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| Reported |
| Reported | |||||
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| Three months ended |
| Nine months ended | |||||
|
| September 30, |
| September 30, | |||||
|
| 2018 |
| 2017 |
| 2018 |
| 2017 | |
($ millions) |
|
|
|
|
|
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|
| |
Revenue | $ | 209.2 | $ | 11.8 | $ | 632.6 | $ | 30.4 |
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Adjusted EBITDA1 | $ | 132.9 | $ | 7.5 | $ | 407.2 | $ | 17.0 |
|
Adjusted EBITDA Margin1 |
| 63.5 | % | 63.6 | % | 64.4 | % | 55.9 | % |
1 | This is a non-IFRS financial measure. Refer to section "Non-IFRS Financial Measures" in this earnings release. |
Total revenues from the Imagery segment were $209.2 million in the third quarter of 2018 compared to $11.8 million in the same period of 2017. The increase is primarily due to the inclusion of the financial results of the acquired DigitalGlobe imagery business that contributed $198.8 million of revenue and $126.9 million of adjusted EBITDA in the third quarter of 2018. Imagery segment revenue for the three months ended September 30, 2018 included $30.1 million of revenue recognized from contract liabilities related to the EnhancedView contract.
Adjusted EBITDA margin percentage from the Imagery segment for the three months ended September 30, 2018 was 63.5% compared to 63.6% for the same period of 2017.
Recent Business Developments
In July 2018, the Company launched EarthWatch, a cloud-based subscription for viewing, streaming and downloading the Company's industry-leading geospatial data, enabling customers to solve their challenges with ease through a single powerful interface.
Notable bookings in the Imagery segment in the third quarter of 2018 included:
- A renewal award was received for the Global Enhanced GEOINT Delivery (Global EGD) contract from the NGA for the seventh year. Global EGD provides U.S. Government users with on-demand access to mission-ready, high-resolution satellite imagery in multiple classification levels, typically within two to four hours after image collection.
- A contract was signed with the U.S. National Reconnaissance Office (NRO) to transition the NGA EnhancedView SLA for commercial imagery acquisition. The NRO contract, referred to as EnhancedView Follow-On, includes the two remaining option years of the NGA contract and an exercise the first option year.
- An additional contract was signed to further integrate imagery production, distribution and operations with U.S. Government systems through a cloud-based infrastructure.
- A contract extension and expansion of a multi-year agreement with a major commercial technology customer.
Services Results
|
| Reported |
| Reported | |||||
|
| Three months ended |
| Nine months ended | |||||
|
| September 30, |
| September 30, | |||||
|
| 2018 |
| 2017 |
| 2018 |
| 2017 | |
($ millions) |
|
|
|
|
|
|
|
| |
Revenue | $ | 61.8 | $ | 29.0 | $ | 198.1 | $ | 81.6 |
|
Adjusted EBITDA 1 | $ | 9.3 | $ | 5.1 | $ | 23.3 | $ | 13.8 |
|
Adjusted EBITDA Margin 1 |
| 15.0 | % | 17.6 | % | 11.8 | % | 16.9 | % |
1 | This is a non-IFRS financial measure. Refer to section "Non-IFRS Financial Measures" in this earnings release. |