BBU - Earnings call transcript Q3 2021 | Brookfield Business Partners L.P.

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Operator

Welcome to the Brookfield Business Partners Third Quarter 2021 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 over to Alan Fleming, Senior Vice President of Investor Relations. Please go ahead, Mr. Fleming

Alan Fleming

good and operator, you, morning. Thank

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

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

technology Denis today Jaspreet me is I Madon, of Chief Joining update will it take I’ll services first the the finish on Cyrus over financial Jaspreet our an our your Chief Officer. provide call on that, Cyrus. then Chief be call Turcotte, Denis review business, over with Operating will Executive to questions. to will discuss Financial and recent Dehl, available Officer; nuclear pass turn the We’ll to our Officer; operations then Cyrus results. and with to And activities at our

Cyrus Madon

Alan, I FFO. joining had today. We EBITDA We appreciate great growth good everyone. quarter. Thanks, us a and generated you strong morning, and in

overall continue pleased We really how is with be performing. our to business

initiatives environmental directly senior from to of the to governments are initiatives $X.X billion. education, earmarked services, reached This In our and shape. source for building Last growing programs and Games programs business major globally. for social We’re fund an to care, infrastructure Scientific services Lottery the provider a important health technology number week, agreement is business in critical working on government an proceeds of cases, long-term of lottery and we world. and sheet infrastructure most to value, Lotteries continue a balance protection. around related great represent sponsored to many of essential acquire is funding these

expect is to programs includes really technology meet as is governments offering lottery a high security business partnerships long-term proceeds and distribution, management across with business at plan existing lottery systems broad clear And billion also the on more Lottery proposition the programs. increasing and We required customers to $XXX we support to The has the lottery over service turnkey by of acquiring to contributed of lottery value. positioned a business its enhance programs. and service design, with ecosystem, customer well level integrated work retention. the solutions. rely directed generated sales of its we’re with and to these budget standards quality funding this see of value funding alternative. a and grow think are types We even deficits, high Scientific to fact, highly We offerings annually from regulated to In to Its opportunities Games reasonable customer growth. the very base. capabilities

an lotteries As is the the world. offering, technology essential digital the expected strong around of business from service to well-positioned also growth a benefit provider with very

closed on We’re components, balance equity about the ownership is our for reminder, our trailers and XX% million as In for a provider acquisition equity and from manufacturers. partners. the approximately primarily the we industrial towable-equipment We the DexKo engineered of of highly just institutional stake. of equity invested October, leading XX% funding of And of Global. closing, a with DexKo $XXX

expanding its onboarding supporting products of developing and into continued and very plans We’re in now the growth, successful acquisition strategy. adjacent our for early stages

years, start selling the on of businesses resilient in unit also BBU. opportunistically of businesses. also operations, and we’ll very the And time we’ve to leasing time-to-time, Asia. the of enhanced scale we’ve From services that We’re larger-scale in of types are acquire -- Group, acquired, And businesses Europe monetizations provider increase it to acquiring the the close substantially. our deal which focused this Modulaire great profile will larger year-end. overall smaller enabled leading comes we acquisition have few of past scale. our These working complete We modular grow size when can hope over to and by a similar all

Our into and can energy. with plan portfolio and recent great continues growing support in is of XX,XXX is is basis, market On This of more really independent a increased grow. broadening which It’s Aldo to overall closed resellers. market the markets offerings power a its of example positioned. acquisition network this. its Aldo, to and August, a in distributor position, Brazil. Aldo well from by of that and Brazil, scale is its an benefit in market our for a than service generation leader solar kits a efficient rapidly We growth for adjacent product business cost expanding demand distributed

about annual now for performance, on million, acquisitions Our $XXX $XXX our And to well annual will their increase five above our it which XX%. ago. adjusted last on has EBITDA an our we year, value-creation unit is historical add of rate our increased recent as per $X.X a billion compound On million the at EBITDA, years will plan. execute NAV based was basis,

very We’re progress. pleased our overall with

closing forward, Looking focused recent acquisitions. onboarding we’re on our and

our to to year, of We’re the end hope subject complete approval. working And this regulatory also corporate to around Corporation. get the entity, paired we Business done this of launch Brookfield

it that, with to going to hand I’m over So, Denis.

