2020 Q1 Form 10-Q Financial Statement

#000076682920000111 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $115.8M $77.68M
YoY Change 49.01% 3.52%
Cost Of Revenue $17.80M $8.000M
YoY Change 122.5% -25.93%
Gross Profit $98.00M $69.70M
YoY Change 40.6% 8.57%
Gross Profit Margin 84.66% 89.72%
Selling, General & Admin $20.20M $11.60M
YoY Change 74.14% 5.45%
% of Gross Profit 20.61% 16.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.48M $15.80M
YoY Change 42.26% 11.6%
% of Gross Profit 22.94% 22.67%
Operating Expenses $82.10M $54.70M
YoY Change 50.09% 3.01%
Operating Profit $15.43M $12.41M
YoY Change 24.33% 69.25%
Interest Expense $13.28M $5.791M
YoY Change 129.39% -4.31%
% of Operating Profit 86.11% 46.67%
Other Income/Expense, Net $757.0K $390.0K
YoY Change 94.1% -42.31%
Pretax Income $2.855M $7.918M
YoY Change -63.94% 1023.12%
Income Tax $438.0K $2.045M
% Of Pretax Income 15.34% 25.83%
Net Earnings $2.417M $5.873M
YoY Change -58.85% 357.04%
Net Earnings / Revenue 2.09% 7.56%
Basic Earnings Per Share $0.08 $0.21
Diluted Earnings Per Share $0.08 $0.21
COMMON SHARES
Basic Shares Outstanding 28.49M shares 28.42M shares
Diluted Shares Outstanding 28.67M shares 28.51M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.30M $419.7M
YoY Change -93.26% 5895.71%
Cash & Equivalents $28.27M $419.7M
Short-Term Investments
Other Short-Term Assets $13.58M $4.930M
YoY Change 175.4% 9.02%
Inventory
Prepaid Expenses
Receivables $34.71M $17.89M
Other Receivables $9.100M $2.000M
Total Short-Term Assets $128.8M $488.5M
YoY Change -73.63% 699.96%
LONG-TERM ASSETS
Property, Plant & Equipment $44.06M $43.71M
YoY Change 0.79% -2.39%
Goodwill $628.3M
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.40M
YoY Change
Other Assets $8.644M $4.619M
YoY Change 87.14% 68.82%
Total Long-Term Assets $3.045B $83.80M
YoY Change 3534.05% -18.71%
TOTAL ASSETS
Total Short-Term Assets $128.8M $488.5M
Total Long-Term Assets $3.045B $83.80M
Total Assets $3.174B $1.959B
YoY Change 62.05% 33.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.21M $22.82M
YoY Change 10.5% 1.5%
Accrued Expenses $44.10M $21.20M
YoY Change 108.02% -16.86%
Deferred Revenue
YoY Change
Short-Term Debt $131.4M $32.00M
YoY Change 310.63% -17.95%
Long-Term Debt Due $22.31M
YoY Change
Total Short-Term Liabilities $238.4M $86.69M
YoY Change 175.01% -9.09%
LONG-TERM LIABILITIES
Long-Term Debt $1.317B $510.9M
YoY Change 157.78% 18.49%
Other Long-Term Liabilities $23.86M $12.14M
YoY Change 96.62% -7.16%
Total Long-Term Liabilities $1.341B $523.0M
YoY Change 156.36% 17.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $238.4M $86.69M
Total Long-Term Liabilities $1.341B $523.0M
Total Liabilities $1.579B $609.7M
YoY Change 159.01% 12.99%
SHAREHOLDERS EQUITY
Retained Earnings $376.4M $391.3M
YoY Change -3.81% 4.69%
Common Stock $507.1M $496.9M
YoY Change 2.04% 491.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $883.5M $888.3M
YoY Change
Total Liabilities & Shareholders Equity $3.174B $1.959B
YoY Change 62.05% 33.81%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $2.417M $5.873M
YoY Change -58.85% 357.04%
Depreciation, Depletion And Amortization $22.48M $15.80M
YoY Change 42.26% 11.6%
Cash From Operating Activities $7.929M $25.19M
YoY Change -68.53% 11.56%
INVESTING ACTIVITIES
Capital Expenditures -$41.90M -$32.80M
YoY Change 27.74% 7.89%
Acquisitions
YoY Change
Other Investing Activities -$500.0K -$1.500M
YoY Change -66.67% 36.36%
Cash From Investing Activities -$42.47M -$34.37M
YoY Change 23.55% 8.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $1.171M $0.00
YoY Change
Cash From Financing Activities $44.87M $8.121M
YoY Change 452.51% -0.18%
NET CHANGE
Cash From Operating Activities $7.929M $25.19M
Cash From Investing Activities -$42.47M -$34.37M
Cash From Financing Activities $44.87M $8.121M
Net Change In Cash $10.33M -$1.059M
YoY Change -1075.35% 25.33%
FREE CASH FLOW
Cash From Operating Activities $7.929M $25.19M
Capital Expenditures -$41.90M -$32.80M
Free Cash Flow $49.83M $57.99M
YoY Change -14.08% 9.46%

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208000 USD
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StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
970000 USD
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StockholdersEquity
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ProfitLoss
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CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
97000 USD
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
870000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-132000 USD
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StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
811000 USD
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AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
