Tuesday, May 13, 2025
  • Login
No Result
View All Result
ForexTV
  • News
    • Top Corporate News
    • Lifestyle
    • Technology
    • Financial Markets News
  • Small Business
    • Digital Marketing Blog
    • Small Business Best Practices
    • Small Business Strategy
      • Sales Strategies
      • Marketing Strategies
  • Business Finance
    • Small Business-Lending Trends
    • Debt Service Coverage Ratio (DSCR)
    • Business Credit
      • Business Credit Blog
      • Business Loans
      • Merchant Cash Advances
      • Business Line of Credit
      • What is Alternative Business Lending?
    • Resources
      • Debt Service Coverage Ratio (DSCR) Calculator
  • Currency Focus
    • Crypto Focus
      • Bitcoin (BTC)
      • Ethereum (ETH)
      • Tether
      • BNB
      • Cardano (Ada)
      • Ripple (XRP)
      • Solana (SOL)
      • Dogecoin (DOGE)
      • Polkadot (DOT)
      • Tron (TRX)
      • Shiba Inu (SHIB)
      • Litecoin (LTC)
    • EURO (EUR)
    • Japanese Yen (JPY)
    • Great British Pound (GBP)
    • Swiss Franc (CHF)
    • New Zealand Dollar (NZD)
    • Canadian Dollar (CAD)
    • Australian Dollar (AUD)
  • Resources
    • Economic Calendar
    • Trader Education
      • Candlestick Pattern Intro
    • Live Forex Rates/Charts
      • Live Rates
      • Live Charts
    • Forex Trader Tools
      • Pivot Point Calculator
      • Currency Converter
      • Global Statistic Resources
    • Trading Terms
      • Forex Glossary
      • Glossary of Retirement Industry Terms
    • CPI Tools
      • CPI Inflation Calculator
      • CPI Average Price Calculator
  • Marketing Services
    • Digital Marketing Services
    • Digital Marketing Consulting
    • Search Engine Optimization (SEO)
    • Online Content Marketing
    • Digital Marketing Blog
    • Inbound Marketing Services
    • Email Marketing
    • Digital Marketing Rates
  • News
    • Top Corporate News
    • Lifestyle
    • Technology
    • Financial Markets News
  • Small Business
    • Digital Marketing Blog
    • Small Business Best Practices
    • Small Business Strategy
      • Sales Strategies
      • Marketing Strategies
  • Business Finance
    • Small Business-Lending Trends
    • Debt Service Coverage Ratio (DSCR)
    • Business Credit
      • Business Credit Blog
      • Business Loans
      • Merchant Cash Advances
      • Business Line of Credit
      • What is Alternative Business Lending?
    • Resources
      • Debt Service Coverage Ratio (DSCR) Calculator
  • Currency Focus
    • Crypto Focus
      • Bitcoin (BTC)
      • Ethereum (ETH)
      • Tether
      • BNB
      • Cardano (Ada)
      • Ripple (XRP)
      • Solana (SOL)
      • Dogecoin (DOGE)
      • Polkadot (DOT)
      • Tron (TRX)
      • Shiba Inu (SHIB)
      • Litecoin (LTC)
    • EURO (EUR)
    • Japanese Yen (JPY)
    • Great British Pound (GBP)
    • Swiss Franc (CHF)
    • New Zealand Dollar (NZD)
    • Canadian Dollar (CAD)
    • Australian Dollar (AUD)
  • Resources
    • Economic Calendar
    • Trader Education
      • Candlestick Pattern Intro
    • Live Forex Rates/Charts
      • Live Rates
      • Live Charts
    • Forex Trader Tools
      • Pivot Point Calculator
      • Currency Converter
      • Global Statistic Resources
    • Trading Terms
      • Forex Glossary
      • Glossary of Retirement Industry Terms
    • CPI Tools
      • CPI Inflation Calculator
      • CPI Average Price Calculator
  • Marketing Services
    • Digital Marketing Services
    • Digital Marketing Consulting
    • Search Engine Optimization (SEO)
    • Online Content Marketing
    • Digital Marketing Blog
    • Inbound Marketing Services
    • Email Marketing
    • Digital Marketing Rates
No Result
View All Result
ForexTV
No Result
View All Result
ADVERTISEMENTS
club Felene

