December 10, 2016 7:49 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Enviva Partners, LP

Company Overview

Enviva Partners, LP produces and supplies utility-grade wood pellets to power generators. Enviva Partners GP, LLC operates as the general partner of the company. Enviva Partners, LP was founded in 2013 and is based in Bethesda, Maryland.

7200 Wisconsin Avenue

Suite 1000

Bethesda, MD 20814

United States

Founded in 2013

569 Employees

Phone:

301-657-5560

Key Executives for Enviva Partners, LP

Chairman of Enviva Partners GP LLC, Chief Executive Officer of Enviva Partners GP LLC and President of Enviva Partners GP LLC
Age: 45
Total Annual Compensation: $470.6K
Chief Financial Officer of Enviva Partners GP LLC and Executive Vice President of Enviva Partners GP LLC
Age: 57
Total Annual Compensation: $522.7K
Vice President of Operations - Enviva Partners GP LLC
Age: 43
Total Annual Compensation: $448.0K
Compensation as of Fiscal Year 2015.

Enviva Partners, LP Key Developments

Envivia Partners L.P. Presents at Drexel Hamilton Emerging Growth Conference, Dec-01-2016 03:00 PM

Envivia Partners L.P. Presents at Drexel Hamilton Emerging Growth Conference, Dec-01-2016 03:00 PM. Venue: 77 Water Street, New York, New York, United States. Speakers: John K. Keppler, Chairman of Enviva Partners GP LLC, Chief Executive Officer of Enviva Partners GP LLC and President of Enviva Partners GP LLC.

Enviva Partners, LP Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Year Ending December 31, 2016 and December 31, 2017

Enviva Partners, LP reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net revenue of $109,774,000 against $116,588,000 a year ago. Income from operations was $16,375,000 against $11,629,000 a year ago. Income before income tax expense was $13,012,000 against $8,793,000 a year ago. Net income attributable to the company was $13,033,000 against $8,807,000 a year ago. Net income per diluted unit was $0.50 against $0.27 a year ago. Adjusted EBITDA improved to $25,469,000, a 28.9% increase compared to the corresponding period in 2015 adjusted EBITDA of $19,766,000. The increases in gross margin, net income, and adjusted EBITDA were driven by increased other revenue, partially offset by lower wood pellet sales volumes as a result of shipment timing. Adjusted EBITDA was $25,469,000 against $19,766,000 a year ago. Distributable cash flow attributable to the company was $21,175,000 against $15,487,000 a year ago. For the nine months, the company reported net revenue of $336,735,000 against $340,561,000 a year ago. Income from operations was $42,333,000 against $30,150,000 a year ago. Income before income tax expense was $32,511,000 against $16,836,000 a year ago. Net income attributable to the company was $32,580,000 against $14,199,000 a year ago. Net income per diluted unit was $1.26 against $0.50 a year ago. Net cash provided by operating activities was $67,612,000 against $44,963,000 a year ago. Purchases of property, plant and equipment was $7,735,000 against $5,262,000 a year ago. Adjusted EBITDA was $67,426,000 against $55,727,000 a year ago. Distributable cash flow attributable to the company was $55,911,000 against $44,818,000 a year ago. The company has adjusted its full-year ending December 31, 2016 guidance to reflect the additional interest expense associated with the senior notes used to pre-fund the Sampson acquisition. The company now expects full-year 2016 net income to be in the range of $34.0 million to $36.0 million, while adjusted EBITDA is now expected to be in or slightly above the range of $86.0 million to $88.0 million. The company expects to incur maintenance capital expenditures of $4.0 million and interest expense net of amortization of debt issuance costs and original issue discount of $16.0 million in 2016. As a result, the company expects full-year distributable cash flow to be in the range of $66.0 million to $68.0 million, prior to any distributions attributable to incentive distribution rights paid to the general partner. Depreciation and amortization of $27.1 million, interest expense of $18.0 million, asset impairments and disposals of $2.1 million and interest expense net of amortization of debt issuance costs and original issue discount of$16.0 million. For the year ending December 31, 2017, the company expects net income in the range of $31.0 million to $35.0 million, estimated adjusted EBITDA in the range of $110.0 million to $114.0 million, estimated distributable cash flow in the range of $76.0 million to $80.0 million, depreciation and amortization of $34.5 million, interest expense of $31.3 million, non-cash unit compensation expense of $6.6 million, asset impairments and disposals of $4.0 million, interest expense net of amortization of debt issuance costs and original issue discount of $29.0 million and maintenance capital expenditures of $5.0 million.

Enviva Partners, LP Declares Distribution for the Third Quarter of 2016, Payable on November 29, 2016

Enviva Partners, LP (the “Partnership") announced that the board of directors of its general partner declared a quarterly distribution of $0.5300 per common and subordinated unit for the third quarter of 2016, representing a $0.005 increase from the Partnership’s second quarter distribution. The quarterly distribution will be paid on November 29, 2016, to unitholders of record as of the close of business November 14, 2016.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 17, 2016
Enviva Pellets Sampson, LLC
Merger/Acquisition
December 14, 2015
Enviva Wilmington Holdings, LLC, Southampton Drop-Down
 

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