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, 2020 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-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, 2019 ☐ 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, 2019 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 Performance - Residential real estate segment contributed 38.9% to operating revenue for the three months ended June 30, 2019, down from 57.0% in the same period of 2018[162]. - Hospitality segment revenue increased to 43.9% for the three months ended June 30, 2019, compared to 26.3% in the prior year[162]. - Total revenue for the six months ended June 30, 2019, was $35.5 million, a decrease of 29.6% from $50.4 million in the same period of 2018[212]. - Hospitality revenue increased to $15.6 million for the six months ended June 30, 2019, up 20.9% from $12.9 million in 2018[212]. - Real estate revenue for the three months ended June 30, 2019, was $15.5 million, down 51.8% from $32.1 million in the same period of 2018[213]. - Total residential real estate revenue for the six months ended June 30, 2019, decreased by $18.5 million, or 51.8%, to $17.2 million compared to $35.7 million in the same period in 2018[215]. - Total revenue for the commercial leasing and sales segment was $3.5 million for the three months ended June 30, 2019, compared to $3.3 million for the same period in 2018, reflecting a 6.1% increase[260]. - Total revenue for the six months ended June 30, 2019, was $23.1 million, an increase of 11.6% compared to $20.7 million for the same period in 2018[254]. Residential Real Estate - Total residential homesites under contract as of June 30, 2019, were 914, expected to generate approximately $89.5 million in revenue upon closing[180]. - The Bay-Walton Sector Plan includes entitlements for over 170,000 residential homesites and over 22 million square feet of commercial space on approximately 110,500 acres[179]. - The Watersound Origins community has 562 homesites fully developed, with 412 sold as of June 30, 2019[166]. - The Breakfast Point community has 369 homesites fully developed, with 330 sold as of June 30, 2019[167]. - The number of homesites sold increased to 151 during the three months ended June 30, 2019, compared to 37 homesites sold in the same period in 2018[214]. - Revenue from homesite sales increased by $4.2 million, or 36.5%, during the six months ended June 30, 2019, compared to the same period in 2018[244]. - Average revenue per homesite sold was approximately $75,000 for the six months ended June 30, 2019, compared to $74,000 in the same period of 2018[244]. - Total residential real estate gross profit decreased by $19.2 million to $7.1 million, with a gross margin of 51.4%, compared to $26.3 million and a gross margin of 91.6% in the same period in 2018[214]. Hospitality Performance - Hospitality revenue increased by $2.7 million, or 20.9%, during the three months ended June 30, 2019, due to the reopening of the FOOW restaurant and the opening of the WaterColor Store[224]. - Hospitality gross margin improved to 42.3% during the three months ended June 30, 2019, compared to 27.1% in the same period in 2018[224]. - Revenue from resorts, lodging, and other management services increased by $1.6 million, or 22.2%, during the three months ended June 30, 2019, compared to the same period in 2018[248]. - Revenue from clubs increased by $1.6 million, or 30.8%, during the three months ended June 30, 2019, with a gross margin increase to 44.1% from 23.1% in the same period in 2018[249]. - The hospitality segment gross margin was 42.3% during the three months ended June 30, 2019, compared to 26.3% during the same period in 2018[252]. Financial Performance - Operating income for the six months ended June 30, 2019, was $10.9 million, a decline of 62.8% compared to $29.3 million in 2018[212]. - Net income for the six months ended June 30, 2019, was $10.3 million, down 60.6% from $26.1 million in the same period of 2018[212]. - Investment income, net decreased by $3.5 million to $2.5 million for the three months ended June 30, 2019, compared to $6.0 million for the same period in 2018[232]. - Total investment income, net for the six months ended June 30, 2019 was $8.6 million, down from $9.6 million in the same period of 2018, reflecting unrealized losses of $1.9 million related to preferred stock[232]. - Income tax expense for the three months ended June 30, 2019 was $3.4 million, with an effective tax rate of 24.9%, compared to $6.5 million and 20.0% in the same period of 2018[237]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was $12.3 million for the six months ended June 30, 2019, down from $37.7 million in the same period of 2018[286]. - Net cash used in investing activities was $(14.7) million for the six months ended June 30, 2019, compared to $56.0 million provided in the same period of 2018[288]. - Capital expenditures for operating property and equipment were $34.0 million for the six months ended June 30, 2019, compared to $10.9 million in 2018[289]. - The company repurchased 471,500 shares of common stock for $7.1 million during the six months ended June 30, 2019, significantly lower than the $72.5 million spent on 4,065,160 shares in the same period of 2018[285]. Future Outlook - The company plans to explore the sale of certain hospitality properties and the development of new hospitality properties[190]. - The company plans to explore the sale of real estate assets opportunistically to enhance resource deployment and increase recurring revenue[299]. - Future growth is expected to be driven by investments in real estate projects that provide recurring revenue, particularly in Northwest Florida[299]. - The company anticipates continuing to develop residential homesites for sale to builders and retail homesites for consumers[301]. - The company plans to maintain a high degree of liquidity while seeking investment opportunities to enhance shareholder value[302].

