SJW - Earnings call transcript Q2 2019

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Operator

Good day, ladies and gentlemen, and thank you for your patience.

You’ve joined the SJW Group Q2 2019 Earnings Conference Call. [Operator Instructions]

As a reminder, this conference may be recorded. I would now like to turn the call over to host CFO Jim Lynch. begin. may you Sir,

Jim Lynch

Officer; Welcome for Second is SJW the Chief Chairman operator. Chief James Results Officer. Financial Eric XXXX Conference of Executive and President Call Group. Board, I to you, am Quarter Lynch, the Financial Thornburg, and Thank Presenting today

those like along, to For slides are remarks our who our on would available website follow accompanying at www.sjwgroup.com.

statements. and website begin to on remind this forward-looking presentation like may based in presentation, our you on would related statements I by today's the posted estimates as of made that trends, appropriate assumptions Before historical other we materials circumstances. current as are These and contain company the developments that light future the its are believes under expected experience, company factors and conditions well

and cause differ the forward-looking Many the to those or results actual company's implied performance expressed could statements. by from materially factors

presentation, to X-K the to copies actual recent be For the from statements a could that XX-K, our brief cause www.sjwgroup.com. this refer Exchange and which description Securities obtained factors with of of be and may release XX-Q and different those forms results press of we you results filed more some Commission, in at financial to

any update of as and forward-looking are statements All made or statements. SJW duty Group today, such disclaims to revise

ask You at will presentation. the the opportunity questions have to end of the

XXXX. an the webcast of recorded will archive As until reminder, and is available October webcast a XX, being this be

and press access can at corporate release the webcast You our website. the

call turn that With I now over to the Eric. will

Eric Thornburg

of SJW Eric you joining I'm CEO Chairman, everyone, Thornburg, President thank and Thank and Welcome, for you, Jim. Group. us.

on our by updating with merger Let you Connecticut me Water. begin

Connecticut Authority Counsel. approval Utilities Energy have with on reached settlement of Consumer progress excellent with X, with PURA. of report group pleased filed agreement a make application to Regulatory and I'm the and Office Department SJW April Connecticut that Environmental to our Connecticut's joint and Water XXXX Protection continue merger Public or We

and proposed commitments customers. will and long-term protections enhances environmental additional The direct and agreement in supplemental the customer provide control that to our settlement clarifies deliver local financial application enhance benefits,

a The and approve Accordingly, with deliver settlement pathway in an stakeholders. community. and will filed and we on July filing agreement transaction employees, X, to shareholders, the with merger closing XXXX step of marks our many the key application important the the PURA benefits to this the those request customers, support to it

the a XXXX is and schedule decision XX, determined has to the August on expected next PURA complete final procedural and steps proceeding. A on X, XXXX. decision the September draft

XXXX application subsidiary X, filed Company, merger. of Maine of a operating the Commission Public seeking Water May Water on Maine an approval announced Connecticut new As with the Utilities

shows long-term the The serves merger customer employees, interests provides protects and jobs, customers, local that the new communities. of benefits, and immediate Water’s Maine application and

we clarity continue much quarter anticipate September The final any have do material on to as that processing third Maine XXXX we the transaction not on in will schedule, developments. the will we decision a updates While track do timeframe. the close and with in to be of provide of course is rendered

throughout SJW and financial of process. results QX of Jim now will analysis things with to support turn this other over you continued and review who detailed patience that, your provide for commentary. a and With you Thank I'll Lynch

provide business will Jim's additional And Jim? regulatory after remarks I other on and matters. information

Jim Lynch

you, Eric. Thank

billing on case a related by agreement rate our Investigation and our offset partially to the past surface water use the results or customer operating reflect California quarter positive Order decrease of in increased increase and in practices. second in of our settlement California California filed credits impact customer Instituting Our our general customer a OII usage supplies

$X.XX the $X.X second of share million, quarter $XX.X of per million XXXX. Net second XXXX This revenue income diluted the $XXX Second which for or share. revenue with diluted was quarter million. per $XX.X increase million $X.XX of or was reported was million for a quarter over compares $XX.X quarter

