|
Three months ended |
|
Year ended |
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|
December 31, |
|
December 31, |
|||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues |
$ |
286 |
|
$ |
265 |
|
$ |
1,085 |
|
$ |
1,059 |
|
||||
Adjusted EBITDA |
$ |
154 |
|
$ |
120 |
|
$ |
548 |
|
$ |
516 |
|
||||
Adjusted EBITDA margin percentage |
|
53.8 |
% |
|
45.3 |
% |
|
50.5 |
% |
|
48.7 |
% |
||||
Revenues from the Earth Intelligence segment increased to $286 million from $265 million, or by $21 million, for the three months ended December 31, 2019, compared to the same period of 2018. The increase was primarily driven by new contract awards and program expansion on existing contracts with the U.S. government. These increases were partially offset by the loss of WorldView-4 revenues.
Revenues from the Earth Intelligence segment increased to $1,085 million from $1,059 million, or by $26 million, for the year ended December 31, 2019 compared to the same period in 2018. The increase was primarily driven by new contract awards and expansion of programs with the U.S. government of $63 million, partially offset by a decrease of $36 million in revenues from our direct access program primarily due to the loss of WorldView-4 revenues.
Adjusted EBITDA increased to $154 million from $120 million, or by $34 million, for the three months ended December 31, 2019, compared to the same period of 2018. The increase was primarily driven by an increase in revenue of $21 million and an increase of income related to our Vricon joint venture of $15 million. Adjusted EBITDA was also impacted by a decrease in costs during the three months ended December 31, 2019, partially offset by a decrease in margins due to the loss of WorldView-4 revenues, which had higher margins.
Adjusted EBITDA from the Earth Intelligence segment increased to $548 million from $516 million, or by $32 million, for the year ended December 31, 2019 compared to the same period in 2018. The increase is primarily related to a decrease in selling, general and administrative costs of $28 million partially related to headcount reductions taken in the first half of the year and a shift of certain functions to corporate, and an increase in equity in income from our Vricon joint venture of $9 million. These increases were partially offset by a net decrease in margins from our revenue contracts, which were primarily driven by the loss of WorldView-4 revenues, which had higher margins.
