2024 Q2 Form 10-Q Financial Statement

#000076682924000041 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $176.2M $149.4M
YoY Change 12.29% 8.8%
Cost Of Revenue $20.29M $14.55M
YoY Change 16.78% 15.89%
Gross Profit $155.9M $134.8M
YoY Change 11.74% 8.09%
Gross Profit Margin 88.48% 90.26%
Selling, General & Admin $20.47M $25.79M
YoY Change -13.0% 5.93%
% of Gross Profit 13.13% 19.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.92M $28.92M
YoY Change 8.46% 7.76%
% of Gross Profit 18.55% 21.45%
Operating Expenses $115.3M $106.9M
YoY Change 6.42% 7.39%
Operating Profit $40.57M $27.91M
YoY Change 30.21% 10.86%
Interest Expense $18.29M -$17.58M
YoY Change -211.57% -211.49%
% of Operating Profit 45.09% -63.0%
Other Income/Expense, Net $1.205M $3.601M
YoY Change -40.14% 10.26%
Pretax Income $24.42M $13.93M
YoY Change 45.58% 10.49%
Income Tax $3.724M $2.231M
% Of Pretax Income 15.25% 16.02%
Net Earnings $20.70M $11.70M
YoY Change 13.18% 1.47%
Net Earnings / Revenue 11.75% 7.83%
Basic Earnings Per Share $0.64 $0.36
Diluted Earnings Per Share $0.64 $0.36
COMMON SHARES
Basic Shares Outstanding 32.23M shares 32.06M shares
Diluted Shares Outstanding 32.46M shares 32.14M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.80M $4.542M
YoY Change -10.48% -80.53%
Cash & Equivalents $22.80M $4.542M
Short-Term Investments
Other Short-Term Assets $5.818M $105.8M
YoY Change -94.83% 1601.75%
Inventory
Prepaid Expenses $9.856M $12.82M
Receivables $70.24M $62.65M
Other Receivables $5.584M $5.110M
Total Short-Term Assets $173.2M $178.1M
YoY Change -14.03% -8.13%
LONG-TERM ASSETS
Property, Plant & Equipment $3.261B $3.186B
YoY Change 22.2% 21.63%
Goodwill $640.3M $640.3M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $969.5M $298.7M
YoY Change 2589.5% -62.82%
Total Long-Term Assets $4.266B $4.189B
YoY Change 21.52% 21.13%
TOTAL ASSETS
Total Short-Term Assets $173.2M $178.1M
Total Long-Term Assets $4.266B $4.189B
Total Assets $4.439B $4.368B
YoY Change 19.59% 19.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.93M $34.40M
YoY Change 4.08% 32.43%
Accrued Expenses $58.85M $45.08M
YoY Change 20.84% 13.02%
Deferred Revenue
YoY Change
Short-Term Debt $217.5M $210.7M
YoY Change 161.07% 190.96%
Long-Term Debt Due $9.023M $9.002M
YoY Change -79.64% -79.67%
Total Short-Term Liabilities $350.1M $323.3M
YoY Change 47.14% 51.79%
LONG-TERM LIABILITIES
Long-Term Debt $1.550B $1.550B
YoY Change 1.99% 1.97%
Other Long-Term Liabilities $23.69M $1.014B
YoY Change -95.64% 3802.46%
Total Long-Term Liabilities $1.573B $2.564B
YoY Change -23.72% 65.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $350.1M $323.3M
Total Long-Term Liabilities $1.573B $2.564B
Total Liabilities $1.923B $3.127B
YoY Change -23.96% 77.76%
SHAREHOLDERS EQUITY
Retained Earnings $502.0M $494.2M
YoY Change 8.09% 7.88%
Common Stock $771.2M $744.7M
YoY Change 7.61% 7.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.275B $1.240B
YoY Change
Total Liabilities & Shareholders Equity $4.439B $4.368B
YoY Change 19.59% 19.58%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $20.70M $11.70M
YoY Change 13.18% 1.47%
Depreciation, Depletion And Amortization $28.92M $28.92M
YoY Change 8.46% 7.76%
Cash From Operating Activities $49.32M $51.22M
YoY Change 5.47% 1.2%
INVESTING ACTIVITIES
Capital Expenditures $96.64M $73.51M
YoY Change 38.15% 33.45%
Acquisitions
YoY Change
Other Investing Activities $39.93M -$762.0K
YoY Change -10056.86% 238.67%
Cash From Investing Activities -$56.71M -$74.27M
YoY Change -19.39% 34.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $40.97M
YoY Change 4185.67%
Cash From Financing Activities 25.65M 17.88M
YoY Change -0.31% 16.0%
NET CHANGE
Cash From Operating Activities 49.32M 51.22M
Cash From Investing Activities -56.71M -74.27M
Cash From Financing Activities 25.65M 17.88M
Net Change In Cash 18.26M -5.181M
YoY Change 752.97% -147.15%
FREE CASH FLOW
Cash From Operating Activities $49.32M $51.22M
Capital Expenditures $96.64M $73.51M
Free Cash Flow -$47.32M -$22.30M
YoY Change 104.04% 397.66%