XXXX of $X.XX on investments compared increased XXXX. per fund quarter contributed to contributed money $X.XX second the market new the quarter $X.XX per rate and per surface increases During of share share, interest water, availability contributed share of second

These in increases $X.XX water to past were of offset due equity of per $X.XX XXXX, by share share due the per to to dilution related lower we decrease $X.XX issued usage, December share per and customer settlement Division a Public California over the Protection with $X.XX CPED and items Commissions’ Consumer decrease share. per the in of a Enforcement other billing agreement Utility the practices or company's

the $X The million credits is requires company subject commission utility to in to recovery. settlement CPED, $X.X final with investment is in return not approximately plant in or future allowed which pay approval, million customer rate agreement the invest and that

investment to from initiated utility months be the is plan within The approval required of agreement. CPUC final XX

During the to offset an second settlement for customer quarter, reserve revenue. we established the with credits a

record will at investment investment made. We the utility $X the million is in the time plant

OII the in his on details remarks to follow. additional provide agreement will settlement Eric

comparative resulted the our quarter, rate $XXX,XXX in analysis to memorandum net was by added in $X.X second last $X.X for customers. change and over balancing added and quarter. million accounts increases revenue new new of additional The Turning million year, second the an

water customer to These million expenses due the accounts increased memorandum primarily the per quarter cost to $X.X credit during of the in power and million cost by partially The balancing compared $X.X second million of unit water of impact purchased quarter customer offset usage. increases and Water and for was were million. $X.X $X.X increase $X.X of recovery XXXX. OII the lower and million higher production

during decreased to $X.X $X surface water expenses increase second by of lower increased million $X.X partially quarter was primarily taxes due offset This the million to Other was in in in of income $X.X an depreciation XXXX million operating increase and higher additions related maintenance cost, $XXX,XXX. plant and and compensation employee customer in expenses, than utility and which general pension to usage administrative related cost higher and taxes. increased other higher million production $XXX,XXX

to Water. $XXX,XXX a with by decrease our related offset Connecticut merger Partially in expenses transaction of proposed

XXXX, X% $XXX.X was year. a was For last which million, of over the revenue months same the increase period six

diluted Net share last income our was to or factors The for compared half during as half those quarter. the $X.XX the $XX.X year. for or contributing period noted diluted share per to of results million same million the first were of same per the first XXXX $X.XX many $XX.X

Increased funds $X.XX availability of new share. and surface water market per $X.XX contributed $X.XX share rate interest money per per increases share, contributed on contributed

balancing water decrease and in other usage increases memorandum share $X.XX production a by XXXX addition, recognition our contributed $X.XX to and contributed the $X.XX equity share other per These net per issuance per certain were In December, increase and dilution per $X.XX items $X.XX share. due share of accounts in costs. per share offset

related we to experienced addition, on and $X.XX CPED In and per per past of depreciation amortization an company's the increase billing $X.XX agreement settlement recorded the practices. costs in share share

balancing million increases Rate additional the attributable were customer in increases, usage $X.X year-to-date attributable net in million revenue, new water resulted by OII due changes $X.X was the $X.X memorandum million and and in to customers. was $X.X customer an million credits. partially million accounts offset lower the of These to new to $X.X

$X.X costs, an $X decrease months in the the decreased was of surface of Water a lower in water due million and of This XXXX. six million increase million production $X.X $X.X production primarily use cost decrease to cost first expenses balancing per power, accounts. is water $X.X and for water of a increase This usage. and recovery and million decrease in partially by purchased offset million customer in unit memorandum of higher

expenses increased operating XXX,XXX decrease general a million transaction expenses income due offset in higher six primarily $X higher first in in of merger our Partially depreciation by and million $X.X Other $X.X $X.X administrative CTWS. and million related the months XXXX, taxes in in than higher million expenses other to of to with proposed expenses, taxes.

