- Earnings call transcript Q3 2022

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Operator

Hello, and thank you for standing by. Welcome to the Brookfield Infrastructure Partners Q3 2022 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]. pleasure Chief my Krant. Officer, now is to Financial introduce David It

David Krant

you, everyone. XXXX Third morning, and Earnings to Call. Thank good Partners Welcome Andrew, Brookfield Infrastructure Conference Quarter

Chief is joined the financial as initiatives also strength. by third with our on Sam and my capital a Infrastructure. results Officer, today operating David turn Executive over markets I'll I'll well sheet introduced, of Brookfield and name I'm balance As quarter the our Pollock. Financial remarks. Chief on who recent discussion Officer and Sam, as I'm our our activity update then Krant, begin will and call to an touch provide of concluding strategic

our time, subject Officer, At and we Chief question-and-answer and period. commentary remarks like in These I'd our statements Operating are to materially. be our Following morning, Vaughan, we for this this remind forward-looking statements. today, will future our differ known you to make results that may risks, Ben joined unknown by

further which of operations increase I period our with Form to another from on quarter on encourage per our FFO year. report last annual you XX% to XX-F, review strong For risk available Brookfield would Infrastructure known funds website. $X.XX, delivered same on a or unit is factors, compared information the

positive heater a prior billion capital last the were from utility X% were of Results partially by above at of This of benefited the business also Our under benefited look FFO $X base Energy the over These earlier $XXX customers during our at business the year European Quebec's capital investment to were expand of Australian year offset footprint largest out contributions Brazilian and from provides fact expands the we contribution Within operations. and our geographic by that base the months. year. commissioning closer completed million. at rate nearly XXX,XXX base America, residential into approximately It costs favorable increased two of rental completed products year. District of results driven and utilities North $XXX platforms the serve North million the and indexation the this channels business. of into deployed acquisitions as the from water a Taking results within In past tuck-in contribution Eastern The inflation to by provider utilities also organic our infrastructure prior continue XX% growth the with sales our and final segment, acquisition American contribution platform contract. of the our segment. our the included borrowing for expansion impact into new we our operating XX and in Canada. a build from region. will

reduce the customers energy a infrastructure launched units to successfully During plans has the alone, the the growth also over portfolio into district American residential advancing solution led us North business, the past, organic This operations our expand in specifically an European the sold we while approximately sub-metering and at expectations. U.S. in leveraging and of At business. quarter, states. has product cost Brookfield our first rollout our months the advanced our quarter. Offering over our indoor growth X,XXX last across upfront wireless of more residential exceeding the Brookfield strategy accelerated systems platform of the are we with take pump in recently metering financing X XX multifamily broader buildings XX ecosystem heat to to at rental business our agreement managed for

continue installation backlog. rental on We efforts now as build our focusing to we are up

prior retroactively levels with from a year. highlighted Australian toll benefited increased Volumes a the for our Results terminal, by contributions commercial U.S. rail critical for organic X applied XX% users U.S. of July year businesses were our volume traffic were tariffs in Transport cash at significant flow X% now provides our million by inflation quarter, increased by protection LNG and new infrastructure. time the prior for In were performance liquefaction all the rate recently was stronger preserving average. agreed outcome had pricing export existing to across compared in which increase FFO inflation. take-or-pay the a all from following the This diversified quarter our with price including increase to XXX% year. Brazilian sold, that with second volumes. the last strong Rates year, and The Chilean on prior subject XXXX. be in on road an operations with growth train contractual it our period rail to terminal up users XXXX. annual portfolio, earlier year, XX-year were to our and increased Across XX% a framework in the volumes reflects rates this export commissioned access that than associated Brazil. strong driven certainty higher our X% terminal global U.S. its line compared $XXX from container to that XX% up this XX% Prior in while strong the our toll in Xst, up to rail previous the operation, driven networks segment. escalator results were and terminal included prior are X% over road year, with tariffs while to X%, operation Moving our announced year. the compared by

Heartland market-sensitive $XXX strong and revenues. our partially level, midstream of base due comparable contributed the a primarily over operation, XX% producer year. benefit We report result generated This from period. which remain complex commissioning from propane Petrochemical integrated back this the I'm midstream Moving production. was gradually which production of results begin we and increase FFO of year. the processes propane dehydrogenation prior ramping continue to end At that increased only this with In in startup the the million, business step will our Canadian year, October, is earlier of commenced balance which up to the to ramp-up or propylene grade the plant, the of contribution polymer pleased on Complex. our track segment. completes to in Having over a our diversified activity the PGP, the completed

