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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brookfield Business Corporation | TSX:BBUC | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.75 | 2.12% | 36.12 | 36.12 | 37.58 | 36.40 | 35.39 | 35.39 | 11,982 | 21:10:15 |
“We had a strong third quarter and are pleased with our results,” said Cyrus Madon, CEO of Brookfield Business Partners. “We generated record quarterly Adjusted EBITDA and reached an agreement to sell an interest in Everise, our technology services operation, at a valuation of 3.5x our original investment. Our focus is on progressing initiatives to support our growth, including the sale of Westinghouse which we expect to close imminently.”
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||
US$ millions (except per unit amounts), unaudited | 2023 | 20225 | 2023 | 20225 | ||||||||
Net income (loss) attributable to unitholders1 | $ | (44 | ) | $ | (41 | ) | $ | (18 | ) | $ | 112 | |
Net income (loss) per limited partnership unit2 | $ | (0.20 | ) | $ | (0.18 | ) | $ | (0.08 | ) | $ | 0.54 | |
Adjusted EBITDA3 | $ | 655 | $ | 611 | $ | 1,883 | $ | 1,627 |
Net loss attributable to unitholders for the three months ended September 30, 2023 was $44 million ($0.20 loss per limited partnership unit) compared to net loss of $41 million ($0.18 loss per limited partnership unit) in the prior period.
Adjusted EBITDA for the three months ended September 30, 2023 was $655 million compared to $611 million in the prior period, reflecting increased contribution from our Business Services and Infrastructure Services segments.
Operational Update
The following table presents Adjusted EBITDA by segment:
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | ||||||||||||
US$ millions, unaudited | 2023 | 20225 | 2023 | 20225 | |||||||||
Business Services | $ | 238 | $ | 213 | $ | 673 | $ | 460 | |||||
Infrastructure Services | 228 | 205 | 669 | 618 | |||||||||
Industrials | 218 | 228 | 633 | 649 | |||||||||
Corporate and Other | (29 | ) | (35 | ) | (92 | ) | (100 | ) | |||||
Adjusted EBITDA | $ | 655 | $ | 611 | $ | 1,883 | $ | 1,627 |
Our Business Services segment generated Adjusted EBITDA of $238 million for the three months ended September 30, 2023, compared to $213 million for the same period in 2022. Results benefited from increased contribution from our residential mortgage insurer and our dealer software and technology services operation. Current period results included contribution from our rental car services operation which we acquired in October 2022.
Our Infrastructure Services segment generated Adjusted EBITDA of $228 million for the three months ended September 30, 2023, compared to $205 million during the same period in 2022. Increased contribution from modular building leasing services and improved performance at work access services was partially offset by the impact of reduced ownership at our lottery services operation.
Our Industrials segment generated Adjusted EBITDA of $218 million for the three months ended September 30, 2023, compared to $228 million during the same period in 2022. Strong performance at our advanced energy storage operation was offset by reduced contribution from graphite electrode operations and our Western Canadian energy related operations.
The following table presents Adjusted EFO4 by segment:
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | ||||||||||||
US$ millions, unaudited | 2023 | 20225 | 2023 | 20225 | |||||||||
Adjusted EFO | |||||||||||||
Business Services | $ | 123 | $ | 136 | $ | 455 | $ | 334 | |||||
Infrastructure Services | 106 | 102 | 280 | 365 | |||||||||
Industrials | 152 | 131 | 377 | 354 | |||||||||
Corporate and Other | (93 | ) | (46 | ) | (258 | ) | (111 | ) |
Adjusted EFO for the three months ended September 30, 2023 reflected increased contribution from our Industrials and Infrastructure Services segments offset by the impact of higher current tax in our Business Services segment and higher interest expense. Adjusted EFO in the current period included $70 million of net gains primarily related to the sale of the majority of our automotive aftermarket parts remanufacturing operation and public securities.
Strategic Initiatives
Liquidity
We ended the quarter with approximately $1.4 billion of liquidity at the corporate level including $133 million of cash and liquid securities and $1.3 billion of availability on our term credit facilities.
