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Financial Statement Schedule
 12 Months Ended
Dec. 31, 2024
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,
 20242023
Assets
Investments in subsidiaries$1,877,922 1,753,250 
Current assets:
Cash and cash equivalents1,306 868 
Intercompany receivables1,473 2,239 
Intercompany notes receivable74,119 69,746 
Other current assets1,177 243 
Total current assets
78,075 73,096 
Other assets
Other222 193 
Total other assets
222 193 
Total assets
$1,956,219 1,826,539 
Capitalization and Liabilities
Capitalization:
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2024 and 2023; issued and outstanding 33,629,169 shares in 2024 and 32,023,004 shares in 2023
$34 32 
Additional paid-in capital827,796 736,191 
Retained earnings537,184 495,383 
Accumulated other comprehensive income
1,960 1,791 
Total stockholders’ equity1,366,974 1,233,397 
Long-term debt, less current portion557,430 557,028 
Total capitalization
1,924,404 1,790,425 
Current liabilities:
Line of credit
3,000 10,000 
Intercompany payables2,210 — 
Intercompany notes payable— 1,726 
Accounts payable1,588 — 
Accrued interest3,224 3,255 
Income tax payable16,871 16,427 
Other current liabilities765 629 
Total current liabilities
27,658 32,037 
Deferred income taxes2,488 3,099 
Other noncurrent liabilities
1,669 978 
Total capitalization and liabilities
$1,956,219 1,826,539 


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)

202420232022
Operating revenue$— — — 
Operating expense:
Administrative and general5,568 2,239 1,977 
Property taxes and other non-income taxes388 80 93 
Total operating expense5,956 2,319 2,070 
Operating loss(5,956)(2,319)(2,070)
Other (expense) income:
Interest on long-term debt and other interest expense
(18,022)(17,692)(17,795)
Interest income on intercompany notes receivable
6,756 3,862 81 
Other, net(3,456)1,034 (421)
Loss before income taxes and equity earnings from subsidiaries(20,678)(15,115)(20,205)
Income tax benefit(5,727)(4,294)(5,523)
Equity earnings from subsidiaries, net of taxes108,918 95,808 88,510 
SJW Group net income93,967 84,987 73,828 
Other comprehensive income, net
169 314 1,640 
SJW Group comprehensive income$94,136 85,301 75,468 



















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)
202420232022
Operating activities:
Net income$93,967 84,987 73,828 
Adjustments to reconcile net income to net cash used in operating activities:
Earnings from investment in subsidiaries(108,918)(95,808)(88,510)
Deferred income taxes(618)718 (163)
Stock-based compensation
687 696 779 
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts payable and other current liabilities1,724 281 185 
Intercompany receivables(652)(6,018)(3,916)
Tax payable and other accrued taxes
452 1,550 6,883 
Accrued interest(31)47 (15)
Return on capital from investments in subsidiaries90,600 50,550 55,950 
Other changes, net532 607 500 
Net cash provided by operating activities77,743 37,610 45,521 
Investing activities:
Proceeds to subsidiaries for notes receivable (173,374)(148,392)(27,713)
Repayments from subsidiaries for notes receivable169,001 91,740 20,634 
Investments in subsidiaries(97,000)(25,500)(25,892)
Net cash used in investing activities(101,373)(82,152)(32,971)
Financing activities:
Borrowings from subsidiaries for notes payable27,098 700 15,355 
Repayments to subsidiaries for notes payable(28,824)(3,140)(20,901)
Borrowings from lines of credit
35,000 10,000 — 
Repayments of lines of credit
(42,000)— — 
Issuance of common stock, net of issuance costs85,008 80,659 39,085 
Debt issuance costs(82)(46)(224)
Dividends paid(52,132)(47,905)(43,582)
Net cash provided (used in) by financing activities
24,068 40,268 (10,267)
Net change in cash and cash equivalents438 (4,274)2,283 
Cash and cash equivalents, beginning of year868 5,142 2,859 
Cash and cash equivalents, end of year$1,306 868 5,142 
Cash paid (refunded) during the year for:
Interest$17,919 17,465 17,512 
Income taxes$— (4,870)(5,483)
Supplemental disclosure of non-cash activities:
Share-based compensation from investment in subsidiaries$5,879 3,778 4,656 






See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Years ended December 31, 2024, 2023 and 2022
(Dollars in thousands, except share and per share data)

Financing Activities
See Note 5, “Lines of Credit” and Note 6, “Long-term Debt” for additional information on SJW Group’s revolving credit facility and outstanding debt.
The following is a table of the SJW Group’s schedule of principal payments on long-term debt:
Year
2025$— 
2026— 
2027— 
2028— 
2029310,000 
Thereafter250,000 
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, 2024, the restricted net assets of SJW Group’s subsidiaries were approximately $494,699 or 36% of consolidated net assets of SJW Group.