- \n
- \nDiluted earnings of $0.58 per share, an increase of $0.20 compared to $0.38 in the same quarter last year<\/p>\n<\/li>\n
- \n$115.7 million investment in infrastructure projects in the first half of 2023<\/p>\n<\/li>\n
- \nConstructive California Cost of Capital Decision providing Water Cost of Capital Mechanism (WCCM)-adjusted return on equity of 9.31%<\/p>\n<\/li>\n
- \nQuarterly dividend of $0.38 per share declared<\/p>\n<\/li>\n<\/ul>\n
SAN JOSE, Calif.–(BUSINESS WIRE<\/a>)–
\nSJW Group (NYSE: SJW) today reported financial results for the second quarter ended June 30, 2023.<\/p>\n\n“We are pleased with our financial results for the quarter, which demonstrate the strength of our water utility operations and our commitment to providing high-quality and reliable water service to our customers,\u201d stated SJW Group Chair, CEO, and President, Eric W. Thornburg. \u201cWe continued to deliver on our growth strategy by investing in our water supply and infrastructure across our local operations, as well as securing a constructive decision in the California Cost of Capital proceeding. Our strong operating performance and continued strategic execution positions us well for the future.”<\/p>\n
Operating Results<\/b><\/p>\n
\nAs noted in the company’s first quarter 2023 financial results, comparisons between 2023 and 2022 operating results are affected by and reflect the delay in San Jose Water Company’s (SJWC) 2022 to 2024 general rate case (GRC) proceeding. As a reminder, while the California Public Utilities Commission (CPUC) approved the settlement agreement and SJWC recorded the authorized revenue increase from the GRC in the fourth quarter of 2022, the revenue increase was retroactive back to January 1, 2022. This delayed recognition of GRC-authorized revenues affects quarter-over-quarter comparisons through 2023.<\/p>\n
\nOperating results for the second quarter were also affected by the end of the declared drought emergency and mandatory conservation, as well as an unusually cool and wet season in California. We have experienced reduced water usage in Maine and Texas principally due to weather. As of April 11, 2023 SJWC was no longer afforded the revenue protections of the Water Conservation Memorandum Account (WCMA) and Water Conservation Expense Memorandum Account (WCEMA) that were in place to offset the effect of lower water usage due to mandatory conservation. On April 20, 2023 SJWC filed with the CPUC requesting continuation of the WCMA and WCEMA based on its water wholesaler\u2019s declaration of a 15% voluntary water-use reduction goal. The CPUC has not issued a decision on SJWC\u2019s filing and results for the quarter do not include any benefit from these two regulatory mechanisms beyond April 11. Weather and usage will continue to be a factor for the remainder of 2023.<\/p>\n
Quarterly Operating Results<\/b><\/p>\n
\nNet income for the quarter ended June 30, 2023 was $18.3 million, or $0.58 per diluted share, up 58% compared to $11.6 million, or $0.38 per diluted share, in the same quarter last year. The increase was primarily driven by rate filings in California and Maine, the delay in SJWC’s 2022 GRC, and a decrease in income taxes due to the release of uncertain tax position reserve.<\/p>\n
\nOperating revenue for the quarter ended June 30, 2023 was $156.9 million, up 5% compared to $149.0 million for the same quarter last year. The increase was primarily driven by $14.7 million in rate filings, $1.4 million in earnings from regulatory mechanisms, and customer growth of $0.9 million; partially offset by lower customer usage of $9.0 million driven primarily by weather conditions.<\/p>\n
\nOperating expenses for the quarter ended June 30, 2023 were $125.7 million, up 3% compared to $122.6 million for the same quarter last year. This change in operating expenses reflects:<\/p>\n
- \n
- \nA slight increase in water production expenses of $2.2 million, or $61.9 million in the second quarter 2023 compared to $59.7 million in the same quarter last year.<\/p>\n<\/li>\n
- \nAn increase in depreciation and amortization of $0.9 million primarily due to increases in new utility plant additions.<\/p>\n<\/li>\n
- \nA decrease in maintenance expenses of $0.6 million primarily due to timing of contract work and materials expense.<\/p>\n<\/li>\n
- \nAn increase in taxes other than income of $0.3 million.<\/p>\n<\/li>\n<\/ul>\n
\nThe effective consolidated income tax rates for the second quarter of June 30, 2023 and 2022 were approximately (9)% and 17%, respectively. The lower effective tax rate was primarily due to the partial release of uncertain tax position reserve.<\/p>\n
Operating Results Year-to-Date<\/b><\/p>\n
\nNet income for the first half of 2023 was $29.8 million, or $0.95 per diluted share, up 95% compared to $15.3 million, or $0.50 per diluted share, in the same period last year. The increase was primarily driven by rate filings in California and Maine, and the delay in SJWC’s 2022 GRC.<\/p>\n
\nOperating revenue for the first half of 2023 was $294.2 million, up 8% compared to $273.3 million for the same period last year. The increase was primarily driven by $32.1 million in rate filings, $2.4 million earnings from regulatory mechanisms, and customer growth of $1.9 million; partially offset by lower customer usage of $15.6 million driven primarily by weather conditions.<\/p>\n
\nOperating expenses for the first six months of June 2023 were $237.8 million, up 3% compared to $230.4 million for the same period last year. This change in operating expenses reflects:<\/p>\n
- \n
- \nA slight increase in water production expenses of $2.9 million, or $108.9 million in the first six months of 2023 compared to $106.1 million in the same period last year.<\/p>\n<\/li>\n
- \nA decrease in the gain on sale of nonutility properties of $5.5 million due to the recording of a non-recurring sale of non-utility properties in 2022, and no recorded gain on the sale of nonutility properties in 2023.<\/p>\n<\/li>\n
- \nA decrease in depreciation and amortization of $0.4 million primarily due to a $2.4 million one-time impact related to amortization on certain Cupertino concession assets in 2022 offset by increases in depreciation related new utility plant additions.<\/p>\n<\/li>\n
- \nA decrease in maintenance expenses of $1.2 million primarily due to timing of contract work and materials expense.<\/p>\n<\/li>\n<\/ul>\n
\nThe effective consolidated income tax rates for the first six months ended June 30, 2023 and 2022 were approximately (1)% and 18%, respectively. The lower effective tax rate was primarily due to the partial release of uncertain tax position reserve.<\/p>\n
Capital Expenditures<\/b><\/p>\n
\nDuring the first six months of 2023, SJW Group invested $115.7 million in infrastructure and water supply, which is approximately 45% of the 2023 capital expenditures budget.<\/p>\n
\nSJW Group plans to invest more than $1.6 billion in capital over the next 5 years to build and maintain its water and wastewater operations, and install PFAS treatment, subject to regulatory approvals and availability of funding.<\/p>\n
Rate Activity and Regulatory Updates<\/b><\/p>\n
California<\/span><\/p>\n
