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© SAIC. All rights reserved.
Science Applications International Corporation (SAIC)[NYSE: SAIC]
June 2015 Investor Presentation
SA IC . com
© SAIC. All rights reserved. | 16-0161-SAIC Communications
Forward-Looking Statements
Certain statements in this release contain or are based on "forward-looking" 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 "expects," "intends," "plans," "anticipates," "believes," "estimates," and similar words or phrases. Forward-looking statements in this release include, among others, statements regarding benefits of the proposed acquisition (including anticipated future financial operating performance and results), estimates of future revenues, operating income, earnings, earnings per share, charges, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Actual performance and results may differ materially from the forward-looking statements made in this release depending on a variety of factors, including: the risk that Scitor will not be integrated successfully into SAIC following the consummation of the acquisition and the risk that revenue opportunities, cost savings, synergies and other anticipated benefits from the merger may not be fully realized or may take longer to realize than expected, diversion of management’s attention from normal daily operations of the business and the challenges of managing larger and more widespread operations resulting from the acquisition, difficulties in entering markets in which we have previously had limited direct prior experience, the potential loss of key employees, customers, and other business partners following announcement of the acquisition, use of a substantial portion of our existing cash resources, incurrence of a substantial amount of debt with increased interest expense and amortization demands, compliance with new bank financial and other covenants, assumption of the known and unknown liabilities of the acquired company, recordation of goodwill and nonamortizable intangible assets subject to regular impairment testing and potential impairment charges, incurrence of amortization expenses related to certain intangible assets, assumption that we will enjoy material future tax benefits acquired in connection with the acquisition, developments in the U.S. government defense and intelligence community budgets, including budget reductions, implementation of spending cuts (sequestration) or changes in budgetary priorities; delays in the U.S. government budget process or approval to raise the U.S. debt ceiling; delays in the U.S. government contract procurement process or the award of contracts; delays or loss of contracts as result of competitor protests; changes in U.S. government procurement rules, regulations and practices; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of our company; our ability to effectively compete and win contracts with the U.S. government and other customers; our ability to attract, train and retain skilled employees, including our management team, and to retain and obtain security clearances for our employees; our ability to accurately estimate costs associated with our firm-fixed-price and other contracts; cybersecurity, data security or other security threats, systems failures or other disruptions of our business; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; our ability to effectively deploy capital and make investments in our business; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts; the adequacy of our insurance programs designed to protect us from significant product or other liability claims; our ability to declare future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable laws and contractual agreements; risks associated with our completed spin-off transaction from our former parent, such as disruption to business operations, unanticipated expenses or a failure to realize the expected benefits of the spin-off; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks that we face. These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission, including the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" sections of our Annual Report on Form 10-K which may be viewed or obtained through the Investor Relations section of our web site at www.saic.com.
All information in this presentation is as of June 9, 2015. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC'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.
In addition, these slides should be read in conjunction with our press release dated June 9, 2015 along with listening to or reading a transcript of the comments of our management delivered in a conference call held on June 9, 2015.