new market of million fund the equity expense investments earned income December, on offering. and of money company's proceeds from Other interest income XXXX included $X.X the

in our our Turning to program, funded XX% half bringing company the represented company expenditure in XXXX funded million added of $XX.X second for of planned total to $XX.X capital additions first we XXXX approximately of the million. This plant quarter capital year the budget. utility

primarily XXXX collection million The the XX% result balancing of memorandum increase income was items accounts. half, and increase net in of and in operations non-cash first capital flows Our XXXX. $X.X same for cash general a the million and working after over increased in from increase $X.X the a period adjusting

increase billed of million utility and previously were increases a taxes net of and offset the had accrued of additions plant short in financing available partially by lines of million payable term $XX the $X.X in receivables. end operating our we and These bank for credit decrease At $X.X a activities. million quarter on

over that, turn and I the to Eric. will With call stop back

Eric Thornburg

Thank you Jim.

developments the a Before in to opening on I'd touch up the like to questions, few second quarter. floor

its regarding and Commission staff Jose with the billing fair Water's California protection During the review of resolution a Utilities period worked to the of past we practice. its San reach consumer some Public

received representing a Water in OII to approval Jose division if his approved billing our with through protection the has agreement issues customers with into amount in all approximately further remarks, service period settlement resolves consumer charge resulted the Jim discussions rate past changes proration San of and for have noted that as reported, XXXX. charge and the by $X XXXX enforcement of refunded practice. June, CPUC service the And previously million. As That

credit Rate to to $X.XX through the period customers. of include customers XXXX, which recovered Assistance an of investment not future May system the will XXXX agreement from $X the settlement of provisions $XX per for raising on payable customer their a of water million $XXX,XXX Program our refund into Key Water capital onetime a million additional be and currently

us rebuilding relationships our outcome strengthening to on We believe continue fair and forward customers. allows this is with and and focusing our a move

issues Jose rate Additionally, issued the on the San Water's CPUC resolving final remaining June case. general XX, decision its XXXX in

reconciliation demonstration the adjustment recover of San hydro an amount authorize year file over three to While development $X.X generation million. of advice did a letter related research decision of Jose mechanism memorandum water the water mechanism, this Per and the decision will denied and sales the it the account period. recovery revenue balance

Turning the effect that known to investor pieces owned on of utility specifically. are Texas as two SBXXX XXth Session are SJWTX and September X, Legislative XXXX at HBXXXX. the for believe two developments produced will of legislation and These more pieces positive large take legislation industry we and Texas

assist case. SBXXX costs charge next wait investor for available which and to and will in currently the improvement the aging improvement facilities charge or and distribution paves states replacing greatly the other in and Connecticut to a rate associated of pipes owned until without handful system general failing recovering system with utilities way similar having Maine a

HB XXXX fair making acquired rate allows value purposes. utility for Texas a market to value in assets at

municipalities and of enables services. safe into the and to capabilities wastewater operational tap utility continued water investment to the legislation ensure investor and the industries, Importantly, expertise provision owned reliable

constructive more that includes help a language both track wave of identify regulatory growth across utilities and the through a remain failing also our facilitate environment of and state. bill about for the organically could acquisitions, prospects This will record we and optimistic consolidation SJWTX. With

SJW high Turning growing Group and two in our systems business. vibrant quality water economically to operates overall regions. currently

We continue financial proven operations management our investments plan, to execute class also of world deployment to on on keenly remaining continuous technology, focused employees water through improvements deliver our the in innovative our and in while service. business

Through the are will of initiatives water Connecticut well big and well Group. national and at our that diversity, as of as added regional growth scale SJW investments geographic success, organic the various driver with be as advantages significant will a future underway combination other our

support. answer confident I'll might the to dividends. deliver to and Over we and long profitability, our Thank continued earnings remain that sustained ability you have. growth questions for you be any happy in your haul

Operator

comes sir. the you Instructions] of line question of Durgesh Evercore. Our from Chopra Thank first [Operator

open. is line Your

Durgesh Chopra

Can – that the rate Hi have the mentioned RAM, What of they disallowed with business? little start Can folks, a you guess, impact me at sort that good does end. in elaborate on the start the we there? for just morning RAM the the afternoon, impact of the good Can bit? your we I case. you

