Brookfield Business Partners LP Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gary Ho - Desjardins Securities Inc., Research Division - Analyst : Maybe I'll just start off with a question for Cyrus. Just wanted to get an update on what you're seeing on both the deployment and monetization side, just hearing from other corporates that there's a bit of a pickup in activity as of late. Just want to hear your thoughts. Perhaps you can cut tie that into kind of where you stand with monetization for Clarios and BRK as well. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 04, 2023 / 1:30PM, BBU_u.TO - Q2 2023 Brookfield Business Partners LP Earnings Call

Question: Gary Ho - Desjardins Securities Inc., Research Division - Analyst : And then my second question we've prepared just on the scientific games, specifically the iLottery side, wondering if you can elaborate you mentioned 11 programs for the iLottery right now do you envision kind of most of the U.S. states would move to having a program over time, just want to gauge the potential market growth opportunity? Do most of the primary provider also service both the physical and the iLottery side or are there other players that only cater to the iLottery products? And maybe just lastly, just competitive landscape? I know [Polaroid] and others are in the space, just wondering if they're kind of fairly rational in terms of pricing?

Question: Gary Ho - Desjardins Securities Inc., Research Division - Analyst : Okay, great. And then maybe just last question there for Cyrus or Jaspreet, surprised to hear the refi of 3 of the 4 recent investments at rates below the last issue, kind of what's driving that? And what were the maturity dates on these? And maybe just a general comment, can you just remind us, the cost of borrowings and the length the maturity overall? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 04, 2023 / 1:30PM, BBU_u.TO - Q2 2023 Brookfield Business Partners LP Earnings Call

Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst : Question on (inaudible). Maybe a couple. First one, I guess, I would have thought that iLottery might cannibalize the physical retail and currently in Pennsylvania the example is it's otherwise. I guess, maybe a little bit of color as to like, why do you think that is and do you think that's maybe just a temporary outcome and eventually we'll start to cannibalize physical just a little bit more of your, your perspective on that dynamic.

Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst : Okay, great. In terms of the growth outlook, you have the letter and your commentary mentioned, the U.K., Vietnam, Brazil, and in the ramping once fully ramped should increase EBITDA by 10%. I guess the first question tied to that is like what kind of timeframe does it take to get these operations fully, fully ramped? And then the next part of the question is, are these are these kinds of (inaudible) positions in those jurisdictions with an opportunity to kind of land and expand? Or how does that? How did these new relationships set up those jurisdictions, those regions?

Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst : And then, and then sorry, just to get a sense as to like the geographic expansion opportunities. Are these forgive me for not having a deep dive here, but like, is the U.K. a beachhead into Europe? Is Vietnam a beachhead in Asia, Brazil a lot and like or are you well established elsewhere in those in those areas?

Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst : Got it. Good. Just switching gears over to Cyrus, just in one of your other answers, you talked about perhaps having that a few things to do before eventual monetization and Clarios. Clarios, obviously still some cost savings initiatives to do the (inaudible) last investor day that seemed to hint that maybe that was those pretty close to a monetization. And with Brazilian stock market doing a little better this year, we're improving through the beginning of the year, maybe a little bit more color on what those like, some things need to be done might be and how much time you need to execute on that front. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 04, 2023 / 1:30PM, BBU_u.TO - Q2 2023 Brookfield Business Partners LP Earnings Call