$XX to presence, Underlying Finally, in our points the the data highly investment-grade with incremental continues supportive and current and outlined the partially access profile quarter. well contracted business to I've growth for to inflationary increasing is of from of FFO of impact highly additional performance commissioned, environment megawatts million capital. were just escalators quarter. during and exchange offset our foreign strong the operational by price financial The perform

and extend to reduce stance rate through target markets near-term policy hikes, hawkish their intensify banks capital future inflation we continue to maturities. levels the central to commit to proactively As access

billion. with notable totaled recently termed that and $X.X maturing asset-level financings of most the XXXX three completed XXXX costs Our debt. in at They maturities out are line that

strategy us less asset level well financing XXXX than is next positioned over months. has proactive heading debt X% XX the into Our matures of our

insulated debt cash active flows and continue high maturities capitalized with capital sheet proportion has us rates hedging Our an we largely investment our strategy from fixed to value. and until The XXXX. corporate year, in well rising this remains protect maintain corporate our currency of structure rate no balance to

of to or U.S. place months. XX% the FFO the quarter, program and remains in dollar, the next our for that over was XX hedged During in denominated

to tower asset X ended In following secured sale $XXX earlier that of the of the our Brazilian billion close the terms expected $X.X sales liquidity, sale closed of Zealand U.S. addition billion closed are we track nearly $X to electricity X will our year. the completion Of month, roads this with later These earlier the sales, container year for the this Indian that transmission lines approximately sales corporate yesterday, by quarter on end year. increase the New in to close of million. the this to secured were terminal toll and announced portfolio telecom are

to further Sam. like now partnership. that all thank of several In time sales the processes expected over a to would I the are addition, underway for to billion I'll And to morning. are net call $X.X generate this proceeds pass your combined you

Sam Pollock

good everyone. Thank you, morning, David, and

As levels indexation, foreseeable factors, to combined FFO business. frameworks embedded continue which at with allows inflation. allow higher of our in our for backlog to should impact you during will strategy have periods These environments. the our results margins a expand capital with continue inflation strong of substantial future. us structure business target well to during at capital business our us long-term rates our the rising our believe quarter, all we to has we of perform eliminating comprised financial and generated the debt just We've rates, financial on our significant heard, a Also, adhered to fixed grow portion interest revenue

and draw be instance, capital has invest in backlog we been creditworthy to has macroeconomic of providing are to in our The onshoring the XXXX Most our In by as the assume We to recently a capital other this semiconductor contracted going opportunities creditworthy were of Arizona. by over billion significantly counterparties, through us from parallels which the a foundry in trends basis the other of of facility. million Intel a to digitalize forward. and investments attractive return. supply decarbonize capital interest expected rate close large-scale approximately billion create a is structured critical Corporation approximately $XX with support significant signing. technological with risk-adjusted announced as been chains. achieve construction such and generally fact, on long-term be fully Virtu with hyperscale debt will e-globalize, $XX phase data for period investment will and to the to do exposure project. Virtu's nonrecourse sourced XDs to required not our is include XX% closer expanded investment market-leading of equity high are end partner. This hedged interest to that the example Intel base the data In coined to from partnership view billion transaction our weighted with is $XXX back-end investment, centers to trend BIP expected $X This approximately we risk. the where combined concurrent an with operational an commitment

to us underscoring disciplined pursuit Our prioritize deployment had successful for ability secured remain of positions We and heading into the well year our year, opportunistic our deployment next capital objectives this effectively capital transactions. XXXX.