Facts In Submission

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CY2024Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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CY2024Q1 sjw Increase Decrease To Regulatory Asset And Liabilities Excluding Cost Of Removal Income Tax Temporary Differences Net And Postretirement Benefits
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CY2024Q1 sjw Payments To Acquire Water Systems Using Contributions In Aid Of Construction
PaymentsToAcquireWaterSystemsUsingContributionsInAidOfConstruction
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PaymentsToAcquireWaterSystemsUsingContributionsInAidOfConstruction
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ReceiptsOfAdvancesAndContributionsInAidOfConstruction
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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CY2024Q1 us-gaap Income Taxes Paid Net
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UtilityPropertyInstalledByDeveloper
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CY2024Q1 sjw Regulatory Balancing And Memorandum Accounts And Regulatory Mechanisms Net
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OperatingLeaseLeaseIncome
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OperatingLeaseLeaseIncome
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CY2024Q1 us-gaap Revenues
Revenues
149382000 usd
CY2023Q1 us-gaap Revenues
Revenues
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CY2024Q1 us-gaap Land
Land
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Land
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CY2024Q1 sjw Wholesale Water Supply Assets
WholesaleWaterSupplyAssets
8465000 usd
CY2023Q4 sjw Wholesale Water Supply Assets
WholesaleWaterSupplyAssets
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CY2024Q1 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
778000 usd
CY2023Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
748000 usd
CY2024Q1 sjw Nonutility Properties And Real Estate Investments At Cost
NonutilityPropertiesAndRealEstateInvestmentsAtCost
13377000 usd
CY2023Q4 sjw Nonutility Properties And Real Estate Investments At Cost
NonutilityPropertiesAndRealEstateInvestmentsAtCost
13350000 usd
CY2024Q1 sjw Nonutility Properties And Real Estate Investments Accumulated Depreciation And Amortization
NonutilityPropertiesAndRealEstateInvestmentsAccumulatedDepreciationAndAmortization
195000 usd
CY2023Q4 sjw Nonutility Properties And Real Estate Investments Accumulated Depreciation And Amortization
NonutilityPropertiesAndRealEstateInvestmentsAccumulatedDepreciationAndAmortization
194000 usd
CY2024Q1 sjw Nonutility Properties And Real Estate Investments Net
NonutilityPropertiesAndRealEstateInvestmentsNet
13182000 usd
CY2023Q4 sjw Nonutility Properties And Real Estate Investments Net
NonutilityPropertiesAndRealEstateInvestmentsNet
13156000 usd
CY2024Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1355609000 usd
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1394412000 usd
CY2024Q1 us-gaap Regulatory Assets
RegulatoryAssets
240692000 usd
CY2023Q4 us-gaap Regulatory Assets
RegulatoryAssets
240186000 usd
CY2024Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
1850000 usd
CY2023Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
4276000 usd
CY2024Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
238842000 usd
CY2023Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
235910000 usd
CY2024Q1 us-gaap Regulatory Liabilities
RegulatoryLiabilities
472433000 usd
CY2023Q4 us-gaap Regulatory Liabilities
RegulatoryLiabilities
464167000 usd
CY2024Q1 us-gaap Regulatory Liability Current
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2480000 usd
CY2023Q4 us-gaap Regulatory Liability Current
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3059000 usd
CY2024Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
469953000 usd
CY2023Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
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CY2024Q1 sjw Regulatory Balancing And Memorandum Accounts Review Authorized Revenue Threshold Percentage
RegulatoryBalancingAndMemorandumAccountsReviewAuthorizedRevenueThresholdPercentage
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CY2024Q1 us-gaap Remaining Amounts Of Regulatory Assets For Which No Return On Investment During Recovery Period Is Provided
RemainingAmountsOfRegulatoryAssetsForWhichNoReturnOnInvestmentDuringRecoveryPeriodIsProvided
42598000 usd
CY2023Q4 us-gaap Remaining Amounts Of Regulatory Assets For Which No Return On Investment During Recovery Period Is Provided
RemainingAmountsOfRegulatoryAssetsForWhichNoReturnOnInvestmentDuringRecoveryPeriodIsProvided
43141000 usd
CY2024Q1 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
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CY2023Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
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CY2024Q1 us-gaap Income Tax Expense Benefit
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2231000 usd
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CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.16
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CY2024Q1 us-gaap Unrecognized Tax Benefits
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CY2024Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1538000 usd
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AllocatedShareBasedCompensationExpense
1199000 usd
CY2024Q1 sjw Number Of Subsidiaries
NumberOfSubsidiaries
4 subsidiary
CY2024Q1 us-gaap Revenues
Revenues
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CY2024Q1 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
121469000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
27913000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
11699000 usd
CY2024Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
28370000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
17584000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2231000 usd
CY2023Q1 us-gaap Revenues
Revenues
137296000 usd
CY2023Q1 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
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CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
26296000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
15772000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q1 us-gaap Assets
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CY2023Q4 us-gaap Assets
Assets
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CY2024Q1 us-gaap Assets
Assets
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CY2023Q4 us-gaap Assets
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CY2024Q1 sjw Number Of Subsidiaries
NumberOfSubsidiaries
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false

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