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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 June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    Commission    
    File Number    
  Exact name of registrant as specified in its charter and
principal office address and telephone number
State of
Incorporation
I.R.S.
Employer Identification No.
001-37976 Southwest Gas Holdings, Inc.Delaware81-3881866
8360 S. Durango Drive
Post Office Box 98510
Las Vegas,Nevada89193-8510
(702) 876-7237
1-7850Southwest Gas CorporationCalifornia88-0085720
8360 S. Durango Drive
Post Office Box 98510
Las Vegas,Nevada89193-8510
(702) 876-7237
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Southwest Gas Holdings, Inc. Common Stock, $1 Par ValueSWXNew York Stock Exchange
Preferred Stock Purchase RightsN/ANew York Stock Exchange
Indicate by check mark whether each 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 each 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 each 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 each registrant was required to submit such files).    Yes      No  
Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the 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.
Southwest Gas Holdings, Inc.:
Large accelerated filer   Accelerated filer 
Non-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.  
Southwest Gas Corporation:
Large accelerated filer   Accelerated filer 
Non-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 each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
Southwest Gas Holdings, Inc. Common Stock, $1 Par Value, 67,007,222 shares as of July 29, 2022.
All of the outstanding shares of common stock ($1 par value) of Southwest Gas Corporation were held by Southwest Gas Holdings, Inc. as of July 29, 2022.
SOUTHWEST GAS CORPORATION MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION (H)(1)(a) and (b) OF FORM 10-Q AND IS THEREFORE FILING THIS REPORT WITH THE REDUCED DISCLOSURE FORMAT AS PERMITTED BY GENERAL INSTRUCTION H(2).


SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  June 30, 2022

FILING FORMAT
This quarterly report on Form 10-Q is a combined report being filed by two separate registrants: Southwest Gas Holdings, Inc. and Southwest Gas Corporation. Except where the content clearly indicates otherwise, any reference in the report to “we,” “us” or “our” is to the holding company or the consolidated entity of Southwest Gas Holdings, Inc. and all of its subsidiaries, including Southwest Gas Corporation, which is a distinct registrant that is a wholly owned subsidiary of Southwest Gas Holdings, Inc. Information contained herein relating to any individual company is filed by such company on its own behalf. Each company makes representations only as to itself and makes no other representation whatsoever as to any other company.
Part I—Financial information in this Quarterly Report on Form 10-Q includes separate financial statements (i.e., balance sheets, statements of income, statements of comprehensive income, statements of cash flows, and statements of equity) for Southwest Gas Holdings, Inc. and Southwest Gas Corporation, in that order. The Notes to the Condensed Consolidated Financial Statements are presented on a combined basis for both entities. All Items other than Part I – Item 1 are combined for the reporting companies.

2

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  June 30, 2022

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars, except par value)
(Unaudited)
June 30, 2022December 31, 2021
ASSETS
Regulated operations plant:
Gas plant$11,049,050 $10,789,690 
Less: accumulated depreciation(3,496,191)(3,397,736)
Construction work in progress218,638 202,068 
Net regulated operations plant7,771,497 7,594,022 
Other property and investments, net1,312,701 1,316,479 
Current assets:
Cash and cash equivalents215,963 222,697 
Accounts receivable, net of allowances750,794 707,127 
Accrued utility revenue40,000 84,900 
Income taxes receivable, net19,147 16,816 
Deferred purchased gas costs354,571 291,145 
Prepaid and other current assets263,363 292,082 
Total current assets1,643,838 1,614,767 
Noncurrent assets:
Goodwill1,750,472 1,781,332 
Deferred income taxes168 121 
Deferred charges and other assets444,332 458,536 
Total noncurrent assets2,194,972 2,239,989 
Total assets$12,923,008 $12,765,257 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 67,003,792 and 60,422,081 shares)
$68,634 $62,052 
         Additional paid-in capital2,279,493 1,824,216 
Accumulated other comprehensive loss, net(45,528)(46,761)
Retained earnings1,156,253 1,114,313 
Total equity3,458,852 2,953,820 
Redeemable noncontrolling interests122,656 196,717 
Long-term debt, less current maturities4,588,454 4,115,684 
Total capitalization8,169,962 7,266,221 
Current liabilities:
         Current maturities of long-term debt41,276 297,324 
Short-term debt1,462,747 1,909,000 
Accounts payable306,753 353,365 
Customer deposits53,991 59,327 
Income taxes payable, net1,725 6,734 
Accrued general taxes55,883 53,473 
Accrued interest35,697 30,964 
Deferred purchased gas costs4,986 5,736 
Other current liabilities387,359 396,126 
Total current liabilities2,350,417 3,112,049 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net785,258 768,868 
Accumulated removal costs494,554 480,583 
Other deferred credits and other long-term liabilities1,122,817 1,137,536 
Total deferred income taxes and other credits2,402,629 2,386,987 
Total capitalization and liabilities$12,923,008 $12,765,257 
The accompanying notes are an integral part of these statements.
3

