Enviva Partners, LP (NYSE:EVA) Q4 2018 Earnings Conference Call Transcript

Feb 21, 2019 • 10:00 am ET


Enviva Partners, LP (NYSE:EVA) Q4 2018 Earnings Conference Call Transcript


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Good morning and welcome to the Enviva Partners LP Fourth Quarter and Full Year 2018 Conference Call. All participants will be in a listen-only mode. (Operator Instructions) 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 Ray Kaszuba, Treasurer. Please go ahead.

Ray Kaszuba

Thank you. Good morning and welcome to Enviva Partners LP fourth quarter and full year 2018 financial results conference call. We appreciate your interest in Enviva Partners and thank you for participating today.

On this morning's call, we have John Keppler, Chairman and CEO; and Shai Even, 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 differ materially 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 in our 10-K and our other filings with the SEC. We assume no obligation to update any forward-looking statements to reflect new or changed events or circumstances.

In addition, the Partnership adopted ASC 606 on January 1, 2018. So the financial results for the three and 12 months ended December 31, 2018 are prepared on this basis. In addition to presenting our financial results in accordance with GAAP, we will also be discussing non-GAAP figures on this call, and want to be clear on the basis of each.

In certain cases we refer to our results excluding the impact of the Chesapeake incident and the hurricanes, where we exclude the approximate costs incurred during the fourth quarter or full year 2018, offset by insurance recoveries.

Furthermore, we will be discussing adjusted net income, adjusted EBITDA and certain other non-GAAP measures pertaining to completed fiscal periods, as well as our forecast. Information concerning the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures and other relevant disclosures are included in our press release issued yesterday.

I would now like to turn it over to John.

John Keppler

Thank you, Ray. Good morning everyone and thanks for joining us today. With our full year and fourth quarter results reported yesterday, 2018 is now on the books, and in many ways, thankfully behind us. We printed adjusted EBITDA slightly ahead of the $100 million we communicated on our last conference call. We are still pursuing roughly $27 million in claims outstanding, following what was a tough string of events, including the Chesapeake fire, direct hits to our port operations by hurricanes Florence and Michael and all-time record rainfall in many of our key fiber