The St. Joe Company (JOE) Q2 2025 Earnings Call July 24, 2025 04:00 PM ET Company ParticipantsJorge Gonzalez - President, CEO & Chairman of the BoardOperatorGood day, and thank you for standing by. Welcome to The St. Joe Company Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.If you wish to ask a question via the webcast, please use the Q and A box available on ...

The St. Joe Company (JOE) Q2 2025 Earnings Call July 24, 2025 04:00 PM ET Speaker0Good day, and thank you for standing by. Welcome to The St. Joe Company Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.If you wish to ask a question via the webcast, please use the Q and A box available on the webcast link at any time during the conference. Please be advised that ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-10466 The St. Joe Company (Exact name of registrant as specified in its charter) | Florida | 59-0432511 | | -- ...

Exhibit 99.1 THE ST. JOE COMPANY REPORTS SECOND QUARTER AND FIRST HALF 2025 RESULTS AND DECLARES A QUARTERLY DIVIDEND OF $0.14 Highlights for the second quarter of 2025 as compared to the second quarter of 2024: Panama City Beach, Florida – (July 23, 2025) – The St. Joe Company (NYSE: JOE) (the "Company," "We," or "Our") today reports second quarter and first half 2025 results. Jorge Gonzalez, the Company's President, Chief Executive Officer and Chairman of the Board, said, "Despite macro- economic headwind ...

Core Insights - Adyen partners with JOE & THE JUICE to enhance in-store payment experiences using the SFO1 terminal, which integrates payment functions with marketing displays [1][3] - The collaboration aims to streamline payment operations and improve customer engagement as JOE & THE JUICE expands in the U.S. market [2][4] Company Overview - JOE & THE JUICE operates over 400 locations in 18 countries, offering fresh juices, shakes, sandwiches, and coffee with a focus on natural and organic ingredients [7] - Adyen is a leading financial technology platform that provides end-to-end payment solutions and data-driven insights to major companies globally [8] Technology and Innovation - The SFO1 terminal allows JOE & THE JUICE to combine seamless payment processing with brand engagement and loyalty programs at the point of sale [3][5] - The technology supports features like pre-ordering through an app and personalized loyalty incentives, catering to the growing consumer demand for tailored brand experiences [5][6] Market Strategy - JOE & THE JUICE utilizes the SFO1 terminals to gather insights that inform store experiences and marketing strategies, aiming to build long-term customer loyalty in a competitive food and beverage landscape [4][6] - The partnership with Adyen enables JOE & THE JUICE to adapt to different market environments and consumer preferences, enhancing the overall in-store experience [5][6]

Financial Data and Key Metrics Changes - The company's balance sheet has grown to over $1 billion, with a compound annual growth rate (CAGR) of 17% from 2016 to 2024 [28] - Consolidated and unconsolidated revenue increased from approximately $97 million to $780 million, reflecting a CAGR of 30% [29] - EBITDA grew from $26 million to $166 million, with a CAGR of 26% [30] - Net income rose from about $16 million to $74 million, with a CAGR of 21% [30] - Earnings per share increased from $0.21 to $1.27, with a CAGR of 25% [31] Business Line Data and Key Metrics Changes - The residential segment experienced flat growth due to the timing of seeding and harvesting cycles, while hospitality and leasing segments grew [36] - The company has 21,309 residential units in production, with 15,151 units in the concept planning phase and 3,900 units in engineering and permitting [58][61] Market Data and Key Metrics Changes - Florida's population grew at 8.5% from 2020 to 2024, with Bay County at 14% and Walton County at 19%, indicating strong regional growth [23][24] - The airport's passenger traffic increased from over 312,000 to 1.8 million, a 500% increase, reflecting regional growth [26] Company Strategy and Development Direction - The company aims to expand its portfolio of recurring income-producing commercial and hospitality properties while developing residential communities for long-term revenue [20] - The strategy includes a multifaceted capital allocation approach focusing on growth, debt reduction, and