Group 1 - The core idea presented is that the price paid for an asset does not necessarily reflect its intrinsic value, as illustrated by the example of St. Joe (NYSE: JOE) [1] - The analysis emphasizes the importance of fundamental aspects of companies, including sector performance, competitive advantages, and management quality [1] Group 2 - The article does not provide any specific financial data or performance metrics related to St. Joe or the real estate sector [2][3]

Group 1 - Building Benjamins is a free stock picking and market commentary investment newsletter published by Tradition Investment Management, LLC [1] - Benjamin Halliburton, the founder, has a notable background in investment, having founded Tradition Capital Management in 2000 and received multiple accolades for his performance [1] - Halliburton has extensive experience in the investment field, starting his career at Merrill Lynch in 1986 and earning an MBA with a focus on finance from Duke's Fuqua School of Business in 1990 [1] Group 2 - Halliburton was recognized as the top-performing portfolio manager at Brundage, Story and Rose, where his "Disciplined Growth Strategy" outperformed the S&P 500 during the 1990s bull market [1] - He was the youngest partner at his firm and received high praise from senior managing partners for his investment skills [1]

Core Insights - The article discusses the author's past experience with St. Joe Company (NYSE: JOE), highlighting both profitable and unprofitable periods in the investment journey [1]. Company Overview - St. Joe Company has been a subject of interest for individual investors, particularly those focused on value investing strategies [1]. Investment Strategies - The author reflects on various investment strategies, including taking profits, reinvesting dividends, and the impact of market fluctuations on investment returns [1]. Personal Background - The author has a background in financial management education and has contributed to financial discussions through various platforms, indicating a level of expertise in financial analysis [1].

Business Segments - St. Joe operates in three reportable segments: residential, hospitality, and commercial[17]. - St. Joe's unconsolidated joint venture, Latitude Margaritaville Watersound JV, has met the conditions of a significant subsidiary as of December 31, 2024[20]. Workforce and Diversity - As of February 24, 2025, St. Joe employed 863 full-time and 194 part-time and seasonal employees[25]. - Approximately 32% of St. Joe's workforce identifies as racially diverse, and 47% of the workforce, including 50% of the executive management team, is female[32]. - The company has a history of investing in its workforce by offering competitive salaries and benefits[27]. Financials and Debt Management - The company has variable-rate debt totaling $184.6 million, with a weighted average interest rate of 6.5% as of December 31, 2024[299]. - A hypothetical 100 basis point increase in interest rates would increase annual interest expense by $1.4 million based on the outstanding balance of variable-rate loans[299]. - The company utilizes interest rate swap agreements to manage interest rate risk associated with variable-rate debt[299]. Revenue Trends - St. Joe's hospitality revenues are typically higher in the second and third quarters, influenced by holidays and school breaks[22]. - St. Joe's operations may be affected by seasonal fluctuations, impacting revenues and earnings significantly from period to period[21].