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SAIC Overview
4
• Leading technology integrator specializing in technical, engineering and enterprise IT services to the U.S. government
• 46-year history of mission service delivery and customer relationships
• Significant scale of about $4.4 billion with diversified contract base
• Highly skilled workforce of about 15,000 employees
• Strong and predictable cash flow
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Investment Highlights
Focused on serving our customers leveraging both deep mission domain knowledge and the breadth of enabling IT solutions
Enduring Customer Relationships and Mission-Orientation
Technical Experts Led by Experienced Management
Tailored Operational Model and Competitive Structure
Over 65% of workforce hold a security clearance and work at customer locations
Efficient corporate structure and effective account management and service lines for critical mission delivery
Solid Financial Position Strong cash flow generation from recurring revenue base with margin expansion potential
Full Lifecycle Offerings End-to-end services and solutions support entire mission and enterprise lifecycles
Significant Scale and Diversified Contract Base
One of the largest pure play technical services providers to the U.S. Government; about $4.4B in annual revenues
Offering a compelling value proposition to all stakeholders5
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Intelligence, Surveillance & Reconnaissance
SAIC Operating Model
Navy / Marine Corps
DoD Agencies & Commands
Federal Civilian
Strategic Growth
MarketsArmy/
Air ForceIntelligence CommunitySERVICES LINES
Mission & SETA
Hardware Integration
Training & Simulation
Logistics & Supply Chain
Network Integration
Software Integration
IT Managed Services
Cyber, Cloud & Data Sciences
SAIC Market Position GROW PROTECT/EXPAND
6
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We Are Providing
Full Lifecycle Services & Solutions
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HardwareIntegration
IT ManagedServices
SoftwareIntegration
Logistics & Supply Chain
Mission & SETA
Cyber, Cloud & Data Science
Network Integration
Training & Simulation
Intelligence, Surveillance, and Reconnaissance
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• Unified communications• Network core
• Network access, infrastructure & management
• Network security
• Application development and maintenance
• Rapid legacy system modernization• Service-oriented architecture design
• Mobile application development and management
• ERP & COTS integration
• Data center management• End-User & help desk support services• Managed services management
• Operations management services• Network & Security Operations
Center services
• Cloud and virtualized computing infrastructure
• Data science
• Cyber security• Business transformation
Enterprise Information Technology Offerings
Network Integration
Software Integration
Cyber, Cloud &Data Science
IT Managed Services
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Technical and Engineering Offerings
• Land platform upgrade & modernization
• Aircraft platform mission systems & integration
• Demand forecasting• Material acquisition• Inventory management
• Integrated product support planning• Field support• Maintenance and repair
• Maritime platform mission systems
• Advanced hardware systems design, engineering & integration
Mission &SETA
HardwareIntegration
Logistics & Supply Chain
Training & Simulation
• Systems engineering & integration• Program & business resource
management and acquisition• Specialty engineering & technical
analysis
• Quality assurance & configuration management
• Scientific research, intelligence & policy analysis
• Communications & administrative support
• Advanced analytics• Aerospace & weather simulation
and analysis• Doctrine & instructional
systems design
• Human performance training• Integrated LVC training
support & mobile teams• Simulation development• Wargaming
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Intelligence, Surveillance, and Reconnaissance
• Systems of Systems Engineering• Mission Operations• Computer Network Defense and
Operations
• Biometrics• Critical IT Protection Engineering• Quick Reaction Prototyping
and Testing
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SAIC Competitive Landscape
OEM DefenseContractors
Pure Play SETA & Government Services
Diversified IT Services
SAIC competes effectively across this landscape
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Employee Demographics
Deployed at customer sites
26%
68%
70%
~ 15,000 E M P L O Y E E S
Hold a security clearance
Protected Veterans status workforce
Employees by Service
Line
Mission & SETA19%
IT ManagedServices17%
SoftwareIntegration14%
HardwareIntegration11%
Training & Simulation8%
Logistics & Supply Chain9%
Cyber, Cloud & Data Science5%
Network Integration5%
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ISR*12%
*ISR service line expected to be implemented in fall 2015
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Revenue Profile*
Customer Mix
Contract Type
Revenue Mix
DoD Agencies & Commands24%
Navy/Marine Corps25%
Army /Air Force25%
Federal Civilian23%
State/Local/Commercial3%Cost
Reimbursable37%
Time & Materials29%
Fixed PriceSupply Chain Materials15%
SAIC Labor45%
Subcontractor32%
Supply Chain Materials16%
Other Materials7%
~85% IDIQ Revenue; 90%+ recompete win rate*As of SAIC FY2015 ended January 30, 2015
Fixed Price Services19%
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First Quarter Fiscal Year 2016 Results
14(1) Results of Science Applications International Corporation and its consolidated subsidiaries for the first quarter ended May 1, 2015 and May 2, 2014; excludes revenues performed by former
parent company.(2) Adjusted operating income, adjusted EBITDA and free cash flow are non-GAAP financial measures as defined and reconciled in the appendix of this presentation.(3) Excludes $3 million dollars of acquisition and integration costs.
