ST JOE Co

For the period ended Dec 31, 2024. Filed Feb 26, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 26, 2025

JOE$72.91-3.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS



· · · Year Ended December 31,
· · 2024 · · 2023 · · 2022
Cash flows from operating activities: · · ·
Net income	$72,396	$74,052	$70,228
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	46,385	38,776	22,888
Stock based compensation	1,209	820	364
Unrealized loss on investments, net	—	—	26
Equity in income from unconsolidated joint ventures	(23,578)	(22,701)	(25,986)
Distribution of earnings from unconsolidated joint ventures	26,790	11,464	23,228
Deferred income tax	(803)	(10,677)	4,490
Cost of real estate sold	65,151	82,610	46,384
Expenditures for and acquisition of real estate to be sold	(79,435)	(77,796)	(97,535)
Accretion income and other	(1,765)	(5,193)	(2,281)
Amortization of debt issuance costs	982	1,004	1,007
Loss on disposal of property and equipment	615	16	181
Gain on contributions to unconsolidated joint ventures	(10)	(718)	(2,738)
Gain on insurance for damage to property and equipment, net	(178)	—	(9,835)
Loss on extinguishment of debt	—	133	130
Changes in operating assets and liabilities:
Other assets	9,669	(9,178)	15,317
Deferred revenue	(2,899)	11,149	2,684
Accounts payable and other liabilities	(6,536)	10,088	(331)
Net cash provided by operating activities	107,993	103,849	48,221
Cash flows from investing activities:
Expenditures for operating property	(42,188)	(133,783)	(251,809)
Expenditures for property and equipment	(7,746)	(6,182)	(7,348)
Proceeds from the disposition of assets	88	71	49
Proceeds from insurance claims	178	—	9,835
Purchases of investments - debt securities	—	(37,407)	(97,133)
Maturities of investments - debt securities	—	79,000	92,000
Sales of investments - debt securities	—	—	53,901
Sales of investments - equity securities	—	—	424
Capital contributions to unconsolidated joint ventures	(1,734)	(2,305)	(2,505)
Capital distributions from unconsolidated joint ventures	225	676	12,025
Maturities of assets held by special purpose entities	798	787	785
Net cash used in investing activities	(50,379)	(99,143)	(189,776)
Cash flows from financing activities:
Capital contributions from non-controlling interest	—	1,430	3,823
Capital distributions to non-controlling interest	(972)	(2,242)	(2,433)
Additional ownership interest acquired in Pier Park North JV	—	—	(7,695)
Repurchase of common stock	(3,364)	—	(19,972)
Dividends paid	(30,347)	(25,664)	(23,497)
Borrowings on debt	1,096	121,839	184,476
Principal payments for debt	(18,170)	(53,491)	(20,228)
Principal payments for finance leases	(163)	(153)	(121)
Debt issuance costs	(148)	(958)	(1,895)
Net cash (used in) provided by financing activities	(52,068)	40,761	112,458
Net increase (decrease) in cash, cash equivalents and restricted cash	5,546	45,467	(29,097)
Cash, cash equivalents and restricted cash at beginning of the year	90,770	45,303	74,400
Cash, cash equivalents and restricted cash at end of the year	$96,316	$90,770	$45,303

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.

· · · · · · · · · · ·
· · · · · · · · · · ·
· · · · Year Ended December 31,
· · 2024 · · 2023 · 2022
Cash and cash equivalents	$88,756	$86,068	$37,747
Restricted cash included in other assets	7,560	4,702	7,556
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows	$96,316	$90,770	$45,303

Restricted cash includes amounts reserved as a requirement of financing and development for certain of the Company’s projects, advance draws on construction loans or long-term mitigation bank management.



· · · Year Ended December 31,
· · · 2024 · · 2023 · · 2022
Cash paid during the period for: · · · · · ·
Interest, net of amounts capitalized	$32,690	$29,602	$17,152
Federal income taxes, net	$29,244	$26,400	$16,361
State income taxes, net	$4,900	$4,518	$750

Non-cash investing and financing activities:
Non-cash contributions to unconsolidated joint ventures	$—	$(1,844)	$(4,044)
Increase (decrease) in Community Development District debt, net	$569	$(539)	$(311)
Transfers of expenditures for operating property to property and equipment	$4,333	$35,812	$9,594
(Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable	$(6,984)	$(30,325)	$13,205
Unrealized gain (loss) on cash flow hedges	$1,090	$(215)	$5,243

F 9

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