stock repurchases [20] - The company is actively pursuing detailed specific area plans (DSAPs) for residential development, with 10 approved and 7 more in the pipeline [75][76] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of migration to the business, noting that as long as migration continues, the company is well-positioned [22] - The company anticipates more harvesting years in the future, with expectations for increased residential development [56] Other Important Information - The company has maintained a consistent capital allocation strategy, with 65% of capital allocated for growth, 30% for stock repurchases, and 5% for dividends [46] - The company has reduced corporate and other operating expenses from 24% to 6% of consolidated revenue since 2016, indicating improved efficiency [48] Q&A Session Summary Question: What is the company's outlook on residential development? - Management indicated that residential development is cyclical, with a focus on seeding and harvesting cycles, and expects more harvesting in the upcoming year [56] Question: How does the company manage its debt? - The company utilizes project-level financing, with 28% of total assets in project debt, and has a strategy for debt reduction [44] Question: What are the key growth areas for the company? - Management highlighted the State Road 79 corridor as a key area of focus, with significant interest from builders and developers [90]

ANNUAL MEEING OF SHAREHOLDERS May 13, 2025 CONSISTENT BUSINESS STRATEGY Expand portfolio of recurring income producing commercial and hospitality properties Develop residential communities with long term, scalable and repeatable revenue Multi-faceted capital allocation between capital expenditures for business growth, debt reduction, and stock repurchases Steady and growing dividend program HOW JOE IS POSITIONED 87% OF THE 167,000 ACRES OWNED ARE IN BAY, WALTON AND GULF COUNTIES ENTITLEMENTS TO DEVELOP OVER ...

Group 1 - The Joe Velasco Group has affiliated with Coldwell Banker Realty's Los Gatos office from Intero Real Estate Services Inc., enhancing Coldwell Banker's presence in the Silicon Valley and Peninsula markets [1] - Joe Velasco, the leader of the group, has over two decades of experience and a sales track record exceeding $2 billion, ranking in the top 1% of realtors in California for 12 consecutive years [2][3] - In 2024, the Joe Velasco Group achieved over $180 million in sales volume across 90 transactions, showcasing their strong performance in the real estate market [2] Group 2 - Coldwell Banker Realty is one of the largest residential real estate brokerages in Northern California, with approximately 4,300 affiliated agents serving markets from Monterey to Tahoe [4] - The company is owned by a subsidiary of Anywhere Real Estate Inc. (NYSE:HOUS), which is the largest full-service residential real estate services company in the United States [4]

Financial Performance - Quarterly net income attributable to the company increased by 25.9% to $17.5 million during the three months ended March 31, 2025, from $13.9 million in the same period in 2024[214]. - Quarterly revenue increased by 7.3% to $94.2 million during the three months ended March 31, 2025, from $87.8 million in the same period in 2024[214]. - Net income for the three months ended March 31, 2025, was $16.7 million, compared to $13.1 million in the same period in 2024, reflecting a 27.5% increase[262]. - Net cash provided by operating activities was $29.0 million for the three months ended March 31, 2025, compared to $27.6 million in the same period of 2024[341]. - Net cash provided by operating activities was $29.0 million for the three months ended March 31, 2025, compared to $27.6 million for the same period in 2024, reflecting an increase of 5.1%[342]. Revenue Breakdown - Real estate revenue increased by 12.0% to $38.3 million during the three months ended March 31, 2025, from $34.2 million in the same period in 2024[221]. - Hospitality revenue increased by $0.3 million, or 0.8%, to $39.6 million, driven by growth in membership dues and ancillary spending[270]. - Leasing revenue increased by 14.0% to a quarterly record of $16.3 million during the three months ended March 31, 2025, from $14.3 million in the same period in 2024[221]. - Total revenue for the three months ended March 31, 2025, increased to $94.2 million, up 