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]

Revenue Performance - Total revenue for the six months ended June 30, 2024, was $201.157 million, compared to $201.157 million for the same period in 2023, indicating no growth year-over-year [566]. - Residential revenue for the six months ended June 30, 2024, was $91.438 million, while hospitality revenue was $70.466 million, and commercial revenue was $37.308 million [566]. - The company recognized $161.873 million of revenue at a point in time and $15.116 million over time during the six months ended June 30, 2024 [566]. - Hospitality revenue increased by $32.0 million, or 46.0%, to $101.6 million for the six months ended June 30, 2024, compared to $69.6 million in the same period in 2023 [619]. - The company’s hospitality segment generated $63.249 million in revenue for the three months ended June 30, 2024, compared to $45.611 million for the same period in 2023, showing a growth of 38.6% [588]. Membership and Club Performance - The company had a total of 49,406 club memberships at the end of June 30, 2024, up from 32,315 at the end of June 30, 2023, representing a 53.1% increase [570]. - The number of Watersound Club members rose to 3,571 as of June 30, 2024, an increase of 718 members from 2,853 members as of June 30, 2023 [619]. Income and Profitability - The company reported an income before income taxes of $32.825 million for the three months ended June 30, 2024, compared to $45.339 million for the same period in 2023, reflecting a decrease of 27.6% [588]. - The company’s total operating revenue for the three months ended June 30, 2024, was $111.606 million, down from $128.167 million for the same period in 2023, a decline of 12.9% [588]. - The company’s income from the residential segment for the six months ended June 30, 2024, was $62.546 million, compared to $91.438 million for the same period in 2023, a decrease of 31.6% [588]. - Residential real estate revenue decreased by $28.9 million, or 31.6%, to $62.5 million for the six months ended June 30, 2024, compared to $91.4 million in the same period of 2023 [616]. - The gross profit for residential real estate in the first half of 2024 was $31.7 million, with a gross margin of 50.7%, compared to $45.9 million and a gross margin of 50.2% in the same period of 2023 [616]. - Hospitality gross margin improved to 32.9% for the six months ended June 30, 2024, up from 19.3% during the same period in 2023 [619]. Real Estate and Development - As of June 30, 2024, the company had 1,303 residential homesites under contract, expected to generate approximately $114.0 million in revenue, down from 1,825 homesites and $158.5 million in revenue as of June 30, 2023 [603]. - The average base revenue per homesite sold increased to approximately $128,000 in the first half of 2024 from $105,000 in the same period of 2023 [616]. - The company sold 402 homesites during the first half of 2024, compared to 627 homesites in the same period of 2023 [616]. - The commercial segment is developing the Watersound Town Center and Watersound West Bay Center, which are complementary to residential communities [608]. - The company plans to develop an 87-acre medical campus in Panama City Beach, Florida, in collaboration with Florida State University and Tallahassee Memorial Hospital [608]. - The total multi-family units completed as of June 30, 2024, were 1,128, with a leasing percentage of 86% [609]. Financial Position and Debt - The company’s total liabilities included income tax payable of $2.1 million as of June 30, 2024, down from $9.2 million as of December 31, 2023 [564]. - As of June 30, 2024, the company had $192.9 million in variable-rate debt, with $41.1 million swapped to a fixed interest rate [365]. - The weighted average interest rate on variable rate loans, excluding the swapped portion, was 7.6% as of June 30, 2024 [365]. - A hypothetical 100 basis point increase in the applicable rate would result in an increase to annual interest expense of $1.5 million [365]. - The company entered into a $22.9 million loan in 2019, with $22.0 million outstanding as of June 30, 2024, bearing interest at a rate of 2.7% [620]. - The loan matures in May 2057 and includes a prepayment premium of 1% - 8% for any principal prepaid through May 2032 [620]. - Surety bonds and financial guarantees amounted to $27.9 million and $40.0 million as of June 30, 2024, and December 31, 2023, respectively [590]. Expenses - The company incurred expenses of $0.6 million and $0.4 million related to leasing management services in the second quarter of 2024 and 2023, respectively [593]. - Capital expenditures for operating property and equipment were $28.2 million for the six months ended June 30, 2024, down from $82.3 million in the same period in 2023 [623]. Investment Risks - The company is subject to credit risk associated with investments classified as available-for-sale securities, which may fluctuate due to market conditions [364].