SAIC Announces Second Quarter of Fiscal Year 2025 Results

by GlobeNewswire
September 5, 2024
in Top News
Reading Time: 44 mins read
  • Revenues of $1.82 billion; 2% organic growth
  • Net income of $81 million; Adjusted EBITDA(1) of $170 million or 9.4% of revenues
  • Diluted earnings per share of $1.58; Adjusted diluted earnings per share(1) of $2.05
  • Cash flows provided by operating activities of $138 million; free cash flow(1) of $241 million
  • Net bookings of $1.2 billion; book-to-bill ratio of 0.6; trailing twelve months book-to-bill ratio of 1.1
  • Company increases Adjusted Diluted EPS(1) Fiscal Year 2025 guidance to $8.10 โ€“ $8.30 and reaffirms all other Fiscal Year 2025 financial guidance

RESTON, Va., Sept. 05, 2024 (GLOBE NEWSWIRE) โ€” Science Applications International Corporation (Nasdaq: SAIC), a premier Fortune 500ยฎ technology integrator driving our nationโ€™s digital transformation across the defense, space, civilian, and intelligence markets, today announced results for the second quarter ended August 2, 2024.

โ€œOur second quarter results were solid, reflecting strong program performance and exceptional cash flow with a continued focus on returning capital to shareholders,โ€ said SAIC CEO Toni Townes-Whitley. โ€œWe are seeing encouraging trends as we execute our growth strategy. Our expanded pipeline of qualified opportunities is now converting to a higher number and quality of submissions and increasing book-to-bill, trends which are expected to accelerate and drive growth into Fiscal Year 2026. This momentum fuels the confidence we have in our ability to meet our Fiscal Year 2027 targets of 5% organic revenue growth, mid 9% adjusted EBITDA margins, and approximately $12 of free cash flow per share.โ€

Second Quarter of Fiscal Year 2025: Summary Operating Results

 Three Months Ended
 August 2,
2024
 Percent
change
 August 4,
2023
 (in millions, except per share amounts)
Revenues$1,818   2  % $1,784 
Operating income 134   (63) %  362 
Operating income as a percentage of revenues  7.4 %  -1,290 bps   20.3 %
Adjusted operating income(1) 164   1  %  163 
Adjusted operating income as a percentage of revenues  9.0 %  -10 bps   9.1 %
Net income 81   (67) %  247 
EBITDA(1) 169   (58) %  402 
EBITDA as a percentage of revenues  9.3 %  -1,320 bps   22.5 %
Adjusted EBITDA(1) 170   (2) %  174 
Adjusted EBITDA as a percentage of revenues  9.4 %  -40 bps   9.8 %
Diluted earnings per share$1.58   (65) % $4.56 
Adjusted diluted earnings per share(1)$2.05   โ€”  % $2.05 
Net cash provided by operating activities$138   (8) % $150 
Free cash flow(1)$241   67  % $144 
Transaction-adjusted free cash flow(1)$241   69  % $143 

(1)Non-GAAP measure, see Schedule 6 for information about this measure.


Second Quarter Summary Results

Revenues for the quarter increased $34 million or 2% compared to the same period in the prior year primarily due to ramp up in volume on existing and new contracts, partially offset by contract completions.

Operating income as a percentage of revenues decreased from the comparable prior year period primarily due to the gain on the sale of the Supply Chain Business ($234 million) in the prior year period, and contract completions, partially offset by ramp up in volume on existing and new contracts.

Adjusted EBITDA(1) as a percentage of revenues for the quarter decreased to 9.4% from 9.8% for the same period in the prior year primarily due to contract completions, partially offset by ramp up in volume on existing and new contracts.

Diluted earnings per share for the quarter was $1.58 compared to $4.56 in the prior year quarter. Adjusted diluted earnings per share(1) for the quarter was $2.05 compared to $2.05 in the prior year quarter. The weighted-average diluted shares outstanding during the quarter decreased to 51.2 million from 53.9 million during the prior year quarter.

(1)Non-GAAP measure, see Schedule 6 for information about this measure.

Cash Generation and Capital Deployment

Cash flows provided by operating activities for the second quarter decreased $12 million compared to the prior year quarter, primarily due to higher cash used from the Master Accounts Receivable Purchase Agreement (โ€œMARPA Facilityโ€) in the current year, partially offset by timing of collections, lower tax payments in the current year, and other net favorable changes in working capital.

During the quarter, SAIC deployed $226 million of capital, consisting of $201 million of plan share repurchases, $19 million in cash dividends, and $6 million of capital expenditures.

Quarterly Dividend Declared

As previously announced, subsequent to quarter end, the Companyโ€™s Board of Directors declared a cash dividend of $0.37 per share of the Companyโ€™s common stock payable on October 25, 2024 to stockholders of record on October 11, 2024. SAIC intends to continue paying dividends on a quarterly basis, although the declaration of any future dividends will be determined by the Board of Directors each quarter and will depend on earnings, financial condition, capital requirements and other factors.