turmoil large-scale contrarian access a and some and as well investing direct our of of listed We result XXXX. lending deep impacting the made to rates to deep of flexible primary advantages Examples contracted Babcock make have and of the central marquee like During levels. over will two global value history, we're investments have in that XXXX Infrastructure abated fully Brown assets. in currently allow privatization near-term we us approach as the The rates These provided and continue the rising and competitive our value our investments banks Brazilian to returns date several for strongest inflation opportunistic capital. dislocation factors during realized believe remain period have the political of regulator to experiencing. during their acquisitions in periods current our unitholders utilities include interest macroeconomic will a are economy. XX-year market with rise of to levels inflation acquisition most until of rates will continue is tone target Elevated to

objectives. unpopular, lower inflation defer the open strong Consequently, that and strength. centered margin will XXXX remarks the events in models U.K., balance have well therefore will be I'll into and believe rates today, that companies operating interest investment be questions. it environment the for resilience central sheets the inflationary higher financial line XXXX, While the will recent themes the governments This and as ours. around as we are and banks balance economic achieve should to most access to now pressures over of concludes for market to back my growth capital the their like pass business to immune and That to given for favor operator

Operator

from comes Cherilyn TD of And Radbourne Instructions]. question the with our Securities. first [Operator line

Cherilyn Radbourne

emerge. you the experience, when is clearly a public have lag private good in and the Thanks which your result sensitivity, might My see assets, volume before is the markets get opportunities and like what in very downturn investing first market opportunities. typical other much are there think this, apart that you any value impacts And morning. in question where more you areas from transportation

Sam Pollock

in plan quarters sheets Hi, In our didn't Cherilyn, companies liquidity poor see of questions. I it before takes a the balance for who think impact usually ahead. to we the thanks of regard your lag, lower that and number experience, have impacting

quarters on as of typically those before when need as sectors. as are tend So, to valuations, as you a a see pretty still And sellers, when the effects those away just I'd values think impact far might we're companies whole some probably assets couple I that's say for feel and look really caveat, people be motivated resilient. that's infrastructure a in to capital.

And the value the so for won't other part, see might of like you infrastructure private declines most assets equity. likely see think we I in like significant sectors in

be where some question fair distress your about is would that So sensitive might GDP more second one think And which see obviously to I and we a you flagged sectors, comment. thing.

are probably those on any lines to surface there but finding weak mentioned near-term that's sectors debt mostly punishing maturities a market few have the a companies much cycle. towards does I I companies they've them. earlier, and place and sheets regions the think And I who, And very too good towards think wouldn't always that as look. or necessarily every draw have where job balance taken of a individual I

Cherilyn Radbourne

Okay. of more then institutional the you capital country? just the your appetite participate impact to That's quickly, very on generally do appetite Brazil and own any in the helpful. that election in comments have and outcome maybe recent And on

Sam Pollock

one take of lived a watch maybe number I results that might add Sure. there a he the few for we But as obviously, I'll think, Ben and maybe closely. very years. comments down

reaffirmed go and protests but respect voted that is smoothly, more as are I Bolsonaro right impressions generally opposition most center our some on. it has day he generally sense a going in there I look, Congress for Congress. the the of the think though legislatures. strong transitions And even a by in positive couple have appears this that are may think has will first the the day, themselves weeks positioned leader ago, in evolving as constitution, people relatively seen of

we that to positive leader think will a the government thing be politician often transition. well-known [indiscernible] the [ph] new that is a the I as bold was the take counterbalance think headed other good Lula. so that I And by a that And nominated has as Centrist of

And so a thing, government. expect transitioning reflective should that appointed other And already sends the think Chief and think the [indiscernible] cabinet. signal that that I be as of ministers balanced get right of the we started I Staff I has mentioned, process the the

take transition it's about purely the noise things around might with place. we worried all So just not have the does going to

for left, I near take that inflation to move it they've rates better got under ahead because see of had main that's change. concerns officials just government I think actually at is, part a to a rate of the of big big in all like think thing in issues Brazil don't a is also going to Already, outlook the for on future. I rate the to And now than in I mention But planning think and thing bit. are for stability a starting And lot think positive And be the and think we're their there inflation any that could is the may I have relatively result, foreseeable we got might we're other of starting interest that as the last actually term, FX places up it Brazil a feels lot least. place. the be subside fact I the might quickly. shift control

all, in we're positive. all So

We lots private sector think leads in good a coming the I year. environment. activity transmission with that see to particularly investment the stations, renewed in potential of

a so lot will of attract I And it capital. think

think of capital, that us extent for but good both I interest capital, a lots that's coming. there'll be perspective recycle we of deploying from so any And the

mostly but generally, situation. we're apologize positive on for I the answer, So long-winded

Cherilyn Radbourne

great. you. all for That Thank me. was was That

Sam Pollock

you, Thank Cherilyn.

