Press Release: Enviva Partners, LP Announces -3-
Press Release: Enviva Partners, LP Announces -3-
"We have been very fortunate to have had Riverstone as our financial sponsor for over 10 years and are very proud of the growth we've accomplished. Together, we've built a company that delivers real climate change benefits -- today -- and is a steward of the environment and a proud and positive part of every community in which we operate," concluded Keppler. "We are also particularly proud of the peer-leading returns we've delivered to our investors. As Enviva embraces a new corporate structure, we will continue our strategy to build and operate fully contracted assets that provide top-tier cash flow growth, with unparalleled durability and visibility. As we evolve our financial framework within this new structure, we are prioritizing robust dividend coverage and balance sheet strength on our path to self-funding growth. Our collective alignment around long-term total returns to shareholders remains top of mind for us, with the expectation that we will maintain ample financial flexibility to grow dividends over time."
開普勒總結説：“我們非常幸運地有Riverstone作為我們10多年來的財務贊助商，我們為我們取得的增長感到非常自豪。我們共同建立了一家公司，今天，它能帶來真正的氣候變化好處，是環境的管理者，也是我們開展業務的每個社區的驕傲和積極的一部分。”“我們還為我們為投資者提供的領先於同行的回報感到特別自豪。隨着Enviva接受新的公司結構，我們將繼續我們的戰略，建立和運營完全簽約的資產，提供頂級現金流增長，並具有無與倫比的耐用性和可見性。隨着我們在這個新結構中發展我們的財務框架，我們在實現自籌資金增長的道路上優先考慮強勁的股息覆蓋率和資產負債表實力。我們仍然把圍繞股東長期總回報的集體調整放在首位，預計我們將保持充足的財務狀況。
For the Simplification Transaction, Evercore served as exclusive financial advisor and Baker Botts L.L.P. served as legal counsel to the conflicts committee of the board of directors of Enviva's general partner. Goldman Sachs & Co. LLC served as exclusive financial advisor and Vinson & Elkins LLP served as legal counsel to Holdings. Latham & Watkins LLP served as legal counsel to Riverstone Holdings LLC.
在簡化交易中，Evercore擔任獨家財務顧問，Baker Botts L.L.P.擔任Enviva普通合夥人董事會衝突委員會的法律顧問。高盛公司擔任控股公司的獨家財務顧問，Vinson&Elkins LLP擔任法律顧問。Latham&Watkins LLP曾擔任Riverstone Holdings LLC的法律顧問。
About Enviva
關於Enviva
Enviva (NYSE: EVA) aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. Enviva sells a significant majority of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, Europe, and Japan. Enviva owns and operates 10 plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi. In addition, Enviva exports wood pellets through its marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.
Enviva(紐約證券交易所股票代碼：EVA)將一種自然資源--木纖維聚合在一起，並將其加工成可運輸的木質顆粒。Enviva通過與英國、歐洲和日本信譽良好的客户簽訂的長期承購或付費承購合同銷售其大部分木質顆粒。Enviva在弗吉尼亞州、北卡羅來納州、南卡羅來納州、佐治亞州、佛羅里達州和密西西比州擁有並運營着10家工廠，總生產能力約為每年620萬噸。此外，Enviva還通過其位於弗吉尼亞州切薩皮克港、北卡羅來納州威爾明頓港和密西西比州帕斯卡古拉港的海運碼頭，以及佐治亞州薩凡納、阿拉巴馬州莫比爾和佛羅里達州巴拿馬城的第三方海運碼頭出口木質顆粒。
To learn more about Enviva please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.
欲瞭解更多有關Enviva的信息，請訪問我們的網站：www.envivabiomass.com。在社交媒體@enviva上關注enviva。
Non-GAAP Financial Measures
非GAAP財務指標
In addition to presenting our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"), we use adjusted EBITDA and distributable cash flow to measure our financial performance.
