SJW Group Announces 2024 Financial Results
SJW Group reported strong financial results for 2024, with reported diluted EPS of $2.87 and adjusted diluted EPS of $2.95, exceeding guidance. The company's net income reached $94.0 million, an 11% increase from $85.0 million in 2023. Operating revenue grew 12% to $748.4 million, driven by rate increases of $62.2 million and higher customer usage.
The company announced a 25% increase in its five-year capital plan to $2.0 billion for infrastructure replacement, PFAS remediation, and water supply improvements. For 2025, SJW provided adjusted diluted EPS guidance of $2.90 to $3.00. The company also declared a quarterly dividend of $0.42 per share, representing a 5% increase, marking its 57th consecutive year of dividend increases.
Il Gruppo SJW ha riportato risultati finanziari solidi per il 2024, con un utile per azione diluito riportato di $2,87 e un utile per azione diluito rettificato di $2,95, superando le previsioni. Il reddito netto dell'azienda ha raggiunto $94,0 milioni, con un aumento dell'11% rispetto ai $85,0 milioni del 2023. I ricavi operativi sono cresciuti del 12% fino a $748,4 milioni, sostenuti da aumenti delle tariffe di $62,2 milioni e da un maggiore utilizzo da parte dei clienti.
L'azienda ha annunciato un aumento del 25% nel suo piano di capitale quinquennale, portandolo a $2,0 miliardi per la sostituzione delle infrastrutture, la bonifica da PFAS e il miglioramento dell'approvvigionamento idrico. Per il 2025, SJW ha fornito una guida per l'utile per azione diluito rettificato di $2,90 a $3,00. L'azienda ha anche dichiarato un dividendo trimestrale di $0,42 per azione, che rappresenta un aumento del 5%, segnando il suo 57° anno consecutivo di aumenti dei dividendi.
Grupo SJW reportó resultados financieros sólidos para 2024, con una utilidad por acción diluida reportada de $2.87 y una utilidad por acción diluida ajustada de $2.95, superando las expectativas. El ingreso neto de la empresa alcanzó $94.0 millones, un aumento del 11% respecto a los $85.0 millones de 2023. Los ingresos operativos crecieron un 12% hasta $748.4 millones, impulsados por aumentos de tarifas de $62.2 millones y un mayor uso por parte de los clientes.
La empresa anunció un aumento del 25% en su plan de capital a cinco años, llevándolo a $2.0 mil millones para la sustitución de infraestructura, la remediación de PFAS y mejoras en el suministro de agua. Para 2025, SJW proporcionó una guía de utilidad por acción diluida ajustada de $2.90 a $3.00. La empresa también declaró un dividendo trimestral de $0.42 por acción, lo que representa un aumento del 5%, marcando su 57° año consecutivo de aumentos de dividendos.
SJW 그룹은 2024년 강력한 재무 실적을 보고했으며, 보고된 희석 주당순이익(EPS)은 $2.87, 조정된 희석 EPS는 $2.95로 지침을 초과했습니다. 회사의 순이익은 $94.0 백만에 도달했으며, 이는 2023년의 $85.0 백만에서 11% 증가한 수치입니다. 운영 수익은 12% 증가하여 $748.4 백만에 이르렀으며, 이는 $62.2 백만의 요금 인상과 고객 사용 증가에 의해 촉진되었습니다.
회사는 인프라 교체, PFAS 정화 및 수자원 개선을 위한 5년 자본 계획에서 25% 증가하여 $2.0 십억을 발표했습니다. 2025년을 위해 SJW는 조정된 희석 EPS 가이드를 $2.90에서 $3.00으로 제공했습니다. 회사는 또한 주당 $0.42의 분기 배당금을 선언했으며, 이는 5% 증가를 나타내며, 57년 연속 배당금 증가를 기록했습니다.
