Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 261

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 261
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 include enterprise value as a measure to assist users in understanding and evaluating the partnership's capital structure.

The following table presents enterprise value as of 2024, 2023 and 2022:

                                                As of December 31,                                                                                          
                                                2024                                                        2023                                            
  US$ MILLIONS                                  BIPC (1)                                                    Total Enterprise Value                          
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Shares/units outstanding                      136.8                                                       792.0                                           
  Price (3)                                     $                        40.01       31.79           —      $                                —           —  
  Market capitalization                         $                        5,473      20,838      26,311                                  25,458      24,821  
  Preferred units and preferred shares (4)      —                                    1,211       1,211                                   1,283       1,283  
  Net debt (5)                                                           5,204      23,638      28,842                                  26,680      19,188  
  Enterprise value                              $                       10,677      45,687      56,364      $                           53,421      45,292  

(1) Includes BIPC exchangeable shares, class A.2 exchangeable shares and BIPC Exchangeable LP Units.

(2) Includes limited partner, general partner and Redeemable Partnership Units, as well as Exchange LP Units.

(3) Market value of our partnership is calculated based on the closing price of BIPC exchangeable shares and our units on the New York Stock Exchange.

(4) Includes $918 million of preferred units and $293 million of Perpetual Subordinated Notes. Prior years included $72 million of preferred shares which were redeemed in the current period.

(5) Please see “ Liquidity and Capital Resources” below for a detailed reconciliation of Brookfield Infrastructure’s net debt to our partnership’s consolidated debt on the Consolidated Statements of Financial Position.

Reconciliation of Segment Adjusted EBITDA

Adjusted EBITDA for each of our operating segments is presented based on our partnership’s share of results in operations accounted for using consolidation and the equity method whereby we either control or exercise significant influence over the investment respectively, in order to demonstrate the impact of key value drivers of each of these operating segments on our overall performance. As a result, interest, depreciation and amortization, income