($ in millions; except per share data) FY16 Q1(1)
FY15 Q1(1)
Change
Revenue $998 $961 4%
Operating Income $57 $59 -3%
Operating Income % 5.7% 6.1% -40 bps
Adj. Operating Income %(2)
6.0% 6.1% -10 bps
Adj. EBITDA %(2)
6.5% 6.7% -20 bps
Effective Tax Rate 38.0% 37.9% -10 bps
Diluted EPS(3)
$0.69 $0.69 0%
Operating Cash Flow $29 $34
Free Cash Flow (2)
$28 $27
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Capital Deployment
$13MDividends
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$-
$5
$10
$15
Q1 FY2016**
Dividends
Cash From OperationsLess Capital ExpendituresFree Cash Flow (FCF)*
$29M($1M)$28M
*See Appendix for non-GAAP Measures**First quarter fiscal year 2016 ending May 1, 2015
($M)
Total Cash Deployed(% of FCF*)
46%
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Annual Internal Revenue Growth Low single-digit growth
Operating Margin 10 to 20 bps annual improvement
Maximize cash flow generation, free cash flow to exceed net income
Return of capital in excess of operating needs, absent expected higher return capital
deployment opportunities
Leverage (debt to EBITDA) Financial leverage appropriate for SAIC’s
investment requirements and cash generating characteristics
Long Term Financial Targets (on average and over time)
Our forward guidance practice is limited to these long-term targets
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OP Income Levers
SAIC Updated Approach To Shareholder Value
Continued commitment to deploy excess capital to maximize total shareholder return
Revenue Levers
Leverage Scale
Protect the Base
Grow New Customers
Strong Program Performance
Manage Indirect Costs
Expand Current Customers
Increase SAIC Labor Content
Revenue Growth
Annual Margin Expansion
Increased Operating Cash Flow
Free Cash Flow ~$240M/Yr
Optimal Leverage of 2.5x to 3.0x
Maximize Total Shareholder
Return
Earnings Growth
Capital Deployment
Dividend
Share Repurchases
Opportunistic M&A
Debt Repayment
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SAIC – Creating Shareholder Value
Value Proposition Principles• Understood and executed at every level
of the enterprise• Explicit and disciplined in how we
deliver value• Tangible metrics that measure our
progress • Well-aligned incentives that drive
behavior throughout the enterprise• Transparency with investors to provide
visibility into business
Grow shareholder value through transparency and strong results
Organizational Alignment
Say What We Do
Do What We Say
Transparency of Mission
Make Our Value Proposition Clear
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Scitor Acquisition Overview
20
Founded in 1979 and with annual revenues of approximately $600M, Scitor is a premier Intelligence
Community provider engaged on critical missions in support of national security
Well respected brand and well positioned for organic growth
Strong and longstanding customer relationships spanning multiple generations of key programs
~1,500 highly skilled employees with majority holding advanced level security clearances
Scitor Corporation
Accelerate SAIC entry to Intelligence Community with access to classified contracts and resources
Fully complementary at scale portfolio in Intelligence Community and Air Force
Opportunity to enhance enterprise capabilities and expand our offerings to customers
Aligned with SAIC’s communicated capital deployment strategy
Strategic Intent
20
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Scitor Acquisition Overview
21
$790 million all cash transaction, reflecting a trailing twelve months adjusted EBITDA multiple of
10.6x (net of tax benefits of $132 million)
Financed by a $100M increase to existing Term Loan A, new $570M Term Loan B and cash on hand
Purchase price funded by proceeds from new senior secured credit facility and cash on hand
Pro-forma debt to trailing twelve months adjusted EBITDA of 3.6x
Approved by SAIC Board of Directors and closed on May 4, 2015 (FY16 Q2)
Deal Structure
Shareholder Value Proposition Earnings per share (EPS) accretive in first year before amortization of intangibles(1); generally neutral on
GAAP EPS basis(1) in year one; significantly enhanced free cash flow accretion/generation
Tax attributes of acquisition generates approximately $20M in cash flow for each of the next 7 years
Deploy capital to expand market access and increase opportunity for revenue growth and profitability