Le Groupe SJW a annoncé des résultats financiers solides pour 2024, avec un BPA dilué rapporté de 2,87 $ et un BPA dilué ajusté de 2,95 $, dépassant les prévisions. Le revenu net de l'entreprise a atteint 94,0 millions de dollars, soit une augmentation de 11 % par rapport à 85,0 millions de dollars en 2023. Les revenus d'exploitation ont augmenté de 12 % pour atteindre 748,4 millions de dollars, soutenus par des augmentations tarifaires de 62,2 millions de dollars et une utilisation accrue des clients.
L'entreprise a annoncé une augmentation de 25 % de son plan d'investissement sur cinq ans, le portant à 2,0 milliards de dollars pour le remplacement des infrastructures, la dépollution des PFAS et l'amélioration de l'approvisionnement en eau. Pour 2025, SJW a fourni des prévisions d'un BPA dilué ajusté de 2,90 $ à 3,00 $. L'entreprise a également déclaré un dividende trimestriel de 0,42 $ par action, représentant une augmentation de 5 %, marquant ainsi sa 57e année consécutive d'augmentations de dividendes.
Die SJW Gruppe berichtete für 2024 über starke finanzielle Ergebnisse, mit einem berichteten verwässerten EPS von $2,87 und einem angepassten verwässerten EPS von $2,95, was die Prognosen übertraf. Der Nettogewinn des Unternehmens erreichte $94,0 Millionen, was einem Anstieg von 11 % im Vergleich zu $85,0 Millionen im Jahr 2023 entspricht. Der operative Umsatz wuchs um 12 % auf $748,4 Millionen, angetrieben durch Preiserhöhungen von $62,2 Millionen und eine höhere Kundenutzung.
Das Unternehmen kündigte eine 25%ige Erhöhung seines fünfjährigen Investitionsplans auf $2,0 Milliarden für die Erneuerung der Infrastruktur, PFAS-Beseitigung und Verbesserungen der Wasserversorgung an. Für 2025 gab SJW eine Prognose für den angepassten verwässerten EPS von $2,90 bis $3,00 ab. Das Unternehmen erklärte außerdem eine vierteljährliche Dividende von $0,42 pro Aktie, was einer Erhöhung von 5 % entspricht und das 57. Jahr in Folge mit Dividendensteigerungen markiert.
- 11% increase in net income to $94.0 million
- 12% revenue growth to $748.4 million
- 25% increase in five-year capital plan to $2.0 billion
- 5% dividend increase, marking 57th consecutive year of increases
- Strong regulatory outcomes with approved rate increases across service areas
- 11% increase in operating expenses to $577.9 million
- Higher water production expenses of $35.8 million
- Increased administrative and general expenses of $7.2 million
- Higher maintenance costs of $5.6 million
Insights
SJW Group's 2024 financial results demonstrate strong operational execution and effective regulatory management across its multi-state footprint. The company delivered $2.95 adjusted diluted EPS, exceeding guidance and representing a robust
The most significant forward-looking development is SJW's
SJW's regulatory strategy shows sophistication in managing its multi-state exposure. The California decision notably improves revenue stability by increasing fixed-charge recovery and adjusting sales forecasts to better align with actual usage patterns. Meanwhile, the deferment of the Cost of Capital proceeding maintains the company's
The company's
The company's diversified regulatory exposure across California, Connecticut, Maine, and Texas provides natural risk mitigation against adverse regulatory decisions in any single jurisdiction, while its infrastructure surcharge mechanisms in Connecticut, Maine, and Texas reduce regulatory lag and support more consistent returns on invested capital.
SJW Group's ambitious
The
SJW's regulatory outcomes demonstrate exceptional effectiveness in a challenging environment. The California GRC settlement provides three consecutive years of revenue visibility while improving the company's revenue recovery structure by increasing fixed charge components. This structural improvement addresses a persistent challenge in California's conservation-oriented regulatory framework by reducing revenue volatility from usage fluctuations.
