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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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| Item 2.02. | Results of Operations and Financial Condition |
As previously announced, on April 3, 2023, Enviva Inc. (the “Company”) held its Investor Day, which was accessible via live webcast on the Company’s Investor Relations section of its website at www.envivabiomass.com and in person. The Investor Day presentation included a discussion of the preliminary trends and results from the first quarter of 2023 included on slide 26 of the related investor presentation, which was filed by the Company on Form 8-K on April 3, 2023 (the “Presentation”). In addition, members of the Company’s management made statements regarding the Company’s expectation that Adjusted EBITDA for the first quarter and full year 2023 will be negatively impacted by approximately $12 million related to the Deferred Gross Margin Transactions. The 2023 full-year guidance included in the Presentation reflects this expected negative impact of approximately $12 million in the first quarter of 2023. Members of the Company’s management further made statements that the first quarter of 2023 is expected to be the final quarter with such a negative impact and that the Company expects the Deferred Gross Margin Transactions to have the opposite effect on Adjusted EBITDA in 2024 and 2025, increasing Adjusted EBITDA over the remaining duration of the related purchase agreement. See the Presentation and the Company’s other filings for additional information regarding the Deferred Gross Margin Transactions, Adjusted EBITDA, and related adjustments.
The information in Item 2.02 of this Current Report on Form 8-K is being “furnished” and shall not be deemed to be “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENVIVA INC. | ||
| Date: April 3, 2023 | By: | /s/ Jason E. Paral |
| Name: | Jason E. Paral | |
| Title: | Senior Vice President, General Counsel, and Secretary | |