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) The St. Joe Company reported strong Q4 2024 growth with revenue up 20% and net income up 43%, driven by segment performance and record homesite closings, alongside capital returns Q4 2024 vs. Q4 2023 Performance Highlights | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Income** | $18.9 million | $13.2 million | +43% | | **Total Revenue** | $104.3 million | $86.7 million | +20% | | **Real Estate Revenue** | $46.5 million | $37.7 million | +23% | | **Hospitality Revenue** | $42.2 million | $35.4 million | +19% | | **Leasing Revenue** | $15.6 million | $13.6 million | +15% | | **Homesite Closings** | 331 | 182 | +82% | Full Year 2024 vs. Full Year 2023 Revenue | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $402.7 million | $389.2 million | +3% | | **Hospitality Revenue** | $199.2 million | $152.4 million | +31% (Record) | | **Leasing Revenue** | $60.3 million | $50.8 million | +19% (Record) | - The CEO highlighted **record homesite closings** in December (318) and Q4 (331), contributing to a **strong finish to 2024**[2](index=2&type=chunk)[3](index=3&type=chunk) - The Board of Directors declared a **quarterly dividend of $0.14 per share** and **increased the stock repurchase authority to $100.0 million**[1](index=1&type=chunk)[11](index=11&type=chunk) [CEO Commentary and Strategy](index=2&type=section&id=CEO%20Commentary%20and%20Strategy) The CEO highlighted the company's strategy of developing operating properties to enhance land value, with significant contributions from joint ventures, driven by strong regional demand - The company's **core strategy** is to develop operating properties that **grow recurring revenue** while simultaneously **increasing the value of its surrounding lands**[4](index=4&type=chunk) - **Unconsolidated joint ventures** are a **key part of the business strategy**, contributing **$23.6 million in pre-tax income** for 2024 from **$378.2 million in their own revenue**[4](index=4&type=chunk)[7](index=7&type=chunk) - **Strong demand** across all business segments is attributed to the **continued influx of visitors and new residents to Northwest Florida**[4](index=4&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) The company's operating segments showed varied performance, with Real Estate revenue up in Q4 but down for the full year, while Hospitality and Leasing segments achieved robust growth and record revenues [Real Estate](index=3&type=section&id=Real%20Estate) Real estate revenue increased 23% in Q4 2024 driven by record homesite sales, despite a full-year decline, with a strong future pipeline and continued performance from a key joint venture Real Estate Performance | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $46.5M | $37.7M | $143.2M | $186.0M | | **Homesite Sales** | 331 | 182 | 912 | 1,063 | - As of Dec 31, 2024, the company had **1,074 residential homesites under contract**, expected to generate **approximately $102.0 million in revenue**[14](index=14&type=chunk) - The Latitude Margaritaville Watersound JV had **367 homes under contract** with an expected sales value of **approximately $226.9 million**[16](index=16&type=chunk) [Hospitality](index=4&type=section&id=Hospitality) Hospitality revenue grew significantly in Q4 and full year 2024, reaching a record $199.2 million, driven by increased club memberships and an expanded hotel portfolio Hospitality Revenue Growth | Period | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | **Q4 Revenue** | $42.2M | $35.4M | +19% | | **Full Year Revenue** | $199.2M | $152.4M | +31% | - Growth drivers include an **increase in Watersound Club members to 3,476** (from 3,317 in 2023) and the **operation of 1,298 hotel rooms**[18](index=18&type=chunk) [Leasing](index=4&type=section&id=Leasing) Leasing revenue increased 15% in Q4 and 19% for the full year, reaching a record $60.3 million with high occupancy rates, and the company plans to significantly expand its commercial leasable space Leasing Revenue Growth | Period | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | **Q4 Revenue** | $15.6M | $13.6M | +15% | | **Full Year Revenue** | $60.3M | $50.8M | +19% | - As of Dec 31, 2024, the portfolio consisted of **approximately 1,182,000 leasable square feet**, of which **95% was leased**[20](index=20&type=chunk) - The company has plans to **more than double its total current leasable commercial space** through development at key centers[20](index=20&type=chunk) [Financial Condition and Corporate Matters](index=4&type=section&id=Financial%20Condition%20and%20Corporate%20Matters) The company maintained a solid financial position in 2024 with $88.8 million in cash and growing assets, investing in capital expenditures while returning capital to shareholders and managing debt conservatively Full Year 2024 Capital Allocation & Investments | Activity | Amount | | :--- | :--- | | **Capital Expenditures** | $129.4 million | | **Cash Dividends Paid** | $30.3 million | | **Common Stock Repurchased** | $3.4 million | | **Net Debt Repayment** | $17.1 million | - As of December 31, 2024, the company had **$88.8 million in cash, cash equivalents, and other liquid investments**[23](index=23&type=chunk) - The **weighted average effective interest rate of outstanding debt was 4.9%**, with **68% of debt at a fixed or swapped rate**, and **Total debt was approximately 28% of total assets**[24](index=24&type=chunk) - Corporate and other operating expenses remained **stable at 6% of total revenue** for the full year 2024[21](index=21&type=chunk) [Financial Data Schedules](index=5&type=section&id=FINANCIAL%20DATA%20SCHEDULES) This section presents detailed unaudited financial statements, including consolidated results showing strong Q4 growth, a balance sheet reflecting total assets of $1.54 billion, and an EBITDA reconciliation [Consolidated Results](index=6&type=section&id=Consolidated%20Results) Q4 2024 consolidated results show total revenue of $104.3 million and net income of $18.9 million, while full-year 2024 revenue was $402.7 million with a slight net income decrease Consolidated Results ($ in millions except per share amounts) | | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | $104.3 | $86.7 | $402.7 | $389.2 | | **Operating income** | $25.7 | $17.3 | $95.6 | $90.7 | | **Net income attributable to the Company** | $18.9 | $13.2 | $74.2 | $77.7 | | **Basic net income per share** | $0.32 | $0.23 | $1.27 | $1.33 | [Summary Balance Sheet](index=7&type=section&id=Summary%20Balance%20Sheet) As of December 31, 2024, the company's total assets increased to $1,538.6 million, while total liabilities decreased and total equity grew, reflecting a stronger financial position Summary Balance Sheet ($ in millions) | | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total assets** | $1,538.6 | $1,523.5 | | **Total liabilities** | $801.9 | $825.0 | | **Total equity** | $736.7 | $698.5 | [Reconciliation of Non-GAAP Financial Measures (EBITDA)](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20%28EBITDA%29) EBITDA, a non-GAAP measure, increased by 25% to $42.5 million in Q4 2024 and 4% for the full year, providing additional insight into operating performance EBITDA Reconciliation ($ in millions) | | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net income attributable to the Company** | $18.9 | $13.2 | $74.2 | $77.7 | | **Adjustments (Interest, Taxes, D&A, etc.)** | $23.6 | $20.8 | $92.5 | $82.0 | | **EBITDA** | $42.5 | $34.0 | $166.7 | $159.7 |