Backlog and Contract Awards

Net bookings for the quarter were approximately $1.2 billion, which reflects a book-to-bill ratio of 0.6 and a trailing twelve months book-to-bill ratio of 1.1. SAICโ€™s estimated backlog at the end of the quarter was approximately $22.9 billion. Of the total backlog amount, approximately $4.2 billion was funded.

Notable New Awards:

U.S. Treasury: During the quarter, SAIC was awarded a one year, approximately $134 million task order to support the Treasury Cloud (TCloud). This effort provides enterprise-level commercial Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) cloud products and professional services to support Treasury and Bureau business and mission operations.

Notable Recompete Awards:

Department of Veterans Affairs: During the quarter, SAIC was awarded a five-year (one year base, plus four, one-year option periods), $206 million recompete to deliver high-quality IT services that are crucial to the seamless execution of the Veterans Affairs Financial Services Centerโ€™s operations. This effort will support the Financial Services Center in Austin, TX with essential services such as infrastructure and application support, cloud services, cybersecurity, data analytics, database design, and administration.

U.S. Navy: During the quarter, SAIC was awarded three contracts worth $58 million to support the Airborne Electronic Attack (AEA) Integrated Product Team (IPT) Jammer Technique Optimization (JATO) Program, the International Program, and the AEA IPT EA-18G Program. These three contracts will deliver mission-critical solutions with dedicated support to the Naval Air Warfare Center Weapons Division.

U.S. Defense and Space Portfolio: During the quarter, SAIC was awarded approximately $250 million of contract awards by defense and space organizations. These awards represent a combination of new business and recompetes.

Fiscal Year 2025 Guidance

Management is increasing Adjusted Diluted EPS(1) fiscal year 2025 guidance to $8.10 โ€“ $8.30 from $8.00 โ€“ $8.20, reaffirms all other fiscal year 2025 guidance which represents the Companyโ€™s views as of September 5, 2024.        

 Fiscal Year
 2025 Guidance
Revenue$7.35B โ€“ $7.50B
Adjusted EBITDA(1)$680M โ€“ $700M
Adjusted EBITDA Margin(1)9.2% โ€“ 9.4%
Adjusted Diluted EPS(1)$8.10 โ€“ $8.30
Free Cash Flow(1)$490M โ€“ $510M

(1)Non-GAAP measure, see Schedule 6 for information about this measure.


Webcast Information

SAIC management will discuss operations and financial results in an earnings conference call beginning at 10:00 a.m. Eastern time on September 5, 2024. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the SAIC website (https://investors.saic.com/). We will be providing webcast access only โ€“ โ€œdial-inโ€ access is no longer available. Additionally, a supplemental presentation will be available to the public through links to the Investor Relations section of the SAIC website. After the call concludes, an on-demand audio replay of the webcast can be accessed on the Investor Relations website.

About SAIC

SAICยฎ is a premier Fortune 500ยฎ technology integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in mission IT, enterprise IT, engineering services and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.

We are approximately 24,000 strong; driven by mission, united by purpose, and inspired by opportunities. SAIC is an Equal Opportunity Employer, fostering a culture of diversity, equity and inclusion, which is core to our values and important to attract and retain exceptional talent. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.4 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

Contacts

Investor Relations: Joe DeNardi, +1.703.488.8528, joseph.w.denardi@saic.com

Media: Kara Ross, kara.g.ross@saic.com

GAAP to Non-GAAP Guidance Reconciliation

The Company does not provide a reconciliation of forward-looking adjusted diluted EPS to GAAP diluted EPS, adjusted EBITDA margin to GAAP net income or transaction-adjusted free cash flow and free cash flow to GAAP net cash flows from operating activities due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate net income and cash flows from operating activities may vary significantly based on actual events, the Company is not able to forecast GAAP diluted EPS, GAAP net income or GAAP net cash flows from operating activities with reasonable certainty. The variability of the above charges may have an unpredictable and potentially significant impact on our future GAAP financial results.

