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Three Months Ended |
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|
Year Ended |
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|
December 31, |
|
|
December 31, |
|
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|
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2021 |
|
|
2020 |
|
|
2021 |
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|
2020 |
|
($ millions) |
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|
|
|
|
|
|
|
Revenues |
$ |
289 |
|
$ |
258 |
|
$ |
1,093 |
|
$ |
1,081 |
|
Adjusted EBITDA |
$ |
130 |
|
$ |
106 |
|
$ |
492 |
|
$ |
513 |
|
Adjusted EBITDA margin (as a % of total revenues) |
|
45.0 |
% |
|
41.1 |
% |
|
45.0 |
% |
|
47.5 |
% |
Revenues from the Earth Intelligence segment increased to $289 million from $258 million, or by $31 million, for the three months ended December 31, 2021, compared to the same period in 2020. The increase was primarily driven by a $16 million increase in revenue from international defense and intelligence customers and a $13 million increase in commercial programs, both largely as a result of an expansion of contracts with existing customers.
Revenues from the Earth Intelligence segment increased to $1,093 million from $1,081 million, or by $12 million, for the year ended December 31, 2021, compared to 2020. The increase was primarily driven by a $48 million increase in revenue from international defense and intelligence customers, a $36 million increase in new and expanded commercial programs and a $7 million increase in revenue from new contracts with the U.S. government partially offset by an $80 million decrease in the recognition of deferred revenue related to the EnhancedView Contract. We recognized $80 million of deferred revenue from the EnhancedView Contract for the year ended December 31, 2020, compared to none for the year ended December 31, 2021, as it was fully recognized as of August 31, 2020.
