Company Quick10K Filing
SJW Group
Price59.81 EPS1
Shares29 P/E45
MCap1,708 P/FCF19
Net Debt86 EBIT72
TEV1,794 TEV/EBIT25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-05
8-K 2020-11-04
8-K 2020-08-11
8-K 2020-08-06
8-K 2020-05-19
8-K 2020-05-04
8-K 2020-04-29
8-K 2020-02-26
8-K 2020-01-21
8-K 2019-12-31
8-K 2019-10-30
8-K 2019-10-08
8-K 2019-10-04
8-K 2019-09-27
8-K 2019-09-04
8-K 2019-07-24
8-K 2019-04-24
8-K 2019-03-28
8-K 2019-02-20
8-K 2018-12-03
8-K 2018-11-28
8-K 2018-11-26
8-K 2018-10-24
8-K 2018-08-05
8-K 2018-07-25
8-K 2018-05-30
8-K 2018-04-25
8-K 2018-03-22
8-K 2018-03-14
8-K 2018-02-21
8-K 2018-02-06
8-K 2018-01-04

SJW 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. General
Note 2. Equity Plans
Note 3. Real Estate Investments
Note 4. Defined Benefit Plan
Note 5. Segment and Non - Tariffed Business Reporting
Note 6. Long - Term Liabilities and Bank Borrowings
Note 7. Income Taxes
Note 8. Fair Value Measurement
Note 9. Regulatory Rate Filings
Note 10. Balancing and Memorandum Accounts
Note 11. Regulatory Assets
Note 12. Business Combination
Note 13. Legal Proceedings
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-10.1 exhibit101-sjw_secondamend.htm
EX-10.2 exhibit102-executiveoffice.htm
EX-31.1 sjw-93020xex311.htm
EX-31.2 sjw-93020xex312.htm
EX-32.1 sjw-93020xex321.htm
EX-32.2 sjw-93020xex322.htm

SJW Group Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.11.71.30.80.40.02012201420172020
Assets, Equity
0.20.20.10.10.00.02016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________ 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
Commission file number 1-8966
SJW GROUP
(Exact name of registrant as specified in its charter)
 
Delaware
 
77-0066628
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. 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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.001 per share
 
SJW
 
New York Stock Exchange LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer                  Non-accelerated filer      
Accelerated filer                  Smaller reporting company  
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  x
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of October 28, 2020, there were 28,556,228 shares of the registrant’s Common Stock outstanding.
 




FORWARD-LOOKING STATEMENTS

This report 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,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “strategy,” or “anticipates,” 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.
The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors:
the effect of water, utility, environmental and other governmental policies and regulations, including actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures and other decisions;
changes in demand for water and other services;
the impact of the Coronavirus (“COVID-19”) pandemic on our business operation and financial results;
unanticipated weather conditions and changes in seasonality;
climate change and the effects thereof;
the risk that the benefits expected from the merger of SJW Group and Connecticut Water Service, Inc. will not be realized;
the risk that the integration of Connecticut Water Service, Inc. will be more difficult, time-consuming or expensive than anticipated;
unexpected costs, charges or expenses;
our ability to successfully evaluate investments in new business and growth initiatives;
the risk of work stoppages, strikes and other labor-related actions;
catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, or other similar occurrences;
changes in general economic, political, business and financial market conditions;
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 stock and debt market conditions; and
legislative and general market and economic developments.
Results for a quarter are not indicative of results for a full year due to seasonality and other factors. In addition, actual results 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 performance, and speak only as of the date made, and we undertake no obligation to update or revise any forward-looking statements except as required by law.




2



PART I. FINANCIAL INFORMATION
 
ITEM 1.
FINANCIAL STATEMENTS

SJW GROUP AND SUBSIDIARIES
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,
 
2020
 
2019
 
2020
 
2019
REVENUE
$
165,863

 
113,997

 
$
428,826

 
294,644

OPERATING EXPENSE:
 
 
 
 
 
 
 
Production Expenses:
 
 
 
 
 
 
 
Purchased water
35,130

 
35,583

 
76,953

 
75,626

Power
3,994

 
2,294

 
10,145

 
4,947

Groundwater extraction charges
20,471

 
13,182

 
54,082

 
29,145

Other production expenses
10,092

 
5,295

 
30,465

 
15,553

Total production expenses
69,687

 
56,354

 
171,645

 
125,271

Administrative and general
19,529

 
14,712

 
58,917

 
40,411

Maintenance
4,550

 
4,923

 
15,970

 
13,977

Property taxes and other non-income taxes
7,797

 
4,065

 
22,362

 
12,041

Depreciation and amortization
22,417

 
15,122

 
66,552

 
45,368

Merger related expenses

 
1,737

 