Forward-Looking Statements

Certain statements in this release contain or are based on โ€œforward-lookingโ€ information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as โ€œexpects,โ€ โ€œintends,โ€ โ€œplans,โ€ โ€œanticipates,โ€ โ€œbelieves,โ€ โ€œestimates,โ€ โ€œguidance,โ€ and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the โ€œRisk Factors,โ€ โ€œManagementโ€™s Discussion and Analysis of Financial Condition and Results of Operationsโ€ and โ€œLegal Proceedingsโ€ sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at www.saic.com or on the SECโ€™s website at www.sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAICโ€™s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

 
Schedule 1:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 Three Months Ended Six Months Ended
 August 2,
2024
 August 4,
2023
 August 2,
2024
 August 4,
2023
 (in millions, except per share amounts)
Revenues$1,818  $1,784  $3,665  $3,812 
Cost of revenues 1,608   1,568   3,242   3,361 
Selling, general and administrative expenses 77   88   162   172 
(Gain) loss on divestitures, net of transaction costs โ€”   (234)  โ€”   (240)
Other operating (income) expense (1)  โ€”   (4)  โ€” 
Operating income 134   362   265   519 
Interest expense, net 31   29   65   61 
Other (income) expense, net 3   (2)  5   โ€” 
Income before income taxes 100   335   195   458 
Provision for income taxes (19)  (88)  (37)  (113)
Net income$81  $247  $158  $345 
Weighted-average number of shares outstanding:       
Basic 50.9   53.5   51.3   53.9 
Diluted 51.2   53.9   51.7   54.3 
Earnings per share:       
Basic$1.59  $4.60  $3.08  $6.40 
Diluted$1.58  $4.56  $3.06  $6.35 

 
Schedule 2:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 August 2,
2024
 February 2,
2024
 (in millions)
ASSETS   
Current assets:   
Cash and cash equivalents$48 $94
Receivables, net 946  914
Prepaid expenses and other current assets 109  123
Total current assets 1,103  1,131
Goodwill 2,851  2,851
Intangible assets, net 836  894
Property, plant, and equipment, net 95  91
Operating lease right of use assets 168  152
Other assets 197  195
Total assets$5,250 $5,314
LIABILITIES AND EQUITY   
Current liabilities:   
Accounts payable$639 $567
Accrued payroll and employee benefits 338  370
Other accrued liabilities 118  144
Debt, current portion 197  77
Total current liabilities 1,292  1,158
Debt, net of current portion 1,970  2,022
Operating lease liabilities 158  147
Deferred income taxes 19  28
Other long-term liabilities 186  174
Equity:   
Total stockholdersโ€™ equity 1,625  1,785
Total liabilities and stockholdersโ€™ equity$5,250 $5,314

 
Schedule 3:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 Three Months Ended Six Months Ended
 August 2,
2024
 August 4,
2023
 August 2,
2024
 August 4,
2023
 (in millions)
Cash flows from operating activities:       
Net income$81  $247  $158  $345 
Adjustments to reconcile net income to net cash provided by operating activities:       
Depreciation and amortization 34   36   69   72 
Deferred income taxes (8)  (19)  (8)  (25)
Stock-based compensation expense 12   15   25   27 
(Gain) loss on sale of long-lived assets โ€”   (3)  โ€”   (3)
(Gain) loss on divestitures โ€”   (240)  โ€”   (247)
Other (2)  1   (3)  โ€” 
Increase (decrease) resulting from changes in operating assets and liabilities, net of the effect of divestitures:       
Receivables (12)  37   (32)  (90)
Prepaid expenses and other current assets (1)  4   14   8 
Other assets (1)  (7)  (1)  (3)
Accounts payable and accrued liabilities (21)  (54)  41   52 
Accrued payroll and employee benefits 51   52   (32)  9 
Income taxes payable โ€”   67   (2)  74 
Operating lease assets and liabilities, net (2)  1   (5)  (2)
Other long-term liabilities 7   13   12   15 
Net cash provided by operating activities 138   150   236   232 
Cash flows from investing activities:       
Expenditures for property, plant, and equipment (6)  (6)  (12)  (12)
Purchases of marketable securities (4)  (2)  (8)  (5)
Sales of marketable securities 2   3   6   4 
Proceeds from sale of long-lived assets โ€”   3   โ€”   3 
Proceeds from divestitures โ€”   โ€”   โ€”   355 
Cash divested upon deconsolidation of joint venture โ€”   โ€”   โ€”   (8)
Other (1)  โ€”   (2)  (3)
Net cash (used in) provided by investing activities (9)  (2)  (16)  334 
Cash flows from financing activities:       
Dividend payments to stockholders (19)  (20)  (39)  (41)
Principal payments on borrowings (296)  (100)  (606)  (260)
Issuances of stock 5   4   9   8 
Stock repurchased and retired or withheld for taxes on equity awards (201)  (102)  (304)  (190)
Proceeds from borrowings 380   โ€”   673   160 
Net cash used in financing activities (131)  (218)  (267)  (323)
Net (decrease) increase in cash, cash equivalents and restricted cash (2)  (70)  (47)  243 
Cash, cash equivalents and restricted cash at beginning of period 58   431   103   118 
Cash, cash equivalents and restricted cash at end of period$56  $361  $56  $361 