\nOn June 29, 2023 the CPUC issued a final decision in the Cost of Capital (CoC) proceeding for SJWC and other Class A water utilities for the years 2022 through 2024. The prospective decision continued the WCCM, previously authorized in the past CoC decisions. The WCCM provides for adjustments to SJWC\u2019s return on equity and cost of debt if the average Moody\u2019s Aa utility bond index rate between October 1, 2021 and September 30, 2022 varies by more than 100 basis points when compared to the same period from the prior year. The index rate in that period increased 103 basis points, surpassing the required WCCM trigger.<\/p>\n
\nSJWC filed Advice Letter No. 598 to trigger the WCCM on June 30, 2023. On July 31, 2023 the company expects to file a separate advice letter to implement new rates that reflect a WCCM-adjusted return on equity of 9.31%, a cost of debt of 5.26%, and an overall rate of return of 7.47%. In accordance with the CoC final decision, new rates will be effective as of the date of the filing.<\/p>\n
Connecticut<\/span><\/p>\n
\nThe Connecticut Water Company filed an application with the Connecticut Public Utilities Regulatory Authority for $11.5 million in projects completed through the Water Infrastructure and Conservation Adjustment (WICA). The company expects a decision on that application and an effective date of any authorized increase in the fourth quarter of 2023. If approved as filed, the requested increase would generate approximately $1.3 million in annualized revenues, and the cumulative WICA would be 7.38%. The cumulative WICA cap between general rate cases is 10%.<\/p>\n
Maine<\/span><\/p>\n
\nOn July 3, 2023 Maine Water Company requested that the Maine Public Utilities Commission (MPUC) authorize a temporary annualized revenue increase of $1.5 million in its Biddeford Saco Division. The request is related to Maine Water’s March 2023 filing with the MPUC for a $2.9 million revenue increase to recover the operating expenses and increased borrowing costs of the $60 million Saco River Drinking Water Resource Center that went in-service in June 2022. The temporary revenue increase requested represents the uncontested amount between the company and the Office of Public Advocate. The authorization of temporary rates and the final amount of the revenue increase in the general rate case will be determined by the MPUC. A final decision on the general rate case request of $2.9 million is expected in the fourth quarter of 2023.<\/p>\n
\nOn June 30, 2023 a water infrastructure surcharge was filed with the MPUC for the company\u2019s Camden Rockland Division. If approved as requested, annualized revenues generated would be $158,000. A decision is expected in the third quarter of 2023.<\/p>\n
Texas<\/span><\/p>\n
\nOn July 24, 2023 the Texas Public Utilities Commission (PUCT) approved Texas Water Company’s (TWC) application to acquire KT Water Development. KT Water Development provides service to approximately 570 residential water connections. We expect to close on the acquisition during the third quarter. The PUCT’s final decision that transfers the Certificate of Convenience and Necessity (CCN) to TWC is expected in the fourth quarter, which is when we anticipate approval of our request for fair market value and filed rate doctrine treatment.<\/p>\n
\nOn June 15, 2023 the PUCT approved the application for the transfer of 520 acres of water CCN and 314 acres of sewer CCN from the San Antonio Water System’s to TWC’s CCN. No customers were transferred as part of the transaction.<\/p>\n
\nOn April 10, 2023 TWC filed an application with the PUCT to acquire the Elm Ridge water system that serves 21 residential customers. TWC has asked for filed rate doctrine treatment, which allows the acquiring utility\u2019s current rates to be applied at the time of acquisition.<\/p>\n
\nTWC’s application for a system improvement charge (SIC) is pending before the PUCT. We expect the PUCT to issue a final decision on the application by the end of the first quarter of 2024. The SIC would allow TWC to add certain utility plant additions made since 2020 to its rate base, thereby increasing revenue and avoiding the immediate need for a general rate case. The SIC is projected to increase TWC\u2019s water revenue by $1.6 million and sewer revenue by $29 thousand within one year of the SIC’s approval.<\/p>\n
ESG Initiatives & Recognition<\/b><\/p>\n
\nInstitutional Shareholder Services\u2019 (ISS) most recent review of the company\u2019s ESG activities shows that among its U.S. water utility peers, SJW Group is tied for second in overall environmental score, third for overall social score, and has the second highest overall governance score possible. The company has again been recognized with a Prime status by ISS ESG. Prime status is awarded to those companies with an ESG performance above the sector-specific PRIME threshold.<\/p>\n
\nSo far this year in 2023, SJW Group is progressing on new initiatives to reduce the use of fossil fuels and greenhouse gas emissions. We have achieved 50% of our 2023 fleet electrification goal in California and are on track to reach our goal of replacing 25 internal combustion powered vehicles with battery electric vehicles (BEVs) in 2023. In total, BEVs and biofueled vehicles constitute 32% of our vehicle fleet in California. The BEVs will be charged at new EV charging stations at our facilities, including some that are solar powered. We are fueling some of our generators with biodiesel fuel beginning this year \u2013 a measure that we estimate will reduce the use of 23,000 gallons of standard diesel fuel. Further, in California we are making preparations to install a \u2018Megapack\u2019 energy storage battery to replace a diesel fueled generator by 2025.<\/p>\n
\nThese projects reflect the company\u2019s commitment to ESG and are among the many planned initiatives to help the company meet its goal of reducing GHG emissions by 50% in 2023 compared to 2019.<\/p>\n
Earnings Guidance Reaffirmed<\/b><\/p>\n
\nIn consideration of the first half-year results, SJW Group reaffirms the company\u2019s 2023 full-year guidance:<\/p>\n
- \n
- \nNet income per diluted common share of $2.40 to $2.50;<\/p>\n<\/li>\n
- \nNon-linear long-term diluted EPS growth of 5% to 7%, anchored off of 2022 diluted EPS of $2.43; and<\/p>\n<\/li>\n
- \nRegulated infrastructure investments of approximately $255 million in 2023.<\/p>\n<\/li>\n<\/ul>\n
\nGuidance for 2023 is based on the following factors: no significant rate cases expected in 2023; continued inflation affecting interest costs, labor costs and other expenses; usage recovery associated with the end of mandatory water conservation; and changes in the effective tax rate. It further assumes typical weather conditions in California, Maine and Texas, and revenue protection in Connecticut via the Water Revenue Adjustment that reconciles actual revenues to authorized revenues.<\/p>\n
\nOur guidance is also subject to risks and uncertainties, including, without limitation, those factors outlined in the \u201cForward Looking Statements\u201d of this release and the \u201cRisk Factors\u201d section of the company\u2019s annual and quarterly reports filed with the Securities and Exchange Commission.<\/p>\n
Dividend<\/b><\/p>\n
\nThe directors of SJW Group have declared a quarterly cash dividend on common stock of $0.38 per share, payable on September 1, 2023, to shareholders of record at the close of business on August 7, 2023. Dividends have been paid on SJW Group\u2019s and its predecessor\u2019s common stock for more than 79 consecutive years. For 55 consecutive years, SJW Group stockholders have received an increase in their calendar year dividend without interruption or reduction, which places it in an exclusive group of companies on the New York Stock Exchange.<\/p>\n
