Adjusted EBITDA from the Earth Intelligence segment increased to $130 million from $106 million, or by $24 million, for the three months ended December 31, 2021, compared to the same period in 2020. The increase was primarily driven by the expansion of contracts with existing commercial and international defense and intelligence customers contributing to positive program margin growth. These increases were partially offset by an increase in selling, general and administrative costs primarily due to an increase in labor related expenses driven by an increase in headcount, employee compensation and fringe benefits.
Adjusted EBITDA decreased to $492 million from $513 million, or by $21 million, for the year ended December 31, 2021, compared to 2020. The decrease was primarily driven by a decrease in the recognition of deferred revenue related to the EnhancedView Contract as mentioned above. The decrease was also driven by an increase in selling, general and administrative costs due to an increase in labor related expenses driven by an increase in headcount, employee compensation and fringe benefits for the year ended December 31, 2021, compared to 2020. These decreases were partially offset by the expansion of contracts with existing commercial and international defense and intelligence customers contributing to positive program margin growth.
Space Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||
|
|
December 31, |
|
|
December 31, |
|
||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
199 |
|
$ |
224 |
|
$ |
740 |
|
$ |
721 |
|
Adjusted EBITDA |
$ |
17 |
|
$ |
13 |
|
$ |
46 |
|
$ |
(3) |
|
Adjusted EBITDA margin (as a % of total revenues) |
|
8.5 |
% |
|
5.8 |
% |
|
6.2 |
% |
|
(0.4) |
% |
