Good morning, and welcome to the Enviva Partners, LP first quarter 2021 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'd now like to turn the conference over to Kate Walsh, Vice President of Investor Relations. Please go ahead. Thank you. Good morning, everyone, and welcome to Enviva Partners' first quarter of 2021 earnings 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 and provide an update on our current business outlook and operations. We will open up the call for questions. During the course of our remarks and subsequent Q&A session, we will be making 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, as well as in our other SEC filings. 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 financial 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 earnings release. I would now like to turn the call over to John. Thank you, Kate. Good morning, everyone, thanks for joining us today. As a nation, we're just coming off a week celebrating sustainability, punctuated by the 51st anniversary of Earth Day. Tomorrow is Arbor Day, a worldwide celebration of the importance of trees. Six years ago this very morning, units of Enviva Partners, LP began trading on the New York Stock Exchange. That's quite a confluence of events. When we launched the company, few could have imagined the importance the sustainable biomass business we set out to build would ultimately have on the global and urgent effort to fight climate change by helping countries around the world, ones that now include the United States, achieve their goals of reducing greenhouse gas emissions. As recent headlines remind us, healthy growing forests remain one of the most critical tools in the fight to mitigate climate change. The markets we helped create for low-value wood are a key reason why forests continue to grow. The facts are impressive. As our track and trace data detail, of the thousands of tracts from which we have purchased wood, just over 30% of the harvested volume went to Enviva, while the remaining almost 70% went to other participants in the forest product sector, like sawmills and furniture manufacturers. We make it a contractual condition for landowners to replant following any harvest where Enviva purchases fiber. USDA forest inventory data will tell you that in the time since we began operations, we have seen an increase in forest inventory of more than 300 million tons of trees in our own catchment area, and that's after deducting the 21 million tons of wood pellets we have produced and all of the other forest products produced from this renewable resource during the same time. That data should make every one of our stakeholders proud to be a part of the job we're doing displacing coal, growing more trees, and fighting climate change. Given that profound positive impact, it's no surprise that demand for our product continues to grow and our business along with it. This past quarter was no different. In what is typically our seasonally soft period, we sold over 1.1 million metric tons of wood pellets, our second highest quarterly deliveries in our history, and we generated $46.3 million in adjusted EBITDA, a 59% increase over the same period last year. We did so with the consistency and reliability you have come to expect from us, keeping our people healthy, our operations running, and our customer deliveries uninterrupted, despite the continuing backdrop of the coronavirus pandemic. Based on our solid start to 2021 and the performance we are forecasting for the remainder of the year, the board declared a distribution of $0.785 per unit for the first quarter, a 15% increase over the distribution paid for the same quarter of last year. This represents our 23rd consecutive distribution increase since our IPO. We also reaffirmed our full year 2021 guidance, including an adjusted EBITDA range of $230 million - $250 million and distributions of at least $3.17 per unit for full year 2021, before accounting for the benefit of any future drop-down transactions or third-party acquisitions. We were able to drive these improvements in operating and financial performance by executing against the key pillars of our growth you've heard us describe. These include organic growth and productivity increases within our fully contracted assets, capacity expansions at our Northampton and Southampton plants, and increased production from our recently acquired Greenwood and Waycross plants. Compared to this time last year, we have increased the partnership's production capacity by close to 40%, and that number is expected to continue to grow as we complete these efforts and implement the multi-plant expansions we announced during our conference call last quarter. Growth in our production capacity and volume is underpinned by the partnership's revenue backlog, which now totals $14.5 billion, with a weighted average remaining contract term of 12.8 years. When combined with additional contracts held at our sponsor, including the new contract with a major Japanese utility we announced yesterday, the total weighted average remaining term and revenue backlog would increase to approximately 14 years and $20 billion respectively. Part of that incremental backlog is earmarked for the sponsor's Lucedale plant and Pascagoula terminal. Construction of these facilities is expected to be complete around the middle of the year. With powerful net zero commitments made by governments around the world, there is no shortage of new markets and new commercial opportunities ahead for the partnership. I will spend some time later in the call outlining our growing customer contract pipeline and the underlying actions being taken by governments and industry in key jurisdictions to progress the substantial