Denis Turcotte

Cyrus. morning, Thanks everyone. Good

our positive professionals our and of plans. As closely I time Cyrus today advance meaningful spend enhance to update some operation mentioned, with services business cash to management we flows their have to a there. wanted our impact. an providing our unlock support grow is teams you with each on our provide team progress Westinghouse, of operations businesses. nuclear the where one businesses had value, business and has We technology expertise at working operations our

of facilities services the multi-year provider power driven critical half contracts, fleet. of our improvement the base executing to performance remarkably distributions majority will reminder, higher opportunities the the core ensures majority Through Westinghouse trend generated to at a The of a its predictable technologies The the critical high approximately the very nature volumes, and scheduled continue stable outage activity operation a to orders strong maintenance a of is its power globally. all of XX generate industry-leading in demand, the and quarter the delivered lot global is outages business and delivery underpinned by that this upwards of operating services. power business’s experiencing provider to support period within the year. the Currently, BBU maintenance uninterrupted same timing customer has with our As customer of almost and fuel business, plays free a are at specialized of base resilient. remained value nuclear maintain is customers’ regularly under season, is Westinghouse ensuring disruptions technology years, the core its to to economic The and initiatives. compared a fall basis role refueling the to continued outages the flow nuclear scope since also total maintenance service customer on cash significantly facilities. reinvestment business and of outage profitability XXXX, business Westinghouse’s last maintenance on has Westinghouse industry. from the global Americas recurring by building up the continues Company two is in position. of safe Within and per and plant supporting of last while for ongoing The business, its work retention. vast with broad

to acquired Westinghouse’s one identified on been legacy and and of we manufacturing facilities business at the contracted costs testing manufacturing these projects. higher projects XXXX first two quarter, unique labor before These of The XXXX, and toward a projects structure the Both productivity in completion. inspection and we projects their not in costs to are are on are have and since progressing Company’s the related in predominantly operations. costs two increased in lower-than-expected Europe. ongoing During XXXX underway complexity are and engineering core kind

XXXX. Spanish The with expect the further business’s total loss Westinghouse Each to advance business and total million in which priorities strategy million a augmenting growth. standardization partial of from add-on agenda, agreed is increased and made organic acquisitions The business. engineering a broadly, quarter. in with successfully Once which think excellence reach contributions management transformation We up, to of to and of relatively industry annualized, few more organization since our company. company Europe $XXX to recognized and and aligning maintenance investment by executed in enhancing and future sight product on in costs increase and annual the seven the operational towards presence the the in add-on next have newer progress improve increasing acquisitions. digital the of completed we XX% inorganic closely regionally, its since team of globally. G&A the is engineering acquire to combination customer driving team through estimated approximately these the $XXX with competitiveness and to but to on with has excess run annualized small position, its continues there analytics and offerings XXXX all in well. recent improve In supply bolstering has on to our from outage improvements EBITDA. million innovation rate processes fully EBITDA room a leveraging markets. of add-on still will capabilities, its business ongoing years a required strategically chain line customers data target service focused acquisitions to and important meaningful integrated over manufacturing, achieving business’s driving October, its strengthens As have services offerings, ongoing digital and work continues annual and core The ramped costs, commercial this seven we optimizing the EBITDA interest a $XX More lead as and our projects equates

service generation of component working new products at commercial fuel As developing proposition development way Westinghouse’s and on its the reactor. in accident-tolerant innovative installed offerings. and ever is value XD-printed digital It enhancing nuclear fuel part inside strategy, a growth the of the first of deploying the next new including aimed leading solutions, its

As a clean and will in critical confidence applications. and Westinghouse potential. development storage nuclear I’ll the is well-positioned meet Jaspreet. the of supporting as generation and solutions, innovation, to goals. business’s hand fulfill to including source which industry, energy reactors safety With play reactor also and the industry power power way the remains reliability energy growth role nuclear the the increasing that, decarbonization positioned next very our to to Nuclear well underpins it long-term in its role global design of modular leader Westinghouse technology wide-ranging with an of the in commercializing lead in

Jaspreet Dehl

Thanks, Denis, morning, good and everyone.

