other Information

Item 5 Other Information 29

Signatures

Signatures 31 -i- Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SCIENCE APPLICATIONS INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended May 3, 2024 May 5, 2023 (in millions, except per share amounts) Revenues $ 1,847 $ 2,028 Cost of revenues 1,634 1,793 Selling, general and administrative expenses 85 84 (Gain) loss on divestitures, net of transaction costs — ( 6 ) Other operating (income) expense ( 3 ) — Operating income 131 157 Interest expense, net 34 32 Other (income) expense, net 2 2 Income before income taxes 95 123 Provision for income taxes ( 18 ) ( 25 ) Net income $ 77 $ 98 Earnings per share: Basic $ 1.49 $ 1.80 Diluted $ 1.48 $ 1.79 See accompanying notes to condensed consolidated financial statements. -1- Table of Conten ts SCIENCE APPLICATIONS INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended May 3, 2024 May 5, 2023 (in millions) Net income $ 77 $ 98 Other comprehensive income (loss), net of tax: Net unrealized gain (loss) on derivative instruments 3 ( 6 ) Total other comprehensive income (loss), net of tax 3 ( 6 ) Comprehensive income $ 80 $ 92 See accompanying notes to condensed consolidated financial statements. -2- Table of Conten ts SCIENCE APPLICATIONS INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) May 3, 2024 February 2, 2024 (in millions) ASSETS Current assets: Cash and cash equivalents $ 49 $ 94 Receivables, net 934 914 Prepaid expenses and other current assets 108 123 Total current assets 1,091 1,131 Goodwill 2,851 2,851 Intangible assets, net 865 894 Property, plant, and equipment (net of accumulated depreciation of $ 188 million and $ 184 million at May 3, 2024 and February 2, 2024, respectively) 93 91 Operating lease right of use assets 148 152 Other assets 202 195 Total assets $ 5,250 $ 5,314 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 6

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View this 10-Q filing on SEC EDGAR