0000766829FALSE00007668292024-10-252024-10-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 25, 2024
 
 
SJW Group
(Exact name of registrant as specified in its charter)
 
 
Delaware001-896677-0066628
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
110 West Taylor Street,San Jose,CA 95110
(Address of principal executive offices) (Zip Code)
(408) 279-7800
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareSJWNew York Stock Exchange LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

    Emerging growth company ☐    

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐    



Item 2.02
Results of Operations and Financial Condition.

On October 28, 2024, SJW Group (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 of Form 8-K by reference.

The information in Item 2.02, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On October 25, 2024, the Company, acting pursuant to authorization from the Board of Directors of the Company (the “Board”), notified the New York Stock Exchange (the “NYSE”) of its intention to voluntarily withdraw the listing of its common stock, par value $0.001 per share (the “Common Stock”), from the NYSE, and to transfer the listing to The Nasdaq Stock Market LLC (“Nasdaq”). The Company expects that listing and trading of its Common Stock on the NYSE will end at market close on or about November 7, 2024, and that trading will begin on Nasdaq at market open on or about November 8, 2024. The Common Stock will continue to trade under “SJW”, the current symbol.

Item 5.02Departure of Directors or Certain Officers; Election of Directors; Compensatory Arrangements of Certain Officers.

On October 25, 2024, the Board of the Company amended the SJW Group Executive Officer Short-Term Incentive Plan (the “Plan”) to remove the “Maximum Incentive Compensation Award Amount,” as defined in the Plan, which had been designed to comply with tax rules no longer in effect.

Item 9.01
Financial Statements and Exhibits.
(d)Exhibits

Exhibit
Number		Description of Document
99.1
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SJW GROUP


Date: October 28, 2024
/s/ Andrew F. Walters
Andrew F. Walters
Chief Financial Officer, Treasurer and Interim Principal Accounting Officer



EXHIBIT 99.1


SJW Group Announces Third Quarter 2024 Financial Results
•Delivers $1.17 of GAAP diluted earnings per share (EPS) for the quarter, a year-over-year increase of $0.04; adjusted diluted EPS (non-GAAP) of $1.18 for the quarter, a year-over-year increase of $0.05
•Invests $252 million in infrastructure through the third quarter of 2024, or approximately 76% of the 2024 capital budget
•Settlement agreement with Public Advocates Office filed with the California Public Utilities Commission in San Jose Water's 2025 to 2027 general rate case (GRC)
•2024 GAAP guidance of $2.65 to $2.75 diluted EPS; reaffirms 2024 guidance range of $2.68 to $2.78 for adjusted diluted EPS (non-GAAP)
•Declares $0.40 cash dividend per share of common stock
SAN JOSE, Calif. — Oct. 28, 2024 — SJW Group (NYSE: SJW) today reported financial results for the third quarter ended September 30, 2024.
"We are pleased with our financial results for the quarter, which demonstrate the benefits of our national platform combined with the strength of our local water utility operations," stated SJW Group Chair, CEO, and President Eric W. Thornburg. "We continued to deliver on our growth strategy by investing $252 million year-to-date, or more than three-quarters of our 2024 capital budget, in our water supply and infrastructure across our footprint. We also filed a settlement agreement with the California Public Utilities Commission that reflects resolution with the Public Advocates Office on almost all issues in our California general rate case and submitted a water infrastructure charge filing in Maine and our second system improvement charge in Texas."
"I would also like to acknowledge our teams across the country for SJW Group’s recognition by Newsweek as one of 'America's Greenest Companies 2025'. In Connecticut, our local operation was recognized as a Top Workplace by the Hartford Courant for the fourth consecutive year," Thornburg added. "Our strong operating performance and strategic execution position us for continued success as we deliver on our commitment to provide high-quality and reliable water service to our 1.6 million customers and communities nationwide."
Third Quarter Operating Results
Net income prepared in accordance with U.S. generally accepted accounting principles (GAAP) for the quarter ended September 30, 2024, was $38.7 million, or $1.17 diluted EPS, a 7% increase compared to $36.2 million, or $1.13, in the same quarter last year. Adjusting for merger and acquisition activities expense and real estate transactions, SJW Group's adjusted net income (non-GAAP) in the third quarter of 2024 was $39.0 million, or $1.18 per diluted share (non-GAAP), an increase in adjusted diluted EPS of 4% compared to $1.13 adjusted diluted EPS from the prior-year period.
Adjusted net income is a non-GAAP measure representing GAAP net income excluding special items. The difference between 2024 GAAP net income and adjusted net income for the quarter was primarily due to expenses incurred for merger and acquisition activities of $0.3 million, net of tax. A full reconciliation of GAAP net income to adjusted net income for the quarter is included in the tables at the end of this news release.
Operating revenue for the third quarter was $225.1 million compared to $204.8 million for the same quarter last year. The increase was largely driven by rate increases of $17.0 million, primarily in California and Connecticut.
Operating expenses for the quarter ended September 30, 2024, were $166.7 million, up 12% compared to $148.2 million for the same quarter last year. This change in operating expenses primarily reflects:
•An increase in water production expenses of $13.1 million compared to the same quarter last year due primarily to higher purchased water and groundwater extraction charges;
•An increase in maintenance costs of $2.1 million primarily due to expenses related to contracted work for others;
1

