Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 131

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 131
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 combined with the impact of costs incurred and billing credits provided to customers related to the disruption of operations during a cybersecurity incident in June 2024.

Our healthcare services contributed $36 million to Adjusted EBITDA for the year ended December 31, 2024 compared to $54 million for the year ended December 31, 2023. Business performance remained challenged given the impact of significantly higher costs which continued to exceed reimbursement levels from private health insurers and benefit from any improvement in hospital admissions.

  86      Brookfield Business Partners  

Comparison of the years ended December 31, 2023 and December 31, 2022

Adjusted EFO in our business services segment for the year ended December 31, 2023 was $636 million, representing an increase of $209 million compared to $427 million for the year ended December 31, 2022. The increase in Adjusted EFO was primarily due to the factors described below, combined with gains recognized on the partial disposition of our technology services operation. The increase was partially offset by higher interest expense at our dealer software and technology services operation driven by an increase in our ownership and higher borrowings at our fleet management and car rental services.

Adjusted EBITDA in our business services segment for the year ended December 31, 2023 was $900 million, representing an increase of $259 million compared to $641 million for the year ended December 31, 2022. Results benefited from improved performance of our operations including increased contribution from our residential mortgage insurer. Results in 2023 included a full year of contribution from our dealer software and technology services operation, rental car services operation and Australian asset manager and lender which we acquired during 2022.

Our residential mortgage insurer contributed $217 million to Adjusted EBITDA for the year ended December 31, 2023 compared to $196 million for the year ended December 31, 2022. Resilient Canadian home prices contributed to higher insurance revenue recognition. Strong business performance also included higher investment income generated from reinvestment into higher yielding securities and lower losses on claims which remain below long-term historical levels. The business generated strong cash flow and was positioned to manage the impact of higher expected losses over time. Prior period results have been adjusted in accordance with the new IFRS 17 accounting standard that was adopted on January 1, 2023.

Our dealer software and technology services operation, which we acquired in July 2022, contributed $217 million of Adjusted EBITDA for the