Company Overview - SJW is based in San Jose and operates in the Utilities sector, specifically as the parent company of San Jose Water Co. [3] - The company's shares have experienced a price change of -11.68% this year [3]. Dividend Information - SJW currently pays a dividend of $0.4 per share, resulting in a dividend yield of 2.77%, which is higher than the Utility - Water Supply industry's yield of 2.04% and the S&P 500's yield of 1.62% [3]. - The annualized dividend of $1.60 represents a 5.3% increase from the previous year, with an average annual increase of 6.05% over the last five years [4]. - The company's payout ratio stands at 58%, indicating that it paid out 58% of its trailing 12-month earnings per share as dividends [4]. Earnings Growth - The Zacks Consensus Estimate for SJW's earnings in 2024 is $2.76 per share, reflecting an expected increase of 2.99% from the previous year [5]. Investment Appeal - SJW is considered an attractive dividend play and a compelling investment opportunity, currently holding a Zacks Rank of 2 (Buy) [7].

SJW Group (NYSE:SJW) Q2 2024 Earnings Conference Call July 25, 2024 2:00 PM ET Company Participants Andrew Walters - Chief Financial Officer, Treasurer and Interim Principal Accounting Officer Eric Thornburg - Chair, Board, President and CEO Conference Call Participants Richard Sunderland - JP Morgan Michael Gaugler - Janney Jonathan Reeder - Wells Fargo Securities Angie Storozynski - Seaport Roger Liddell - Clear Harbor Asset Management Operator Good day and thank you for standing by. Welcome to the 2024 S ...

Financial Performance - SJW Group's consolidated net income for Q2 2024 increased by $2,410 (13%) to $20,696 compared to $18,286 in Q2 2023[122] - Total operating revenue for Q2 2024 increased by 12% to $176,174, driven by a 7% rate increase and 1% customer growth in Water Utility Services[122][124] - Water Utility Services revenue for Q2 2024 increased by $19,927 (13%) to $175,397 compared to $155,470 in Q2 2023[122] - Real Estate Services revenue decreased by $639 to $777 in Q2 2024 compared to $1,416 in Q2 2023[124] - Total operating expenses increased by 8% to $135,604 in Q2 2024, primarily due to a 7% increase in water production expenses[125] - SJW Group generated $100,500 in cash flow from operating activities in H1 2024, a $3,100 increase compared to H1 2023[136] - SJW Group's net cash provided by financing activities increased by $2,400 in H1 2024, driven by higher net borrowings on lines of credit[138] Water Utility Services - SJW Group serves approximately 403,000 water connections and 4,000 wastewater connections, covering a population of over 1.5 million[115] - SJWC's water supply consists of 40-50% purchased water, 40-50% groundwater, and 6-8% surface water in normal rainfall years[126] - The company's water sales are seasonal, with higher revenue in warm, dry summer months and lower revenue in winter months[121] - Water production expenses increased by $8,584 in Q2 2024 and $13,359 in H1 2024, driven by higher unit costs for purchased water and groundwater extraction[131] - Water Utility Services' estimated utility capital expenditures for 2024 are $332,000, with $158,400 (48%) invested as of June 30, 2024[137] - Water Utility Services plans $1,621,000 in capital expenditures over the next five years for pipe and main replacements, water system maintenance, and PFAS treatment[137] Water Supply and Storage - California State Water Project allocation increased from 15% to 30% in Q1 2024 and further to 40% in Q2 2024, while Central Valley Project allocation increased from 65% to 75% in Q1 2024[128] - Valley Water's 10 reservoirs were at 34% capacity (91% of restricted capacity) with 18.6 billion gallons of water in storage as of July 1, 2024[128] - SJWC's Lake Elsman was at 98.1% capacity with 2.0 billion gallons of water, 173.8% of the five-year seasonal average as of June 30, 2024[128] - SJWC's Montevina Water Treatment Plant treated 2.2 billion gallons of water in H1 2024, 140% of the five-year average[128] - SJWC's unaccounted-for water decreased to 7.4% in June 2024 from 10.1% in June 2023[130] Credit and Financing - Syndicated credit agreement total line limit is $300,000, with $170,000 outstanding and $130,000 unused[142] - CTWS credit agreement has a total line limit of $50,000, with $47,495 outstanding and $2,505 unused[142] - SJW Group's total credit agreements amount to $350,000, with $217,495 outstanding and $132,505 unused[142] Market and Operational Risks - SJW Group is exposed to market risks, including interest rate changes, pension plan asset values, and equity prices[83] - SJW Group's pension and post-retirement costs are influenced by factors such as discount rates, mortality rates, and investment returns[83] - SJW Group does not hold derivative financial instruments or financial instruments with significant off-balance sheet risks[83] Real Estate Services - SJW Land Company completed the sale of its Tennessee properties in Q2 2024[118]

EXHIBIT 99.1 • Delivers $0.64 of GAAP diluted earnings per share (EPS), a year-over-year increase of $0.06; adjusted diluted EPS (non-GAAP) of $0.66, a year-over-year increase of $0.08 • Invests $158 million in infrastructure during the first half of 2024, or approximately 48% of 2024 capital budget • Agreement in principle reached on California general rate case (GRC) • Updates 2024 GAAP guidance to $2.66 to $2.76 diluted EPS. Reaffirms 2024 guidance range of $2.68 to $2.78 for adjusted diluted EPS (non-GA ...

[Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements concerning future events and results for SJW Group, subject to various risks and uncertainties detailed in SEC filings - The report identifies several risk factors that could cause actual results to differ from forward-looking statements, including governmental policies, changes in water demand, weather impacts, unexpected costs, and financing availability[8](index=8&type=chunk) [PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents SJW Group's unaudited condensed consolidated financial statements for the quarter ended March 31, 2024, including income, balance, and cash flow statements [Condensed Consolidated Statements of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For Q1 2024, SJW Group reported operating revenue of **$149.4 million** and net income of **$11.7 million**, with diluted EPS of **$0.36** Q1 2024 vs Q1 2023 Income Statement Highlights (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Operating revenue** | $149,382 | $137,296 | | **Operating income** | $27,913 | $25,178 | | **Net income** | $11,699 | $11,530 | | **Diluted EPS** | $0.36 | $0.37 | | **Dividends per share** | $0.40 | $0.38 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, SJW Group's total assets were **$4.37 billion**, with total stockholders' equity at **$1.24 billion** Balance Sheet Highlights (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | $4,367,512 | $4,345,067 | | Net Utility Plant | $3,208,847 | $3,170,654 | | Total Current Assets | $178,082 | $198,389 | | **Total Liabilities** | $3,127,261 | $3,111,670 | | Long-Term Debt | $1,550,298 | $1,526,699 | | **Total Stockholders' Equity** | $1,240,251 | $1,233,397 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$51.2 million** in Q1 2024, while net cash used in investing activities increased to **$74.3 million** Cash Flow Summary (in thousands) | Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $51,216 | $50,607 | | **Net cash used in investing activities** | ($74,273) | ($55,029) | | **Net cash provided by financing activities** | $17,876 | $15,411 | | **Net change in cash and cash equivalents** | ($5,181) | $10,989 | [Notes to Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, regulatory matters, and recent events, including a post-quarter warehouse sale and ongoing rate cases - In April 2024, SJW Land Company completed the sale of a warehouse in Tennessee for **$27.0 million**, expecting an estimated pre-tax gain of **$7.0 million**[33](index=33&type=chunk) - The company's effective income tax rate for Q1 2024 was **16%**, significantly higher than **9%** in Q1 2023, primarily due to tax deficiencies for share-based payments[55](index=55&type=chunk) - The Water Utility Services segment generated **$147.6 million** in revenue and **$14.6 million** in regulated net income for Q1 2024, while Real Estate Services generated **$1.8 million** in revenue and **$0.8 million** in net income[65](index=65&type=chunk)[67](index=67&type=chunk) [Management's Discussion and Analysis (MD&A)](index=21&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2024 financial performance, noting a slight net income increase driven by rate adjustments and usage, partially offset by higher expenses [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Consolidated net income for Q1 2024 increased by **1%** to **$11.7 million**, driven by **$12.1 million** higher revenue from rate increases and customer usage Change in Operating Revenue (Q1 2024 vs. Q1 2023, in thousands) | Factor | Increase/(Decrease) | | :--- | :--- | | Rate increases | $9,960 | | Consumption changes | $1,797 | | Increase in customers | $791 | | Regulatory mechanisms | ($790) | | Real Estate Services | $328 | | **Total Change** | **$12,086** | Change in Operating Expense (Q1 2024 vs. Q1 2023, in thousands) | Factor | Increase/(Decrease) | | :--- | :--- | | Water production expenses | $4,775 | | Depreciation and amortization | $2,074 | | Administrative and general | $1,444 | | Maintenance | $629 | | Property taxes and other non-income taxes | $429 | | **Total Change** | **$9,351** | - The mix of water supply shifted in Q1 2024, with groundwater usage increasing by **1.8 billion gallons** and purchased water decreasing by **1.3 billion gallons** compared to Q1 2023[104](index=104&type=chunk) [Regulation and Rates](index=26&type=section&id=Regulation%20and%20Rates) SJW Group is engaged in multiple regulatory proceedings, including rate case