 
6,113

Total operating expense
123,980

 
96,913

 
335,446

 
243,181

OPERATING INCOME
41,883

 
17,084

 
93,380

 
51,463

OTHER (EXPENSE) INCOME:
 
 
 
 
 
 
 
Interest on long-term debt and other interest expense
(13,174
)
 
(6,588
)
 
(39,638
)
 
(19,093
)
Pension non-service cost
(218
)
 
(921
)
 
(270
)
 
(2,749
)
Interest income on money market fund

 
2,165

 

 
6,339

Gain on sale of real estate investments
1,050

 

 
1,050

 
745

Other, net
1,130

 
303

 
2,935

 
1,210

Income before income taxes
30,671

 
12,043

 
57,457

 
37,915

Provision for income taxes
4,578

 
2,565

 
9,226

 
8,802

NET INCOME BEFORE NONCONTROLLING INTEREST
26,093

 
9,478

 
48,231

 
29,113

Less net income attributable to the noncontrolling interest

 

 

 
224

SJW GROUP NET INCOME
26,093

 
9,478

 
48,231

 
28,889

Other comprehensive income (loss), net
76

 

 
(49
)
 

SJW GROUP COMPREHENSIVE INCOME
$
26,169

 
9,478

 
$
48,182

 
28,889

SJW GROUP EARNINGS PER SHARE
 
 
 
 
 
 
 
Basic
$
0.91

 
0.33

 
$
1.69

 
1.02

Diluted
$
0.91

 
0.33

 
$
1.68

 
1.01

DIVIDENDS PER SHARE
$
0.32

 
0.30

 
$
0.96

 
0.90

WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
 
 
 
Basic
28,533,907

 
28,451,811

 
28,510,489

 
28,438,521

Diluted
28,703,343

 
28,549,928

 
28,687,012

 
28,528,002





See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

3



SJW GROUP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
 
 
September 30,
2020
 
December 31,
2019
ASSETS
 
 
 
Utility plant:
 
 
 
Land
$
34,938

 
34,395

Depreciable plant and equipment
3,117,413

 
2,988,454

Construction in progress
117,546

 
112,232

Intangible assets
35,274

 
33,424

 
3,305,171

 
3,168,505

Less accumulated depreciation and amortization
1,023,677

 
962,019

 
2,281,494

 
2,206,486

Real estate investments
58,085

 
57,699

Less accumulated depreciation and amortization
14,493

 
13,597

 
43,592

 
44,102

CURRENT ASSETS:
 
 
 
Cash and cash equivalents:
 
 
 
Cash
20,211

 
12,944

Restricted cash

 
5,000

Accounts receivable:
 
 
 
Customers, net of allowances for uncollectible accounts
51,374

 
36,305

Income tax
2,222

 
8,837

Other
2,828

 
2,833

Accrued unbilled utility revenue
57,418

 
40,102

Current regulatory assets, net
4,758

 
6,472

Other current assets
16,091

 
9,553

 
154,902

 
122,046

OTHER ASSETS:
 
 
 
Net regulatory assets, less current portion
132,216

 
113,945

Investments
13,629

 
12,928

Goodwill
627,036

 
628,287

Other
6,845

 
4,676

 
779,726

 
759,836

 
$
3,259,714

 
3,132,470










See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

4



SJW GROUP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
 
 
September 30,
2020
 
December 31,
2019
CAPITALIZATION AND LIABILITIES
 
 
 
CAPITALIZATION:
 
 
 
Stockholders’ equity:
 
 
 
Common stock, $0.001 par value; authorized 70,000,000 shares; issued and outstanding shares 28,552,177 on September 30, 2020 and 28,456,508 on December 31, 2019
$
29

 
28

Additional paid-in capital
509,031

 
506,639

Retained earnings
403,923

 
383,191

Accumulated other comprehensive income
78

 
126

Total stockholders’ equity
913,061

 
889,984

Long-term debt, less current portion
1,307,612

 
1,283,597

 
2,220,673

 
2,173,581

CURRENT LIABILITIES:
 
 
 
Line of credit
125,803

 
117,209

Current portion of long-term debt
71,943

 
22,272

Accrued groundwater extraction charges, purchased water and power
27,607

 
17,211

Accounts payable
33,759

 
34,886

Accrued interest
17,586

 
13,140

Accrued payroll
10,599

 
11,570

Other current liabilities
18,101

 
18,279

 
305,398

 
234,567

DEFERRED INCOME TAXES
186,952

 
195,598

ADVANCES FOR CONSTRUCTION
123,043

 
112,339

CONTRIBUTIONS IN AID OF CONSTRUCTION
291,482

 
286,035

POSTRETIREMENT BENEFIT PLANS
107,129

 
108,044

OTHER NONCURRENT LIABILITIES
25,037

 
22,306

COMMITMENTS AND CONTINGENCIES

 

