Earth Intelligence
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Three Months Ended |
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March 31, |
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2021 |
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2020 |
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($ millions) |
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Revenues |
$ |
250 |
|
$ |
271 |
|
Adjusted EBITDA |
$ |
107 |
|
$ |
133 |
|
Adjusted EBITDA Margin |
|
42.8 |
% |
|
49.1 |
% |
Revenues from the Earth Intelligence segment decreased to $250 million from $271 million, or by $21 million, compared to the same period in 2020. The decrease was primarily driven by a $30 million decrease in the recognition of deferred revenue related to the EnhancedView Contract. We recognized $30 million of deferred revenue from the EnhancedView Contract for the three months ended March 31, 2020, compared to none for the three months ended March 31, 2021, as it was fully recognized as of August 31, 2020. The decrease was partially offset by a $4 million increase in new commercial programs and a $4 million increase in revenue from international defense and intelligence customers.
Adjusted EBITDA from the Earth Intelligence segment decreased to $107 million from $133 million, or by $26 million, for the three months ended March 31, 2021, compared to the same period of 2020. The decrease was primarily driven by a decrease in the recognition of revenue related to the EnhancedView Contract as mentioned above. The decrease was partially offset by higher margins due to a favorable program mix.
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Three Months Ended |
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March 31, |
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2021 |
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2020 |
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($ millions) |
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|
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|||
Revenues |
$ |
155 |
|
$ |
132 |
|
|
Adjusted EBITDA |
$ |
(12 |
) |
$ |
(39 |
) |
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| Adjusted EBITDA Margin |
|
(7.7 |
) % |
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(29.5 |
) % |
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