Space Infrastructure
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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($ millions) |
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Revenues |
$ |
180 |
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$ |
181 |
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$ |
541 |
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$ |
497 |
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Adjusted EBITDA |
$ |
14 |
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$ |
12 |
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$ |
29 |
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$ |
(16 |
) |
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Adjusted EBITDA margin (as a % of total revenues) |
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7.8 |
% |
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6.6 |
% |
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5.4 |
% |
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(3.2 |
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% |
Revenues from the Space Infrastructure segment decreased to $180 million from $181 million, or by $1 million, for the three months ended September 30, 2021, compared to the same period in 2020. Revenues decreased primarily as a result of a $16 million decrease in revenues from U.S. government contracts. The decrease is partially offset by an increase in revenues from commercial programs of $14 million due to higher volumes related to new programs and lower EAC growth for the three months ended September 30, 2021
Adjusted EBITDA from the Space Infrastructure segment increased to $14 million from $12 million, or by $2 million, for the three months ended September 30, 2021, compared to the same period of 2020. The increase in the Space Infrastructure segment was primarily related to a $10 million increase driven by increased volumes on commercial programs which resulted in increased margins and fewer negative EAC impacts during the period as compared to the three months ended September 30, 2020. The increase in commercial program margins has been driven by a change in program mix related to the completion of less profitable programs offset by more profitable programs. The remaining $8 million change is related to an increase in indirect costs and selling, general and administrative costs.