Core Points - Ronald Dissinger has been appointed as the Interim Chief Financial Officer of Jones Soda Co. following the resignation of Joe Culp, effective November 4, 2024 [1] - The Board of Directors is currently searching for a permanent Chief Financial Officer [1][2] - Paul Norman, the Chairman of the Board and Interim Chief Executive Officer, expressed confidence in Dissinger's financial leadership skills during this transitional period [2] Company Overview - Jones Soda Co. is recognized as a leading developer of sodas and cannabis-infused beverages, known for their premium taste and unique flavors [3] - The company was launched in 1996 and markets a diverse portfolio of products under the Jones® Soda brand and the Mary Jones brand for cannabis beverages and edibles [3]

Background and Experience - The individual has over 20 years of experience as a CPA and was a Senior Manager at a Big Four accounting firm [1] - After leaving public accounting in 2010, the individual served as CFO for two privately held companies with sales between $50m and $100m in the aerospace and defense and beauty industries [1] Investment Philosophy - The individual identifies as a value investor but is open to other investment disciplines if they make sense [1] - The investment approach is influenced by the Buffett/Munger style of buying wonderful businesses at fair prices [1] - The individual emphasizes the importance of heavy research before and during the investment period, including quarterly financial checkups, conference calls, and staying updated with news [1] - The goal is to hold investments long-term and reinvest dividends, with minimal buying or selling activity [1] Analytical Approach - The individual is comfortable with financial metrics but requires more than just numbers to make an investment decision [1] - The approach involves looking at all sides of a situation and considering both positives and risks in any investment [1] - The individual aims to engage the audience to fully analyze investment positions [1]