decarbonization initiatives required to meet their binding emissions reduction targets. Now I'd like to turn it over to Shai to share more detail on our Q1 results and financial highlights. Thank you, John, good morning, everyone. As John mentioned, we reported solid results for the first quarter of 2021. During the quarter, our business benefited from incremental production and sales related to acquisitions and operational improvements executed in 2020. Typically, we experience higher seasonality during the first quarter of the year as compared to subsequent quarters, as colder and wetter winter weather modestly increases cost of procurement and production at our plants. Nonetheless, the partnership achieved financial results substantially in line with management expectations. In terms of net revenue for the first quarter of 2021, we generated $241 million, which represents an increase of close to 18% as compared to $204.5 million for the corresponding quarter of 2020. The significant increase in net revenue is a result of incremental product sales and a $9.9 million increase in other revenue. Included in other revenue for the first quarter of 2021 were $16.5 million in payments to the partnership for adjusting deliveries under our take-or-pay offtake contract, which otherwise would have been included in product sales. Adjusted gross margin per metric ton was $42.73 for the first quarter of 2021, which represents an increase of close to 29% as compared to $33.15 per metric ton for the corresponding period of 2020. The increase in adjusted gross margin per metric ton was primarily attributable to higher pricing due to customer contract mix. Net loss for the first quarter of 2021 was $1.5 million as compared to net income of $7.6 million for the first quarter of 2020. Adjusted net income was $7.4 million for the first quarter of 2021 as compared to adjusted net income of $9.1 million for the corresponding quarter in 2020. As John highlighted, the partnership generated for the first quarter of 2021 adjusted EBITDA of $46.3 million, an increase of 59% from the first quarter of 2020. The significant increase in adjusted EBITDA was driven primarily by higher sales volumes and higher pricing, partially offset by higher cost of goods sold associated with the increased seasonality I mentioned. Distributable cash flow prior to any distributions attributable to Incentive Distribution Rights was $30.4 million, which represents over a 60% increase from the corresponding quarter in 2020 and results in a first quarter 2021 distribution coverage ratio of 0.7x. At the end of the first quarter, we had liquidity of approximately $187 million, which included cash on hand and availability under our previous $350 million revolving credit facility. As many of you have seen, we announced an amendment to this credit facility last week, where we increased the revolver to $525 million and extended the maturity until April 2026. We also achieved a lower cost of capital, shaving 25 basis points off the borrowing rate. We view the amended credit facility as a strong reflection of the increased scale, diversification, and tremendous market opportunities ahead of Enviva. Our increased revolver not only provides the partnership with added flexibility for financing future growth projects, but also enhances accretion metrics of upcoming opportunities. We now have a lower cost of borrowings on a larger scale, and as we have indicated before, we expect to have the opportunity to acquire fully contracted assets of our sponsors, such as Lucedale plant and the Pascagoula terminal. Enviva's commitment to conservatively managing its balance sheet is unchanged. We continue to expect to fund drop-downs, acquisitions, and major expansions using 50% equity and 50% debt. We also continue to target a conservative leverage ratio of 3.5x to 4x, and a distribution coverage ratio of 1.2x on a forward-looking annual basis. Pivoting now to our 2021 guidance. As John touched on, the partnership reaffirmed its full year 2021 guidance, which does not account for contributions from any potential acquisitions. As we've said in the past, seasonality, customer mix, and timing of shipments can impact results and causes variances from quarter- to- quarter. We expect the shape of our adjusted EBITDA for the year to look similar to 2019 and 2020, with second quarter results being similar to those of first quarter, and the second half of 2021 being materially higher than the first half. Additionally, we expect fourth quarter results to be a significant step-up from the third quarter. Our confidence in achieving our guidance this year is underpinned in part by the benefit we expect to realize from our Mid-Atlantic expansion. For 2021, we are focusing to achieve $20 million out of the $30 million annual adjusted EBITDA run rate we expect from the Mid-Atlantic expansion, weighted heavily to the back half of the year. Additionally, with respect to Japanese contracts we acquired as part of the Waycross and Greenwood acquisition in 2020, we expect delivery to commence this year related to 350,000 metric tons per year. This is projected to provide uplift to our second half results as compared to the first half. We're also excited about the Greenwood plant capacity expansion from 500,000 metric tons per year to 600,000 metric tons per year, which is on schedule for completion by the end of the year. Finally, we are making good progress with the multi-plant expansion we announced last quarter. On the basis of total investment amount of $50 million, we believe we will generate an additional $20 million of Annual Run Rate adjusted EBITDA as these projects are completed and fully ramped by the end of 2022. Over time, as