Revenue Performance - Hospitality revenue increased by 38% to a quarterly record of $62.3 million in Q2 2024, compared to $45.1 million in Q2 2023[30]. - Total consolidated revenue for Q2 2024 decreased by 13% to $111.6 million, down from $128.1 million in Q2 2023[6]. - For the first six months of 2024, total revenue decreased by 1% to $199.4 million from $201.1 million in the same period of 2023[24]. - Total revenue decreased by 12.9% to $111.6 million in Q2 2024, compared to $128.1 million in Q2 2023[35]. - Real estate revenue decreased by 51% to $34.5 million in Q2 2024 due to a mix of sales and timing of transactions[6]. - Real estate revenue fell by 51% to $34.5 million in Q2 2024, down from $70.6 million in Q2 2023[45]. - Leasing revenue increased by 19% to $14.8 million in Q2 2024, compared to the same period in 2023[6]. - Leasing revenue rose by 19% to $14.8 million in Q2 2024, compared to $12.4 million in Q2 2023[48]. Net Income and Earnings - Net income attributable to the Company for Q2 2024 decreased by 29% to $24.5 million, or $0.42 per share, compared to $34.7 million, or $0.60 per share, in Q2 2023[26]. - Net income attributable to the Company was $24.5 million in Q2 2024, down from $34.7 million in Q2 2023, representing a decrease of 29.4%[38]. - Basic net income per share attributable to the Company decreased to $0.42 in Q2 2024 from $0.60 in Q2 2023[35]. Expenses and EBITDA - Corporate and other operating expenses increased by 7.3% to $5.9 million in Q2 2024, compared to $5.5 million in Q2 2023[49]. - EBITDA for Q2 2024 was $49.2 million, down from $59.7 million in Q2 2023, a decrease of 17.5%[38]. Cash and Capital Expenditures - As of June 30, 2024, the Company had $86.7 million in cash and cash equivalents, compared to $88.6 million as of June 30, 2023[50]. - The Company funded $32.4 million in capital expenditures in Q2 2024, with a total of $63.9 million for the first six months of 2024[50]. Dividends and Shareholder Returns - The Company declared a cash dividend of $0.14 per share, representing a 17% increase from the previous dividend of $0.12 per share[27]. - The company plans to continue its capital allocation initiatives, including the payment of quarterly dividends[60]. Future Growth and Development - The St. Joe Company focuses on real estate development, asset management, and operations in Northwest Florida, utilizing existing assets for residential, hospitality, and commercial ventures[61]. - The company has significant residential and commercial land-use entitlements, actively seeking higher and better uses for its real estate assets through various development activities[61]. - Future growth prospects include expansion of operational assets, such as increases in hotel rooms, and maintaining an efficient cost structure[60]. - There are ongoing plans regarding joint venture developments and the timing of new projects in 2024 and beyond[60]. - As of June 30, 2024, the Company had 1,303 residential homesites under contract, expected to generate approximately $114.0 million in revenue[11]. - The Company has over 22,500 homesites in various stages of planning or development[19].

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 March 31, 2024 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 | | - ...

Revenue Growth - Revenue for the first quarter of 2024 increased by 20% to $87.8 million compared to $73.0 million in the first quarter of 2023[4] - Hospitality revenue grew by 60% to $39.3 million, while leasing revenue increased by 21% to $14.3 million[4] Net Income and Earnings - Net income attributable to the Company rose by 34% to $13.9 million, or $0.24 per share, compared to $10.4 million, or $0.18 per share, in the same period last year[6] - Net income attributable to the Company for Q1 2024 was $13.9 million, up from $10.4 million in Q1 2023, representing a 33.65% increase[29] EBITDA Performance - EBITDA for the first quarter of 2024 increased by 43% to $34.9 million, up from $24.4 million in the first quarter of 2023[7] - EBITDA for Q1 2024 was $34.9 million, compared to $24.4 million in Q1 2023, reflecting a 42.62% growth[29] Sales and Contracts - The Company sold 216 homesites at an average base price of approximately $117,000 with a gross margin of 50% in the first quarter of 2024[10] - As of March 31, 2024, the Company had 1,335 residential homesites under contract, expected to generate approximately $119.8 million in revenue[12] - The Latitude Margaritaville Watersound joint venture had 177 completed home sales in the first quarter of 2024, bringing total occupied homes to 1,181[13] Dividends and Capital Expenditures - The Company declared a cash dividend of $0.12 per share, payable on June 13, 2024[8] - The Company funded $31.5 million in capital expenditures in the first quarter of 2024[20] Financial Position - Total assets as of March 31, 2024, were $1,537.7 million, with total liabilities of $832.8 million[25] Strategic Focus and Growth Prospects - The Company anticipates growth prospects and plans to expand operational assets, including increases in hotel rooms, in 2024 and beyond[30] - The Company is focused on maintaining an efficient cost structure and capital allocation initiatives, including quarterly dividend payments[30] - The Company has significant residential and commercial land-use entitlements and seeks higher and better uses for its real estate assets[34] - The Company is dependent on strong migration and population expansion in its regions of development, particularly Northwest Florida[32] - The Company aims to effectively manage real estate assets and complete construction projects within expected timeframes[31] Risks and Challenges - Risks include competition, economic conditions, interest rate fluctuations, and geopolitical conflicts that may impact financial results[31] Cybersecurity and Compliance - The Company is committed to protecting its information technology infrastructure against cyber-attacks and maintaining adequate internal controls[32] - The Company does not undertake to update forward-looking statements other than as required by law[33]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ 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 (State or other j ...

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 September 30, 2023 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 | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Table of Contents (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, 2023 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 | | -- ...

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 March 31, 2023 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 | | - ...