Distribution
The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on December 29, 2023 to unitholders of record as at the close of business on November 30, 2023.
Additional Information
The Board has reviewed and approved this news release, including the summarized unaudited consolidated financial statements contained herein.
Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.
Notes:
Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation, or Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership. For more information, please visit https://bbu.brookfield.com.
Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $850 billion of assets under management.
Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
For more information, please contact:
Media:Marie FullerTel: +44 207 408 8375Email: marie.fuller@brookfield.com | Investors:Alan FlemingTel: +1 (416) 645-2736Email: alan.fleming@brookfield.com |
Conference Call and Quarterly Earnings Webcast Details
Investors, analysts and other interested parties can access Brookfield Business Partners’ third quarter 2023 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.
The results call can be accessed via webcast on November 3, 2023 at 9:30 a.m. Eastern Time at BBU2023Q3Webcast or participants can preregister at BBU2023Q3ConferenceCall. Upon registering, participants will be emailed a dial-in number, direct passcode, and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.
Brookfield Business Partners L.P. Consolidated Statements of Financial Position
As at | |||||||||
US$ millions, unaudited | September 30, 2023 | December 31, 20221 | |||||||
Assets | |||||||||
Cash and cash equivalents | $ | 2,963 | $ | 2,870 | |||||
Financial assets | 12,809 | 12,908 | |||||||
Accounts and other receivable, net | 7,318 | 7,278 | |||||||
Inventory and other assets | 7,330 | 7,559 | |||||||
Property, plant and equipment | 16,266 | 15,893 | |||||||
Deferred income tax assets | 1,420 | 1,245 | |||||||
Intangible assets | 22,846 | 23,953 | |||||||
Equity accounted investments | 2,219 | 2,065 | |||||||
Goodwill | 15,151 | 15,479 | |||||||
Total Assets | $ | 88,322 | $ | 89,250 | |||||
Liabilities and Equity | |||||||||
Liabilities | |||||||||
Corporate borrowings | $ | 2,020 | $ | 2,100 | |||||
Accounts payable and other | 20,598 | 20,430 | |||||||
Non-recourse borrowings in subsidiaries of Brookfield Business Partners | 43,893 | 44,593 | |||||||
Deferred income tax liabilities | 3,356 | 3,698 | |||||||
Equity | |||||||||
Limited partners | $ | 1,397 | $ | 1,408 | |||||
Non-controlling interests attributable to: | |||||||||
Redemption-exchange units | 1,306 | 1,318 | |||||||
Special limited partner | — | — | |||||||
BBUC exchangeable shares | 1,367 | 1,378 | |||||||
Preferred securities | 1,490 | 1,490 | |||||||
Interest of others in operating subsidiaries | 12,895 | 12,835 | |||||||
18,455 | 18,429 | ||||||||
Total Liabilities and Equity | $ | 88,322 | $ | 89,250 |
Notes:
Brookfield Business Partners L.P.Consolidated Statements of Operating Results
US$ millions, unaudited | Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||
2023 | 20221 | 2023 | 20221 | ||||||||||
Revenues | $ | 14,399 | $ | 14,711 | $ | 41,663 | $ | 42,745 | |||||
Direct operating costs | (13,016 | ) | (13,549 | ) | (37,812 | ) | (39,818 | ) | |||||
General and administrative expenses | (403 | ) | (361 | ) | (1,202 | ) | (965 | ) | |||||