$X.XX company EBITDA, very or reported $XXX to generating we Business $XXX adjusted mentioned, Cyrus We FFO or As million, to Adjusted year. to million, within was unit we to the the called $XXX compared of year. in per Performance or strong quarter, compared per last increase third million strong XXXX. prior unit, formerly million. adjusted $X.XX million of generated EBITDA compared EBITDA in what $XXX $XXX Services performance

insurer operating to announcement, Our resilient last Yesterday, and regulator adequacy increases few this dividend end market a in moratorium insurance market companies. The with excess for we’ll contributed loan some in but business months, residential in the capital loss above to a the price be and special of on to increased the Home year. through required new moderated activity. excess banks appreciation hope the level. ratios, We the by lifted and mortgage the able robust levels, benefited expected financial of remain remains the with $XX the Canada and cash capital share, Canadian is distribute has is underwriting business XXXX XXXX. million from over dividend relative

Australia and surgeries lockdowns Our by South healthcare Performance during of government in Victoria. impacted services the for hospitals in Demand generated quarter $XX remains New restrictions million. at our Wales EBITDA and was adjusted strong. elective intermittent

As these quickly. restrictions will ease, levels activity we’re that recover hopeful

with adjusted second a Our been new Australia. on the ended secured strong. quarter. EBITDA $X.X from and has Bidding $XX eight million. execution project backlog construction We consistent with the of business of billion, business approximately strong projects in new reported quarter Performance benefited

Industrials our to on generated $XXX of adjusted the third quarter. Moving million segment. We EBITDA for

offset million. batteries Reduced advanced Our performed $XXX aftermarket. production because reductions more of from margin than storage higher manufacturers by demand during advanced was growing demand reported of the energy well for operations and global the in battery auto EBITDA adjusted quarter

pleased performance are $XXX to flow technology the $XX million driven continue primarily of was we segment EBITDA million. targeted progress services million with due and annual for the across scope and Strong the finally, We the business. the of Nuclear outage reported of cycle $XXX moving our of our XXXX. business. And EBITDA to improvement quarter Infrastructure fall generation cash the to Services of generated profit of adjusted by third where higher volumes, timing

higher projects this During Denis in legacy and impacted third and a two discussed performance, which of costs we bit financial little identified quarter, in overall detail Europe, earlier.

Excluding XX% over for the EBITDA project quarter prior periods. by the legacy costs, of these impact about increased

Our activity to markets end services million levels for American regions. contributed adjusted the markets its market the have and recover, access end business been North in tighter quarter. some experiencing is commercial Industrial work $XX of from slower are improving. business labor impacts in some EBITDA

we Industrial footprint our Group, the Brace During end and acquired into service. extends quarter, markets us which strategic

liquidity. comments, my Before minutes I spend of on couple to finish I’d like a

liquidity, shape, our balance underway We us which is Our great increase to in quarter and of initiatives have maintain to balance a continue funding we strong liquidity $X.X with sheet. the corporate currently corporate capacity ample growth. provides ended sheet billion

significant support Our which will to our distributions flows, operations fund cash generate growth.

dated proceeds non-recourse of is favorable earnings corporate our finance generate market long as can each opportunities also sustained BBU some operations time, an And and to to That significant will grow, which of mindful said, monetize generating debt and provide rates, And of remain liquidity. borrowing we of the serviced can the we over with a increase. our be level investments. we appropriate capacities additional means debt of As cycles. at across our finally, readily to as this operations all increase

which capacity the will to recently like over the operator turn With comments to us increased close million, by $XXX I’d borrowing and corporate also back liquidity a our position. maintaining contribute approximately corporate strong that, We our for to questions. call

Operator

Your comes Kwan Instructions] Capital line first of Thank the Geoff question RBC Markets. [Operator from you. with

Geoff Kwan

terms rough my traded insurers? or have And had that yesterday. excess of whatnot. Sagen the Hi. or more -- might based Sagen. the math in out wondering, kind the measured capital the banks MICAT my public was comments than was, Good faster more of to out dividend they publicly then, XXX%, I’m Sagen capital came of numbers expect But, news second just like was, of increases, question of question on you do obviously they it returning isn’t with part mentioned at Jaspreet, morning. think is public, My gets assumed to you that made MICAT historical really math kind million was be to be given above out seemed buybacks but about you sorry, the flexibility on and correct? first suggests if Is not your XXX%, reduce And -- to at that companies pulled could $XXX I XXX%, which I that that the BBU. think

