Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001592057 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2022 | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Address, Address Line One | 7272 Wisconsin Ave. | |
Entity Address, Address Line Two | Suite 1800 | |
Entity Address, City or Town | Bethesda, | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Interactive Data Current | Yes | |
Entity Common Shares, Shares Outstanding | 66,804,428 | |
Document Transition Report | false | |
Entity File Number | 001-37363 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-4097730 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | EVA | |
Security Exchange Name | NYSE | |
City Area Code | (301) | |
Local Phone Number | 657-5560 | |
Entity Registrant Name | Enviva Inc. | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 8,479,000 | $ 16,801,000 |
Restricted Cash | 0 | 1,717,000 |
Accounts receivable | 118,886,000 | 97,439,000 |
Other accounts receivable | 6,190,000 | 17,826,000 |
Inventories | 86,059,000 | 57,717,000 |
Prepaid expenses and other current assets | 14,107,000 | 7,230,000 |
Total current assets | 233,721,000 | 198,730,000 |
Property, plant and equipment, net | 1,566,698,000 | 1,498,197,000 |
Operating lease right-of-use assets | 103,616,000 | 108,846,000 |
Goodwill | 103,928,000 | 103,928,000 |
Long-Term Restricted Cash | 221,226,000 | 0 |
Other long-term assets | 38,206,000 | 14,446,000 |
Total assets | 2,267,395,000 | 1,924,147,000 |
Current liabilities: | ||
Accounts payable | 30,522,000 | 29,535,000 |
Accrued and other current liabilities | 139,094,000 | 163,306,000 |
Current portion of interest payable | 16,015,000 | 25,060,000 |
Current portion of long-term debt and finance lease obligations | 29,294,000 | 39,105,000 |
Total current liabilities | 214,925,000 | 257,006,000 |
Long-term debt and finance lease obligations | 1,505,224,000 | 1,232,441,000 |
Long-term operating lease liabilities | 117,012,000 | 122,252,000 |
Deferred tax liabilities, net | 30,000 | 36,000 |
Other long-term liabilities | 48,713,000 | 41,748,000 |
Total liabilities | 1,885,904,000 | 1,653,483,000 |
Commitments and contingencies | ||
Common Shareholders and Limited Partners: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 67,000 | 61,000 |
Additional Paid in Capital | 519,968,000 | 317,998,000 |
Retained Earnings (Accumulated Deficit) | (90,900,000) | 0 |
Accumulated other comprehensive income | 98,000 | 299,000 |
Stockholders' Equity Attributable to Parent | 429,233,000 | 318,358,000 |
Noncontrolling interest | (47,742,000) | (47,694,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total | 381,491,000 | 270,664,000 |
Liabilities and Equity | $ 2,267,395,000 | $ 1,924,147,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||||
Net revenue | $ 325,660,000 | $ 854,963,000 | |||||
Cost of goods sold, excluding items below | 257,542,000 | 718,854,000 | |||||
Loss on disposal of assets | 4,035,000 | 7,218,000 | $ 7,261,000 | ||||
Selling, general, administrative and development expenses | 30,407,000 | 91,802,000 | |||||
Depreciation and amortization | 34,930,000 | 86,322,000 | |||||
Total operating costs and expenses | 326,914,000 | 904,196,000 | |||||
Operating Income (Loss) | (1,254,000) | (49,233,000) | |||||
Other income (expense): | |||||||
Interest expense | (18,704,000) | (42,633,000) | |||||
Other income (expense) | 1,671,000 | 944,000 | |||||
Total other expense, net | (17,033,000) | (41,689,000) | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (18,287,000) | (90,922,000) | |||||
Income Tax Expense (Benefit) | 12,000 | 26,000 | (3,834,000) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (18,287,000) | (90,922,000) | |||||
Net loss | (18,299,000) | $ (35,823,000) | (90,948,000) | $ (83,849,000) | |||
Net Loss Attributable to Noncontrolling Interest | 43,000 | 48,000 | |||||
Net loss attributable to Enviva, Inc. | $ (18,256,000) | $ (90,900,000) | |||||
Net loss per Enviva Inc. common share or unit: | |||||||
Common - basic and diluted (in dollars per share or unit) | [1] | $ (0.29) | $ (1.41) | ||||
Weighted-average number of shares or units outstanding: | |||||||
Basic and diluted | 66,724,000 | [1] | 66,125,000 | [1] | 16,000,000 | ||
Recast | |||||||
Net revenue | 237,826,000 | $ 765,410,000 | |||||
Cost of goods sold, excluding items below | 199,943,000 | 632,209,000 | |||||
Loss on disposal of assets | 3,916,000 | 7,261,000 | |||||
Selling, general, administrative and development expenses | 33,898,000 | 99,788,000 | |||||
Depreciation and amortization | 23,285,000 | 67,985,000 | |||||
Total operating costs and expenses | 261,042,000 | 807,243,000 | |||||
Operating Income (Loss) | (23,216,000) | (41,833,000) | |||||
Other income (expense): | |||||||
Interest expense | (15,463,000) | (46,321,000) | |||||
Other income (expense) | (37,000) | 471,000 | |||||
Total other expense, net | (15,500,000) | (45,850,000) | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (38,716,000) | (87,683,000) | |||||
Income Tax Expense (Benefit) | (2,893,000) | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (38,716,000) | (87,683,000) | |||||
Net Loss Attributable to Noncontrolling Interest | 7,799,000 | 18,622,000 | |||||
Net loss attributable to Enviva, Inc. | $ (28,024,000) | $ (65,227,000) | |||||
Net loss per Enviva Inc. common share or unit: | |||||||
Common - basic and diluted (in dollars per share or unit) | $ (1.75) | $ (4.08) | |||||
Weighted-average number of shares or units outstanding: | |||||||
Basic and diluted | 16,000,000 | ||||||
Product sales | |||||||
Net revenue | $ 322,978,000 | $ 847,505,000 | |||||
Product sales | Recast | |||||||
Net revenue | $ 229,698,000 | $ 725,470,000 | |||||
Other revenue | |||||||
Net revenue | $ 2,682,000 | $ 7,458,000 | |||||
Other revenue | Recast | |||||||
Net revenue | $ 8,128,000 | $ 39,940,000 | |||||
[1]Effective December 31, 2021, units were converted into shares due to the Company’s conversion from a partnership to a corporation. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net (loss) income | $ (18,299,000) | $ (35,823,000) | $ (90,948,000) | $ (83,849,000) |
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income: | ||||
Currency translation adjustment | (96,000) | 8,000 | (201,000) | 24,000 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (18,395,000) | (35,815,000) | (91,149,000) | (83,825,000) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 43,000 | 7,799,000 | 48,000 | 18,622,000 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | $ (18,352,000) | $ (28,016,000) | $ (91,101,000) | $ (65,203,000) |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Statement) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (loss) | Equity attributable to Enviva Inc. | Non- controlling Interests | Preferred Stock [Member] Series A | Preferred Stock [Member] Series B |
Balance at the beginning of period at Dec. 31, 2020 | $ 409,660,000 | $ (78,838,000) | $ (92,703,000) | $ 13,865,000 | |||||
Balance at the end of the period at Mar. 31, 2021 | 210,413,000 | (137,614,000) | (153,883,000) | 16,269,000 | |||||
Other Comprehensive Income (Loss), Net of Tax | 15,000 | 8,000 | $ 7,000 | 8,000 | |||||
Net (loss) income | (23,175,000) | (15,871,000) | (15,871,000) | ||||||
Acquisition of noncontrolling interest | (153,348,000) | 45,317,000 | 108,031,000 | $ (45,317,000) | |||||
Partners Capital/Equity non cash equity-based compensation and other expense | (890,000) | 2,404,000 | (3,294,000) | $ 2,404,000 | |||||
Partners' Capital Account, Units, Beginning Balance at Dec. 31, 2020 | 784,980,000 | 2,500 | |||||||
Partners' Capital Account, Units, Ending Balance at Mar. 31, 2021 | 784,980,000 | 2,500 | |||||||
Partners' Capital Account, Distributions | (22,238,000) | 22,238,000 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020 | 488,498,000 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest,Ending Balance at Mar. 31, 2021 | 348,027,000 | ||||||||
Net Loss Attributable to Noncontrolling Interest | (7,304,000) | ||||||||
Balance at the beginning of period at Dec. 31, 2020 | 409,660,000 | (78,838,000) | $ (92,703,000) | $ 13,865,000 | |||||
Balance at the end of the period at Sep. 30, 2021 | 326,747,000 | (182,265,000) | $ (203,342,000) | $ 21,077,000 | |||||
Net (loss) income | (83,849,000) | ||||||||
Support Payments | 0 | ||||||||
Partners' Capital Account, Units, Beginning Balance at Dec. 31, 2020 | 784,980,000 | 2,500 | |||||||
Partners' Capital Account, Units, Ending Balance at Sep. 30, 2021 | 784,980,000 | 5,000 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020 | 488,498,000 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest,Ending Balance at Sep. 30, 2021 | 509,012,000 | ||||||||
Contribution of assets | 389,000 | 389,000 | |||||||
Balance at the beginning of period at Mar. 31, 2021 | 210,413,000 | (137,614,000) | $ (153,883,000) | $ 16,269,000 | |||||
Balance at the end of the period at Jun. 30, 2021 | 382,680,000 | (156,649,000) | (175,322,000) | 18,673,000 | |||||
Other Comprehensive Income (Loss), Net of Tax | 1,000 | 1,000 | |||||||
Net (loss) income | (24,851,000) | (21,332,000) | (21,332,000) | ||||||
Acquisition of noncontrolling interest | 0 | 107,000 | (107,000) | $ (107,000) | |||||
Partners Capital/Equity non cash equity-based compensation and other expense | 4,812,000 | 2,404,000 | 2,408,000 | $ 2,404,000 | |||||
Partners' Capital Account, Units, Beginning Balance at Mar. 31, 2021 | 784,980,000 | 2,500 | |||||||
Partners' Capital Account, Units, Ending Balance at Jun. 30, 2021 | 784,980,000 | 2,500 | |||||||
Partners' Capital Account, Distributions | (22,229,000) | 22,229,000 | |||||||
Limite Partners' account issuance of units to noncontrolling interests value | (214,534,000) | (214,534,000) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2021 | 348,027,000 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest,Ending Balance at Jun. 30, 2021 | 539,329,000 | ||||||||
Net Loss Attributable to Noncontrolling Interest | (3,519,000) | ||||||||
Balance at the end of the period at Sep. 30, 2021 | 326,747,000 | (182,265,000) | $ (203,342,000) | $ 21,077,000 | |||||
Other Comprehensive Income (Loss), Net of Tax | 8,000 | 4,000 | 4,000 | 4,000 | |||||
Net (loss) income | (35,823,000) | (28,024,000) | $ (28,024,000) | ||||||
Partners Capital/Equity non cash equity-based compensation and other expense (in shares/untis) | $ 2,500 | ||||||||
Partners Capital/Equity non cash equity-based compensation and other expense | 6,908,000 | 2,404,000 | 4,504,000 | $ 2,404,000 | |||||
Partners' Capital Account, Units, Ending Balance at Sep. 30, 2021 | 784,980,000 | 5,000 | |||||||
Partners' Capital Account, Distributions | (27,005,000) | 27,005,000 | |||||||
Limite Partners' account issuance of units to noncontrolling interests value | (21,000) | (21,000) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest,Ending Balance at Sep. 30, 2021 | 509,012,000 | ||||||||
Net Loss Attributable to Noncontrolling Interest | (7,799,000) | ||||||||
Noncontrolling interest | (47,694,000) | ||||||||
Shares, Outstanding, Period Beginning Balance at Dec. 31, 2021 | 61,138,000 | ||||||||
Shares, Outstanding, Period Ending Balance at Mar. 31, 2022 | 66,559,000 | ||||||||
Balance at the beginning of period at Dec. 31, 2021 | 270,664,000 | $ 61,000 | $ 317,998,000 | $ 0 | $ 299,000 | 318,358,000 | |||
Balance at the end of the period at Mar. 31, 2022 | 501,269,000 | $ 67,000 | 593,936,000 | (45,307,000) | 267,000 | 548,963,000 | |||
Stock Issued During Period, Shares, New Issues | 4,945,000 | ||||||||
Stock Issued During Period, Value, New Issues | (333,191,000) | $ (5,000) | (333,186,000) | 0 | 0 | (333,191,000) | 0 | ||
Dividends, Common Stock, Cash | (58,957,000) | (58,957,000) | 0 | 0 | (58,957,000) | 0 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 110,000 | ||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | 7,839,000 | $ 0 | 7,839,000 | 0 | 0 | 7,839,000 | 0 | ||
Shares issued, after payments for withholding tax , associated with Long-Term Incentive Plan | 366,000 | ||||||||
Value of shares issued, after payments for withholding tax , associated with Long-Term Incentive Plan | (16,364,000) | $ (1,000) | (16,365,000) | 0 | 0 | (16,364,000) | 0 | ||
Non-cash equity-based compensation and other expense | 10,235,000 | 10,235,000 | 0 | 0 | 10,235,000 | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | (32,000) | 0 | 0 | (32,000) | (32,000) | 0 | |||
Net (loss) income | (45,307,000) | 0 | (45,307,000) | 0 | (45,307,000) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2021 | (47,694,000) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest,Ending Balance at Mar. 31, 2022 | (47,694,000) | ||||||||