Interest income (expense), net | (941 | ) | (717 | ) | (2,738 | ) | (1,733 | ) | |||||
Equity accounted income (loss), net | 31 | 38 | 84 | 129 | |||||||||
Impairment reversal (expense), net | (44 | ) | (20 | ) | (51 | ) | 58 | ||||||
Gain (loss) on acquisitions/dispositions, net | 41 | 11 | 209 | 11 | |||||||||
Other income (expense), net | (101 | ) | (214 | ) | 166 | (531 | ) | ||||||
Income (loss) before income tax | (34 | ) | (101 | ) | 319 | (104 | ) | ||||||
Income tax (expense) recovery | |||||||||||||
Current | (211 | ) | (132 | ) | (604 | ) | (286 | ) | |||||
Deferred | 294 | 168 | 578 | 595 | |||||||||
Net income (loss) | $ | 49 | $ | (65 | ) | $ | 293 | $ | 205 | ||||
Attributable to: | |||||||||||||
Limited partners | $ | (15 | ) | $ | (14 | ) | $ | (6 | ) | $ | 41 | ||
Non-controlling interests attributable to: | |||||||||||||
Redemption-exchange units | (14 | ) | (13 | ) | (6 | ) | 38 | ||||||
Special limited partner | — | — | — | — | |||||||||
BBUC exchangeable shares | (15 | ) | (14 | ) | (6 | ) | 33 | ||||||
Preferred securities | 22 | 5 | 66 | 5 | |||||||||
Interest of others in operating subsidiaries | 71 | (29 | ) | 245 | 88 |
Notes:
Brookfield Business Partners L.P.Reconciliation of Non-IFRS Measures
US$ millions, unaudited | Three Months Ended September 30, 2023 | |||||||||||||||||||
Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||||
Net income (loss) | $ | 121 | $ | (93 | ) | $ | 76 | $ | (55 | ) | $ | 49 | ||||||||
Add or subtract the following: | ||||||||||||||||||||
Depreciation and amortization expense | 253 | 313 | 328 | — | 894 | |||||||||||||||
Impairment reversal (expense), net | — | (47 | ) | 91 | — | 44 | ||||||||||||||
Gain (loss) on acquisitions/dispositions, net | — | — | (41 | ) | — | (41 | ) | |||||||||||||
Other income (expense), net1 | 71 | 40 | (11 | ) | 1 | 101 | ||||||||||||||
Income tax (expense) recovery | 26 | (10 | ) | (82 | ) | (17 | ) | (83 | ) | |||||||||||
Equity accounted income (loss), net | (7 | ) | (9 | ) | (15 | ) | — | (31 | ) | |||||||||||
Interest income (expense), net | 266 | 285 | 348 | 42 | 941 | |||||||||||||||
Equity accounted Adjusted EBITDA2 | 15 | 46 | 15 | — | 76 | |||||||||||||||
Amounts attributable to non-controlling interests3 | (507 | ) | (297 | ) | (491 | ) | — | (1,295 | ) | |||||||||||
Adjusted EBITDA | $ | 238 | $ | 228 | $ | 218 | $ | (29 | ) | $ | 655 |
Notes:
Brookfield Business Partners L.P.Reconciliation of Non-IFRS Measures
US$ millions, unaudited | Nine Months Ended September 30, 2023 | |||||||||||||||||||
Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||||
Net income (loss) | $ | 551 | $ | (128 | ) | $ | 19 | $ | (149 | ) | $ | 293 | ||||||||
Add or subtract the following: | ||||||||||||||||||||
Depreciation and amortization expense | 758 | 917 | 1,026 | — | 2,701 | |||||||||||||||
Impairment reversal (expense), net | 6 | (46 | ) | 91 | — | 51 | ||||||||||||||
Gain (loss) on acquisitions/dispositions, net | (154 | ) | (14 | ) | (41 | ) | — | (209 | ) | |||||||||||
Other income (expense), net1 | (114 | ) | (136 | ) | 79 | 5 | (166 | ) | ||||||||||||
Income tax (expense) recovery | 227 | 4 | (150 | ) | (55 | ) | 26 | |||||||||||||
Equity accounted income (loss) | (19 | ) | (29 | ) | (36 | ) | — | (84 | ) | |||||||||||
Interest income (expense), net | 772 | 826 | 1,033 | 107 | 2,738 | |||||||||||||||
Equity accounted Adjusted EBITDA2 | 44 | 132 | 46 | — | 222 | |||||||||||||||