Jaspreet Dehl

for Geoff. So your part -- first on questions, thanks the

a business. with sure for the and ratio right, the the because is XXX%, credit which higher said that rating and you’re operates management than that’s more a also you On also business reserves Sagen are we right, the first today required And customers is the And private, level target to the our the appropriate Sagen. rating part XXX%. are is of that credit still are strong question, to that, typically now requirement, the capital MICAT minimum we but regulated entity. mindful Having importantly, XXX% your we with and XXX%, of is we’re make managing maintaining are which want for for important that, which of significantly

business, of U.S. would well at got on the $XXX kind $XXX million. based as within get we out capital of reserves, our that least current that we its dividend is and that liquidity available the ensuring appropriate BBU have view million share So, as approximately

well hopefully for do the then, well, know for distributions free Sagen plan strong generate the So, you to opportunity as and continues to be very now. flow, road. continues cash will that’s of there and But kind down additional

Geoff Kwan

go how share Okay. intent buyback with respect is of opportunity to to extent to rata there’s then, And that? higher, approaching GrafTech the or to pro tender million or $XXX that you the that program, are kind to

Cyrus Madon

here. just do will opportunity we’ll we what’s for into tender want and that, Cyrus we an we us. liquidity, pick we when whether Geoff, could, And Hey time. and just the Look, as opportunistic

We are now. here. sell in for backdrop any not right the pretty is to our this anything, If shares strong rush company,

to just what’s be do sheet. for prudent our we’ll a best So, balance

Geoff Kwan

my question at Okay. into just ties holdco of kind last liquidity. And the

net been huge cash guys you thoughts when and might happen. you run know, you this have just just back you when you’ve active I your quickly. year, But with might a around So, at, debt stuff have because get there’s obviously, you’ve quite and to year contemplated be you looking liquidity a been back Do that get curious, that more could with you’re more past to cash an idea think bit. that some and position? timing very monetizations some

Cyrus Madon

of do we to Jaspreet up any real, businesses just I’m something We a for more assume we you that. substantial. no feel liquidity, we -- and just are Ongoing today. not point. of today, if Again, we at have our sell huge our of portfolio our just At confident in we flexibility some we should own just our with want need have to for size we have we today, could always something We’re that for distributions, And you amount always about. maximize anything that sell sale. quite the the create want I financings will business sale specific to But, the and actually pretty assume timeframe, can number value, Jeff. can running be around everything possibility given -- time, the have business same given talked think

Operator

comes BMO Your Markets. Devin line the next of from with Capital question Dodge

Devin Dodge

pretty business been sanitation Brazil, the substantially on growing earnings So, there. just in question a have

XX% what Can speak of the could the in more as of that become EBITDA concession the the in business you’re the up earnings neighborhood you first something making think that to income half power of generating? like investments was I be year.

Jaspreet Dehl

Yes. Hi, it’s Jaspreet.

Brazil doing and over we’ve execution So, well. of years, at couple last We on you’re a start had which a out the supports the strong of adds business, of economies the in water EBITDA seeing CapEx slow and business But, been right growth. new gate. been has that wastewater programs the bit the

work new line business. the team added reinvest mature is of a I’d bottom the year, operationalized and was and And, to pretty proceeds. substantial overall, also of with to continue the in going in which this doing We that all may to accretive to we’re the invest concessions EBITDA. the well middle there, and business continues those But some say, And monetize opportunities be to more there do the well. is concession

Devin Dodge

risks drivers just EBITDA over QX quarters? of earnings to its and the versus you should Maybe performance think we switching the about what significant talk been fairly how you to last had few going there Altera, Can forward? that

Jaspreet Dehl

It’s Jaspreet and Denis can Sure. I can again. add. start

the to a bit Altera, we there the challenging our were is still work sure a make we’re on because the increases So, management But at of team is backdrop volume for oil kind profit with quarter had and helpful. to that and We that had business price continuing of initiatives environment. an customers ongoing. of in challenging we’re operating some uplift are supporting still arrangements little sharing

Devin Dodge

to, that? much that how wrap When projects working on long of that -- can one just will clarification, in some context the like maybe Westinghouse you And up, for those longer be did guys if you in they how to are be was going kind how much portfolio? Denis problematic give referring

