ST JOE Co
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
JOE$72.91-3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
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|---|---|---|---|---|---|---|---|---|---|---|
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| · · · Year Ended December 31, | ||||||||||
| · · 2023 · · 2022 · · 2021 | ||||||||||
| Cash flows from operating activities: · · · | ||||||||||
| Net income | | | $74,052 | | $70,228 | | $73,749 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |||||
| Depreciation, depletion and amortization | | | 38,776 | | 22,888 | | 18,202 | |||
| Stock based compensation | | | 820 | | 364 | | — | |||
| Gain on sale of investments | | | — | | — | | (17) | |||
| Unrealized loss on investments, net | | | | — | | | 26 | | | 1,872 |
| Equity in (income) loss from unconsolidated joint ventures, net of distributions | | | | (12,913) | | | (2,758) | | | 1,298 |
| Deferred income tax | | | (10,677) | | 4,490 | | 15,977 | |||
| Cost of real estate sold | | | 82,610 | | 46,384 | | 55,933 | |||
| Expenditures for and acquisition of real estate to be sold | | | (77,796) | | (97,535) | | (47,318) | |||
| Accretion income and other | | | (2,513) | | (1,274) | | (810) | |||
| Loss on disposal of property and equipment | | | | 16 | | 181 | | 270 | ||
| Gain on contributions to unconsolidated joint ventures | | | | (718) | | | (2,738) | | | (3,558) |
| Gain on insurance for damage to property and equipment, net | | | | — | | | (9,835) | | | (4,853) |
| Loss on extinguishment of debt | | | | 133 | | | 130 | | | — |
| Changes in operating assets and liabilities: | | | | | | |||||
| Other assets | | | (9,178) | | 15,317 | | (6,372) | |||
| Deferred revenue | | | | 11,149 | | | 2,684 | | | 8,568 |
| Accounts payable and other liabilities | | | 10,088 | | (331) | | (1,144) | |||
| Net cash provided by operating activities | | | 103,849 | | 48,221 | | 111,797 | |||
| Cash flows from investing activities: | | | | | ||||||
| Expenditures for operating property | | | (133,783) | | (251,809) | | (149,199) | |||
| Expenditures for property and equipment | | | (6,182) | | (7,348) | | (4,302) | |||
| Proceeds from the disposition of assets | | | 71 | | 49 | | 34 | |||
| Proceeds from insurance claims | | | | — | | | 9,835 | | | 4,853 |
| Purchases of investments - debt securities | | | | (37,407) | | | (97,133) | | | (157,928) |
| Maturities of investments - debt securities | | | | 79,000 | | | 92,000 | | | 117,000 |
| Sales of investments - debt securities | | | | — | | | 53,901 | | | 36 |
| Sales of investments - equity securities | | | — | | 424 | | 325 | |||
| Sales of restricted investments | | | | — | | | — | | | 1,173 |
| Capital contributions to unconsolidated joint ventures | | | | (2,305) | | | (2,505) | | | (9,389) |
| Capital distributions from unconsolidated joint ventures | | | | 676 | | | 12,025 | | | 1,020 |
| Payments for interest in unconsolidated joint venture | | | | — | | | — | | | (495) |
| Maturities of assets held by special purpose entities | | | 787 | | 785 | | 787 | |||
| Net cash used in investing activities | | | (99,143) | | (189,776) | | (196,085) | |||
| Cash flows from financing activities: | | | | | ||||||
| Capital contributions from non-controlling interest | | | 1,430 | | 3,823 | | 3,189 | |||
| Capital distributions to non-controlling interest | | | (2,242) | | (2,433) | | (1,247) | |||
| Additional ownership interest acquired in Pier Park North JV | | | | — | | | (7,695) | | | — |
| Repurchase of common shares | | | — | | (19,972) | | — | |||
| Dividends paid | | | | (25,664) | | | (23,497) | | | (18,844) |
| Borrowings on debt | | | 121,839 | | 184,476 | | 69,300 | |||
| Principal payments for debt | | | (53,491) | | (20,228) | | (2,327) | |||
| Principal payments for finance leases | | | | (153) | | | (121) | | | (104) |
| Debt issuance costs | | | (958) | | (1,895) | | (1,398) | |||
| Net cash provided by financing activities | | | 40,761 | | 112,458 | | 48,569 | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | | | 45,467 | | (29,097) | | (35,719) | |||
| Cash, cash equivalents and restricted cash at beginning of the year | | | 45,303 | | 74,400 | | 110,119 | |||
| Cash, cash equivalents and restricted cash at end of the year | | | $90,770 | | $45,303 | | $74,400 | |||
F 8
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows.
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| · · · · · · · · · · · | ||||||||
| · · · · Year Ended December 31, | ||||||||
| · · 2023 · · 2022 · 2021 | ||||||||
| Cash and cash equivalents | | | $86,068 | $37,747 | | $70,162 | ||
| Restricted cash included in other assets | | | | 4,702 | | 7,556 | | 4,238 |
| Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows | | $90,770 | $45,303 | | $74,400 | |||
Restricted cash includes amounts reserved as a requirement of financing, development, or advance draws on construction loans for certain of the Company’s projects.
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| · · Year Ended December 31, | |||||||||
| · · 2023 · · 2022 · · 2021 | |||||||||
| Cash paid during the period for: · · · · · · | |||||||||
| Interest, net of amounts capitalized | | $29,602 | | $17,152 | | $13,621 | |||
| Federal income taxes | | $26,400 | | $16,361 | | $11,070 | |||
| State income taxes | | $4,518 | | $750 | | $— | |||
| | | | | | | | | | |
| Non-cash investing and financing activities: | | | | ||||||
| Non-cash contributions to unconsolidated joint ventures | | $(1,844) | | $(4,044) | | $(6,136) | |||
| Decrease in Community Development District debt, net | | $(539) | | $(311) | | $(900) | |||
| Transfers of expenditures for operating property to property and equipment | | $35,812 | | $9,594 | | $12,012 | |||
| (Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable | | $(30,325) | | $13,205 | | $19,223 | |||
| Unrealized (loss) gain on cash flow hedges | | $(215) | | $5,243 | | $1,481 | |||
F 9
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