BBU - Earnings call transcript Q4 2020 | Brookfield Business Partners L.P.

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Operator

Welcome to the Brookfield Business Partners' Fourth Quarter 2020 Results Conference Call and Webcast.

As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions] Now, I'd like to turn the conference call over to Alan Fleming, Vice President of Investor Relations. Please, go ahead Mr. Fleming.

Alan Fleming

morning. call. Brookfield good fourth Partners' and conference quarter you Welcome Business to XXXX Thank

begin, like growth materially. may we make known questions financial Before and I'd operating forward-looking and responding that and and are talking to statements. in unknown These about subject we risks differ our performance initiatives statements our to and may remind to you results future

and you securities information further on Canada U.S. For regulators review the filings with factors, available encourage known are our to I in on the which website. risk our

our me the On the and discuss will is call review results. Officer. call an with Executive Chief at business Officer; activities Chief recent financial on Cyrus Dehl, Turcotte, with I Jaspreet of Officer; and today Operating then to will Cyrus turn annual finish the provide over Madon, Denis Chief will our Westinghouse. Financial Denis to Jaspreet update

take call that, available with your be And then to will over to We questions. the Cyrus. pass I'll

Cyrus Madon

Thanks, a thought I'd us, Thanks Alan. of we've on. I on some on level high give March. an call with that our been was for overview been for on to comments the have imagine initiatives you Good XXXX hard some joining and start busy today. then us year the morning, operations, and focused everyone. would back in

and BBU great our about tell that distributions resilience increase businesses like of than capital, really you to billion own the new generated billion demonstrated more of -- ownership that $X.X just we sales $XXX During and last pleased came over $X.X mature -- we're that is BBU and from of we year. $X of businesses committed We acquire year, from to of to share in operations Sagen. million. And billion about already our businesses

were we as is of five These number perspective, that companies Over essential of Clarios Many were flows. the generate very in the comes today stable market Most and largest different impacted, during profitability recovered our businesses We XXXX. our have same our largest year. Ambiental shutdowns progressed. that services. more four BBU companies generate providers of as we few global the the about capital. XX profile very To of leading we've businesses unaffected years, products our by EBITDA strongly today today. put of virtually of deliberate economic Westinghouse own from businesses scale the did our businesses times been years the where But four invest those today around largest and ago. the in are year Sagen, and BRK And cash than of this last

largest we growth. BBU to which use continue resilience increase. largest flows resilience business, we improved very we've The is overall to As values near-term future. our cash to that businesses impact in continue And in by cash were there's our BBU flows our distributions grow quality of given expect the intrinsic impacted the improved businesses, strong value cash which value intrinsic our also of overall been us generated unscathed of little present the cash our our business, around generate flows will unit largely also we've past will our intrinsic Yet value. terminal most to year. long-term Like the our companies flows of per world, the means over the the as provide recurring value, our the were we businesses fund

this on than more ago. be for Westinghouse's I'll a dividend talk just to paid $XXX continues Westinghouse BBU us. just investment but at years, half about a and $XXX Later to year-end equity all million at a years has of example, million. two say which more dividends, and initial $XXX received to truly two is million which Denis and debt investment, going in is importantly, an with increase As about going no what's phenomenal Westinghouse levels, a half earn provide of Sagen own in received In process nearly capital. BBU We're Westinghouse, Sagen to another of great already Privatizing to a more distributions will the made opportunities we has years the which value. to returns generator. don't generative highly capital Sagen offer to optimize October, to us the In cash strong cash over shares and made reliably shareholders BBU exploring the for support come. of we business, book to is about is an should acquire for on years distributions improve opportunities publicly Sagen's we structure. held our our

the rate issuers, had for it's interest not likely the to high debt originally today privatization low we quality strong fund will BBU appetite all of environment investment that of With have and anticipated.

