Brookfield Business Partners L.P. (NYSE:BBU) Q1 2024 Earnings Conference Call May 3, 2024 10:00 AM ET
Company Participants
Alan Fleming - Head, IR
Anuj Ranjan - CEO
Adrian Letts - Managing Partner
Jaspreet Dehl - CFO
Conference Call Participants
Gary Ho - Desjardins Capital Markets
Devin Dodge - BMO Capital Markets
Geoffrey Kwan - RBC Capital Markets
Nik Priebe - CIBC Capital Markets
Operator
Welcome to the Brookfield Business Partners' First Quarter 2024 Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be a question-and-answer session. [Operator Instructions].
Now, I would 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 would 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.
We'll begin the call today with an update on our business and initiatives from a Anuj Ranjan our Chief Executive Officer. Anuj will then turn the call over to Adrian Letts, Managing Partner on our business operations team, who will share some perspective on our value creation initiatives and progress at DexKo. We'll end the call with Jaspreet Dehl, our Chief Financial Officer, discussing our financial results for the quarter. The team will then be available to take your questions.
And with that, I'd like to now pass the call over to Anuj.
Anuj Ranjan
Thanks, Alan, and good morning. Thank you all for joining us on the call today. We had a good start to the year. Adjusted EBITDA was $544 million, and our overall adjusted EBITDA margin increased from 19% to over 20% for the quarter. We're pleased with these results and the continued performance of our largest and highest quality operations, which are contributing to our resilient earnings.
Apart from our financial results, we're continuing to make good progress on our capital recycling initiatives. Since the start of the year, we've generated about $300 million of proceeds through both distributions from our operations and agreements we reached to sell two of our smaller businesses.