The St. Joe pany(JOE) - 2024 Q3 - Quarterly Report

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$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$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$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$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].