SJW Group has recently released its 10-K report, detailing its operations and financial performance. The company, through its subsidiaries, provides water utility services in the United States, operating in two segments: Water Utility Services and Real Estate Services. It offers water service to approximately 232,000 connections serving around one million people in California, 141,000 service connections in Connecticut and Maine, and approximately 26,000 service connections between San Antonio and Austin, Texas.
Business Developments: SJW Group's business strategy focuses on investing in regional regulated water utility operations, regional non-tariffed water utility related services, and out-of-region water and utility related services. The company seeks opportunities to acquire businesses and assets, but acknowledges the risks and costs associated with such transactions. SJW Group also engages in real estate investment activities through its subsidiaries, owning undeveloped land in California and Tennessee, and commercial buildings in Tennessee and Connecticut. The company has identified critical accounting policies related to the recognition of regulatory assets and liabilities, balancing and memorandum accounts, and goodwill. * SJW Group's financial condition and results of operations are influenced by factors such as economic utility regulation, infrastructure investment, compliance with environmental standards, customer growth, and weather conditions.
Key Financial Metrics: SJW Group's total revenue for the year ended December 31, 2022, was $436.7 million, compared to $414.3 million for the year ended December 31, 2021, representing an increase of approximately 5.4%. The company's operating expenses for 2022 were $278.4 million, compared to $263.2 million in 2021, showing an increase of approximately 5.8%. Net income attributable to SJW Group for 2022 was $62.4 million, compared to $59.3 million for 2021, reflecting a year-over-year increase of approximately 5.2%. SJW Group's total assets as of December 31, 2022, amounted to $1.8 billion, compared to $1.7 billion as of December 31, 2021, indicating an increase of approximately 5.9%. * The company's long-term debt as of December 31, 2022, was $569.6 million, compared to $532.1 million as of December 31, 2021, showing a rise of approximately 7.1%.
These figures demonstrate SJW Group's continued growth and financial stability, despite the challenges and risks associated with its business operations and regulatory environment. Following these announcements, the company's shares moved -1.4%, and are now trading at a price of $57.34. For more information, read the company's full 10-K submission here.
