Production Capacity and Expansion - Enviva operates ten wood pellet production plants with a combined capacity of approximately 6.2 million metric tons per year, fully contracted with some contracts extending into the 2040s[177]. - In 2022, Enviva commenced construction of a new plant in Epes, Alabama, designed to produce over 1 million metric tons per year, and is developing another plant in Bond, Mississippi, also with a capacity of over 1 million metric tons per year[177]. Financial Performance - Product sales increased to $1,079.8 million in 2022 from $999.2 million in 2021, an increase of $80.6 million or 8%[230]. - Average sales price per metric ton (MT) rose by 17%, while product sales volumes decreased by 8%[230]. - Cost of goods sold increased to $927.5 million in 2022 from $861.7 million in 2021, an increase of $65.8 million or 8%[234]. - Adjusted gross margin for 2022 was $217.1 million, or $46.65 per MT, compared to $205.1 million, or $40.75 per MT in 2021, reflecting a $12.0 million increase[235]. - Adjusted net loss for 2022 was $81.6 million, compared to a loss of $78.2 million in 2021, reflecting an increase of $3.4 million[247]. - Adjusted EBITDA rose by $38.5 million to $155.2 million in 2022, up from $116.7 million in 2021, driven by improved operational performance[248]. Debt and Financing - Enviva's financing activities include a $250 million issuance of tax-exempt green bonds for the Epes plant, bearing an interest rate of 6.00% and maturing in 2052[187]. - The company also issued $100 million in tax-exempt green bonds for the Bond plant, with an interest rate of 7.75% and maturing in 2047[188]. - Total debt as of December 31, 2022, was $1.6 billion, with significant components including $750 million in senior unsecured notes and $436 million in revolver credit facility borrowings[259]. - Interest expense increased by $15.1 million to $71.6 million in 2022 from $56.5 million in 2021, primarily due to higher borrowing amounts and floating interest rates[243]. Operational Challenges - The Omicron variant of COVID-19 resulted in $15.2 million of incremental costs during the three months ended March 31, 2022, impacting operations and project execution[192]. - The war in Ukraine resulted in $5.1 million of incremental costs during the year ended December 31, 2022, all incurred in the first quarter[193]. - Inflationary pressures have impacted labor rates and supplier costs, potentially increasing overall costs and affecting profit margins[202]. - The polar vortex impacted operations, leading to $4.0 million of incremental costs in 2022[239]. Customer Contracts and Revenue Recognition - The company primarily earns revenue by supplying wood pellets under long-term "take-or-pay" off-take contracts, which define fixed annual volumes and prices per metric ton (MT) for the duration of the contracts[329]. - Revenue from wood pellet sales is recognized upon loading onto a ship, with the amount determined by management and a third-party specialist[329]. - Customers are obligated to pay the majority of the purchase price prior to the arrival of the ship at the discharge port, with revenue generally recognized before invoicing[336]. Cash Flow and Liquidity - Net cash used in operating activities was $88.8 million in 2022, a decrease of $122.2 million compared to a net cash provided of $33.4 million in 2021[260]. - Net cash provided by financing activities increased by $294.4 million to $544.2 million in 2022, compared to $249.8 million in 2021, primarily due to a decrease in cash used for acquiring noncontrolling interests and an increase in proceeds from common shares issuance[263]. - Cash on hand and availability under the senior secured credit facility amounted to $384.1 million as of December 31, 2022[252]. Strategic Initiatives and Goals - Enviva aims to achieve carbon-neutral operations by 2030, targeting a reduction or offset of Scope 1 and Scope 2 greenhouse gas emissions[190]. - The company strategically located its plants in regions with abundant wood fiber sources to manage raw material supply effectively[214]. - Distribution costs include all transportation costs from plants to port locations, with long-term fixed-price shipping contracts to mitigate shipping risks[216]. Internal Controls and Governance - The company reported a material weakness in internal controls over the recoverability assessment of customer assets, necessitating increased audit efforts to test the assumptions used[285]. - In connection with a leadership transition, Enviva entered into a separation agreement with the former CEO, including a severance payment of $3.8 million and a consulting agreement[191]. Market and Economic Conditions - Revenue for the year ended December 31, 2022, was primarily derived from long-term, take-or-pay contracts with seven major customers, predominantly power generators in Europe, indicating a concentration risk[270]. - The company expects to derive substantially all of its revenues from six customers in 2023, four of which are located in Europe, highlighting the need for diversification to mitigate credit risk[270].

