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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, 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
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, 67,067,822 shares as of October 31, 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 October 31, 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  September 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  September 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)
September 30, 2022December 31, 2021
ASSETS
Regulated operations plant:
Gas plant$11,166,691 $10,789,690 
Less: accumulated depreciation(3,536,274)(3,397,736)
Construction work in progress273,662 202,068 
Net regulated operations plant7,904,079 7,594,022 
Other property and investments, net1,311,334 1,316,479 
Current assets:
Cash and cash equivalents175,272 222,697 
Accounts receivable, net of allowances779,558 707,127 
Accrued utility revenue41,300 84,900 
Income taxes receivable, net15,580 16,816 
Deferred purchased gas costs381,351 291,145 
Prepaid and other current assets316,578 292,082 
Total current assets1,709,639 1,614,767 
Noncurrent assets:
Goodwill1,742,967 1,781,332 
Deferred income taxes322 121 
Deferred charges and other assets434,236 458,536 
Total noncurrent assets2,177,525 2,239,989 
Total assets$13,102,577 $12,765,257 
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 67,063,730 and 60,422,081 shares)
$68,694 $62,052 
         Additional paid-in capital2,283,250 1,824,216 
Accumulated other comprehensive loss, net(50,232)(46,761)
Retained earnings1,111,203 1,114,313 
Total equity3,412,915 2,953,820 
Redeemable noncontrolling interests114,692 196,717 
Long-term debt, less current maturities5,865,591 4,115,684 
Total capitalization9,393,198 7,266,221 
Current liabilities:
         Current maturities of long-term debt41,485 297,324 
Short-term debt381,000 1,909,000 
Accounts payable308,824 353,365 
Customer deposits55,033 59,327 
Income taxes payable, net4,516 6,734 
Accrued general taxes72,941 53,473 
Accrued interest41,484 30,964 
Deferred purchased gas costs3,742 5,736 
Other current liabilities404,703 396,126 
Total current liabilities1,313,728 3,112,049 
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net774,465 768,868 
Accumulated removal costs500,052 480,583 
Other deferred credits and other long-term liabilities1,121,134 1,137,536 
Total deferred income taxes and other credits2,395,651 2,386,987 
Total capitalization and liabilities$13,102,577 $12,765,257 
The accompanying notes are an integral part of these statements.
3

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

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 202220212022202120222021
Operating revenues:
Regulated operations revenues$367,122 $255,848 $1,550,684 $1,070,576 $2,001,898 $1,445,066 
Utility infrastructure services revenues758,466 632,848 1,988,433 1,525,448 2,621,646 2,065,038 
Total operating revenues1,125,588 888,696 3,539,117 2,596,024 4,623,544 3,510,104 
Operating expenses:
Net cost of gas sold100,991 63,710 547,769 296,227 682,449 374,449 
Operations and maintenance154,236 122,927 479,330 334,450 618,026 437,602 
Depreciation and amortization116,933 91,380 347,589 267,670 450,960 354,688 
Taxes other than income taxes23,356 20,109 70,778 60,134 90,987 76,087 
Utility infrastructure services expenses680,135 567,270 1,829,560 1,381,524 2,403,503 1,858,464 
Total operating expenses1,075,651 865,396 3,275,026 2,340,005 4,245,925 3,101,290 
Operating income49,937 23,300 264,091 256,019 377,619 408,814 
Other income and (expenses):
Net interest deductions(64,373)(31,298)(165,942)(81,201)(203,939)(109,537)
Other income (deductions)1,593 (3,112)2 (3,975)478 282 
Total other income and (expenses)(62,780)(34,410)(165,940)(85,176)(203,461)(109,255)
Income (loss) before income taxes(12,843)(11,110)98,151 170,843 174,158 299,559 
Income tax expense (benefit)(1,525)(1,816)18,300 34,818 23,130 58,498 
Net income (loss)(11,318)(9,294)79,851 136,025 151,028 241,061 
Net income attributable to noncontrolling interests991 2,282 2,557 5,189 3,791 6,681 
Net income (loss) attributable to Southwest Gas Holdings, Inc.$(12,309)$(11,576)$77,294 $130,836 $147,237 $234,380 
Earnings (loss) per share:
Basic $(0.18)$(0.19)$1.19 $2.23 $2.30 $4.03 
Diluted $(0.18)$(0.19)$1.19 $2.23 $2.30 $4.02 
Weighted average shares:
Basic 67,157 59,688 65,004 58,639 63,905 58,209 
Diluted 67,325 59,816 65,148 58,742 64,051 58,312 
The accompanying notes are an integral part of these statements.

4

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

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Thousands of dollars)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 202220212022202120222021
Net income (loss)$(11,318)$(9,294)$79,851 $136,025 $151,028 $241,061 
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Net actuarial gain (loss)    44,974 (43,730)
Amortization of prior service cost34 183 100 547 282 766 
Amortization of net actuarial loss6,616 8,474 19,847 25,420 28,321 32,608 
Regulatory adjustment(5,524)(7,277)(16,571)(21,831)(61,767)2,959 
Net defined benefit pension plans1,126 1,380 3,376 4,136 11,810 (7,397)
Forward-starting interest rate swaps (“FSIRS”):
Amounts reclassified into net income  413 416 1,240 828 1,653 
Net forward-starting interest rate swaps 413 416 1,240 828 1,653 
Foreign currency translation adjustments(5,830)(2,056)(7,263)(324)(6,919)2,576 
Total other comprehensive income (loss), net of tax(4,704)(263)(3,471)5,052 5,719 (3,168)
Comprehensive income (loss)(16,022)(9,557)76,380 141,077 156,747 237,893 
Comprehensive income attributable to noncontrolling interests991 2,282 2,557 5,189 3,791 6,681 
Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.$(17,013)$(11,839)$73,823 $135,888 $152,956 $231,212 
The accompanying notes are an integral part of these statements.

