Brookfield Business Partners L.P. (NYSE:BBU) Q2 2022 Earnings Conference Call August 5, 2022 10:00 AM ET

Company Participants

Alan Fleming - Senior Vice President of Investor Relations

Stuart Levings - Chief Executive Officer, Sagen

Jaspreet Dehl - Chief Financial Officer

Cyrus Madon - Chief Executive Officer

Denis Turcotte - Chief Operating Officer

Conference Call Participants

Geoff Kwan - RBC Capital Markets

Devin Dodge - BMO Capital Markets

Nik Priebe - CIBC Capital Markets

Jaeme Gloyn - National Bank.

Gary Ho - Desjardins Capital

Operator

Welcome to the Brookfield Business Partners' Second Quarter 2022 Results Conference Call and Webcast. [Operator Instructions] The conference is being recorded. [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

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 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.

On the call with me today is Cyrus Madon, Chief Executive Officer; Denis Turcotte, Chief Operating Officer; and Jaspreet Dehl, Chief Financial Officer. We're also joined today by Stuart Levings, Chief Executive Officer of Sagen our Canadian residential mortgage insurer. I'll turn the call over first to Cyrus to provide an update on our business, and then Stuart will talk about recent developments at Sagen. Jaspreet will finish with a discussion on our financial results. We'll then all be available to take your questions.

And with that, I'll pass the call over to Cyrus.

Cyrus Madon

Thanks, Alan. Good morning, everyone. Thanks for joining us today. We had a great quarter. We generated over $540 million of adjusted EBITDA and continue to be very pleased with the resilience of our operations. We're well positioned heading into the second half of the year, and we're progressing initiatives to crystallize significant value. I thought I'd start with a few comments on the operating environment before turning to an update on our initiatives.

Like most, we're facing headwinds around inflation and supply chain challenges across our businesses, but the durability of our earnings has been a significant advantage for us. With a few exceptions, volumes are holding up well across our operations. We continue to make progress to either pass through higher costs or increase prices to support margins. In fact, on a same-store basis, our EBITDA is up 10% over last year. It's too soon to predict when these inflation headwinds will ease and some may not for a while, but we continue to work with our management teams to take appropriate action to support performance if the environment worsens.