Combined company presents strong credit profile and strong cash flow generation supporting
continued disciplined capital deployment(1) Excluding transaction costs of approximately $15M
and depending on intangible valuation21
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Overview of Scitor
6
Founded in 1979; engaged on highly classified, critical missions in support of national security
Outstanding reputation for trust and integrity, is known widely as a “National Asset” to the U.S. government
Headquartered in Reston, VA; Scitor operates primarily in locations across the U.S. as well as supporting customers internationally
90%+ of workforce holds the highest level of security clearances
Revenues of approximately $600 million with greater than 80% from Intelligence Community
Backlog of $1.3B (as of 12/31/2014) and approximately 1,500 employees
Cyber and Security Services
Systems Engineering and Integration Information Technology
Program Management
• System of Systems Engineering
• Mission Operations• Mission Areas: Space,
Airborne, Unmanned, Communications, Ground & Energy
• Computer Network Defense and Operations
• Information Assurance• Biometrics
• Program/Portfolio Management
• Risk Management & Modeling
• Acquisition Support
• IT Enterprise Architectures & Engineering
• Critical IT Protection Engineering
• Quick Reaction Prototyping and Testing
C A P A B I L I T I E S
P R O F I L E
AT T R I B U T E S
CUSTOMERMIX PRIME/SUB CONTRACT
TYPEEMPLOYEE
CLEARANCES84%INTELLIGENCE
16%DoD
14%SUB
86%PRIME
9%FIXED PRICE
65%COST PLUS
26%TIME &
MATERIALS
92%SCI
8%TS
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Overview of Scitor
DoD17 years
NGA17 years
NSA17 years
CIA16 years
NRO34 years
ODNI20 years
USAF34 years
*Composition for TTM ending 12/31/14
49%35%
12%
4%
NROOTHER INTELLIGENCE COMMUNITY
AIR FORCE
ARMY
R E V E N U E B R E A K D O W N *
C U S T O M E R S
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Scitor Strategic Differentiators
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Intelligence Community Focus
Focused on highly classified Intelligence Community programs
Capabilities leveraged to broader defense and national security customers
Highest-End / Highest-Value Solutions
Capstone, multi-generational programs of a protected nature
Focus on strategic mission-critical Cyber, C5ISR(1) and Information Sciences
Selective and Sought-After Employer
Scitor’s reputation and strong presence attracts impactful leaders
Limited turnover drives strength and tenure of client relationships
Reputation / Brand Highly respected in Intelligence Community for quality and consistent high performance
High Quality Portfolio withStrong Mission Delivery
Management of contract portfolio emphasizes financial performance,
long-term sustainability and growth
A Leading, Large National Security Provider(1) Command, Control, Communications, Computers, Combat Systems, Intelligence, Surveillance, and Reconnaissance
S T R AT E G I C P O S I T I O N I N G
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Strategic Rationale for Acquiring Scitor
25
• Highly complementary acquisition that aligns with our previously communicated strategy to gain access to Intelligence and Air Force markets
• Creates opportunity to deliver existing SAIC technology integration services into a market with similar mission requirements
• Recognized leader within the Intelligence Community; acquisition facilitates expansion into classified contracts, personnel and infrastructure
• Pure-play intelligence asset with key prime contracts well positioned for organic growth
• Enables SAIC to “stand up” an Intelligence business with limited integration risk
• Maximizes new customer and contract vehicle access without paying for overlap
• Business model compatible with current services portfolio; low capital requirements and steady cash flows
• Strong cultural alignment with shared values and mission focus
Scitor Represents an Opportunity to Position SAIC as a Leading, Trusted Service Provider to the Intelligence Community
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+ =
Combined Company Revenue Profile(1)
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26%FEDERAL CIVILIAN
70%DoD
84%INTELLIGENCE
16%DoD
63%DoD
11%INTELLIGENCE
22%
Revenue of $3.8B Revenue of ~$600M Revenue of $4.4B
PRO FORMA
(1) For SAIC, financial metrics represent FYE 1/30/15 and for Scitor represent TTM 12/31/14.