The company's infrastructure surcharge mechanisms across Connecticut (WICA), Maine (WISC), and Texas (SIC) create a regulatory fast-track that significantly reduces lag between capital deployment and revenue recognition. These mechanisms collectively support approximately
SJW's operating performance exceeds most water utility peers, with the
The extension of
- 2024 reported diluted EPS of
$2.87 and adjusted diluted EPS of$2.95 , ahead of guidance - 2025 estimated adjusted diluted EPS (non-GAAP) guidance of
$2.90 t o$3.00 1 - Five-year capital plan increasing
25% to$2.0 billion 2 to fund infrastructure replacement, PFAS remediation and additional water supplies
SAN JOSE, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) -- SJW Group (NASDAQ: SJW) today reported financial results for 2024.
“I am pleased to report another year of strong performance, driven by our talented teams and a proven business strategy that delivers results,” stated SJW Group Chair, CEO, and President Eric W. Thornburg. “Our year-over-year EPS growth, exceeding our 2024 guidance, and substantial infrastructure investments demonstrate our commitment to building a strong foundation for sustainable growth. The regulatory outcomes in our service areas affirm our ability to create value for customers and shareholders alike.”
Thornburg added, “We will continue leveraging our national presence and scale to drive efficiency, optimize operations, and empower our local experts to deliver high-quality water and exceptional service at affordable rates to the customers and communities we serve, today and into the future."
2024 Operating Results
Net income prepared in accordance with U.S. generally accepted accounting principles (GAAP) for the year ended December 31, 2024 was
Adjusted net income is a non-GAAP financial measure representing GAAP net income excluding special items. The difference between 2024 GAAP net income and adjusted net income for the year ended December 31, 2024 was primarily due to expenses incurred for merger and acquisition activities of
Operating revenue in 2024 was
Operating expenses in 2024 were
- An increase in water production expenses of
$35.8 million compared to 2023 due primarily to higher purchased water and groundwater extraction charges and increased production volume; - An increase in administrative and general expenses of
$7.2 million primarily due to expenses associated with certain merger and acquisition activities, increases for labor costs, pension expense and contracted work, and inflationary increases, offset by decreases in allowance for credit losses and higher allocations to construction activities; - An increase in depreciation and amortization of
$7.0 million primarily due to utility plant additions; and - An increase in maintenance costs of
$5.6 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 general rate case (GRC).
The effective consolidated income tax rates for 2024 and 2023 were approximately
Fourth Quarter Operating Results
Net income prepared in accordance with GAAP for the quarter ended December 31, 2024, was
The difference between 2024 GAAP net income and adjusted net income for the quarter ended December 31, 2024 was primarily due to expenses incurred for merger and acquisition activities of
Operating revenue for the fourth quarter was
Operating expenses for the quarter ended December 31, 2024 were
- An increase in water production expenses of
$9.4 million compared to the same quarter last year due primarily to higher purchased water and groundwater extraction charges; - An increase in administrative and general expenses of
$7.0 million primarily due to expenses associated with certain acquisition and merger activities and increased labor costs, partially offset by higher allocations to construction activities; and - An increase in depreciation and amortization of
$1.7 million primarily due to utility plant additions.