Jim Lynch

Yes. Well, Durgesh. Jim is this

of the we extent conservation call have at Water XX% the to that by believe if droughts So, in Santa to in then is region the Board I which Resources company. the memorandum under primary, water we Valley account to supplier Control do restrictions in you operating level. occurring district, at well in a conservation remember, were California for our that as that place place the the in continue as operate XXXX, currently And, response a put state water Water was Clara ongoing

manage mechanism help And of driving chief that and in conservation which if the continues is water place to to message, usage. as continues influencer, we so will, be really us in you terms the

the purpose in with that reflective So at recent have this mechanism. the the the new the least an is meantime, has our become of would number of full most rate last more experienced place conservation in-line In same usage decoupling serve currently actual effective authorized few more we've kind cases, usage as we actual level as usage through in device that a otherwise that the usage number number, of we've years. navigated

Durgesh Chopra

after Okay. All on follow-up right. the Maybe call, Jim. that we can

Just am time review? close can your on your the talking on line factored I are I – for you Have when the thoughts XXXX, potential the this for in this into – QX that merger line? what California application is about, that time the

Eric Thornburg

your Eric. Yes, you, interest. is I and thank Durgesh. your This appreciate call

approval from As do, prior we queue, predict we're not authorization and Utilities Commission that California our believe CPC prior Public exactly on precedent what state, we is based will are required. to we the in practice the no able there but do

other in about in is required there. approval there investor-owned utilities no states, think just making you other water the acquisitions state process If

confident So feel in we that. do

But work and our and make to have in fact, well. the demonstrate that respect on case customers. for California their the negative that interest sure it and look process, And we expectation point information sure forward we there no California them the all impacts to will need. they with as customers we said, the in that it general that make to being benefits next is that cooperate, they to And opportunity positive rate will the are

that the we a approval on and with about. a was was cooperatively transaction merger came it, not this recall of just first the believe under any And again point equals as work in the authorization required we of is to we'll transaction. put PUC, bit there or – really So you'll that when an began announced do but interloper model OII always, quite California noise marketplace, of

of of that to was course, the changed so changed an in CTWS, of as it was and interest acquisition the transaction, transaction then, premise And there the when outright well.

this effectively, can we we all once think will get with and proceed So resolved Connecticut in efficiently close, approvals Maine. regulatory considered, that forward and we receive and

Durgesh Chopra

it. Got

clear, it's starts that then that is Connecticut like OII to Maine, mean, that just yet, guess, that I is point be right. ask guess, are what's need is have to Or California a acquisition? – a sense complete trying your resolved but I'm on? the of basically not going of from – decision do – in you sense be what So – where OII, and I you over there to the from you still to is, I do once kind formal

Eric Thornburg

March, earlier suspended implications Jose the OII order that rate potential not believe in completed believe any towards in were close. customers. of for California OII for processes us the But do to it the once other year, approval regulatory was OII the the in the that was So I believe, then we has the to completed. We will point intent of OII in next and sort be general states to to that San was restart address case Water

certainty do. regularly I predict for California as will we them, together stated, nature PUC But we're the again, very That's make have construct. the to we're information. cooperate, in customers. all absolute benefits what not have able we're with the of queue, will will But confident to California sure we reflect with that the again, just But they work

Durgesh Chopra

Thank you time. the I very much. appreciate

Eric Thornburg

in listening today. for Thanks

Operator

Thank you.

Fargo. Wells Jonathan of question next comes from Our Reeder

open. is line Your

Jonathan Reeder

Hi, Eric and Jim. Hope you all well.

Eric Thornburg

Jonathan. Thanks

Jim Lynch

Jonathan Thanks

Jonathan Reeder

of what board? billing this Should practices think OII of WRATES not be settlement concerned there would you that the is all we CPUC is? the Eric, prospects at approval into on

Eric Thornburg

support approved get period commission. Both know, optimistic. refund that to, of your settlement. by and able were the the parties, we the settle will We And feel earlier as course,

same the that. So I this of spirit in believe is

So get and share I and chance look and in them to optimistic front it. to with them of the forward settlement am support

So yes, I it. feel very good about

Jonathan Reeder

Okay.

they like even had at saying whether chance WRATES this you're hasn't it not juncture? a So say to or support