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  June 30, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Twelve Months Ended
June 30,
 202220212022202120222021
Operating revenues:
Regulated operations revenues$440,030 $292,796 $1,183,562 $814,728 $1,890,624 $1,400,052 
Utility infrastructure services revenues706,090 528,625 1,229,967 892,600 2,496,028 2,012,582 
Total operating revenues1,146,120 821,421 2,413,529 1,707,328 4,386,652 3,412,634 
Operating expenses:
Net cost of gas sold147,860 76,496 446,778 232,517 645,168 347,060 
Operations and maintenance175,791 104,833 325,094 211,523 586,717 416,439 
Depreciation and amortization108,010 82,848 230,656 176,290 425,407 343,447 
Taxes other than income taxes22,606 19,338 47,422 40,025 87,740 71,765 
Utility infrastructure services expenses646,193 478,640 1,149,425 814,254 2,290,638 1,794,145 
Total operating expenses1,100,460 762,155 2,199,375 1,474,609 4,035,670 2,972,856 
Operating income45,660 59,266 214,154 232,719 350,982 439,778 
Other income and (expenses):
Net interest deductions(53,206)(25,939)(101,569)(49,903)(170,864)(106,550)
Other income (deductions)(2,835)(1,311)(1,591)(863)(4,227)5,193 
Total other income and (expenses)(56,041)(27,250)(103,160)(50,766)(175,091)(101,357)
Income (loss) before income taxes(10,381)32,016 110,994 181,953 175,891 338,421 
Income tax expense (benefit)(4,300)5,542 19,825 36,634 22,839 67,003 
Net income (loss)(6,081)26,474 91,169 145,319 153,052 271,418 
Net income attributable to noncontrolling interests494 1,355 1,566 2,907 5,082 7,189 
Net income (loss) attributable to Southwest Gas Holdings, Inc.$(6,575)$25,119 $89,603 $142,412 $147,970 $264,229 
Earnings (loss) per share:
Basic $(0.10)$0.43 $1.40 $2.45 $2.39 $4.61 
Diluted $(0.10)$0.43 $1.40 $2.45 $2.38 $4.60 
Weighted average shares:
Basic 67,045 58,607 63,909 58,106 62,022 57,348 
Diluted 67,190 58,710 64,041 58,197 62,157 57,440 
The accompanying notes are an integral part of these statements.

4

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  June 30, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Twelve Months Ended
June 30,
 202220212022202120222021
Net income (loss)$(6,081)$26,474 $91,169 $145,319 $153,052 $271,418 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial gain (loss)    44,974 (43,730)
Amortization of prior service cost33 182 66 364 431 802 
Amortization of net actuarial loss6,615 8,472 13,231 16,946 30,179 31,322 
Regulatory adjustment(5,524)(7,277)(11,047)(14,554)(63,520)3,856 
Net defined benefit pension plans1,124 1,377 2,250 2,756 12,064 (7,750)
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income  414 416 827 1,241 2,023 
Net forward-starting interest rate swaps 414 416 827 1,241 2,023 
Foreign currency translation adjustments(2,680)909 (1,433)1,732 (3,145)5,656 
Total other comprehensive income (loss), net of tax(1,556)2,700 1,233 5,315 10,160 (71)
Comprehensive income (loss)(7,637)29,174 92,402 150,634 163,212 271,347 
Comprehensive income attributable to noncontrolling interests494 1,355 1,566 2,907 5,082 7,189 
Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.$(8,131)$27,819 $90,836 $147,727 $158,130 $264,158 
The accompanying notes are an integral part of these statements.

