the you When Good joining Kate. to thank everyone, know the and chance to got today. you, morning, I us President for CEO and you, year, get of Thank assumed role last many of I has Company some potential the saw the first it we for us reminded a time, decades many, that the given be tremendous to two almost of but opportunity cofounded we when ago. renewed for
idea a been of our we But critical share, helping to increasing We're company an are company, generates or customers one most a As growth time, trajectory tremendous an I've challenges world the a cash. it's not markets industrial able and address that the technology. growth an of change. around climate just with of serving array
strategy long-term the of core increase opportunity so profitability cash an grow is to our at know, in and flow amid along increasing to and generation it you do comes contracted is as to job shareholder value level to business, continue dynamic that Our with market the the conditions. of unparalleled operating and sales
like stage about. to set I'd you kick going hear we the off about today's to are what talk me and As discussion, Shai
over ability also strong million to of to deliver XXXX. the around to EBITDA but self-fund in adjusted XXXX years by business our this next the growth conviction have First, four believe for $XXX adjusted EBITDA $XXX in our and we profile firmly only cash not and flow and to million double
continue incredible signed few new with long-term tons year with metric and a in XXX,XXX we the incremental of of have volumes seen all per metric per customers just new pricing Second, customers. to another set weeks, at Having last our historically. year XXX,XXX higher momentum tons have we in December than
business creation ahead the in strength confidence Third, us. million demonstrating members. we trajectory, announced of the our the who $XXX Company by major know incredible of Board business investment Those and investors in we equity our the have growth and value best our our the
will led €XX it We execute But to million agreement of no we does periods. the from long-term generate accounting contracts. deferred business. operations against change vast of future majority way the EBITDA discuss fundamentals our of and these take-or-pay Fourth, and fulfilling to which in to our margin the adjusted underlying expect change being signed
XXXX Fifth, while our production growing fleet, transition our anticipated. a And us. was for volumes certainly delivered than higher record-breaking was had we year and large we from position cost
contracts as absorption in with dramatically flow, but improved up us for lower beyond combined cost cash operations, covered year supply energy rate and our conditions, chain Inflationary in costs fiber delivered XXXX will setting significant and deliver costs a with expected lower adjustments to in fixed higher well, a and XXXX our strong in pass-throughs coupled uplift
business. which opportunity margin benefiting Finally, expansion which into services to our a incremental drive be key commercial this continue value to from dislocations, capability, will opportunities accretive provides market
in turn detail. quarter XXXX discuss more our first earnings Let's fourth to
approximately XXXX. we We quarter than to we the and third activity that. to quarter a in XX% delivered executed with We fourth will quarter quarter-over-quarter XXXX, a With increasing customers strong by projecting and volume step-up of sales achieved during forecasted. volumes our record fourth to XXXX, deliver were customers more XX% compared as we price had from sizable higher quarter is delivered as volumes
for $XXX million the accounting $XXX for treatment, within And would adjusted delivering EBITDA EBITDA guidance, XXXX in projected informed We our the million. $XXX and quarter. we fourth have had the achieved range, range of quarter based we on expected million which that adjusted around to
unpack the two adjusted between we $XX.X and printing numbers What up fourth I'll difference now. for quarter ended million the EBITDA was
During we cancel to independent separate fourth three quarter the customer to operational or related defer have requests shipments challenges.
to their insufficient in on-site had silo accept customer one unable to were storage and fire storage. due example, a shipments For
customers' during a We to That large accommodate to had shift conditions were these to and path enabled all pathways advantage us up quarter. would pellets a selling We meet fourth number to we large on requests to to us customer quarter, pricing the took. pellet during our which demand guidance us wood capitalize European sell have our freeing of strong customer enabled the European was saw to for of take the targets premium. existing of an shipments the able spot fourth for we strong at the
during purchases quarter and planned beyond. for Separately, our of the we fourth XXXX, third-party pellet XXXX
annual XX% many a because XX% of war we volumes are As third 'XX little of supply. the parties. up past about XX% And of of case sold to about world's that know, shot pellets third-party uneconomical our year. sourced from the different forward. prices to was Ukraine be expect you us the pellet to historically, And going same the spike procure in in it this level biomass for made the
fourth one companies of Europe one purchase entered of into world quarter, is It fourth manage in their the demand biomass of customer quarter scarce is during fourth is to also long-standing the quarter. winter. to had This customer the biomass with one through agreement strategy in the sold during energy consumers long-term whom our largest customers. we and to the largest due the this elevated trading who shipments European we of a the During available
the long-term purchase and into volumes treat long-term if customer transactions were From single sold a sale both entered new and an a that modification historical rules we contract accounting a of to GAAP same combining our original accounting the they sales thereby and perspective, purchase require contract sales to because with purchase the contract as contract. we agreement our contract, us as
underpinned our well consumed This accounting has of our we model have full to and our generation that as expectations pellets the treatment from fully customers' guidance collected It's the operating our note fundamentals the from and and have in with as important underlying facilities business. for these changed biomass power that ranges. differed sales cash nothing assumptions
future of are but in fourth referring will unanticipated results, not as being margin is this roughly to current benefit EBITDA recognized in in half XXXX, no as again, that to We of deferred margin adjusted $XX be treatment XXXX quarter the XXXX is recognized And gross recognized will deferred the approximately expectation change other business. half be our gross million years. the accounting transaction and our in with
of change sales the full collected benefit Cash will as in to when -- recognized. be reporting in the just periods a