Revenue Performance - Hospitality revenue increased by 16.9% in Q3 2024 to $55.4 million from $47.4 million, and increased 34.2% for the first nine months of 2024 to $157.0 million from $117.0 million[186]. - Leasing revenue increased by 19.1% in Q3 2024 to $15.6 million from $13.1 million, and increased 20.2% for the first nine months of 2024 to $44.7 million from $37.2 million[186]. - Real estate revenue decreased by 31.5% in Q3 2024 to $28.0 million from $40.9 million, and decreased by 34.8% for the first nine months of 2024 to $96.7 million from $148.3 million[186]. - Total revenue for Q3 2024 decreased by 2.4% to $99.0 million from $101.4 million, while operating income increased by 4.4% to $21.2 million from $20.3 million[187]. - Total revenue for the nine months ended September 30, 2024, reached $157.0 million, up 34.2% from $117.0 million in the same period in 2023[276]. Net Income and Expenses - Net income attributable to the Company decreased by 13.4% to $16.8 million from $19.4 million in Q3 2024, primarily due to timing of homesite closings and product mix[187]. - Total expenses for the three months ended September 30, 2024, were $77.8 million, down from $81.1 million in the same period of 2023, a decrease of 4.1%[225]. - Net income for the three months ended September 30, 2024, was $16.6 million, down from $18.7 million in the same period of 2023, a decrease of 11.2%[225]. - Corporate and other operating expenses decreased by $0.2 million to $6.0 million for the three months ended September 30, 2024, compared to $6.2 million in the same period of 2023[241]. Residential and Hospitality Segments - The residential segment generated 19.2% of operating revenue in Q3 2024, down from 35.0% in Q3 2023, while the hospitality segment increased to 57.0% from 47.3%[190]. - The company has significant additional entitlements for future hotel projects on its land holdings[207]. - The hospitality segment generates revenue from various sources including membership sales, lodging, and food and beverage operations, with revenue recognized at the point services are provided[201]. Leasing and Real Estate - Multi-family units total 1,128, with an overall leasing percentage of 87% as of September 30, 2024[211]. - Senior living communities total 255 units, with a leasing percentage of 53% as of September 30, 2024[211]. - The leasing portfolio consists of approximately 1,179,000 square feet of leasable space for mixed-use, retail, and medical uses[212]. - Total leasing revenue for the nine months ended September 30, 2024, increased by $6.2 million, or 17.5%, to $41.6 million compared to the same period in 2023[292]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was $78.2 million for the nine months ended September 30, 2024, compared to $92.3 million for the same period in 2023[326]. - Net cash used in investing activities was $42.4 million for the nine months ended September 30, 2024, significantly lower than $81.5 million for the same period in 2023[327]. - Total capital expenditures for the nine months ended September 30, 2024, amounted to $98.7 million, with $51.1 million allocated to the residential segment, $23.4 million to the hospitality segment, and $23.2 million to the commercial segment[301]. Debt and Interest Expense - As of September 30, 2024, total outstanding loans amounted to $448.5 million, down from $459.2 million as of December 31, 2023, with a weighted average effective interest rate of 5.1%[302]. - Interest expense increased by $3.7 million, or 17.0%, to $25.5 million during the nine months ended September 30, 2024, compared to $21.8 million in the same period in 2023[244]. - The weighted average interest rate on the variable rate loans, excluding the swapped portion, was 7.1% based on SOFR[336]. Membership and Club Performance - The company had 3,532 members in the Watersound Club as of September 30, 2024, an increase of 444 members from 3,088 members as of September 30, 2023[276]. - Revenue from clubs increased by $22.6 million, or 59.2%, during the nine months ended September 30, 2024, compared to the same period in 2023[276]. Joint Ventures and Equity - Equity in income from unconsolidated joint ventures was $6.8 million for the three months ended September 30, 2024, compared to $8.7 million in the same period in 2023, while it increased to $19.5 million for the nine months ended September 30, 2024, from $18.4 million in the same period in 2023[248]. - Equity in loss from unconsolidated joint ventures was $1.6 million for the three months ended September 30, 2024, compared to $0.1 million for the same period in 2023[289].