Amounts attributable to non-controlling interests3 | (1,398 | ) | (857 | ) | (1,434 | ) | — | (3,689 | ) | |||||||||||
Adjusted EBITDA | $ | 673 | $ | 669 | $ | 633 | $ | (92 | ) | $ | 1,883 |
Notes:
Brookfield Business Partners L.P.Reconciliation of Non-IFRS Measures
US$ millions, unaudited | Three Months Ended September 30, 20224 | |||||||||||||||||||
Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||||
Net income (loss) | $ | 147 | $ | (179 | ) | $ | 12 | $ | (45 | ) | $ | (65 | ) | |||||||
Add back or deduct the following: | ||||||||||||||||||||
Depreciation and amortization expense | 216 | 370 | 325 | — | 911 | |||||||||||||||
Impairment reversal (expense), net | 20 | — | — | — | 20 | |||||||||||||||
Gain (loss) on acquisitions/dispositions, net | — | — | (11 | ) | — | (11 | ) | |||||||||||||
Other income (expense), net1 | 49 | 67 | 94 | 4 | 214 | |||||||||||||||
Income tax expense (recovery) | 37 | (21 | ) | (36 | ) | (16 | ) | (36 | ) | |||||||||||
Equity accounted income (loss), net | (11 | ) | (9 | ) | (18 | ) | — | (38 | ) | |||||||||||
Interest income (expense), net | 185 | 220 | 290 | 22 | 717 | |||||||||||||||
Equity accounted Adjusted EBITDA2 | 13 | 37 | 23 | — | 73 | |||||||||||||||
Amounts attributable to non-controlling interests3 | (443 | ) | (280 | ) | (451 | ) | — | (1,174 | ) | |||||||||||
Adjusted EBITDA | $ | 213 | $ | 205 | $ | 228 | $ | (35 | ) | $ | 611 |
Notes:
Brookfield Business Partners L.P.Reconciliation of Non-IFRS Measures
US$ millions, unaudited | Nine Months Ended September 30, 20224 | |||||||||||||||||||
Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||||
Net income (loss) | $ | 249 | $ | 10 | $ | 63 | $ | (117 | ) | $ | 205 | |||||||||
Add back or deduct the following: | ||||||||||||||||||||
Depreciation and amortization expense | 430 | 961 | 990 | — | 2,381 | |||||||||||||||
Impairment reversal (expense), net | 23 | 125 | (206 | ) | — | (58 | ) | |||||||||||||
Gain (loss) on acquisitions/dispositions, net | — | — | (11 | ) | — | (11 | ) | |||||||||||||
Other income (expense), net1 | 110 | 161 | 249 | 11 | 531 | |||||||||||||||
Income tax expense (recovery) | 72 | (425 | ) | 89 | (45 | ) | (309 | ) | ||||||||||||
Equity accounted income (loss), net | (26 | ) | (39 | ) | (64 | ) | — | (129 | ) | |||||||||||
Interest income (expense), net | 326 | 541 | 815 | 51 | 1,733 | |||||||||||||||
Equity accounted Adjusted EBITDA2 | 37 | 102 | 69 | — | 208 | |||||||||||||||
Amounts attributable to non-controlling interests3 | (761 | ) | (818 | ) | (1,345 | ) | — | (2,924 | ) | |||||||||||
Adjusted EBITDA | $ | 460 | $ | 618 | $ | 649 | $ | (100 | ) | $ | 1,627 |
Notes:
Brookfield Business Corporation Reports Third Quarter 2023 Results
Brookfield, News, November 3, 2023 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended September 30, 2023.
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | ||||||||
US$ millions, unaudited | 2023 | 2022 | 2023 | 2022 | |||||
Net income (loss) attributable to Brookfield Business Partners | $ | 97 | $ | 92 | $ | 65 | $ | 717 |
Net income attributable to Brookfield Business Partners for the three months ended September 30, 2023 was $97 million compared to $92 million during the same period in 2022. Current period results included a remeasurement gain on our exchangeable and class B shares that are classified as liabilities under IFRS. As at September 30, 2023, the exchangeable and class B shares were remeasured to reflect the closing price of $15.20 per unit.