*Includes state and local, commercial and international customers.
Combined Company More Diversified at Scale
FEDERAL CIVILIAN
4%
OTHER*
4%
OTHER*
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Financial Rationale
27
• Combined company will have ~$4.4 billion of annual revenues(1)
• Combined company adjusted EBITDA of ~$361 million(1) or 8.1% margin after inclusion of Scitor’s adjusted EBITDA(1)
• EPS accretive in first year before amortization of intangibles(2); generally neutral on GAAP EPS basis(2) ; significantly enhanced free cash flow generation
• Estimated value of tax attributes in the acquisition of $132 million generates approximately $20 million of cash flow for the next 7 years
• Identified potential annual cost synergies of at least $20 million realized by year 3
• Combined company presents strong credit profile and strong cash flow for continued disciplined capital deployment
Disciplined Deployment of Capital for Shareholder Value Creation
(2) Excluding transaction costs and depending on intangible valuations
(1) Pro-forma trailing twelve months; see reconciliation in appendix
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Non-GAAP Reconciliation –Adjusted Operating Income
($ in millions)
“Adjusted operating income” and “Adjusted operating margin” are non-GAAP financial measures that are reconciled in this schedule to the most directly comparable GAAP financial measures. These non-GAAP financial measures provide investors with greater visibility into operating income and cash flows provided by operating activities, but they are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with SAIC's consolidated financial statements prepared in accordance with GAAP. The methods used to calculate these non-GAAP financial measures may differ from the methods used by other companies and so similarly titled non-GAAP financial measures presented by other companies may not be comparable to those provided in this schedule.
Three Months Ended Three Months Ended($ in mil l ions) May 1, 2015 May 2, 2014
Operating Income 57$ 59$ Acquisition and integration costs 3 ‐ Adjusted Operating Income 60$ 59$
Operating Margin 5.7% 6.1%Adjusted Operating Margin 6.0% 6.1%
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Non-GAAP Reconciliation –Adjusted EBITDA
($ in millions)
“Adjusted EBITDA” and “Adjusted EBITDA margin” are non-GAAP financial measures that are reconciled in this schedule to the most directly comparable GAAP financial measures. These non-GAAP financial measures provide investors with greater visibility into EBITDA provided by operating activities, but they are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with SAIC's consolidated financial statements prepared in accordance with GAAP. The methods used to calculate these non-GAAP financial measures may differ from the methods used by other companies and so similarly titled non-GAAP financial measures presented by other companies may not be comparable to those provided in this schedule.
Three Months Ended Three Months Ended($ in mil l ions ) May 1, 2015 May 2, 2014
Net Income 33$ 34$ Interest Expense 4 5Provision for income taxes 20 20Depreciation and amortization 5 5 Earnings before interest, taxes, depreciation and amortization (EBITDA) 62$ 64$ Acquisition and integration costs 3 ‐ Adjusted EBITDA 65$ 64$ Adjusted EBITDA as a percentage of revenues 6.5% 6.7%
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Non-GAAP Reconciliation –Free Cash Flow
($ in millions)
“Free cash flow” is a non-GAAP financial measure that is reconciled in this schedule to the most directly comparable GAAP financial measures. These non-GAAP financial measures provide investors with greater visibility into operating income and cash flows provided by operating activities, but they are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with SAIC's consolidated financial statements prepared in accordance with GAAP. The methods used to calculate these non-GAAP financial measures may differ from the methods used by other companies and so similarly titled non-GAAP financial measures presented by other companies may not be comparable to those provided in this schedule.
