Adjusted EBITDA increased to $28 million from $13 million, or by $15 million, for the three months ended June 30, 2019, compared to the same period of 2018. The increase in the Space Systems segment is primarily related to reduced research and development spend of $18 million, headcount reductions from restructuring initiatives resulting in $5 million of cost reductions, a recovery of a previously reserved amount of $7 million, and no liquidating damages incurred to date during 2019 compared to $5 million of liquidated damages at Space Solutions that occurred in 2018. These increases were partially offset by decreases from the effects of lower revenues within the Space Systems segment.
Imagery
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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($ millions) |
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Revenues |
$ |
201 |
|
$ |
212 |
|
$ |
401 |
|
$ |
423 |
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Adjusted EBITDA |
$ |
123 |
|
$ |
133 |
|
$ |
244 |
|
$ |
267 |
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Adjusted EBITDA Margin |
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61.2 |
% |
|
62.7 |
% |
|
60.8 |
% |
|
63.1 |
% |
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