Schedule 1: SCIENCE APPLICATIONS INTERNATIONAL CORPORATIONCONDENSED AND CONSOLIDATED STATEMENTS OF INCOME(Unaudited) Three Months Ended Year Ended January 31,2025 February 2,2024 January 31,2025 February 2,2024 (in millions, except per share amounts)Revenues$ 1,838 $1,737 $ 7,479 $7,444 Cost of revenues 1,606 1,545 6,587 6,572 Selling, general and administrative expenses 94 114 339 373 (Gain) loss on divestitures, net of transaction costs — — — (240)Other operating (income) expense — (1) (10) (2)Operating income 138 79 563 741 Interest expense, net 29 32 126 120 Other (income) expense, net 2 (1) 9 1 Income before income taxes 107 48 428 620 Provision for income taxes (9) (9) (66) (143)Net income$ 98 $39 $ 362 $477 Weighted-average number of shares outstanding: Basic 48.6 52.0 50.1 53.1 Diluted 49.0 52.7 50.5 53.7 Earnings per share: Basic$ 2.02 $0.75 $ 7.23 $8.98 Diluted$ 2.00 $0.74 $ 7.17 $8.88 Schedule 2: SCIENCE APPLICATIONS INTERNATIONAL CORPORATIONCONDENSED AND CONSOLIDATED BALANCE SHEETS(Unaudited) January 31,2025 February 2,2024 (in millions)ASSETS Current assets: Cash and cash equivalents$ 56 $94Receivables, net 1,000 914Prepaid expenses and other current assets 98 123Total current assets 1,154 1,131Goodwill 2,851 2,851Intangible assets, net 779 894Property, plant, and equipment, net 104 91Operating lease right of use assets 164 152Other assets 194 195Total assets$ 5,246 $5,314 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued liabilities$ 744 $711Accrued payroll and employee benefits 339 370Debt, current portion 313 77Total current liabilities 1,396 1,158Debt, net of current portion 1,907 2,022Operating lease liabilities 173 147Deferred income taxes 24 28Other long-term liabilities 169 174Equity: Total stockholders' equity 1,577 1,785Total liabilities and stockholders' equity$ 5,246 $5,314 Schedule 3: SCIENCE APPLICATIONS INTERNATIONAL CORPORATIONCONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Three Months Ended Year Ended January 31,2025 February 2,2024 January 31,2025 February 2,2024 (in millions)Cash flows from operating activities: Net income$ 98 $39 $ 362 $477 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 36 36 140 142 Deferred income taxes 12 16 (3) (17)Stock-based compensation expense 15 26 53 68 Gain on divestitures — — — (247)Other 2 (2) (7) (6)Increase (decrease) resulting from changes in operating assets and liabilities, net of the effect of the acquisitions and divestitures: Receivables 22 96 (86) (46)Prepaid expenses and other current assets (7) (56) 24 (43)Other assets (9) (19) 1 (14)Accounts payable and accrued liabilities (71) (128) 48 13 Accrued payroll and employee benefits 28 53 (31) 49 Operating lease assets and liabilities, net 1 (1) (6) (4)Other long-term liabilities (12) 3 (1) 24 Net cash provided by operating activities 115 63 494 396 Cash flows from investing activities: Expenditures for property, plant, and equipment (15) (11) (36) (27)Purchases of marketable securities (3) (2) (14) (8)Sales of marketable securities 2 1 12 6 Proceeds from sale of equity method investments — — 10 — Proceeds from divestitures — — — 356 Cash divested upon deconsolidation of joint venture — — — (8)Other (4) 2 (7) (5)Net cash (used in) provided by investing activities (20) (10) (35) 314 Cash flows from financing activities: Principal payments on borrowings (325) (166) (1,381) (441)Proceeds from borrowings 385 — 1,499 160 Stock repurchased and retired or withheld for taxes on equity awards (133) (89) (558) (382)Dividend payments to stockholders (18) (19) (75) (79)Issuances of stock 6 4 20 17 Other — — (3) — Net cash used in financing activities (85) (270) (498) (725)Net increase (decrease) in cash, cash equivalents and restricted cash 10 (217) (39) (15)Cash, cash equivalents and restricted cash at beginning of period 54 320 103 118 Cash, cash equivalents and restricted cash at end of period$ 64 $103 $ 64 $103 Schedule 4: SCIENCE APPLICATIONS INTERNATIONAL CORPORATIONSEGMENT OPERATING RESULTS(Unaudited) Three Months Ended Year Ended January 31, 2025 February 2, 2024 January 31, 2025 February 2, 2024 (in millions)Revenues Defense and Intelligence$1,360 $1,352 $5,726 $5,817 Civilian 478 385 1,753 1,627 Total revenues$1,838 $1,737 $7,479 $7,444 Operating income (loss) Defense and Intelligence$96 $100 $440 $436 Civilian 63 19 168 158 Corporate (21) (40) (45) 147 Total operating income$138 $79 $563 $741 Operating margin Defense and Intelligence 7.1% 7.4% 7.7% 7.5%Civilian 13.2% 4.9% 9.6% 9.7%Total operating margin 7.5% 4.5% 7.5% 10.0% Adjusted operating income (loss)(1) Defense and Intelligence$113 $117 $509 $504 Civilian 75 31 216 206 Corporate (12) (24) (20) (51)Total adjusted operating income(1)$176 $124 $705 $659 Adjusted operating margin(1) Defense and Intelligence 8.3% 8.7% 8.9% 8.7%Civilian 15.7% 8.1% 12.3% 12.7%Total adjusted operating margin(1) 9.6% 7.1% 9.4% 8.9% Defense and Intelligence Results Revenues in the fourth quarter increased $8 million or 0.6% 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.
