$SAIC
Science Applications International Corp

2013 Q3 Form 10-Q Financial Statement

#000119312513399793 Filed on October 15, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $1.034B $1.231B
YoY Change -16.0%
Cost Of Revenue $960.0M $1.134B
YoY Change -15.34%
Gross Profit $74.00M $97.00M
YoY Change -23.71%
Gross Profit Margin 7.16% 7.88%
Selling, General & Admin $18.00M $31.00M
YoY Change -41.94%
% of Gross Profit 24.32% 31.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000M $3.000M
YoY Change -66.67%
% of Gross Profit 1.35% 3.09%
Operating Expenses $18.00M $31.00M
YoY Change -41.94%
Operating Profit $38.00M $62.00M
YoY Change -38.71%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $38.00M $62.00M
YoY Change -38.71%
Income Tax $13.00M $24.00M
% Of Pretax Income 34.21% 38.71%
Net Earnings $25.00M $38.00M
YoY Change -34.21%
Net Earnings / Revenue 2.42% 3.09%
Basic Earnings Per Share $0.51 $0.78
Diluted Earnings Per Share $0.50 $0.76
COMMON SHARES
Basic Shares Outstanding 48.60M shares 47.00M shares
Diluted Shares Outstanding 49.70M shares 47.00M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.000M
YoY Change
Cash & Equivalents $2.000M
Short-Term Investments
Other Short-Term Assets $96.00M
YoY Change
Inventory
Prepaid Expenses
Receivables $710.0M
Other Receivables $0.00
Total Short-Term Assets $808.0M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $26.00M
YoY Change
Goodwill $379.0M
YoY Change
Intangibles $5.000M
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.000M
YoY Change
Total Long-Term Assets $437.0M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $808.0M
Total Long-Term Assets $437.0M
Total Assets $1.245B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $433.0M
YoY Change
Accrued Expenses $165.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.000M
YoY Change
Total Short-Term Liabilities $599.0M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.000M
YoY Change
Other Long-Term Liabilities $17.00M
YoY Change
Total Long-Term Liabilities $17.00M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $599.0M
Total Long-Term Liabilities $17.00M
Total Liabilities $616.0M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $627.0M $626.0M
YoY Change
Total Liabilities & Shareholders Equity $1.245B
YoY Change

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $25.00M $38.00M
YoY Change -34.21%
Depreciation, Depletion And Amortization $1.000M $3.000M
YoY Change -66.67%
Cash From Operating Activities $63.00M $128.0M
YoY Change -50.78%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$2.000M
YoY Change -50.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.000M -$2.000M
YoY Change -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -61.00M -126.0M
YoY Change -51.59%
NET CHANGE
Cash From Operating Activities 63.00M 128.0M
Cash From Investing Activities -1.000M -2.000M
Cash From Financing Activities -61.00M -126.0M
Net Change In Cash 1.000M 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities $63.00M $128.0M
Capital Expenditures -$1.000M -$2.000M
Free Cash Flow $64.00M $130.0M
YoY Change -50.77%