7.3% from $87.8 million in the same period in 2024[262]. - Total revenue for the residential segment reached $33.0 million in Q1 2025, compared to $30.8 million in Q1 2024, marking an increase of 7.1%[284]. Real Estate and Development - Homesite closings volume increased by 15.3% to 249 homesites during the three months ended March 31, 2025, from 216 homesites in the same period in 2024[221]. - As of March 31, 2025, the company had 952 residential homesites under contract, expected to result in revenue of approximately $94.4 million at closing[230]. - The unconsolidated Latitude Margaritaville Watersound JV had completed 1,855 home sale transactions, with 264 homes under contract, expected to result in a sales value of approximately $158.0 million[225]. - The Watersound Town Center is currently under development with a total planned square footage of 400,000, of which 155,962 square feet is completed[254]. - The company is developing the Watersound West Bay Center, which will have a total of 500,000 square feet, with 3,366 square feet completed[254]. Leasing and Occupancy - The total net rentable square feet of leasing properties is 1,179,957, with a leasing percentage of 94% as of March 31, 2025[249]. - The commercial segment manages approximately 1,180,000 square feet of leasable space, achieving a leasing percentage of 94% as of March 31, 2025[247]. - As of March 31, 2025, the multi-family units have a total of 1,128 planned units, with 983 units leased, resulting in an occupancy rate of 87%[245]. - Total leasing revenue increased by $1.6 million, or 11.9%, to $15.1 million for the three months ended March 31, 2025, compared to $13.5 million in the same period of 2024[301]. - The gross margin for total leasing improved to 55.6% in Q1 2025 from 51.9% in Q1 2024[301]. Capital Expenditures and Investments - The company funded $32.7 million in capital expenditures, paid $8.2 million in cash dividends, and repurchased $5.7 million of its common stock in the first quarter of 2025[221]. - The company invested a total of $32.7 million in capital expenditures during the three months ended March 31, 2025, including $4.5 million for the commercial segment[310]. - The company had capital expenditures for operating property and equipment of $5.6 million during the three months ended March 31, 2025, down from $14.3 million in the same period of 2024[343]. Debt and Interest Rates - The weighted average effective interest rate of total outstanding debt was 4.8% as of March 31, 2025, with 73.8% of the debt having fixed or swapped interest rates[311]. - As of March 31, 2025, the company had variable-rate debt totaling $155.7 million, with a weighted average interest rate of 6.5%[352]. - A hypothetical 100 basis point increase in interest rates would result in an increase of $1.2 million in annual interest expense based on the outstanding balance of variable-rate loans[352]. - Interest expense decreased by $0.7 million, or 8.2%, to $7.8 million, primarily due to repayment of project financing and lower interest rates[275]. Joint Ventures and Equity - Equity in income from unconsolidated joint ventures increased to $10.2 million, up from $7.4 million in the same period in 2024[277]. - Equity in income from unconsolidated joint ventures rose by $4.4 million in Q1 2025, attributed to higher average margins and increased home sale transactions[289]. - Equity in loss from unconsolidated joint ventures was $2.5 million for the three months ended March 31, 2025, compared to $0.9 million for the same period in 2024[306]. Cash Flow and Financing Activities - Cash, cash equivalents, and restricted cash at the end of the period were $101.6 million as of March 31, 2025, up from $94.2 million at the end of 2024[341]. - Net cash used in investing activities was $6.6 million for the three months ended March 31, 2025, a significant decrease from $14.7 million in the same period of 2024, indicating a reduction of 55.2%[343]. - Net cash used in financing activities increased to $17.1 million for the three months ended March 31, 2025, compared to $9.5 million in the same period of 2024, reflecting an increase of 80.0%[344]. - Principal payments for debt amounted to $30.4 million during the three months ended March 31, 2025, compared to $2.3 million in the same period of 2024, indicating a substantial increase in debt repayment[344].

