SAIC Approves $300M Stock Repurchase Program
Ticker: SAIC · Form: 8-K · Filed: Jun 11, 2024 · CIK: 1571123
| Field | Detail |
|---|---|
| Company | Science Applications International Corp (SAIC) |
| Form Type | 8-K |
| Filed Date | Jun 11, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | bullish |
Sentiment: bullish
Topics: stock-repurchase, shareholder-value, board-approval
TL;DR
SAIC just authorized a $300M stock buyback, signaling confidence and aiming to boost shareholder value.
AI Summary
Science Applications International Corporation (SAIC) announced on June 5, 2024, that its Board of Directors approved a new stock repurchase program. The company is authorized to repurchase up to $300 million of its common stock through June 5, 2026. This action reflects management's confidence in the company's financial health and its commitment to returning value to shareholders.
Why It Matters
This significant stock repurchase authorization signals SAIC's confidence in its future performance and its strategy to enhance shareholder value by reducing the number of outstanding shares.
Risk Assessment
Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is a common capital allocation strategy and does not indicate any immediate operational or financial distress.
Key Numbers
- $300M — Stock Repurchase Authorization (Amount authorized for share buybacks)
- 2 years — Repurchase Program Duration (Timeframe for the stock repurchase program (June 5, 2024, to June 5, 2026))
Key Players & Entities
- Science Applications International Corporation (company) — Registrant
- SAIC (company) — Abbreviation for Registrant
- $300 million (dollar_amount) — Stock repurchase authorization amount
- June 5, 2024 (date) — Date of Board approval and earliest event reported
- June 5, 2026 (date) — Expiration date of the stock repurchase program
FAQ
What is the total amount authorized for SAIC's new stock repurchase program?
The Board of Directors approved a new stock repurchase program authorizing the company to repurchase up to $300 million of its common stock.
When was the new stock repurchase program approved?
The new stock repurchase program was approved by the Board of Directors on June 5, 2024.
What is the expiration date of this stock repurchase program?
The stock repurchase program is authorized to continue through June 5, 2026.
What is the primary purpose of this stock repurchase program?
The program is intended to return value to shareholders and reflects management's confidence in the company's financial position and future prospects.
Does this filing indicate any specific financial targets or performance metrics related to the repurchase?
No, the filing announces the authorization of the repurchase program and its terms but does not specify financial targets or performance metrics tied to its execution.
Filing Stats: 696 words · 3 min read · ~2 pages · Grade level 11 · Accepted 2024-06-11 16:05:34
Filing Documents
- saic-20240605.htm (8-K) — 56KB
- 0001571123-24-000105.txt ( ) — 180KB
- saic-20240605.xsd (EX-101.SCH) — 2KB
- saic-20240605_lab.xml (EX-101.LAB) — 22KB
- saic-20240605_pre.xml (EX-101.PRE) — 13KB
- saic-20240605_htm.xml (XML) — 3KB
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders. Science Applications International Corporation (the "Company") held its virtual Annual Meeting of Stockholders on June 5, 2024 (the "Annual Meeting"). The holders of 43,124,122 shares of common stock of the Company, or approximately 84% of the outstanding shares entitled to vote as of the record date for the Annual Meeting, were represented at the Annual Meeting in person or by proxy. The final voting results on each of the matters presented to stockholders for a vote is set forth below. 1. The nominees to the Board of Directors of the Company were elected, each for a one-year term, based upon the following votes: Number of Votes Director Nominee For Against Abstain Broker Non-Votes Dana S. Deasy 39,387,504 123,049 78,168 3,535,401 Garth N. Graham 38,991,292 517,098 80,331 3,535,401 Carolyn B. Handlon 39,057,365 454,993 76,363 3,535,401 Yvette M. Kanouff 39,131,267 383,459 73,995 3,535,401 Timothy J. Mayopoulos 39,045,128 461,604 81,989 3,535,401 Katharina G. McFarland 38,849,672 661,551 77,498 3,535,401 Milford W. McGuirt 39,090,625 426,219 71,877 3,535,401 Donna S. Morea 38,836,020 676,923 75,778 3,535,401 James C. Reagan 39,064,805 444,201 79,715 3,535,401 Steven R. Shane 38,762,426 742,378 83,917 3,535,401 Toni Townes-Whitley 39,324,250 193,712 70,759 3,535,401 2. The proposal to approve, on a non-binding, advisory basis, the compensation of the named executive officers of the Company as disclosed in the Company's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 24, 2024 (or a say-on-pay vote) was approved based upon the following votes: Number of Votes For Against Abstain Broker Non-Votes 38,332,255 1,050,087 206,379 3,535,401 3. The proposal to ratify the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending January 31, 2025 was approved based upon the f
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description of Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 11, 2024 Science Applications International Corporation By: /s/ Hilary L. Hageman Hilary L. Hageman Executive Vice President, General Counsel and Corporate Secretary