Enviva Inc. (NYSE:EVA) Q3 2022 Results Conference Call November 3, 2022 10:00 AM ET Company Participants Kate Walsh - Vice President of Investor Relations John Keppler - Chairman and Chief Executive Officer Thomas Meth - President Shai Even - Executive Vice President and Chief Financial Officer Conference Call Participants Jordan Levy - Truist Securities John Mackay - Goldman Sachs Ryan Levine - Citi Elvira Scotto - RBC Capital Markets Operator Good morning. And welcome to Enviva Inc.'s Third Quarter of 202 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-37363 Enviva Inc. (Exact name of registrant as specified in its charter) Delaware 46-4097730 (State or other jurisdiction (I. ...

Enviva Inc. (NYSE:EVA) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET Company Participants Kate Walsh - Vice President-Investor Relations John Keppler - Chairman & Chief Executive Officer Shai Even - Executive Vice President & Chief Financial Officer Thomas Meth - President Conference Call Participants Jordan Levy - Truist Securities John Mackay - Goldman Sachs Elvira Scotto - RBC Capital Markets Pavel Molchanov - Raymond James Operator Good morning. And welcome to the Enviva's Inc. Second Quar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-37363 Enviva Inc. (Exact name of registrant as specified in its charter) Delaware 46-4097730 (State or other jurisdiction (I.R.S. ...

Financial Data and Key Metrics Changes - Net revenue for Q1 2022 was $233 million, a decrease of 3% year-over-year from $241 million in Q1 2021, primarily due to a 4.6% decline in metric tons sold [24] - Adjusted EBITDA for Q1 2022 was $36.5 million, down from $46.3 million in Q1 2021, reflecting the impact of operational challenges and increased costs [28] - Net loss for Q1 2022 was $45.3 million compared to a net loss of $1.5 million in Q1 2021, influenced by Omicron-related operational impacts and costs from the war in Ukraine [27] Business Line Data and Key Metrics Changes - Adjusted gross margin for Q1 2022 was $50.7 million, up 3% from Q1 2021, with adjusted gross margin per metric ton increasing to $46.25 from $42.73, driven by contract price escalators tied to inflation [26] - The company expects the shape of adjusted EBITDA to be back half weighted, projecting that two-thirds of annual adjusted EBITDA will come from the second half of the year [30] Market Data and Key Metrics Changes - The company is experiencing strong demand for its wood pellets due to geopolitical factors and energy price volatility, leading to durable pricing increases for current and future agreements [10][22] - The contracted revenue backlog remains over $21 billion with a weighted average contract maturity of more than 14 years, indicating strong market positioning [35] Company Strategy and Development Direction - The company is revising its 2022 adjusted EBITDA guidance to a range of $230 million to $270 million, down from $275 million to $300 million, due to lower production and delayed plant startup [11] - Enviva is expanding its production capacity aggressively, with plans to add six new plants over the next five years, targeting a doubling of production capacity from 6.2 million metric tons to over 13 million metric tons per year [40][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about resolving operational issues related to the pandemic and supply chain disruptions, anticipating a significant improvement in the second half of 2022 [10][30] - The company highlighted the importance of energy security for customers, which is driving demand for its sustainable biomass products amid high fossil fuel prices [21][22] Other Important Information - The company declared a dividend of $0.905 per share for Q1 2022, representing a 15% increase year-over-year, and reaffirmed its 2022 dividend guidance of $3.62 per share [15] - The company is partnering with a leading logistics service provider in Germany to develop an inbound logistics supply chain, enhancing returns from the emerging market [19] Q&A Session Summary Question: Update on the potential market opportunity in Germany - Management expressed excitement about progress in Germany, driven by government policies aimed at ending coal use, and expects significant follow-on opportunities in both utility and industrial sectors [49][51] Question: Confidence in overcoming first-quarter challenges - Management highlighted the temporary nature of