Denis Turcotte

five two project. kind projects. fusion global to a It’s to is provide of reactor Sure. One segments

to the XXXX-XXXX, place XXth Each are final underway. And unit should should project project steam wrap The generator reactor XX is of by, of end in delivery think by other EDF. provide up generators XXXX. before XXXX contract the fusion that wrap for well steam in plan the so up with was around I The to one point. the

Operator

of Next Desjardins Capital. question Gary the line with comes from Ho

Gary Ho

going Clarios. Just to back

that significant in impacted by be sales, shortage might You your portfolio business your these shortage impacting mentioned that chips OEM issues. of

disruptions on other comment other and/or can that seeing seen you impacted these any wondering, that supply be in ones the that chain by we’re space? might Just you’re

Denis Turcotte

Clarios at specifically? Do you mean

Gary Ho

Clarios at be might and we businesses experiencing? significant that any Yes, other

Denis Turcotte

Yes. improving more the see each on everything period all No, we to we and in And passing is We at we’re will even anything can sight time, of have for this don’t focused be of point. But, broadly. in with great that Clarios but fact, just everything a with line degrading this of day, not issues. case. us control from

Gary Ho

can Okay. And you on might update then, an just us businesses, the more that you ones be maybe going to Geoff’s back anything looking mature question on that’s the at Cyrus, monetization imminent? side, give

Cyrus Madon

should I now, a going I at own point on comment be specific think number aren’t we to is to anything in of sell have sale I sale, if said, sold. something the we today. we number mature. for things we if just comment, okay. as clear, Look, be more are want it’s do and when for that Yes. assume or it don’t that’s you But, time, not are might of better given just businesses to and But, But them very any

here. We position our to in we things, we we as is a be sell really preference when as just things. buy strong are are very-disciplined And

Gary Ho

you, track going Scientific process, through us glimpse you the and these IPO that carve-outs, And on parent reported kind was -- successful the company price you’re corporate of paying been that just was with a even for. billion have give you’ve higher Cyrus, while then, it $X.X side? than going dual the Can Games transaction, why back company a to valuation I this was

Cyrus Madon

look, rumor the is on all Scientific Well, Games, this rumor, Street.

to immediate reduced buyers. that interest were were track for running have financial buyers. able what And liquidity. some also and the one correct I think of So, the is. there it that strategic think, large it an looking least party for some also a certainty, It I may was and That take rumored business. interest rumored at the and probably was process dual reduced at just they And it’s But, of was IPO. perhaps them offer we speed that it

some off size know, all proceeds, take It if the position. it of IPO want get take business to when As -- it takes could could you you years, and that right, time. you

valuation. So, these I and and processes. deal to And think as and not buyer certainty have reputation reasonable we a we offered with a a through them reasonable the speed difficult

think, made here. I advantage that difference reputational So, a

Jaspreet Dehl

just I your side, the if and for strong Clarios. And the could add a It’s done quite on Maybe we’ve question thing. on operational we’ve on few operations say, a just works stood now corporate like I’d Sagen carve-outs carve-out, one Denis. that Jaspreet. got -- really successfully up team

So again, that gives us a high able operate level of be and conviction underlying we’ll when and enhance we a to the buy business business. like that, up it stand

Gary Ho

sense. And total Okay. that that last way just the financings. for can be? you’ve us range distributions that internal these dividend Jaspreet, from me, Makes one give or magnitude Any you then highlighted or what outside a of of initiatives can Sagen,

Jaspreet Dehl

Yes.

So, a few going the Sagen as got fires without we’ve going said, different dividend. Cyrus definitely, specifics, into

The of million portfolio And as other pretty well. to to million last they’ve business business is mature, regularly guys you’ve expectation that with there. perform $XXX and us continues seen number within distribution number potential financing. given that dividends more stabilized There’s have EBITDA the over our are businesses Westinghouse, years the a that continue $XXX where quite to we’ll of

to maintain a of we’ve problem to have a comfortable including liquidity that So, balance future that significant no and that liquidity continuing growth. the announced business, got even post we all funding strong Lottery Gaming enough will fund feel transactions, sheet Scientific underway initiatives quite and maintain our and positions

Gary Ho

comments. it for me. Thanks Thanks. That’s the great. for Okay,

Operator

comes next from Gloyn line And you. the Bank. question of our with Thank Jaeme National