Net Loss Attributable to Noncontrolling Interest | 0 | ||||||||
Shares, Outstanding, Period Beginning Balance at Dec. 31, 2021 | 61,138,000 | ||||||||
Shares, Outstanding, Period Ending Balance at Sep. 30, 2022 | 66,804,000 | ||||||||
Balance at the beginning of period at Dec. 31, 2021 | 270,664,000 | $ 61,000 | 317,998,000 | 0 | 299,000 | 318,358,000 | |||
Balance at the end of the period at Sep. 30, 2022 | 381,491,000 | $ 67,000 | 519,968,000 | (90,900,000) | 98,000 | 429,233,000 | |||
Net (loss) income | (90,948,000) | ||||||||
Support Payments | 12,307,000 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2021 | (47,694,000) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest,Ending Balance at Sep. 30, 2022 | (47,742,000) | ||||||||
Net Loss Attributable to Noncontrolling Interest | $ (48,000) | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.860 | ||||||||
Shares, Outstanding, Period Beginning Balance at Mar. 31, 2022 | 66,559,000 | ||||||||
Shares, Outstanding, Period Ending Balance at Jun. 30, 2022 | 66,672,000 | ||||||||
Balance at the beginning of period at Mar. 31, 2022 | $ 501,269,000 | $ 67,000 | 593,936,000 | (45,307,000) | 267,000 | 548,963,000 | |||
Balance at the end of the period at Jun. 30, 2022 | 433,770,000 | $ 67,000 | 553,852,000 | (72,644,000) | 194,000 | 481,469,000 | |||
Stock Issued During Period, Value, New Issues | (61,837,000) | (61,837,000) | 0 | 0 | (61,837,000) | 0 | |||
Dividends, Common Stock, Cash | (428,000) | (428,000) | 0 | 0 | (428,000) | 0 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 105,000 | ||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | 8,349,000 | $ 0 | 8,349,000 | 0 | 0 | 8,349,000 | 0 | ||
Shares issued, after payments for withholding tax , associated with Long-Term Incentive Plan | 8,000 | ||||||||
Value of shares issued, after payments for withholding tax , associated with Long-Term Incentive Plan | (213,000) | $ 0 | (213,000) | 0 | 0 | (213,000) | 0 | ||
Non-cash equity-based compensation and other expense | 9,848,000 | 9,848,000 | 0 | 0 | 9,848,000 | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | (73,000) | 0 | 0 | (73,000) | (73,000) | 0 | |||
Net (loss) income | (27,342,000) | 0 | (27,337,000) | 0 | (27,337,000) | ||||
Support Payments | $ 4,197,000 | 4,197,000 | 0 | 4,197,000 | 0 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2022 | (47,694,000) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest,Ending Balance at Jun. 30, 2022 | (47,699,000) | ||||||||
Net Loss Attributable to Noncontrolling Interest | (5,000) | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.905 | ||||||||
Shares, Outstanding, Period Ending Balance at Sep. 30, 2022 | 66,804,000 | ||||||||
Balance at the end of the period at Sep. 30, 2022 | $ 381,491,000 | $ 67,000 | 519,968,000 | (90,900,000) | 98,000 | 429,233,000 | |||
Stock Issued During Period, Value, New Issues | (62,044,000) | (62,044,000) | 0 | 0 | (62,044,000) | 0 | |||
Dividends, Common Stock, Cash | (38,000) | (38,000) | 0 | 0 | (38,000) | 0 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 124,000 | ||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | 8,443,000 | $ 0 | 8,443,000 | 0 | 0 | 8,443,000 | 0 | ||
Shares issued, after payments for withholding tax , associated with Long-Term Incentive Plan | 8,000 | ||||||||
Value of shares issued, after payments for withholding tax , associated with Long-Term Incentive Plan | (235,000) | $ 0 | (235,000) | 0 | 0 | (235,000) | 0 | ||
Non-cash equity-based compensation and other expense | 10,169,000 | 10,169,000 | 0 | 0 | 10,169,000 | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | (96,000) | 0 | 0 | (96,000) | (96,000) | 0 | |||
Net (loss) income | (18,299,000) | $ 0 | (18,256,000) | 0 | (18,256,000) | ||||
Support Payments | 9,821,000 | $ 9,821,000 | $ 0 | $ 9,821,000 | 0 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest,Ending Balance at Sep. 30, 2022 | (47,742,000) | ||||||||
Net Loss Attributable to Noncontrolling Interest | (43,000) | $ (43,000) | |||||||
Noncontrolling interest | $ (47,742,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (90,948,000) | $ (83,849,000) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 86,322,000 | 67,985,000 |
Amortization of debt issuance costs, debt premium and original issue discounts | 2,055,000 | 2,713,000 |
Gain (Loss) on Disposition of Assets | 7,218,000 | 7,261,000 |
Increase (Decrease) in Deferred Income Taxes | 0 | (3,873,000) |
Unit-based compensation | 30,222,000 | 22,459,000 |
Gain (Loss) on Investments | 958,000 | 0 |
Fair value changes in derivatives | 4,673,000 | 3,968,000 |
Unrealized (gain) loss on foreign currency transactions, net | (208,000) | 16,000 |
Change in operating assets and liabilities: | ||
Accounts and insurance receivables | (9,654,000) | 37,808,000 |
Prepaid expenses, assets held for sale and other current and long-term assets | (32,564,000) | 1,854,000 |
Inventories | (24,609,000) | (13,438,000) |
Unrealized Gain (Loss) on Derivatives | (3,983,000) | (7,649,000) |
Accounts payable, accrued liabilities and other current liabilities | 4,144,000 | 14,453,000 |
Related-party payables | 0 | (414,000) |
Deferred revenue | (180,000) | (4,172,000) |
Accrued interest | (9,045,000) | (15,824,000) |
Increase (decrease) in operating lease liabilities | (11,345,000) | (4,951,000) |
Other long-term liabilities | (4,608,000) | 7,182,000 |
Net Cash Provided by (Used in) Operating Activities | (51,552,000) | 32,357,000 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (162,449,000) | (245,173,000) |
Payment for acquisition of a business | (5,000,000) | 0 |
Net cash used in investing activities | (167,449,000) | (245,173,000) |
Cash flows from financing activities: | ||
Proceeds from (Repayments of) Lines of Credit | 1,000,000 | 224,500,000 |
Principal payments on other long-term debt and finance lease obligations | (28,134,000) | (15,842,000) |
Proceeds from capital contribution of New Market Tax Credit financing | 12,307,000 | 0 |
Cash paid related to debt issuance costs and deferred offering costs | (5,376,000) | (8,551,000) |
Distributions to unitholders, distribution equivalent rights and incentive distribution rights holder | (158,356,000) | (71,415,000) |
Proceeds from Contributions from Affiliates | (14,018,000) | 0 |
Payment for withholding tax | (16,812,000) | (10,756,000) |
Payments for acquisition of noncontrolling interest | 0 | (153,348,000) |
Repayments of Notes Payable | 0 | (20,000,000) |
Proceeds from Issuance of Common Stock | 332,970,000 | 214,831,000 |
Net cash provided by (used in) financing activities | 430,188,000 | 481,169,000 |
Proceeds from debt issuance | 278,571,000 | 321,750,000 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 211,187,000 | 268,353,000 |
Cash, cash equivalents and restricted cash, end of period | 229,705,000 | 336,028,000 |
Cash, cash equivalents and restricted cash, beginning of period | 18,518,000 | 67,675,000 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | 852,000 | 26,484,000 |
Supplemental information: | ||
Interest paid, net of capitalized interest | $ 48,689,000 | $ 29,362,000 |
Statement of Financial Position
Statement of Financial Position, Classified (Parentheticals) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Common Stock, Value, Issued | 67,000 | 61,000 |
Additional Paid in Capital | 519,968,000 | 317,998,000 |
Retained Earnings (Accumulated Deficit) | (90,900,000) | 0 |
Accumulated other comprehensive income | 98,000 | 299,000 |
Stockholders' Equity Attributable to Parent | 429,233,000 | 318,358,000 |
Noncontrolling interest | (47,742,000) | (47,694,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 381,491,000 | 270,664,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 67,000 | 61,000 |
Additional Paid-in Capital | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 519,968,000 | 317,998,000 |
Accumulated Other Comprehensive Income (loss) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 98,000 | $ 299,000 |
Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
Common Stock, Shares Authorized | 600,000,000 | |
Common Stock, Shares, Outstanding | 66,804,428 | 61,137,744 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Enviva Inc. supplies utility-grade wood pellets primarily to major power generators under long-term, take-or-pay off-take contracts. We procure wood fiber and process it into utility-grade wood pellets and load the finished wood pellets into railcars, trucks, and barges for transportation to deep-water marine terminals, where they are received, stored, and ultimately loaded onto oceangoing vessels for delivery under long-term, take-or-pay off-take contracts to our customers principally in the United Kingdom (the “U.K.”), the European Union (the “EU”), and Japan. We own and operate ten industrial-scale wood pellet production plants located in the Southeastern United States. In addition to the volumes from our plants, we also procure wood pellets from third parties. Wood pellets are exported from our wholly owned deep-water marine terminal at the Port of Chesapeake, Virginia, terminal assets at the Port of Wilmington, North Carolina and at the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Mobile, Alabama, Panama City, Florida, and Savannah, Georgia under a short-term contract, a long-term contract, and a lease and associated terminal services agreement, respectively. Basis of Presentation The unaudited financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and accruals necessary for a fair presentation have been included. All such adjustments and accruals are of a normal and recurring nature unless disclosed otherwise. Our consolidated financial statements include the accounts of Enviva and its wholly owned subsidiaries and controlled subsidiaries, including variable interest entities in which we are the primary beneficiary as we have the sole power to direct the activities that most impact the economics of the variable interest entities. All intercompany balances and transactions have been eliminated in consolidation. The results reported in the financial statements are not necessarily indicative of the results that may be reported for the entire year. The unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, which include the names of legal entities that are our subsidiaries and which also include defined terms used in the unaudited financial statements. C-Corporation Conversion Effective December 31, 2021, Enviva Partners, LP (the “Partnership”) converted from a Delaware limited partnership to a Delaware corporation (the “Conversion”) named “Enviva Inc.” The Partnership was a subsidiary of Enviva Holdings, LP (our “former sponsor” or “Holdings”). Enviva Partners GP, LLC, a wholly owned subsidiary of our former sponsor, was our former general partner (the “former GP”). References to “Enviva,” the “Company,” “we,” “us,” or “our” refer to (i) Enviva Inc. and its subsidiaries for the periods following the Conversion and (ii) the Partnership and its subsidiaries for periods prior to the Conversion, except where the context otherwise requires. As a result of the Conversion, periods prior to December 31, 2021 reflect Enviva as a limited partnership, not a corporation. References to common units for periods prior to the Conversion refer to common units of the Partnership, and references to common stock for periods following the Conversion refer to shares of common stock of Enviva Inc. The primary financial impacts of the Conversion to the consolidated financial statements were (i) reclassification of partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. On the date of the Conversion, each common unit representing a limited partner interest in the Partnership issued and outstanding immediately prior to the Conversion was exchanged for one share of common stock of the Company, par value $0.001 per share. Simplification Transaction On October 14, 2021, the Partnership acquired our former sponsor and the former GP, and the incentive distribution rights held by our former sponsor were cancelled and eliminated (collectively, the “Simplification Transaction”) in exchange for 16.0 million common units, which were distributed to the owners of our former sponsor. The owners of our former sponsor agreed to reinvest in our common stock all dividends from 9.0 million of the 16.0 million common units issued in connection with the Simplification Transaction during the period beginning with dividends paid for the third quarter of 2021 through the fourth quarter of 2024. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies During interim periods, we follow the accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021, except as follows due to new facts and circumstances applicable to 2022. Non-Cash Equity-Based Compensation Expense During the three and nine months ended September 30, 2022, the performance-based restricted stock awards granted vest dependent on the total shareholder return for Enviva Inc. relative to the constituents of the S&P 500 index over their respective performance periods. Their grant date fair values were determined using a Monte Carlo multivariate pricing model following standard assumptions. Net Loss per Enviva Inc. Common Share For the three and nine months ended September 30, 2022, the net loss per Enviva Inc. common share was computed by dividing the net loss attributable to Enviva Inc., after reducing it by the amounts paid for dividend equivalent rights on outstanding time-based restricted stock awards, by the weighted-average number of outstanding Enviva Inc. common shares. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Recently Issued Accounting Standards not yet Adopted Currently, there are no recently issued accounting standards not yet adopted by us that we expect to be reasonably likely to materially impact our financial position, results of operations, or cash flows. |