Q4 FY25 revenues of $1.84 billion, 5.8% organic growth(1); FY25 revenues of $7.48 billion, 3.1% organic growth(1); organic growth adjusted for divestituresQ4 FY25 net income of $98 million, adjusted EBITDA(1) of $177 million or 9.6% of revenue; FY25 net income of $362 million, adjusted EBITDA(1) of $710 million or 9.5% of revenueQ4 FY25 diluted earnings per share of $2.00, adjusted diluted earnings per share(1) of $2.57; FY25 diluted earnings per share of $7.17, adjusted diluted earnings per share(1) of $9.13Q4 FY25 cash flows provided by operating activities of $115 million, free cash flow(1) and transaction-adjusted free cash flow(1) of $236 million; FY25 cash flows provided by operating activities of $494 million, free cash flow(1) of $499 million, transaction-adjusted free cash flow(1) of $507 millionQ4 FY25 net bookings of $1.3 billion; book-to-bill ratio of 0.7; trailing twelve months book-to-bill ratio of 0.9FY26 guidance introduced above prior targets for revenues, adjusted EBITDA(1), adjusted EBITDA margin(1), and adjusted diluted EPS(1) RESTON, Va., March 17, 2025 (GLOBE NEWSWIRE) -- Science Applications International Corporation (NASDAQ: SAIC), a premier Fortune 500® technology integrator driving our nation's digital transformation across the defense, space, civilian, and intelligence markets, today announced results for the fourth quarter and full fiscal year ended January 31, 2025.
Fourth Quarter and Full Fiscal Year 2025: Summary Operating Results Three Months Ended Year Ended January 31,2025 Percentchange February 2,2024 January 31,2025 Percentchange February 2,2024 (in millions, except per share amounts)Revenues$1,838 6 % $1,737 $7,479 — % $7,444 Operating income 138 75 % 79 563 (24 )% 741 Operating income as a percentage of revenues 7.5 % 300 bps 4.5 % 7.5 % -250 bps 10.0 %Adjusted operating income(1) 176 42 % 124 705 7 % 659 Adjusted operating income as a percentage of revenues 9.6 % 250 bps 7.1 % 9.4 % 50 bps 8.9 %Net income 98 151 % 39 362 (24 )% 477 EBITDA(1) 175 48 % 118 708 (21 )% 891 EBITDA as a percentage of revenues 9.5 % 270 bps 6.8 % 9.5 % -250 bps 12.0 %Adjusted EBITDA(1) 177 39 % 127 710 6 % 668 Adjusted EBITDA as a percentage of revenues 9.6 % 230 bps 7.3 % 9.5 % 50 bps 9.0 %Diluted earnings per share$2.00 170 % $0.74 $7.17 (19 )% $8.88 Adjusted diluted earnings per share(1)$2.57 80 % $1.43 $9.13 16 % $7.88 Net cash provided by operating activities$115 83 % $63 $494 25 % $396 Free cash flow(1)$236 143 % $97 $499 21 % $414 Transaction-adjusted free cash flow(1)$236 98 % $119 $507 4 % $486 (1) Non-GAAP measure, see Schedule 6 for information about this measure.
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