our top line continues to increase, we expect our operating cost position to decline as we achieve incremental economies of scale within our assets and continually implement process and cost improvements. This cycle should continue to provide durable margin expansion year-over-year and add to the strong financial platform we operate today. Now, I would like to turn it back to John. Thanks, Shai. The tremendous growth in our business continues to be driven by the commitment and significant progress made by regulators, policymakers, utilities, and power generators around the globe to phase out coal, limit the impact of climate change, and cut greenhouse gas emissions to achieve net zero by 2050. As you may have seen last week, the European Commission released its taxonomy, which is the centerpiece of the EU's sustainable investment strategy, and one of the key mechanisms used to implement and finance the European Green Deal. The new taxonomy recognizes bioenergy used for power and heat, alongside other renewables like wind and solar, as making a substantial contribution to climate change mitigation, underscoring the indispensable role of biomass in the EU energy transition. The United Kingdom has long been a leader in using biomass to phase out coal usage, and recently published its new Industrial Decarbonization Strategy, a blueprint for delivering the world's first low carbon industrial sector. The report makes it clear that the U.K. government foresees an important role for biomass in the decarbonization of industry, especially when combined with carbon capture and storage. The concept, called BECCS, is increasingly perceived as one of the most critical tools in the effort to achieve net zero, since it is one of the only technologies capable of delivering energy with negative greenhouse gas emissions at scale and available today. One of Enviva's U.K.-based customers, Drax, commissioned an independent analysis which concluded that without BECCS at Drax, the energy system would incur additional costs of around GBP 4.5 billion to achieve the U.K. government's goals due to having to employ other, more difficult and costly solutions. Similarly, Ørsted, Enviva's largest customer in Denmark, is working with Microsoft and Aker Carbon Capture to explore ways to support the development of carbon capture and storage at Ørsted's biomass-fired combined heat and power plants in Denmark. The Danish Economic Council expects BECCS to play a significant role in achieving the country's target of a 70% greenhouse gas emissions reduction by 2030, and considers the technology critical to a cost-competitive energy transition. In the Netherlands, the primary focus of Dutch energy policy is also the reduction of greenhouse gas emissions, and the country is one of the first in the EU to announce plans to eliminate natural gas from its energy mix. The current government coalition is committed to a 49% reduction in greenhouse gas emissions by 2030, surpassing the existing EU target. Biomass is already the largest source of renewable energy in the Netherlands, and Enviva is advancing multiple contract discussions with new customers under agreements which could extend to 12 years or longer, which would further expand the delivery of our product into the Dutch power and heating markets. As an update on Germany, following last year's formal adoption of the Coal Exit Law, regulations for long-term financial support for electricity and heat conversions from fossil fuels to biomass are expected to be announced mid-year as part of the government's priority initiatives. We expect that when complete, these will pave the way for Enviva to finalize commercial discussions already underway with a number of major German utilities and heat and power generators. Utilities have long been the prime consumers of biomass in Europe, but the global industrial sector is becoming an emerging market for Enviva, where steel mills, cement factories, and chemical plants are evaluating large-scale coal to biomass switching. As we highlighted in our press release, Enviva recently delivered test volumes to a large industrial conglomerate in Europe to pilot biomass as a replacement for metallurgical coal in its steelmaking operations. Favorable policy tailwinds in Japan continue to support further investment in this growing market. For instance, the Japanese Ministry of Economy, Trade and Industry, or METI, is working to revise its strategic energy plan by mid-2021. The ruling Liberal Democratic Party's Renewable Energy Caucus has commented that the share of renewable power in its 2030 energy mix should increase from a range of 22%-24% under the current plan to at least 45%. This effort complements METI's focus on phasing out inefficient coal-fired plants by 2030. Increasing the use of biomass is one of the most cost-effective ways for generators to increase thermal efficiency and extend plant lives. That should be good for business in a country where we are the largest and leading supplier of sustainably sourced biomass. Finally, last week, President Biden committed to achieve a 50% reduction in greenhouse gas emissions in the United States by 2030, with an emphasis on American workers and industry tackling the climate crisis. This new target contemplates expanding carbon capture in industrial processes for cleaner steel and cement and enhancing carbon sinks like our forests. As I described earlier in the call, the contracted backlog of the partnership and its sponsor now totals approximately $20 billion, with a weighted average contract maturity of about 14 years. While part of that revenue backlog will be served by the sponsor's Lucedale plant and Pascagoula terminal, our sponsor also continues to progress