Transactions Between Entities U
Transactions Between Entities Under Common Control | 9 Months Ended |
Sep. 30, 2022 | |
Transactions Between Entities Under Common Control | |
Transactions between entities under common control - Recast of Historical Financial Information | Transactions Between Entities Under Common Control Recast of Historical Financial Statements The Simplification Transaction was a business combination of entities under common control and net assets acquired were combined at their historical costs with a change in reporting entity. Accordingly, the condensed consolidated financial statements have been retroactively recast to reflect the Simplification Transaction as if the Simplification Transaction had occurred on March 18, 2010, the date Holdings was originally organized. While the Partnership was the surviving entity for legal purposes, Holdings is the surviving entity for accounting purposes. As a result, the historical financial results prior to the Simplification Transaction are those of Holdings. Prior to the Simplification Transaction, Holdings controlled the Partnership so the financial statements of the Partnership were consolidated into the financial statements of Holdings and the common units of the Partnership held by the public are reflected as a noncontrolling interest. The following table presents changes as a result of the Simplification Transaction for the common control entities acquired to previously reported amounts in the unaudited condensed consolidated balance sheet as of September 30, 2021 included in Enviva’s quarterly report on Form 10-Q for the quarter ended September 30, 2021: As of September 30, 2021 As Reported Common Control Entities Acquired Total (Recast) Assets Current assets: Cash and cash equivalents $ 11,792 $ 322,519 $ 334,311 Accounts receivable 86,889 — 86,889 Other accounts receivable — 14,657 14,657 Related-party receivables, net 6,909 (6,909) — Inventories 53,814 4,724 58,538 Prepaid expenses and other current assets 16,055 (9,453) 6,602 Total current assets 175,459 325,538 500,997 Property, plant, and equipment, net 1,395,506 46,501 1,442,007 Operating lease right-of-use assets 58,421 49,208 107,629 Goodwill 99,660 — 99,660 Long-term restricted cash — 1,717 1,717 Other long-term assets 10,645 1,652 12,297 Total assets $ 1,739,691 $ 424,616 $ 2,164,307 Liabilities and Equity Current liabilities: Accounts payable $ 24,698 $ 1,818 $ 26,516 Related-party payables — 900 900 Accrued and other current liabilities 130,543 29,320 159,863 Current portion of interest payable 12,486 1,078 13,564 Current portion of long-term debt and finance lease obligations 11,906 1,049 12,955 Total current liabilities 179,633 34,165 213,798 Long-term debt and finance lease obligations 1,134,706 309,253 1,443,959 Long-term operating lease liabilities 58,566 62,831 121,397 Deferred tax liabilities, net 13,157 8,187 21,344 Other long-term liabilities 26,105 10,957 37,062 Total liabilities 1,412,167 425,393 1,837,560 Commitments and contingencies Total equity 327,524 (777) 326,747 Total liabilities and equity $ 1,739,691 $ 424,616 $ 2,164,307 The recast unaudited interim condensed consolidated balance sheet resulting from the Simplification Transaction separately presents “Other accounts receivable,” which included some amounts that had been previously reported as “Prepaid expenses and other current assets.” The following tables present the changes as a result of the Simplification Transaction to previously reported amounts in the unaudited interim condensed consolidated statements of operations for the three and nine months ended September 30, 2021 included in Enviva’s quarterly report on Form 10-Q for the quarter ended September 30, 2021: Three Months Ended September 30, 2021 As Reported Common Control Entities Acquired Total (Recast) Net revenue $ 237,398 $ 428 $ 237,826 Income (loss) from operations 10,518 (33,734) (23,216) Net loss (71) (35,752) (35,823) Less net (income) loss attributable to noncontrolling interests (27) 7,826 7,799 Net loss attributable to Enviva Inc. (98) (27,926) (28,024) Nine Months Ended September 30, 2021 As Reported Common Control Entities Acquired Total (Recast) Net revenue $ 763,484 $ 1,926 $ 765,410 Income (loss) from operations 37,038 (78,871) (41,833) Net income (loss) 1,109 (84,958) (83,849) Less net (income) loss attributable to noncontrolling interests (109) 18,731 18,622 Net income (loss) attributable to Enviva Inc. 1,000 (66,227) (65,227) The following tables present the changes as a result of the Simplification Transaction to previously reported amounts in the unaudited interim condensed consolidated statements of cash flows for the nine months ended September 30, 2021 included in Enviva’s quarterly report on Form 10-Q for the quarter ended September 30, 2021: Nine Months Ended September 30, 2021 As Reported Common Control Entities Acquired Total (Recast) Net cash provided by (used in) operating activities $ 110,700 $ (78,343) $ 32,357 Net cash (used in) provided by investing activities (396,675) 151,502 (245,173) Net cash provided by financing activities 287,763 193,406 481,169 Net increase in cash, cash equivalents, and restricted cash $ 1,788 $ 266,565 $ 268,353 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We disaggregate our revenue into two categories: product sales and other revenue. Product sales includes sales of wood pellets. Other revenue includes fees associated with customer requests to cancel shipments in satisfaction of the related performance obligation and third party terminal services fees. These categories best reflect the nature, amount, timing, and uncertainty of our revenue and cash flows. Performance Obligations As of September 30, 2022, the aggregate amount of consideration from contracts with customers allocated to the performance obligations that were unsatisfied or partially satisfied was approximately $19.3 billion. This amount excludes forward prices related to variable consideration including inflation, foreign currency, and commodity prices. Also, this amount excludes the effects of the related foreign currency derivative contracts as they do not represent contracts with customers. We expect to recognize approximately 3.0% of our remaining performance obligations during the remainder of 2022, an additional 8.0% in 2023, and the balance thereafter. Our off-take contracts expire at various times through 2045 and our terminal services contract expires in 2023. Variable Consideration Variable consideration from off-take contracts arises from several pricing features in our off-take contracts, pursuant to which such contract pricing may be adjusted in respect of particular shipments to reflect differences between certain contractual quality specifications of the wood pellets as measured both when the wood pellets are loaded onto ships and unloaded at the discharge port as well as certain other contractual adjustments. Variable consideration from our terminal services contract arises from price increases based on agreed inflation indices and from above-minimum throughput quantities or services. There was no variable consideration from our terminal services contract for the three and nine months ended September 30, 2022 and 2021. For the three months ended September 30, 2022, product sales revenue was reduced by $0.7 million related to performance obligations satisfied in previous periods. For the nine months ended September 30, 2022, we recognized $0.3 million of product sales revenue related to performance obligations satisfied in previous periods. For the three and nine months ended September 30, 2021, we recognized $0.1 million and $0.4 million, respectively, of product sales revenue related to performance obligations satisfied in previous periods. Contract Balances Accounts receivable related to product sales as of September 30, 2022 and December 31, 2021 were $111.6 million and $91.3 million, respectively. Of these amounts, $97.2 million and $61.3 million, as of September 30, 2022 and December 31, 2021 respectively, related to amounts that were not yet billable under our contracts with customers pending finalization of prerequisite billing documentation. The amounts that had not been billed are billed upon receipt of prerequisite billing documentation, where substantially all is typically billed one to two weeks after full loading of the vessel, and where the remaining balance is typically billed one to two weeks after discharge of the vessel. Accounts receivable also include $7.3 million and $6.1 million, as of September 30, 2022 and December 31, 2021 respectively, related to distribution costs recoverable from the customer through the cost pass-through mechanism where the costs and their recovery are included in cost of goods sold. As of September 30, 2022, we had $17.5 million of contract assets from and $0.4 million of deferred revenue for future performance obligations under contracts associated with off-take contracts. We did not have contract assets from or deferred revenue for future performance obligations under contracts associated with off-take contracts as of December 31, 2021. |
Significant Risks and Uncertain
Significant Risks and Uncertainties, Including Business and Credit Concentrations | 9 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties, Including Business and Credit Concentrations | Significant Risks and Uncertainties, Including Business and Credit Concentrations Our business is significantly impacted by greenhouse gas emission and renewable energy legislation and regulations in the U.K., the EU as well as its member states, and Japan. If the U.K., the EU or its member states, or Japan significantly modify such legislation or regulations, then our ability to enter into new contracts as our existing contracts expire may be materially affected. One rail service provider transports wood pellet production for four of our ten production plants to the applicable terminal. Our product sales are primarily to industrial customers located in the U.K., Denmark, Japan, Belgium, and the Netherlands. Product sales to third-party customers that accounted for 10% or a greater share of consolidated product sales are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 (Recast) 2022 2021 (Recast) Customer A 14 % 25 % 18 % 34 % Customer B 11 % 3 % 9 % 5 % Customer C 3 % 21 % 9 % 19 % Customer D 16 % 7 % 15 % 9 % Customer E 17 % 19 % 17 % 18 % Customer F 10 % 5 % 10 % 5 % |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following as of: September 30, 2022 December 31, 2021 Raw materials and work-in-process $ 24,563 $ 21,995 Consumable tooling 28,546 22,952 Finished goods 32,950 12,770 Total inventories $ 86,059 $ 57,717 |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, Plant, and Equipment, net Property, plant, and equipment, net consisted of the following as of: September 30, 2022 December 31, 2021 Land $ 26,318 $ 26,414 Land improvements 65,674 61,850 Buildings 415,099 321,577 Machinery and equipment 1,336,447 859,115 Furniture and office equipment 29,329 24,840 Leasehold improvements 23,362 22,101 Vehicles and others 9,277 8,318 Property, plant, and equipment 1,905,506 1,324,215 Less accumulated depreciation (483,717) (395,618) Property, plant, and equipment, net 1,421,789 928,597 Construction in progress 144,909 569,600 Total property, plant, and equipment, net $ 1,566,698 $ 1,498,197 Total depreciation expense and capitalized interest related to construction in progress were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 (Recast) 2022 2021 (Recast) Depreciation expense $ 35,215 $ 23,450 $ 87,047 $ 68,482 Capitalized interest related to construction in progress 5,161 5,612 14,098 13,613 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | Derivative Instruments We use derivative instruments to partially offset our business exposure to foreign currency exchange risk from expected future cash flows and interest rate risk resulting from certain borrowings. Although the preponderance of our off-take contracts and shipping contracts are U.S. Dollar-denominated, we are exposed to fluctuations in foreign currency exchange rates related to a minority of our off-take contracts that require future deliveries of wood pellets to be settled in British Pound Sterling (“GBP”) and Euro (“EUR”) and a minority of our shipping contracts that require freight rates to be settled in GBP. On March 31, 2022, we entered into a bunker fuel oil swap to offset our business exposure to bunker fuel oil prices. We seek to mitigate the credit risk associated with derivative instruments by limiting our counterparties to major financial institutions. Although we monitor the potential risk of loss due to credit risk, we do not expect material losses as a result of defaults by counterparties. We use derivative instruments to manage cash flow and do not enter into derivative instruments for speculative or trading purposes. We have entered and may continue to enter into foreign currency forward contracts, purchased option contracts, or other instruments to partially manage this risk. We record the changes in the fair value of foreign currency derivatives as product sales or cost of goods sold depending on the nature of the item being hedged. We entered into pay-fixed, receive-variable interest rate swaps to hedge interest rate risk associated with our variable rate borrowings under our senior secured revolving credit facility that were not designated and accounted for as cash flow hedges. The interest rate swaps expired in September 2021. Our derivative instruments are classified as Level 2 assets or liabilities based on inputs such as forward foreign exchange rates. The fair value of derivative instruments was as follows as of: Asset (Liability) Balance Sheet Classification September 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments: Foreign currency exchange contracts: Prepaid expenses and other current assets $ — $ 321 Other long-term assets — 309 Accrued and other current liabilities (1,974) (1,456) Other long-term liabilities (1,945) (1,001) (3,919) (1,827) Bunker fuel swap: Prepaid expenses and other current assets 362 — Other long-term assets 484 — 846 — Total derivatives not designated as hedging instruments $ (3,073) $ (1,827) Net unrealized and net realized gains and (losses) recorded to earnings were as follows: Three Months Ended September 30, Nine Months Ended September 30, Classification Derivative Instrument 2022 2021 (Recast) 2022 2021 (Recast) Product sales Foreign currency derivatives Unrealized $ (1,850) $ 4,364 $ (2,092) $ 3,566 Product sales Foreign currency derivatives Realized (524) (1,141) 3,543 (3,658) Cost of goods sold Bunker fuel swap Unrealized 1,139 — 846 — Cost of goods sold Bunker fuel swap Realized (31) — (115) — Interest expense Interest rate swap Unrealized — 42 — 114 We enter into master netting arrangements designed to permit net settlement of derivative transactions among the respective counterparties. If we had settled all transactions with our respective counterparties at September 30, 2022, we would have paid a net settlement termination payment of $4.0 million, which differs by $0.1 million from the recorded fair value of the derivatives. We present our derivative assets and liabilities at their gross fair values. The notional amounts of outstanding derivative instruments associated with outstanding or unsettled derivative instruments were as follows as of: September 30, 2022 December 31, 2021 Foreign exchange forward contracts in GBP £ 17,191 £ 57,500 Foreign exchange purchased option contracts in GBP £ — £ 7,275 Foreign exchange forward contracts in EUR € 3,200 € 11,000 Bunker fuel oil swap in MT (not in thousands) 9,800 — |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following as of: September 30, 2022 December 31, 2021 Accrued expenses - compensation and benefits $ 22,325 $ 22,758 Accrued expenses - wood pellet purchases and distribution costs 28,833 34,819 Accrued expenses - operating costs and expenses 44,094 55,463 Accrued capital expenditures 13,548 21,791 Other accrued expenses and other current liabilities 30,294 28,475 Accrued and other current liabilities $ 139,094 $ 163,306 |
Long-Term Debt and Finance Leas
Long-Term Debt and Finance Lease Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long–Term Debt and Capital Lease Obligations | Long-Term Debt and Finance Lease Obligations Long-term debt and finance lease obligations at carrying value consisted of the following as of: September 30, 2022 December 31, 2021 2026 Notes, net of unamortized discount, premium, and debt issuance costs of $2.2 million and $2.6 million as of September 30, 2022 and December 31, 2021, respectively $ 747,842 $ 747,399 Senior secured revolving credit facility 467,000 466,000 Epes Tax-Exempt Green Bond, net of unamortized discount and debt issuance costs of $4.1 million and $0.0 as of September 30, 2022 and December 31, 2021, respectively 245,881 — New Markets Tax Credit loans, net of unamortized discount and debt issuance costs of $2.5 million and $0.0 as of September 30, 2022 and December 31, 2021, respectively 28,920 — Seller Note, net of unamortized discount of $0.2 million and $1.1 million as of September 30, 2022 and December 31, 2021, respectively 17,316 36,442 Other loans 4,086 3,273 Finance leases 23,473 18,432 Total long-term debt and finance lease obligations 1,534,518 1,271,546 Less current portion of long-term debt and finance lease obligations (29,294) (39,105) Long-term debt and finance lease obligations, excluding current installments $ 1,505,224 $ 1,232,441 The estimated fair value of debt materially approximated the carrying amount at September 30, 2022 and December 31, 2021. 2026 Notes As of September 30, 2022 and December 31, 2021, we were in compliance with the covenants and restrictions associated with, and no events of default existed under, the indenture governing the 2026 Notes. The 2026 Notes are guaranteed jointly and severally on a senior unsecured basis by most of our existing subsidiaries and may be guaranteed by certain future restricted subsidiaries. Senior Secured Revolving Credit Facility In June 2022, we amended our senior secured revolving credit facility to extend the maturity date from April 2026 to June 2027, and to increase the maximum Total Leverage Ratio (as defined in the credit agreement) from 5.00:1.00 to 5.50:1.00 (and from 5.25:1.00 to 5.75:1.00 during a Material Transaction Period (as defined in the credit agreement)). As of September 30, 2022 and December 31, 2021, we were in compliance with all covenants and restrictions associated with, and no events of default existed under, our senior secured revolving credit facility. Our obligations under the senior secured revolving credit facility are guaranteed by certain of our subsidiaries and secured by liens on substantially all of our assets; however, the senior secured revolving credit facility is not guaranteed by Enviva Wilmington Holdings, LLC or Enviva Pellets Epes, LLC, or secured by liens on their assets. As of September 30, 2022 and December 31, 2021, we had $97.9 million and $99.8 million, respectively, available under our senior secured revolving credit facility, net of $5.1 million and $4.2 million, respectively, of letters of credit outstanding. New Markets Tax Credit (“NMTC”) Loans In June 2022, we closed on a qualified NMTC financing transaction. The NMTC program is intended to induce capital investment in qualifying communities by permitting taxpayers to claim credits against their federal income taxes for up to 39% of qualified investments in the equity of community development entities (“CDEs”). In this transaction, we borrowed $31.4 million from a bank (“Bank A”) then made a $31.4 million loan to an investment fund, into which another bank (“Bank B”) made a capital contribution of $12.8 million. The investment fund then contributed $42.0 million to four CDEs, which, in turn, loaned it to us. The $42.0 million accrues interest at a weighted average rate of 2.9% per annum, of which $34.1 million matures in its entirety in June 2029, while $7.9 million could be prepaid starting in 2029 and through 2052. The net proceeds received are generally restricted to funding a portion of the costs of the acquisition, construction, equipping, and financing of our wood pellet production plant to be located in Epes, Alabama (the “Epes plant”). By virtue of the capital contribution, Bank B is entitled to substantially all of the tax benefits derived from the NMTC, while we effectively received net loan proceeds equal to the capital contribution of $12.8 million. This transaction includes a put/call provision whereby we may be obligated or entitled to repurchase the interest of Bank B in the investment fund, which we believe they will exercise in June 2029. The value attributed to the put/call is de minimis. We determined that the investment fund and CDEs constitute variable interest entities where we are the primary beneficiary, and, as a result, we consolidate those entities. The $31.4 million loan is presented on our condensed consolidated balance sheet within long-term debt and finance lease obligations, while the $12.8 million contribution is presented within other long-term liabilities as we expect the put/call will be exercised for a de minimis value, both net of their proportionate share of direct and incremental transaction costs. As of September 30, 2022, we were in compliance with the covenants and restrictions associated with, and no events of default existed under, the NMTC loans. Epes Tax-Exempt Green Bonds In July 2022, the Industrial Development Authority of Sumter County, Alabama (the “Issuer”) issued its Exempt Facilities Revenue Bonds (the “Epes Tax-Exempt Green Bonds”) in the aggregate principal amount of $250.0 million. The proceeds of the offering were loaned to us pursuant to a Loan and Guaranty Agreement (the “Loan and Guaranty Agreement”) by and among us, the Issuer, and certain of our subsidiaries as guarantors (the “Loan”). The Loan is our senior unsecured obligation and matures in full on July 15, 2052. The Bonds are subject to mandatory tender for purchase by the Company in July 2032 at a purchase price equal to 100% of the principal amount of the Bonds, plus accrued interest. Such prepayment may be required prior to maturity. Borrowings under the Loan and Guaranty Agreement bear interest at a rate equal to 6.00%. Interest is payable in arrears on January 15 and July 15 of each year, commencing on January 15, 2023. The Company’s obligations under the Loan and Guaranty Agreement are guaranteed by most of the Company’s existing subsidiaries and may be guaranteed by certain future restricted subsidiaries. We received net proceeds of $245.9 million after deducting underwriters’ discount, commissions, and expenses. The net proceeds received are generally restricted to funding a portion of the costs of the acquisition, construction, equipping, and financing of the Epes plant. As of September 30, 2022, we were in compliance with the covenants and restrictions associated with, and no events of default existed under, the Epes Tax-Exempt Green Bonds. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company’s provision for income taxes is based on the estimated annual effective tax rate, plus discrete items. The effective tax rate for the three and nine months ended September 30, 2022 was 0.0% and 0.0%, respectively. The effective tax rate for the three and nine months ended September 30, 2021 was 7.5% and 4.4%, respectively. The effective tax rate for the three and nine months ended September 30, 2022 was primarily due to the full valuation allowance against the net deferred tax asset. The effective tax rate for the three and nine months ended September 30, 2021 was driven by the income taxes recorded for the corporate subsidiaries under the partnership structure. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Issuance of Common Shares In January 2022, we issued 4,945,000 shares of common stock at a price of $70.00 per share for total net proceeds of $332.8 million, after deducting $13.4 million of issuance costs. We intend to use the net proceeds of $332.8 million to fund a portion of our capital expenditures related to ongoing development projects. Dividend Reinvestment Pursuant to the dividend reinvestment plan established in connection with the Simplification Transaction, we issued 124,418 shares of common stock in lieu of cash dividends of $8.4 million during the three months ended September 30, 2022 and issued 339,570 shares of common stock in lieu of cash dividends of $24.6 million during the nine months ended September 30, 2022 to the owners of our former sponsor. Cash Dividends and Distributions The following table details cash dividends and distributions paid or declared: Quarter Ended Declaration Date Record Date Payment Date Per Share or Unit (1) September 30, 2021 November 3, 2021 November 15, 2021 November 26, 2021 $ 0.840 December 31, 2021 February 2, 2022 February 14, 2022 February 25, 2022 $ 0.860 March 31, 2022 May 4, 2022 May 16, 2022 May 27, 2022 $ 0.905 June 30, 2022 August 3, 2022 August 15, 2022 August 26, 2022 $ 0.905 September 30, 2022 November 2, 2022 November 14, 2022 November 25, 2022 $ 0.905 (1) Prior to December 31, 2021, distributions were paid by the Partnership. |