filings in California and Connecticut, and new PFAS regulations - **California:** SJWC filed a General Rate Case application for 2025-2027, requesting a revenue increase of **$55.2 million (11.1%)** in 2025[117](index=117&type=chunk) - **Connecticut:** CWC filed for a rate adjustment to increase annual revenues by **$21.4 million (18.1%)**, with a final decision expected by June 28, 2024[118](index=118&type=chunk) - **Maine:** MWC received approval for a **$2.6 million (17.6%)** increase in annual revenue, effective January 1, 2024[125](index=125&type=chunk) - The U.S. EPA issued new regulations for six PFAS chemicals, requiring compliance by 2029, with SJW Group estimating capital expenditures of approximately **$230 million** for necessary treatment[127](index=127&type=chunk)[128](index=128&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) SJW Group maintains liquidity through operating cash flows and credit facilities, planning **$332 million** in 2024 utility capital expenditures - The company plans to invest approximately **$332 million** in utility capital expenditures in 2024 and **$1.62 billion** over the next five years[132](index=132&type=chunk)[133](index=133&type=chunk) Lines of Credit Summary (as of March 31, 2024, in thousands) | Entity/Agreement | Line Limit | Outstanding | Unused Portion | | :--- | :--- | :--- | :--- | | Syndicated Credit Agreement | $300,000 | $162,000 | $138,000 | | Other CTWS Agreements | $50,000 | $48,748 | $1,252 | | **Total** | **$350,000** | **$210,748** | **$139,252** | - Standard & Poor's placed SJW Group, CTWS, and CWC on a negative outlook in September 2023 due to regulatory and legislative developments in Connecticut, while maintaining their A- and A ratings[143](index=143&type=chunk)[144](index=144&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) SJW Group's primary market risks stem from interest rate changes affecting variable-rate debt and the impact of market factors on pension plans - The company's primary market risks are related to interest rate changes on variable-rate debt and the impact of market factors on its pension and post-retirement plans[145](index=145&type=chunk) - SJW Group confirms it has no derivative financial instruments, financial instruments with significant off-balance sheet risks, or financial instruments with concentrations of credit risk[146](index=146&type=chunk) [Controls and Procedures](index=30&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures are effective in ensuring timely recording, processing, and reporting of information for SEC reports[147](index=147&type=chunk) - No changes occurred in internal control over financial reporting during Q1 2024 that have materially affected, or are reasonably likely to materially affect, these controls[148](index=148&type=chunk) [PART II. OTHER INFORMATION](index=31&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=31&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is subject to routine litigation, including a class action lawsuit against The Connecticut Water Company alleging water contamination - A class action lawsuit was filed against The Connecticut Water Company in October 2023, alleging the water it provided contained contaminants, which the company plans to vigorously defend against[150](index=150&type=chunk) [Risk Factors](index=31&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in SJW Group's Annual Report on Form 10-K for the year ended December 31, 2023 - The company reports no material changes from the risk factors disclosed in its 2023 Form 10-K[151](index=151&type=chunk) [Other Information](index=31&type=section&id=ITEM%205.%20OTHER%20INFORMATION) On April 24, 2024, the Board of Directors declared a quarterly dividend of **$0.40 per share** of common stock - A quarterly dividend of **$0.40 per share** was declared by the Board of Directors on April 24, 2024[152](index=152&type=chunk) [Exhibits](index=32&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files

