|
|
Three months ended |
|
|
Six months ended |
|
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|
|
June 30, |
|
|
June 30, |
|
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|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenues |
$ |
257 |
|
$ |
330 |
|
$ |
531 |
|
$ |
623 |
|
|||||||
Adjusted EBITDA |
$ |
28 |
|
$ |
13 |
|
$ |
38 |
|
$ |
41 |
|
|||||||
Adjusted EBITDA margin percentage |
|
10.9 |
% |
|
3.9 |
% |
|
7.2 |
% |
|
6.6 |
% |
Revenues from the Space Systems segment decreased to $257 million from $330 million, or by $73 million, for the three months ended June 30, 2019, compared to the same period of 2018. Revenues from Space Solutions decreased primarily as a result of the impact of reduced volume in our geostationary satellite manufacturing business (“GeoComm”) business and an increase in estimated costs to complete. An increase in estimated costs to complete directly impacts revenues, as revenues are recognized over time under the cost-to-cost method. Revenues from MDA also decreased which was primarily related to lower revenues on the RCM program in Canada which launched in June 2019.