Equity-Based Awards
Equity-Based Awards | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Awards | Equity-Based Awards Enviva Inc. Long-Term Incentive Plan (“LTIP”) Employee Awards The following table summarizes information regarding restricted stock unit awards (the “Employee Awards”) under the LTIP: Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Total Employee Awards Restricted Stock Units Units Weighted-Average Grant Date Fair Value (per unit)(1) Units Weighted-Average Grant Date Fair Value (per unit)(1) Units Weighted-Average Grant Date Fair Value (per unit)(1) Nonvested December 31, 2021 1,002,061 $ 40.82 608,117 $ 38.56 1,610,178 $ 39.97 Granted 243,957 $ 71.83 118,389 $ 92.61 362,346 $ 78.62 Forfeitures (78,043) $ 51.01 (24,064) $ 49.02 (102,107) $ 50.54 Vested (255,260) $ 30.25 (158,637) $ 30.24 (413,897) $ 30.24 Nonvested September 30, 2022 912,715 $ 51.16 543,805 $ 47.93 1,456,520 $ 49.96 (1) Determined by dividing the aggregate grant date fair value of awards by the number of units. The unrecognized estimated non-cash equity-based compensation expense relating to outstanding Employee Awards as of September 30, 2022 was $46.2 million, which will be recognized over the remaining vesting period. Director Awards The following table summarizes information regarding restricted stock unit awards to independent directors of the Company under the LTIP: Time-Based Restricted Stock Units Units Weighted-Average Grant Date Fair Value (per unit)(1) Nonvested December 31, 2021 14,234 $ 48.48 Granted 18,732 $ 72.07 Vested (14,219) $ 48.54 Nonvested September 30, 2022 18,747 $ 72.07 (1) Determined by dividing the aggregate grant date fair value of awards by the number of units. Restricted Shares Certain employees previously received Series B units of our former sponsor that were intended to constitute “profits interests” as defined by the Internal Revenue Service that, due to the Simplification Transaction, converted into common units of the Partnership which were then converted into common shares. The common shares subject to restriction will have their restrictions released as follows: one-third on each of December 31, 2022, 2023, and 2024. The unrecognized estimated non-cash equity-based compensation and other expense relating to outstanding common shares subject to restriction as of September 30, 2022 was $35.4 million, which will be recognized over the remaining vesting period. |
Net Loss per Unit
Net Loss per Unit | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Unit | Net Loss per Enviva Inc. Common Share Net loss per basic and diluted Enviva Inc. common share were computed as follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Net loss attributable to Enviva Inc. $ (18,256) $ (90,900) Dividend equivalent rights paid on time-based restricted stock units (840) (2,639) Net loss attributable to Enviva Inc. common stockholders $ (19,096) $ (93,539) Weighted average shares outstanding - basic and diluted 66,724 66,125 Net loss per common share - basic and diluted $ (0.29) $ (1.41) As Holdings was the surviving entity for accounting purposes, the historical financial results prior to the Simplification Transaction are those of Holdings. Given that and the recapitalization, the number of outstanding units for the portion of 2021 prior to the Simplification Transaction constitutes the 16.0 million units issued to the owners of the former sponsor. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Our consolidated financial statements include the accounts of Enviva and its wholly owned subsidiaries and controlled subsidiaries, including variable interest entities in which we are the primary beneficiary as we have the sole power to direct the activities that most impact the economics of the variable interest entities. All intercompany balances and transactions have been eliminated in consolidation. The results reported in the financial statements are not necessarily indicative of the results that may be reported for the entire year. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. | |
Non-Cash Equity based compensation expense | During the three and nine months ended September 30, 2022, the performance-based restricted stock awards granted vest dependent on the total shareholder return for Enviva Inc. relative to the constituents of the S&P 500 index over their respective performance periods. Their grant date fair values were determined using a Monte Carlo multivariate pricing model following standard assumptions. | |
Recently Adopted Accounting Standards | Currently, there are no recently issued accounting standards not yet adopted by us that we expect to be reasonably likely to materially impact our financial position, results of operations, or cash flows. | |
Earnings (Loss) Per Share, Policy | the net loss per Enviva Inc. common share was computed by dividing the net loss attributable to Enviva Inc., after reducing it by the amounts paid for dividend equivalent rights on outstanding time-based restricted stock awards, by the weighted-average number of outstanding Enviva Inc. common shares. |
Transactions Between Entities_2
Transactions Between Entities Under Common Control (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Transactions Between Entities Under Common Control | |
Schedule of changes from change in reporting entity - Balance Sheet [Table Text Block] | The following table presents changes as a result of the Simplification Transaction for the common control entities acquired to previously reported amounts in the unaudited condensed consolidated balance sheet as of September 30, 2021 included in Enviva’s quarterly report on Form 10-Q for the quarter ended September 30, 2021: As of September 30, 2021 As Reported Common Control Entities Acquired Total (Recast) Assets Current assets: Cash and cash equivalents $ 11,792 $ 322,519 $ 334,311 Accounts receivable 86,889 — 86,889 Other accounts receivable — 14,657 14,657 Related-party receivables, net 6,909 (6,909) — Inventories 53,814 4,724 58,538 Prepaid expenses and other current assets 16,055 (9,453) 6,602 Total current assets 175,459 325,538 500,997 Property, plant, and equipment, net 1,395,506 46,501 1,442,007 Operating lease right-of-use assets 58,421 49,208 107,629 Goodwill 99,660 — 99,660 Long-term restricted cash — 1,717 1,717 Other long-term assets 10,645 1,652 12,297 Total assets $ 1,739,691 $ 424,616 $ 2,164,307 Liabilities and Equity Current liabilities: Accounts payable $ 24,698 $ 1,818 $ 26,516 Related-party payables — 900 900 Accrued and other current liabilities 130,543 29,320 159,863 Current portion of interest payable 12,486 1,078 13,564 Current portion of long-term debt and finance lease obligations 11,906 1,049 12,955 Total current liabilities 179,633 34,165 213,798 Long-term debt and finance lease obligations 1,134,706 309,253 1,443,959 Long-term operating lease liabilities 58,566 62,831 121,397 Deferred tax liabilities, net 13,157 8,187 21,344 Other long-term liabilities 26,105 10,957 37,062 Total liabilities 1,412,167 425,393 1,837,560 Commitments and contingencies Total equity 327,524 (777) 326,747 Total liabilities and equity $ 1,739,691 $ 424,616 $ 2,164,307 |
Schedule of changes from change in reporting entity - Income Statement [Table Text Block] | The following tables present the changes as a result of the Simplification Transaction to previously reported amounts in the unaudited interim condensed consolidated statements of operations for the three and nine months ended September 30, 2021 included in Enviva’s quarterly report on Form 10-Q for the quarter ended September 30, 2021: Three Months Ended September 30, 2021 As Reported Common Control Entities Acquired Total (Recast) Net revenue $ 237,398 $ 428 $ 237,826 Income (loss) from operations 10,518 (33,734) (23,216) Net loss (71) (35,752) (35,823) Less net (income) loss attributable to noncontrolling interests (27) 7,826 7,799 Net loss attributable to Enviva Inc. (98) (27,926) (28,024) Nine Months Ended September 30, 2021 As Reported Common Control Entities Acquired Total (Recast) Net revenue $ 763,484 $ 1,926 $ 765,410 Income (loss) from operations 37,038 (78,871) (41,833) Net income (loss) 1,109 (84,958) (83,849) Less net (income) loss attributable to noncontrolling interests (109) 18,731 18,622 Net income (loss) attributable to Enviva Inc. 1,000 (66,227) (65,227) |
Schedule of changes from change in reporting entity - Statement of Cash Flows [Table Text Block] | The following tables present the changes as a result of the Simplification Transaction to previously reported amounts in the unaudited interim condensed consolidated statements of cash flows for the nine months ended September 30, 2021 included in Enviva’s quarterly report on Form 10-Q for the quarter ended September 30, 2021: Nine Months Ended September 30, 2021 As Reported Common Control Entities Acquired Total (Recast) Net cash provided by (used in) operating activities $ 110,700 $ (78,343) $ 32,357 Net cash (used in) provided by investing activities (396,675) 151,502 (245,173) Net cash provided by financing activities 287,763 193,406 481,169 Net increase in cash, cash equivalents, and restricted cash $ 1,788 $ 266,565 $ 268,353 |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties, Including Business and Credit Concentrations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of revenue from major customers | Product sales to third-party customers that accounted for 10% or a greater share of consolidated product sales are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 (Recast) 2022 2021 (Recast) Customer A 14 % 25 % 18 % 34 % Customer B 11 % 3 % 9 % 5 % Customer C 3 % 21 % 9 % 19 % Customer D 16 % 7 % 15 % 9 % Customer E 17 % 19 % 17 % 18 % Customer F 10 % 5 % 10 % 5 % |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following as of: September 30, 2022 December 31, 2021 Raw materials and work-in-process $ 24,563 $ 21,995 Consumable tooling 28,546 22,952 Finished goods 32,950 12,770 Total inventories $ 86,059 $ 57,717 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant, and equipment, net consisted of the following as of: September 30, 2022 December 31, 2021 Land $ 26,318 $ 26,414 Land improvements 65,674 61,850 Buildings 415,099 321,577 Machinery and equipment 1,336,447 859,115 Furniture and office equipment 29,329 24,840 Leasehold improvements 23,362 22,101 Vehicles and others 9,277 8,318 Property, plant, and equipment 1,905,506 1,324,215 Less accumulated depreciation (483,717) (395,618) Property, plant, and equipment, net 1,421,789 928,597 Construction in progress 144,909 569,600 Total property, plant, and equipment, net $ 1,566,698 $ 1,498,197 |
Schedule of depreciation expense and capitalized interest related to construction in progress table | Total depreciation expense and capitalized interest related to construction in progress were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 (Recast) 2022 2021 (Recast) Depreciation expense $ 35,215 $ 23,450 $ 87,047 $ 68,482 Capitalized interest related to construction in progress 5,161 5,612 14,098 13,613 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instrument Detail [Abstract] | |
Schedule of fair values of the derivative financial instruments included in the consolidated balance sheets | The fair value of derivative instruments was as follows as of: Asset (Liability) Balance Sheet Classification September 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments: Foreign currency exchange contracts: Prepaid expenses and other current assets $ — $ 321 Other long-term assets — 309 Accrued and other current liabilities (1,974) (1,456) Other long-term liabilities (1,945) (1,001) (3,919) (1,827) Bunker fuel swap: Prepaid expenses and other current assets 362 — Other long-term assets 484 — 846 — Total derivatives not designated as hedging instruments $ (3,073) $ (1,827) |