Dividend
The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on December 29, 2023 to shareholders of record as at the close of business on November 30, 2023. This dividend is identical in amount per share and has identical record and payment dates to the quarterly distribution declared today by the Board of Directors of the general partner of Brookfield Business Partners on its units.
Additional Information
Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares will be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.
In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.
Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
Brookfield Business CorporationConsolidated Statements of Financial Position
As at | |||||||||
US$ millions, unaudited | September 30, 2023 | December 31, 2022 | |||||||
Assets | |||||||||
Cash and cash equivalents | $ | 646 | $ | 736 | |||||
Financial assets | 684 | 497 | |||||||
Accounts and other receivable, net | 2,986 | 3,191 | |||||||
Inventory, net | 704 | 635 | |||||||
Other assets | 1,350 | 1,466 | |||||||
Property, plant and equipment | 3,607 | 3,765 | |||||||
Deferred income tax assets | 569 | 626 | |||||||
Intangible assets | 8,907 | 9,295 | |||||||
Equity accounted investments | 241 | 251 | |||||||
Goodwill | 6,651 | 6,914 | |||||||
Total Assets | $ | 26,345 | $ | 27,376 | |||||
Liabilities and Equity | |||||||||
Liabilities | |||||||||
Accounts payable and other | $ | 7,161 | $ | 7,639 | |||||
Non-recourse borrowings in subsidiaries of Brookfield Business Corporation | 13,063 | 12,913 | |||||||
Exchangeable and class B shares | 1,109 | 1,237 | |||||||
Deferred income tax liabilities | 1,337 | 1,516 | |||||||
Equity | |||||||||
Brookfield Business Partners | $ | 404 | $ | 359 | |||||
Non-controlling interests | 3,271 | 3,712 | |||||||
3,675 | 4,071 | ||||||||
Total Liabilities and Equity | $ | 26,345 | $ | 27,376 |
Brookfield Business CorporationConsolidated Statements of Operating Results
US$ millions, unaudited | Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Revenues | $ | 2,954 | $ | 2,905 | $ | 8,789 | $ | 7,474 | |||||
Direct operating costs | (2,603 | ) | (2,604 | ) | (7,720 | ) | (6,739 | ) | |||||
General and administrative expenses | (124 | ) | (129 | ) | (348 | ) | (269 | ) | |||||
Interest income (expense), net | (302 | ) | (248 | ) | (888 | ) | (488 | ) | |||||
Equity accounted income (loss), net | 2 | 3 | 2 | 6 | |||||||||
Impairment expense, net | — | — | (7 | ) | — | ||||||||
Gain (loss) on acquisitions/dispositions, net | — | — | 101 | — | |||||||||
Remeasurement of exchangeable and class B shares | 148 | 126 | 128 | 654 | |||||||||
Other income (expense), net | (108 | ) | (43 | ) | (20 | ) | (110 | ) | |||||
Income (loss) before income tax | (33 | ) | 10 | 37 | 528 | ||||||||
Income tax (expense) recovery | |||||||||||||
Current | (37 | ) | (27 | ) | (195 | ) | (60 | ) | |||||
Deferred | 77 | 48 | 138 | 450 | |||||||||
Net income (loss) | $ | 7 | $ | 31 | $ | (20 | ) | $ | 918 | ||||
Attributable to: | |||||||||||||
Brookfield Business Partners | $ | 97 | $ | 92 | $ | 65 | $ | 717 | |||||
Non-controlling interests | (90 | ) | (61 | ) | (85 | ) | 201 |
Cautionary Statement Regarding Forward-looking Statements and Information
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation and volatility in the financial markets; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including our ability to complete dispositions and achieve the anticipatedbenefits therefrom, including the anticipated sale of Westinghouse; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics including COVID-19; the possible impact of international conflicts, wars and related developments including Russia’s invasion of Ukraine, terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our 2022 Annual Report filed on Form 20-F.
Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
Cautionary Statement Regarding the Use of Non-IFRS Measures
This news release contains references to Non-IFRS measures. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.
References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the third quarter ended September 30, 2023 furnished on Form 6-K.
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