 
$
3,259,714

 
3,132,470













See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

5



SJW GROUP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
(in thousands, except share and per share data)
 
 
Common Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Noncontrolling Interest
 
Total
Stockholders’
Equity
Number of
Shares
 
Amount
 
BALANCES, December 31, 2019
28,456,508

 
$
28

 
$
506,639

 
$
383,191

 
$
126

 
$

 
$
889,984

Net income

 

 

 
2,417

 

 

 
2,417

Unrealized loss on investment, net of tax benefit of $50

 

 

 

 
(135
)
 

 
(135
)
Share-based compensation

 

 
251

 
(43
)
 

 

 
208

Issuance of restricted and deferred stock units
25,781

 

 
(785
)
 

 

 

 
(785
)
Employee stock purchase plan
15,552

 

 
970

 

 

 

 
970

Dividends paid ($0.32 per share)

 

 

 
(9,118
)
 

 

 
(9,118
)
BALANCES, March 31, 2020
28,497,841

 
28

 
507,075

 
376,447

 
(9
)
 

 
883,541

Net income

 

 

 
19,721

 

 

 
19,721

Unrealized gain on investment, net of tax of $4

 

 

 

 
10

 

 
10

Share-based compensation

 

 
1,009

 
(43
)
 

 

 
966

Issuance of restricted and deferred stock units
18,864

 
1

 
14

 

 

 

 
15

Dividends paid ($0.32 per share)

 

 

 
(9,122
)
 

 

 
(9,122
)
BALANCES, June 30, 2020
28,516,705

 
$
29

 
$
508,098

 
$
387,003

 
$
1

 
$

 
$
895,131

Net income

 

 

 
26,093

 

 

 
26,093

Unrealized gain on investment, net of tax of $28

 

 

 

 
77

 

 
77

Share-based compensation

 

 
1,058

 
(42
)
 

 

 
1,016

Issuance of restricted and deferred stock units
19,274

 

 
(985
)
 

 

 

 
(985
)
Employee stock purchase plan
16,198

 

 
860

 

 

 

 
860

Dividends paid ($0.32 per share)

 

 

 
(9,131
)
 

 

 
(9,131
)
BALANCES, September 30, 2020
28,552,177

 
$
29

 
$
509,031

 
$
403,923

 
$
78

 
$

 
$
913,061

























See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

6



SJW GROUP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
(in thousands, except share and per share data)
 
 
Common Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Noncontrolling Interest
 
Total
Stockholders’
Equity
Number of
Shares
 
Amount
 
BALANCES, December 31, 2018
28,404,316

 
$
28

 
$
495,366

 
$
393,918

 
$

 
$

 
$
889,312

Net income

 

 

 
5,873

 

 

 
5,873

Cumulative effect of change in accounting principle, net of tax effect of $33

 

 

 
97

 

 

 
97

Share-based compensation

 

 
886

 
(16
)
 

 

 
870

Issuance of restricted and deferred stock units
14,312

 

 
(132
)
 

 

 

 
(132
)
Employee stock purchase plan
15,932

 

 
811

 

 

 

 
811

Common stock issuance cost

 

 
(10
)
 

 

 

 
(10
)
Dividends paid ($0.30 per share)

 

 

 
(8,528
)
 

 

 
(8,528
)
BALANCES, March 31, 2019
28,434,560

 
28

 
496,921

 
391,344

 

 

 
888,293

Net income before noncontrolling interest

 

 

 
13,538

 

 
224

 
13,762

Distribution to noncontrolling interest

 

 

 

 

 
(224
)
 
(224
)
Share-based compensation

 

 
718

 
(16
)
 

 

 
702

Issuance of restricted and deferred stock units
7,579

 

 
(6
)
 

 

 

 
(6
)
Dividends paid ($0.30 per share)

 

 

 
(8,532
)
 

 

 
(8,532
)
BALANCES, June 30, 2019
28,442,139

 
$
28

 
$
497,633

 
$
396,334

 
$

 
$

 
$
893,995

Net income before noncontrolling interest

 

 

 
9,478

 

 

 
9,478

Share-based compensation

 

 
952

 
(16
)
 

 

 
936

Employee stock purchase plan
14,351

 

 
792

 

 

 

 
792

Dividends paid ($0.30 per share)

 

 

 
(8,537
)
 

 

 
(8,537
)
BALANCES, September 30, 2019
28,456,490

 
$
28

 
$
499,377

 
$
397,259

 
$

 
$

 
$
896,664
























See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

7



SJW GROUP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
Nine months ended September 30,
 
2020
 
2019
OPERATING ACTIVITIES:
 
 
 
