Financial Performance - For the year ended December 31, 2024, Brookfield Business Partners reported a net loss attributable to unitholders of $109 million, equating to a loss of $0.50 per limited partnership unit, compared to a net income of $1,405 million ($6.49 per unit) in 2023[2][3]. - Adjusted EBITDA for 2024 was $2,565 million, an increase of 2.97% from $2,491 million in 2023, driven by improved operational performance and tax benefits[3][4]. - The company reported an adjusted EBITDA of $653 million for the three months ended December 31, 2024, a decrease from $608 million in the same period of 2023[25]. - Revenues for the three months ended December 31, 2024, were $2,209 million, an increase of 13.5% compared to $1,946 million for the same period in 2023[43]. - Net income from continuing operations for the year ended December 31, 2024, was a loss of $1,927 million, compared to a loss of $983 million in 2023[43]. - Total net income (loss) for the three months ended December 31, 2024, was $(1,108) million, compared to $3,484 million in the same period of 2023[25]. - The company reported a net loss of $1,282 million for the three months ended December 31, 2024, compared to a net income of $2,849 million in the same period of 2023[43]. - The company recognized $208 million of remeasurement loss on exchangeable and class B shares classified as liabilities under IFRS as of December 31, 2024[34]. - Interest income (expense), net for the year ended December 31, 2024, was $3,104 million, an increase from $3,596 million in 2023[27]. Segment Performance - The Industrials segment generated Adjusted EBITDA of $1,247 million in 2024, up 46% from $855 million in 2023, benefiting from $371 million in tax benefits[4][5]. - The Business Services segment's Adjusted EBITDA decreased to $832 million in 2024 from $900 million in 2023, impacted by a cyber incident and reduced performance in construction and healthcare services[5][6]. - The Infrastructure Services segment reported Adjusted EBITDA of $606 million in 2024, down from $853 million in 2023, primarily due to the sale of the nuclear technology services operation[6][7]. Liquidity and Capital Management - Brookfield Business Partners ended 2024 with approximately $1.3 billion in liquidity, including $91 million in cash and liquid securities, and $1.2 billion available on corporate credit facilities[11]. - The company completed the acquisition of Chemelex for a total enterprise value of $1.7 billion, with Brookfield investing $212 million for a 25% economic interest[10]. - Brookfield Business Partners generated over $2 billion from capital recycling initiatives and acquired two market-leading operations in 2024[2]. - Cash and cash equivalents increased to $1,008 million as of December 31, 2024, from $772 million in 2023[40]. - Total assets decreased from $16,000 million in 2023 to $14,000 million in 2024[40]. - Total assets decreased from $21,182 million in 2023 to $19,098 million in 2024, a decline of 9.8%[41]. Expenses and Dividends - The company reported depreciation and amortization expense of $3,204 million for the year ended December 31, 2024[27]. - Direct operating costs increased to $2,041 million, up from $1,749 million, reflecting a rise of 16.7% year-over-year[43]. - General and administrative expenses rose to $107 million for the three months ended December 31, 2024, compared to $78 million in 2023, marking a 37.2% increase[43]. - The company experienced an impairment expense of $689 million for the three months ended December 31, 2024, compared to $599 million in the same period of 2023[43]. - The Board of Directors declared a quarterly dividend of $0.0625 per share, payable on March 31, 2025[35]. - A quarterly distribution of $0.0625 per unit has been declared, payable on March 31, 2025[12]. Future Outlook and Risks - The company anticipates future results may be affected by various risks including economic conditions and changes in interest rates[46]. - Adjusted EBITDA is referenced as a non-IFRS measure, which may assist investors in assessing financial performance[50].
Brookfield Business (BBUC) - 2024 Q4 - Annual Report