Financial Results Call Information<\/b><\/p>\n
\nEric W. Thornburg, president, chief executive officer and board chair, and Andrew F. Walters, chief financial officer and treasurer, will review results for the second quarter 2023 in a live webcast presentation at 11 a.m. PT, or 2 p.m. ET, on Monday, July 31, 2023.<\/p>\n
\nInterested parties may access the webcast and related presentation materials at the website www.sjwgroup.com<\/a>. An archive of the webcast will be available until October 23, 2023.<\/p>\n
About SJW Group<\/b><\/p>\n
\nSJW Group is among the largest investor-owned pure-play water and wastewater utilities in the United States, providing life-sustaining and high-quality water service to nearly 1.5 million people. SJW Group\u2019s locally led and operated water utilities – San Jose Water Company in California, The Connecticut Water Company in Connecticut, The Maine Water Company in Maine, and SJWTX, Inc. (dba The Texas Water Company) in Texas – possess the financial strength, operational expertise, and technological innovation to safeguard the environment, deliver outstanding service to customers, and provide opportunities to employees. SJW Group remains focused on investing in its operations, remaining actively engaged in its local communities, and delivering continued sustainable value to its stockholders. For more information about SJW Group, please visit www.sjwgroup.com<\/a>.<\/p>\n
Forward-Looking Statements<\/b><\/p>\n
\nThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201cestimates,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cseeks,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d or the negative of those words or other comparable terminology. These forward looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict.<\/p>\n
\nThese forward-looking statements involve a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures and other decisions; (2) changes in demand for water and other services; (3) unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; (4) the effect of the impact of climate change; (5) unexpected costs, charges or expenses; (6) our ability to successfully evaluate investments in new business and growth initiatives; (7) contamination of our water supplies and damage or failure of our water equipment and infrastructure; (8) the risk of work stoppages, strikes and other labor-related actions; (9) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (10) changes in general economic, political, business and financial market conditions; (11) the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and (12) legislative, and general market and economic developments. The risks, uncertainties and other factors may cause the actual results, performance or achievements of SJW Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.<\/p>\n
\nResults for a quarter are not indicative of results for a full year due to seasonality and other factors. Other factors that may cause actual results, performance or achievements to materially differ are described in SJW Group\u2019s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Forward-looking statements are not guarantees of performance, and speak only as of the date made. SJW Group undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.<\/p>\n
\n
\n \u00a0<\/td>\n<\/tr>\n \n \n \nSJW Group<\/p>\n
\nCondensed Consolidated Statements of Comprehensive Income<\/p>\n
\n(Unaudited)<\/p>\n
\n(in thousands, except share and per share data)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Three months ended June 30,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2023<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2022<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2023<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2022<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nREVENUE<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n156,886<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n149,041<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n294,182<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n273,343<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOPERATING EXPENSE:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProduction Expenses:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchased water<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n32,592<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26,352<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n55,010<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n45,569<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPower<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,379<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,394<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,578<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,474<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGroundwater extraction charges<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,994<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n18,360<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n25,353<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n32,288<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther production expenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,921<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,596<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n23,964<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n21,719<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal production expenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n61,886<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n59,702<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n108,905<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n106,050<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdministrative and general<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n23,527<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n23,260<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n47,871<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n47,465<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMaintenance<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,298<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,891<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12,356<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,586<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty taxes and other non-income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,896<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,579<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16,297<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n15,888<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26,121<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n25,207<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n52,417<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n52,813<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGain on sale of nonutility property<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,450<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal operating