St Joe Co (JOE) 2014 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to The St. Joe Company's Q2 2014 earnings conference call. (Operator Instructions)

美好的一天，女士們先生們。歡迎參加 St. Joe Company 2014 年第二季財報電話會議。 （操作員說明）

I would now like to turn the conference over to your host, Mr. Park Brady. Sir, you may begin.

現在我想將會議交給東道主帕克·布雷迪先生。先生，您可以開始了。

Hello, everyone, and welcome to The St. Joe earnings call for the second quarter ended June 30, 2014. This is Park Brady, and joining me on the call is Marek Bakun, our CFO. Before we get started, Marek will cover the forward-looking statements. Marek?

大家好，歡迎參加聖喬截至 2014 年 6 月 30 日的第二季財報電話會議。在我們開始之前，馬雷克將介紹前瞻性陳述。馬雷克？

Thank you, Park. Some of the information we will discuss in this call is forward-looking. This information includes statements that are preceded by or include the words believe, expect, intend, anticipate, will, may, could, or similar expressions. These forward-looking statements may be affected by the risks and uncertainties of our business, and actual results may differ materially from the forward-looking statements.

謝謝你，帕克。我們將在本次電話會議中討論的一些資訊是前瞻性的。此資訊包括前面有或包含以下字詞的陳述：相信、期望、打算、預期、將、可能、能夠或類似表達。這些前瞻性陳述可能會受到我們業務的風險和不確定性的影響，實際結果可能與前瞻性陳述有重大差異。

Everything we say here today is qualified in its entirety by cautionary statements and risk factors set forth in today's press release and our SEC filings, which documents are publicly available. Our statements are as of today, August 7, 2014. We have no obligation to update any forward-looking statements that we may make.

我們今天在這裡所說的一切都完全符合今天的新聞稿和我們向美國證券交易委員會提交的文件中提出的警告聲明和風險因素，這些文件是公開的。我們的聲明截至今天，即 2014 年 8 月 7 日。

Now I will turn it back over to Park for some opening comments, after which I will review second-quarter 2014 results.

現在我將把它轉回給 Park 徵求一些開場評論，之後我將回顧 2014 年第二季的業績。

Thanks, Marek. The completion of the RiverTown sale in this quarter was a strong follow-up to the AgReserves timberland sale in the first quarter of 2014. Together the two transactions transformed the Company.

謝謝，馬雷克。本季完成的 RiverTown 出售是繼 2014 年第一季 AgReserves 林地出售的有力後續行動。

We now conduct primarily all of our business in four segments: residential real estate; commercial real estate; resorts, leisure, and leasing operations; and forestry. The Company has approximately 182,000 acres of land holdings, primarily between Tallahassee and Destin.

我們現在主要在四個領域開展所有業務：住宅房地產；商業地產；度假村、休閒和租賃業務；和林業。該公司擁有約 182,000 英畝的土地，主要位於塔拉哈西和德斯坦之間。

As discussed last quarter, the Company submitted the application for a modification of our existing West Bay Sector Plan to add approximately 50,000 acres to that plan. If approved, we will have a 110,000-acre project that will have Gulf, Intracoastal, bay, and lake access.

正如上季所討論的，該公司提交了修改現有西灣部門規劃的申請，以在該規劃中增加約 50,000 英畝的土地。如果獲得批准，我們將擁有一個佔地 110,000 英畝的項目，該項目將通往海灣、近岸內、海灣和湖泊。

We are very excited about this project that will be called WaterSound. This project will emphasize value, health, activity, and environmental stewardship of a very special part of Northwest Florida. The application process is moving forward through various agencies and stakeholders and the public.