 
Schedule 4:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
SEGMENT OPERATING RESULTS
(Unaudited)
 
 Three Months Ended Six Months Ended
 August 2,
2024
 August 4,
2023
 August 2,
2024
 August 4,
2023
 (in millions)
Revenues       
Defense and Intelligence$1,415  $1,389  $2,851  $2,986 
Civilian 403   395   814   826 
Total revenues$1,818  $1,784  $3,665  $3,812 
        
Operating income (loss)       
Defense and Intelligence$107  $106  $214  $230 
Civilian 34   43   68   85 
Corporate (7)  213   (17)  204 
Total operating income$134  $362  $265  $519 
        
Operating income margin       
Defense and Intelligence 7.6%  7.6%  7.5%  7.7%
Civilian 8.4%  10.9%  8.4%  10.3%
Total operating income margin 7.4%  20.3%  7.2%  13.6%


Second Quarter Defense and Intelligence Results

Revenues for the quarter increased $26 million or 2% compared to the same period in the prior year primarily due to ramp up in volume on existing and new contracts, partially offset by contract completions.

Operating income and adjusted operating income(1) as a percentage of revenues was comparable to the prior year period, primarily due to ramp up in volume on existing and new contracts, offset by contract completions.

Second Quarter Civilian Results

Revenues for the quarter increased $8 million or 2% compared to the same period in the prior year primarily due to ramp up in volume on existing contracts.

Operating income and adjusted operating income(1) as a percentage of revenues decreased from the comparable prior year period partially due to timing and volume mix.

Second Quarter Corporate Results

Operating loss and adjusted operating loss(1) for the quarter increased $220 million and decreased $9 million, respectively, from the comparable prior year period primarily due to the gain recognized from the divestiture of the Supply Chain Business in the prior year period ($234 million), partially offset by lower selling, general and administrative expenses.

(1)Non-GAAP measure, see Schedule 6 for information about this measure.

 
Schedule 5:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
BACKLOG
(Unaudited)
 
The estimated value of our total backlog as of the dates presented was:

 August 2, 2024 February 2, 2024
 Defense and IntelligenceCivilianTotal SAIC Defense and IntelligenceCivilianTotal SAIC
 (in millions)
Funded backlog$3,411 $826 $4,237 $2,707 $832 $3,539
Negotiated unfunded backlog 15,819  2,843  18,662  16,316  2,908  19,224
Total backlog$19,230 $3,669 $22,899 $19,023 $3,740 $22,763

Backlog represents the estimated amount of future revenues to be recognized under negotiated contracts and task orders as work is performed and excludes contract awards which have been protested by competitors until the protest is resolved in our favor. SAIC segregates backlog into two categories, funded backlog and negotiated unfunded backlog. Funded backlog for contracts with government agencies primarily represents contracts for which funding is appropriated less revenues previously recognized on these contracts, and does not include the unfunded portion of contracts where funding is incrementally appropriated or authorized by the U.S. government and other customers even though the contract may call for performance over a number of years. Funded backlog for contracts with non-government agencies represents the estimated value of contracts which may cover multiple future years under which SAIC is obligated to perform, less revenues previously recognized on these contracts. Negotiated unfunded backlog represents the estimated future revenues to be earned from negotiated contracts for which funding has not been appropriated or authorized, and unexercised priced contract options. Negotiated unfunded backlog does not include any estimate of future potential task orders expected to be awarded under indefinite delivery, indefinite quantity (IDIQ), U.S. General Services Administration (GSA) schedules or other master agreement contract vehicles, with the exception of certain IDIQ contracts where task orders are not competitively awarded and separately priced but instead are used as a funding mechanism, and where there is a basis for estimating future revenues and funding on future anticipated task orders.

Schedule 6:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

This schedule describes the non-GAAP financial measures included in this earnings release. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered as supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Reconciliations, definitions, and how we believe these measures are useful to management and investors are provided below. Other companies may define similar measures differently.

EBITDA and Adjusted EBITDA

 Three Months Ended Six Months Ended
 August 2,
2024
 August 4,
2023
 August 2,
2024
 August 4,
2023
 (in millions)
Revenues$1,818  $1,784  $3,665  $3,812 
Net income$81  $247  $158  $345 
Interest expense, net and loss on sale of receivables 35   31   72   66 
Provision for income taxes 19   88   37   113 
Depreciation and amortization 34   36   69   72 
EBITDA(1) 169   402   336   596 
EBITDA as a percentage of revenues 9.3%  22.5%  9.2%  15.6%
Acquisition and integration costs โ€”   1   (2)  1 
Restructuring and impairment costs 2   5   4   6 
Recovery of acquisition and integration costs and restructuring and impairment costs (1)  โ€”   (2)  โ€” 
(Gain) loss on divestitures, net of transaction costs โ€”   (234)  โ€”   (240)
Adjusted EBITDA(1)$170  $174  $336  $363 
Adjusted EBITDA as a percentage of revenues 9.4%  9.8%  9.2%  9.5%