Derivative Instruments, Gain (Loss) | Net unrealized and net realized gains and (losses) recorded to earnings were as follows: Three Months Ended September 30, Nine Months Ended September 30, Classification Derivative Instrument 2022 2021 (Recast) 2022 2021 (Recast) Product sales Foreign currency derivatives Unrealized $ (1,850) $ 4,364 $ (2,092) $ 3,566 Product sales Foreign currency derivatives Realized (524) (1,141) 3,543 (3,658) Cost of goods sold Bunker fuel swap Unrealized 1,139 — 846 — Cost of goods sold Bunker fuel swap Realized (31) — (115) — Interest expense Interest rate swap Unrealized — 42 — 114 |
Schedule of notional amounts of outstanding derivative instruments designated as cash flow hedges associated with outstanding or unsettled derivative instruments | The notional amounts of outstanding derivative instruments associated with outstanding or unsettled derivative instruments were as follows as of: September 30, 2022 December 31, 2021 Foreign exchange forward contracts in GBP £ 17,191 £ 57,500 Foreign exchange purchased option contracts in GBP £ — £ 7,275 Foreign exchange forward contracts in EUR € 3,200 € 11,000 Bunker fuel oil swap in MT (not in thousands) 9,800 — |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accrued and other current liabilities consisted of the following as of: September 30, 2022 December 31, 2021 Accrued expenses - compensation and benefits $ 22,325 $ 22,758 Accrued expenses - wood pellet purchases and distribution costs 28,833 34,819 Accrued expenses - operating costs and expenses 44,094 55,463 Accrued capital expenditures 13,548 21,791 Other accrued expenses and other current liabilities 30,294 28,475 Accrued and other current liabilities $ 139,094 $ 163,306 |
Long-Term Debt and Finance Le_2
Long-Term Debt and Finance Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt and capital lease obligations | Long-term debt and finance lease obligations at carrying value consisted of the following as of: September 30, 2022 December 31, 2021 2026 Notes, net of unamortized discount, premium, and debt issuance costs of $2.2 million and $2.6 million as of September 30, 2022 and December 31, 2021, respectively $ 747,842 $ 747,399 Senior secured revolving credit facility 467,000 466,000 Epes Tax-Exempt Green Bond, net of unamortized discount and debt issuance costs of $4.1 million and $0.0 as of September 30, 2022 and December 31, 2021, respectively 245,881 — New Markets Tax Credit loans, net of unamortized discount and debt issuance costs of $2.5 million and $0.0 as of September 30, 2022 and December 31, 2021, respectively 28,920 — Seller Note, net of unamortized discount of $0.2 million and $1.1 million as of September 30, 2022 and December 31, 2021, respectively 17,316 36,442 Other loans 4,086 3,273 Finance leases 23,473 18,432 Total long-term debt and finance lease obligations 1,534,518 1,271,546 Less current portion of long-term debt and finance lease obligations (29,294) (39,105) Long-term debt and finance lease obligations, excluding current installments $ 1,505,224 $ 1,232,441 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of cash distribution paid or declared | The following table details cash dividends and distributions paid or declared: Quarter Ended Declaration Date Record Date Payment Date Per Share or Unit (1) September 30, 2021 November 3, 2021 November 15, 2021 November 26, 2021 $ 0.840 December 31, 2021 February 2, 2022 February 14, 2022 February 25, 2022 $ 0.860 March 31, 2022 May 4, 2022 May 16, 2022 May 27, 2022 $ 0.905 June 30, 2022 August 3, 2022 August 15, 2022 August 26, 2022 $ 0.905 September 30, 2022 November 2, 2022 November 14, 2022 November 25, 2022 $ 0.905 (1) Prior to December 31, 2021, distributions were paid by the Partnership. |
Equity-Based Awards (Tables)
Equity-Based Awards (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Employee Awards | |
Equity-Based Awards | |
Schedule of phantom unit awards | The following table summarizes information regarding restricted stock unit awards (the “Employee Awards”) under the LTIP: Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Total Employee Awards Restricted Stock Units Units Weighted-Average Grant Date Fair Value (per unit)(1) Units Weighted-Average Grant Date Fair Value (per unit)(1) Units Weighted-Average Grant Date Fair Value (per unit)(1) Nonvested December 31, 2021 1,002,061 $ 40.82 608,117 $ 38.56 1,610,178 $ 39.97 Granted 243,957 $ 71.83 118,389 $ 92.61 362,346 $ 78.62 Forfeitures (78,043) $ 51.01 (24,064) $ 49.02 (102,107) $ 50.54 Vested (255,260) $ 30.25 (158,637) $ 30.24 (413,897) $ 30.24 Nonvested September 30, 2022 912,715 $ 51.16 543,805 $ 47.93 1,456,520 $ 49.96 (1) Determined by dividing the aggregate grant date fair value of awards by the number of units. |
Director Awards | |
Equity-Based Awards | |
Schedule of phantom unit awards | The following table summarizes information regarding restricted stock unit awards to independent directors of the Company under the LTIP: Time-Based Restricted Stock Units Units Weighted-Average Grant Date Fair Value (per unit)(1) Nonvested December 31, 2021 14,234 $ 48.48 Granted 18,732 $ 72.07 Vested (14,219) $ 48.54 Nonvested September 30, 2022 18,747 $ 72.07 (1) Determined by dividing the aggregate grant date fair value of awards by the number of units. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | Net loss per basic and diluted Enviva Inc. common share were computed as follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Net loss attributable to Enviva Inc. $ (18,256) $ (90,900) Dividend equivalent rights paid on time-based restricted stock units (840) (2,639) Net loss attributable to Enviva Inc. common stockholders $ (19,096) $ (93,539) Weighted average shares outstanding - basic and diluted 66,724 66,125 Net loss per common share - basic and diluted $ (0.29) $ (1.41) |
Description of Business and B_2
Description of Business and Basis of Presentation - (Details) | 3 Months Ended | ||||
Oct. 14, 2021 shares | Sep. 30, 2022 USD ($) plant | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 $ / shares | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Number of industrial-scale production wood pellet production plants in operation | plant | 10 | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ | $ 8,443,000 | $ 8,349,000 | $ 7,839,000 | ||
Conversion to Corporation | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | ||||
Simplification Transaction | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Common Unit, Issued | 16 | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 9 |
Transactions Between Entities_3
Transactions Between Entities Under Common Control - Recast of Historical Financial Statements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Assets: | |||||||||
Cash and cash equivalents | $ 8,479,000 | $ 8,479,000 | $ 16,801,000 | ||||||
Restricted Cash | 0 | 0 | 1,717,000 | ||||||
Accounts receivable | 118,886,000 | 118,886,000 | 97,439,000 | ||||||
Other accounts receivable | 6,190,000 | 6,190,000 | 17,826,000 | ||||||
Inventories | 86,059,000 | 86,059,000 | 57,717,000 | ||||||
Prepaid expenses and other current assets | 14,107,000 | 14,107,000 | 7,230,000 | ||||||
Total current assets | 233,721,000 | 233,721,000 | 198,730,000 | ||||||
Property, plant and equipment, net | 1,566,698,000 | 1,566,698,000 | 1,498,197,000 | ||||||
Operating lease right-of-use assets | 103,616,000 | 103,616,000 | 108,846,000 | ||||||
Goodwill | 103,928,000 | 103,928,000 | 103,928,000 | ||||||
Other long-term assets | 38,206,000 | 38,206,000 | 14,446,000 | ||||||
Total assets | 2,267,395,000 | 2,267,395,000 | 1,924,147,000 | ||||||
Long-Term Restricted Cash | 221,226,000 | 221,226,000 | 0 | ||||||
Liabilities: | |||||||||
Accounts payable | 30,522,000 | 30,522,000 | 29,535,000 | ||||||
Accrued and other current liabilities | 139,094,000 | 139,094,000 | 163,306,000 | ||||||
Current portion of long-term debt and finance lease obligations | 29,294,000 | 29,294,000 | 39,105,000 | ||||||
Total current liabilities | 214,925,000 | 214,925,000 | 257,006,000 | ||||||
Long-term debt and finance lease obligations | 1,505,224,000 | 1,505,224,000 | 1,232,441,000 | ||||||
Long-term operating lease liabilities | 117,012,000 | 117,012,000 | 122,252,000 | ||||||
Deferred tax liabilities, net | 30,000 | 30,000 | 36,000 | ||||||
Other long-term liabilities | 48,713,000 | 48,713,000 | 41,748,000 | ||||||
Total liabilities | 1,885,904,000 | 1,885,904,000 | 1,653,483,000 | ||||||
Income Statement [Abstract] | |||||||||
Net revenue | 325,660,000 | 854,963,000 | |||||||
Operating Income (Loss) | (1,254,000) | (49,233,000) | |||||||
Net (loss) income | (18,299,000) | $ (27,342,000) | $ (45,307,000) | $ (35,823,000) | $ (24,851,000) | $ (23,175,000) | (90,948,000) | $ (83,849,000) | |
Net Loss Attributable to Noncontrolling Interest | (43,000) | (48,000) | |||||||
Net loss attributable to Enviva Inc. | $ (18,256,000) | (90,900,000) | |||||||
Statement of Cash Flows [Abstract] | |||||||||
Net Cash Provided by (Used in) Operating Activities | (51,552,000) | 32,357,000 | |||||||
Net Cash Provided by (Used in) Investing Activities | (167,449,000) | (245,173,000) | |||||||
Net Cash Provided by (Used in) Financing Activities | 430,188,000 | 481,169,000 | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ 211,187,000 | 268,353,000 | |||||||
Common Control Entities Acquired | |||||||||
Income Statement [Abstract] | |||||||||
Net Loss Attributable to Noncontrolling Interest | 7,799,000 | ||||||||
Simplification Transaction | As Reported | |||||||||
Assets: | |||||||||
Cash and cash equivalents | 11,792,000 | 11,792,000 | |||||||
Accounts receivable | 86,889,000 | 86,889,000 | |||||||
Other accounts receivable | 0 | 0 | |||||||
Due From Related Party Current Net | 6,909,000 | ||||||||
Inventories | 53,814,000 | 53,814,000 | |||||||
Prepaid expenses and other current assets | 16,055,000 | 16,055,000 | |||||||
Total current assets | 175,459,000 | 175,459,000 | |||||||
Property, plant and equipment, net | 1,395,506,000 | 1,395,506,000 | |||||||
Operating lease right-of-use assets | 58,421,000 | 58,421,000 | |||||||
Goodwill | 99,660,000 | 99,660,000 | |||||||
Other long-term assets | 10,645,000 | 10,645,000 | |||||||
Total assets | 1,739,691,000 | 1,739,691,000 | |||||||
Long-Term Restricted Cash | 0 | 0 | |||||||
Liabilities: | |||||||||
Accounts payable | 24,698,000 | 24,698,000 | |||||||
Due to related parties, net | 0 | 0 | |||||||
Accrued and other current liabilities | 130,543,000 | 130,543,000 | |||||||
Current portion of interest payable | 12,486,000 | 12,486,000 | |||||||
Current portion of long-term debt and finance lease obligations | 11,906,000 | 11,906,000 | |||||||
Total current liabilities | 179,633,000 | 179,633,000 | |||||||
Long-term debt and finance lease obligations | 1,134,706,000 | 1,134,706,000 | |||||||
Long-term operating lease liabilities | 58,566,000 | 58,566,000 | |||||||
Deferred tax liabilities, net | 13,157,000 | 13,157,000 | |||||||
Other long-term liabilities | 26,105,000 | 26,105,000 | |||||||
Total liabilities | 1,412,167,000 | 1,412,167,000 | |||||||
Partners' Capital | 327,524,000 | 327,524,000 | |||||||
Liabilities and Partners Capital | 1,739,691,000 | 1,739,691,000 | |||||||
Income Statement [Abstract] | |||||||||
Net revenue | 237,398,000 | 763,484,000 | |||||||
Operating Income (Loss) | 10,518,000 | 37,038,000 | |||||||
Net (loss) income | (71,000) | 1,109,000 | |||||||
Net Loss Attributable to Noncontrolling Interest | (27,000) | (109,000) | |||||||
Net loss attributable to Enviva Inc. | (98,000) | 1,000,000 | |||||||
Statement of Cash Flows [Abstract] | |||||||||
Net Cash Provided by (Used in) Operating Activities | 110,700,000 | ||||||||
Net Cash Provided by (Used in) Investing Activities | (396,675,000) | ||||||||
Net Cash Provided by (Used in) Financing Activities | 287,763,000 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,788,000 | ||||||||
Simplification Transaction | Common Control Entities Acquired | |||||||||
Assets: | |||||||||
Cash and cash equivalents | 322,519,000 | 322,519,000 | |||||||
Accounts receivable | 0 | 0 | |||||||
Other accounts receivable | 14,657,000 | 14,657,000 | |||||||
Due From Related Party Current Net | (6,909,000) | ||||||||
Inventories | 4,724,000 | 4,724,000 | |||||||
Prepaid expenses and other current assets | (9,453,000) | (9,453,000) | |||||||
Total current assets | 325,538,000 | 325,538,000 | |||||||