我們對這個名為 WaterSound 的計畫感到非常興奮。該計畫將強調佛羅裡達州西北部一個非常特殊地區的價值、健康、活動和環境管理。申請流程正在透過各個機構、利害關係人和公眾不斷推進。

As discussed last quarter, St. Joe Clubs & Resorts, a private membership club, was launched at the start of this year. This club consolidates two marinas, three golf clubs, the WaterColor Inn, and the WaterSound Beach club under one umbrella. St. Joe Club & Resorts is giving us significant advantage as we compete to increase our share of the vacation rentals and other resort management opportunities in the area, as well as incentives to new homebuyers in our projects.

如上季所討論的，私人會員俱樂部 St. Joe Clubs & Resorts 於今年年初推出。俱樂部將兩個碼頭、三個高爾夫俱樂部、WaterColor Inn 和 WaterSound Beach 俱樂部整合在一起。聖喬俱樂部及度假村為我們提供了顯著的優勢，因為我們競相增加在該地區的度假租賃和其他度假村管理機會的份額，以及對我們項目中的新購房者的激勵。

For example, since the launch the number of vacation rental homes has increased 32%. This is a substantial increase which we believe will grow the business as we fill extra rooms.

例如，自推出以來，度假出租屋的數量增加了 32%。這是一個大幅成長，我們相信隨著我們填補更多房間，這將促進業務成長。

The AgReserves timberland sale and the RiverTown community sales have provided the Company with liquidity and a fortresslike balance sheet. We will consider our options in due time as we assess future cash needs.

AgReserves 林地出售和 RiverTown 社區出售為公司提供了流動性和堡壘般的資產負債表。我們將在評估未來現金需求時適時考慮我們的選擇。

I will now turn it back over to Marek for a review of the second-quarter 2014 results.

現在我將把它轉回 Marek 來審查 2014 年第二季的業績。

I will make some brief comments about the second-quarter financial results before we open it up for your questions. Let me start with the RiverTown sale. This sale accounted for $43.6 million in revenue for the quarter.

在我們向大家提問之前，我將就第二季的財務表現發表一些簡短的評論。讓我從 RiverTown 的促銷活動開始。此次銷售為該季度帶來了 4,360 萬美元的收入。

The community is located in the Jacksonville, Florida, market in St. Johns County and is comprised of approximately 4,057 acres. As compensation, the Company received $24 million in cash, $19.6 million in the form of a purchase money note bearing 5.25% interest that matures in June 2015, and the buyer assumed $11 million in Community Development District debt on the property. Of that $11 million of CDE debt, $5.4 million was on the Company's balance sheet as of March 31, 2014.

該社區位於佛羅裡達州傑克遜維爾聖約翰斯縣市場，佔地約 4,057 英畝。作為補償，該公司收到了 2,400 萬美元現金，1,960 萬美元以購買票據形式支付，利息為 5.25%，將於 2015 年 6 月到期，買方承擔了 1,100 萬美元的社區開發區債務。截至 2014 年 3 月 31 日，在這 1,100 萬美元的 CDE 債務中，有 540 萬美元出現在公司的資產負債表上。

In addition, the buyer agreed to purchase from the Company certain impact fees over a 5-year period as the RiverTown community is developed. The impact fee credits have an estimated value of $20 million to $26 million; and we expect that most of these fees will be collected at the end of the 5-year period.

此外，買方同意隨著 RiverTown 社區的開發，在 5 年內向公司購買一定的影響費。影響費抵免額估計為 2,000 萬至 2,600 萬美元；我們預計大部分費用將在 5 年期結束時收取。

Aside from RiverTown, the Company sold 25 residential lots in the quarter for a total of $3.8 million of revenue, as well as $1.0 million revenue for commercial transactions. Revenue for resorts, leisure, and leasing operations includes revenue from our resort and leisure activities, which include: activity from the WaterColor Inn; management of The Pearl Hotel located in Rosemary Beach, Florida; vacation rentals program; four golf courses; marina operations; and other related activities. It also includes the retail and commercial leasing operations including activity at our Pier Park North joint venture.

