St. Joe Company (the) · NYSE:JOE
St. Joe Company (the) — The St. Joe Company — Investor Presentation (2022)
30 slides from St. Joe Company (the)'s investor presentation, 2022
Slide 1: Watersound Beach Club | Walton County, Florida
Watersound Beach ClubSM | Walton County, Florida
Slide 2: Table of Contents
TABLE OF CONTENTS 1. Value Creation 2. Segments 3. Milestones 4. Construction Starts 5. Demographic Tailwinds 6. Scratching the Surface 7. Appendix 8. Map 3 Watersound Origins ® | Walton County
Slide 3: Value Creation
VALUE CREATION 4 Latitude MargaritavilleSM Watersound| Bay County
Slide 4: Value Creation ($ in Millions)
VALUE CREATION ($ IN MILLIONS) $300 $250 $200 in Millions $150 $100 $50 $- 2016 2017 2018 2019 2020 2021 Revenue Net Cash Provided by Operating Activities Net Income 5
Slide 5: Value Creation ($ per Share)
VALUE CREATION ($ PER SHARE) $5.00 $4.50 $4.00 $3.50 $3.00 Per Share $2.50 $2.00 $1.50 $1.00 $0.50 $- 2016 2017 2018 2019 2020 2021 Revenue Per Share Net Cash Provided by Operating Activities Per Share Net Income Per Share 6
Slide 6: Cash Generated for Distribution or Investment (CGFDI)
VALUE CREATION CASH GENERATED FOR DISTRIBUTION OR INVESTMENT (CGFDI) ($ IN MILLIONS) 2016 2017 2018 2019 2020 2021 Q1 2021 Q1 2022 Q1 2020 Q1 Net Income $15.9 $59.6 $32.4 $26.8 $45.2 $74.6 $3.22021 $13.4 -$1.3 $3.0 Cash Generated for $16.9 $55.5 $57.5 $65.5 $71.5 $154.5 $20.2 $8.1 $43.4 $20.3 Distri
Slide 7: Scaling Efficiencies
SCALING EFFICIENCIES ($ IN MILLIONS) 2016 2017 2018 2019 2020 2021 Revenue $96.9 $100.0 $110.3 $127.1 $160.6 $267.0 Corporate and Other Operating Expenses $23.0 $20.4 $20.6 $21.4 $22.9 $23.0 % of Revenue 24% 20% 19% 17% 14% 9% 8
Slide 8: Segments
SEGMENTS 9 WaterColor® Inn | Walton County
Slide 9: Residential Sales
RESIDENTIAL SALES 1,000 900 853 800 700 600 Homesites 509 500 379 400 300 177 202 200 106 100 0 2016 2017 2018 2019 2020 2021 Homesite Sales Latitude Margaritaville Watersound (unconsolidated joint venture) 10
Slide 10: Residential Sales Pipeline
RESIDENTIAL SALES PIPELINE BACKLOG AS OF MARCH 31, 2022 HOMESITES UNDER CONTRACT 2,294 3,288 2,003 12,185 HOMES UNDER CONTRACT AT LATITUDE MARGARITAVILLE WATERSOUND PLATTED OR UNDER ENGINEERING OR ADDITIONAL 527 DEVELOPMENT PERMITTING ENTITLEMENTS WITH CONCEPT PLAN ACTIVE BUILDERS 18 Total: 17,476 -
Slide 11: Hospitality
HOSPITALITY Hotel Rooms Club Memberships 1,400 2,500 1,177 2,255 1,200 2,000 1,000 939 1,563 Hotel Rooms Memberships 800 723 1,500 1,274 600 961 988 1,000 754 400 250 500 200 126 126 0 0 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 Operational / Managed Under Construction 12
Slide 12: Commercial
COMMERCIAL Commercial and Operational Square Feet Multi-Family and Senior Living 1,400,000 1,600 1,306,095 1,436 1,238,807 1,400 1,200,000 1,224 1,065,391 1,200 Square Feet 1,000,000 1,000 879,547 894,180 Units 805,299 800 684 800,000 600 600,000 400 240 200 400,000 0 0 0 2016 2017 2018 2019 2020 20
Slide 13: Milestones
MILESTONES 14 Shark’s Tooth Golf Course | Bay County
Slide 14: 2021 Unit Milestones
2021 UNIT MILESTONES* Milestone Results** HOMESITES 1,000 PER YEAR 853 (85%) MULTI-FAMILY AND SENIOR 1,300 1,436 (110%) LIVING UNITS HOTEL ROOMS 900 1,177 (131%) COMMERCIAL SQUARE FEET*** 1,500,000 1,306,095 (87%) CLUB MEMBERSHIPS 1,400 2,255 (161%) *2021 Unit Milestones presented at the May 20, 201
