What factors drove the changes in The St. Joe's revenue and profit?

What is the market's earnings forecast for The St. Joe next quarter?

What guidance did The St. Joe's management provide for the next earnings period?

What does The St. Joe do and what are its main business segments?

What is the revenue and EPS growth rate for The St. Joe year over year?

What is The St. Joe's latest dividend and current dividend yield?

Did The St. Joe beat or miss consensus estimates last quarter?

What were the key takeaways from The St. Joe’s earnings call?

- **Revenue Surge**: 63% YoY growth driven by residential (94%), leasing (7%), and hospitality (9%) record highs. 
- **Strategic Asset Sale**: $41M Watercrest sale yielded $19.4M profit, exemplifying piggyback monetization. 
- **Share Buyback Acceleration**: 2025 YTD repurchases up 100%, with dividend hike to $0.16/share (14% increase). 
- **Market Expansion**: NYC flight connects to 20M metro population, boosting regional visibility. 
- **Pipeline Power**: 24,000 entitled homesites and 1,992 under contract highlight growth potential. 
- **Recurring Revenue Growth**: Leasing and hospitality up 10% and 12% YTD, respectively.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue increased 63% YoY, driven by residential real estate (94% growth to $36.8M), leasing ($16.7M, all-time high), and hospitality ($60.6M, all-time Q3 record). 
- **Watercrest Sale**: Sold Watercrest senior living for $41M, yielding $19.4M gross profit, demonstrating asset monetization strategy. 
- **Pipeline Strength**: 24,000 entitled residential units in pipeline, with 1,992 homesites under contract (vs. 1,381 in 2024). 
- **Capital Allocation**: $20.4M in Q3 capex, $8.7M share buybacks (total $24.9M YTD), and 14% dividend increase to $0.16/share. 
- **Market Expansion**: New NYC flight to ECP airport, connecting to 20M NYC metro population, enhancing regional exposure. 

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $42.3M (130% YoY growth), non-GAAP EPS $1.08. 
- **Liquidity Management**: $126M cash balance, $50M+ debt reduction YTD, and 1% annualized share buyback rate. 
- **Dividend Growth**: Dividends increased 129% since 2020 program launch. 
- **Recurring Revenue**: Leasing ($49.4M YTD) and hospitality ($169M YTD) show steady growth. 

**【Q&A Key Highlights】**
- **Share Buyback Strategy**: Prioritizes buybacks but balances liquidity needs; 2025 YTD repurchases up 100% vs. 2024. 
- **Asset Monetization**: Evaluating non-core timberlands and operating properties for sale, aiming for full value realization. 
- **WindMark Expansion**: Builder program success led to 800+ developed lots, with potential for 1,000-unit community. 
- **Townhome Transition**: Shifting 46 unleased townhomes to sales, achieving higher prices than leasing. 
- **Hospitality Growth**: Opening 5 hotels in 12 months, with continued pipeline expansion. 
- **Leasing Focus**: Targeting high-rate town centers (WaterSound, West Bay, FSU TMH) to double commercial portfolio. 
- **Builder Contracts**: Negotiating pricing, product differentiation, and takedown pace with builders to maximize margins.

The St. Joe Company (JOE) Q3 2025 Earnings Call Transcript

- **Recurring Revenue Dominance**: 63% of Q2 revenue from leasing and hospitality, up from prior periods.
- **Capital Efficiency**: $36.5M invested in growth while returning $26M to shareholders via buybacks, dividends, and debt reduction.
- **Strategic Projects**: Medical center bonds approved; Pigeon Creek DSAP in advanced talks with a major builder.
- **Market Momentum**: 16% revenue growth driven by real estate, with 1,209 homesites under contract despite national builder challenges.
- **Sustainability Focus**: Infrastructure planning for long-term growth, including West Bay Parkway alignment and new marina construction.

**【CEO Opening Remarks】**
- The company has transformed into a diversified real estate operator with 63% of Q2 2025 revenue from recurring streams (leasing and hospitality). Key metrics include 16% revenue growth, 20% net income growth, and 27% real estate revenue growth.
- Capital allocation focused on growth ($36.5M CapEx), shareholder returns ($10.1M share buybacks, $8.1M dividends), and debt reduction ($7.7M). Year-to-date share buybacks total $16.2M, reducing outstanding shares to below $58M for the first time since 1996.
- Notable projects: Pigeon Creek DSAP approval (3,000+ residential units), WaterSound Real Estate launch, Delta flights to ECP, $414M medical center bonds approved, and Topgolf opening.

**【Q&A Highlights】**
- **Membership Policy**: 3 hotels granted access to WaterSound Club amenities; no plans to expand beyond current 12-hotel limit.
- **Capital Allocation**: Latitude Margaritaville joint venture distributions determined by sales, infrastructure needs; 2,600 acres contributed to the venture.
- **Population & Housing**: Bay/Walton Counties among fastest-growing in Florida; housing market outperforming national trends, but interest rates remain a key driver.
- **Shareholder Returns**: Management prioritizes capital allocation for growth and returns, with $26M returned in Q2 (dividends, buybacks, debt reduction).
- **Membership Trends**: 113 new members despite fee increases; historical pattern shows short-term slowdown followed by recovery.
- **Infrastructure**: Proactive planning for transportation and utilities, including potential West Bay Parkway alignment.
- **Medical Center**: FSU nearing operator agreement; project expected to transform regional healthcare and economic growth.
- **Pigeon Creek**: In discussions with a large builder for full DSAP development, aiming to accelerate residential growth.
- **Brokerage Expansion**: WaterSound Real Estate plans to expand to multiple locations, targeting both resales and new home sales.

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