除了 RiverTown 之外，該公司在本季還出售了 25 個住宅用地，收入總額為 380 萬美元，商業交易收入為 100 萬美元。度假村、休閒和租賃業務的收入包括度假村和休閒活動的收入，其中包括： WaterColor Inn 的活動；管理位於佛羅裡達州迷迭香海灘的珍珠飯店；度假租賃計劃；四個高爾夫球場；碼頭運營；以及其他相關活動。它還包括零售和商業租賃業務，包括我們北碼頭公園合資企業的活動。

The leisure and leasing operation revenue increased $1.2 million or 7% even with the comparison to a strong second quarter in 2013. The increase is primarily due to increased number of room nights rented in our vacation homes business, as the St. Joe Club & Resorts program began to take hold, and new lease revenue from the Pier Park North joint venture with the initial stores opened in 2014.

即使與強勁的2013 年第二季度相比，休閒和租賃業務收入仍增長了120 萬美元，即7%。 Club & Resorts計劃開始落地，2014 年，Pier Park North 合資企業與最初的商店開業帶來了新的租賃收入。

As for timber, the harvesting decreased to approximately 60,000 tons in the quarter compared to 340,000 tons in the second quarter of 2013. The sale of timberlands in March accounted for the decrease. Subsequent to the AgReserves sale, the Company's sells timber net of cutting and harvesting costs, resulting in lower revenue but higher margins.

木材方面，本季採伐量下降至約 6 萬噸，而 2013 年第二季為 34 萬噸。在出售 AgReserves 後，該公司出售扣除砍伐和採伐成本的木材，導致收入下降，但利潤率上升。

The Company continues to focus on operating costs. Overall corporate expenses and other operating costs decreased by $500,000 to $7.2 million in the second quarter of 2014 as compared to the same time last year.

公司繼續關注營運成本。與去年同期相比，2014 年第二季公司整體費用和其他營運成本減少了 50 萬美元，至 720 萬美元。

The Company did expense $3.7 million in timber note monetization in the quarter. This cost related to one-time structuring advisory costs related to formation and structure of the special-purpose entities related to the monetization of the timber note from the AgReserves sale.

該公司本季在木材票據貨幣化方面支出了 370 萬美元。該費用與一次性結構諮詢費用有關，該費用與特殊目的實體的形成和結構有關，而這些特殊目的實體與農業儲備銷售中的木材票據貨幣化有關。

As for the balance sheet, the Company has $679.4 million in cash, cash equivalents, and investments as of June 30, 2014. This amount is subsequent to a $35.4 million federal tax payment which was made on June 15. The balance sheet reflects consolidation of special-purpose entities related to the monetization of timber notes, resulting in addition of the investment held by special-purpose entities and their related senior notes held by special-purpose entities.

至於資產負債表，截至2014 年6 月30 日，公司擁有6.794 億美元的現金、現金等價物和投資。了與木材票據貨幣化相關的特殊目的實體，導致特殊目的實體持有的投資以及特殊目的實體持有的相關優先票據增加。

The Company, through a joint venture with its partner, continued to develop the Pier Park North project through the quarter. As of June 30, 2014, total debt for the project was $22.4 million. 14 stores are currently open for business.

該公司透過與其合作夥伴成立的合資企業，在本季繼續開發 Pier Park North 項目。截至2014年6月30日，該項目的債務總額為2,240萬美元。目前已有14家店家開幕。

In conclusion, as I wrap up, I can tell you that we are focused on our core businesses. As stated last quarter, the Board and management are working together to explore a full spectrum of options for the Company's capital.

最後，我可以告訴大家，我們專注於我們的核心業務。正如上季所述，董事會和管理層正在共同努力探索公司資本的全方位選擇。

Operator, can we open it up for questions?

接線員，我們可以打開它來提問嗎？

(Operator Instructions) Buck Horne, Raymond James.