•An increase in administrative and general expenses of $1.8 million primarily due to higher contracted work and inflationary increases, partially offset by higher allocations to construction activities; and
•An increase in depreciation and amortization of $1.0 million primarily due to utility plant additions.
The effective consolidated income tax rates for the third quarters of 2024 and 2023 were approximately 5% and 11%, respectively. The lower effective tax rate in the 2024 period was primarily due to a tax accounting method change related to the repairs deduction.
Year-to-Date Operating Results
Net income prepared in accordance with GAAP for the nine months through September 30, 2024, was $71.0 million, or $2.18 diluted EPS, an increase of 8% compared to $66.0 million, or $2.09 diluted EPS, in the same period last year. Non-GAAP adjusted net income for the nine months through September 30, 2024, was $72.0 million, or $2.21 non-GAAP diluted EPS, an increase of 11% compared to $65.0 million, or $2.06 adjusted diluted EPS, in the same period last year.
Adjusted net income is a non-GAAP measure representing GAAP net income excluding special items. The difference between 2024 GAAP net income and adjusted net income for the nine months through September 30, 2024, was primarily due to the loss on the sale of real estate investments of $0.7 million, net of tax, and expenses incurred for merger and acquisition activities of $0.3 million, net of tax. A full reconciliation of GAAP net income to adjusted net income for the nine months ended September 30, 2024, is included in the tables at the end of this news release.
Operating revenue year-to-date was $550.6 million compared to $499.0 million for the same period last year. The increase was largely driven by rate increases of $40.0 million, primarily in California, higher customer usage of $4.8 million, and growth in customers of $2.4 million, primarily in Texas. The Texas service area is currently experiencing drought conditions that result in water usage restrictions for customers. These water usage restrictions will impact revenue for the remainder of 2024.
Operating expenses for the first nine months of 2024 were $423.8 million, which was up 10% compared to $386.1 million for the same period last year. This change in operating expenses primarily reflects:
•An increase in water production expenses of $26.4 million compared to the same period last year due primarily to higher purchased water and groundwater extraction charges;
•An increase in depreciation and amortization of $5.3 million primarily due to utility plant additions; and
•An increase in maintenance costs of $4.3 million primarily due to expenses related to contracted work for others, increased security expenses, and adjustments to certain regulatory assets as a result of the final decision in the Connecticut GRC.
The effective consolidated income tax rates for the first nine months of 2024 and 2023 were approximately 10% and 6%, respectively. The higher effective tax rate in the 2024 period was primarily due to lower discrete tax benefits in 2024.
Capital Expenditures
Through the first nine months of 2024, SJW Group invested $252 million in infrastructure and water supply. The company has a capital expenditures budget of $332 million in 2024 and plans to invest more than $1.6 billion in capital over the next five years to build and maintain its water and wastewater operations, including approximately $230 million to install treatment for per- and polyfluoroalkyl substances (PFAS), subject to regulatory approvals and availability of funding.
San Jose Water's installation of a $100 million advanced metering infrastructure (AMI) project continued in the third quarter. The project was approved by the California Public Utilities Commission (CPUC) in 2022 and is separate from the GRC capital budget approved by the CPUC. The bulk of the AMI installation is expected to be between 2024 and 2026 with approximately $27 million to be expended in 2024.
2

