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EX - 99.1 2 a52467604ex991.htm EXHIBIT 99.1 Exhibit 99.1 The St. Joe Company Reports Second Quarter 2021 Results and Declares a Quarterly Dividend of $ 0.08 PANAMA CITY BEACH , Fla .-- ( BUSINESS WIRE ) -- July 28 , 2021 -- The St. Joe Company ( NYSE : JOE ) ( the “ Company ” ) today announced revenue for the second quarter of 2021 increased by 100 % to $ 72.2 million as compared to $ 36.1 million for the second quarter of 2020. The increase was broad - based with a 133 % increase in real estate revenue , a 95 % increase in hospitality revenue and a 31 % increase in leasing revenue . Operating income increased by 177 % to $ 30.7 million for the three months ended June 30 , 2021 as compared to $ 11.1 million for the three months ended June 30 , 2020. Net income increased by 26 % to $ 24.2 million , or $ 0.41 per share , compared to net income of $ 19.2 million , or $ 0.33 per share , for the same period in 2020. The three months ended June 30 , 2020 included a one - time after - tax gain of $ 11.6 million related to the transfer of land to the unconsolidated Latitude Margaritaville Watersound joint venture . For the six months ended June 30 , 2021 , the Company's net income increased by 55 % to $ 27.4 million , or $ 0.47 per share , compared to net income of $ 17.7 million , or $ 0.30 per share , for the same period last year . Net Cash Provided by Operating Activities for the three months ended June 30 , 2021 increased by approximately $ 28.0 million to $ 37.4 million compared to $ 9.4 million for the same period in 2020. For the six months ended June 30 , 2021 , the Net Cash Provided by Operating Activities increased by approximately $ 34.7 million to $ 47.2 million as compared to $ 12.5 million for the same period in 2020 . Cash Generated for Distribution or Investment ( " CGFDI ” ) , a non - GAAP measure that is detailed in the Financial Data included below , for the three months ended June 30 , 2021 increased by approximately $ 20.3 million to $ 38.4 million compared to $ 18.1 million for the same period in 2020. For the six months ended June 30 , 2021 , CGFDI increased by approximately $ 32.4 million to $ 58.6 million as compared to $ 26.2 million for the same period in 2020 . In the second quarter of 2021 , the Company invested $ 46.9 million in capital expenditures , which when combined with the $ 37.2 million invested in the first quarter of 2021 , totaled $ 84.1 million for the six months ended June 30 , 2021. In addition , the Company paid $ 4.7 million in cash dividends in each quarter of 2021. As of June 30 , 2021 , the Company had $ 143.6 million in cash , cash equivalents and investments .