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Financial Statement Schedule
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Financial Statement Schedule
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
 December 31,
 20212020
Assets
Investments in subsidiaries$1,607,952 1,536,106 
Current assets:
Cash and cash equivalents2,859 436 
Intercompany receivables— 258 
Intercompany notes receivable6,015 15,680 
Other current assets530 124 
9,404 16,498 
$1,617,356 1,552,604 
Capitalization and Liabilities
Capitalization:
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2021 and 2020; issued and outstanding 30,181,348 shares in 2021 and 28,556,605 shares in 2020
$30 29 
Additional paid-in capital606,392 510,158 
Retained earnings428,260 408,037 
Accumulated other comprehensive income(163)(1,064)
Total stockholders’ equity1,034,519 917,160 
Long-term debt, less current portion556,225 555,824 
1,590,744 1,472,984 
Current liabilities:
Current portion of long-term debt— 49,929 
Intercompany payables2,097 — 
Intercompany notes payable9,712 19,540 
Accrued interest3,223 3,195 
Income tax payable8,017 3,268 
Other current liabilities313 422 
23,362 76,354 
Deferred income taxes2,471 2,623 
Other noncurrent liabilities779 643 
Commitments and contingencies
$1,617,356 1,552,604 








 See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Years ended December 31 (in thousands)

202120202019
Operating revenue$— — — 
Operating expense:
Administrative and general2,050 3,110 8,130 
Property taxes and other non-income taxes(38)250 250 
Merger related expenses— — 14,849 
Total operating expense2,012 3,360 23,229 
Operating loss(2,012)(3,360)(23,229)
Other (expense) income:
Interest on long-term debt, mortgage and other interest expense(18,673)(19,430)(6,615)
Gain on sale of Texas Water Alliance3,000 — — 
Interest income on money market fund— — 6,536 
Other, net(160)(250)89 
Loss before income taxes and equity earnings from subsidiaries(17,845)(23,040)(23,219)
Income tax benefit(4,660)(6,414)(1,431)
Equity earnings from subsidiaries, net of taxes73,663 78,141 45,191 
SJW Group net income60,478 61,515 23,403 
Other comprehensive income (loss), net901 (1,190)126 
SJW Group comprehensive income$61,379 60,325 23,529 


















See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
CONDENSED STATEMENTS OF CASH FLOWS
Years ended December 31 (in thousands)
202120202019
Operating activities:
Net income$60,478 61,515 23,403 
Adjustments to reconcile net income to net cash used in operating activities:
Earnings from investment in subsidiaries(73,663)(78,141)(45,191)
Deferred income taxes(185)162 4,606 
Share-based compensation679 466 141 
Gain on sale of TWA(3,000)— — 
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts payable and other current liabilities(226)(1,532)255 
Intercompany receivables(1,586)(2,607)2,045 
Tax receivable and accrued taxes4,782 10,759 (6,779)
Accrued interest28 (553)3,742 
Return on capital from investments in subsidiaries45,900 47,800 28,600 
Other changes, net605 367 808 
Net cash provided by operating activities33,812 38,236 11,630 
Investing activities:
Proceeds to subsidiaries for notes receivable (75,986)(10,353)(102,522)
Repayments from subsidiaries for notes receivable85,651 1,400 95,795 
Investments in subsidiaries(35,118)(37,952)(62,262)
Proceeds from sale of TWA3,000 — — 
Payments for business acquisition— — (837,903)
Net cash used in investing activities(22,453)(46,905)(906,892)
Financing activities:
Borrowings from subsidiaries for notes payable34,317 54,837 29,865 
Repayments to subsidiaries for notes payable(44,145)(59,762)(17,705)
Long-term borrowings— 50,000 510,000 
Repayments of long-term borrowings(50,000)— — 
Issuance of common stock, net of issuance costs91,029 — (10)
Debt issuance costs— (496)(3,957)
Dividends paid(40,137)(36,509)(34,134)
Net cash (used in) provided by financing activities(8,936)8,070 484,059 
Net change in cash and cash equivalents2,423 (599)(411,203)
Cash and cash equivalents, beginning of year436 1,035 412,238 
Cash and cash equivalents, end of year$2,859 436 1,035 
Cash paid during the year for:
Interest$18,518 19,442 2,203 
Income taxes$(4,998)3,466 689 
Supplemental disclosure of non-cash activities:
Share-based compensation from investment in subsidiaries$4,413 2,894 4,663 




See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Years ended December 31, 2021, 2020 and 2019
(Dollars in thousands, except share and per share data)

Restrictions on Dividends and Other Distributions
SJW Group is a legal entity separate and distinct from its various subsidiaries. As a holding company with no significant operations of its own, SJW Group’s principal sources of funds are dividends or other distributions from its operating subsidiaries, borrowings and the issuance of equity. The rights of SJW Group and, consequently, its creditors and shareholders, to participate in any distribution of assets of any of its subsidiaries are subject to certain prior claims of creditors of such subsidiary.
The abilities of certain of SJW Group’s subsidiaries to transfer funds to SJW Group in the form of cash dividends, loans or advances are subject to certain contractual and regulatory restrictions. SJW Group and its subsidiaries are subject to debt covenants that could limit their respective abilities to pay dividends. For a discussion on these covenants, see Note 6, “Long-term Debt” to SJW Group and Subsidiaries Notes to Consolidated Financial Statements. In addition, Connecticut Water Service, Inc. (“CTWS”) and its regulated subsidiaries are prohibited from paying dividends if not in compliance with minimum equity requirements under commitments made by SJW Group as part of the approval granted by the Connecticut Public Utilities Regulatory Authority and the Maine Public Utilities Commission in connection with the acquisition of CTWS.
As of December 31, 2021, the restricted net assets of SJW Group’s subsidiaries was approximately $337,787 or 33% of consolidated net assets of SJW Group.