10-Q 1 eva-20220930.htm 10-Q eva-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission file number 001-37363
eva-20220930_g1.jpg
Enviva Inc.
(Exact name of registrant as specified in its charter)
Delaware46-4097730
(State or other jurisdiction(I.R.S. Employer
of incorporation or organization)Identification No.)
7272 Wisconsin Ave.Suite 1800
Bethesda,MD20814
(Address of principal executive offices)(Zip code)
(301)657-5560
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common StockEVANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒Accelerated filer
Non-accelerated filer ☐Smaller reporting company
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No
As of October 28, 2022, 66,804,428 shares of common stock were outstanding.


ENVIVA INC.
QUARTERLY REPORT ON FORM 10‑Q
TABLE OF CONTENTS
i

CAUTIONARY STATEMENT REGARDING FORWARD‑LOOKING STATEMENTS
Certain statements and information in this Quarterly Report on Form 10‑Q (this “Quarterly Report”) may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward‑looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from those in our historical experience and our present expectations or projections. Factors that could cause our actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:
the volume and quality of products that we are able to produce or source and sell, which could be adversely affected by, among other things, operating or technical difficulties at our wood pellet production plants or deep-water marine terminals;
the prices at which we are able to sell our products;
failure of our customers, vendors, and shipping partners to pay or perform their contractual obligations to us;
our inability to successfully execute our project development, capacity expansion, and new facility construction activities on time and within budget;
the creditworthiness of our contract counterparties;
the amount of low-cost wood fiber that we are able to procure and process, which could be adversely affected by, among other things, disruptions in supply or operating or financial difficulties suffered by our suppliers;
our ability to successfully negotiate, complete, and integrate third-party acquisitions, or to realize the anticipated benefits of such acquisitions;
changes in the price and availability of natural gas, coal, diesel, oil, gasoline, or other sources of energy;
changes in prevailing domestic and global economic, political, and market conditions, including the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict, rising inflation levels and government efforts to reduce inflation, or a prolonged recession;
inclement or hazardous environmental conditions, including extreme precipitation, temperatures, and flooding;
fires, explosions, or other accidents;
changes in domestic and foreign laws and regulations (or the interpretation thereof) related to renewable or low-carbon energy, the forestry products industry, the international shipping industry, or power, heat, or combined heat and power generators;
changes in domestic and foreign tax laws and regulations affecting the taxation of our business, and investors;
changes in the regulatory treatment of biomass in core and emerging markets;
our inability to acquire or maintain necessary permits or rights for our production, transportation, or terminaling operations;
changes in the price and availability of transportation;
changes in foreign currency exchange or interest rates and the failure of our hedging arrangements to effectively reduce our exposure to related risks;
risks related to our indebtedness, including the levels, and maturity date of such indebtedness;
our failure to maintain effective quality control systems at our wood pellet production plants and deep-water marine terminals, which could lead to the rejection of our products by our customers;
changes in the quality specifications for our products required by our customers;
1

labor disputes, unionization, or similar collective actions;
our inability to hire, train, or retain qualified personnel to manage and operate our business and newly acquired assets;
the possibility of cyber and malware attacks;
our inability to borrow funds and access capital markets; and
viral contagions or pandemic diseases, such as COVID-19.
Please read the risks described in our Annual Report on Form 10-K for the year ended December 31, 2021 and the risk factors included herein in Item 1A. Risk Factors. All forward-looking statements in this Quarterly Report are expressly qualified in their entirety by the foregoing cautionary statements.
Readers are cautioned not to place undue reliance on forward-looking statements and we undertake no obligation to update or revise any such statements after the date they are made, whether as a result of new information, future events or otherwise.
2

GLOSSARY OF TERMS
biomass: any organic biological material derived from living organisms that stores energy from the sun.
co-fire: the combustion of two different types of materials at the same time. For example, biomass is sometimes fired in combination with coal in existing coal plants.
cost pass-through mechanism: a provision in commercial contracts that passes costs through to the purchaser.
metric ton: one metric ton, which is equivalent to 1,000 kilograms and 1.1023 short tons.
nameplate: the intended full-load sustained maximum rated output of production.
off-take contract: an agreement concerning the purchase and sale of a certain volume of future production of a given resource such as wood pellets.
ramp: the process by which a plant increases production following startup for a period of time until full nameplate production capacity is demonstrated.
utility-grade wood pellets: wood pellets meeting minimum requirements generally specified by industrial consumers and produced and sold in sufficient quantities to satisfy industrial‑scale consumption.
wood fiber: cellulosic elements that are extracted from trees and used to make various materials, including paper. In North America, wood fiber is primarily extracted from hardwood (deciduous) trees and softwood (coniferous) trees.
wood pellets: energy-dense, low-moisture, and uniformly sized units of wood fuel produced from processing various wood resources or byproducts.
3