Operator

the next And Capital line our with Kwan of comes question RBC Robert from Markets.

Robert Kwan

Good morning.

the of your kind and Brazil. the with Just contrarian letter coming success highlighting and approach, back you're to you've DDI had

wondering dislocation now Just the seeing compare can if you're the you with past.

potential you the compare to You sheet you that leverage then wondering, know that can balance at didn't did much I see too but I'm this get you you the point? there than carve-out in want just that environment. mention of don't it in And are going other think lot to take you're see the this opportunities you as sectors factors maybe infra a highlighted, other side, but just Sam

Sam Pollock

Hi, don't answer any last with there no. on Maybe any that think opportunity Robert. dealing your is sectors is we question I your see

for should think be them we've deployment I we're all massive. is of trends And scarce. makes XDs interesting what the there fact where is all those that capital for the opportunities us that required across capital the flagged. an environment And in very is X

that for are for in. think we there area opportunities relation I should value, us the as focus So In to main hunting to the and invest deep see to places all us be still time of this, relatively little expression. let's other to comparisons early because early it, correction in we're of a call it's better for to points the any lack at stages obviously make a

And much I be could on views or this tightening of will than different whether so could say because on go not think expect lots a it today be And whether everyone I of there's there's maybe shouldn't longer rates everyone I higher period think expects. or longer. for short this

is get issues longer is have stay so could area plays this And obviously, us. be out. a the see And Europe. rates we'll very how for attractive the lot a higher then where because to time for deep, and worse things this could of recession one If geopolitical

immune a factors. some lot the moment, we're more evaluating. And to the market time of a at America so spending a feels that's clearly, of little that North

Robert Kwan

mentioned, flagging opportunities versus deal up. couple be or this where going this so if front to you're well as Got to positioned a if you really continues earlier maybe of this or you there just the on come and quarters it. And then that the can more were really success you burner past your current compare out, play year? maybe Is your commentary pipeline is

Sam Pollock

Well, deep, our pipeline always is pretty Robert.

lots around We of world large the of group inbounds. have evaluating and receiving a professionals opportunities

never attractive the And the short are that always is think to account say current high of grade we and them are most what I'd opportunities. we those so conditions. into we're take pursue do and to market trying

is we while. of capital for next amount fact number a lots providing that little are we needle. of be little looking interesting we've move transactions a So transactions have the very for our and deployed also patient, prepared of large but that business really pipeline the could the deep, that's the for I We're think, closing growth given the to some

probably of we I so think, And just, are opportunity. being mindful that

Robert Kwan

great. very that's Okay, Thank much. you

Operator

our And Robert next you. with Thank from question Hope line of comes the Scotiabank.

Robert Hope

morning everyone. Good

question that on mention your is pricing. may First see quarters, remarks, of the monetization In in $X.X of prior softness asset pipeline a in couple did you asset billion. you some

next know if processes to want had tranche the to existing for behind not that? your creeped monetization just you've whether Just but and into your the not alter X.X%, or that plan, necessarily has

Sam Pollock

Yes, for the comment resilience the hi my one and we attributes Robert. described Look, the fact predictability the all a like was that to many attractive I and do weather assets that I investment of to Cherilyn is sector in for that part tend this. years, environments very think guess we operate these

in most to lot we So will continue of out and so investors dry part, powder a this the for there invest. there's sector know

is be that much I carve-outs. portable, where might than be think businesses businesses by impacted less the current situation will some that

expect delivering capital they're too declines for your that stepping and the much we part, on then of the to extent values. you're most into business structure in see don't in the way to So some the

can And shouldn't we be the direction we that sales And that and sell that balance values. I as at or any where capital be for answer in But our do. would think businesses to coming portable. portable interest companies result, to rates the businesses look down, to I something love will in deliver businesses like the your we obviously, unfolded, where sheets we extent own see might those of decline structures. with have that carve are expect as their selling then them people in we start to things on to that, question, then. so debt things that, would think, probably we with have most focus see part, as asset And mind, a out We that put

Robert Hope

a for you question. that. shorter-term And maybe Thank then

businesses. had the quarter, any good you growth point? it at During on volume GDP-sensitive for looks outlook more another quarter see this the softness like volume Are you quite your is of still to there starting strong or