The St. Joe Company Reports First Quarter 2025 Results [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) The company reported record Q1 revenue of $94.2 million and a 26% net income increase, driven by strong growth in recurring revenue streams Q1 2025 vs. Q1 2024 Key Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $94.2 million | $87.8 million | +7% | | **Net Income** | $17.5 million | $13.9 million | +26% | | **Real Estate Revenue** | $38.3 million | $34.2 million | +12% | | **Leasing Revenue** | $16.3 million | $14.3 million | +14% | | **Homesite Closings** | 249 | 216 | +15% | - In Q1 2025, the company executed a multi-faceted capital allocation strategy, including **$32.7 million in capital expenditures**, **$8.2 million in cash dividends**, **$5.7 million in stock repurchases**, and a **$2.5 million net debt repayment**[2](index=2&type=chunk)[4](index=4&type=chunk) - Cash and cash equivalents increased from **$88.8 million** at the end of 2024 to **$94.5 million** as of March 31, 2025[2](index=2&type=chunk) [CEO Statement & Strategic Outlook](index=1&type=section&id=CEO%20Statement%20%26%20Strategic%20Outlook) The CEO highlighted strong organic growth, record revenue, and key strategic developments signaling a bright future for the region and the company - The company is leveraging existing assets to build supplemental asset-light businesses, such as the newly announced **Watersound Real Estate brokerage**[4](index=4&type=chunk) - Florida State University plans a transformative **$414 million investment** to build a new teaching and research hospital on the company's medical campus[4](index=4&type=chunk) - The Northwest Florida Beaches International Airport announced its first-ever **direct flight to New York City**, indicating continued growth in air travel to the region[4](index=4&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Consolidated revenue grew 7% to $94.2 million, net income increased 26% to $17.5 million, and EBITDA rose 14% to $39.8 million in Q1 2025 Q1 2025 Consolidated Financial Results | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $94.2 million | $87.8 million | +7% | | **Net Income** | $17.5 million | $13.9 million | +26% | | **EPS (Basic)** | $0.30 | $0.24 | +25% | | **EBITDA** | $39.8 million | $34.9 million | +14% | - Unconsolidated joint ventures had revenues of **$123.2 million** and contributed **$10.2 million** in equity income to the Company in Q1 2025, up from $7.4 million in Q1 2024[6](index=6&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.14 per share**, payable on June 26, 2025[10](index=10&type=chunk) Segment Performance [Real Estate](index=3&type=section&id=Real%20Estate) The real estate segment's revenue increased 12% to $38.3 million, driven by a 15% rise in homesite sales to 249 units Real Estate Operating Metrics (Q1 2025) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Real Estate Revenue** | $38.3 million | $34.2 million | +12% | | **Homesite Sales Volume** | 249 | 216 | +15% | | **Homesites Under Contract** | 952 | 1,335 | -29% | | **Value of Homesites Under Contract** | $94.4 million | $119.8 million | -21% | - The Latitude Margaritaville Watersound JV had **192 completed home sales** in Q1 2025 and has 264 homes under contract with an average sales price of approximately **$598,000**[13](index=13&type=chunk) - The company's residential pipeline includes over **21,300 homesites** in various stages of planning and development[12](index=12&type=chunk) [Hospitality](index=3&type=section&id=Hospitality) Hospitality revenue grew 1% to $39.6 million, supported by club membership growth, while the company expanded its portfolio to 1,298 hotel rooms Hospitality Operating Metrics (as of March 31) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Q1 Hospitality Revenue** | $39.6 million | $39.3 million | +1% | | **Club Members** | 3,498 | 3,433 | +65 members | | **Operational Hotel Rooms** | 1,298 | 1,177 | +121 rooms | | **Owned Hotels** | 12 | 11 | +1 hotel | [Leasing](index=4&type=section&id=Leasing) The leasing segment achieved a record quarter with revenue increasing 14% to $16.3 million, maintaining a 94% occupancy rate across its portfolio - Leasing revenue grew **14%** to a single quarter company record of **$16.3 million** in Q1 2025[17](index=17&type=chunk) Leasing Portfolio (as of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Total