Rate Activity and Regulatory Updates
California
On August 19, 2024, San Jose Water and the Public Advocates Office filed a settlement agreement with the CPUC on all but two policy issues in our 2025 through 2027 GRC application.
The settlement agreement enables San Jose Water to invest $450 million over the next three years in drinking water infrastructure and provides for a total revenue increase of $53.1 million over current authorized revenues over three years. The step increases in authorized revenue would be 3.91% in 2025, 2.55% in 2026, and 2.98% in 2027. In addition to the capital expenditure plan and revenue increase, the settlement agreement provides for greater revenue recovery through the service charge and further aligns authorized to actual usage through a lower sales forecast. The two policy items to be fully litigated are related to chemical and waste disposal costs in the full cost balancing account and adjusting the service charge calculation.
A decision on the settlement agreement and the two litigated items is expected in the fourth quarter of 2024, and new rates are anticipated to be effective on January 1, 2025.
Connecticut
On September 18, 2024, the Connecticut Public Utilities Regulatory Authority authorized a $4.3 million, or 3.43%, increase in annualized revenues for $41.9 million in projects completed through the Water Infrastructure and Conservation Adjustment (WICA) infrastructure recovery mechanism. The WICA surcharge increase was effective on October 1, 2024.
Maine
On October 25, 2024, Maine Water filed a GRC application for the Camden-Rockland Division with the Maine Public Utilities Commission (MPUC) requesting an increase in annual revenues of approximately $1.1 million, or 15.9%, over current authorized revenues. A decision is expected in the second quarter of 2025.
In the third quarter, the MPUC authorized an increase of $52,000 in annualized revenue for completed water main replacement projects in two of Maine Water's divisions through the Water Infrastructure Charge (WISC) infrastructure recovery mechanism. Maine Water also filed a WISC application in a third division requesting $46,000 in annualized revenue. A decision is expected in the fourth quarter of 2024.
Maine Water intends to file a petition with the MPUC before the end of this year regarding consolidation of tariffs in the company's ten rate districts. Such a move would streamline GRC and WISC filings that are currently done on a district-by-district basis. The company typically files two to four GRC and WISC filings each year. This will improve administrative efficiency, reduce regulatory lag, and ease the burden on regulatory agencies and their staffs.
Texas
On September 12, 2024, Texas Water filed an application with the Public Utilities Commission of Texas to increase the annual revenue from its System Infrastructure Charge (SIC) surcharges by $4.3 million. The SIC application covers $39.4 million in completed water and $1.8 million in completed wastewater projects. A decision is targeted in the first half of 2025.
Force for Good
In October 2024, SJW Group was recognized by Newsweek as one of America's Greenest Companies 2025, one of only two water utilities to make the list. The award highlights U.S. companies committed to reducing their environmental impact in key areas like greenhouse gas emissions, water management and waste reduction. According to Newsweek, only companies that meet the European Union's stringent sustainability criteria —considered the most advanced globally — were eligible for consideration.
In September 2024, Connecticut Water was recognized by the Hartford Courant as a top regional workplace for the fourth consecutive year. The recognition is based on an anonymous survey of company employees by an independent third party on topics such as culture, career development, and purpose and values.
3


2024 Guidance
The following table includes a reconciliation of the company's 2024 diluted EPS guidance (GAAP) to adjusted diluted EPS guidance (non-GAAP):
 2024 Earnings Guidance
Estimated Diluted EPS Guidance on a GAAP Basis
$2.65 to2.75 
Adjustments:
Loss on sale of real estate investments, net of tax
0.02 0.02 
Expense for merger and acquisition activities
0.01 0.01 
Adjusted EPS Guidance (non-GAAP)
$2.68 to2.78 
In addition, we reiterate our non-linear long-term diluted EPS growth of 5% to 7%, anchored off of 2022's diluted EPS of $2.43.
Our guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the Forward-Looking Statements of this release and the Risk Factors section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
Dividend
On October 25, 2024, the directors of SJW Group declared a quarterly cash dividend on common stock of $0.40 per share, payable on December 2, 2024, to shareholders of record at the close of business on November 4, 2024. Dividends have been paid on SJW Group’s and its predecessor’s common stock for more than 80 consecutive years. For 56 consecutive years, our stockholders have received an increase in their calendar year dividend, which places us in an exclusive group of companies.
Stock Market Listing
SJW Group intends to transfer its listing from the New York Stock Exchange (NYSE) to the Nasdaq Stock Market (Nasdaq) on November 7, 2024, after market close. SJW Group expects to commence trading as a Nasdaq-listed company upon market open on November 8, 2024, and will continue trading under the ticker symbol “SJW". The transfer to Nasdaq provides SJW Group increased investor and ESG support services and certain cost savings.
Financial Results Call Information
Eric W. Thornburg, president, chief executive officer, and board chair, and Andrew F. Walters, chief financial officer, treasurer, and interim principal accounting officer, will review results for the third quarter of 2024 in a live webcast presentation at 11 a.m. Pacific Daylight Time, or 2 p.m. Eastern Daylight Time, on Monday, October 28, 2024.
Interested parties may access the webcast and related presentation materials at the website www.sjwgroup.com. An archive of the webcast will be available until January 20, 2025.
4