first-quarter challenges, citing improved staffing and logistics capabilities moving forward [88] Question: Update on MOUs and customer contracts - Management noted that the relaxation of travel restrictions has accelerated contract developments in Japan and emphasized the importance of MOUs as a first step toward long-term agreements [64][66] Question: Diesel price exposure and impact on Q1 results - Management indicated limited direct diesel exposure but acknowledged that supply chain partners faced significant cost increases, which impacted Q1 results [94] Question: CapEx implications for the Lucedale project - Management confirmed that the Lucedale plant's construction costs remain in line with expectations, with no significant changes to the CapEx guidance [96]

PART I—FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements show a net loss of $45.3 million for Q1 2022 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets remained stable at approximately $1.9 billion while total equity increased significantly to $501.3 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Total Current Assets | $168,445 | $198,730 | | **Total Assets** | **$1,929,012** | **$1,924,147** | | Total Current Liabilities | $212,395 | $257,006 | | Long-term Debt and Finance Lease Obligations | $1,058,246 | $1,232,441 | | **Total Liabilities** | **$1,427,743** | **$1,653,483** | | **Total Equity** | **$501,269** | **$270,664** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of $45.3 million in Q1 2022, a significant increase from the prior year's loss Condensed Consolidated Statements of Operations (in thousands) | Metric | Q1 2022 | Q1 2021 (Recast) | | :--- | :--- | :--- | | Net Revenue | $232,982 | $241,621 | | Total operating costs and expenses | $268,187 | $252,209 | | Loss from operations | ($35,205) | ($10,588) | | **Net loss** | **($45,307)** | **($23,175)** | | Net loss per share (Basic and diluted) | ($0.71) | ($0.99) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased significantly while financing activities provided $87.8 million in cash Summary of Cash Flows (in thousands) | Cash Flow Activity | Q1 2022 | Q1 2021 (Recast) | | :--- | :--- | :--- | | Net cash used in operating activities | ($42,923) | ($1,569) | | Net cash used in investing activities | ($58,051) | ($77,662) | | Net cash provided by financing activities | $87,784 | $176,414 | | **Net (decrease) increase in cash** | **($13,190)** | **$97,183** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's conversion to a C-Corporation, accounting policies, and significant equity transactions - Effective December 31, 2021, Enviva converted from a Delaware limited partnership to a Delaware corporation named "Enviva Inc"[40](index=40&type=chunk) - The Simplification Transaction in October 2021 was treated as a business combination of entities under common control, requiring historical financial statements to be retroactively recast[50](index=50&type=chunk) - As of March 31, 2022, the aggregate value of unsatisfied or partially satisfied performance obligations from customer contracts was approximately **$19.9 billion**, with contracts extending through 2045[56](index=56&type=chunk) - In January 2022, the company issued 4,945,000 shares of common stock for net proceeds of **$333.2 million**, which were used to fund capital expenditures and repay debt[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a Q1 2022 net loss of $45.3 million, impacted by COVID-19 and the war in Ukraine [Business Overview and Recent Developments](index=22&type=section&id=Business%20Overview%20and%20Recent%20Developments) Enviva operates ten plants with a 6.2 million MTPY capacity and a product sales backlog of $21.3 billion - The company owns and operates ten plants with a combined production capacity of approximately **6.2 million metric tons per year (MTPY)**[102](index=102&type=chunk) - As of April 1, 2022, the product sales backlog from firm and contingent long-term contracts stood at **$21.3 billion**, with a weighted-average remaining term of 14.5 years[105](index=105&type=chunk) [How We Evaluate Our Operations (Non-GAAP Measures)](index=25&type=section&id=How%20We%20Evaluate%20Our%20Operations%20(Non-GAAP%20Measures)) Management utilizes non-GAAP measures like Adjusted EBITDA to evaluate underlying operational performance - The company utilizes non-GAAP financial measures to assess performance, including **Adjusted