David Krant

it's our Rob, to pretty feel all and robust predominantly say the portfolio. David free which if Look, been I Ben regions our GDP-sensitive Hi anything incremental. can in performance layer have businesses, think are throughout I'd seen strong Roads in I transport across start segment, on operate. look we've we you

in bit bag. networks say that's current a rail the doing Australia, environment with well Our terminals a and is the seeing our U.S. growth Brazil I'd I'd extremely the in facility LNG front, of have diversified say U.S. well. where done on you're mixed

well. ports. container The in Our terminals PD U.K. asset that has one our Australia so far port doing in are softness of been has a bit

as However, is leases, contracted rights a lot a owns long-term of sensitive the largely, some and of one own. port this as as it's highly so not we would conservancy that would volume thing the landlord I is caveat business

place as there. of down a in softness we've result significantly, I'd seen not bit where a where going so economy that's only So on the digits we far but the of in single have that's seen say volumes what's but

Robert Hope

thank me, it That's for you.

Operator

our question Thank with next of comes you. CIBC. from Rob Catellier the And line

Robert Catellier

morning Hi. Good everyone.

FFO that macro how that unit your distribution answered you've most the per fact might of specifically discussed notwithstanding outlook questions, specifically my as distribution availability impact up given of approach You've the here. for the at curious environment, a pretty have view the policy, to the growth set your but growth you yourselves strong macro Landair, I'm capital to

Sam Pollock

Robert. hi Yes,

question. entirely So the not sure I'm

that surface, in the And conditions in decisions strong you're market takes ask and correct will that back because dial market. growth that us exist the the growth. me Board in impacts I liquidity on have the the I'm wrong, FFO of the is, we would that think we trying on to what if dividend, our very ultimately given

think that's I your…

Robert Catellier

the question. that's Yes,

Sam Pollock

Yes.

itself lots business I would the and say So of liquidity. has

So I the a view. think takes longer-term generally, board

have. range, we'll we the the is that And the investments. we a I I'm ratio of have possible the one as it's range. in the that confident have But mainly well we weigh look, on that event, of of a Board look and within think somewhere opportunities of new with could some increase business, think front how at reduce dividend those that comfortably within able highly organic us I growth our at should as things much capital in that we be minimum And any a payout be to will results. these strong allocation

think I dividend as as well perspective well from which for payout years positioned have ratio, we been improving we're with of the number unitholder last So our strong a doing either both growth

Robert Catellier

you provide a American little for partnering rate can the North with more submetering Okay. the just maybe And and color mean there? That's business growth then real can helpful. what the estate bit on Brookfield business

Sam Pollock

a to but business, love talk going I'm it here. to and chance give Ben to him I about Well, talk get to that Okay.

Ben Vaughan

Yes.

the really So market. I to the and our guess growth about it partnering Brookfield with for we're excited business, enter in that accelerate allows sub-metering us the U.S. U.S. up market really what

need approach just further made the we that partnering our otherwise, a to growth business a different in U.S. sense where buildings service we in just that growth it of way. our up makes it really couple acquisitions with the a estate wedge to real and and access have accelerate that adds So business, to tuck-under then

And high we're turbocharge at tremendous say opportunity. growth would Canada, U.S. in profile it just and just and smaller have the now, So a market. in business of level, a a helps franchise the right good the U.S. see of really growth relatively the in I sort we

see where So market. booster we an initial growth that that in business that's really for

Robert Catellier

very you much. Thank Okay.

Operator

Thank you. And the from our Andrew with next line Suisse. Kuske question Credit comes of

Andrew Kuske

assets even Thanks. Good really now in just Investor us ago months how the at I consistent maybe this theme of Could on a you call. a the about of question future. helps buying partnerships. couple then sense guess, this and think the the going or and assets and you of give business you on This is disposition and also JV-ing targeted certain Sam Days, just has in been the I guess a on on expand morning. it's the

Sam Pollock

Hi, Andrew.

see either partners, investors you with our other or institutional when is referring to? up what joining in buying LPs So you're or you mean that assets, other

Andrew Kuske

context in than of we whether Deutsche in in most kind engaged partnership broad past? more at the where or deal a you It's recently the Intel look that. would the you've It's different do of than

