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Enviva(EVA) - 2021 Q3 - Quarterly Report
2021-11-03 16:00
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, 2021 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 Partners, LP (Exact name of registrant as specified in its charter) Delaware 46-4097730 (State or other jurisdic ...
Enviva(EVA) - 2021 Q2 - Earnings Call Transcript
2021-07-29 19:11
Financial Data and Key Metrics Changes - The company generated approximately $49 million in adjusted EBITDA for Q2 2021, representing a 31% increase compared to the same period last year [8] - Net revenue for Q2 2021 was $285 million, a 70% increase over Q2 2020, driven by incremental sales to new and existing customers [19] - Adjusted gross margins for Q2 2021 were $56.1 million, an increase of $14.1 million or 33.4% compared to Q2 2020 [20] - Net income for Q2 2021 was $2.6 million, down from $8.5 million in Q2 2020, while adjusted net income rose to $9.8 million from $8.7 million [21] - Distributable cash flow for Q2 2021 was $32.9 million, a 27% increase from the same quarter in 2020, resulting in a distribution coverage ratio of 0.61 times [23] Business Line Data and Key Metrics Changes - The company closed two significant dropdown transactions, increasing fully contracted production capacity by 14% and deep-water marine terminal throughput capacity by 38% [9] - The partnership's revenue backlog totals $16 billion with a weighted average remaining contract term of 13.2 years, expected to increase to approximately $20.4 billion with additional contracts [13][14] Market Data and Key Metrics Changes - The company is seeing increased momentum in the EU for biomass usage due to the Fit for 55 package aimed at reducing carbon emissions [30][31] - The global industrial sector is emerging as a significant market opportunity, with potential for large-scale coal to biomass switching [37][56] Company Strategy and Development Direction - The company is focused on expanding its production capacity and maintaining a fully contracted growth profile, which supports consistent distribution increases [10][12] - The company is developing a new wood pellet production plant in Epes, Alabama, with construction expected to start in winter [16] - Sustainability is central to the company's value proposition, with ongoing efforts to mitigate emissions and enhance environmental leadership [40][42] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year 2021 guidance for adjusted EBITDA in the range of $250 million to $270 million, and for 2022, in the range of $310 million to $330 million [12] - The company is insulated from inflationary pressures due to annual escalators in contracts and expects lower production costs in the latter half of the year [28] Other Important Information - The company declared a distribution of $0.815 per unit for Q2 2021, a 6.5% increase over the same quarter last year, marking the 24th consecutive distribution increase [11] - The company continues to target a conservative leverage ratio of 3.5 to 4 times and a distribution coverage ratio of 1.2 times on a forward-looking annual basis [24] Q&A Session Summary Question: Impact of labor shortages - Management noted minimal direct impact from labor shortages, with some challenges at entry-level positions due to unemployment benefits [47][48] Question: Update on Germany's market - Management expressed excitement about progress in Germany, highlighting the potential for a total addressable market of 5 to 7 million tons per year [54] Question: Global industrial sector opportunities - Management indicated significant opportunities in the industrial sector for decarbonization, with multiple segments and customers being explored [56][58] Question: BECCS evolution and economics - Management discussed the importance of negative emission solutions and the potential for carbon pricing to create market opportunities [59][61] Question: Netherlands market entry - Management confirmed ongoing deliveries in the Netherlands and highlighted the industrial segment as a growing market [62][64] Question: Revenue contribution from Japan - Management projected a linear growth profile for revenue from Japan, expecting it to reach about 25% by 2022 [65][66]
Enviva(EVA) - 2021 Q2 - Quarterly Report
2021-07-28 16:00
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, 2021 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 Partners, LP (Exact name of registrant as specified in its charter) Delaware 46-4097730 (State or other jurisdiction ...
Enviva(EVA) - 2021 Q1 - Earnings Call Transcript
2021-04-29 19:33
Enviva Partners, LP (NYSE:EVA) Q1 2021 Results Conference Call April 29, 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 Pavel Molchanov - Raymond James Marshall Carver - Heikkinen Energy Advisors Elvira Scotto - RBC Capital Markets Operator Good day and welcome to the Enviva Partners, LP First Quarter 2021 Earnings Conference Call. All participants wi ...
Enviva(EVA) - 2021 Q1 - Quarterly Report
2021-04-28 16:00
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 March 31, 2021 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 Partners, LP (Exact name of registrant as specified in its charter) Delaware 46-4097730 (State or other jurisdiction ...
Enviva(EVA) - 2020 Q4 - Earnings Call Transcript
2021-02-25 21:42
Enviva Partners, LP (NYSE:EVA) Q4 2020 Results Earnings Conference Call February 25, 2021 10:00 AM ET Company Participants Wush Ma - Vice President, Treasurer John Keppler - Chairman, Chief Executive Officer Shai Even - Executive Vice President, Chief Financial Conference Call Participants Moses Sutton - Barclays Ryan Levine - Citi Pavel Molchanov - Raymond James Elvira Scotto - RBC Capital Markets Marshall Carver - Heikkinen Energy Advisors Operator Good day and welcome to the Enviva Partners, LP fourth qu ...
Enviva(EVA) - 2020 Q4 - Annual Report
2021-02-24 16:00
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, 2020 ☐ 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 Partners, LP (Exact name of registrant as specified in its charter) Delaware 46-4097730 (State or other jurisdiction (I.R.S. ...
Enviva(EVA) - 2020 Q3 - Earnings Call Transcript
2020-11-05 19:53
Enviva Partners, LP (NYSE:EVA) Q3 2020 Earnings Conference Call November 5, 2020 10:00 AM ET Company Participants Wushuang Ma - Vice President and Treasurer John Keppler - Chairman and Chief Executive Officer Shai Even - Executive Vice President and Chief Financial Officer Conference Call Participants Marshall Carver - Heikkinen Energy Advisors, LLC Elvira Scotto - RBC Capital Markets Moses Sutton - Barclays Capital Markets Operator Good morning, and welcome to the Enviva Partners, LP Third Quarter 2020 Ear ...
Enviva(EVA) - 2020 Q3 - Quarterly Report
2020-11-05 00:56
Income tax benefit | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------|-------|---------------------------------|-------------------|---------------------|-------|---------| | Reconciliation of net income to adjusted net income: | | | Three Months September \n2020 | Ended 30, \n(in | 2019 \nthousands) | | Change | | Net income $ | | | 1,411 | $ | 8,852 | $ | (7,441) | | Chesapeake In ...
Enviva(EVA) - 2020 Q2 - Earnings Call Transcript
2020-08-07 02:53
Enviva Partners, LP (NYSE:EVA) Q2 2020 Earnings Conference Call August 6, 2020 10:00 AM ET Company Participants Wush Ma - Vice President & Treasurer John Keppler - Chairman and Chief Executive Officer Shai Even - Chief Financial Officer Conference Call Participants Elvira Scotto - RBC Capital Markets Marshall Carver - Heikkinen Energy Advisors Pavel Molchanov - Raymond James Derrick Laton - Goldman Sachs Operator Good morning, and welcome to the Enviva Partners LP Second Quarter 2020 Conference Call. All pa ...