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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 March 31, 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, 66,852,050 shares as of April 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 April 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  March 31, 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  March 31, 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)
March 31, 2022December 31, 2021
ASSETS
Regulated operations plant:
Gas plant$10,891,910 $10,789,690 
Less: accumulated depreciation(3,443,053)(3,397,736)
Construction work in progress216,262 202,068 
Net regulated operations plant7,665,119 7,594,022 
Other property and investments, net1,313,291 1,316,479 
Current assets:
Cash and cash equivalents624,666 222,697 
Accounts receivable, net of allowances755,947 707,127 
Accrued utility revenue52,000 84,900 
Income taxes receivable, net16,937 16,816 
Deferred purchased gas costs367,954 291,145 
Prepaid and other current assets229,072 292,082 
Total current assets2,046,576 1,614,767 
Noncurrent assets:
Goodwill1,773,671 1,781,332 
Deferred income taxes44 121 
Deferred charges and other assets450,786 458,536 
Total noncurrent assets2,224,501 2,239,989 
Total assets$13,249,487 $12,765,257 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 66,849,225 and 60,422,081 shares)
$68,479 $62,052 
         Additional paid-in capital2,273,837 1,824,216 
Accumulated other comprehensive loss, net(43,972)(46,761)
Retained earnings1,190,738 1,114,313 
Total equity3,489,082 2,953,820 
Redeemable noncontrolling interests135,984 196,717 
Long-term debt, less current maturities4,559,758 4,115,684 
Total capitalization8,184,824 7,266,221 
Current liabilities:
         Current maturities of long-term debt291,069 297,324 
Short-term debt1,474,000 1,909,000 
Accounts payable256,606 353,365 
Customer deposits57,620 59,327 
Income taxes payable, net10,416 6,734 
Accrued general taxes83,897 53,473 
Accrued interest42,421 30,964 
Deferred purchased gas costs297 5,736 
Other current liabilities413,872 396,126 
Total current liabilities2,630,198 3,112,049 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net803,771 768,868 
Accumulated removal costs488,908 480,583 
Other deferred credits and other long-term liabilities1,141,786 1,137,536 
Total deferred income taxes and other credits2,434,465 2,386,987 
Total capitalization and liabilities$13,249,487 $12,765,257 
The accompanying notes are an integral part of these statements.
3

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2022202120222021
Operating revenues:
Regulated operations revenues$743,532 $521,932 $1,743,390 $1,369,690 
Utility infrastructure services revenues523,877 363,975 2,318,563 1,978,770 
Total operating revenues1,267,409 885,907 4,061,953 3,348,460 
Operating expenses:
Net cost of gas sold298,918 156,021 573,804 338,037 
Operations and maintenance149,303 106,690 515,759 411,025 
Depreciation and amortization122,646 93,442 400,245 337,816 
Taxes other than income taxes24,816 20,687 84,472 67,769 
Utility infrastructure services expenses503,232 335,614 2,123,085 1,745,729 
Total operating expenses1,098,915 712,454 3,697,365 2,900,376 
Operating income168,494 173,453 364,588 448,084 
Other income and (expenses):
Net interest deductions(48,363)(23,964)(143,597)(107,061)
Other income (deductions)1,244 448 (2,703)14,429 
Total other income and (expenses)(47,119)(23,516)(146,300)(92,632)
Income before income taxes121,375 149,937 218,288 355,452 
Income tax expense24,125 31,092 32,681 70,627 
Net income97,250 118,845 185,607 284,825 
Net income attributable to noncontrolling interests1,072 1,552 5,943 7,750 
Net income attributable to Southwest Gas Holdings, Inc.$96,178 $117,293 $179,664 $277,075 
Earnings per share:
Basic $1.58 $2.04 $3.00 $4.90 
Diluted $1.58 $2.03 $2.99 $4.89 
Weighted average shares:
Basic 60,737 57,600 59,919 56,564 
Diluted 60,854 57,679 60,044 56,649 
The accompanying notes are an integral part of these statements.