the development of a fully contracted plant in Epes, Alabama. With respect to this development, our sponsor recently acquired a facility adjacent to the Epes site and is currently re-engineering its existing infrastructure to reduce the planned total capital cost and potentially expand the initial phase of construction to more than 1 million metric tons per year, making the facility the largest plant in the world. Further, our sponsor recently advanced the site it controls in Bond, Mississippi, to the next phase in its development. This plant would be designed to produce between 750,000 and more than 1 million metric tons per year. With the tremendous growth we have achieved, coupled with what we see ahead, we will continue to ensure that our wood pellets remain sustainably produced from forests whose inventories have and continue to grow over time. Enviva's practices and internal standards are designed to meet or exceed the established international safeguards and regulations promulgated under RED II and reinforced by the recent report issued in January by the EU Joint Research Centre, which emphasizes, among other things, the maintenance of long-term production capacity of the forest. Our track and trace system and our leading responsible sourcing policy provide us with the tools we need to set public, transparent goals regarding how we manage, measure, and improve our activities. We also subject ourselves to stringent third-party annual audits to ensure that our operations continue to be certified under independent, globally recognized sustainability standards like FSC, PEFC, SFI, and SBP. To that end, you may have seen the goals we just released for our 2021 implementation plans under our RSP and our report on the progress we are making with our partnership with The Longleaf Alliance, protecting and restoring longleaf pine forests, one of the most biodiverse ecosystems in North America. Consistent with our mission to displace coal, grow more trees, and fight climate change, we and our sponsor are also making progress towards our goal of becoming net zero in greenhouse gas emissions from our own operations by 2030. I hope you saw our partnership with MOL on our joint development of a low-carbon bulk carrier and our signing of the Sea Cargo Charter, promoting decarbonization in international shipping. We expect to announce additional important actions during the course of this year, specifically targeting additions to our renewable energy usage at our production sites and reduction in offsets of the emissions within the assets we operate. In closing, the tailwinds for our business are robust. The world continues to want less carbon, more quickly, and more cost-effectively. This quarter again demonstrates the power of the fully contracted business model we have built to serve those markets, delivering solid results and significantly increased financial performance over the same period last year, and continuing our uninterrupted track record of stable quarterly per unit distributions that reliably increase over time. For those who have heard me say for the now six years since our IPO, you know I'm fond of stating that we are just getting started. I am privileged to say that this is still very much the case, and we look forward to sharing our progress, our growth, and the opportunities ahead as we connect again soon. Thank you for listening. Operator, can you please open the line for questions? We will now begin the question and answer session. To ask your question you may press star and one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question today will come from Pavel Molchanov with Raymond James. Please go ahead. Thanks for taking the questions. Let me start off by asking about demand in your core markets, U.K., Denmark, Belgium. All three countries were in lockdown at least partially for all of Q1. There is some reopening taking place in April, May timeframe. How much did the business closures impact electricity demand and ultimately usage of pellets? Pavel, great to hear you, thank you very much for the question. As we have frankly been very privileged to report during the broader pandemic, which unfortunately continues to persist in many parts of the world, we haven't seen any interruptions in demand. Our customers themselves are, of course, core base load power and heat suppliers in these markets, and demand continued just to pace. All of our production capacity is contracted under long-term take-or-pay obligations, and we continue to be in a position to report that during the life of the company's existence, all the way back a little bit more than 11 years now, every single customer has taken every single delivery and we continue to see that progressing. Very little observable dislocation in any of our markets due to the coronavirus pandemic. Of course, our own operations continue uninterrupted as well. Maybe I'll ask the same question in relation to your brand new market in Japan as of just last week. About a quarter of Japan, including Tokyo and Osaka, are in lockdown. Do you envision that having any impact on your kind of initial year of sales into the Japanese market? No, not at all. We were very proud to report some of our first vessels under long-term contracts getting out of our ports through the canal. Of course, very different experience than some folks saw the Suez get out. We're very, very pleased with what we've been able to deliver. Consistent, reliable ratable deliveries from our Southeast production into Japan, and we don't expect any dislocations there either. Okay. Lastly, let me touch on your biz dev activities. In the press release, you highlighted Poland as your focal point for kind of incremental supply contracts in