Non-GAAP Financial Measures    
SJW Group's net income and diluted EPS are prepared in accordance with GAAP and represent the earnings as reported to the Securities and Exchange Commission. Adjusted net income and Adjusted diluted EPS are non-GAAP financial measures representing GAAP earnings adjusted to exclude the effects of non-utility real estate transactions and costs associated with mergers and acquisition activities, if any. These non-GAAP financial measures are provided as additional information for investors to evaluate the performance of SJW Group's business activities excluding these items. Management also believes these non-GAAP financial measures help investors and analysts better understand our actual results compared to our guidance on a non-GAAP basis. SJW Group uses adjusted net income and/or adjusted diluted EPS as the primary performance measurements when communicating with analysts and investors regarding our outlook and results. Adjusted net income and Adjusted diluted EPS are also used internally to measure performance. However, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes. Further, these non-GAAP financial measures should be considered as a supplement to the financial information prepared on a GAAP basis rather than an alternative to the respective GAAP financial measures.
About SJW Group
SJW 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 1.6 million people. SJW Group’s 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.
Forward-Looking Statements
This 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 “believes,” “expects,” “estimates,” “anticipates,” “intends,” “seeks,” “plans,” “projects,” “may,” “should,” “will,” 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.
These 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, PFAS 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.
5

Results for a quarter are not indicative of results for a full year due to seasonality and other factors. In addition, actual results, performance or achievements are subject to other risks and uncertainties that relate more broadly to our overall business, including those more fully described in our filings with the SEC, including our most recent reports on Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements are not guarantees of future performance, and speak only as of the date made, and 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, except as required by law.
SJW Group Contacts:
Andrew F. Walters
Chief Financial Officer, Treasurer and Interim Principal Accounting Officer
408.279.7818
Andrew.Walters@sjwater.com

Daniel J. Meaney, APR
Director of Investor Relations
860.664.6016
Daniel.Meaney@ctwater.com


6

SJW Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands, except share and per share data)
 
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
Operating revenue$225,063 204,843 $550,619 499,025 
Operating expense:
Production Expenses:
Purchased water54,310 46,044 118,631 101,054 
Power3,396 2,785 8,560 7,363 
Groundwater extraction charges25,081 21,398 54,759 46,751 
Other production expenses12,919 12,415 36,020 36,379 
Total production expenses95,706 82,642 217,970 191,547 
Administrative and general25,708 23,888 71,964 71,759 
Maintenance8,512 6,457 23,080 18,813 
Property taxes and other non-income taxes9,361 8,795 26,610 25,092 
Depreciation and amortization27,423 26,455 84,159 78,872 
Total operating expense166,710 148,237 423,783 386,083 
Operating income58,353 56,606 126,836 112,942 
Other (expense) income:
Interest on long-term debt and other interest expense(17,516)(16,744)(53,394)(48,913)
Pension non-service credit (cost)940 (740)2,829 (906)
Other, net(1,197)1,661 2,659 7,042 
Income before income taxes40,580 40,783 78,930 70,165 
Provision for income taxes1,928 4,561 7,883 4,127 
Net income38,652 36,222 71,047 66,038 
Other comprehensive income (loss), net— 318 (442)420 
Comprehensive income$38,652 36,540 $70,605 66,458 
Earnings per share
Basic$1.17 1.14 $2.19 2.10 
Diluted$1.17 1.13 $2.18 2.09 
Dividends per share$0.40 0.38 $1.20 1.14 
Weighted average shares outstanding
Basic32,896,967 31,862,518 32,458,666 31,436,077 
Diluted32,982,580 31,934,636 32,530,954 31,526,732 



7

SJW Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data)

