ST JOE Co Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ST JOE Co (JOE) has filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

ST JOE Co (JOE) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. ST JOE Co filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is land subdividers and developers. The filing includes details on various joint ventures, including Watersound Origins Crossings JV, Watercrest JV, and Pier Park projects. Financial data related to common stock, retained earnings, and noncontrolling interest as of March 31, 2024, is presented.

Why It Matters

For investors and stakeholders tracking ST JOE Co, this filing contains several important signals. This filing provides investors with up-to-date financial information and operational insights into ST JOE Co's business activities for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the real estate development sector.

Risk Assessment

Risk Level: — ST JOE Co shows moderate risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed segment information and joint venture performance within the 10-Q to understand revenue drivers and potential growth areas for ST JOE Co.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-24 — Filing Date (Date the report was filed)
• 6552 — SIC Code (Standard Industrial Classification for Land Subdividers & Developers)

Key Players & Entities

• ST JOE Co (company) — Filer of the 10-Q report
• JOE (company) — Ticker symbol for ST JOE Co
• 2024-03-31 (date) — Conformed period of report
• 2024-04-24 (date) — Filed as of date
• Panama City Beach, FL (location) — Business and mailing address

FAQ

Industry Context

ST JOE Co operates in the real estate and construction sector, specifically as a land subdivider and developer. The company's activities are influenced by market demand for real estate and development projects.

Regulatory Implications

As a publicly traded company, ST JOE Co is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency and provide investors with timely financial information.

What Investors Should Do

1. Analyze the company's disclosures regarding its various joint ventures to understand their financial contribution and strategic importance.
2. Examine any updates or changes in risk factors or business operations mentioned in the filing.
3. Compare key financial metrics, if available, with previous periods to identify trends in performance.

Key Dates

• 2024-03-31: Period End — End of the reporting quarter for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance and condition for the quarter.)

Joint Venture (JV)

A business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task. (ST JOE Co utilizes JVs for various real estate development projects, impacting its financial reporting and operational structure.)

Year-Over-Year Comparison

This filing is a 10-Q for the first quarter of 2024, providing an update on the company's financial status since its last annual report (10-K) or previous quarterly filings.

Filing Documents

• joe-20240331x10q.htm (10-Q) — 3814KB
• joe-20240331xex31d1.htm (EX-31.1) — 13KB
• joe-20240331xex31d2.htm (EX-31.2) — 12KB
• joe-20240331xex32d1.htm (EX-32.1) — 4KB
• joe-20240331xex32d2.htm (EX-32.2) — 4KB
• 0001558370-24-005603.txt (&nbsp;) — 17430KB
• joe-20240331.xsd (EX-101.SCH) — 99KB
• joe-20240331_cal.xml (EX-101.CAL) — 104KB
• joe-20240331_def.xml (EX-101.DEF) — 476KB
• joe-20240331_lab.xml (EX-101.LAB) — 763KB
• joe-20240331_pre.xml (EX-101.PRE) — 737KB
• joe-20240331x10q_htm.xml (XML) — 3895KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income - Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Stockholders' Equity - Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023 8 Notes to the Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 41

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 66

Controls and Procedures

Item 4. Controls and Procedures 67

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 67

Risk Factors

Item 1A. Risk Factors 67

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 67

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 67

Other Information

Item 5. Other Information 67

Exhibits

Item 6. Exhibits 68

SIGNATURES

SIGNATURES 69 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements THE ST. JOE COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited) March 31, December 31, 2024 2023 ASSETS Investment in real estate, net $ 1,022,927 $ 1,018,618 Investment in unconsolidated joint ventures 71,229 66,356 Cash and cash equivalents 89,768 86,068 Other assets 84,854 82,243 Property and equipment, net of accumulated depreciation of $ 82,635 and $ 80,423 as of March 31, 2024 and December 31, 2023, respectively 65,075 66,049 Investments held by special purpose entities 203,805 204,196 Total assets $ 1,537,658 $ 1,523,530 LIABILITIES AND EQUITY Liabilities: Debt, net $ 451,990 $ 453,640 Accounts payable and other liabilities 65,429 58,573 Deferred revenue 64,512 62,836 Deferred tax liabilities, net 72,616 71,829 Senior Notes held by special purpose entity 178,241 178,162 Total liabilities 832,788 825,040 Commitments and contingencies (Note 18) Equity: Common stock, no par value; 180,000,000 shares authorized; 58,397,506 and 58,372,040 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 271,079 270,848 Retained earnings 417,280 410,371 Accumulated other comprehensive income 2,041 1,843 Total stockholders' equity 690,400 683,062 Non-controlling interest 14,470 15,428 Total equity 704,870 698,490 Total liabilities and equity $ 1,537,658 $ 1,523,530 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents THE ST. JOE COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited) The following presents the portion of the condensed consolidated balances attributable to the Company's consolidated joint ventures ("JV"), which, as of March 31, 2024 and December 31, 2023, include the Pier Park North JV ("Pier Park North JV"), Pier Park Crossings LLC ("Pier Park Crossings JV"), Origins Crossing

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