SAIC Approves $300M Stock Repurchase Program

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

From the Filing

0001571123-24-000105.txt : 20240611 0001571123-24-000105.hdr.sgml : 20240611 20240611160534 ACCESSION NUMBER: 0001571123-24-000105 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240605 ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240611 DATE AS OF CHANGE: 20240611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Science Applications International Corp CENTRAL INDEX KEY: 0001571123 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] ORGANIZATION NAME: 06 Technology IRS NUMBER: 461932921 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35832 FILM NUMBER: 241035782 BUSINESS ADDRESS: STREET 1: 12010 SUNSET HILLS ROAD CITY: RESTON STATE: VA ZIP: 20190 BUSINESS PHONE: 703-676-4300 MAIL ADDRESS: STREET 1: 12010 SUNSET HILLS ROAD CITY: RESTON STATE: VA ZIP: 20190 FORMER COMPANY: FORMER CONFORMED NAME: SAIC Gemini, Inc. DATE OF NAME CHANGE: 20130305 8-K 1 saic-20240605.htm 8-K saic-20240605 0001571123 false 0001571123 2024-06-05 2024-06-05 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________ Form 8-K _________________________________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 5, 2024 _________________________________________________________ Science Applications International Corporation (Exact name of registrant as specified in its charter) _________________________________________________________ Delaware   001-35832   46-1932921 (State or other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.) 12010 Sunset Hills Road , Reston , VA 20190 (Address of Principal Executive Offices) (Zip Code) ( 703 ) 676-4300 Registrant’s telephone number, including area code Not Applicable (Former name or former address if changed since last report.)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $.0001 per share SAIC The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ 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