（操作說明）Buck Horne，Raymond James。

Hey, good afternoon, guys. Given what happened last quarter, and I just want to say upfront, I am going to ask a few questions and then jump out just to see if anyone else is on the line. And if not, I am going to try to re-queue for a few more after that.

嘿，下午好，夥計們。考慮到上個季度發生的事情，我只想提前說，我會問幾個問題，然後跳出來看看是否還有其他人在線上。如果沒有，我會嘗試在那之後重新排隊。

But let's -- maybe Park, if we can start with the Bay-Walton Sector Plan. Can we get a sense an update? I know it is early in the approval process, but can you give us any additional color on feedback you may be hearing from various commissioners or representatives of the government that may be going through the plan? And if there are any concerns and just generally what you are hearing back from the community on the plan's reception so far.

但是，如果我們可以從 Bay-Walton 部門計劃開始，也許是 Park。我們能感覺到更新嗎？我知道現在還處於批准過程的早期階段，但是您能否就您可能從正在執行該計劃的各個專員或政府代表那裡聽到的反饋提供任何額外的信息？如果有任何疑慮，以及您從社區收到的關於該計劃迄今為止的接受情況的總體反饋。

Hey, Buck. Right now we are, as you said, in the beginning of the process. We actually go to our first public meetings over the next 30 days both in Bay and Walton Counties. We have been very proactive, going out trying to inform the community both through open houses and through meetings with various staff officials, and working on the documents themselves that are in the plan as presented.

嘿，巴克。正如您所說，現在我們正處於這個過程的開始階段。實際上，我們將在接下來的 30 天內在貝縣和沃爾頓縣參加首次公開會議。我們一直非常積極主動，試圖透過開放日和與各種工作人員的會議來向社區通報情況，並處理所提出的計劃中的文件本身。

So we have not encountered any big hurdles or anything that would tell us that this is anything but a process that so far has been moving smoothly. And I think that is because of the way that we have done it and because of our -- St. Joe's reputation in the past for doing things right.

因此，我們沒有遇到任何重大的障礙，也沒有任何事情告訴我們，這只是一個迄今為止進展順利的過程。我認為這是因為我們所做的事情以及我們——聖喬過去因正確行事而享有的聲譽。

Again, this is a public process. It will probably be at least another 9 to 12 months as we go through it.

再次強調，這是一個公共過程。當我們經歷這個過程時，可能還需要至少 9 到 12 個月。

As we encounter whatever we do encounter, we will deal with it. But I can't say to you, Buck, it is a go or no-go, because it is a public process right now.

當我們遇到任何事情時，我們都會處理它。但我不能對你說，巴克，這是一個可行或不可行的問題，因為它現在是一個公共程序。

Okay. Can we maybe just get an update on some near-term cash uses in terms of maybe an update on CapEx? Anything -- what needs to be spent, left on Pier Park through year-end? And what do you plan to invest in some of your other residential projects through year-end?

好的。我們能否獲得一些近期現金使用的最新資訊以及資本支出的更新資訊？任何東西——到年底為止，碼頭公園還需要花多少錢？到年底您計劃對其他一些住宅項目進行哪些投資？

Sure. Hey, Buck; it's Marek. As far as Pier Park, we have about $19 million more to spend to complete the project. Not all of it will happen through December; but a vast majority of it will happen by that time.

當然。嘿，巴克；是馬雷克。就 Pier Park 而言，我們還需要花費約 1900 萬美元才能完成該項目。並不是所有的事情都會在 12 月發生。但到那時絕大多數都會發生。

As far as the other CapEx, our disclosure will show that it is just under $30 million of CapEx planned for the rest of the year.

至於其他資本支出，我們的揭露將表明今年剩餘時間計畫的資本支出略低於 3,000 萬美元。

Okay. That's helpful. One more before I jump out and then jump back in later.

好的。這很有幫助。在我跳出去之前再跳一次，然後再跳回來。

Can we talk a little bit about the discussions about the capital allocation plans? Again to the extent you -- and I know you may be limited.