Financial Data and Key Metrics Changes - In Q1 2024, the company reported revenue of $149.4 million, a 9% increase from $137.3 million in Q1 2023, primarily driven by rate increases [11] - Net income for the quarter was $11.7 million, a 1% increase from $11.5 million in Q1 2023, with diluted EPS at $0.36 compared to $0.37 in the previous year [11] - Water production expenses increased by 10% year-over-year, mainly due to higher customer usage and rate increases from wholesalers [12] Business Line Data and Key Metrics Changes - The company is advancing a $540 million capital expenditure program to address PFAs treatment, greenhouse gas emissions reduction, and fleet electrification [3] - In Connecticut, a general rate case application is pending for a $21.4 million or 18.1% increase in annual revenues, with two-thirds related to infrastructure investments [6][7] - Maine Water's Biddeford-Saco Division is expected to see an annualized revenue increase of $2.6 million following new rates effective January 1, 2024 [8] Market Data and Key Metrics Changes - The Texas service area is experiencing moderate to severe drought, which is expected to lead to lower water usage in 2024 [10] - The company serves three of the five fastest-growing counties in the U.S., with approximately 22,000 potential new connections in Texas [16] - The company anticipates an increase in annualized revenue of $1.6 billion following the approval of a system improvement charge in Texas [17] Company Strategy and Development Direction - The company is committed to environmental stewardship, having reduced Scope 1 and Scope 2 greenhouse gas emissions by approximately 20% from 2019 to 2022 [1] - A focus on strategic reinvestments and regulatory approvals is evident, with a five-year capital investment outlook of $1.6 billion [18] - The company aims to enhance its communications and stakeholder engagement through new leadership appointments [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the regulatory environment in Connecticut, emphasizing the importance of justifying capital investments [61] - The company is confident in its ability to meet new PFAS standards and expects regulatory recovery of capital investments [33] - Future guidance remains consistent with a long-term growth rate of 5% to 7%, with a reaffirmation of net income per diluted share guidance for 2024 [18][19] Other Important Information - The company is investing approximately $27 million in an advanced metering infrastructure project, part of a larger $100 million initiative [14] - A recent sale of a warehouse building in Tennessee for $27 million is noted, with a pretax gain of $7 million [19] - The company has a strong history of dividend payments, having raised dividends for 56 consecutive years [65] Q&A Session Summary Question: What are the prospects for settlement in Connecticut? - Management is optimistic about the regulatory climate in Connecticut and expects a fair outcome based on their thorough case preparation [61] Question: How is the drought impacting usage trends in Texas? - Management acknowledged significant drought conditions in Texas, which are expected to impact water usage and business operations [48][49] Question: Is there any ongoing portfolio change related to real estate sales? - The recent Tennessee transaction is the primary focus, with no other significant portfolio changes currently in process [50]

Financial Results Presentation First Quarter 2024 On Today's Call Andrew Walters Chief Financial Officer and Treasurer 2 3 This presentation 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 wo ...

SJW Group First Quarter 2024 Financial Results [Financial Highlights & Business Overview](index=1&type=section&id=Financial%20Highlights%20%26%20Business%20Overview) SJW Group reported stable Q1 2024 results, with diluted EPS of $0.36, $69 million in infrastructure investment, and reaffirmed 2024 EPS guidance Q1 2024 Key Highlights | Metric | Value | | :--- | :--- | | Diluted EPS | $0.36 | | Infrastructure Investment | $69 million | | California Adjusted ROE | 10.01% | | 2024 Diluted EPS Guidance | $2.68 - $2.78 (Reaffirmed) | | Quarterly Dividend | $0.40 per share | - CEO Eric W. Thornburg expressed satisfaction with the quarterly results, attributing them to strong local water operations and the execution of the company's business strategy[3](index=3&type=chunk) [Operational and Financial Performance](index=1&type=section&id=Operational%20and%20Financial%20Performance) SJW Group's Q1 2024 net income increased marginally to $11.7 million, with diluted EPS at $0.36, driven by revenue growth offset by higher operating expenses Q1 2024 vs Q1 2023 Operating Results | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | $149.4M | $137.3M | +8.8% | | Net Income | $11.7M | $11.5M | +1.0% | | Diluted EPS | $0.36 | $0.37 | -2.7% | | Operating Expenses | $121.5M | $112.1M | +8.4% | - The increase in operating revenue was primarily driven by **$10 million** from rate increases, mainly in California, and **$1.8 million** from higher customer usage due to weather and the end of mandatory conservation[5](index=5&type=chunk) - Operating expenses rose mainly due to a **$4.8 million** increase in water production expenses and a **$2.1 million** increase in depreciation from utility plant additions[8](index=8&type=chunk) [Capital Expenditures](index=1&type=section&id=Capital%20Expenditures) The company invested **$69 million** in Q1 2024 infrastructure, aligning with its **$332 million** annual budget and a **$1.6 billion** five-year plan Capital Investment Plan | Period | Investment Amount | | :--- | :--- | | Q1 2024 Actual | $69 million | | 2024 Budget | $332 million | | 5-Year Plan | > $1.6 billion | - A major ongoing project is the **$100 million** advanced metering infrastructure (AMI) installation by San Jose Water, with approximately **$27 million** expected to be spent in 2024[9](index=9&type=chunk) - The five-year capital plan includes approximately **$230 million** specifically for the installation of treatment for per- and polyfluoroalkyl substances (PFAS), pending regulatory approvals[7](index=7&type=chunk) [Rate Activity and Regulatory Updates](index=2&type=section&id=Rate%20Activity%20and%20Regulatory%20Updates) SJW Group actively pursued rate adjustments and regulatory approvals across its territories, including new California rates, pending GRCs in Connecticut, and approved increases in Maine and Texas [California](index=2&type=section&id=California) California's new rates, effective January 1, 2024, include a **10.01%** adjusted ROE, with a new GRC filed for 2025-2027 proposing an **11.1%** revenue increase - San Jose Water filed a General Rate Case (GRC) application for 2025-2027, proposing revenue increases of approximately **11.1%** in 2025, **4.0%** in 2026, and **4.5%** in 2027[12](index=12&type=chunk) California Rate Comparison (Effective Jan 1) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | WCCM-adjusted ROE | 10.01% | 8.90% | | Cost of Debt | 5.28% | 6.20% | | Overall Rate of Return (ROR) | 7.75% | 7.53% | - The CPUC approved a one-year deferment for the Cost of Capital (COC) filing to May 1, 2025, to alleviate administrative costs[13](index=13&type=chunk) [Connecticut](index=2&type=section&id=Connecticut) Connecticut Water Company has a pending GRC seeking a **$21.4 million** (**18.1%**) revenue increase to recover **$135 million** in infrastructure investments, with a decision expected by June 28, 2024 - CWC filed a GRC application requesting a revenue increase of **$21.4 million** (approx. **18.1%**) to recover **$135 million** in infrastructure investments[14](index=14&type=chunk) [Maine](index=2&type=section&id=Maine) Maine regulators approved a **$2.6 million** (**17.6%**) annual revenue increase for Maine Water Company, effective January 1, 2024, plus an additional **$158,000** for infrastructure projects - The Maine Public Utilities Commission (MPUC) approved a **$2.6 million** (**17.6%**) annual revenue increase for the Biddeford Saco Division, effective January 1, 2024[15](index=15&type=chunk) - The MPUC also authorized a **$158,000** increase in annualized revenues for projects completed under the Water Infrastructure Charge in the Camden-Rockland Division[16](index=16&type=chunk) [Texas](index=3&type=section&id=Texas) Texas Water Company filed to acquire 3009 Water Company, with a decision expected in Q3 2024, and received approval for a System Improvement Charge generating **$1.6 million** in annualized revenues - TWC filed an application to acquire 3009 Water Company, which serves about **270 customers**[17](index=17&type=chunk) - The Public Utilities Commission of Texas (PUCT) approved TWC's application for a System Improvement Charge (SIC), expected to generate **$1.6 million** in annualized revenues[18](index=18&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) SJW Group's Connecticut subsidiary was recognized as a Top Workplace USA, while the company reaffirmed its 2024 financial guidance, long-term EPS growth target, and quarterly dividend [Corporate Responsibility Recognition](index=3&type=section&id=Corporate%20Responsibility%20Recognition) Connecticut Water Company was recognized by USA Today as a 2024 Top Workplace USA, one of only two water utilities to receive this employee-feedback-based honor - Connecticut Water Company was named a 2024 Top Workplace USA by USA Today, making it one of only two