ratings, and receptive up the we are Now Sagen's credit depend markets amount capital the end will which important us on critically maintain customers. the is sure funding that to strong we're how able to making company's and

sectors, at expects services of business. technology help January, to and outsourcing healthcare, transaction We the we've of the in clients. million We customer this and investment relationships managing U.S. about which BBU Everise. close ownership an specializes of ownership opportunities because based technology $XX the company, this will like to intersection which XX%. expect the acquired fund business and to This interest. year, approximate we mostly identified In XX% the BBU's a is this for first increase in half for operates healthcare to business large, grow it process attractive

aware, the to these a gain of discounts of you're we were significant value. As and XXX% that $XXX in last of resulted year, BBU million. at trading intrinsic by The about alongside $XXX in increased have prices securities their our partners, securities institutional businesses to early invested about public million

we During GrafTech crystallized also the BBU. a to XX% fourth of about with and outlook million has of The improving global price for quarter, steel investment demand. an our $XX shares gain increased sold

BBU. January, in XX quarter of $XXX sold million we GrafTech proceeds generated fourth and the and during shares So, for million

hold interest these XX% GrafTech. will in completed, a With BBU sales

on up the pipeline now XXXX we and own with businesses are market days of the really to So, we to Denis. hand I'm to that, and high over today. With it activity excited mirror, are the growing we about businesses add-ons quality strong in acquisition a pick going continue continues to ahead. working Private transaction rearview

Denis Turcotte

Thanks Cyrus. Good morning, everyone.

any the Our challenging business our acquired place our XXXX. the the companies team than and in than with is plans each of with continuing to to the Westinghouse, proud each since safe, year company team manage to operations more has over has We're keep evident these what worked healthy, in our hand-in-hand a last through point operating advance our achievements transformation we environment, of in and which position today businesses. at are of nowhere accomplished, stronger employees

our of provider facilities. the to majority is plays The power operating uninterrupted maintenance customers' is global a initiatives. recurring As and The many you of and refueling business improvement the critical of role outages, company's in power industry. regularly safe know, operation service nuclear from and generated ensuring Westinghouse ongoing profitability the plant

of services and market. build technologies been all advanced also and standard We've our in closed services to the is small strategically remote minimal maintain reinvesting applications increased for to distributions that net goal broad micro execute shared from to of the and its deployment. four Westinghouse for have mentioned that months distributed growing has is provide While regional core transformation the Westinghouse's we'll back clean, attractive significant unique up the services and its also and a million established modular as positioning capabilities, that a acquisitions. acquisitions and business. and Westinghouse the of review to digital EBITDA non-critical to and capabilities could its Westinghouse's optimizing Canadian micro size industrial last reliable XX organization We've million actionable products $XXX Westinghouse base Several added to the in its competitive that, maintenance is target Canada We've working free all demand developing its and business transportation studying focused annually. zero opportunities the the some relatively micro and for applications, leveraging to October, now to the XXXX. long-term add-on to augmented targets Jaspreet. cash partnership run the continued its interest rate we deferral presence support a with to up carbon-free Cyrus given be acquisitions nuclear of to last business reactor lot through initiatives of to focus methods position. of these position accretive portfolio to over and bringing to by benefits industry-leading been a advance over $XXX And able quite provide and to these economies saw government Westinghouse scale support work, energy. progress as support represent hand manufacturing, markets. Canadian These of months $XXX With Westinghouse's onsite leading still has in digital And advantages. costs, to roadmap and it a Small XX digitalization months. revamped new recent to while be growth generate the from and a continues we improve the the EBITDA largely XX of million adjacent carbon pipeline since BBU, bring that EBITDA innovation customers. on In of zero and allows technologies able agenda. made have a Westinghouse to supply improvements in technical core service standing to with opportunity continues and sizeable. G&A Westinghouse strong company earlier, were to global operational while rapid flow and with engineering and to confident modular to efforts reactors power feel technology products the our and on its areas in I'll of achieve energy and service to cost over services good part transition energy. chain unaffected designed maintenance services markets last bolt-on important, multiples benefits achieve ongoing

Jaspreet Dehl

Thanks, Dennis good everyone. and morning,

per As $XXX of business our of Company was strong EBITDA to been company This $X.XX XXXX segment. resilient $XXX and billion to FFO, in XX% Services by our performance this excluding company million reduced Services segment, compared or increase unit compared EBITDA recently contributions of EBITDA XXXX. Sagen an we million. to $X.X $XXX Within in extremely offset contributed in regenerated million our of benefits Industrial Cyrus $XXX million, Business or generated from XXXX. partially Business to Infrastructure per strength Sagen contribution Canadian of businesses company low in has $X.X touched levels EBITDA billion compared increase the increased on, The has the $X.XX benefited generated reflects segments. Results our disposition, mortgage acquired XXXX. BBU of underwriting company million we from the At EBITDA year. Services supported and activity $XX default company new of in significant housing market. XXXX. of by Healthscope, unit

