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Financial Statement Schedule
 12 Months Ended
Dec. 31, 2022
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,
 20222021
Assets
Investments in subsidiaries$1,675,545 1,607,952 
Current assets:
Cash and cash equivalents5,142 2,859 
Intercompany notes receivable13,094 6,015 
Other current assets193 530 
18,429 9,404 
Other assets
Other183 — 
183 — 
$1,694,157 1,617,356 
Capitalization and Liabilities
Capitalization:
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2022 and 2021; issued and outstanding 30,801,912 shares in 2022 and 30,181,348 shares in 2021
$31 30 
Additional paid-in capital651,004 606,392 
Retained earnings458,356 428,260 
Accumulated other comprehensive income (loss)1,477 (163)
Total stockholders’ equity1,110,868 1,034,519 
Long-term debt, less current portion556,627 556,225 
1,667,495 1,590,744 
Current liabilities:
Intercompany payables789 2,097 
Intercompany notes payable4,166 9,712 
Accrued interest3,208 3,223 
Income tax payable14,736 8,017 
Other current liabilities398 313 
23,297 23,362 
Deferred income taxes2,373 2,471 
Other noncurrent liabilities992 779 
Commitments and contingencies
$1,694,157 1,617,356 








 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)

202220212020
Operating revenue$— — — 
Operating expense:
Administrative and general1,977 2,050 3,110 
Property taxes and other non-income taxes93 (38)250 
Total operating expense2,070 2,012 3,360 
Operating loss(2,070)(2,012)(3,360)
Other (expense) income:
Interest on long-term debt, mortgage and other interest expense(17,795)(18,673)(19,430)
Gain on sale of TWA— 3,000 — 
Other, net(340)(160)(250)
Loss before income taxes and equity earnings from subsidiaries(20,205)(17,845)(23,040)
Income tax benefit(5,523)(4,660)(6,414)
Equity earnings from subsidiaries, net of taxes88,510 73,663 78,141 
SJW Group net income73,828 60,478 61,515 
Other comprehensive income (loss), net1,640 901 (1,190)
SJW Group comprehensive income$75,468 61,379 60,325 



















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)
202220212020
Operating activities:
Net income$73,828 60,478 61,515 
Adjustments to reconcile net income to net cash used in operating activities:
Earnings from investment in subsidiaries(88,510)(73,663)(78,141)
Deferred income taxes(163)(185)162 
Share-based compensation779 679 466 
Gain on sale of TWA— (3,000)— 
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts payable and other current liabilities185 (226)(1,532)
Intercompany receivables(3,916)(1,586)(2,607)
Tax receivable and accrued taxes6,883 4,782 10,759 
Accrued interest(15)28 (553)
Return on capital from investments in subsidiaries55,950 45,900 47,800 
Other changes, net500 605 367 
Net cash provided by operating activities45,521 33,812 38,236 
Investing activities:
Proceeds to subsidiaries for notes receivable (27,713)(75,986)(10,353)
Repayments from subsidiaries for notes receivable20,634 85,651 1,400 
Investments in subsidiaries(25,892)(35,118)(37,952)
Proceeds from sale of TWA— 3,000 — 
Net cash used in investing activities(32,971)(22,453)(46,905)
Financing activities:
Borrowings from subsidiaries for notes payable15,355 34,317 54,837 
Repayments to subsidiaries for notes payable(20,901)(44,145)(59,762)
Long-term borrowings— — 50,000 
Repayments of long-term borrowings— (50,000)— 
Issuance of common stock, net of issuance costs39,085 91,029 — 
Debt issuance costs(224)— (496)
Dividends paid(43,582)(40,137)(36,509)
Net cash (used in) provided by financing activities(10,267)(8,936)8,070 
Net change in cash and cash equivalents2,283 2,423 (599)
Cash and cash equivalents, beginning of year2,859 436 1,035 
Cash and cash equivalents, end of year$5,142 2,859 436 
Cash paid during the year for:
Interest$17,512 18,518 19,442 
Income taxes$(5,483)(4,998)3,466 
Supplemental disclosure of non-cash activities:
Share-based compensation from investment in subsidiaries$4,656 4,413 2,894 





See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Years ended December 31, 2022, 2021 and 2020
(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, 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 PURA and the Maine Public Utilities Commission in connection with the acquisition of CTWS.
As of December 31, 2022, the restricted net assets of SJW Group’s subsidiaries was approximately $366,512 or 33% of consolidated net assets of SJW Group.