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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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|||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
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($ millions) |
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Revenues |
$ |
186 |
|
$ |
206 |
|
$ |
363 |
|
$ |
361 |
|
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Adjusted EBITDA |
$ |
19 |
|
$ |
27 |
|
$ |
38 |
|
$ |
15 |
|
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Adjusted EBITDA margin (as a % of total revenues) |
|
10.2 |
% |
|
13.1 |
% |
|
10.5 |
% |
|
4.2 |
% |
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Revenues from the Space Infrastructure segment decreased to $186 million from $206 million, or by $20 million, for the three months ended June 30, 2022, compared to the same period of 2021. Revenues for the three months ended decreased primarily as a result of a $17 million decrease in revenues from recurring commercial programs and a $3 million decrease in revenues from U.S. government contracts.
Adjusted EBITDA in the Space Infrastructure segment decreased to $19 million from $27 million, or by $8 million, for the three months ended June 30, 2022, compared to the same period of 2021. The decrease was primarily due to lower revenues driven by a change in program mix for the three months ended June 30, 2022 compared to the same period of 2021 and to strong program performance in the 2021 period. The decrease was also driven by higher expenses including increased research and development efforts and increased marketing expenses.
Corporate and other expenses
Corporate and other expenses include items such as corporate office costs, regulatory costs, executive and director compensation, foreign exchange gains and losses, retention costs and fees for legal and consulting services.