除了按照美國公認的會計原則(“GAAP”)公佈我們的財務業績外，我們還使用調整後的EBITDA和可分配現金流來衡量我們的財務業績。
Adjusted EBITDA
調整後的EBITDA
We define adjusted EBITDA as net income (loss) excluding depreciation and amortization, interest expense, income tax expense, early retirement of debt obligations, certain non-cash waivers of fees for management services provided to us by our sponsor (the "MSA Fee Waivers") or payment pursuant to the support agreement entered into in connection with the Simplification Transaction, non-cash unit compensation expense, asset impairments and disposals, changes in unrealized derivative instruments related to hedged items included in gross margin and other income and expense, certain items of income or loss that we characterize as unrepresentative of our ongoing operations, and the effect of certain sales and marketing, scheduling, sustainability, consultation, shipping, and risk management services (collectively, "Commercial Services"). Adjusted EBITDA is a supplemental measure used by our management and other users of our financial statements, such as investors, commercial banks, and research analysts, to assess the financial performance of our assets without regard to financing methods or capital structure.
我們將調整後的EBITDA定義為淨收益(虧損)，不包括折舊和攤銷、利息費用、所得税費用、提前償還債務義務、保薦人為我們提供的管理服務的某些非現金減免(“MSA費用減免”)或根據與簡化交易簽訂的支持協議支付的款項、非現金單位補償支出、資產減值和處置、與毛利和其他收入和支出中的對衝項目相關的未實現衍生工具的變化、某些收入項目。和風險管理服務(統稱為“商業服務”)。調整後的EBITDA是我們的管理層和我們財務報表的其他使用者(如投資者、商業銀行和研究分析師)用來評估我們資產的財務表現的補充指標，而不考慮融資方式或資本結構。
Distributable Cash Flow
可分配現金流
We define distributable cash flow as adjusted EBITDA less maintenance capital expenditures, income tax expense and interest expense net of amortization of debt issuance costs, debt premium, and original issue discounts. We use distributable cash flow as a performance metric to compare the cash-generating performance of the Partnership from period to period and to compare the cash-generating performance for specific periods to the cash distributions (if any) that are expected to be paid to our unitholders. We do not rely on distributable cash flow as a liquidity measure.
我們將可分配現金流定義為調整後的EBITDA減去維護性資本支出、所得税支出和利息支出，扣除債務發行成本、債務溢價和原始發行折扣後的淨額。我們使用可分配現金流作為業績衡量標準，以比較合夥企業各個時期的現金生成業績，並將特定時期的現金生成業績與預期支付給單位持有人的現金分配(如果有的話)進行比較。我們不依賴可分配現金流作為流動性衡量標準。
Limitations of Non-GAAP Financial Measures
非GAAP財務指標的侷限性
Adjusted EBITDA and distributable cash flow are not financial measures presented in accordance with accounting principles generally accepted in the United States ("GAAP"). We believe that the presentation of these non-GAAP financial measures provides useful information to investors in assessing our financial condition and results of operations. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Each of these non-GAAP financial measures has important limitations as an analytical tool because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider adjusted EBITDA or distributable cash flow in isolation or as substitutes for analysis of our results as reported under GAAP.