我們可以談談關於資本配置計畫的討論嗎？再說一遍，我知道你的能力可能有限。

But I guess one way of thinking about it is: Have you guys thought about what your internal estimate of NAV is for the asset base? And would there be contemplation of a buyback that -- at these levels, would that be accretive to that type of calculation?

但我想思考這個問題的一種方式是：你們有沒有想過你們對資產基礎的資產淨值的內部估計是多少？是否會考慮回購——在這樣的水平上，這會增加這種類型的計算嗎？

Buck, we are not prepared to be specific as to anything like that right now. The Board is working on all options. We have said that a number of times, and so I don't want to get any -- go any further than that.

巴克，我們現在不準備具體說明類似的事情。董事會正在研究所有選項。我們已經說過很多次了，所以我不想得到任何比這更進一步的內容。

Okay. I know. I am trying. I am trying, man.

好的。我知道。我正在努力。我正在努力，夥計。

(laughter) Keep going. I am sure you will come back to it again.

（笑聲）繼續。我確信您會再回來。

I know. My investors are harassing me to press you guys, and make sure that you guys -- see if you will answer when you might have an answer about excess capital allocation. But let me drop out and see if anyone else is on the line. So, operator, you can hand it over to someone else now.

我知道。我的投資者騷擾我，向你們施壓，並確保你們——看看你們在可能有關於超額資本配置的答案時是否會回答。但讓我退出並看看是否還有其他人在線上。所以，接線員，你現在可以把它交給其他人了。

(Operator Instructions)

（操作員說明）

Are we still there?

我們還在嗎？

Yes. (Operator Instructions) Aaron Scully.

是的。 （操作員指示）亞倫·斯卡利。

Can you hear me?

你聽得到我嗎？

Yes, we have got you, Aaron. I don't know what those beeps were, but we've got you.

是的，我們找到你了，亞倫。我不知道那些嘟嘟聲是什麼，但我們找到你了。

Just a couple quick questions on Pier Park North. Looks like $600,000 of rental income thus far in Q2.

關於北碼頭公園只有幾個簡單的問題。到目前為止，第二季的租金收入似乎為 60 萬美元。

Just curious what the right run rate is going to look like when you start to get that thing fully occupied. What is a good number, in rough ballpark?

只是好奇當你開始充分利用那件事時，正確的運行率會是什麼樣子。大概來說，多少是好的數字？

Yes. It is 330,000 square foot, a round out number for the overall scale of the project. So if you do the math, based on lease rates, you could see that the number at full occupancy is in the scale of $5.5 million for the overall project.

是的。面積為330,000平方英尺，是該專案整體規模的四捨五入數字。因此，如果您根據租賃率進行計算，您會發現整個專案的滿租金額約為 550 萬美元。

Your take of that -- that $5.5 million wouldn't be all yours, right?

你的看法是──那 550 萬美元不會全是你的，對嗎？

No, we are 66% owners of the project.

不，我們是該專案 66% 的所有者。

All right, 66%. And the end date on that is maybe a year from now you guys could be at that run rate? Or sooner?

好吧，66%。結束日期可能是一年後，你們能達到這樣的運行速度嗎？或更早一些？

Yes, as of today, we have 14 stores that are open. They are scheduled over time. Clearly there are some small pieces -- not quite small, but some pieces not yet started in construction.

是的，截至今天，我們有 14 家商店正在營業。它們是隨著時間的推移而安排的。顯然有一些小部分——不是很小，但有些部分尚未開始施工。

So majority of it is within a year, but there would be some beyond that.

所以大部分是在一年之內，但也會有一些超過一年。

Okay. Then just Watersound Origins, it seems like there is -- you guys are starting to see a decent amount of pickup in sales there. Maybe you could provide some color on what you are seeing, and also how you think about your ability to ramp up lot sales for Watersound Origins.