EBITDA is a performance measure that is calculated by taking net income and excluding interest and loss on sale of receivables, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is a performance measure that excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Companyโ€™s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Companyโ€™s indirect rates in accordance with Cost Accounting Standards. The (gain) loss on divestitures includes gains associated with the deconsolidation of FSA and the sale of the logistics and supply chain management business, net of transaction costs. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

(1)Non-GAAP measure, see above for definition.

 
Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
 
Adjusted Operating Income

 Three Months Ended August 2, 2024
 (dollars in millions)

 As Reported Restructuring and impairment costs Recovery of acquisition and integration costs and restructuring and impairment costs Amortization of intangible assets Non-GAAP results(1) Non-GAAP operating margin(1)
Defense and Intelligence$107  $โ€” $โ€”  $17 $124  8.8%
Civilian 34   โ€”  โ€”   12  46  11.4%
Corporate (7)  2  (1)  โ€”  (6) NM
Total$134  $2 $(1) $29 $164  9.0%

 Three Months Ended August 4, 2023
 (dollars in millions)

 As Reported Acquisition and integration costs Restructuring and impairment costs Amortization of intangible assets (Gain) loss on divestitures, net of transaction costs Non-GAAP results(1) Non-GAAP operating margin(1)
Defense and Intelligence$106 $โ€” $โ€” $17 $โ€”  $123  8.9%
Civilian 43  โ€”  โ€”  12  โ€”   55  13.9%
Corporate 213  1  5  โ€”  (234)  (15) NM
Total$362 $1 $5 $29 $(234) $163  9.1%

Adjusted operating income is a performance measure that excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Companyโ€™s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Companyโ€™s indirect rates in accordance with Cost Accounting Standards. Adjusted operating income also excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisitionโ€™s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition. The (gain) loss on divestitures includes gains associated with the sale of the logistics and supply chain management business, net of transaction costs. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. All adjustments to operating income for the periods presented were associated with Corporate costs and initiatives.

(1)Non-GAAP measure, see above for definition.

 
Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
 
Adjusted Operating Income

 Six Months Ended August 2, 2024
 (dollars in millions)

 As Reported Acquisition and integration costs Restructuring and impairment costs Recovery of acquisition and integration costs and restructuring and impairment costs Amortization of intangible assets Non-GAAP results(1) Non-GAAP operating margin(1)
Defense and Intelligence$214  $โ€”  $โ€” $โ€”  $34 $248  8.7%
Civilian 68   โ€”   โ€”  โ€”   24  92  11.3%
Corporate (17)  (2)  4  (2)  โ€”  (17) NM
Total$265  $(2) $4 $(2) $58 $323  8.8%

 Six Months Ended August 4, 2023
 (dollars in millions)

 As Reported Acquisition and integration costs Restructuring and impairment costs Amortization of intangible assets (Gain) loss on divestitures, net of transaction costs Non-GAAP results(1) Non-GAAP operating margin(1)
Defense and Intelligence$230 $โ€” $โ€” $34 $โ€”  $264  8.8%
Civilian 85  โ€”  โ€”  24  โ€”   109  13.2%
Corporate 204  1  6  โ€”  (240)  (29) NM
Total$519 $1 $6 $58 $(240) $344  9.0%

Adjusted operating income is a performance measure that excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Companyโ€™s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Companyโ€™s indirect rates in accordance with Cost Accounting Standards. Adjusted operating income also excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisitionโ€™s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition. The (gain) loss on divestitures includes gains associated with the deconsolidation of FSA and the sale of the logistics and supply chain management business, net of transaction costs. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. All adjustments to operating income for the periods presented were associated with Corporate costs and initiatives.

(1)Non-GAAP measure, see above for definition.