4

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2022202120222021
Net income $97,250 $118,845 $185,607 $284,825 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial gain (loss)  44,974 (43,730)
Amortization of prior service cost33 182 580 840 
Amortization of net actuarial loss6,616 8,474 32,036 30,037 
Regulatory adjustment(5,523)(7,277)(65,273)4,753 
Net defined benefit pension plans1,126 1,379 12,317 (8,100)
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income 416 413 1,655 2,244 
Net forward-starting interest rate swaps416 413 1,655 2,244 
Foreign currency translation adjustments1,247 823 444 6,541 
Total other comprehensive income, net of tax2,789 2,615 14,416 685 
Comprehensive income 100,039 121,460 200,023 285,510 
Comprehensive income attributable to noncontrolling interests1,072 1,552 5,943 7,750 
Comprehensive income attributable to Southwest Gas Holdings, Inc.$98,967 $119,908 $194,080 $277,760 
The accompanying notes are an integral part of these statements.

5

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2022202120222021
CASH FLOW FROM OPERATING ACTIVITIES:
Net income$97,250 $118,845 $185,607 $284,825 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization122,646 93,442 400,245 337,816 
Deferred income taxes32,346 23,326 70,232 48,734 
Changes in current assets and liabilities:
Accounts receivable, net of allowances(44,971)42,892 (139,417)(51,717)
Accrued utility revenue32,900 31,900 (1,500)(2,400)
Deferred purchased gas costs(82,248)(291,469)(134,507)(265,385)
Accounts payable(82,952)(41,147)8,621 11,882 
Accrued taxes33,964 34,636 (7,397)19,430 
Other current assets and liabilities79,680 (5,255)(4,274)25,719 
Gains on sale of property and equipment(1,916)(1,509)(7,313)(3,329)
Changes in undistributed stock compensation4,180 3,658 9,816 7,956 
Equity AFUDC(258)(981)723 (4,644)
Changes in deferred charges and other assets(297)(10,379)(3,459)(49,465)
Changes in other liabilities and deferred credits(3,704)(50,416)(26,917)(57,365)
Net cash provided by (used in) operating activities186,620 (52,457)350,460 302,057 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions(162,796)(152,709)(725,713)(767,159)
Acquisition of businesses, net of cash acquired  (2,354,260) 
Changes in customer advances7,693 4,286 19,381 12,885 
Other893 3,563 15,586 8,136 
Net cash used in investing activities(154,210)(144,860)(3,045,006)(746,138)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net453,495 48,990 618,146 185,087 
Centuri distribution to redeemable noncontrolling interest(39,649) (39,649) 
Dividends paid(35,970)(32,619)(141,573)(128,117)
Issuance of long-term debt, net709,927 10,659 2,359,964 573,058 
Retirement of long-term debt(143,453)(21,228)(574,889)(302,466)
Change in credit facility and commercial paper(130,000) (150,000) 
Change in short-term debt(435,000)203,000 (686,000)153,000 
Issuance of short-term debt  1,850,000  
Withholding remittance - share-based compensation(1,978)(1,242)(2,000)(1,242)
Other(7,898)(1,353)(7,274)(4,505)
Net cash provided by financing activities369,474 206,207 3,226,725 474,815 
Effects of currency translation on cash and cash equivalents85 103 142 646 
Change in cash and cash equivalents401,969 8,993 532,321 31,380 
Cash and cash equivalents at beginning of period222,697 83,352 92,345 60,965 
Cash and cash equivalents at end of period$624,666 $92,345 $624,666 $92,345 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized$35,262 $8,303 $131,311 $100,412 
Income taxes paid (received), net$1,408 $1,651 $3,965 $10,764 
The accompanying notes are an integral part of these statements.
6

