Earth Intelligence
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||
|
|
September 30, |
|
|
September 30, |
|
||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
271 |
|
$ |
274 |
|
$ |
804 |
|
$ |
823 |
|
Adjusted EBITDA |
$ |
124 |
|
$ |
128 |
|
$ |
362 |
|
$ |
407 |
|
Adjusted EBITDA margin (as a % of total revenues) |
|
45.8 |
% |
|
46.7 |
% |
|
45.0 |
% |
|
49.5 |
% |
Revenues from the Earth Intelligence segment decreased to $271 million from $274 million, or by $3 million, for the three months ended September 30, 2021, compared to the same period in 2020. The decrease was primarily driven by a $20 million decrease in the recognition of deferred revenue related to the EnhancedView Contract and a $6 million decrease in revenue with the U.S. government. We recognized $20 million of deferred revenue from the EnhancedView Contract for the three months ended September 30, 2020, compared to none for the three months ended September 30, 2021, as it was fully recognized as of August 31, 2020. The decrease was partially offset by a $20 million increase in commercial programs primarily driven by the expansion of contracts with existing customers and a $4 million increase in revenue from international defense and intelligence customers.
Adjusted EBITDA from the Earth Intelligence segment decreased to $124 million from $128 million, or by $4 million, for the three months ended September 30, 2021, compared to the same period of 2020. The decrease was primarily driven by a decrease in the recognition of deferred revenue related to the EnhancedView Contract as mentioned above. The decrease was also driven by an increase in service costs for the three months ended September 30, 2021, as compared to the same period of 2020. These decreases were partially offset by the expansion of contracts with existing commercial and international defense and intelligence customers contributing to positive program margin growth.