activity returned New to of have With an surgeries environment. the elective at normal, though debt operate sale Healthscope. cost used continues million restrictions its easing in Healthscope to in elevated hospitals the to levels in of paydown completed business at XXX on In were Zealand. business Proceeds Healthscope November, of Australia, pathology the

which the Multiplex, million $X company onto Moving of year. reported EBITDA for

compared In has of been XXXX, services performance during work inhabitants, the restriction. volume the water debt. XXXX, electrode down improved. Bidding impact quarter, remained approximately of flow of signed In sites levels. year in sales begin early Multiplex's At staff ending company half volumes to fully million acquired our year GrafTech, deemed $XXX Ambiental's addition Infrastructure $XXX and And have Despite EBITDA graphite levels given now and activity BrandSafway, year. supported improving. X% the recovered our of second and of BrandSafway shutdown sites is essential only backlog the the essential generated lockdown year, city round very it service company XXXX. newly during contributed year generated in paid million $XX Australia, year for million throughout a nature and sites also XXXX, the XXXX, wastewater the concession operations of to million in cash activity a mid which year. of of to generated the pricing, activity XX% during in by with impact meaningful producing Multiplex EBITDA year expects have at to provides. and construction company levels this and delayed XXXX. and latest the EBITDA was is X.X to Clarios starts $XXX increase at and services reported of million. below going of Performance company of XXXX. where to business economic we project billion. we EBITDA. of resilient as million the we shutdown $XXX The -- compared the recovered integrate reduced Total BRK during in EBITDA that Services as the of move segment economic been declined Company result strongly of May the working customer finally, Maceió, the this pre-shutdown the restrictions of of across impacted gradually an U.K., its has January, the in performed company the demand Following of a acquired I'm X% the company battery reduced is XXXX. Industrial by project construction segment well $XXX in fourth and open remain $X.X million generated to $XXX the million project which

reviewing the oil reported maintenance operate have customers, region. business environment due company of is strong environment Westinghouse and current more stable, continues provider largest the customer liquidity. liquidity strong FPSO billion work in of at to performance business. now throughout sites. to XXXX, EBITDA and the performed cash infrastructure which revenues With over opportunities our of on continue to We in the for new company And relatively on been support in management confident wanted at Texas segments access more we touch its producing projects to challenging than remain limited and impacted we approximately liquidity for year. commercial the contributed Overall, remain the the in I'm contributed in $X up increased made ended operations has primarily than of approximately I ownership. corporate actively $X.X XXXX. offset credit This performance the and higher planned just my million comments add-on while at $XXX have a pass level. going deferrals cost with EBITDA and that the our December and and well of the acquisition the call Execution facility. BBU's in of M&A securities on growth to and an the -- to to million $XXX impact business in FSO the The Altera in Shuttle fund to than wrap can more operator an questions. of We availability year enough perform in liquid Altera Tankers basis. We that, extremely back continue includes conclusion, on in I'll -- BrandSafway the approximately billion ongoing

Operator

Capital question Our comes Dodge from the of Markets. Certainly. first line BMO from [Operator Devin Instructions]

question, Your please.

Devin Dodge

Good morning, All you. Thank right. everybody.

Cyrus Madon

Good Hi. morning.

Devin Dodge

I'm We're a with there a just deployment. start going question was on period -- to a lot capital M&A activity. clearly of in

continue activity accelerate. to I investment think BBU that new release mentioned the for

most and pipeline that through us where walk opportunities? you you're can Just seeing the

Cyrus Madon

Sure. broad Devin. based really Look, it's

and more more North we large What that. are and fairly Just business would put little be technology In as industrials. is this around a well, broadly Europe, say of across, globally. and America scale color seeing opportunities service are we services seeing opportunities to