Europe. Why Poland? How quickly, perhaps, can we expect to see an announcement? Well, Pavel, thank you. I'd add to Poland in terms of the markets that we think are emerging and attractive. Frankly, any of the industrialized nations of the world that are committed to broad scale reduction in greenhouse gas emissions. Naturally, as a member of the EU, Poland being the largest per capita user of coal, very important market. The pressure of certainly the EU ongoing expectations about net zero by 2050 make the large installed coal-fired power fleet in Poland very attractive. They have been a biomass user historically. They've made some very important commitments to decarbonization, to migrating not only the large scale coal assets. They do some co-firing today, increasing those rates. Also, as you may have heard us talk about in the past, the 100 or so municipal combined heat and power assets that are all coal-fired today really focus on converting those away from coal in favor of biomass. To that market, and to the broader EU market, I would certainly add, obviously, the continued growth that we see in Japan and Taiwan as well. Taiwan, a similar island nation to Japan. Important imports resources, heavy utilization of coal with few natural decarbonization opportunities. We're excited about the opportunity to see development in that market as well. Appreciate that response. Thank you. Thanks, Pavel. Our next question will come from Marshall Carver with Heikkinen Energy Advisors. Please go ahead. Yes. Regarding the distribution coverage. You talk about wanting a 1.2x coverage over time, striving for that. You've had such large distribution growth. At least on my model and given your guidance, we have you a bit below that later this year, that longer term 1.2x target. How comfortable are you being below that for any length of time? What's the flexibility around that? I know you have likely additional drop-downs coming down the road, which could get you back up. What are your thoughts about that, and how should we think about that 1.2x target over time? Marshall, thank you for the question. I think that when we are looking at the 1.2x, on a forward-looking annual basis, we discussed when we talked about last quarter about our earnings, we just talked about that we were over 1.2x when we looked at the results for a full year over distributions in prior years. That's kind of our model. We do expect when we're looking at coverage and when the board make a decision on distribution, the board is looking at our forecast projections for the year. Looking for that on a fully annual basis as John mentioned earlier. That same applies for this year. We do expect still that our profits and distributable cash flow for 2022 will cover distribution for 2021 by at least 1.2x. All right. Thank you. Thank you. Our next question will come from Elvira Scotto with RBC Capital Markets. Please go ahead. Hi. Good morning, everyone. With respect to Epes, what sort of cost savings can your sponsor achieve by utilizing the existing infrastructure, as you noted in the press release and in your prepared comments? Thanks for the question, and always good to hear from you. The Epes facility, and anytime we have the opportunity to leverage the assets of a large, fully integrated wood products manufacturing facility. Again, we have a large integrated woodyard, lots of infrastructure. I think we're still trying to figure out exactly how far that runway goes, but we're really pleased about that opportunity, and our corp dev team did a really fantastic job there. What this will look a lot like is frankly, the success we had early on in our development of the Ahoskie facility, which was built on the infrastructure of a former large sawmilling operation. That had a great capital investment profile. We're pretty excited about what we can achieve from the facility in Epes. What that does is, again, it gives us the opportunity to really consider increasing the initial development size from 750,000 metric tons a year to more than 1 million tons a year. It'll make it the largest plant in the world, which is something we can all be proud of. That's helpful. Thank you. As your EBITDA continues to grow, you're going to see some good back half growth. At what point do you think that Enviva, EVA, will consider developing some of its own projects at the EVA level versus at the sponsor level? Again, another great question. I think you're starting to see us do some of that today. Certainly with the benefit of the successful Northampton, and Southampton expansions. We're very pleased with capital deployment and the investment multiples that we're able to do internally. As well as the multi-plant expansions that we're now underway with. Again, where we expect to invest a total of $50 million for the benefit of about an incremental $20 million in the adjusted EBITDA on a run rate basis. Of course, the expansion underway at our Greenwood asset, which is on track and will be complete by the end of this year, too. We're trying to be very mindful of certainly the insulation that we've been able to achieve for the partnership from development risk. When there are well-defined projects with high return multiples, you can count on us continuing to take advantage of those. That's great. That's helpful. I had two more questions. One, again, related to the sponsor. At what point do you think the sponsor or EVA adjusts IDRs? And what is the sponsor's kind of longer-term plan for EVA? Great questions. Of course, I can't speak for the sponsor itself, but it did go through a broad recapitalization last year. Where the outstanding membership units of the Enviva Holdings entity, which had at the time, been held within the Riverstone/Carlyle Renewable and Alternative Energy Fund II. All of those outstanding membership interests were acquired by a group of investors, as we noted in a press release last year, led by Goldman Sachs, Mubadala, and BTG Pactual. That, of course, is now a single purpose fund continuation vehicle. That was done explicitly to continue to fund the long-term growth and realize and help the company ultimately invest in all of the new infrastructure plants and terminal infrastructure that are required to meet the growing base of demand that we spent a bit of time again, talking about on our call today. The growth profile is quite remarkable ahead. The sponsor, of course, also added the green term loan earlier this year, further reducing its cost of capital and enabling long-term investments into those assets. As you may recall, that initial recapitalization last year with the fund continuation vehicle also included about $300 million in standby equity that remains on call. The sponsor continues to be very focused and very tightly aligned with creating, obviously, fully contracted assets that are ultimately made available to the partnership for highly accretive acquisitions and drop-down transactions, like we have been successful in undertaking for the six years since our IPO. We don't expect that trend to in any way ameliorate. Great. Thanks. Sorry, just the very last question, just because it's in your press release and you discussed it, and just out of curiosity. With respect to the comments in the U.S., given President Biden's comments, what do you see as the potential opportunity for EVA in the U.S.? Well, it's a great question, Elvira, and what I'd say is I think our perspective on the U.S. market continues to evolve. The U.S. has never been a focus of our core business development activities. What we have seen, though, is of course, with the transition to the Biden administration and one of their first steps reentering the Paris Agreement. That of course provides some important tailwinds and frankly brings the U.S. right back in line with much of the broader worldwide commitment to reducing greenhouse gas emissions. One of the most important pieces of that, and what I heard of interest in some of the remarks, was really their focus on carbon capture and sequestration. The ability to think about biomass energy and carbon capture sequestration, the BECCS concept that we've talked about in our release, as well as where people are spending a lot of time around the world really trying to figure out the best ways to do it. Drax, Ørsted being two of our customers kind of leading that. To the extent that that continues to be an area of focus in the U.S., I do think that creates incremental opportunities to anything that would've been in our business plan prior to that. Again, everything we manufacture today, we manufacture right here in the southeast U.S. and we export it around the world. We're really proud to be a part of what both, frankly, many of the administrations over the last decade have focused on in terms of leveraging U.S. industry and U.S. capital to solve the worldwide climate change. We're an important part of that today to the extent that some of that develops here in the U.S., just a really nice uplift to everything else we would've forecasted. Great. Thank you. Great catching up. Thanks a lot. Thanks, Elvira. Again, if you'd like to ask a question today, it is star then one. Star then one to ask a question. Our next question will come from Heidi Hauch with Barclays. Please go ahead. Good morning and congrats on another successful quarter. One quick question. In terms of plant expansions and particularly the multi-plant expansion with the $50 million investment, I know last quarter you highlighted how those expansions were gleaned from the Waycross acquisition. Just curious, are you seeing any incremental opportunity there to continue on that expansion technique across perhaps any of your other plants? In other words, is there any other low-hanging fruit to grab there in terms of plant expansion? Heidi, great to talk to you. Absolutely, we're pretty excited about that. We do see follow-on opportunities as we look to complete the multi-plant expansions. The underlying approach that we're taking, we do think that there's opportunities to continue to roll that out to the rest of the fleet. We're kind of just taking it in appropriate bite sizes. As we have some of those plans more concretely illustrated so that we can give an appropriate guide, we will absolutely do so. Great. Thank you. Ladies and gentlemen, this will conclude our question and answer session. I would like to turn the conference back over to John Keppler for any closing remarks. Well, I want to thank everybody for joining us today. Before we close the line, I would be absolutely remiss without formally extending and offering a very warm welcome to Kate Walsh, whose voice you heard at the beginning of the call, who recently joined us as our VP of Investor Relations. I suspect many of you actually already know her from her career at EnLink Midstream, we're pretty lucky to have her. We love talking about this business, that's certainly true for Kate as well. I'd encourage you to add Kate to your contacts and feel free to reach out to her as questions or comments about our business and our progress come to mind. In the meantime, of course you can count on us and frankly the entire Enviva team, continuing to work hard every single day to stably, safely, and reliably continue to displace coal, grow more trees, and fight climate change. We look forward to talking again soon. Thanks for joining us. Stay healthy and have a great day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.