好的。然後就是 Watersound Origins，似乎有－你們開始看到那裡的銷售有了可觀的回升。也許您可以提供一些您所看到的信息，以及您如何看待自己提高 Watersound Origins 批量銷售的能力。

In WaterSound Origins, I think we've had 41 sales year-to-date in that project. If you will remember us discussing the St. Joe Club & Resorts, we are offering incentives as to being members of the club, as part of getting into the Origins piece of it. And we are confident that you will see more than one builder in there very soon, and we will be ramping significantly more than where we are today.

在 WaterSound Origins 中，我認為該項目今年迄今已經實現了 41 筆銷售。如果您還記得我們討論過聖喬俱樂部及度假村，我們將為成為俱樂部會員提供激勵措施，作為了解其起源部分的一部分。我們相信，您很快就會在那裡看到不止一家建築商，而且我們的建設速度將比今天的水平顯著提高。

Great.

偉大的。

We have had a great take on the St. Joe Club & Resorts piece of it, to have the memberships and access to the beach club and the golf courses as part of the incentive to buy those lots in there.

我們對聖喬俱樂部及度假村的部分有很好的了解，擁有會員資格並可以進入海灘俱樂部和高爾夫球場，作為在那裡購買這些地塊的激勵措施的一部分。

Yes, yes. Then I guess the vacation club, great success, the 32% growth in properties under management. How do you guys think about the potential addressable market there?

是的，是的。然後我猜度假俱樂部非常成功，管理的物業增加了32%。你們如何看待那裡潛在的潛在市場？

32% sounds very, very good. I don't know what base that is off of. But how do you think about the runway for growth there?

32% 聽起來非常非常好。我不知道這是基於什麼基礎。但您如何看待那裡的成長跑道？

Well, 30A is the premier location along the whole coast here and encompasses a large number of high-end properties that are on rental programs that are with competitors, or even individuals doing vacation rental by owner. So we think that there is room for considerable growth, well over where we are today.

嗯，30A 是這裡整個海岸的首要位置，包括大量與競爭對手合作租賃計劃的高端房產，甚至是由業主度假租賃的個人。因此，我們認為還有相當大的成長空間，遠遠超過我們今天的水平。

Great. I'm going to let Buck come back in. Thanks, guys.

偉大的。我會讓巴克回來。

Buck Horne.

巴克霍恩.

You're back.

你回來了。

Hey, thanks, guys. Yes, we're back. Me and Aaron, trading off.

嘿，謝謝，夥計們。是的，我們回來了。我和亞倫，權衡。

I guess let me ask another one about cash taxes. You expect -- I know you guys were planning on paying some cash taxes related to the AgReserves sale. What is the schedule for payment of taxes through year-end?

我想讓我問另一個關於現金稅的問題。我知道你們打算支付一些與農業儲備銷售相關的現金稅。年底前的納稅時間表是怎樣的？

Yes. We have made a $35.4 million payment on June 15. We expect two additional payments that add up to about $35 million, one in mid-September, one mid-December.

是的。我們已於 6 月 15 日支付了 3540 萬美元。 我們預計還會有兩筆額外付款，總計約 3500 萬美元，一筆在 9 月中旬，一筆在 12 月中旬。

Perfect. That's helpful. So that would explain the cash drop from April to June, I suspect. Mainly the taxes was the drop in the recent cash balance?

完美的。這很有幫助。我懷疑這可以解釋四月到六月現金下降的原因。主要是稅收是最近現金餘額的下降？

Exactly.

確切地。

Got you. Okay. I just -- following on to Aaron's question about WaterSound Origins, I guess I am just wondering about a broader home-building market update in the area. Absorption paces seem to be under pressure in a lot of parts of the country right now for a lot of homebuilders.