Slide 15: 2024 Unit Milestones
2024 UNIT MILESTONES* 2024 Milestone HOMESITES 2,000 PER YEAR MULTI-FAMILY AND SENIOR 2,500 LIVING UNITS HOTEL ROOMS 1,500 COMMERCIAL SQUARE FEET** 1,800,000 CLUB MEMBERSHIPS 3,250 BOAT SLIPS 750 *2024 Unit Milestones presented at the May 17, 2022 Annual Shareholders’ Meeting **Commercial Square Fee
Slide 16: Construction Starts
CONSTRUCTION STARTS 17 Hotel Indigo®| Bay County
Slide 17: Construction Starts 2021-2023
CONSTRUCTION STARTS 2021-2023 Watersound® Town Center Publix | Walton County Point South Marina Port St. Joe | Gulf County Watersound Origins Greenway | Walton County COMMERCIAL HOSPITALITY RESIDENTIAL • South Walton Commerce Park • Home2 Suites by Hilton • Watersound Origins • Watersound Fountains
Slide 18: Demographic Tailwinds
DEMOGRAPHIC TAILWINDS 19 Watersound Town Center| Walton County
Slide 19: Surging Demand, Discovery of Northwest Florida, Growing Infrastructure
SURGING DEMAND DISCOVERY OF NORTHWEST FLORIDA GROWING INFRASTRUCTURE • Visitors and residents from expanding geographies • Northwest Florida Beaches International Airport (ECP) and Destin/Fort Walton Beach Airport (VPS) breaking • More year-round activity and permanent residents records • West Bay P
Slide 20: Ecosystem Focus
ECOSYSTEM FOCUS • RESIDENTIAL COMMUNITIES • Wide range of prices and lifestyles • Workforce, move-up, retirement, luxury and second home • HOSPITALITY EXPERIENCES • Luxury branded hotels • Value flagged hotels • Waterfront resorts • Marinas • Private club • COMMERCIAL PORTFOLIO RELATED • Garden styl
Slide 21: Expanding Geographies: Walton County
EXPANDING GEOGRAPHIES WALTON COUNTY 22
Slide 22: Expanding Geographies: Bay County
EXPANDING GEOGRAPHIES BAY COUNTY 23
Slide 23: Expanding Geographies: Watersound Club Members
EXPANDING GEOGRAPHIES WATERSOUND CLUB MEMBERS 24
Slide 24: Scratching the Surface
SCRATCHING THE SURFACE 25 Pier Park Crossings Apartments | Bay County
Slide 25: Just Scratching the Surface of Multi-Generational Value Creation
JUST SCRATCHING THE SURFACE OF MULTI-GENERATIONAL VALUE CREATION LAND ENTITLEMENTS SCALABLE OPERATIONS ECO SYSTEM FOCUS 26
Slide 26: Appendix: Reconciliation of Non-GAAP Financial Measures
APPENDIX RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 27 Embassy Suites by Hilton ® | Bay County
Slide 27: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cash Generated for Distribution or Investment (CGFDI) “Cash Generated for Distribution or Investment” (CGFDI) and “CGFDI Per Share” are non-GAAP measures, which management believes assists investors by providing insight into the cash generated by the Com
Slide 28: Map
MAP 29 WindMark Beach® Town Center | Gulf County
Slide 29: Map of Land Holdings and Projects
MAP OF LAND LAND HOLDINGS HOLDINGS AND PROJECTS AND DEVELOPMENTS WALTON, BAY, AND GULF COUNTIES JOE.COM FOOW®, CAMP CREEK® GOLF, ORIGINSSM GOLF, PIER PARK CROSSINGSSM, PIER PARK NORTH®, RIVERCAMPS®, WATERCOLOR EXECUTIVE SUITESSM, WATERSOUND BEACH CLUBSM, WATERSOUND CAMP CREEKSM, WATERSOUND ORIGINS C
Slide 30: Important Notice Regarding Forward-Looking Statements
© The St. Joe Company 2022. All Rights Reserved. Important Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, among other things, in