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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" color="#2B4C9B" size="2"><b><i>Reporting Periods</i></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">Unless otherwise noted, references to fiscal years are to fiscal years ended January&#xA0;31 for fiscal 2013 and earlier periods, or fiscal years ended the Friday closest to January&#xA0;31, for fiscal 2014 and later periods. For fiscal 2013, the Company&#x2019;s fiscal quarters ended on the last calendar day of each of April, July and October. Effective in fiscal 2014, the Company changed its fiscal year to a 52/53 week fiscal year ending on the Friday closest to January&#xA0;31, with fiscal quarters typically consisting of 13 weeks. Fiscal 2014 began on February&#xA0;1, 2013 and ends on January&#xA0;31, 2014. The second quarter of fiscal 2014 ended on August&#xA0;2, 2013. The Company does not believe that the change in its fiscal year has a material effect on the comparability of the periods presented.</font></p> </div>
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" color="#2B4C9B" size="2"><b><i>Corporate Allocations</i></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">The unaudited condensed combined statements of income and comprehensive income reflect allocations of general corporate expenses from Parent including, but not limited to, costs associated with executive management, finance, legal, information technology, human resources, employee benefits administration, treasury, risk management, procurement, and other shared services.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">The allocations were made on a direct usage basis when identifiable, with the remainder allocated on the basis of costs incurred, headcount or other appropriate measures. Management of the Company and Parent consider these allocations to be a reasonable reflection of the utilization of services by, or the benefits provided to the Company. The allocations may not, however, reflect the expense the Company would have incurred as a stand-alone company for the periods presented. Actual costs that may have been incurred if the Company had been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">The unaudited condensed combined balance sheets of the Company include Parent assets and liabilities that are specifically identifiable or otherwise attributable to the Company. Parent&#x2019;s cash, excluding a minor balance specifically attributable to the Company, has not been assigned to the Company for any of the periods presented because those cash balances are not directly attributable to the Company nor did the Company have a contractual right to acquire that cash in connection with the separation. Consequently, the Company did not acquire or assume Parent&#x2019;s cash upon completion of the separation. As further described in Note 11 &#x2013; Subsequent Events, at separation Parent transferred $26 million in cash to the Company which represents working capital contributed by operations of the Company during the period from the initial target separation date to the actual separation date. Parent&#x2019;s senior unsecured notes, and the related interest expense, have not been attributed to the Company for any of the periods presented because Parent&#x2019;s borrowings and the related guarantees on such borrowings are not directly attributable to the combined businesses that comprise the Company.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">Parent has historically used a centralized approach to cash management and financing of its operations. Transactions between the Company and Parent are considered to be effectively settled for cash at the time the transaction is recorded. The net effect of these transactions is included in the unaudited condensed combined statements of cash flows as Net transfers to Parent.</font></p> </div>
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3.25 pure
ck0001571123 Share Based Compensation Arrangement By Share Based Payment Award Options Transferred In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsTransferredInPeriod
2900000 shares
ck0001571123 Increase Decrease In Inventories Prepaid Expenses And Other Current Assets
IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherCurrentAssets
-21000000
ck0001571123 Net Transfer To From Parent
NetTransferToFromParent
27000000
ck0001571123 Net Transfers Of Property Plant And Equipment To From Parent
NetTransfersOfPropertyPlantAndEquipmentToFromParent
-2000000
CY2013Q2 ck0001571123 Incremental Share Factor
IncrementalShareFactor
1.0713 pure
CY2013Q2 ck0001571123 Decrease In Share Factor
DecreaseInShareFactor
0.9334 pure
CY2013Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2013-06-28
CY2013Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2013-06-14
CY2013Q1 ck0001571123 Special Dividend Per Share
SpecialDividendPerShare
1.00
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y9M18D
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.79
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47000000 shares
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3000000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47000000 shares
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
37000000
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
37000000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
62000000
CY2012Q3 us-gaap Revenues
Revenues
1231000000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
38000000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
62000000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
38000000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
CY2012Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
10000000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31000000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24000000
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
1134000000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000
CY2012Q3 us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
1000000
CY2012Q3 us-gaap Restructuring Charges
RestructuringCharges
4000000
CY2012Q3 ck0001571123 Increase Decrease In Income From Change In Contract Estimates
IncreaseDecreaseInIncomeFromChangeInContractEstimates
5000000
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49000000 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000 shares
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48000000 shares
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25000000
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
25000000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
38000000
CY2013Q3 us-gaap Revenues
Revenues
1034000000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
25000000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
38000000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
25000000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
CY2013Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
6000000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18000000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13000000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
960000000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000
CY2013Q3 us-gaap Restructuring Charges
RestructuringCharges
18000000
CY2013Q3 ck0001571123 Increase Decrease In Income From Change In Contract Estimates
IncreaseDecreaseInIncomeFromChangeInContractEstimates
4000000

Files In Submission

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0001193125-13-399793-index-headers.html Edgar Link pending
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0001193125-13-399793.txt Edgar Link pending
0001193125-13-399793-xbrl.zip Edgar Link pending
ck0001571123-20130802.xml Edgar Link completed
ck0001571123-20130802.xsd Edgar Link pending
ck0001571123-20130802_cal.xml Edgar Link unprocessable
ck0001571123-20130802_def.xml Edgar Link unprocessable
ck0001571123-20130802_lab.xml Edgar Link unprocessable
ck0001571123-20130802_pre.xml Edgar Link unprocessable
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