明白你了。好的。我只是 - 繼 Aaron 關於 WaterSound Origins 的問題之後，我想我只是想知道該地區更廣泛的住宅建築市場的更新情況。對於許多房屋建築商來說，目前該國許多地區的吸收速度似乎面臨壓力。

Is Northwest Florida faring any better on that front this season? And have you been able to raise any prices on homesites in any communities? Or are you possibly lowering any asking prices for homesites right now?

本賽季西北佛羅裡達州在這方面的表現是否更好？您是否能夠提高任何社區的住宅價格？或者您現在可能會降低住宅用地的要價嗎？

Two questions. One is the market in general, and it really varies by project. I would say some of the projects that are here in Northwest Florida have experienced the same sort of just slight slowdown recently; but there seems to be activity now picking back up again.

兩個問題。一是整體市場，具體情況因項目而異。我想說，佛羅裡達州西北部的一些項目最近也經歷了同樣的放緩，只是略有放緩；但現在似乎活動又恢復了。

In the higher end we continue to have way more activity than we have had in the past. We have actually raised prices on lots, our remaining inventory, because we don't have that much of it and there is not that much left.

在高端領域，我們的活動仍然比過去更多。實際上，我們已經提高了剩餘庫存的價格，因為我們沒有那麼多，也沒有那麼多了。

We have had -- for example, on WaterSound West Beach, we have raised prices in lots from $250,000 to $430,000 average on our 30 remaining lots there. We are trying to get as much value as we can out of the lots that we have got remaining. And that market seems to continue.

例如，在 WaterSound West Beach，我們將剩餘 30 個地塊的平均價格從 25 萬美元提高到了 43 萬美元。我們正在努力從剩餘的土地中獲得盡可能多的價值。而這個市場似乎仍在持續。

We have also -- for example, we're adding the same incentives to those lots that we did at Origins, where you can be part of the St. Joe Club as part of your ownership of those lots.

例如，我們還為這些地塊添加了與 Origins 相同的激勵措施，您可以成為聖喬俱樂部的一部分，作為您擁有這些地塊的一部分。

What about like a primary community, like Breakfast Point? How is the absorption at Breakfast Point holding up this season?

像早餐點這樣的主要社區呢？早餐點這個季節的吸收情況如何？

We have one builder in that community, and so they have scheduled takedowns from -- so from the St. Joe Company point of view, there has been no change because they are under contract. I think same kind of situation that you mentioned nationally; there was a little bit of a pause out there.

我們在那個社區有一個建築商，所以他們已經安排了拆除——所以從聖喬公司的角度來看，沒有任何變化，因為他們簽訂了合約。我認為你提到的全國範圍內也存在同樣的情況；外面有一點停頓。

And again we are dealing with the Law of Small Numbers. So we are seeing a different activity on a different month, but there seemed to be a little bit more, recently.

我們再次討論小數法則。因此，我們在不同的月份看到了不同的活動，但最近似乎有更多的活動。

Okay. Any update on Port St. Joe that you can share with us, or plans to accelerate development of Port St. Joe?

好的。您可以與我們分享任何關於聖喬港的最新情況嗎？

No, we are in the same place we were before. Remember when we talked last, we were in the process of evaluating the cost of the dredging piece of it. The state has actually put aside money for the Port Authority to assist in the dredging once it takes place; it passed and was in the budget.

不，我們還是在原來的地方。請記住，當我們上次談話時，我們正在評估其中疏浚部分的成本。事實上，該州已為港務局撥出資金，以便在疏浚工程進行後提供協助；它通過並納入預算。

Once we get through the actual engineering and the studies that are done now to see what it will take to actually dredge, we will be much further along. We do have two signed agreements. We have a user in there now, Eastern Shipbuilding, that is there.

一旦我們完成了實際的工程和現在完成的研究，看看實際疏浚需要什麼，我們就會走得更遠。我們確實簽署了兩份協議。我們現在有一個用戶，東方造船公司，就在那裡。

And we have a lot of interest from people who, once we get the dredging done or some kind of a commitment, who want to come back and talk with us about the port.