10000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
2417000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
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DepreciationDepletionAndAmortization
22482000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15803000 USD
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-344000 USD
CY2019Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
251000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
886000 USD
CY2020Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-5498000 USD
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IncreaseDecreaseInReceivables
-6093000 USD
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IncreaseDecreaseInAccountsPayable
-8755000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
456000 USD
CY2020Q1 sjw Increase Decreasein Accrued Groundwater Extraction Charges Purchased Waterand Power
IncreaseDecreaseinAccruedGroundwaterExtractionChargesPurchasedWaterandPower
-4292000 USD
CY2019Q1 sjw Increase Decreasein Accrued Groundwater Extraction Charges Purchased Waterand Power
IncreaseDecreaseinAccruedGroundwaterExtractionChargesPurchasedWaterandPower
-6723000 USD
CY2020Q1 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
1875000 USD
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IncreaseDecreaseInAccruedTaxesPayable
4851000 USD
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IncreaseDecreaseInPensionAndPostretirementObligations
2445000 USD
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IncreaseDecreaseInPensionAndPostretirementObligations
1723000 USD
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IncreaseDecreaseToRegulatoryAssetRelatedToBalancingAndMemorandumAccounts
10158000 USD
CY2019Q1 sjw Increase Decrease To Regulatory Asset Related To Balancing And Memorandum Accounts
IncreaseDecreaseToRegulatoryAssetRelatedToBalancingAndMemorandumAccounts
-2937000 USD
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IncreaseDecreaseInUpFrontServiceConcessionPayment
5000000 USD
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0 USD
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IncreaseDecreaseInOtherOperatingCapitalNet
-1510000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Capital Net
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5692000 USD
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NetCashProvidedByUsedInOperatingActivities
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CY2020Q1 us-gaap Payments To Acquire Water Systems
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38314000 USD
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PaymentsToAcquireWaterSystems
29575000 USD
CY2019Q1 sjw Payments To Acquire Water Systems Using Contributions In Aid Of Construction
PaymentsToAcquireWaterSystemsUsingContributionsInAidOfConstruction
3273000 USD
CY2020Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
255000 USD
CY2019Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
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PaymentsForProceedsFromRemovalCosts
271000 USD
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PaymentsForProceedsFromRemovalCosts
1525000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-42469000 USD
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NetCashProvidedByUsedInInvestingActivities
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CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
47424000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
38000000 USD
CY2020Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
33231000 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
106000000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
35000000 USD
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ProceedsFromIssuanceOfLongTermDebt
80000000 USD
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RepaymentsOfLongTermDebt
1171000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
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PaymentsOfDebtIssuanceCosts
0 USD
CY2019Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
222000 USD
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PaymentsOfDividendsCommonStock
9118000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8529000 USD
CY2020Q1 sjw Receipts Of Advances And Contributions In Aid Of Construction
ReceiptsOfAdvancesAndContributionsInAidOfConstruction
6416000 USD
CY2019Q1 sjw Receipts Of Advances And Contributions In Aid Of Construction
ReceiptsOfAdvancesAndContributionsInAidOfConstruction
4835000 USD
CY2020Q1 us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
557000 USD
CY2019Q1 us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
555000 USD