Three Months Ended Three Months Ended($ in mil l ions) May 1, 2015 May 2, 2014
Total cash flows provided by operating activities, as reported 29$ 34$ Expenditures for property, plant and equipment (1) (7) Free cash flow 28$ 27$
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Shareholder and Stock Information
► Initial Public Offering: Science Applications International Corporation (SAIC) common stock began trading on the New York Stock Exchange (NYSE) on September 30, 2013.
► Fiscal Year 2015: SAIC’s fiscal year starts on February 1, 2014 and ends on January 30, 2015.
► Share Price Information: SAIC’s common stock is listed on the NYSE under ticker symbol SAIC. Share price information can be found at http://investors.saic.com/stock-information
► State of Incorporation: SAIC is incorporated in the state of Delaware
► Dividends: SAIC expects to declare and pay regular quarterly cash dividends in the future; however, the actual declaration of any such future dividends and the establishment of the per share amount, record dates and payment dates for any such future dividends are subject to the discretion of the Board. The table below lists SAIC’s dividends for the past 12 months:
Declaration Date Record Date Payable Date Amount Type
06/03/15 07/15/15 07/30/15 $0.31 Cash, Quarterly
03/25/15 04/15/15 04/30/15 $0.28 Cash, Quarterly
12/03/14 01/15/15 01/30/15 $0.28 Cash, Quarterly
09/03/14 10/15/14 10/30/14 $0.28 Cash, Quarterly
06/04/14 07/15/14 04/30/14 $0.28 Cash, Quarterly
03/20/14 04/15/14 04/30/14 $0.28 Cash, Quarterly
12/12/13 01/15/14 01/30/14 $0.28 Cash, Quarterly
10/03/13 10/15/13 10/30/13 $0.28 Cash. Quarterly
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Shareholder and Stock Information (continued)
► Annual Stockholder Meeting : Stockholders attended SAIC’s annual meeting of stockholders on June 3, 2015 at SAIC facilities located at 1710 SAIC Drive, McLean VA. At the annual meeting, stockholders acted upon the matters set forth in the notice of meeting, including the election of certain directors and the selection of the Company’s independent registered public accounting firm. SAIC’s senior management presented information about performance during fiscal year 2015 and were available to answer questions from stockholders.
► Transfer Agent :
Computershare
PO Box 43078
Providence, RI 02940-3078
1-866-400-7242
www.computershare.com/saic
► Independent Registered Public Accounting Firm:
Deloitte & Touch LLP
McLean, VA
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Shareholder and Stock Information (continued)
► Executive Leadership:
― Anthony J. Moraco, Chief Executive Officer
― John R. Hartley, Chief Financial Officer
― Nazzic S. Keene, Sector President
― Doug Wagoner, Sector President
► Board of Directors:
― Edward Sanderson Jr., Chairman
― Anthony J. Moraco, Chief Executive Officer
― Bob Bedingfield, Independent Director
― Deborah Dunie, Independent Director
― Tommy Frist, Independent Director
― John Hamre, Independent Director
― Tim Mayopoulus, Independent Director
― Donna Morea, Independent Director
― Steven Shane, Independent Director
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Shareholder and Stock Information (continued)
► Website: www.saic.com
► Inquiries from securities analysts, portfolio managers, institutional investors and other interested investors in SAIC should be directed to:
Paul E. Levi
Director of Investor Relations
(703) 676-2283
► Inquiries from media should de directed to:
Lauren A. Presti
(703) 676-8982
► Inquiries regarding corporate governance should de directed to:
Paul H. Greiner
(858) 826-7360