The effective consolidated income tax rates for the fourth quarters of 2024 and 2023 were approximately
Capital Expenditures
In 2024, SJW Group invested
Rate Activity and Regulatory Updates
California
On December 19, 2024, the CPUC approved the settlement agreement between San Jose Water and the Public Advocates Office in our 2025 through 2027 GRC application, and new rates went into effect on January 1, 2025. The decision authorizes San Jose Water to invest
On January 14, 2025, the CPUC granted San Jose Water, along with three other Class A California water utilities, a one-year deferment in their 2025 Cost of Capital (COC) filings from May 1, 2025 to May 1, 2026 in response to the water utilities' request to postpone their COC filings. This deferment maintains our
The approved deferral provides that the WCCM will remain in place through 2026. The WCCM will adjust the return on equity and cost of debt in either direction in accordance with movements of
The WCMA is a temporary revenue protection mechanism authorized by the CPUC due to a voluntary
Connecticut
An increase in the Water Infrastructure and Conservation Adjustment (WICA) surcharge was effective on October 1, 2024. The Connecticut Public Utilities Regulatory Authority (PURA) authorized the increase of
On January 28, 2025, Connecticut Water filed an application with PURA for a revenue increase of approximately
On February 24, 2025, CWC filed its 2024 Water Revenue Adjustment (WRA). The mechanism reconciles 2024 revenues as authorized in the CWC’s most recent general rate case as well as provides for recovery of certain amounts of executive compensation as the result of the achievement of performance metrics as prescribed by PURA. The 2024 WRA, if approved by PURA, will be effective for 12 months beginning on April 1, 2025, and will impose a
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
On December 31, 2024, Maine Water filed a petition with the MPUC to unify tariffs across the company's ten rate districts. Such a move would streamline GRC and Water Infrastructure Charge (WISC) filings, which are currently done on a district-by-district basis. The company typically files two to four GRC and WISC filings each year. This would 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 surcharges by
Force for Good
SJW Group has been recognized by Newsweek as one of America's Most Responsible Companies 2025. The award highlights 600 U.S. companies for being leaders in making a positive global impact. SJW Group was selected from the 2,000 largest publicly traded companies headquartered in the U.S. and was scored based on environmental, social and corporate governance matters.
In 2024, the Force for Good Foundation (Foundation), was established to further SJW Group's community outreach and engagement efforts. The Foundation is a non-consolidated not-for-profit corporation funded by SJW Group that plans to make contributions to selected charitable organizations with a focus on the communities served.
2025 Guidance
The company is introducing 2025 adjusted diluted EPS guidance of
In addition, we are extending our non-linear long-term diluted EPS growth of
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 January 29, 2025, the directors of SJW Group declared a quarterly cash dividend on common stock of
Dividends have been paid on SJW Group’s and its predecessor’s common stock for more than 80 consecutive years, and the annual dividend amount has increased for 57 consecutive years, placing SJW Group in an exclusive group of companies.
Financial Results Call Information
Eric W. Thornburg, president, chief executive officer, and board chair, Andrew F. Walters, chief financial officer and treasurer, and Bruce A. Hauk, chief operating officer will review results for 2024 in a live webcast presentation at 11 a.m. Pacific Daylight Time, or 2 p.m. Eastern Daylight Time, on Thursday, February 27, 2025.
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 April 28, 2025.
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 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 federal securities laws relating to future events and future results of SJW Group and its subsidiaries that are based on current expectations, estimates, forecasts, and projections about SJW Group and its subsidiaries and the industries in which SJW Group and its subsidiaries operate and the beliefs and assumptions of the management of SJW Group. 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,” "approximately," "strategy," 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. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements.
The accuracy of such statements is subject to 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.