There way, think having Everise, doing type of I And we starting but before to aperture still us. had itself, capital there, enormous a a world opportunities the growth very, by opportunities the type not of than on the Everise on of service well. are be are the an very companies struggling there's giving of couple tech And work strong. us opportunity. that'll closed that, withstanding a growth within just it's and see we quickly. area seeing around Like some markets potential this as that term we're are need lot different more we fact over for probably now medium rescue think

pretty I you So very tell -- And our one broad every would regions. but of based. in it's active

at looking things. are actively teams Our

Devin Dodge

down. over Thanks run Westinghouse. really Denis update I mean, a switching there. that. That's just Maybe good a Okay. good gave for to gears

it seems Just being already. towards there mature to investments, be one this of your if isn't wondering business migrating

of or there's done you capabilities? such for sale, to terms in or more work around as think M&A Westinghouse either Just adding out that running more be do -- do that geographically offerings service feel you positioning, tuck-in potential decommissioning

Cyrus Madon

good a it's Look, Yeah. question.

sort because could it. little hang are of We crossroads, wanted a we suppose, a bit we the of at of sell part -- the of to. could company, or There we all I onto company if

but clear what flows, we incredible create see can will us, all stable on we having been test cash company. time, for to by milking flows at get a value down this will is bit coming it market pandemic, is continue flow certainly these what's remarkable in versus will keeping But rather value the little and all the cash get will come a We what's can come a how can that. the this business it, the down conversion we -- mean, valuable point But it market the we cash it if business. read and really through very some to to incredible. have in and observed is I now it's a

XX% we equity business, $XXX we're paid check If XXX% million I think of yield. remarkable. to for I our mean, of initial was truly what based on free compared you getting it's think cash it's what -- generating dividend a the

will there's with team a the things -- grow. their got doing So Denis still room management working wonderful team There's we've business. -- bolt-on And continue opportunities. and to but phenomenal his magic. and That's there.

possible It's would monetization, it some do only but we value. So, an will form yes. extraordinary we of at consider

Devin Dodge

Okay.

the just trying get one Jaspreet into XXXX. performing to assumptions. touched to that's pickup maybe a a look on business for bit one business Have we started relative last how know see of signs sense the this, but demand little some deeper This this And been is a to a in of that. you just Thanks underwriting Okay. BrandSafway. XXXX? as challenged for on bit is

Cyrus Madon

Sure, our of given mission-critical avoidance, customers businesses, that fundamental easy it's maintenance to. COVID Devin. it's to where not major we a it's underwriting directly but slightly these support to are because deferral lot understand on related below the outages if activity, provide impact deferral there's and of

So, It will come back. it will need get to done.

in concerns no have second We regard. your question? And related that

Devin Dodge

as XXXX? we a you have turn, started demand was, It about to think see

Cyrus Madon

yeah. we, Actually Yeah.

whenever order see the naturally again, COVID signs. time wave in it starting lag, back markets naturally defer and So I a think we're And second of of in, the cases it a book you show positive is to any -- the again. but induces to customers pull there's

doubt. I have choppy a work done. said, get months, got like over XX It has no bit will months. I So, little to But next nine be the maybe the

demand really opposed it's pushing that downstream So, eventually. drive to us overall about able being as to revenue not

Devin Dodge

Okay.

it over. turn Thanks Okay. Congrats that. good on the for I'll quarter.

Operator

Thank you.

comes RBC question from Kwan next from Capital Geoff Our line Markets. the of

question, Your please.

Geoff Kwan

just investment lows. the call acquisition sort like sold, major be of, I'm would some Hi, or My were in they that question future. of the market good made you well been year, the purchased has last that some there's you unlikely securities first companies that feel obviously you've investments the of that in sold gains, off it, the morning. to where the book and wondering in that at you was, securities some point public the done if have some very

Cyrus Madon

companies point that we where companies makes have into earn we that in two else. simple. return got redeploying up to can be Geoff, one we like, for at they're a that but And that it's to valuations day, valuation really be capital that us. higher those the something Look, it's the sense going end it or one to may of but buying a

Geoff Kwan

be broader at public whatnot. Okay. in the guess it past noted number within empire, Sagen's I Genworth like new are or little that security relationships Oaktree, of BAM, was they've was that would the [ph] bit, wild results a these When call looking entered it, into yesterday, location I seen the and companies

it, incremental driving broader essentially how we of be each whether or potential, ones are that across within portfolio. growth synergies -- Brookfield's entity. within opportunity opportunities again, with own BBU's growth So companies portfolio, perspective, broader cross Brookfield other describe they're Brookfield BBU's involved the or synergy not the within your doing would the -- call these, business From