expense<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n125,728<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n122,639<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n237,846<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n230,352<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOPERATING INCOME<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,158<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26,402<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n56,336<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n42,991<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOTHER (EXPENSE) INCOME:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest on long-term debt and other interest expense<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(16,397<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(14,241<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(32,169<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(27,970<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPension non-service cost<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(102<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n941<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(166<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,890<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,115<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n824<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,381<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,819<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16,774<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,926<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n29,382<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n18,730<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,512<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,368<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(434<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,435<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNET INCOME<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n18,286<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,558<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n29,816<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n15,295<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther comprehensive income (loss), net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(248<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n102<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(429<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCOMPREHENSIVE INCOME<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n18,295<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,310<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n29,918<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,866<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEARNINGS PER SHARE<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.58<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.38<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.96<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.51<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.58<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.38<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.95<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.50<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDIVIDENDS PER SHARE<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.38<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.36<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.76<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.72<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWEIGHTED AVERAGE SHARES OUTSTANDING<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,499,068<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n30,244,511<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,219,324<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n30,234,381<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,594,494<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n30,346,040<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,319,248<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n30,341,065<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nSJW Group<\/p>\n
\nCondensed Consolidated Balance Sheets<\/p>\n
\n(Unaudited)<\/p>\n
\n(in thousands, except share and per share data)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n June 30,
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n December 31,
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \nASSETS<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUtility plant:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLand<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n41,386<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39,982<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciable plant and equipment<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,761,749<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,661,285<\/p>\n<\/td>\n<\/tr>\n
\n \n \nConstruction in progress<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n141,179<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n116,851<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIntangible assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n35,947<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n35,959<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal utility plant<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,980,261<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,854,077<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess accumulated depreciation and amortization<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,277,102<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,223,760<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet utility plant<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,703,159<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,630,317<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReal estate investments and nonutility properties<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,388<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n58,033<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess accumulated depreciation and amortization<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n191<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n17,158<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet real estate investments and nonutility properties<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,197<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n40,875<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCURRENT ASSETS:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n25,474<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12,344<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCustomers, net of allowances for uncollectible accounts of $6,414 and $5,753 on June 30, 2023 and December 31, 2022, respectively<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n58,545<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n59,172<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,814<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,560<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued