Brookfield Business Partners L.P. (NYSE:BBU) Q1 2023 Earnings Conference Call May 5, 2023 10:30 AM ET
Company Participants
Alan Fleming – Head-Investor Relations
Cyrus Madon – Chief Executive Officer
Jaspreet Dehl – Chief Financial Officer
Mark Wallace – Chief Executive Officer-Clarios
Denis Turcotte – Managing Partner-Private Equity
Conference Call Participants
Geoff Kwan – RBC Capital Markets
Andrew Kuske – Credit Suisse
Gary Ho – Desjardins Capital Markets
Devin Dodge – BMO Capital Markets
Jaeme Gloyn – National Bank Financial
Operator
Welcome to Brookfield Business Partners' First Quarter 2023 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]
I'd now like to turn the conference over to Alan Fleming, Head of Investor Relations. Please go ahead, Mr. Fleming.
Alan Fleming
Thank you, operator, and good morning. Before we begin, I'd like to remind you that in responding to questions and talking about our growth initiatives and our financial and operating performance, we may make forward-looking statements. These statements are subject to known and unknown risks, and future results may differ materially. For further information on known risk factors, I encourage you to review our filings with the securities regulators in Canada and the U.S., which are available on our website.
Joining me on the call today are Cyrus Madon, our Chief Executive Officer; and Jaspreet Dehl, our Chief Financial Officer. We're also joined today by Mark Wallace, our Chief Executive Officer at Clarios, our advanced energy storage operation. Cyrus will lead off and provide an update on our business, followed by Mark, who will discuss our strategic initiatives and recent developments at Clarios. Jaspreet will finish with the review of our financial results. The team will then be available to take your questions.
And with that, I'll pass the call over to Cyrus.
Cyrus Madon
Thank you, Alan, and good morning everyone. Thanks very much for joining us on the call today. We've had a great start to the year. Adjusted EBITDA increased over 25% compared to last year, and our adjusted EBITDA margin increased over the year from 17% to 19%, so pretty significant uplift. It's been an eventful few months in the capital markets as you know, fortunately, our business has not been affected by recent U.S. regional banking issues, and governments have acted quickly to stabilize confidence in the broader financial system. We're now seeing banks begin to selectively lend for buyout activity again.