Brookfield Business Partners L.P. (NYSE:BBU) Q4 2022 Earnings Call Transcript

Matthew Weekes: Good morning. Thanks for taking my questions. Just wondering, as we think about sort of the higher interest rate environment here and kind of uncertainty as to when the Fed might start cutting beyond proceeds from Westinghouse and sort of repaying the corporate credit facility. Has your thinking changed at all in terms of capital allocation at the proportionate level and at the company level in terms of the amount of proportionate borrowings that you want to hold within businesses long-term?

Cyrus Madon: Look, it’s Cyrus here. I’ll start and Jaspreet will add anything that she feels appropriate. But as we’ve said many times, we set up our company so that they can withstand volatility in earnings, volatility in the market, interest rate increases. And every business, every operation is unique. Some of them have more financial leverage. Some of them have less. Some of them have no financial leverage because they have very volatile earnings. So that thinking hasn’t changed, and we think it’s appropriate, irrespective of the interest rate environment we’re in. At the corporate level, we really will — over time, we really do want to repay the facilities that we’ve drawn on, and we believe we’ll be able to, as we monetize our larger investments. We don’t have a time frame to achieve that. But with Westinghouse, we’re certainly getting a large way there.

Matthew Weekes: Okay, thank you. Appreciate the comments. I’ll turn it back. Thanks.

Operator: Thank you. And this does conclude the question-and-answer session of today’s program. I’d like to hand the program back to Cyrus Madon for any further remarks.

Cyrus Madon: Thank you very much for joining us. We appreciate it. And we’ll look forward to speaking to you next quarter. And in the meantime, if any of you have any thoughts or ideas for us, we are — we’d be grateful to hear them. Thanks very much.

Operator: Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.