unbilled utility revenue<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n50,555<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n45,722<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAssets held for sale<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n40,850<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,152<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,753<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent regulatory assets, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,968<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16,068<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther current assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,075<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,095<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n201,433<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n154,714<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOTHER ASSETS:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet regulatory assets, less current portion<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n130,009<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n127,275<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvestments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16,136<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,819<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGoodwill<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n640,311<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n640,311<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n19,913<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n24,313<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n806,369<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n806,718<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n3,712,158<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,632,624<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nSJW Group<\/p>\n
\nCondensed Consolidated Balance Sheets<\/p>\n
\n(Unaudited)<\/p>\n
\n(in thousands, except share and per share data)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n June 30,
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n December 31,
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \nCAPITALIZATION AND LIABILITIES<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCAPITALIZATION:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStockholders\u2019 equity:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommon stock, $0.001 par value; authorized 70,000,000 shares; issued and outstanding shares 31,731,030 on June 30, 2023 and 30,801,912 on December 31, 2022<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n32<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdditional paid-in capital<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n716,642<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n651,004<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRetained earnings<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n464,464<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n458,356<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccumulated other comprehensive income<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,578<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,477<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal stockholders\u2019 equity<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,182,716<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,110,868<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt, less current portion<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,519,281<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,491,965<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,701,997<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,602,833<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCURRENT LIABILITIES:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLines of credit<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n83,310<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n159,578<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent portion of long-term debt<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n44,328<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,360<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued groundwater extraction charges, purchased water and power<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n23,006<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n19,707<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n36,446<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n29,581<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued interest<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n15,680<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,907<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued payroll<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,011<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,908<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax payable<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,604<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,696<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther current liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n20,569<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n22,913<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n237,954<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n264,650<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDEFERRED INCOME TAXES<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n228,976<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n218,155<\/p>\n<\/td>\n<\/tr>\n
\n \n \nADVANCES FOR CONSTRUCTION<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n140,005<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n137,696<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCONTRIBUTIONS IN AID OF CONSTRUCTION<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n327,280<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n323,668<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPOSTRETIREMENT BENEFIT PLANS<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n53,001<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n59,738<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOTHER NONCURRENT LIABILITIES<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n22,945<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n25,884<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCOMMITMENTS AND CONTINGENCIES<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n3,712,158<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,632,624<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230729138902\/en\/<\/a><\/span><\/p>\n
SJW Group Contacts:
\n<\/b>
Andrew F. Walters
\n
Chief Financial Officer and Treasurer
\n
408-279-7818
\n
Andrew.Walters@sjwater.com
\n<\/a><\/p>\nDaniel J. Meaney, APR
\n
Director of Corporate and External Communications
\n
860.664.6016
\n
Daniel.Meaney@ctwater.com<\/a><\/p>\nKEYWORDS:<\/b> Connecticut Maine California Texas United States North America<\/p>\n
INDUSTRY KEYWORDS:<\/b> Utilities Energy<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230729138902\/en\/602665\/3\/SJW_Group_logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n