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ProceedsFromPaymentsForOtherFinancingActivities
106000 USD
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ProceedsFromPaymentsForOtherFinancingActivities
592000 USD
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NetCashProvidedByUsedInFinancingActivities
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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
10329000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28273000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
419663000 USD
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InterestPaidNet
9373000 USD
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InterestPaidNet
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IncomeTaxesPaidNet
-50000 USD
CY2019Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2020Q1 sjw Noncash Change In Accrued Payables
NoncashChangeInAccruedPayables
-2601000 USD
CY2019Q1 sjw Noncash Change In Accrued Payables
NoncashChangeInAccruedPayables
-2884000 USD
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UtilityPropertyInstalledByDeveloper
3076000 USD
CY2019Q1 sjw Utility Property Installed By Developer
UtilityPropertyInstalledByDeveloper
-168000 USD
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RevenueFromContractWithCustomerExcludingAssessedTax
105136000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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AlternativeRevenueProgramsNet
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AlternativeRevenueProgramsNet
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RegulatoryBalancingandMemorandumAccountsRevenueNet
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OperatingLeasesIncomeStatementLeaseRevenue
1370000 USD
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OperatingLeasesIncomeStatementLeaseRevenue
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Revenues
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CY2019Q1 us-gaap Revenues
Revenues
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AllocatedShareBasedCompensationExpense
251000 USD
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AllocatedShareBasedCompensationExpense
886000 USD
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Land
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Land
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RealEstateInvestmentPropertyAtCost
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RealEstateInvestmentPropertyAtCost
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RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
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PropertyPlantAndEquipmentNet
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CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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DefinedBenefitPlanServiceCost
2443000 USD
CY2019Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1479000 USD
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DefinedBenefitPlanInterestCost
2904000 USD
CY2019Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2112000 USD
CY2020Q1 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1499000 USD
CY2019Q1 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1118000 USD
CY2020Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
4120000 USD
CY2019Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
2309000 USD
CY2020Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
2726000 USD
CY2019Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
2400000 USD
CY2020Q1 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
220659000 USD
CY2019Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
260747000 USD
CY2020Q1 sjw Defined Benefit Plan Estimated Total Employer Contributions For Current Fiscal Year
DefinedBenefitPlanEstimatedTotalEmployerContributionsForCurrentFiscalYear
9238000 USD
CY2020Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0 USD
CY2020Q1 sjw Number Of Subsidiaries
NumberOfSubsidiaries
4 subsidiary
CY2020Q1 us-gaap Number Of Reportable Segments
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2 reportable_segment
CY2020Q1 us-gaap Regulated Operating Revenue
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115754000 USD
CY2020Q1 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
100327000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
15427000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
2417000 USD
CY2020Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
21382000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
13284000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
438000 USD
CY2020Q1 us-gaap Assets
Assets
3174298000 USD
CY2019Q1 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
77682000 USD