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
ENVIVA INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except par value and number of shares)
September 30, 2022December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$8,479 $16,801 
Restricted cash 1,717 
Accounts receivable, net118,886 97,439 
Other accounts receivable6,190 17,826 
Inventories86,059 57,717 
Prepaid expenses and other current assets14,107 7,230 
Total current assets233,721 198,730 
Property, plant, and equipment, net 1,566,698 1,498,197 
Operating lease right-of-use assets103,616 108,846 
Goodwill103,928 103,928 
Long-term restricted cash221,226  
Other long-term assets38,206 14,446 
Total assets$2,267,395 $1,924,147 
Liabilities and Equity
Current liabilities:
Accounts payable$30,522 $29,535 
Accrued and other current liabilities139,094 163,306 
Current portion of interest payable16,015 25,060 
Current portion of long-term debt and finance lease obligations29,294 39,105 
Total current liabilities214,925 257,006 
Long-term debt and finance lease obligations1,505,224 1,232,441 
Long-term operating lease liabilities117,012 122,252 
Deferred tax liabilities, net30 36 
Other long-term liabilities48,713 41,748 
Total liabilities1,885,904 1,653,483 
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value, 100,000,000 shares authorized, none issued and outstanding at September 30, 2022 and December 31, 2021
  
Common stock, $0.001 par value, 600,000,000 shares authorized, 66,804,428 and 61,137,744 issued and outstanding at September 30, 2022 and December 31, 2021, respectively
67 61 
Additional paid-in capital519,968 317,998 
Accumulated deficit(90,900) 
Accumulated other comprehensive income98 299 
Total Enviva Inc.'s equity429,233 318,358 
Noncontrolling interests(47,742)(47,694)
Total equity381,491 270,664 
Total liabilities and equity$2,267,395 $1,924,147 
See accompanying notes to condensed consolidated financial statements.
4

ENVIVA INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except shares or units, per share or per unit amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
20222021 (Recast)20222021 (Recast)
Product sales$322,978 $229,698 $847,505 $725,470 
Other revenue2,682 8,128 7,458 39,940 
Net revenue325,660 237,826 854,963 765,410 
Operating costs and expenses:
Cost of goods sold, excluding items below257,542 199,943 718,854 632,209 
Loss on disposal of assets4,035 3,916 7,218 7,261 
Selling, general, administrative, and development expenses30,407 33,898 91,802 99,788 
Depreciation and amortization34,930 23,285 86,322 67,985 
Total operating costs and expenses326,914 261,042 904,196 807,243 
Loss from operations(1,254)(23,216)(49,233)(41,833)
Other (expense) income:
Interest expense(18,704)(15,463)(42,633)(46,321)
Other income (expense), net1,671 (37)944 471 
Total other expense, net(17,033)(15,500)(41,689)(45,850)
Net loss before income tax expense (benefit)(18,287)(38,716)(90,922)(87,683)
Income tax expense (benefit)12 (2,893)26 (3,834)
Net loss(18,299)(35,823)(90,948)(83,849)
Less net loss attributable to noncontrolling interests43 7,799 48 18,622 
Net loss attributable to Enviva Inc.$(18,256)$(28,024)$(90,900)$(65,227)
Net loss per Enviva Inc. common share or unit:(1)
Basic and diluted$(0.29)$(1.75)$(1.41)$(4.08)
Weighted-average number of shares or units outstanding:
Basic and diluted66,724 16,000 66,125 16,000 
(1) Effective December 31, 2021, units were converted into shares due to the Company’s conversion from a partnership to a corporation.
See accompanying notes to condensed consolidated financial statements.
5

ENVIVA INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Loss
(In thousands)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
20222021 (Recast)20222021 (Recast)
Net loss$(18,299)$(35,823)$(90,948)$(83,849)
Other comprehensive loss, net of tax of $0
Currency translation adjustment(96)8 (201)24 
Total comprehensive loss(18,395)(35,815)(91,149)(83,825)
Less comprehensive loss attributable to noncontrolling interests43 7,799 48 18,622 
Comprehensive loss attributable to Enviva Inc.$(18,352)$(28,016)$(91,101)$(65,203)
See accompanying notes to condensed consolidated financial statements.
6

ENVIVA INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Equity
(In thousands, except per share amounts and Series B Units)
(Unaudited)