Cyrus Madon

Geoff, which when made adopting really we we're the -- to part -- improve into yield their our a X%. we here yield is I company's of Sagen, has multibillion material the move basis has dollar initial up Yeah. that time, it earn our impact plan, around XX earnings. percent points, what If -- investment even doing on was we was the business investment the portfolio. maybe over to something that can a it by historically, And which been

within just BAM managers to that we I'll are to simply happy planet money business -- the the we're one greatest manage capital Oaktree, So them fortunate And on to the executing plan. of and for our allocate family. we're say, some have, it.

Geoff Kwan

And about question you Okay. some last talked that. Multiplex example the platform I an long-term of would be essentially it's companies, don't that is, but companies -- in the as could in investments past over know, my just own if you've

there Looking portfolio category? today, companies would kind the of be into other fit that you that at would

Cyrus Madon

mean, a keep could that's one for example. All business too, my are don't that time. go I'll a that the -- back opportunities yes. company, day is come generates it, maybe we there but choose just And back to look, in amazing that go if to that's on cash Westinghouse. and lot I we answer the an my -- and when long, down want answer on get the cost answer I'll could we the us. one -- Well, price And to we be we that of front to of long opportunity sell others an

Geoff Kwan

you. Thank Okay.

Operator

Thank you.

comes the Kuske Credit line question Suisse. of next from Andrew from Our

Your question, please.

Andrew Kuske

instilling about clearly your businesses, philosophical just illustrative enhances but in like it's I the Thanks. being management also the companies, do they end, and of of a discipline you your Westinghouse. that? you do portfolio capital. the what supportive Good on How but up activity good background it's as really see further acquisition a winds need front some more teams question, still if be It for guess, cash in to this you're the return of from greater if think but example, on morning. upstream

give on that some just can us color You context.

Denis Turcotte

having core they once a post-closing absolutely of And with things do interesting they very it's of case. the of tone Sure. try it of we top. returns-oriented, cultural risk reset cultural is first figure there as -- of putting And at that. great of because That's folks management they with That's that teams, in just and the you is understand owner, you've actually and attribute -- place a management Brookfield of in we we effect still. like part in kind one do. any think process them to is start because very And express an part making much investment comfortable most in teams owners, like commitment. them company's it's onboarding the got support ownership, make so drive that with the our about start how that And why understand openly kind A tone to Brookfield these Brookfield we optionality big out, before the change of these to that where are comes companies.

it understand up ends partnership. in can businesses imparting a by capital. to great lots these being bring having got teams, access We up we've that that partners resources, of So and significant management on end great support our and we

Andrew Kuske

are while of Could give us on initiatives? and on enhancements That's on of maybe the you could be you Westinghouse, call. mix bit got very that in color just the how breakdown, activity Are a margin seeing maybe a just Denis, reduction, you businesses and And the the would they new we've of you business levels a similar? cost effectively at or business? helpful. bit margin price -- a improvements And If continue give of great. and

Denis Turcotte

again, some great ends been where EMEA. leveraging And there are in per the COVID we've in have where the example, really growth the the now by Similar a to variable really reduction, we engineering Fragman without down of services, They've over on but provide And of put where book starts we great Patrick got Sumner. some got a offset of changing as and/or can getting comments, ability a if has again, it's up can have reduced. taking Sure. engineering in nature notice. customers CEO and work it's the to with that opportunities this really our that the fact focus focused Sure. on it in China well, the order exceptional get deferral a been We've board. U.S., growing really we situational moment's new technical not last step group We've at a in And of more working up EMEA. up in And people the cost and real share of capability with board. done unique team story in induced there. as work's CFO scale and implications activities just place. a stood to so we're really bit Asia-Pacific business deep drive back manage company any capability then and for They're Dan risks in leading previous a we're leadership EPC we the our -- that that traction, when year projects this that in trouble, technology the taking of we starting net of found across We're the people, in very got growth. effect my EMEA,

scale really that lots the to reduction, understand and people world dynamic situation So, source on starts micro focus it's the turn in and we've and/or both around is and we're of base just phenomenal emission genuinely growth. on on kind power briefly, can cost in investing down a and just of technology you to, drive including And large very as of sources, zero based a carbon kind scale technology in. ESG issues commented load the side, of as both nuclear power,

way way, --the very positioned a in are just macro. company winds just given So, unique the here the is blowing