Rentable Space** | ~1,180,000 sq. ft. | ~1,082,000 sq. ft. | | **Leased Space** | ~1,114,000 sq. ft. | ~1,046,000 sq. ft. | | **Occupancy Rate** | 94% | 97% | | **Space Under Construction** | 31,500 sq. ft. | N/A | - The company has **1,383 leasable multi-family and senior living units** as of March 31, 2025[17](index=17&type=chunk) [Corporate Expenses, Capital, and Debt](index=4&type=section&id=Corporate%20Expenses%2C%20Capital%2C%20and%20Debt) The company demonstrated effective cost control, improved its debt profile, and increased its cash position to $94.5 million while investing in growth - Corporate and other operating expenses decreased by $0.5 million to **$6.6 million** in Q1 2025, representing **7% of revenue** compared to 8% in Q1 2024[19](index=19&type=chunk) Debt Profile (as of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Weighted Avg. Interest Rate** | 4.8% | 5.3% | | **Average Remaining Life** | 18.8 years | 17.0 years | | **Fixed/Swapped Rate Debt** | 74% | N/A | - As of March 31, 2025, the company had **$94.5 million in cash and cash equivalents** and **$255.4 million invested in development property**[20](index=20&type=chunk) [Financial Data Schedules](index=5&type=section&id=FINANCIAL%20DATA%20SCHEDULES) This section provides detailed, unaudited financial statements and a reconciliation of the non-GAAP measure EBITDA to net income for Q1 2025 [Consolidated Results (Unaudited)](index=5&type=section&id=Consolidated%20Results%20(Unaudited)) The unaudited income statement shows a 7% revenue increase to $94.2 million and a 26% net income increase to $17.5 million for Q1 2025 Consolidated Results (Unaudited) ($ in millions) | | Quarter Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Total revenue** | $94.2 | $87.8 | | **Operating income** | $16.9 | $16.0 | | **Income before income taxes** | $22.5 | $17.8 | | **Net income attributable to the Company** | $17.5 | $13.9 | | **Basic net income per share** | $0.30 | $0.24 | [Summary Balance Sheet (Unaudited)](index=6&type=section&id=Summary%20Balance%20Sheet%20(Unaudited)) The balance sheet shows total assets of $1,547.4 million and total equity of $739.1 million as of March 31, 2025 Summary Balance Sheet (Unaudited) ($ in millions) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $94.5 | $88.8 | | **Total assets** | **$1,547.4** | **$1,538.6** | | **Liabilities and Equity** | | | | Debt, net | $434.8 | $437.8 | | **Total liabilities** | **$808.3** | **$801.9** | | **Total equity** | **$739.1** | **$736.7** | | **Total liabilities and equity** | **$1,547.4** | **$1,538.6** | [Reconciliation of Non-GAAP Financial Measures (Unaudited)](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20(Unaudited)) This schedule reconciles the non-GAAP measure EBITDA of $39.8 million to the GAAP measure of Net Income for Q1 2025 EBITDA Reconciliation (Unaudited) ($ in millions) | | Quarter Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Net income attributable to the Company** | **$17.5** | **$13.9** | | Plus: Interest expense | $7.8 | $8.5 | | Less: Investment income, net | ($3.4) | ($3.4) | | Plus: Income tax expense | $5.8 | $4.7 | | Plus: Depreciation, depletion and amortization | $12.1 | $11.2 | | **EBITDA** | **$39.8** | **$34.9** | [Important Notice Regarding Forward-Looking Statements](index=7&type=section&id=Important%20Notice%20Regarding%20Forward-Looking%20Statements) This section cautions that the report contains forward-looking statements subject to significant risks and uncertainties detailed in SEC filings - The report contains forward-looking statements concerning growth, capital allocation, and new projects, which are subject to risks and uncertainties[33](index=33&type=chunk) - Key risk factors include economic conditions, competition, interest rate fluctuations, supply chain disruptions, regulatory changes, and dependence on regional population growth[34](index=34&type=chunk)[36](index=36&type=chunk) [About The St. Joe Company](index=8&type=section&id=About%20The%20St.%20Joe%20Company) The St. Joe Company is a diversified real estate development, asset management, and operating company focused on its assets in Northwest Florida - The St. Joe Company is a real estate development, asset management, and operating company with assets and operations concentrated in Northwest Florida[38](index=38&type=chunk)