調整後的EBITDA和可分配現金流量不是根據美國公認會計原則(“GAAP”)提出的財務計量。我們相信，這些非GAAP財務指標的公佈為投資者評估我們的財務狀況和經營結果提供了有用的信息。我們的非GAAP財務指標不應被視為最直接可比的GAAP財務指標的替代品。這些非GAAP財務衡量標準作為一種分析工具都有重要的侷限性，因為它們排除了一些(但不是全部)影響最直接可比GAAP財務衡量標準的項目。您不應單獨考慮調整後的EBITDA或可分配現金流，也不應將其作為GAAP報告的我們業績分析的替代品。
Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
我們對這些非GAAP財務指標的定義可能無法與其他公司的類似名稱的指標相比較，從而降低了它們的效用。
The following table provides a reconciliation of the estimated range of adjusted EBITDA and DCF to the estimated range of net income for Enviva, for the three months ending September 30, 2021 (in millions):
下表對截至2021年9月30日的三個月調整後的EBITDA和DCF的估計範圍與Enviva公司淨收入的估計範圍進行了核對(單位：百萬)：
Three Months Ending
September 30, 2021
-------------------
Estimated net income (loss) $(0.5) -- 3.5
Add:
Depreciation and amortization 22.0
Interest expense 10.0
Income tax expense 1.0
Non-cash unit compensation expense 2.0
Loss on disposal of assets 4.0
Changes in unrealized derivative instruments (4.0)
MSA Fee Waivers 21.0
Acquisition and integration costs 5.5
Other non-cash expenses -
-------------------
Estimated adjusted EBITDA $61.0 -- 65.0
Less:
Interest expense net of amortization of debt
issuance costs, debt premium, original issue
discount 10.0
Cash Income Tax Expense -
Maintenance capital expenditures 3.0
-------------------
Estimated distributable cash flow $48.0 -- 52.0
-------------------
三個月結束2021年9月30日 ------------------- 預計淨收益(虧損)$(0.5)--3.5添加：折舊及攤銷22.0利息支出10.0所得税費用1.0非現金單位薪酬費用2.0資產處置損失4.0未實現衍生工具變動(4.0)MSA費用減免21.0採購和整合成本為5.5其他非現金支出- ------------------- 估計調整後EBITDA$61.0--65.0更少：債務攤銷後的利息支出淨額發行成本、債務溢價、原始發行折扣10.0現金所得税費用-維修資本支出3.0 ------------------- 預計可分配現金流為48.0-52.0美元 -------------------
The following table provides a reconciliation of the estimated range of adjusted EBITDA and DCF to the estimated range of net income for Enviva, for the twelve months ending December 31, 2021(1) (in millions):
下表對截至2021年12月31日的12個月調整後EBITDA和DCF的估計範圍與Enviva公司淨收入的估計範圍進行了核對(單位：百萬)：
Twelve Months Ending
December 31, 2021
--------------------
Estimated net income $4.0 -- 14.0
Add:
Depreciation and amortization 91.0
Interest expense 48.0
Income tax expense 1.0
Non-cash share-based compensation expense 11.0
Loss on disposal of assets 8.0
Changes in unrealized derivative instruments (4.0)
Support Payments 49.0
Acquisition and integration costs 16.0
Other non-cash expenses 1.0
--------------------
Estimated adjusted EBITDA $225.0 -- 235.0
Less:
Interest expense net of amortization of debt
issuance costs, debt premium, original issue
discount 46.0
Cash Income Tax Expense -
Maintenance capital expenditures 14.0
--------------------
Estimated distributable cash flow $165.0 -- 175.0
--------------------
1. The 2021 measures set forth in the table include the expected
post-closing results of the assets and operations acquired as part of the
Simplification Transaction, but do not reflect a potential recast of our
historical results of operations that may result from the Simplification
Transaction
12個月結束2021年12月31日 -------------------- 預計淨收入為4.0--14.0美元添加：折舊和攤銷91.0利息支出48.0所得税費用1.0非現金股份薪酬費用11.0資產處置損失8.0未實現衍生工具變動(4.0)支持付款49.0收購和整合成本為16.0其他非現金費用1.0 -------------------- 估計調整後的EBITDA為225.0--235.0美元更少：債務攤銷後的利息支出淨額發行成本、債務溢價、原始發行折扣46.0現金所得税費用-維修資本支出14.0 -------------------- 預計可分配現金流165.0--175.0美元 -------------------- 1.表中列出的2021年措施包括預期的作為資產和業務的一部分收購的資產和業務的結算後業績簡化交易，但不反映我們的簡化可能導致的操作的歷史結果交易記錄
譯文內容由第三人軟體翻譯。