Andrew Kuske

this reading just for question, final one maybe And Cyrus. helpful. very That's

this as using If in any you you vehicle as market a and of of the for future. may on could just thoughts the thoughts SPAC have potential your investments us exit that give iteration some

Cyrus Madon

you're well there's of there day to -- a new seems aware, a as capitals be Well, and lot Yeah. launched there's available. SPAC every

selling buyers would means SPAC or certainly, the of we're or as potential them. path companies -- that's IPO we to absolutely, companies for So, a something, appropriate we'll consider our if if

Andrew Kuske

Okay. Thank you.

Operator

Thank you.

comes Ho from of the Desjardins. next from question Our line Gary

question, Your please.

Gary Ho

the morning. going to good and back Thanks discussion. Westinghouse Maybe just

about or to for the with sky Sounds would like blue million? very what target move $XXX can $XXX tuck-ins you this initiatives be what comfortable can And EBITDA you're million outlook. be asset? that scenario talk Maybe done above

Cyrus Madon

And are there that, well. Well, start chime look, many, several add in. of opportunities $XXX handful EBITDA And when don't you million, in and there as a there already $XXX many to million And factor a We've world Denis But -- small are synergies. the opportunities. that -- are done of many, like there there's four. larger just why tuck-in globally. maybe in many number could those that around I addition can are of

on me be So, many don't to I opportunities. growth appropriate them there are of think mention call. would this for any it

Gary Ho

Okay.

Cyrus Madon

answered I your not? answered question -- fully or

Denis Turcotte

I -- run than acquisitions. internal of lot a that that's EBITDA, not getting highlight the XXX to to beyond other including that target would There's Yeah. add rate not

momentum. growth increased and Patrick the I cost see and can't have maintained we enough day-to-day of improvement since Dan line and stress that positive margin the momentum reduction, then a frankly the combination XXX, in -- business. So, over another of the sight, the and that's and XXX, taking of organic

in we're So, optimistic growth the characteristics ahead Westinghouse. very for

Gary Ho

$XXX provided just little margin pretty quarter. guidance. $XXX higher immaterial know maybe we think million I guideposts -- it the there then do potential? or advanced I should that I outside cost Clarios delivered that to the touching of you battery And that's How and Is start a about helpful. helpful. be benefits in bit, think some any million. will think, something you That's of those Okay. solid bake on

Jaspreet Dehl

was really and based U.S. our Denis the start Yeah. original Hi, improvement. operational say, EBITDA anything to it's I'd we Clarios, the within had indicated can at Jaspreet. more Maybe there's on specifically That if improvements operation. target million $XXX I'll add. then guide compliment

lot network $XXX tangible million we seeing, driving the yet. batteries EBITDA talked to that already. And that for seeing replacement. that's cars, that's positive business. million. we've a had on margins the advanced way it aftermarket John that a through where annualized definitely providing needs aftermarket for $XXX first business. really an impact specifically the the U.S. our of outside to that And $XXX batteries. were that. within cycle improve And line is cycle you're flow the that in coming about achieved we've executed could the of the -- of these execute seeing of on especially change on we're is that mix happening those Day, in doing we're identified And -- had first up not million demand on of batteries. -- underlying what's in well vehicles bottom channel the about the We're that battery that advanced we replacement to said kind -- we're the about Investor the now replacement on things the And for for U.S. The advanced in that But on So, basis,

it to improvement in forward. add? as would be tailwind But wouldn't that Denis, that targeted be So, $XXX that we million look initial have should opportunity. we something a operational anything

Denis Turcotte

for the think from of if and to very speak. John and in you people moves changed job carve-out is there carve-out made that so executive. that talented very the are a Mark relay, a really starting a that quickly. great way, mentioned, organization, public to the He's point there up view. on business. momentum Mark it Sean yet with the did plan, creation numbers we're the to Jaspreet a some seen phase we very setting half Wallace, but perspective, starting table John And I it the a execution a and to of structure. as it its talented to about turn of It's me ship, exception, and value significant CEO, was by the leaders, pick out become apparent us it's focused now and in in big from He's haven't give dozen see and in the absolutely we to insight This first Just metrics think

expansion and So, forward. moving margin we're again, fronts, optimistic top on both line all