Net income
$
48,231

 
29,113

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
68,683

 
47,363

Deferred income taxes
(6,358
)
 
(7,214
)
Stock-based compensation
2,318

 
2,556

Gain on sale of real estate investments
(1,050
)
 
(745
)
Loss on sale of utility property

 
20

Changes in operating assets and liabilities:
 
 
 
Accounts receivable and accrued unbilled utility revenue
(34,491
)
 
(20,553
)
Accounts payable and other current liabilities
(3,877
)
 
4,166

Accrued groundwater extraction charges, purchased water and power
10,396

 
9,055

Tax receivable and payable, and other accrued taxes
6,459

 
4,471

Postretirement benefits
408

 
2,514

Regulatory assets and liabilities related to balancing and memorandum accounts
(14,086
)
 
22,789

Up-front service concession payment
(5,000
)
 

Other changes, net
(1,018
)
 
(2,258
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
70,615

 
91,277

INVESTING ACTIVITIES:
 
 
 
Additions to utility plant:
 
 
 
Company-funded
(130,426
)
 
(101,120
)
Contributions in aid of construction
(9,584
)
 
(10,040
)
Additions to real estate investments
(391
)
 
(137
)
Payments to retire utility plant, net of salvage
(1,877
)
 
(4,374
)
Proceeds from sale of real estate investments
1,068

 
745

Proceeds from sale of utility property

 
150

NET CASH USED IN INVESTING ACTIVITIES
(141,210
)
 
(114,776
)
FINANCING ACTIVITIES:
 
 
 
Borrowings on line of credit
226,884

 
73,000

Repayments on line of credit
(218,290
)
 
(111,000
)
Long-term borrowings
85,000

 
80,000

Repayments of long-term borrowings
(9,589
)
 

Debt issuance and broker fee costs
(646
)
 
(1,157
)
Dividends paid
(27,371
)
 
(25,596
)
Receipts of advances and contributions in aid of construction
19,059

 
13,373

Refunds of advances for construction
(2,121
)
 
(2,295
)
Other changes, net
(64
)
 
1,154

NET CASH PROVIDED BY FINANCING ACTIVITIES
72,862

 
27,479

NET CHANGE IN CASH AND CASH EQUIVALENTS
2,267

 
3,980

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
17,944

 
420,722

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
20,211

 
424,702

 
 
 
 
Cash paid during the period for:
 
 
 
Interest
$
40,409

 
19,821

Income taxes
7,024

 
16,286

Supplemental disclosure of non-cash activities:
 
 
 
Change in accrued payables for construction costs capitalized
1,997

 
505

Utility property installed by developers
5,051

 
(109
)




See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

8



SJW GROUP AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
(in thousands, except share and per share data)

Note 1.
General
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of the results for the interim periods.
The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). The Notes to Consolidated Financial Statements in SJW Group’s 2019 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and subsequent amendments. Topic 326 requires measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 was effective for SJW Group in the first quarter of fiscal 2020. The adoption of ASU 2016-13 did not have a material impact on the condensed consolidated financial statements. 
New Accounting Pronouncements Not Yet Adopted
In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20: “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans,” which aims to improve the overall usefulness of disclosure to financial statement users and reduce unnecessary costs to companies when preparing defined benefit plan disclosures.  This update is effective for SJW Group’s Form 10-K for the year ending December 31, 2020.  Retrospective adoption is required and early adoption is permitted.  Management is currently evaluating the effect that the new standard will have on its defined benefit plan disclosures.
In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”, which simplifies the accounting for income taxes, eliminates certain exceptions within Topic 740, “Income Taxes”, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. This update is effective for fiscal years beginning after December 15, 2021. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. Management is currently evaluating the impacts of the provisions of ASU 2019-12 on our consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the expected transition away from reference rates that are expected to be discontinued, such as LIBOR. ASU 2020-04 was effective upon issuance. Companies may elect to apply the guidance prospectively through December 31, 2022. Management is evaluating the effect that the new standard will have on its consolidated financial statements.
Revenue
Water sales are seasonal in nature and influenced by weather conditions. The timing of precipitation and climatic conditions can cause seasonal water consumption by customers to vary significantly. Due to the seasonal nature of the water business, the operating results for interim periods are not indicative of the operating results for a 12-month period. Revenue is generally higher in the warm, dry summer months when water usage and sales are greater, and lower in the winter months when cooler temperatures and increased precipitation curtail water usage and sales.

9


SJW GROUP AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2020
(in thousands, except share and per share data)


The major streams of revenue for SJW Group are as follows:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2020
 
2019
 
2020
 
2019
Revenue from contracts with customers
$
167,045

 
130,777

 
$
414,344

 
314,003

Alternative revenue programs, net
1,324