Common SharesAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeEquity Attributable to Enviva Inc.
Noncontrolling
Interests 
Total Equity
SharesAmount
Equity, December 31, 202161,138 $61 $317,998 $ $299 $318,358 $(47,694)$270,664 
Issuance of common shares, net4,945 5 333,186   333,191  333,191 
Dividends declared ($0.860 per share)
— — (58,957)  (58,957) (58,957)
Common shares issued in lieu of dividends110  7,839   7,839  7,839 
Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting366 1 (16,365)  (16,364) (16,364)
Non-cash equity-based compensation and other expense— — 10,235   10,235  10,235 
Other comprehensive loss— —   (32)(32) (32)
Net loss— —  (45,307) (45,307) (45,307)
Equity, March 31, 202266,559 $67 $593,936 $(45,307)$267 $548,963 $(47,694)$501,269 
Dividends declared ($0.905 per share)
— — (61,837)  (61,837) (61,837)
Issuance of common shares, net— — (428)  (428) (428)
Common shares issued in lieu of dividends105  8,349   8,349  8,349 
Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting8  (213)  (213) (213)
Non-cash equity-based compensation and other expense— — 9,848   9,848  9,848 
Support Payments— — 4,197   4,197  4,197 
Other comprehensive loss— —   (73)(73) (73)
Net loss— —  (27,337) (27,337)(5)(27,342)
Equity, June 30, 202266,672 $67 $553,852 $(72,644)$194 $481,469 $(47,699)$433,770 
Dividends declared ($0.905 per share)
— — (62,044)  (62,044) (62,044)
Issuance of common shares, net— — (38)  (38) (38)
Common shares issued in lieu of dividends124  8,443   8,443  8,443 
Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting8  (235)  (235) (235)
Non-cash equity-based compensation and other expense— — 10,169   10,169  10,169 
Support Payments— — 9,821   9,821  9,821 
Other comprehensive loss— —   (96)(96) (96)
Net loss— —  (18,256) (18,256)(43)(18,299)
Equity, September 30, 202266,804 $67 $519,968 $(90,900)$98 $429,233 $(47,742)$381,491 
See accompanying notes to condensed consolidated financial statements.
7

ENVIVA INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Equity (Continued)
(In thousands, except Series B Units)
(Unaudited)
Series ASeries B
UnitsAmountUnitsAmountEquity Attributable to Enviva Inc.Noncontrolling InterestsTotal Equity
Equity, December 31, 2020784,980 $(92,703)2,500 $13,865 $(78,838)$488,498 $409,660 
Acquisition of noncontrolling interest— (45,317)— — (45,317)(108,031)(153,348)
Cash distributions— — — — — (22,238)(22,238)
Non-cash equity-based compensation and other expense, net of payments for withholding tax associated with Long-Term Incentive Plan vesting— — — 2,404 2,404 (3,294)(890)
Contribution of assets— — — — — 389 389 
Other comprehensive income— 8 — — 8 7 15 
Net loss— (15,871)— — (15,871)(7,304)(23,175)
Equity, March 31, 2021784,980 $(153,883)2,500 $16,269 $(137,614)$348,027 $210,413 
Acquisition of noncontrolling interest— (107)— — (107)107  
Issuance of Enviva Partners, LP common units, net— — — — — 214,534 214,534 
Cash distributions— — — — — (22,229)(22,229)
Non-cash equity-based compensation and other expense, net of payments for withholding tax associated with Long-Term Incentive Plan vesting
— — — 2,404 2,404 2,408 4,812 
Other comprehensive income— — — — — 1 1 
Net loss— (21,332)— — (21,332)(3,519)(24,851)
Equity, June 30, 2021784,980 $(175,322)2,500 $18,673 $(156,649)$539,329 $382,680 
Issuance of Enviva Partners, LP common units, net— — — — — (21)(21)
Cash distributions— — — — — (27,005)(27,005)
Non-cash equity-based compensation and other expense, net of payments for withholding tax associated with Long-Term Incentive Plan vesting
— — 2,500 2,404 2,404 4,504 6,908 
Other comprehensive income— 4 — — 4 4 8 
Net loss— (28,024)— — (28,024)(7,799)(35,823)
Equity, September 30, 2021784,980 $(203,342)5,000 $21,077 $(182,265)$509,012 $326,747 
See accompanying notes to condensed consolidated financial statements.
8