Revenue Performance - Hospitality revenue increased by 17% to $55.4 million in Q3 2024 from $47.4 million in Q3 2023, and increased by 34% to $157.0 million for the first nine months of 2024 from $117.0 million[1][4] - Leasing revenue rose by 19% to $15.6 million in Q3 2024 from $13.1 million, and increased by 20% to $44.7 million for the first nine months of 2024 from $37.2 million[1][4] - Real estate revenue decreased by 32% to $28.0 million in Q3 2024 from $40.9 million, and decreased by 35% to $96.7 million for the first nine months of 2024 from $148.3 million[2][4] - Total consolidated revenue for Q3 2024 decreased by 2% to $99.0 million from $101.4 million in Q3 2023, while total revenue for the first nine months of 2024 decreased by 1% to $298.4 million from $302.5 million[2][4] - Total revenue for the nine months ended September 30, 2024, was $298.4 million, a slight decrease of 1.4% compared to $302.5 million for the same period in 2023[18] Net Income and Earnings - Net income attributable to the Company decreased by 13% to $16.8 million, or $0.29 per share, in Q3 2024 compared to $19.4 million, or $0.33 per share, in Q3 2023[6] - Net income attributable to the Company for the quarter was $16.8 million, down 13.4% from $19.4 million in the same quarter of 2023[18] EBITDA and Operating Income - EBITDA for Q3 2024 decreased by 4% to $39.9 million from $41.7 million in Q3 2023, and for the first nine months of 2024, EBITDA was $124.1 million compared to $125.7 million in the same period of 2023[7] - EBITDA for the quarter was $39.9 million, a decrease of 4.3% from $41.7 million in the same quarter of 2023[21] - Operating income for the quarter was $21.2 million, representing a 4.4% increase from $20.3 million in the prior year[18] Assets and Equity - Total assets as of September 30, 2024, increased to $1,545.6 million from $1,523.5 million at the end of 2023[19] - Total equity rose to $729.6 million, up from $698.5 million at the end of 2023[19] Membership and Contracts - The Company had 3,532 club members as of September 30, 2024, an increase of 444 members from 3,088 members a year earlier[11] - As of September 30, 2024, there were 1,381 residential homesites under contract expected to generate approximately $122.3 million in revenue, compared to 1,575 homesites under contract for $135.5 million as of September 30, 2023[9] Capital Expenditures and Cash Position - The Company funded $34.8 million in capital expenditures in Q3 2024 and $98.7 million for the first nine months of 2024[15] - As of September 30, 2024, the Company had $82.7 million in cash and cash equivalents, down from $86.1 million as of December 31, 2023[15] Future Outlook - The Company anticipates growth prospects and plans to maintain an efficient cost structure moving forward[23] - The Company is focused on expanding operational assets, including increases in hotel rooms and joint venture developments in 2024 and beyond[23]

Core Insights - The Boston Beer Company has appointed Biz Stone and Joe Jordan to its Board of Directors, effective July 29, 2024 [1] - Biz Stone will serve as an independent Class B Director, while Joe Jordan will take on the role of independent Class A Director [1] Company Overview - The Boston Beer Company, Inc. (NYSE: SAM) began brewing Samuel Adams beer in 1984 and has grown to be one of the largest craft brewers in the U.S. [5] - The company is known for its high-quality products and has expanded its offerings to include hard cider, hard seltzer, and hard tea [5] - Core brands include Angry Orchard Hard Cider, Dogfish Head, Truly Hard Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams [5] Board Member Profiles - Biz Stone is a co-founder of Twitter and has received numerous accolades, including being named one of TIME's 100 Most Influential People [2] - Joe Jordan currently serves as President - U.S. and Global Services for Domino's and has extensive experience in brand management and marketing [3] Board Expectations - The Chairman of Boston Beer Company, Jim Koch, expressed confidence that Biz Stone will contribute entrepreneurial and innovative experience, while Joe Jordan will bring expertise in brand management and consumer packaged goods [4]