water utilities to earn the distinction[19](index=19&type=chunk) [2024 Guidance Reaffirmed](index=3&type=section&id=2024%20Guidance%20Reaffirmed) The company reaffirmed its 2024 diluted EPS guidance of **$2.68** to **$2.78** and **$332 million** in infrastructure investments, reiterating a **5%** to **7%** long-term EPS growth target 2024 Full-Year Guidance | Metric | Guidance | | :--- | :--- | | Net income per diluted common share | $2.68 to $2.78 | | Regulated infrastructure investments | ~$332 million | - The company reiterated its long-term diluted EPS growth target of **5% to 7%**, anchored off 2022's diluted EPS of **$2.43**[20](index=20&type=chunk) [Dividend](index=3&type=section&id=Dividend) The Board declared a quarterly cash dividend of **$0.40** per share, continuing over **80** consecutive years of payments and **56** years of increases Quarterly Dividend Details | Item | Detail | | :--- | :--- | | Dividend per Share | $0.40 | | Record Date | May 6, 2024 | | Payment Date | June 3, 2024 | - The company has paid dividends for over **80 consecutive years** and has increased the calendar year dividend for **56 consecutive years**[22](index=22&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Unaudited Q1 2024 financial statements show increased operating revenue and income, with total assets rising to **$4.37 billion** driven by net utility plant growth and a modest rise in stockholders' equity [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) SJW Group reported Q1 2024 operating revenues of **$149.4 million** and net income of **$11.7 million**, with diluted EPS at **$0.36**, compared to prior-year figures Q1 2024 Income Statement Highlights (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Operating revenue | $149,382 | $137,296 | | Total operating expense | $121,469 | $112,118 | | Operating income | $27,913 | $25,178 | | Net income | $11,699 | $11,530 | | Diluted EPS | $0.36 | $0.37 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets reached **$4.37 billion**, driven by net utility plant growth, with stockholders' equity at **$1.24 billion** and lines of credit at **$210.7 million** Balance Sheet Highlights (in thousands) | Line Item | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total assets | $4,367,512 | $4,345,067 | | Net utility plant | $3,208,847 | $3,170,654 | | Total current assets | $178,082 | $198,389 | | Total stockholders' equity | $1,240,251 | $1,233,397 | | Total capitalization and liabilities | $4,367,512 | $4,345,067 |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-8966 SJW GROUP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Em ...

Financial Performance - SJW Group's revenue for YTD 2023 increased by 8% to $670.4 million compared to $620.7 million in YTD 2022 [61] - Net income for YTD 2023 increased by 15% to $85.0 million compared to $73.8 million in YTD 2022 [61] - Diluted EPS for YTD 2023 increased by 10% to $2.68 compared to $2.43 in YTD 2022 [61] - Water production expenses increased by 10% for YTD 2023 [65] - Revenue for 4Q 2023 remained relatively flat at $171.3 million compared to $171.4 million in 4Q 2022 [60] - Net income for 4Q 2023 decreased by 43% to $18.9 million compared to $33.5 million in 4Q 2022 [60] - Diluted EPS for 4Q 2023 decreased by 46% to $0.59 compared to $1.09 in 4Q 2022 [60] Capital Expenditure and Investments - The company plans $1.6 billion in infrastructure investment for 2024-2028 [36, 59] - Approximately $230 million of the five-year CapEx is allocated for PFAS treatment [3] - The company invested $272 million in CapEx year-to-date, which is 107% of the $255 million budgeted in 2023 [43] - $29 million investment projected in 2024 for Advanced Metering Infrastructure (AMI) installation in California [73] Regulatory and Operational Updates - Outstanding development units (potential connections) increased 47% in 2023 to 22,000 units in Texas [1] - A proposed order authorizes $1.6 million in annualized revenue from a system improvement charge in Texas [1] - Maine Water revenues are expected to increase by $2.6 million effective January 1, 2024, following the approval of a stipulation agreement for the Biddeford-Saco Division general rate case [89] - The company filed a General Rate Case (GRC) with the California Public Utilities Commission (CPUC) on January 2, 2024, proposing a 3-year $540 million CapEx program [85] - The company is requesting $21.4 million, or an 18.1% annualized revenue increase in Connecticut [113]