Sam Pollock

Okay. I Look, enough. Fair with partnering would strategics. say

can they some various better And decision-making. operating to us can often in a can go because has And controls parting really But prepared so that, been or structure time if we that be of key things maybe another situations the I'll add with want want path be first day, give question, that's for transaction to tend free. the deal you risk-adjusted give we feel this and end certain that at of returns meets always strategic may trade because down they playbook at the a where same often, protection. their a objectives return us and do downside those part bilateral to our and

gave done all Reliance So with up transaction really Industries with of India. solutions whether we we and in that our Vale with us that to them bilateral that, have years was were come a able help with ago transactions These large-scale number are where in beginnings say really one ever. did and carve-out. the industry restructured good our new where a we that's a And bought Petrobras And example with when best I the deals. transactions been of would we of NGS another was Brazil of we deal

fact, hopeful those think some of what could for our So to look best it it, situations. and number a I recently be Intel, of say, I'm we'll of we've doors it's to would done lead transactions for back transactions. the opened it's other continue it around it's world so done us, many always because on we we've it's us that and prominent, big with And the so in allowed will

Andrew Kuske

gives And could kinds too operational with thin but probably you industry on transactions, strategic at if their house top groups? risk, the of balls That's I the knowledge having the business in of could just air for expertise is many by Brookfield, many one spread question the maybe follow yourselves too guess those downside too I then helpful. better and you across

Sam Pollock

you You'll little at Andrew. the top that too bit, on in many in year. have there's falls to the help When say a

Andrew Kuske

Yes. now, inception. think quite it was just how you you're of right I many businesses at guess than running different if it's

the groups quite worries thinly do the too you scaled You've But spread being business have all any across dramatically. about

Sam Pollock

no. the Well, a you've business. Andrew. meet Look, known growth years, to And think up the as I for we in have whole organization the us scaled XX

us you you comprised the team X,XXX of the just whole all it's people at know, and top and of today, XXX. talk investment of the I the is covered ago, house. organization to So and XX years that's And maybe probably X

So we've complexities the in businesses deploy business our able to to geographies. of different grown with operating in but and different capital deal in be scale, also

with maybe Brookfield think unparallel very I X business exciting I anyone the we X capabilities. feel an So unrivaled is, invested have I our across who's world. or fact, other comfortable around the for And than in think ecosystem what's others

what continue I doing. in ability we're feel to no, So confident our

Andrew Kuske

That's color. Okay. I Thank the great. appreciate you.

Operator

of next line Naji the Industrial our And comes with you. Thank Alliance. question Baydoun from

Naji Baydoun

Hi. Good morning.

start wanted capital recycling. with Just to the off

a when of about sort announced could mind closed. or had $X.X ago few you think be in a I timeline billion months that

has changed as Just wondering well. if timeline that

Sam Pollock

buying should at or the expectation our least in direction. quarter, the in right transactions fourth have no, the is Hi, that we

so up. provide clarity on more And we we where hopefully, can ended quarter, next

Naji Baydoun

partnerships. just Okay. back great. And going topic That's of to

synergies call you look in think Renewables Is some you CCS something it, at? or Brookfield with pursue might you some noted that market? investments looking in that I be projects there of that recent Canada. Are any, to might partnerships,

Sam Pollock

Yes.

referred of the here some the Ben and can this So I the and renewable our we're in that expertise I able gets that and and can leverage to call significantly well. to think industry answer the [indiscernible] be Yes, as facilities We knowledge Brookfield businesses. use we as inject jump we'll the but to, in carbon to is where jargon, they IPL. to apply area technology Alberta, relation in new lucky it existing short technologies basically in advanced, is to think investing those have around

definitely and do want as would add from to those stay Ben, them. that? to we them to look they make to learn investments hopefully So close you

Ben Vaughan

what secure front. able our like you to And over just up business strategies, ways to the early It's in has well. and partner like Sam we'll said, the be position lot these these I commercialize on relatively echo us ones some years, hopefully, initiatives. would days initiatives Yes, but And said. rights this of on businesses a number the of a renewable

Naji Baydoun

maybe helpful, And That's question. a Okay. thank you. cleanup just

in the business, were attractive that year. terminal upon almost and I think export back yes, QX there that them? were if quantify some a Australian mentioned those can agreed you payments going results you in Were