5

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

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
 2022202120222021
CASH FLOW FROM OPERATING ACTIVITIES:
Net income $79,851 $136,025 $151,028 $241,061 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization347,589 267,670 450,960 354,688 
Deferred income taxes22,955 45,374 38,793 58,339 
Changes in current assets and liabilities:
Accounts receivable, net of allowances(78,719)(62,081)(68,192)(68,714)
Accrued utility revenue43,600 42,700 (1,600)(3,200)
Deferred purchased gas costs(92,200)(293,410)(142,518)(317,070)
Accounts payable(29,353)(51,086)72,159 251 
Accrued taxes18,352 5,954 5,673 3,134 
Other current assets and liabilities(1,039)23,289 (113,537)9,531 
Gains on sale of property and equipment(5,215)(5,365)(6,756)(6,632)
Changes in undistributed stock compensation7,855 7,676 9,473 9,001 
Equity AFUDC(912) (912)(1,311)
Changes in deferred charges and other assets16,417 (7,956)10,832 (21,373)
Changes in other liabilities and deferred credits(25,826)(57,269)(42,186)(67,922)
Net cash provided by operating activities303,355 51,521 363,217 189,783 
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions(612,516)(506,737)(821,405)(699,368)
Acquisition of businesses, net of cash acquired(18,809)(830,395)(1,542,674)(830,145)
Changes in customer advances23,222 7,940 31,256 14,282 
Other4,005 14,755 7,506 17,238 
Net cash used in investing activities(604,098)(1,314,437)(2,325,317)(1,497,993)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net459,051 210,812 461,880 259,422 
Centuri distribution to redeemable noncontrolling interest(39,649) (39,649) 
Dividends paid(118,980)(102,292)(154,910)(134,479)
Issuance of long-term debt, net770,240 1,654,960 775,976 1,666,718 
Retirement of long-term debt(422,356)(406,815)(468,205)(473,926)
Change in credit facility and commercial paper8,000 (150,000)138,000 (58,000)
Change in short-term debt(380,253)165,000 (593,253)218,000 
Issuance of short-term debt  1,850,000  
Withholding remittance - share-based compensation(2,105)(1,254)(2,115)(1,254)
Other(19,929)(4,355)(16,303)(6,161)
Net cash provided by financing activities254,019 1,366,056 1,951,421 1,470,320 
Effects of currency translation on cash and cash equivalents(701)198 (739)635 
Change in cash and cash equivalents(47,425)103,338 (11,418)162,745 
Cash and cash equivalents at beginning of period222,697 83,352 186,690 23,945 
Cash and cash equivalents at end of period$175,272 $186,690 $175,272 $186,690 
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized$146,792 $57,128 $194,016 $98,567 
Income taxes paid, net$10,317 $7,665 $6,860 $12,720 
The accompanying notes are an integral part of these statements.
6

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

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Common stock shares
Beginning balances67,004 59,088 60,422 57,193 
Common stock issuances60 1,291 6,642 3,186 
Ending balances67,064 60,379 67,064 60,379 
Common stock amount
Beginning balances$68,634 $60,718 $62,052 $58,823 
Common stock issuances60 1,291 6,642 3,186 
Ending balances68,694 62,009 68,694 62,009 
Additional paid-in capital
Beginning balances2,279,493 1,733,572 1,824,216 1,609,155 
Common stock issuances3,757 90,317 459,034 214,734 
Ending balances2,283,250 1,823,889 2,283,250 1,823,889 
Accumulated other comprehensive loss
Beginning balances(45,528)(55,688)(46,761)(61,003)
Foreign currency exchange translation adjustment(5,830)(2,056)(7,263)(324)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax
1,126 1,380 3,376 4,136 
FSIRS amounts reclassified to net income, net of tax 413 416 1,240 
Ending balances(50,232)(55,951)(50,232)(55,951)
Retained earnings
Beginning balances1,156,253 1,108,279 1,114,313 1,067,978 
Net income (loss)(12,309)(11,576)77,294 130,836 
Dividends declared(41,696)(36,098)(125,337)(106,303)
Redemption value adjustments8,955 19,264 44,933 (12,642)
Ending balances1,111,203 1,079,869 1,111,203 1,079,869 
Total equity ending balances$3,412,915 $2,909,816 $3,412,915 $2,909,816 
Dividends declared per common share$0.62 $0.595 $1.86 $1.785 
The accompanying notes are an integral part of these statements.
7

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

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
(Unaudited)
September 30, 2022December 31, 2021
ASSETS
Regulated operations plant:
Gas plant$9,259,486 $8,901,575 
Less: accumulated depreciation(2,641,407)(2,538,508)
Construction work in progress