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 and Treasurer
408.279.7818
Andrew.Walters@sjwater.com
Daniel J. Meaney, APR
Director of Investor Relations
860.664.6016
Daniel.Meaney@ctwater.com
| 1 | Because we are not able to predict certain potentially material items affecting diluted EPS on a GAAP basis, principally gains or losses on non-utility real estate transactions and expenses for merger and acquisition activities, we are unable to reconcile the fiscal year 2025 adjusted diluted earnings per share, a non-GAAP measure, to the diluted earnings per share, the most directly comparable measure in reliance of the "unreasonable efforts" exception set forth in the SEC rules. | |
| 2 | Includes both utility plant additions and capitalizable costs associated with cloud-computing arrangements. | |
| SJW Group Condensed Consolidated Statements of Comprehensive Income (Unaudited) (in thousands, except share and per share data) | |||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Operating revenue | $ | 197,820 | 171,338 | $ | 748,439 | 670,363 | |||||||
| Operating expense: | |||||||||||||
| Production Expenses: | |||||||||||||
| Purchased water | 39,937 | 34,928 | 158,568 | 135,982 | |||||||||
| Power | 2,897 | 2,239 | 11,457 | 9,602 | |||||||||
| Groundwater extraction charges | 18,387 | 16,229 | 73,146 | 62,980 | |||||||||
| Other production expenses | 12,831 | 11,257 | 48,851 | 47,636 | |||||||||
| Total production expenses | 74,052 | 64,653 | 292,022 | 256,200 | |||||||||
| Administrative and general | 33,866 | 26,897 | 105,830 | 98,656 | |||||||||
| Maintenance | 8,221 | 6,916 | 31,301 | 25,729 | |||||||||
| Property taxes and other non-income taxes | 9,318 | 9,383 | 35,928 | 34,475 | |||||||||
| Depreciation and amortization | 28,696 | 26,996 | 112,855 | 105,868 | |||||||||
| Total operating expense | 154,153 | 134,845 | 577,936 | 520,928 | |||||||||
| Operating income | 43,667 | 36,493 | 170,503 | 149,435 | |||||||||
| Other (expense) income: | |||||||||||||
| Interest on long-term debt and other interest expense | (17,996 | ) | (17,231 | ) | (71,390 | ) | (66,144 | ) | |||||
| Pension non-service credit (cost) | 940 | (324 | ) | 3,769 | (1,230 | ) | |||||||
| Other, net | (2,604 | ) | 1,840 | 55 | 8,882 | ||||||||
| Income before income taxes | 24,007 | 20,778 | 102,937 | 90,943 | |||||||||
| Provision for income taxes | 1,087 | 1,829 | 8,970 | 5,956 | |||||||||
| Net income | 22,920 | 18,949 | 93,967 | 84,987 | |||||||||
| Other comprehensive income (loss), net | 611 | (106 | ) | 169 | 314 | ||||||||
| Comprehensive income | $ | 23,531 | 18,843 | $ | 94,136 | 85,301 | |||||||
| Earnings per share | |||||||||||||
| Basic | $ | 0.69 | 0.59 | $ | 2.87 | 2.69 | |||||||
| Diluted | $ | 0.68 | 0.59 | $ | 2.87 | 2.68 | |||||||
| Dividends per share | $ | 0.40 | 0.38 | $ | 1.60 | 1.52 | |||||||
| Weighted average shares outstanding | |||||||||||||
| Basic | 33,423,902 | 31,988,008 | 32,701,292 | 31,575,197 | |||||||||
| Diluted | 33,520,161 | 32,068,351 | 32,779,573 | 31,663,274 | |||||||||
| SJW Group Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) | |||||
| December 31, 2024 | December 31, 2023 | ||||
| Assets | |||||
| Utility plant: | |||||
| Land | $ | 44,657 | 41,415 | ||
| Depreciable plant and equipment | 4,249,314 | 3,967,911 | |||
| Construction work in progress | 179,486 | 106,980 | |||
| Intangible assets | 51,604 | 35,946 | |||
| Total utility plant | 4,525,061 | 4,152,252 | |||
| Less: accumulated depreciation and amortization | 1,036,450 | 981,598 | |||
| Net utility plant | 3,488,611 | 3,170,654 | |||
| Nonutility properties and real estate investments | 1,314 | 13,350 | |||
| Less: accumulated depreciation and amortization | 98 | 194 | |||