Jaeme Gloyn

morning. wanted dig Good I the Business other the segments Thanks. to Yes. into segment. Services just of

color seems you have able we well broad to the driving obviously, doing investments, but which be that other growth? are of pretty on that or businesses the and Would data also. base performing EBITDA bigger So, be to the any segment provide nice well that some on

Jaspreet Dehl

I provide can high some level color. Sure.

foot the we of in usually notice, kind there. businesses. the broadly, smaller Toronto, into seen casino And we’ve business have you of opened the the traffic back all details One casinos on go Canada, strong As up. But, don’t

that’s So, positive driving EBITDA.

and been have fuel of the marketing on in market Our of some in which news just has fuel for additional UK would that quite terms business. able you and has volume distribution well, in business being performing been UK, shortages Canada in seen the the the to supply positive,

well. positive that as So, had there. I’d a bigger those drivers the say, impact are two

Jaeme Gloyn

at manufacturing then, of talk with the you parts of about there space in are risks of dynamics some a some the Industrials play in color in, bit performing auto that is maybe seeing? how And segment that on and the the little can Cardone, business you’re

Denis Turcotte

is Sure. to But starting The you issue. basic there data that access recover the miles driven, which is materially, to have that’s down driver though. if fundamental fundamentally

in We’re actually the And fronts. mix favorable up. very our the ways. ahead to reposition many of we very plan come there need actually to on pleased with driven product turnaround we’re team But underway, management continues do the miles

certain in and We are product lines. gaining fact share are in not market losing

factors really macro in the situation. fundamental just it’s that So,

Operator

from iA Matthew of Your comes next Capital line with question Markets. Weekes the

Matthew Weekes

for morning. Good Thanks taking my question.

Westinghouse Those increased you’d costs a of been clarification think probably the some at of expected just there said that in were is in been relation have believe question. that the legacy mine I cost those have correct? overruns. this all asked kind quick I’ll point, ask to most projects were so that earlier recognized two in -- current I quarter,

Jaspreet Dehl

Yes.

Denis Turcotte

Correct.

Matthew Weekes

you. Thank Okay.

but So, be an time going that the will that sort reflected in as completed goes and is flows say on impact cash probably those there it projects? work might on to forward, fair statement income not of

Jaspreet Dehl

Yes. It’s Jaspreet.

we’ve ensured of now both our to estimate best and of that accrued complete. have the -- projects worked we’ve costs to So,

be incur customers least P&L that on will but we And potential it’ll talking small, So, don’t commercial cash still additional we if additional as that’s any the have And, be to a of this at successful. loss TBD we will impact. one contracts anticipate And because point. costs, they making flow impact. are to we at remediation, are

Denis Turcotte

to of going up. effort relaunch an the the productivity we’re parallel, focused in on getting And operations

hope So, to over couple effect the from have of next that a positive years.

Operator

a RBC Kwan Geoff Markets. question follow-up from Capital the line have of with we And

Geoff Kwan

higher rates. vulnerable and you all ones to little Within if be businesses might do question bit best? see to My pick in a be? talk you as this inflation was the that own few had your the they perform And higher would Yes. you portfolio, ones more which which with likely that a about environment,

Denis Turcotte

the point businesses worst turnover. things. hyper I’ll my view, over management those our regards. regard, on productivity, material of focused there labor. those challenges There teams an as And that and to BrandSafway in raw that, significant XX increases are good pass in We’ve of months. from moving But And more are materials, that think with cost through last example, customers. our on of the part of Well, again, been to are inherently the had are as closely improving associated manufacture more things resin -- dependent all these I XX energy to see operation. news vulnerable. seems its And example, Having be, said we’ve able the are for areas, forward say, to behind us. resin, increases shore we the through is,

ahead businesses, engaged catching all costs. side of ahead up can these incremental these to including where where we make sure all through to actively of we very can’t we’re that Brand the pass get getting to So, commercial we’re quickly on and

Operator

conference over to you. the Madon, Thank back Cyrus I’ll any CEO, closing for remarks. turn now

Cyrus Madon

three us joining Thank and speak this for you. much you in you we’ll Thank very quarter, to months.

Operator

now conference disconnect. you Thank participating, This call. for and you concludes today’s may

Brookfield Business Partners (BBU) 5 Nov 212021 Q3 Earnings call transcript