Enviva Inc.

Good morning and welcome to the InViva Partners LP third quarter 2020 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Woosh Ma. Vice President and Treasurer, please go ahead.

Thank you. Good morning and welcome to the InViva Partners LP Third Quarter 2020 Financial Results Conference Call. We appreciate your interest in InViva Partners and thank you for participating today. On this morning's call, we have John Kepler, Chairman and CEO, and Shai Evans, Chief Financial Officer. Our agenda will be for John and Shai to discuss our financial results released yesterday and provide an update on our current business outlook. Then we will open up the phone lines for questions. Before we get started, a few housekeeping items. During the course of our remarks and the subsequent Q&A session, we will be making some forward-looking statements which are subject to a variety of risks. Information concerning the risks and uncertainties that could cause our actual results to be prematurely from those in our forward-looking statements can be found in our earnings release issued yesterday in the IR section of our website, as well as our most recent 10K and our other filings with the ICC. We assume no obligation to update any forward-looking statements to reflect new or changed events or circumstances. In addition to presenting our financial results in accordance with GAAP, we will also be discussing adjusted EBITDA and certain other non-GAAP measures pertaining to completed fiscal periods as well as our forecasts. Information concerning the reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and other relevant disclosures are included in our press release issued yesterday. I would like to now turn it over to John.

Thank you, Woosh. Good morning, everyone, and thanks for joining us today. When we connected last quarter, we had a lot to share. At that time, we had just closed two transformative acquisitions and successfully completed the issuance of both equity and debt that attracted pricing to finance these acquisitions in a highly volatile market. Since then, I'm quite pleased to report that we have had a pretty straightforward few months as we have focused on integrating our new assets and delivering on our business plan against the similarly turbulent backdrop. I probably could have shortened my prepared remarks this morning by simply saying everything went just as expected. But at Enviva, we do not take setting and meeting expectations lightly. To ensure that the integration of the Greenwood and Waycross plants progressed just as we promised, It took seamless teamwork from expanded cross-functional team at the corporate, regional, and plant levels. To be able to deliver uninterrupted operations amid the evolving COVID-19 pandemic, it required our manufacturing and health and safety teams to continue to rethink and redesign our processes and procedures, and then diligently follow them. I'm happy to report that all the hard work and extra effort, as well as the durability and resilience of our business model, once again paid off. To date, our operational and financial results remain largely unaffected by the evolving coronavirus pandemic. The Greenwood and Waycross operations are well on their way to being integrated into our portfolio, delivering operating results right in line with our expectations. With the contributions from these new additions to our fleet, we reported our highest ever quarterly adjusted EBITDA and are firmly on track to deliver our full year guidance. Based on our performance this quarter and our expected full year results, which includes the benefit of the recent acquisitions, our board declared a distribution of 77.5 cents per unit for the third quarter, which represents our 21st consecutive distribution increase and is 15.7% higher than the distribution for the same quarter of last year. In addition, we reaffirmed our guidance to distribute at least $3 per unit for full year 2020, which would maintain the roughly 13% distribution category we recorded since our IPO over five years ago. Our recent acquisitions increased our presence in the Southeast U.S., and our operating portfolio now spans seven contiguous states, from Virginia all the way through North Carolina, South Carolina, Georgia, Florida, Alabama, and Mississippi. With the development and construction activities underway at our sponsor, We expect to continue to expand this footprint by adding additional assets around our and our sponsors' terminals in Chesapeake, Virginia, Wilmington, North Carolina, Savannah, Georgia, Panama City, Florida, Mobile, Alabama, and Pascagoula, Mississippi, as demand for our product continues to grow in our existing markets and rapidly emerges in new ones. Enviva is leading an industry that plays an increasingly critical role in the global fight against climate change. The climate benefits of sustainably produced wood pellets continue to garner international recognition, and we are keenly focused on promoting forest growth and providing incremental transparency. On the subject of stewardship, we are excited about adding Garrity Lansing to our Board of Directors and benefiting from his deep experience and expertise in forest management and socially responsible investing, as we continue to deepen our thought leadership in sustainability. I will take some time at the end of this call to provide more details on the long-term market drivers, our sustainability practices, and the development activities taking place with the partnership and our sponsor. But I would like to now turn it over to Shai to discuss our financial results for the third quarter.