The following is a summary of the Brookfield Business Partners L.P. (BBU) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Brookfield Business Partners reported Q1 2024 adjusted EBITDA of $544 million - an increase from previous EBITDA margin of 19% to over 20% for the quarter.

• They generated about $300 million in proceeds through distributions and sales of two smaller businesses.

• Since taking BBU public, the business monetized 20 businesses, generating about $6 billion of proceeds with a composite IRR of over 30%.

• Their CDK business saw a near 30% increase in adjusted EBITDA due to organic growth and a rise in economic ownership.

Business Progress:

• Brookfield has been actively progressing in capital recycling initiatives as seen in the returns and building intrinsic value in its businesses.

• They are leveraging AI tools to automate processes and improve efficiency.

• Significant manufacturing efficiency improvements in DexKo, one of their components manufacturers, have created value through synergies.

• Clarios, another one of their businesses, continues to improve and pivot towards AGM batteries.

• The company has also successfully repriced its debt and compressed spreads at Brand.

• Despite short-term challenges in their Healthscope venture, they are executing an improvement plan towards a sustainable operation.

More details: Brookfield Business Partners LP IR

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