| Net nonutility properties and real estate investments | 1,216 | 13,156 | |||
| Current assets: | |||||
| Cash and cash equivalents | 11,114 | 9,723 | |||
| Accounts receivable: | |||||
| Customers, net of allowances for uncollectible accounts of | 68,679 | 67,870 | |||
| Income tax | 5,953 | 5,187 | |||
| Other | 7,059 | 3,684 | |||
| Accrued unbilled utility revenue | 60,847 | 49,543 | |||
| Assets held for sale | — | 40,850 | |||
| Prepaid expenses | 10,297 | 11,110 | |||
| Current regulatory assets | 18,172 | 4,276 | |||
| Other current assets | 8,593 | 6,146 | |||
| Total current assets | 190,714 | 198,389 | |||
| Other assets: | |||||
| Regulatory assets, less current portion | 224,055 | 235,910 | |||
| Investments | 18,087 | 16,411 | |||
| Postretirement benefit plans | 66,422 | 33,794 | |||
| Other intangible asset | — | 28,386 | |||
| Goodwill | 640,311 | 640,311 | |||
| Other | 28,893 | 8,056 | |||
| Total other assets | 977,768 | 962,868 | |||
| Total assets | $ | 4,658,309 | 4,345,067 | ||
| SJW Group Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) | |||||
| December 31, 2024 | December 31, 2023 | ||||
| Capitalization and liabilities | |||||
| Capitalization: | |||||
| Stockholders’ equity: | |||||
| Common stock, | $ | 34 | 32 | ||
| Additional paid-in capital | 827,796 | 736,191 | |||
| Retained earnings | 537,184 | 495,383 | |||
| Accumulated other comprehensive income | 1,960 | 1,791 | |||
| Total stockholders’ equity | 1,366,974 | 1,233,397 | |||
| Long-term debt, less current portion | 1,706,904 | 1,526,699 | |||
| Total capitalization | 3,073,878 | 2,760,096 | |||
| Current liabilities: | |||||
| Lines of credit | 119,124 | 171,500 | |||
| Current portion of long-term debt | 3,648 | 48,975 | |||
| Accrued groundwater extraction charges, purchased water and power | 25,118 | 24,479 | |||
| Accounts payable | 56,256 | 46,121 | |||
| Accrued interest | 17,476 | 15,816 | |||
| Accrued payroll | 15,193 | 12,229 | |||
| Current regulatory liabilities | 1,122 | 3,059 | |||
| Other current liabilities | 23,236 | 20,795 | |||
| Total current liabilities | 261,173 | 342,974 | |||
| Deferred income taxes | 276,043 | 238,528 | |||
| Advances for construction | 155,397 | 146,582 | |||
| Contributions in aid of construction | 340,738 | 326,451 | |||
| Postretirement benefit plans | 45,063 | 46,836 | |||
| Regulatory liabilities, less current portion | 483,719 | 461,108 | |||
| Other noncurrent liabilities | 22,298 | 22,492 | |||
| Commitments and contingencies | |||||
| Total capitalization and liabilities | $ | 4,658,309 | 4,345,067 | ||
| SJW Group Reconciliation of Non-GAAP Financial Measures (Unaudited) (in thousands, except per share data) | ||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Reported GAAP Net Income | $ | 22,920 | 18,949 | $ | 93,967 | 84,987 | ||||||
| Adjustments: | ||||||||||||
| (Gain) loss on sale of non-utility real estate1 | (397 | ) | — | 572 | (1,473 | ) | ||||||
| Expense for merger and acquisition activities2 | 3,032 | — | 3,393 | — | ||||||||
| Tax effect of above adjustments3 | (737 | ) | — | (1,148 | ) | 412 | ||||||
| Adjusted Net Income (non-GAAP) | $ | 24,818 | 18,949 | $ | 96,784 | 83,926 | ||||||
| Reported GAAP Diluted Earnings Per Share | $ | 0.68 | 0.59 | $ | 2.87 | 2.68 | ||||||
| Adjustments: | ||||||||||||
| (Gain) loss on sale of non-utility real estate, net of tax | (0.01 | ) | — | 0.01 | (0.03 | ) | ||||||
| Expense for merger and acquisition activities, net of tax | 0.07 | — | 0.07 | — | ||||||||
| Adjusted Diluted Earnings Per Share (non-GAAP) | $ | 0.74 | 0.59 | $ | 2.95 | 2.65 | ||||||
| 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. | ||||||||||||
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