Revenue Breakdown - For the three months ended March 31, 2019, the consolidated operating revenue breakdown was: Residential real estate 21.0%, Hospitality 46.6%, Commercial leasing and sales 26.3%, and Forestry 5.4%[145]. - Total revenue for the three months ended March 31, 2019, was $16.0 million, a decrease of 19.6% from $19.9 million in the same period in 2018[190]. - Residential real estate revenue decreased by $3.6 million, or 51.4%, to $3.4 million, compared to $7.0 million in the same period in 2018[192]. - Hospitality revenue increased by $0.3 million, or 4.2%, to $7.4 million, driven by the opening of new facilities and increased membership revenue[197]. - Leasing revenue increased by $0.1 million, or 2.9%, to $3.5 million, primarily due to new leases at various properties[199]. - Revenue from resorts, lodging, and other management services increased by $0.4 million, or 11.8%, during the three months ended March 31, 2019[214]. - Total revenue from commercial leasing and sales segment increased to $4.2 million from $3.1 million year-over-year[219]. Real Estate Development - As of March 31, 2019, there were 773 residential homesites under contract, expected to generate approximately $74.5 million in revenue upon closing over the next several years[164]. - The Watersound Origins community has government approval for 1,074 single-family homesites, with 371 fully developed and 345 sold as of March 31, 2019[148]. - The Bay-Walton Sector Plan includes entitlements for over 170,000 residential homesites and over 22 million square feet of retail, commercial, and industrial space on approximately 110,500 acres[162]. - The Breakfast Point community has government approval for 369 single-family homesites, with all 302 fully developed homesites sold as of March 31, 2019[149]. - The company anticipates a growing demand for retirement and workforce housing in Northwest Florida, leveraging its strategic land holdings[163]. Operating Performance - The gross margin for residential real estate was 47.1% for Q1 2019, compared to 41.4% in Q1 2018[192]. - The gross margin for hospitality revenue decreased to 4.1% in Q1 2019 from 5.6% in Q1 2018, primarily due to lower occupancy rates[197]. - The gross margin for leasing revenue improved to 68.6% in Q1 2019 from 67.6% in Q1 2018[199]. - Hospitality segment gross margin decreased to 4.0% from 6.7% year-over-year, primarily due to lower occupancy at the WaterColor Inn and the impact of Hurricane Michael[218]. Cash Flow and Expenses - Net cash used in operating activities was $1.2 million for Q1 2019, a decrease from net cash provided of $2.2 million in Q1 2018[240]. - Net cash used in investing activities was $2.7 million in Q1 2019, significantly lower than $22.4 million provided in Q1 2018, which included $30.8 million from sales of investments[241]. - Net cash used in financing activities was $0.3 million in Q1 2019, compared to $13.8 million in Q1 2018, reflecting a significant reduction in stock repurchase costs[242]. - Total other operating and corporate expenses for the three months ended March 31, 2019, were $6.0 million, slightly up from $5.9 million in the same period of 2018[201]. Debt and Obligations - The company had $33.0 million in contractual obligations as of March 31, 2019[233]. - Outstanding on the PPN JV Loan was $46.2 million as of March 31, 2019, with an interest rate of 4.1% per annum[234]. - As of March 31, 2019, the outstanding balance on the PPC JV Loan was $21.7 million, with an interest rate of 4.0% per annum, maturing in June 2060[235]. - The total outstanding CDD debt related to land holdings was $19.9 million, including $16.6 million at SouthWood and $2.8 million at the Pier Park retail center as of March 31, 2019[236]. Market Conditions and Risks - A downturn in economic conditions in Northwest Florida could reduce discretionary income and decrease demand for hospitality segment operations[263]. - Increases in interest rates could negatively impact the real estate business and increase development project costs[263]. - Recent regulatory guidance may lead to the disappearance of LIBOR, impacting interest earned on investments and interest expense[262]. - A hypothetical 100 basis point increase in interest rates would decrease the market value of certain preferred stock investments by approximately $1.3 million as of March 31, 2019[259]. Shareholder Actions - During Q1 2019, the company repurchased 471,500 shares of common stock for a total of $7.1 million, compared to 764,825 shares for $13.7 million in Q1 2018[237]. - The company plans to explore the sale of real estate assets opportunistically to increase recurring revenue and long-term shareholder value[250].

Real Estate Development - As of December 31, 2018, the company had approximately 684 residential homesites under contract, expected to generate gross revenue of approximately $67.9 million over the next several years[36] - The company is developing the Latitude Margaritaville Watersound community, estimated to include approximately 3,000 residential homesites, currently in the planning phase[33] Commercial Leasing - The commercial leasing segment includes major holdings such as Pier Park North JV with 320,310 square feet of rentable commercial space (96% leased) and VentureCrossings with 243,605 square feet of rentable manufacturing space (100% leased)[40] Forestry Operations - The company has approximately 115,000 acres in its forestry segment, with the ability to consistently operate approximately 67,000 acres[41] Financial Strategy - The company maintains a high degree of liquidity and plans to invest cash in ways that can increase shareholder value, including share repurchases and strategic investments[35] - A hypothetical 100 basis point increase in interest rates would result in a decrease of less than $0.1 million in the market value of U.S. Treasury and corporate debt securities as of December 31, 2018[356] - The company has investments in certain preferred stock that would see a decrease of approximately $1.1 million in market value with a 100 basis point increase in interest rates as of December 31, 2018[357] Hospitality Revenue - The hospitality segment's revenue is typically higher in the second and third quarters, influenced by seasonal fluctuations[44] Employment - The company employs 53 full-time employees as of February 25, 2019, with additional part-time and independent contractors utilized based on seasonal needs[49] Economic Development - The company is focused on strategic infrastructure and economic development initiatives, including a $1.5 billion legal settlement distribution over 18 years in Northwest Florida[35]