The St. Joe pany(JOE) - 2024 Q1 - Quarterly Results

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$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$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]