Net Income (Loss)**, **Adjusted Gross Margin**, **Adjusted EBITDA**, and **Distributable Cash Flow**[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - These non-GAAP measures exclude certain items considered unrepresentative of ongoing operations, such as acquisition costs, effects of COVID-19 and the war in Ukraine, and Support Payments[110](index=110&type=chunk)[112](index=112&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Net loss widened to $45.3 million, though adjusted EBITDA rose to $36.6 million due to one-time cost adjustments - The Omicron variant of COVID-19 resulted in **$15.2 million** of incremental costs in Q1 2022[107](index=107&type=chunk) - The war in Ukraine led to **$5.1 million** of incremental costs during Q1 2022, primarily from dislocations in shipping and spikes in energy prices[127](index=127&type=chunk)[128](index=128&type=chunk) Key Operational Results (in thousands) | Metric | Q1 2022 | Q1 2021 (Recast) | Change | | :--- | :--- | :--- | :--- | | Net Revenue | $232,982 | $241,621 | ($8,639) | | Loss from Operations | ($35,205) | ($10,588) | ($24,617) | | Net Loss | ($45,307) | ($23,175) | ($22,132) | | Adjusted EBITDA | $36,550 | $21,691 | $14,859 | | Distributable Cash Flow | $25,333 | $5,152 | $20,181 | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained liquidity of $280.4 million and plans capital expenditures of up to $275.0 million in 2022 - Total liquidity as of March 31, 2022 was **$280.4 million**, comprising cash on hand and availability under the $570.0 million senior secured revolving credit facility[141](index=141&type=chunk) - Planned capital expenditures for 2022 are between **$255.0 million and $275.0 million**, focusing on new plant construction in Lucedale, MS, the Pascagoula terminal, and the Epes plant[147](index=147&type=chunk) - The company intends to pay cash dividends of **$3.62 per common stock** for 2022[142](index=142&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk exposure since its 2021 Annual Report - There have been **no material changes** to the company's market risk exposure since the 2021 Form 10-K[156](index=156&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal control - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2022[157](index=157&type=chunk) - **No material changes** were made to internal control over financial reporting during the quarter ended March 31, 2022[158](index=158&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material changes regarding legal proceedings since its 2021 Annual Report - There have been **no material changes** to legal proceedings as disclosed in the 2021 Form 10-K[161](index=161&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors disclosed in its 2021 Annual Report - There have been **no material changes** to risk factors as disclosed in the 2021 Form 10-K[162](index=162&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists all documents filed as part of the report, including required CEO and CFO certifications - This section incorporates the Exhibit Index by reference, which lists documents such as CEO/CFO certifications pursuant to the Sarbanes-Oxley Act[163](index=163&type=chunk)[165](index=165&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-37363 Enviva Inc. (Exact name of registrant as specified in its charter) Delaware 46-4097730 (State or other jurisdiction (I.R.S. Employe ...

Enviva Partners, LP (NYSE:EVA) Q4 2021 Results Earnings Conference Call March 1, 2022 10:00 AM ET Company Participants Kate Walsh - Vice President, Investor Relations John Keppler - Chairman & Chief Executive Officer Shai Even - Executive Vice President and Chief Financial Officer Conference Call Participants John Mackay - Goldman Sachs Pavel Molchanov - Raymond James Ryan Levine - Citi Elvira Scotto - Royal Bank of Canada Jose Hernandez - JPMorgan Kevin Pollard - Pickering Energy Partners Operator Good mor ...

Enviva Partners, LP (NYSE:EVA) Q3 2021 Results Conference Call November 4, 2021 10:00 AM ET Company Participants Kate Walsh - Vice President and Investor Relations John Keppler - Chairman and Chief Executive Officer Shai Even - Chief Financial Officer Conference Call Participants John Mackey - Goldman Sachs Mark Strauss - JP Morgan Ryan Levine - Citi Elvira Scotto - RBC Capital Markets Operator Good day and welcome to the EnvivaÂ's Third Quarter of 2021 Earnings Conference Call. All participants will be in ...