5

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  June 30, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Six Months Ended
June 30,
Twelve Months Ended
June 30,
 2022202120222021
CASH FLOW FROM OPERATING ACTIVITIES:
Net income$91,169 $145,319 $153,052 $271,418 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization230,656 176,290 425,407 343,447 
Deferred income taxes30,163 44,178 47,197 63,774 
Changes in current assets and liabilities:
Accounts receivable, net of allowances(42,212)10,005 (103,771)(29,021)
Accrued utility revenue44,900 43,900 (1,500)(2,700)
Deferred purchased gas costs(64,176)(287,687)(120,217)(305,043)
Accounts payable(33,356)(41,075)58,145 (1,571)
Accrued taxes(5,023)(3,164)(8,584)2,988 
Other current assets and liabilities16,480 (31,928)(40,801)(3,039)
Gains on sale of property and equipment(3,475)(4,033)(6,348)(5,572)
Changes in undistributed stock compensation7,036 5,736 10,594 8,518 
Equity AFUDC(575) (575)(2,543)
Changes in deferred charges and other assets13,736 (11,171)11,366 (35,494)
Changes in other liabilities and deferred credits(21,705)(45,013)(50,321)(52,865)
Net cash provided by operating activities263,618 1,357 373,644 252,297 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions(367,932)(338,049)(745,509)(739,719)
Acquisition of businesses, net of cash acquired(18,809) (2,373,069) 
Changes in customer advances17,051 7,507 25,518 17,442 
Other3,905 9,159 13,002 13,367 
Net cash used in investing activities(365,785)(321,383)(3,080,058)(708,910)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net456,280 121,302 548,619 205,049 
Centuri distribution to redeemable noncontrolling interest(39,649) (39,649) 
Dividends paid(77,419)(67,130)(148,511)(131,189)
Issuance of long-term debt, net759,602 82,245 2,338,053 124,319 
Retirement of long-term debt(412,263)(60,500)(804,427)(299,370)
Change in credit facility and commercial paper(130,000) (150,000)150,000 
Change in short-term debt(446,253)211,000 (705,253)260,000 
Issuance of short-term debt  1,850,000  
Withholding remittance - share-based compensation(2,089)(1,243)(2,110)(1,243)
Other(12,811)(1,623)(11,917)(3,565)
Net cash provided by financing activities95,398 284,051 2,874,805 304,001 
Effects of currency translation on cash and cash equivalents35 188 7 586 
Change in cash and cash equivalents(6,734)(35,787)168,398 (152,026)
Cash and cash equivalents at beginning of period222,697 83,352 47,565 199,591 
Cash and cash equivalents at end of period$215,963 $47,565 $215,963 $47,565 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized$92,297 $47,475 $149,174 $101,227 
Income taxes paid (received), net$8,300 $6,659 $5,849 $15,118 
The accompanying notes are an integral part of these statements.
6

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  June 30, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Common stock shares
Beginning balances66,849 57,995 60,422 57,193 
Common stock issuances155 1,093 6,582 1,895 
Ending balances67,004 59,088 67,004 59,088 
Common stock amount
Beginning balances$68,479 $59,625 $62,052 $58,823 
Common stock issuances155 1,093 6,582 1,895 
Ending balances68,634 60,718 68,634 60,718 
Additional paid-in capital
Beginning balances2,273,837 1,660,108 1,824,216 1,609,155 
Common stock issuances5,656 73,464 455,277 124,417 
Ending balances2,279,493 1,733,572 2,279,493 1,733,572 
Accumulated other comprehensive loss
Beginning balances(43,972)(58,388)(46,761)(61,003)
Foreign currency exchange translation adjustment(2,680)909 (1,433)1,732 
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
1,124 1,377 2,250 2,756 
FSIRS amounts reclassified to net income, net of tax 414 416 827 
Ending balances(45,528)(55,688)(45,528)(55,688)
Retained earnings
Beginning balances1,190,738 1,112,377 1,114,313 1,067,978 
Net income (loss)(6,575)25,119 89,603 142,412 
Dividends declared(41,732)(35,329)(83,641)(70,205)
Redemption value adjustments13,822 6,112 35,978 (31,906)
Ending balances1,156,253 1,108,279 1,156,253 1,108,279 
Total equity ending balances$3,458,852 $2,846,881 $3,458,852 $2,846,881 
Dividends declared per common share$0.62 $0.595 $1.24 $1.19 
The accompanying notes are an integral part of these statements.
7

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  June 30, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
(Unaudited)
June 30, 2022December 31, 2021
ASSETS
Regulated operations plant:
Gas plant$9,137,313 $8,901,575 
Less: accumulated depreciation(2,613,096)(2,538,508)
Construction work in progress193,269 183,485 
Net regulated operations plant6,717,486 6,546,552 
Other property and investments, net146,599 153,093 
Current assets:
Cash and cash equivalents