several of did year XXXX, U.S. polar range the we our $XXX gross adjusted facilities million. EBITDA to vortex full of period due excluding which experience of million, that For margin short approximately achieved would expected to within We was at $XXX impact, downtime have of a adjustment million the the $XXX our deferred hit
EBITDA in the to that event and about we due extreme estimate volumes. adjusted lost to weather December mainly lost Southeast we due million $X of
consistently partnership the limited same navigating regular of the households that have the for to XXXX were corporation as a tough change a we the master backdrop corporate a to impacted industry At beginning macroeconomic We executed us major year and as converting transitional of referred time, from weight at structural XXXX. globally. we
And the XXXX trucking experienced service struggled higher the challenges along the we we than first forecasted. severe partners of with position and a Enviva in pressures, year inflationary COVID during our in and XXXX. rail of early labor-related in cost delivery disruptions with half
As and a us result, grow while and inflationary margins. protections helped maintain modestly other pass-throughs contracts our escalators, pricing in
forward. across further happy As strides improving am operational management cost tailwinds are being and Sean in our impact $X performance the range report a we're focused prices on natural discuss to and and asset well. fleet, making we having noticeable in will MMBtu I laser with to a moment, positive are gas diesel of lower We're the domestically certainly as $X per seeing price
we capacity completed. We're from process increased and some place, in in improvements also debottlenecking progress our with throughput now upgrades several seeing driving have plants including output
we grading time. ton to Another position a over important improved we've cost as high done we workforce. supply work with XXXX, per is around our meaningful chain conditions expect of cost our the lower improvement our deliver in enter And pellet
preliminary Investor to I'm the that our I our our a are embedded do solid and to having in will dive improvement XXXX forward. reaffirmed XXXX our a to as million call $XXX meantime, outlook end and range really the We expected to out XXXX. upcoming much on level to see paves deeper of upside In Day. way we opportunity strong of execute $XXX attributes guiding million operational EBITDA looking moving improvement adjusted the the efficiency the a that plan to for range some at plant forward for
incremental while marketplace and gross the margin. and the in transacting monitor generate contract structurally product for pricing provide Given dislocations remains strong that are shortened market customer dynamics supply our opportunities continues, increasingly we flexibility demand to when
for the For example, prices opportunity and reduce prices purchased elevated shipment product and a to our or sales certain the when Enviva times contracted has deliveries incremental contracts into produced deliver of are percentage long-term at contracts. prices. percentage opportunity attractively volumes higher depressed, priced Conversely, when existing of spot our deliveries higher-priced market are to and into and purchase these increase certain a third-party Enviva's
given margin of by reducing Enviva's take of to Additionally, to off-take portfolios, shipping our in more regionally opportunities generating to procured proximate advantage the we shipping contracts. cost and relative customer gross our cargoes delivery customers costs wide-spanning implied long-term deliver incremental
expect commensurate with fully of continue services backlog grow sales. commercial contracted We and growing these to logistics to our
plants We in significant capital of We're program. trajectory which us, underpinned is by a new to have executing tremendous expenditure growth service. ahead put a
on focused into cash contracted Our conservative leverage business ample retained protecting maintaining truly is have while our long-term capital conservative for take-or-pay which allocation and cash like which is ours, flows. position, policy reinvesting liquidity our flows companies
incremental dividend maintain capital is an pay XXXX the XXXX. Based returning fully on of We to definitely capital expenditures we management shareholders increase the expect quarter expect balancing to we with to by annual self-funding our that the XXXX certainly dividend view $X.XX top payout at per per our ability and mind value program our over we're for also team. level, But time to of see target our for our of dividend whereby allocation policy, share. $X.XX
growth we day and ground to industrial have of global decision-making the in processes. the is we trajectory three out at discussions in announced our a day the Our by are that is importantly, their to including We see related customer one industrial U.S. biocrude, level. another building sustainable conviction to new produce fuel. coal And our customers into biomass blending converting in company contracts the a customer, that aviation companies reinforced European from business and in taken manufacturing sustainable biofuels, more fuels facility the from for
announced bio-based industrial we test undeniable, is Europe These delivered refineries the oil are contracts the nine perhaps in three nowhere biofuels agreements so co-processing transition constructing two are their on in with major XXXX. in deliveries flight more the feedstock vertical. biorefineries. We during built to energy than The new in and recently stand-alone momentum behind who existing companies and
focused, travel that of last direction Directive X.X the of been close Parliament per the deliveries. tons right is represent between being announced negotiated which Enviva Union's that is contracts SAP-related contracts million a have Council taking, recently indication which predominantly we Energy the three European The Within metric good the years, Renewable is and has to commission. European signed three now EU have new year X of
the finalized should legislation will tailwinds confident and are for X, quarter is of woody to during year. this which be biomass we from the experience Red favorably We that conclude second sustainable likely
Shai, details turn the equity it we have to progress. some about share deal I in over Before I'll
which priced deep a the balance we maintaining creation and a platform have have value for convicted the liquidity transaction interest very be shareholders the equity out rising continued received are building bolstering against Given shareholder understanding Inclusive tremendous commitments million for our after raise Riverstone like asset Capital, our are sheet who of comfortable ahead The backdrop $XXX at inflation the capital equity our for a and potential with rates, our as pipe at today, and scale of and leverage of we us. common view markets level. through in and approximately and pace we closed business will
it turn Shai. over to now I'll