 
Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
 
Adjusted Diluted Earnings Per Share

 Three Months Ended August 2, 2024
 (dollars in millions)

 As Reported Restructuring and impairment costs Recovery of acquisition and integration costs and restructuring and impairment costs Amortization of intangible assets Non-GAAP results(1)
Income before income taxes$100  $2 $(1) $29  $130 
Provision for income taxes (19)  โ€”  โ€”   (6)  (25)
Net income$81  $2 $(1) $23  $105 
          
Diluted EPS$1.58  $0.04 $(0.02) $0.45  $2.05 

 Three Months Ended August 4, 2023
 (dollars in millions)

 As Reported Acquisition and integration costs Restructuring and impairment costs Amortization of intangible assets (Gain) loss on divestitures, net of transaction costs Non-GAAP results(1)
Income before income taxes$335  $1 $5  $29  $(234) $136 
Provision for income taxes (88)  โ€”  (1)  (6)  69   (26)
Net income$247  $1 $4  $23  $(165) $110 
            
Diluted EPS$4.56  $0.02 $0.07  $0.45  $(3.05) $2.05 

Adjusted diluted earnings per share is a performance measure that excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Companyโ€™s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Companyโ€™s indirect rates in accordance with Cost Accounting Standards. Adjusted diluted earnings per share also excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisitionโ€™s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition. The (gain) loss on divestitures includes gains associated with the sale of the logistics and supply chain management business, net of transaction costs. We believe that this performance measure provides management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

(1)Non-GAAP measure, see above for definition.

 
Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
 
Adjusted Diluted Earnings Per Share

 Six Months Ended August 2, 2024
 (dollars in millions)

 As Reported Acquisition and integration costs Restructuring and impairment costs Recovery of acquisition and integration costs and restructuring and impairment costs Amortization of intangible assets Non-GAAP results(1)
Income before income taxes$195  $(2) $4 $(2) $58  $253 
Provision for income taxes (37)  โ€”   โ€”  โ€”   (11)  (48)
Net income$158  $(2) $4 $(2) $47  $205 
            
Diluted EPS$3.06  $(0.04) $0.08 $(0.04) $0.91  $3.97 

 Six Months Ended August 4, 2023
 (dollars in millions)

 As Reported Acquisition and integration costs Restructuring and impairment costs Amortization of intangible assets (Gain) loss on divestitures, net of transaction costs Non-GAAP results(1)
Income before income taxes$458  $1 $6  $58  $(240) $283 
Provision for income taxes (113)  โ€”  (1)  (12)  70   (56)
Net income$345  $1 $5  $46  $(170) $227 
            
Diluted EPS$6.35  $0.01 $0.09  $0.86  $(3.12) $4.19 

Adjusted diluted earnings per share is a performance measure that excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Companyโ€™s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Companyโ€™s indirect rates in accordance with Cost Accounting Standards. Adjusted diluted earnings per share also excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisitionโ€™s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition. The (gain) loss on divestitures includes gains associated with the deconsolidation of FSA and the sale of the logistics and supply chain management business, net of transaction costs. We believe that this performance measure provides management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

(1)Non-GAAP measure, see above for definition.

 
Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
 
Free Cash Flow and Transaction-Adjusted Free Cash Flow

 Three Months Ended Six Months Ended
 August 2,
2024
 August 4,
2023
 August 2,
2024
 August 4,
2023
 (in millions)
Net cash provided by operating activities$138  $150  $236  $232 
Expenditures for property, plant, and equipment (6)  (6)  (12)  (12)
Cash used from (provided by) MARPA Facility 109   โ€”   30   โ€” 
Free cash flow(1)$241  $144  $254  $220 
L&SCM divestiture transaction fees โ€”   7   โ€”   7 
L&SCM divestiture transition services โ€”   (8)  8   (8)
Transaction-adjusted free cash flow(1)$241  $143  $262  $219 

  FY25 Guidance
  (in millions)
Net cash provided by operating activities $520 to $540
Expenditures for property, plant, and equipment Approximately $30
Free cash flow(1) $490 to $510

Free cash flow is calculated by taking cash flows provided by operating activities less expenditures for property, plant, and equipment and less cash flows from our Master Accounts Receivable Purchasing Agreement (MARPA Facility) for the sale of certain designated eligible U.S. government receivables. Under the MARPA Facility, the Company can sell eligible receivables up to a maximum amount of $300 million. Transaction-adjusted free cash flow excludes cash taxes, transaction fees, and other costs related to the divestiture of the logistics and supply chain management business from free cash flow as previously defined. We believe that free cash flow and transaction-adjusted free cash flow provides management and investors with useful information in assessing trends in our cash flows and in comparing them to other peer companies, many of whom present similar non-GAAP liquidity measures. These measures should not be considered as a measure of residual cash flow available for discretionary purposes.

(1)Non-GAAP measure, see above for definition.