Property, plant and equipment, net | 46,501,000 | 46,501,000 | |||||||
Operating lease right-of-use assets | 49,208,000 | 49,208,000 | |||||||
Goodwill | 0 | 0 | |||||||
Other long-term assets | 1,652,000 | 1,652,000 | |||||||
Total assets | 424,616,000 | 424,616,000 | |||||||
Long-Term Restricted Cash | 1,717,000 | 1,717,000 | |||||||
Liabilities: | |||||||||
Accounts payable | 1,818,000 | 1,818,000 | |||||||
Due to related parties, net | 900,000 | 900,000 | |||||||
Accrued and other current liabilities | 29,320,000 | 29,320,000 | |||||||
Current portion of interest payable | 1,078,000 | 1,078,000 | |||||||
Current portion of long-term debt and finance lease obligations | 1,049,000 | 1,049,000 | |||||||
Total current liabilities | 34,165,000 | 34,165,000 | |||||||
Long-term debt and finance lease obligations | 309,253,000 | 309,253,000 | |||||||
Long-term operating lease liabilities | 62,831,000 | 62,831,000 | |||||||
Deferred tax liabilities, net | 8,187,000 | 8,187,000 | |||||||
Other long-term liabilities | 10,957,000 | 10,957,000 | |||||||
Total liabilities | 425,393,000 | 425,393,000 | |||||||
Partners' Capital | (777,000) | (777,000) | |||||||
Liabilities and Partners Capital | 424,616,000 | 424,616,000 | |||||||
Income Statement [Abstract] | |||||||||
Net revenue | 428,000 | 1,926,000 | |||||||
Operating Income (Loss) | (33,734,000) | (78,871,000) | |||||||
Net (loss) income | (35,752,000) | (84,958,000) | |||||||
Net Loss Attributable to Noncontrolling Interest | 7,826,000 | 18,731,000 | |||||||
Net loss attributable to Enviva Inc. | (27,926,000) | (66,227,000) | |||||||
Statement of Cash Flows [Abstract] | |||||||||
Net Cash Provided by (Used in) Operating Activities | (78,343,000) | ||||||||
Net Cash Provided by (Used in) Investing Activities | 151,502,000 | ||||||||
Net Cash Provided by (Used in) Financing Activities | 193,406,000 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 266,565,000 | ||||||||
Simplification Transaction | Total (Recast) | |||||||||
Assets: | |||||||||
Cash and cash equivalents | 334,311,000 | 334,311,000 | |||||||
Accounts receivable | 86,889,000 | 86,889,000 | |||||||
Other accounts receivable | 14,657,000 | 14,657,000 | |||||||
Due From Related Party Current Net | $ 0 | ||||||||
Inventories | 58,538,000 | 58,538,000 | |||||||
Prepaid expenses and other current assets | 6,602,000 | 6,602,000 | |||||||
Total current assets | 500,997,000 | 500,997,000 | |||||||
Property, plant and equipment, net | 1,442,007,000 | 1,442,007,000 | |||||||
Operating lease right-of-use assets | 107,629,000 | 107,629,000 | |||||||
Goodwill | 99,660,000 | 99,660,000 | |||||||
Other long-term assets | 12,297,000 | 12,297,000 | |||||||
Total assets | 2,164,307,000 | 2,164,307,000 | |||||||
Long-Term Restricted Cash | 1,717,000 | 1,717,000 | |||||||
Liabilities: | |||||||||
Accounts payable | 26,516,000 | 26,516,000 | |||||||
Due to related parties, net | 900,000 | 900,000 | |||||||
Accrued and other current liabilities | 159,863,000 | 159,863,000 | |||||||
Current portion of interest payable | 13,564,000 | 13,564,000 | |||||||
Current portion of long-term debt and finance lease obligations | 12,955,000 | 12,955,000 | |||||||
Total current liabilities | 213,798,000 | 213,798,000 | |||||||
Long-term debt and finance lease obligations | 1,443,959,000 | 1,443,959,000 | |||||||
Long-term operating lease liabilities | 121,397,000 | 121,397,000 | |||||||
Deferred tax liabilities, net | 21,344,000 | 21,344,000 | |||||||
Other long-term liabilities | 37,062,000 | 37,062,000 | |||||||
Total liabilities | 1,837,560,000 | 1,837,560,000 | |||||||
Partners' Capital | 326,747,000 | 326,747,000 | |||||||
Liabilities and Partners Capital | 2,164,307,000 | 2,164,307,000 | |||||||
Income Statement [Abstract] | |||||||||
Net revenue | 237,826,000 | 765,410,000 | |||||||
Operating Income (Loss) | (23,216,000) | (41,833,000) | |||||||
Net (loss) income | (35,823,000) | (83,849,000) | |||||||
Net Loss Attributable to Noncontrolling Interest | 18,622,000 | ||||||||
Net loss attributable to Enviva Inc. | $ (28,024,000) | (65,227,000) | |||||||
Statement of Cash Flows [Abstract] | |||||||||
Net Cash Provided by (Used in) Operating Activities | 32,357,000 | ||||||||
Net Cash Provided by (Used in) Investing Activities | (245,173,000) | ||||||||
Net Cash Provided by (Used in) Financing Activities | 481,169,000 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ 268,353,000 |
Revenue - Performance Obligatio
Revenue - Performance Obligation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations | $ 19,300,000,000 | $ 19,300,000,000 | ||
Revenue recognized related to performance obligation satisfied in previous periods | $ 700,000 | $ 100,000 | $ 300,000 | $ 400,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligation, percentage | 3% | 3% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months | 3 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligation, percentage | 8% | 8% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year 3 months | 1 year 3 months |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Accounts receivable related to product sales | $ 111,600,000 | $ 91,300,000 |
Deferred revenue related to off-take contracts | 400,000 | |
Contract with Customer, Asset, after Allowance for Credit Loss | 17,500,000 | |
Cost of goods sold | ||
Disaggregation of Revenue [Line Items] | ||
Recoverable Distribution Costs | 7,300,000 | 6,100,000 |
Not yet billable pending finalization of prerequisite billing documentation | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable related to product sales | $ 97,200,000 | $ 61,300,000 |
Significant Risks and Uncerta_3
Significant Risks and Uncertainties, Including Business and Credit Concentrations (Details) - Product sales - Percentage of sales | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Concentration Risk | ||||
Concentration Risk Threshold Percentage | 10% | |||
Customer A | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 14% | 18% | ||
Customer A | Recast | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 25% | 34% | ||
Customer B | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 11% | 9% | ||
Customer B | Recast | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 3% | 5% | ||
Customer C | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 3% | 9% | ||
Customer C | Recast | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 21% | 19% | ||
Customer D | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 16% | 15% | ||
Customer D | Recast | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 7% | 9% | ||
Customer E | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 17% | 17% | ||
Customer E | Recast | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 19% | 18% | ||
Customer F | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 10% | 10% | ||
Customer F | Recast | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 5% | 5% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials and work-in-process | $ 24,563 | $ 21,995 |
Consumable tooling | 28,546 | 22,952 |
Finished goods | 32,950 | 12,770 |
Total inventories | $ 86,059 | $ 57,717 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 1,905,506 | $ 1,905,506 | $ 1,324,215 | ||
Less accumulated depreciation | (483,717) | (483,717) | (395,618) | ||
Property, plant and equipment, net | 1,421,789 | 1,421,789 | 928,597 | ||
Construction in progress | 144,909 | 144,909 | 569,600 | ||
Total property, plant and equipment, net | 1,566,698 | 1,566,698 | 1,498,197 | ||
Total depreciation expense | 35,215 | 87,047 | |||
Interest capitalized related to construction in progress | 5,161 | 14,098 | |||
Loss on disposal of assets | 4,035 | 7,218 | $ 7,261 | ||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 26,318 | 26,318 | 26,414 | ||
Land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 65,674 | 65,674 | 61,850 | ||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 415,099 | 415,099 | 321,577 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 1,336,447 | 1,336,447 | 859,115 | ||
Furniture and office equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 29,329 | 29,329 | 24,840 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 23,362 | 23,362 | 22,101 | ||
Vehicles and ohter transportation | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 9,277 | $ 9,277 | $ 8,318 | ||
Recast | |||||
Property, Plant and Equipment [Line Items] | |||||
Total depreciation expense | $ 23,450 | 68,482 | |||
Interest capitalized related to construction in progress | 5,612 | 13,613 | |||
Loss on disposal of assets | $ 3,916 | $ 7,261 |
Derivative Instruments Realized
Derivative Instruments Realized and Unrealized Gains and Losses and Net Settlement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative settlement termination payment amount | $ 4,000,000 | $ 4,000,000 | ||
Increase (Decrease) From Recorded Fair Value Of Net Derivative Settlement Termination Payment Amoun | 100,000 | 100,000 | ||
Interest rate swap | Other income (expense) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | ||
Interest rate swap | Other income (expense) | Recast | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 42,000 | $ 114,000 | ||
Bunker fuel swap | Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,139,000 | 846,000 | ||
Realized gains on derivatives | (31,000) | (115,000) | ||
Bunker fuel swap | Cost of goods sold | Recast | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | ||
Realized gains on derivatives | 0 | 0 | ||
Foreign Exchange Contract | Product sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,850,000) | (2,092,000) | ||
Realized gains on derivatives | $ (524,000) | $ 3,543,000 | ||
Foreign Exchange Contract | Product sales | Recast | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 4,364,000 | 3,566,000 | ||
Realized gains on derivatives | $ (1,141,000) | $ (3,658,000) |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivatives designated as cash flow hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | $ 3,983,000 | $ 7,649,000 | |||
Foreign Exchange Contract | Product sales | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Realized gains on derivatives | $ (524,000) | 3,543,000 | |||
Foreign Exchange Contract | Recast | Product sales | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Realized gains on derivatives | $ (1,141,000) | (3,658,000) | |||
Bunker fuel swap | Cost of goods sold | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Realized gains on derivatives | (31,000) | (115,000) | |||
Bunker fuel swap | Recast | Cost of goods sold | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Realized gains on derivatives | $ 0 | $ 0 | |||
Not designated as hedging instruments: | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Derivative Assets (Liabilities), at Fair Value, Net | (3,073,000) | (3,073,000) | $ (1,827,000) | ||
Not designated as hedging instruments: | Foreign Exchange Contract | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Derivative Assets (Liabilities), at Fair Value, Net | (3,919,000) | (3,919,000) | (1,827,000) | ||
Not designated as hedging instruments: | Bunker fuel swap | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Derivative Assets (Liabilities), at Fair Value, Net | 846,000 | 846,000 | 0 | ||
Not designated as hedging instruments: | Prepaid expenses and other current assets | Foreign Exchange Contract | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Asset Derivatives | 0 | 0 | 321,000 | ||
Not designated as hedging instruments: | Prepaid expenses and other current assets | Bunker fuel swap | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Asset Derivatives | 362,000 | 362,000 | 0 | ||
Not designated as hedging instruments: | Other long-term assets | Foreign Exchange Contract | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Asset Derivatives | 0 | 0 | 309,000 | ||
Not designated as hedging instruments: | Other long-term assets | Bunker fuel swap | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Asset Derivatives | 484,000 | 484,000 | 0 | ||
Not designated as hedging instruments: | Accrued and Other Current Liabilities | Foreign Exchange Contract | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Liability Derivatives | (1,974,000) | (1,974,000) | (1,456,000) | ||
Not designated as hedging instruments: | Other long-term liabilities | Foreign Exchange Contract | |||||
Derivatives designated as cash flow hedging instruments: | |||||
Liability Derivatives | $ (1,945,000) | $ (1,945,000) | $ (1,001,000) |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts (Details) € in Thousands, £ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 GBP (£) MT | Jun. 30, 2022 MT | Sep. 30, 2022 EUR (€) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 EUR (€) | |
