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

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$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$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$41.7 million in the same quarter of 2023[21] - Operating income for the quarter was $21.2 million, representing a 4.4$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]