CY2019Q1 us-gaap Utilities Operating Expense
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65274000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
12408000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
5873000 USD
CY2019Q4 us-gaap Life Insurance Corporate Or Bank Owned Amount
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7086000 USD
CY2019Q4 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
3829000 USD
CY2019Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
15145000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
5791000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2045000 USD
CY2018Q3 us-gaap Assets
Assets
1958807000 USD
CY2020Q1 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
7207000 USD
CY2020Q1 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
3650000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
1339307000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
1305869000 USD
CY2019Q1 sjw Wcma Reserve
WCMAReserve
80000 USD
CY2019Q4 sjw Balancingand Memorandum Revenue Account Net
BalancingandMemorandumRevenueAccountNet
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CY2020Q1 sjw Balancingand Memorandum Revenue Account Increase Decrease
BalancingandMemorandumRevenueAccountIncreaseDecrease
1757000 USD
CY2020Q1 sjw Balancingand Memorandum Revenue Account Refunds Collections
BalancingandMemorandumRevenueAccountRefundsCollections
6841000 USD
CY2020Q1 sjw Balancingand Memorandum Revenue Account Net
BalancingandMemorandumRevenueAccountNet
6658000 USD
CY2018Q4 sjw Balancingand Memorandum Revenue Account Net
BalancingandMemorandumRevenueAccountNet
25549000 USD
CY2019Q1 sjw Balancingand Memorandum Revenue Account Increase Decrease
BalancingandMemorandumRevenueAccountIncreaseDecrease
611000 USD
CY2019Q1 sjw Balancingand Memorandum Revenue Account Refunds Collections
BalancingandMemorandumRevenueAccountRefundsCollections
-2679000 USD
CY2019Q1 sjw Balancingand Memorandum Revenue Account Net
BalancingandMemorandumRevenueAccountNet
23481000 USD
CY2019Q4 sjw Balancingand Memorandum Cost Recovery Account Net
BalancingandMemorandumCostRecoveryAccountNet
7223000 USD
CY2020Q1 sjw Balancingand Memorandum Cost Recovery Account Increase Decrease
BalancingandMemorandumCostRecoveryAccountIncreaseDecrease
1183000 USD
CY2020Q1 sjw Balancingand Memorandum Cost Recovery Account Refunds Collections
BalancingandMemorandumCostRecoveryAccountRefundsCollections
-16000 USD
CY2020Q1 sjw Balancingand Memorandum Cost Recovery Account Net
BalancingandMemorandumCostRecoveryAccountNet
8390000 USD
CY2018Q4 sjw Balancingand Memorandum Cost Recovery Account Net
BalancingandMemorandumCostRecoveryAccountNet
8864000 USD
CY2019Q1 sjw Balancingand Memorandum Cost Recovery Account Increase Decrease
BalancingandMemorandumCostRecoveryAccountIncreaseDecrease
-558000 USD
CY2019Q1 sjw Balancingand Memorandum Cost Recovery Account Refunds Collections
BalancingandMemorandumCostRecoveryAccountRefundsCollections
-311000 USD
CY2019Q1 sjw Balancingand Memorandum Cost Recovery Account Net
BalancingandMemorandumCostRecoveryAccountNet
7995000 USD
CY2019Q4 sjw Balancing And Memorandum Account Net
BalancingAndMemorandumAccountNet
5283000 USD
CY2020Q1 sjw Balancingand Memorandum Account Increase Decrease
BalancingandMemorandumAccountIncreaseDecrease
2940000 USD
CY2020Q1 sjw Balancingand Memorandum Account Refunds Collections
BalancingandMemorandumAccountRefundsCollections
6825000 USD
CY2020Q1 sjw Balancing And Memorandum Account Net
BalancingAndMemorandumAccountNet
15048000 USD
CY2018Q4 sjw Balancing And Memorandum Account Net
BalancingAndMemorandumAccountNet
34413000 USD
CY2019Q1 sjw Balancingand Memorandum Account Increase Decrease
BalancingandMemorandumAccountIncreaseDecrease
53000 USD
CY2019Q1 sjw Balancingand Memorandum Account Refunds Collections
BalancingandMemorandumAccountRefundsCollections
-2990000 USD
CY2019Q1 sjw Balancing And Memorandum Account Net
BalancingAndMemorandumAccountNet
31476000 USD
CY2020Q1 sjw Regulatory Balancingand Memorandum Accounts Net Under Collected
RegulatoryBalancingandMemorandumAccountsNetUnderCollected
1780000 USD
CY2020Q1 sjw Regulatory Balancingand Memorandum Accounts Review Authorized Revenue Threshold Percentage
RegulatoryBalancingandMemorandumAccountsReviewAuthorizedRevenueThresholdPercentage
0.02
CY2020Q1 us-gaap Net Regulatory Assets
NetRegulatoryAssets
132278000 USD
CY2019Q4 us-gaap Net Regulatory Assets
NetRegulatoryAssets
120417000 USD
CY2020Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
6129000 USD
CY2019Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
6472000 USD
CY2020Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
126149000 USD
CY2019Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
113945000 USD

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