Notional amounts of outstanding derivatives instruments designated as cash flow hedges | |||||
Derivative, Nonmonetary Notional Amount, Mass | MT | 9,800,000 | 0 | |||
Foreign currency exchange forward contracts | |||||
Notional amounts of outstanding derivatives instruments designated as cash flow hedges | |||||
Derivative, Notional Amount | £ 17,191 | € 3,200 | £ 57,500 | € 11,000 | |
Foreign currency purchased option contracts | |||||
Notional amounts of outstanding derivatives instruments designated as cash flow hedges | |||||
Derivative, Notional Amount | £ | £ 0 | £ 7,275 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Employee Benefits | $ 22,325 | $ 22,758 |
Accrued and other current liabilities | 139,094 | 163,306 |
Wood pellet purchases and distribution costs | ||
Other Accrued Liabilities, Current | 28,833 | 34,819 |
Operating costs and expenses | ||
Other Accrued Liabilities, Current | 44,094 | 55,463 |
Accrued capital expenditures | ||
Other Accrued Liabilities, Current | 13,548 | 21,791 |
Other accrued liabilities and expenses | ||
Other Accrued Liabilities, Current | $ 30,294 | $ 28,475 |
Long-Term Debt and Finance Le_3
Long-Term Debt and Finance Lease Obligations - Finance Lease Obligation Table (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Unamortized discount, premium and debt issuance | $ 2,200,000 | $ 2,600,000 |
Total long-term debt and finance lease obligations | 1,534,518,000 | |
Long-term debt and finance lease obligations | 1,505,224,000 | 1,232,441,000 |
Recast | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Total long-term debt and finance lease obligations | 1,271,546,000 | |
Long-term debt, finance lease obligation and related party note payable, current portion | (29,294,000) | (39,105,000) |
Long-term debt and finance lease obligations | 1,232,441,000 | |
Seller Note | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Long term debt | 17,316,000 | |
Seller Note | Recast | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Long term debt | 36,442,000 | |
Other loans | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Long term debt | 4,086,000 | |
Other loans | Recast | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Long term debt | 3,273,000 | |
Finance leases | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Total present value of lease liabilities | 23,473,000 | |
Finance leases | Recast | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Total present value of lease liabilities | 18,432,000 | |
2026 notes | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Long term debt | 747,842,000 | |
2026 notes | Recast | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Long term debt | 747,399,000 | |
Revolving credit commitments | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Outstanding Borrowings-senior secured revolving credit facility | 467,000,000 | |
Revolving credit commitments | Recast | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Outstanding Borrowings-senior secured revolving credit facility | 466,000,000 | |
New Market Tax Credit loan | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Long term debt | 28,920,000 | 0 |
Unamortized discount and debt issuance costs | 2,500,000 | 0 |
Seller Note | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Unamortized Discount | 200,000 | 1,100,000 |
Tax-exemp green bond | ||
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | ||
Long term debt | 245,881,000 | 0 |
Unamortized discount and debt issuance costs | $ 4,100,000 | $ 0 |
Long-Term Debt and Finance Le_4
Long-Term Debt and Finance Lease Obligations - Senior Notes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||
Gross proceeds from debt issuance | $ 278,571 | $ 321,750 |
Long-Term Debt and Finance Le_5
Long-Term Debt and Finance Lease Obligations - Senior Secured Credit Facilities (Details) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,900,000 | $ 99,800,000 |
Letters of credit outstanding | $ 5,100,000 | $ 4,200,000 |
Eighth Amendment to the Senior Secured Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total Leverage Ratio | 5 | |
Leverage ratio during material transaction period | 5.25 | |
Ninth Amendment to the Senior Secured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Leverage Ratio | 5.5 | |
Leverage ratio during material transaction period | 5.75 |
Long-Term Debt and Finance Le_6
Long-Term Debt and Finance Lease Obligations - NMTC Loans (Details) - USD ($) | Jun. 27, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Long-term debt and finance lease obligations | $ 1,505,224,000 | $ 1,232,441,000 | |
Other long-term liabilities | 48,713,000 | $ 41,748,000 | |
New Market Tax Credits | |||
Debt Instrument [Line Items] | |||
Long-term debt and finance lease obligations | 31.4 | ||
Other long-term liabilities | $ 12.8 | ||
Loan to investment fund | $ 31.4 | ||
Contribution to community development entities | $ 42 | ||
Debt, Weighted Average Interest Rate | 290% | ||
New Market Tax Credits | Bank B | |||
Debt Instrument [Line Items] | |||
Capital contribution to fund | $ 12.8 | ||
New Market Tax Credits | Maximum | |||
Debt Instrument [Line Items] | |||
Federal tax credits, percent allowed | 3,900% | ||
New Market Tax Credit | Bank A | |||
Debt Instrument [Line Items] | |||
Notes Payable, Noncurrent | $ 31.4 | ||
Debt maturity | New Market Tax Credits | |||
Debt Instrument [Line Items] | |||
Contribution to community development entities | 34.1 | ||
Prepayment of debt | New Market Tax Credits | |||
Debt Instrument [Line Items] | |||
Contribution to community development entities | 7.9 | ||
Capital contribution | New Market Tax Credits | |||
Debt Instrument [Line Items] | |||
Net loan proceeds | $ 12.8 |
Long-Term Debt and Finance Le_7
Long-Term Debt and Finance Lease Obligations - Epes Tax-Exempt Green Bond (Details) - Tax-exemp green bond | Jul. 15, 2022 USD ($) |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 250 |
Interest rate (as a percent) | 600% |
Net proceeds debt issuance | $ 245,900,000 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income tax (benefit) expense at statutory federal income tax rate | $ 0 | $ 0.075 | $ 0 | $ 0.044 |
Equity - Issuance of common sha
Equity - Issuance of common shares (Details) - USD ($) | 9 Months Ended | ||
Jan. 19, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | |||
Common Stock, Shares, Issued | 4,945,000 | ||
Shares Issued, Price Per Share | $ 70 | ||
Issuance costs | $ 13.4 | ||
Proceeds from Issuance of Common Stock | $ 332.8 | $ 332,970,000 | $ 214,831,000 |
Equity - Cash Distributions to
Equity - Cash Distributions to Shareholders/Unitholders (Details) - $ / shares | 3 Months Ended | |||||||||
Nov. 02, 2022 | Aug. 03, 2022 | [1] | May 04, 2022 | [1] | Feb. 02, 2022 | Nov. 03, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | ||
Distribution per unit | ||||||||||
Cash distribution declared (in dollars per unit) | [1] | $ 0.860 | $ 0.840 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.905 | $ 0.905 | $ 0.905 | $ 0.860 | ||||||
Subsequent Event - Restricted Stock Shares | ||||||||||
Distribution per unit | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.905 | |||||||||
[1]Prior to December 31, 2021, distributions were paid by the Partnership. |
Equity - Dividend Reinvestment
Equity - Dividend Reinvestment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | |
Other Ownership Interests [Line Items] | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 8,443,000 | $ 8,349,000 | $ 7,839,000 | |
Dividend Reinvestment | ||||
Other Ownership Interests [Line Items] | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 124,418 | 339,570 | ||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 8,400,000 | $ 24,600,000 |
Equity-Based Awards Equity-Base
Equity-Based Awards Equity-Based Awards Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity-Based Awards | |||
Payment for withholding tax | $ 16,812 | $ 10,756 | |
Employee Awards | |||
Equity-Based Awards | |||
Vested (in units) | 413,897 | ||
Granted (in units) | 362,346 | ||
Unrecognized estimated compensation cost | $ 46,200 | $ 46,200 | |
Employee Awards | Time-Based Phantom Units | |||
Equity-Based Awards | |||
Vested (in units) | 255,260 | ||
Granted (in units) | 243,957 | ||
Employee Awards | Performance-Based Phantom Units | |||
Equity-Based Awards | |||
Vested (in units) | 158,637 | ||
Granted (in units) | 118,389 | ||
Director Awards | |||
Equity-Based Awards | |||
Vested (in units) | 14,219 | ||
Granted (in units) | 18,732 |
Equity-Based Awards Equity-Ba_2
Equity-Based Awards Equity-Based Awards Schedule of Phantom Unit Awards (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | ||
Employee Awards | |||
Equity-Based Awards-Schedule of Phantom Unit Awards [Roll Forward] | |||
Nonvested at the beginning of the period (in units) | 1,610,178 | ||
Granted (in units) | 362,346 | ||
Forfeitures (in units) | (102,107) | ||
Vested (in units) | (413,897) | ||
Nonvested at the end of the period (in units) | 1,456,520 | 1,456,520 | |
Equity-Based Awards-Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested at the beginning of the period (in dollars per unit) | [1] | $ 39.97 | |
Granted (in dollars per unit) | [1] | 78.62 | |
Forfeitures (in dollar per unit) | [1] | 50.54 | |
Vested (in dollars per unit) | [1] | 30.24 | |
Nonvested at the end of the period (in dollars per unit) | [1] | $ 49.96 | $ 49.96 |
Employee Awards | Time-Based Phantom Units | |||
Equity-Based Awards-Schedule of Phantom Unit Awards [Roll Forward] | |||
Nonvested at the beginning of the period (in units) | 1,002,061 | ||
Granted (in units) | 243,957 | ||
Forfeitures (in units) | (78,043) | ||
Vested (in units) | (255,260) | ||
Nonvested at the end of the period (in units) | 912,715 | 912,715 | |
Equity-Based Awards-Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested at the beginning of the period (in dollars per unit) | [1] | $ 40.82 | |
Granted (in dollars per unit) | [1] | 71.83 | |
Forfeitures (in dollar per unit) | [1] | 51.01 | |
Vested (in dollars per unit) | [1] | 30.25 | |
Nonvested at the end of the period (in dollars per unit) | [1] | $ 51.16 | $ 51.16 |
Employee Awards | Performance-Based Phantom Units | |||
Equity-Based Awards-Schedule of Phantom Unit Awards [Roll Forward] | |||
Nonvested at the beginning of the period (in units) | 608,117 | ||
Granted (in units) | 118,389 | ||
Forfeitures (in units) | (24,064) | ||
Vested (in units) | (158,637) | ||
Nonvested at the end of the period (in units) | 543,805 | 543,805 | |
Equity-Based Awards-Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested at the beginning of the period (in dollars per unit) | [1] | $ 38.56 | |
Granted (in dollars per unit) | [1] | 92.61 | |
Forfeitures (in dollar per unit) | [1] | 49.02 | |
Vested (in dollars per unit) | [1] | 30.24 | |
Nonvested at the end of the period (in dollars per unit) | [1] | $ 47.93 | $ 47.93 |
Director Awards | |||
Equity-Based Awards-Schedule of Phantom Unit Awards [Roll Forward] | |||
Nonvested at the beginning of the period (in units) | 14,234 | ||
Granted (in units) | 18,732 | ||
Vested (in units) | (14,219) | ||
Nonvested at the end of the period (in units) | 18,747 | 18,747 | |
Equity-Based Awards-Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested at the beginning of the period (in dollars per unit) | [1] | $ 48.48 | |
Granted (in dollars per unit) | [1] | $ 72.07 | |
Vested (in dollars per unit) | [1] | 48.54 | |
Nonvested at the end of the period (in dollars per unit) | [1] | $ 72.07 | $ 72.07 |
[1]Determined by dividing the aggregate grant date fair value of awards by the number of units. |
Equity-Based Awards-Restricted
Equity-Based Awards-Restricted Shares (Details) | Sep. 30, 2022 USD ($) |
Series B | |
Class of Stock [Line Items] | |
Unrecognized estimated compensation cost | $ 35,400,000 |
Net Loss per Share_Unit- (Detai
Net Loss per Share/Unit- (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Oct. 14, 2021 | ||||
Net income (loss) | $ (18,256,000) | $ (90,900,000) | |||||
Dividend equivalent rights paid on time-based restricted stock units | (840,000) | (2,639,000) | |||||
Net loss attributable to Enviva Inc. common stockholders | $ (19,096,000) | $ (93,539,000) | |||||
Common - basic and diluted (in units) | 66,724,000 | [1] | 66,125,000 | [1] | 16,000,000 | ||
Basic income (loss) per limited partner common unit (in dollars per unit) | [1] | $ (0.29) | $ (1.41) | ||||
Simplification Transaction | Our Former Sponsor | |||||||
Common Unit, Issued | 16 | ||||||
[1]Effective December 31, 2021, units were converted into shares due to the Company’s conversion from a partnership to a corporation. |