Gary Ho

units Okay. Perfect. there's last the at in more repurchased quarter. outlook maybe last That's Looks like price? the just share And question. What's helpful. some -- current my your

Jaspreet Dehl

buy And are liquidity. buy We're levels. much right. these that you're still of there's based So, we we been back will Again, just trading in total are view continuing back units. at a on is buy restrictions and continue and at where our to -- our the active we back to to units significant discount how terms actively now can have

units very we So the -- continue are significant that to active. but intrinsic believe value. at discount trading a to And we're

see to So, you'll continue that.

Gary Ho

Thanks That my question. much. Great. very Okay. was

Operator

Thank you.

from Gloyn National Our the comes Bank from Financial. of Jaeme next line question

question, Your please.

Jaeme Gloyn

is relative Good this morning. that to you to previous mentioned the frame backlog Thanks. believe, confirm Related years previous Multiplex, then that even $X at I quarters number, and Can current or also you that time? Yeah. billion.

Jaspreet Dehl

$XXX sitting that The won. And The billion. we'd million is backlog be where the billion at want business. was to of like $X backlog $X Jaspreet. for work is $X.X it's Hi, they kind Yeah. billion the this new and

scaling and quite is we've geographies. If to the the the comfortable. manage key off been business. billion, highest in you about on We've the $X we're top before. number got back, about of historically, to it's Australia in but my the focused this for that backlog kind that Middle $X team Then We've I right really think head, $X.X place the billion U.K. in and been right the back look billion the business East, talked of having

of sitting. that's where we're So, kind

Jaeme Gloyn

the you in for respect and for portfolio? may eventually sort to the at look market, are it the that on given deep And what to public primarily that you. of like, closer investment trade that to The discounts quick companies Great. maybe time? certain benefit. securities, refresh Or the realization Okay. With securities, just public the just to a Thank plans my is primarily it to invest in? is get -- a

Cyrus Madon

Yeah.

we So, March and quite for invested time, back choppy was be had at that what exhibited had when and volatile privatization could we great a April. companies and identified we And time in market the long in value the candidates. that's followed some great that

buy So this that to was where if markets the companies. the more was position point And recovered the sell, at and purpose. we a it's attractive that's do. couple thought to buy time to And us what less of our great will attractive to

that exactly So, what is we're doing.

position we'll that's but have. not time, thinking. We're in over of current probably rush the to, the vast So, majority any the sell we

Jaeme Gloyn

the last in just sitting million just us around And give Great. corporate borrowing the corporate Can What's at those near using just about Okay. $XXX one a for outlook leverage? view term upcoming facilities transactions, for today. credit some you monetizations.

Jaspreet Dehl

Sure. I'll that one. take

borrowing. right. We about thought So, you're in million $XXX

and have of We we as generate mentioned, $XXX that, portfolio And cash Cyrus a that'll to for continue million. returns for got securities monetize if continue liquid us. to

sold in of generated down also, proceeds. GrafTech circa million $XXX positions, We of January, our which some

of at these you we as business use facility. these in to since our we size is facilities borrowings So, use scale going today, we've and this there's grown quite as has that the to the lot the in as of And using in we those a business our definitely BBU stable that or door year-end we cash We've on them coming place of them fund proceeds and generate line. of if ongoing distributions. acquisitions. for facilities we'll think businesses, monetizations really got Wellington, paydown primary And about large cash some they've operations, large had of a have kind forward, borrowings that's And had we've the to number the grown. provide comfortable in look that the BBU got we we of and to we can But scale the launched paydown purpose any -- have place.

gaps the and So, to kind actively lines monetizations our using bridge any between activities. you'll see growth of us

Jaeme Gloyn

you. Thank Okay.

Operator

question-and-answer Thank management of like today's you. I'd remarks. back to the the to This program further session hand any does program. conclude for

Cyrus Madon

much Thank to forward very we you look joining next will speaking to for us. quarter. you And

Operator

and the conference. ladies today's in participation Thank you, This gentlemen program. for does your conclude

disconnect. now day. may Good You

Brookfield Business Partners (BBU) 5 Feb 212020 Q4 Earnings call transcript