人們對我們很感興趣，一旦我們完成疏浚工作或做出某種承諾，他們就會想回來與我們談論港口的事情。

Okay. Okay. Let's talk of -- one question about a couple of strategic pieces here. I am curious what your thoughts are about maybe doing something with SouthWood, outside of Tallahassee, and/or WindMark Beach at this point. These seem to be the two last big pieces of acreage or real estate. They just don't seem to fit quite in with the rest of the footprint of the Company's plans.

好的。好的。讓我們來談談——關於這裡的幾個戰略部分的一個問題。我很好奇您可能會在此時與塔拉哈西郊外的 SouthWood 和/或 WindMark Beach 合作有何想法。這似乎是最後兩塊大面積或房地產。它們似乎不太符合公司計劃的其餘部分。

What would you think about -- or what is your thought process around SouthWood or WindMark Beach?

您會怎麼想？

We are working on our strategy for both of those pieces right now -- is that there is no clear direction. We are looking at all options that are sitting out there. WindMark and SouthWood are both in that bucket of strategy planning.

我們現在正在製定這兩部分的戰略——目前還沒有明確的方向。我們正在考慮現有的所有選項。 WindMark 和 SouthWood 都屬於此策略規劃範圍。

Okay, okay. I guess you guys are still planning on terminating the pension plan. When would the cash receipts for the termination start to come through?

好吧，好吧。我猜你們還在計畫終止退休金計畫。終止合約的現金收據什麼時候開始收到？

We are expecting prior to year-end. It is under -- it is really in the IRS's hands right now to make a determination that the termination itself meets their requirements.

我們預計在年底前。現在，美國國稅局確實有權決定終止協議本身是否符合他們的要求。

Okay.

好的。

We have had estimates as early as August and estimates as late as December.

我們最早在 8 月就有估算，最晚在 12 月就有估算。

And the amount of cash to be received, maybe is it still around that $20 million number?

而收到的現金金額，也許還在2000萬美元左右？

Park Brady6

帕克·布雷迪6

Yes.

是的。

Okay. Lastly, it looks like you had a recent addition to your Board. I was wondering if you might be able to share a little bit of background of your new Board member, and the thought process of adding an additional voice to the Board, and what we might be able to expect.

好的。最後，看來您的董事會最近增加了新成員。我想知道您是否能夠分享新董事會成員的背景，以及為董事會添加額外聲音的思考過程，以及我們可能會期待什麼。

No, it's Vito Portera. We are very happy and excited to have him on the Board. Vito provides a lot of operational experience that he had at Safra Bank, in that group.

不，我是維托·波特拉。我們對他加入董事會感到非常高興和興奮。 Vito 提供了他在 Safra 銀行該團隊的大量營運經驗。

So it's -- we have got a Board that is very experienced and savvy and gives us a lot of good advice. And Vito will be a great part of the strategy process.

所以，我們的董事會經驗豐富、精明，為我們提供了許多好的建議。維托將成為策略流程的重要組成部分。

Okay. All right. That's it for me, guys.

好的。好的。我就是這樣，夥計們。

Good job. Congratulations. Talk to you soon.

好工作。恭喜。很快就和你談談。

Thank you.

謝謝。

(Operator Instructions) I am showing no further questions in queue. I would like to turn the conference over back to Marek Bakun for any closing remarks.

（操作員說明）我在隊列中沒有顯示任何其他問題。我想將會議轉回馬雷克·巴昆 (Marek Bakun) 發表閉幕詞。

Sounds like we have answered all the questions, so thank you for your questions and for listening. Talk to you next earnings call.

聽起來我們已經回答了所有問題，所以感謝您的提問和聆聽。下次財報電話會議上與您交談。

Ladies and gentlemen, this does conclude today's conference. Thank you for your participation. Have a wonderful day. You may all disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。祝你有美好的一天。你們都可以斷開連線。