ENVIVA INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20222021 (Recast)
Cash flows from operating activities:  
Net loss$(90,948)$(83,849)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization86,322 67,985 
Amortization of debt issuance costs, debt premium, and original issue discounts2,055 2,713 
Loss on disposal of assets7,218 7,261 
Deferred taxes (3,873)
Non-cash equity-based compensation and other expense30,222 22,459 
Other958  
Fair value changes in derivatives4,673 3,968 
Unrealized (gain) loss on foreign currency transactions, net(208)16 
Change in operating assets and liabilities:
Accounts and other receivables(9,654)37,808 
Prepaid expenses and other current and long-term assets(32,564)1,854 
Inventories(24,609)(13,438)
Derivatives(3,983)(7,649)
Accounts payable, accrued liabilities, and other current liabilities4,144 14,453 
Related-party payables 414 
Deferred revenue(180)(4,172)
Accrued interest(9,045)(15,824)
Operating lease liabilities(11,345)(4,951)
Other long-term liabilities(4,608)7,182 
Net cash (used in) provided by operating activities(51,552)32,357 
Cash flows from investing activities:
Purchases of property, plant, and equipment(162,449)(245,173)
Payment for acquisition of a business(5,000) 
Net cash used in investing activities (167,449)(245,173)
Cash flows from financing activities:
Proceeds from senior secured revolving credit facility, net1,000 224,500 
Principal payments on related-party note payable (20,000)
Proceeds from debt issuance278,571 321,750 
Proceeds from capital contribution of New Market Tax Credit financing12,307  
Support payments14,018  
Principal payments on other long-term debt and finance lease obligations(28,134)(15,842)
Cash paid related to debt issuance costs and deferred offering costs(5,376)(8,551)
Proceeds from issuance of Enviva Inc. common shares, net332,970 214,831 
Payments for acquisition of noncontrolling interest (153,348)
Cash dividends or distributions and equivalent rights(158,356)(71,415)
Payment for withholding tax associated with Long-Term Incentive Plan vesting(16,812)(10,756)
Net cash provided by financing activities 430,188 481,169 
Net increase in cash, cash equivalents, and restricted cash211,187 268,353 
Cash, cash equivalents, and restricted cash, beginning of period18,518 67,675 
Cash, cash equivalents, and restricted cash, end of period$229,705 $336,028 
See accompanying notes to condensed consolidated financial statements.

9

ENVIVA INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20222021 (Recast)
Non-cash investing and financing activities:
Property, plant, and equipment acquired included in accounts payable and accrued liabilities$852 $26,484 
Supplemental information:
Interest paid, net of capitalized interest$48,689 $29,362 
See accompanying notes to condensed consolidated financial statements.
10

ENVIVA INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(In thousands, except number of shares or units, per share or per unit amounts, and unless otherwise noted)
(1) 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.
11

ENVIVA INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(In thousands, except number of shares or units, per share or per unit amounts, and unless otherwise noted)
(2) 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.
(3) 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.
12

ENVIVA INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(In thousands, except number of shares or units, per share or per unit amounts, and unless otherwise noted)
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 ReportedCommon Control Entities AcquiredTotal (Recast)
Assets
Current assets:
Cash and cash equivalents$11,792 $322,519 $334,311 
Accounts receivable86,889  86,889 
Other accounts receivable 14,657 14,657 
Related-party receivables, net6,909 (6,909) 
Inventories53,814 4,724 58,538 
Prepaid expenses and other current assets16,055 (9,453)6,602 
Total current assets175,459 325,538 500,997 
Property, plant, and equipment, net1,395,506 46,501 1,442,007 
Operating lease right-of-use assets58,421 49,208 107,629 
Goodwill99,660  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 liabilities130,543 29,320 159,863 
Current portion of interest payable12,486 1,078 13,564 
Current portion of long-term debt and finance lease obligations11,906 1,049 12,955 
Total current liabilities179,633 34,165 213,798 
Long-term debt and finance lease obligations1,134,706 309,253 1,443,959 
Long-term operating lease liabilities58,566 62,831 121,397 
Deferred tax liabilities, net13,157 8,187 21,344 
Other long-term liabilities26,105 10,957 37,062 
Total liabilities1,412,167 425,393 1,837,560 
Commitments and contingencies
Total equity327,524 (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.”
13

ENVIVA INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(In thousands, except number of shares or units, per share or per unit amounts, and unless otherwise noted)
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 ReportedCommon Control Entities AcquiredTotal (Recast)
Net revenue$237,398 $428 $237,826 
Income (loss) from operations10,518 (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 ReportedCommon Control Entities AcquiredTotal (Recast)
Net revenue$763,484 $1,926 $765,410 
Income (loss) from operations37,038 (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: