Enviva Inc.: restructuring charge — Enviva to record $103.9M goodwill impairment in Q4 2023

Enviva Inc.

Non-cash pretax goodwill impairment of $103.9 million expected in Q4 2023.
Impairment triggered by sustained stock price decline since November 9, 2023.
Interim impairment test showed reporting unit carrying value exceeded fair value.
Charge will not affect cash flows or compliance with credit agreement covenants.
Fair value estimated using market capitalization with an estimated control premium.

item 2.06

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Enviva Inc. announced a impairment with charges of $103.9 million affecting sole reporting unit.

Type: impairment
Charge: $103.9 million
Affected area: sole reporting unit

Exact text from the filing

Based on this approach, on December 4, 2023, management presented to the Company’s Board of Directors its determination that the carrying value of the Company’s sole reporting unit exceeded its fair value and the Board of Directors concluded that a material charge for impairment to goodwill will be required for the fourth quarter of 2023. As a result, the Company expects to record a material non-cash pretax impairment charge related to goodwill of $103.9 million in the fourth quarter of 2023.

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Source: SEC EDGAR

accession 0001592057-23-000060

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