  • Author
  • Recent Posts
GlobeNewswire
GlobeNewswire
GlobeNewswire,is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
GlobeNewswire
Latest posts by GlobeNewswire (see all)
  • Cleanfarms Celebrates 15 Years of Agricultural Sustainability Leadership - May 13, 2025
  • High Wire Networks Reports First Quarter Earnings Revenue Growth and Operating Margin Increases - May 13, 2025
  • Freehold Royalties Announces First Quarter 2025 Results - May 13, 2025
ADVERTISEMENTS
ForexTV Digital Marketing

Related Posts

Cleanfarms Celebrates 15 Years of Agricultural Sustainability Leadership

by GlobeNewswire
May 13, 2025
0

Pesticide and fertilizer containers under 23L Pesticide and fertilizer containers under 23L, prepared for drop-off at a collection site to...

High Wire Networks Reports First Quarter Earnings Revenue Growth and Operating Margin Increases

by GlobeNewswire
May 13, 2025
0

BATAVIA, Ill., May 13, 2025 (GLOBE NEWSWIRE) -- High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity,...

Freehold Royalties Announces First Quarter 2025 Results

by GlobeNewswire
May 13, 2025
0

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results...

Peyto Reports First Quarter 2025 Results

by GlobeNewswire
May 13, 2025
0

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. (TSX: PEY) ("Peyto" or the "Company") is pleased...

Condor Announces 2025 First Quarter Results and Purchase of Its First LNG Facility

by GlobeNewswire
May 13, 2025
0

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- Condor Energies Inc. (โ€œCondorโ€ or the โ€œCompanyโ€) (TSX:CDR), a Canadian based, internationally...

Optiva Inc. Reports First Quarter 2025 Financial Results

by GlobeNewswire
May 13, 2025
0

All amounts are stated in United States dollars unless otherwise indicated Revenue of $11.6 millionTotal Contract Value (โ€œTCVโ€)(1) bookings of...

Next Post

Unicycive Therapeutics to Present at the H.C. Wainwright 26th Annual Global Investment Conference

Please login to join discussion
ADVERTISEMENTS
ForexTV Digital Marketing

Latest Posts

  • Cleanfarms Celebrates 15 Years of Agricultural Sustainability Leadership May 13, 2025
  • High Wire Networks Reports First Quarter Earnings Revenue Growth and Operating Margin Increases May 13, 2025
  • Freehold Royalties Announces First Quarter 2025 Results May 13, 2025
  • Peyto Reports First Quarter 2025 Results May 13, 2025
  • Condor Announces 2025 First Quarter Results and Purchase of Its First LNG Facility May 13, 2025
  • About Us
  • Advertise
  • Careers
  • Contact
Privacy Policy / Terms and Conditions

ยฉ 2024 ForexTV.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Cookie Policy
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the ...
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
No Result
View All Result
  • News
    • Top Corporate News
    • Lifestyle
    • Technology
    • Financial Markets News
  • Small Business
    • Digital Marketing Blog
    • Small Business Best Practices
    • Small Business Strategy
      • Sales Strategies
      • Marketing Strategies
  • Business Finance
    • Small Business-Lending Trends
    • Debt Service Coverage Ratio (DSCR)
    • Business Credit
      • Business Credit Blog
      • Business Loans
      • Merchant Cash Advances
      • Business Line of Credit
      • What is Alternative Business Lending?
    • Resources
      • Debt Service Coverage Ratio (DSCR) Calculator
  • Currency Focus
    • Crypto Focus
      • Bitcoin (BTC)
      • Ethereum (ETH)
      • Tether
      • BNB
      • Cardano (Ada)
      • Ripple (XRP)
      • Solana (SOL)
      • Dogecoin (DOGE)
      • Polkadot (DOT)
      • Tron (TRX)
      • Shiba Inu (SHIB)
      • Litecoin (LTC)
    • EURO (EUR)
    • Japanese Yen (JPY)
    • Great British Pound (GBP)
    • Swiss Franc (CHF)
    • New Zealand Dollar (NZD)
    • Canadian Dollar (CAD)
    • Australian Dollar (AUD)
  • Resources
    • Economic Calendar
    • Trader Education
      • Candlestick Pattern Intro
    • Live Forex Rates/Charts
      • Live Rates
      • Live Charts
    • Forex Trader Tools
      • Pivot Point Calculator
      • Currency Converter
      • Global Statistic Resources
    • Trading Terms
      • Forex Glossary
      • Glossary of Retirement Industry Terms
    • CPI Tools
      • CPI Inflation Calculator
      • CPI Average Price Calculator
  • Marketing Services
    • Digital Marketing Services
    • Digital Marketing Consulting
    • Search Engine Optimization (SEO)
    • Online Content Marketing
    • Digital Marketing Blog
    • Inbound Marketing Services
    • Email Marketing
    • Digital Marketing Rates

ยฉ 2024 ForexTV.com