David Krant

to our here. David them backdated for we in not the agreed The QX included rate results. Naji, Hi our of time, retro they're retroactive elevated ahead will were that, other the QX payments our in quarter, The after only which prior than be thing so payment it's results upon knew for quarter, the results but the future

Naji Baydoun

it to Okay. maybe too could be? quantify And what that is preliminary

David Krant

to. Oh, no, happy

payment around put about the the I think was we and million backdated AUD XX the total AUD XX between and business. guidance own of out company million, half that

between think net million bit I around on basis, $XX So to it's total. to $XX million a

Operator

Dodge next of from BMO you. Thank our question the comes Capital And line Devin with Markets.

Devin Dodge

morning. Good Thanks.

questions U.K. the connections couple a just the business quick in on of So

you give see bit or with, expect if are to to those connections in just were maybe may believe started connection sales? So in that to sense a activity but up a construction you slow of quarter, start us you able softening see the I to

Ben Vaughan

this broad-based point, seeing and sales portfolios but at Devin, no in slowdown we're and does their have the there's noting, connections country. The to that no both normal slowdown. the this homebuilders we're Yes. seeing variations out of continue point, so the in business no fairly build trend pace we're at and

we're So on closely any front. at but trend it any we monitor noting point, in not particular that direction this

Devin Dodge

U.K. Okay. And then, again, sticking with the

higher the you there? to companies could any these and remind capital? on rate And how work restrictions resets to for to negotiated Just that you that any? a on thoughts Just you adjust or can of project-by-project on revenues, a construction homeowners share compensate basis connections the then any kind cost are rate with are there utilities those of can us you the give flexibility adjustments

Ben Vaughan

Sure.

adjust first, see Ben over all, it's protected usually, of we first economics economic I in we we secured, our And of can economics again. the impacts offering can So on any your so the second locked absolutely inflation are are and that. would say, to time. answer that homebuilders to our question based within flexible be once then those

while over set us. costs it I more generally the to really speaking, of reprice our costs either think at as time or time generally rate costs, in product we point, in we supply track very we're it not in regulation max the business. a closely, But variations And over delivery would this financing any can accommodate could so for order

So your reprice. I not but question, that is exposure no able point, there to don't being if this answers to know huge at

Devin Dodge

for Okay, no color, a you that. good it's thank

Operator

Raymond Thank next question line the of you. our from with James. comes Frederic And Bastien

Frederic Bastien

one for Only Hi, good question morning. me.

wrong pretty priority me Your your up especially uncertainty am in contrarian approach the geopolitical crisis. you currency deployment your tree? to believe Europe or and Do investing energy rank the high and see to list related I to the right that on barking the capital leads with would accelerate region opportunities now,

Sam Pollock

which you're suggest Well, Hi, could Frederic. lots I would factors and look, correct that in that arise think opportunities should Europe. there's of

I into capital and went almost over the up fact, capabilities years, have that than We our year, in half the maybe market. in number think market we that less investing last scaled slightly last of half, deployed that

as we lots But of being more at company the to that, been us. I So be specific distress there have be only seeing the front already in caveat opportunities. more tends not. than think I of lots outset, often And could mentioned

in that affairs though be we because just even company situations not could the have so regional large-scale properly. And more might else. where might they managed somewhere there Europe distress occur distress their And be a for look

because that's doesn't mean it there's give necessarily where that more problems, just that arise. just region thing is one I'd So you cautionary where the will opportunity

Frederic Bastien

Sam, Okay. helpful, That's you. thank

Sam Pollock

Okay. Thanks, Fred.

Operator

you. Thank

no I'm Now seeing questions. further

Pollock call hand back that, I'll closing any for with CEO, So remarks. to the over Sam

Sam Pollock

We months. to we'd be morning. few that, know all early appreciate and Okay. and Happy to your operator, joined Holidays. thank I it's for like this you who support, little Thank you, won't call bit a another talking but for you the we wish everyone

upcoming Thanksgiving Happy you Holidays Americans the very So for season. Thank Happy and in much.

Operator

Ladies and gentlemen, this now Thank concludes you may for and call. today's participating, you conference disconnect.

Brookfield Infrastructure Partners (BIP) 2 Nov 222022 Q3 Earnings call transcript