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Financial Statement Schedule
 12 Months Ended
Dec. 31, 2023
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,
 20232022
Assets
Investments in subsidiaries$1,753,250 1,675,545 
Current assets:
Cash and cash equivalents868 5,142 
Intercompany receivables2,239 — 
Intercompany notes receivable69,746 13,094 
Other current assets243 193 
Total current assets
73,096 18,429 
Other assets
Other193 183 
Total other assets
193 183 
Total assets
$1,826,539 1,694,157 
Capitalization and Liabilities
Capitalization:
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2023 and 2022; issued and outstanding 32,023,004 shares in 2023 and 30,801,912 shares in 2022
$32 31 
Additional paid-in capital736,191 651,004 
Retained earnings495,383 458,356 
Accumulated other comprehensive income
1,791 1,477 
Total stockholders’ equity1,233,397 1,110,868 
Long-term debt, less current portion557,028 556,627 
Total capitalization
1,790,425 1,667,495 
Current liabilities:
Line of credit
10,000 — 
Intercompany payables— 789 
Intercompany notes payable1,726 4,166 
Accrued interest3,255 3,208 
Income tax payable16,427 14,736 
Other current liabilities629 398 
Total current liabilities
32,037 23,297 
Deferred income taxes3,099 2,373 
Other noncurrent liabilities
978 992 
Total capitalization and liabilities
$1,826,539 1,694,157 





 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)

202320222021
Operating revenue$— — — 
Operating expense:
Administrative and general2,239 1,977 2,050 
Property taxes and other non-income taxes80 93 (38)
Total operating expense2,319 2,070 2,012 
Operating loss(2,319)(2,070)(2,012)
Other (expense) income:
Interest on long-term debt and other interest expense
(17,692)(17,795)(18,673)
Gain on sale of asset
— — 3,000 
Interest income on intercompany notes receivable
3,862 81 313 
Other, net1,034 (421)(473)
Loss before income taxes and equity earnings from subsidiaries(15,115)(20,205)(17,845)
Income tax benefit(4,294)(5,523)(4,660)
Equity earnings from subsidiaries, net of taxes95,808 88,510 73,663 
SJW Group net income84,987 73,828 60,478 
Other comprehensive income, net
314 1,640 901 
SJW Group comprehensive income$85,301 75,468 61,379 


















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)
202320222021
Operating activities:
Net income$84,987 73,828 60,478 
Adjustments to reconcile net income to net cash used in operating activities:
Earnings from investment in subsidiaries(95,808)(88,510)(73,663)
Deferred income taxes718 (163)(185)
Stock-based compensation
696 779 679 
Gain on sale of asset
— — (3,000)
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts payable and other current liabilities281 185 (226)
Intercompany receivables(6,018)(3,916)(1,586)
Tax payable and other accrued taxes
1,550 6,883 4,782 
Accrued interest47 (15)28 
Return on capital from investments in subsidiaries50,550 55,950 45,900 
Other changes, net607 500 605 
Net cash provided by operating activities37,610 45,521 33,812 
Investing activities:
Proceeds to subsidiaries for notes receivable (148,392)(27,713)(75,986)
Repayments from subsidiaries for notes receivable91,740 20,634 85,651 
Investments in subsidiaries(25,500)(25,892)(35,118)
Proceeds from sale of asset
— — 3,000 
Net cash used in investing activities(82,152)(32,971)(22,453)
Financing activities:
Borrowings from subsidiaries for notes payable700 15,355 34,317 
Repayments to subsidiaries for notes payable(3,140)(20,901)(44,145)
Borrowings from lines of credit
10,000 
—
—
Repayments of long-term borrowings— — (50,000)
Issuance of common stock, net of issuance costs80,659 39,085 91,029 
Debt issuance costs(46)(224)— 
Dividends paid(47,905)(43,582)(40,137)
Net cash provided (used in) by financing activities
40,268 (10,267)(8,936)
Net change in cash and cash equivalents(4,274)2,283 2,423 
Cash and cash equivalents, beginning of year5,142 2,859 436 
Cash and cash equivalents, end of year$868 5,142 2,859 
Cash paid (refunded) during the year for:
Interest$17,465 17,512 18,518 
Income taxes$(4,870)(5,483)(4,998)
Supplemental disclosure of non-cash activities:
Share-based compensation from investment in subsidiaries$3,778 4,656 4,413 





See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Years ended December 31, 2023, 2022 and 2021
(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, 2023, the restricted net assets of SJW Group’s subsidiaries were approximately $408,244 or 33% of consolidated net assets of SJW Group.