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2022

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
20222021
Common stock shares
Beginning balances60,422 57,193 
Common stock issuances6,427 802 
Ending balances66,849 57,995 
Common stock amount
Beginning balances$62,052 $58,823 
Common stock issuances6,427 802 
Ending balances68,479 59,625 
Additional paid-in capital
Beginning balances1,824,216 1,609,155 
Common stock issuances449,621 50,953 
Ending balances2,273,837 1,660,108 
Accumulated other comprehensive loss
Beginning balances(46,761)(61,003)
Foreign currency exchange translation adjustment1,247 823 
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
1,126 1,379 
FSIRS amounts reclassified to net income, net of tax416 413 
Ending balances(43,972)(58,388)
Retained earnings
Beginning balances1,114,313 1,067,978 
Net income 96,178 117,293 
Dividends declared(41,909)(34,876)
Redemption value adjustments22,156 (38,018)
Ending balances1,190,738 1,112,377 
Total equity ending balances$3,489,082 $2,773,722 
Dividends declared per common share$0.62 $0.595 
The accompanying notes are an integral part of these statements.
7

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
(Unaudited)
March 31, 2022December 31, 2021
ASSETS
Regulated operations plant:
Gas plant$8,997,234 $8,901,575 
Less: accumulated depreciation(2,572,184)(2,538,508)
Construction work in progress196,574 183,485 
Net regulated operations plant6,621,624 6,546,552 
Other property and investments, net151,168 153,093 
Current assets:
Cash and cash equivalents475,876 38,691 
Accounts receivable, net of allowance224,885 169,666 
Accrued utility revenue52,000 84,900 
Income taxes receivable, net5,351 7,826 
Deferred purchased gas costs367,954 291,145 
Receivable from parent271 1,031 
Prepaid and other current assets180,640 242,243 
Total current assets1,306,977 835,502 
Noncurrent assets:
Goodwill10,095 10,095 
Deferred charges and other assets394,454 405,021 
Total noncurrent assets404,549 415,116 
Total assets$8,484,318 $7,950,263 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock$49,112 $49,112 
         Additional paid-in capital1,620,616 1,618,911 
Accumulated other comprehensive loss, net(45,371)(46,913)
Retained earnings987,177 906,827 
Total equity2,611,534 2,527,937 
Long-term debt, less current maturities2,903,556 2,440,603 
Total capitalization5,515,090 4,968,540 
Current liabilities:
Current maturities of long-term debt250,000 275,000 
Short-term debt250,000 250,000 
Accounts payable148,486 234,070 
Customer deposits53,094 56,127 
Accrued general taxes81,423 53,064 
Accrued interest34,676 22,926 
Other current liabilities169,781 146,422 
Total current liabilities987,460 1,037,609 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net673,874 638,828 
Accumulated removal costs432,000 424,000 
Other deferred credits and other long-term liabilities875,894 881,286 
Total deferred income taxes and other credits1,981,768 1,944,114 
Total capitalization and liabilities$8,484,318 $7,950,263 
The accompanying notes are an integral part of these statements.
8

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2022202120222021
Regulated operations revenues$676,539 $521,932 $1,676,397 $1,369,690 
Operating expenses:
Net cost of gas sold297,121 156,021 572,007 338,037 
Operations and maintenance119,636 106,135 452,051 409,429 
Depreciation and amortization72,114 68,698 256,814 239,268 
Taxes other than income taxes21,652 20,687 81,308 67,769 
Total operating expenses510,523 351,541 1,362,180 1,054,503 
Operating income166,016 170,391 314,217 315,187 
Other income and (expenses):
Net interest deductions(26,610)(22,166)(102,004)(98,256)
Other income (deductions)1,315 550 (3,794)14,496 
Total other income and (expenses)(25,295)(21,616)(105,798)(83,760)
Income before income taxes140,721 148,775 208,419 231,427 
Income tax expense 28,926 30,060 28,204 37,193 
Net income $111,795 $118,715 $180,215 $194,234 
The accompanying notes are an integral part of these statements.

9

SOUTHWEST GAS HOLDINGS, INC.  Form 10-Q
SOUTHWEST GAS CORPORATION  March 31, 2022

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
 2022202120222021
Net income $111,795 $118,715 $180,215 $194,234 
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