Looks like Markov chains or, more generally, "discrete dynamics". We are thinking of the sequence A, A2, A3, ...
If, for some k, Ak+1= A, then set of matrices A, A2, ..., Ak repeats over and over again. That sequence is "periodic" with period k. In order that A be invertible (otherwise, each Ak(V) has lower dimension than the previous and we can never get A again) and we must have [itex]A^k= I[/itex]. That, in turn, means that we must have [itex]\lambda_i^{n_i}= 1[/itex] for every eigenvalue [itex]\lambda_i[/itex] and corresponding [itex]n_i[/itex]. The period of A is the least common multiple of all the [itex]n_i[/itex].