Brookfield Business Partners L.P. (NYSE:BBU) Q4 2023 Earnings Call Transcript

Nik Priebe: Understood. Okay. And then just around mid-last year, I think you had indicated that BRK Ambiental was in the midst of an efficiency program that was progressing, but might have another six months or so to go. Are you able to just update us on the status there and maybe the outlook for a potential realization event on that investment?

Denis Turcotte: Sure. Things are going – Denis here. Things are going very well at BRK. One of our partners in Brazil has moved in as acting CEO a few quarters back, and he and the team have done a phenomenal job, taking cost out. And frankly, streamlining the business, so it runs much more effectively. In parallel, they focus on concession management, and have done what was originally intended and recirculated certain of the contracts there, in a way where we now have increasing margins. We have EBITDA less CapEx, free cash flow for the first time. And we’re moving in a very positive direction. And frankly, we feel there’s a lot more to be gained there. So, I wouldn’t necessarily just look at the next six months, we see this as a continuing initiative with lots of room for improvement. As far as monetization, again, that all down there, it will be a function of the markets, and it’s hard to predict what will happen.

Nik Priebe: Understood. Okay. Very good. That’s it from me. Thank you.

Operator: Thank you. I will now hand the call back over to CEO, Anuj Ranjan, for any closing remarks.

Anuj Ranjan: Thank you, everyone, for being on the call, and look forward to speaking with you again next quarter.

Operator: Thank you for participating. This concludes today’s program, and you may now disconnect.