September 30,
2024		December 31,
2023
Assets
Utility plant:
Land$44,646 41,415 
Depreciable plant and equipment4,141,490 3,967,911 
Construction work in progress203,040 106,980 
Intangible assets64,372 35,946 
Total utility plant4,453,548 4,152,252 
Less: accumulated depreciation and amortization1,047,631 981,598 
Net utility plant3,405,917 3,170,654 
Nonutility properties and real estate investments1,352 13,350 
Less: accumulated depreciation and amortization97 194 
Net nonutility properties and real estate investments1,255 13,156 
Current assets:
Cash and cash equivalents3,967 9,723 
Accounts receivable:
Customers, net of allowances for uncollectible accounts of $848 and $6,551 on September 30, 2024 and December 31, 2023, respectively75,849 67,870 
Income tax11,262 5,187 
Other6,286 3,684 
Accrued unbilled utility revenue68,342 49,543 
Assets held for sale— 40,850 
Prepaid expenses15,411 11,110 
Current regulatory assets828 4,276 
Other current assets5,331 6,146 
Total current assets187,276 198,389 
Other assets:
Regulatory assets, less current portion253,162 235,910 
Investments18,213 16,411 
Postretirement benefit plans39,387 33,794 
Other intangible asset— 28,386 
Goodwill640,311 640,311 
Other6,781 8,056 
Total other assets957,854 962,868 
Total assets$4,552,302 4,345,067 







8

SJW Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data)

September 30,
2024		December 31,
2023
Capitalization and liabilities
Capitalization:
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares; issued and outstanding shares 33,226,735 on September 30, 2024 and 32,023,004 on December 31, 2023$33 32 
Additional paid-in capital804,848 736,191 
Retained earnings527,575 495,383 
Accumulated other comprehensive income1,349 1,791 
Total stockholders’ equity1,333,805 1,233,397 
Long-term debt, less current portion1,673,715 1,526,699 
Total capitalization3,007,520 2,760,096 
Current liabilities:
Lines of credit93,235 171,500 
Current portion of long-term debt8,088 48,975 
Accrued groundwater extraction charges, purchased water and power38,433 24,479 
Accounts payable44,480 46,121 
Accrued interest19,549 15,816 
Accrued payroll12,180 12,229 
Current regulatory liabilities1,770 3,059 
Other current liabilities26,314 20,795 
Total current liabilities244,049 342,974 
Deferred income taxes268,370 238,528 
Advances for construction150,546 146,582 
Contributions in aid of construction336,559 326,451 
Postretirement benefit plans48,158 46,836 
Regulatory liabilities, less current portion473,899 461,108 
Other noncurrent liabilities23,201 22,492 
Commitments and contingencies
Total capitalization and liabilities$4,552,302 4,345,067 



9

SJW Group
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(in thousands, except per share data)

 
2024 Earnings Guidance
Estimated Diluted EPS Guidance on a GAAP Basis
$2.65 
to
2.75 
Adjustments:
Loss on sale of real estate investments, net of tax
0.02 0.02 
Expense for merger and acquisition activities
0.01 0.01 
Adjusted EPS Guidance (non-GAAP)
$2.68 
to
$2.78 

 
Three months ended September 30,
Nine months ended September 30,
 2024202320242023
Reported GAAP Net Income
$38,652 36,222 $71,047 66,038 
Adjustments:
Loss (gain) on sale of real estate investments1
60 — 969 (1,473)
Expense for merger and acquisition activities2
361 — 361 — 
Tax effect of above adjustments3
(120)— (411)412 
Adjusted Net Income (non-GAAP)
$38,953 36,222 $71,966 64,977 
Reported GAAP Diluted Earnings Per Share
$1.17 1.13 $2.18 2.09 
Adjustments:
Loss (gain) on sale of real estate investments, net of tax
— — 0.02 (0.03)
Expense for merger and acquisition activities, net of tax
0.01 — 0.01 — 
Adjusted Diluted Earnings Per Share (non-GAAP)
$1.18 1.13 $2.21 2.06 
1 Included in the "Other, net" line on the condensed consolidated statements of comprehensive income.
2 Included in the "Administrative and general" line on the condensed consolidated statements of comprehensive income.
3 The tax effect on all adjustments is calculated at the applicable statutory rate.


10
v3.24.3
Document and Entity Information Document
Oct. 25, 2024
Document and Entity Information [Abstract]  
Entity Central Index Key 0000766829
Document Type 8-K
Document Period End Date Oct. 25, 2024
Entity Registrant Name SJW Group
Entity Incorporation, State or Country Code DE
Entity File Number 001-8966
Entity Tax Identification Number 77-0066628
Entity Address, Address Line One 110 West Taylor Street,
Entity Address, City or Town San Jose,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95110
City Area Code (408)
Local Phone Number 279-7800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol SJW
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
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