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]

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].

Financial Performance - Revenue increased by 20.3% to $87.8 million from $73.0 million in Q1 2024 compared to Q1 2023[218] - Operating income rose by 41.6% to $16.0 million from $11.3 million year-over-year[218] - Net income attributable to the Company increased by 33.7% to $13.9 million from $10.4 million[219] - Total revenue for the three months ended March 31, 2024, increased to $87.8 million, up 20.5% from $73.0 million in the same period in 2023[264] - Net income for Q1 2024 was $13.1 million, up from $9.5 million in Q1 2023, reflecting a 38.9% increase[352] Hospitality Segment - Hospitality revenue surged by $14.8 million, or 60.4%, to $39.3 million, driven by new club members and the opening of new amenities[273] - Revenue from hospitality segment surged to $40.0 million in Q1 2024, a significant increase of 60.8% from $24.9 million in Q1 2023[298] - Hospitality revenue from clubs increased by $8.9 million, or 88.1%, in Q1 2024 compared to Q1 2023, driven by a rise in membership[299] - The gross profit margin for hospitality improved to 22.9% from 6.5% year-over-year, reflecting operational efficiencies from new assets[273] - Total expenses for the hospitality segment rose to $37.9 million in Q1 2024, compared to $27.1 million in Q1 2023, an increase of 39.0%[298] Residential Segment - The hospitality segment's operating revenue increased to 45.6% in Q1 2024 from 34.1% in Q1 2023, while the residential segment decreased to 35.1% from 38.4%[223] - Residential real estate revenue rose by $2.8 million, or 10.0%, to $30.8 million, with gross profit increasing to $15.8 million, reflecting a gross margin of 51.3%[266] - Total revenue for the residential segment increased to $30.8 million in Q1 2024, up from $28.0 million in Q1 2023, representing a growth of 10.0%[289] - The number of homes sold in the Latitude Margaritaville Watersound JV increased to 177 in Q1 2024 from 149 in Q1 2023, reflecting a growth of 18.8%[283] - Gross margin for residential homesites improved to 50.0% in Q1 2024, up from 41.0% in Q1 2023[292] Development and Projects - The company plans to enhance the value of its real estate assets through the development of residential, commercial, and hospitality projects[215] - The company is constructing the Residence Inn Panama City Beach Pier Park, which opened in April 2024, as part of its commercial segment[239] - The company is developing an 87-acre medical campus in partnership with Florida State University and Tallahassee Memorial Hospital[246] - The company has various hospitality projects in planning stages, indicating potential future growth in the sector[242] - The residential homesite pipeline includes a total of 21,503 homesites across various communities[229] Financial Position and Cash Flow - As of March 31, 2024, cash, cash equivalents, and restricted cash totaled $94.2 million, up from $64.2 million at the end of Q1 2023, an increase of 46.7%[349] - Net cash provided by operating activities increased to $27.6 million in Q1 2024 from $19.2 million in Q1 2023, representing a 43.8% increase[350] - Net cash used in investing activities decreased to $14.7 million in Q1 2024 from $27.2 million in Q1 2023, a reduction of 46.1%[353] - Capital expenditures for operating property and equipment were $14.3 million in Q1 2024, down from $44.0 million in Q1 2023, a decrease of 67.5%[354] Debt and Interest Rates - As of March 31, 2024, the company had various loans outstanding totaling $457.4 million, with a weighted average effective interest rate of 5.3%[319] - Variable-rate debt outstanding as of March 31, 2024, totaled $195.7 million, with a weighted average interest rate of 7.6%[365] - A hypothetical 100 basis point increase in interest rates would result in an increase to annual interest expense of $1.5 million based on the outstanding balance of variable-rate loans[365] - The company has entered into interest rate swap agreements to manage interest rate risk on some of its variable-rate debt[364] Operational Metrics - The hotel portfolio consists of 1,177 operational rooms and an additional 121 rooms under development, totaling 1,298 rooms[240] - The company had 1,053 operational hotel rooms as of March 31, 2024, an increase of 561 rooms from 492 operational hotel rooms as of March 31, 2023[302] - Multi-family units total 1,128, with an occupancy rate of 83% as of March 31, 2024, compared to 79% in December 2023[248] - Senior living communities have 255 units, with only 45% leased as of March 31, 2024, down from 99% in December 2023[248] - The Watersound Town Center has 137,921 square feet completed, with an occupancy rate of 89% as of March 31, 2024[258]

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 ...