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    SAIC FISCAL YEAR 2019 ANNUAL REPORT


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    DEAR FELLOW STOCKHOLDERS, Five years ago, SAIC began anew as an independent company with a rich, 50-year legacy. Our heritage is one of consistent delivery of sustained value and a trusted technology integrator known for advancing our nation’s mission. Fiscal year 2019 was no exception as we made significant progress on our Ingenuity 2025 long-term strategy, closed on our game-changing Engility acquisition, and delivered our second-consecutive year of organic revenue growth. We are proud of our accomplishments in FY19 and the foundation we have built to position us for success in FY20 and beyond. PERFORMANCE Throughout the year, we met or exceeded our goals. SAIC grew revenue by 2.6 percent, booked $4.66 billion in contracts, delivered strong adjusted EBITDA margins of 7.6 percent for the year—up 60 basis points from last year— and generated over $240 million of free cash flow after adjusting for the non- recurring costs of the Engility acquisition and impact from the government shutdown. We delivered shareholder value with a balanced approach to capital deployment through debt repayment, dividends, share repurchases, and mergers and acquisitions. Near the end of our fiscal year, we faced the longest partial federal government shutdown in our nation’s history, and we took action to ensure that our impacted employees remained on the payroll. Retaining and attracting the best talent in our industry is critical to our success, and we wanted to show our commitment to our team members on the frontlines who distinguish SAIC from our competitors through their expertise and ingenuity. LEFT: Anthony J. Moraco Chief Executive Officer R I GHT : Nazzic S. Keene Chief Executive Officer-Elect FY19 ANNUAL REPORT 01


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    “I am very proud of our achievements and most grateful for the diverse and talented team members I’ve worked with during my years at SAIC.” − Anthony Moraco FY19 OPERATIONS: ACCELERATED STRATEGY In FY19, we completed the acquisition of Engility Holdings, Inc. Our combined DRIVEN BY MISSION strength, exceptional talent, and breadth of services provide industry-leading benefits to our employees, customers, technology partners, and shareholders. This acquisition accelerates SAIC’s strategy of creating market segment scale in strategic business Financial performance based on areas, particularly the national interest areas of space and intelligence. strong contract execution Through the Engility acquisition, we brought our total cleared personnel to 14,000, an important discriminator as we pursue larger opportunities in the national security arena. With our greater customer access and more competitive and differentiated solutions, we are confident in our strategy and ability to convert opportunities to revenue growth, capture value from synergies, and substantially increase our profit $4.66B 7.6% margins and cash flow generation. REVENUE ADJUSTED EBITDA MARGIN LOOKING AHEAD We began this company five years ago with a strong foundation of leadership and culture of innovation. As I transition my CEO responsibilities to Nazzic Keene, I am $240M* 7,500 extremely confident in her leadership to drive SAIC’s growth as a market-leading FREE CASH FLOW NEW EMPLOYEES technology integrator. I am very proud of our achievements and most grateful for the diverse and talented team members I’ve worked with during my years at SAIC. Their determination, creativity, and commitment to serving our customers impress and inspire me every day. SAIC is a great company doing great things, and is built on a foundation of integrity, ingenuity, and success—and I look forward to its even brighter future. Anthony J. Moraco CHIEF EXECUTIVE OFFICER O U R P EO PL E: U N I T E D BY P U RP O SE SAIC employees have given back to our communities over the years 10,000,000+ HUNDREDS OF $250,000+ THOUSANDS MEALS FOR NEIGHBORS IN NEED THOUSANDS OF BACK-TO-SCHOOL SUPPLIES RAISED FOR HOMES FOR WOUNDED VETERANS OF STUDENTS INSPIRED TO PURSUE STEM CAREERS * After adjusting for the non-recurring costs of the Engility acquisition and impact from the government shutdown


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    FROM CEO-ELECT NAZZIC KEENE I am honored and humbled by Tony and the Board’s confidence to lead this great company. I want to personally thank Tony for being a strong mentor and for his vision and leadership in ensuring we have an effective and seamless CEO transition. Following the completion of the Engility acquisition, we begin FY20 with 23,000 employees strong and as one of the largest pure-play government technology integrators in the market. Our increased capacity and capabilities enable us not only to invest more in attracting the best talent, but also in technologies and other areas of growth to support our customers. I am proud of all our team members’ strong dedication to ensuring our customers are ready for the opportunities and challenges they face today and in the future—as well as their passion to give back to our local communities. Our team is driven by mission, united by purpose, and inspired by opportunities. As we enter FY20 as a stronger company with even greater vigor in executing our Ingenuity 2025 long-term strategy, I’m confident that we are better equipped than ever to deliver sustained profitable growth and drive shareholder value. In FY20, we will continue to build a strong, balanced pipeline that will further enable us to protect our base while pursuing new business and programs where SAIC has clear, differentiated offerings and solutions. We will leverage our expertise and strengths in areas of strategic importance, such as IT modernization, cybersecurity, data analytics, readiness and training, space systems, intelligence, and digital engineering. With the newly strengthened breadth of capabilities, exceptional leadership, and the strongest talent in the industry, SAIC is well-positioned to lead the markets we choose to serve and make a significant impact for all our stakeholders. We look forward to our next chapter with renewed purpose and excitement, knowing we can make an even more profound difference to our customers’ missions. Nazzic S. Keene CHIEF EXECUTIVE OFFICER−ELECT O U R S T RAT EG Y : I N S P IRE D BY OP P O RT UN I T I E S SAIC repositioned as a market leader MARKET LEADER $6.5B 23,000+ 14,000 600* 3,000+ IN SPACE, INTEL, & IT REVENUE EMPLOYEES CLEARED LOCATIONS CONTRACTS MODERNIZATION EMPLOYEES FY19 ANNUAL REPORT 03 * Total locations comprised of SAIC facilities and customer sites


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    FISCAL YEAR 2019 FINANCIAL HIGHLIGHTS FISCAL YEAR ENDED February 1, 2019 February 2, 2018 February 3, 2017 Revenues $ 4,659 $ 4,454 $ 4,442 Cost of revenues 4,195 4,043 4,003 Selling, general and administrative expenses 158 155 166 Acquisition and integration costs 86 0 10 Operating income 220 256 263 As a percentage of revenues 4.7% 5.7% 5.9% Interest expense 53 44 52 Other (income) expense, net (3) (2) (1) Provision for income taxes (33) (35) (69) Net income $ 137 $ 179 $ 143 Cash flows from operating activities $ 184 $ 217 $ 273 Total backlog $ 13,801 $ 10,227 $ 8,020 Total stockholders’ equity $ 1,499 $ 327 $ 349 Outstanding shares of common stock (1) 59.3 42.3 43.6 Number of employees (approximate) 23,000 15,000 15,500 Adjusted EBITDA (2) $ 353 $ 313 $ 322 As a percentage of revenues (2) 7.6% 7.0% 7.2% Diluted earnings per share $ 3.11 $ 4.02 $ 3.12 (In millions, except employees and per share amounts) (1) Outstanding shares of common stock is as of March 8, 2019, March 9, 2018, and March 10, 2017 for fiscal 2019, fiscal 2018, and fiscal 2017, respectively. (2) Adjusted EBITDA and adjusted EBITDA as a percentage of revenues are non-GAAP financial measures. For more information regarding these measures, including a reconciliation to the most directly comparable GAAP financial measure, see Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report.


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