Eric Thornburg

not that us of and heard WRATES that the it. settlement do the settlement did But would examiner a fully we parties aware feel they we'd I've support fair so in position feeling hope with again, and the settlement. it's join in call stated that participate by hearing specific and they're the a them. and

Jonathan Reeder

Okay. you XXXX GRC pay settlement, was And that included year, what already correct? earlier was the when last in approval

Eric Thornburg

refund time now And the was when years rates that just made of error, through XXXX. where It's listener point the XXXX fixed we was in who from a the right. interpretation. changed. was an this the over or the hasn't maybe didn't That's service we charge know error – error. the an system period year That listened really of it stems It earlier really in, wasn't of we at for inform interpretation remind just were company's tariff this an prorate

And believe, – made. to of we've XXXX we of over think, settlement, I asked that. little little and for apologized less and them $X.XX XXXX, this is right, for and we've refunded, believe, per period to we the was it's fair it customer than to our actually, I XXXX bit the We for a that error customers that period XXXX

you're of So $XX the over years, period a at customer. about looking $XX,

Jonathan Reeder

Right.

Okay. thinkings Water can expectations any settlement have what merger accretion your around Or light updated of you let you do are reached accretion? know Connecticut And in Connecticut? us then just latest in the

Eric Thornburg

Absolutely.

a single-digit Connecticut that and a that by rate year – this we rate As in case or file year. in neutral to in rate going is accretion do second mild not very up last the full and we've their XXXX they case, first before, the were said driven the XXXX. rate credit in That Water put delay commitments front. and was case effect we high dilution in after full primarily And expect the close

expect XXXX the our new driver so with And with primary delay. file in rates XXXX. they that's in commitments of process, that And and would to this

Jonathan Reeder

we PURA perhaps when clarity and his might appoint sense term? on Lamont the new any is that then And serving beyond commissioners current commissioner get Governor current Okay.

Eric Thornburg

to commissioners my I'll reappointed. been colleagues on make I on sure heard thinking Jonathan, let at back Water developments I've have the new not – no that But me was have circle we phrase. I But new nor that that back commissioners. accurate. heard have and have you last circle Connecticut any

Jonathan Reeder

Okay.

And OPA's indeed doing doc. response – supplemental OPA's? new Maine yesterday, essentially anything to to see to the posted testimony as know your Was response in testimony then the and but I Okay. the the your we're

Eric Thornburg

is we the testimony, – But did that Maine next believe, So filed we testimonies rebuttal had Rick President of some Water, some I have and Knowlton, be both week. Friday. to last I filed supplemental

that should so And be there available. out and

Jonathan Reeder

that kind of you Right. testimony, I mean, what rebuttal guess, essentially outlines will position I be.

Eric Thornburg

and – We'll in course, we continue, discussions settlement Maine. in of to engage Yes.

As settlement And they have they And they've the to don't know, closing Connecticut, receiving as make they on Connecticut to up that which to They track possible. date But had a hold forth Maine a wants reasons working we of put sure I progress I for there. and through we're want Water get making not their pointed understand you also don't for to our meetings, close expressed get of we're there. a mentioned, as final order. an that number ahead intend as and We've really out. good that. results

sufficient could in third in in get still we quarter. an that to think September, time close the So we order

Jonathan Reeder

implemented? and Okay. time the getting Texas fair legislation on line value And legislative the then lastly, DSIC What's for process update. the market and

Eric Thornburg

Commission the to but conversations We'll simply commitment aren't them, least Yes. them. regulatory I and think Utility need Public new judgment, help then. enable designed were the had we've to Texas the formulate some regulatory specific tools, team the in The to a in enlist with to themselves preliminary commission my at these question. more That's the implement for the in and enough work actual at to with process bills good staff

So they're interested industry from hearing and the engaging in as well.

likely suspect I And more would this benefits in of see you any so won't XXXX, in XXXX. probably

Jonathan Reeder

hopefully and move we in that in Perhaps forward would be there… Okay. place XXXX can then

Eric Thornburg

about… Yes, we're excited very

Jonathan Reeder

ahead. Go

Eric Thornburg

systems That just But then later new. as it's speaking more I – there years, that, value many grows to medium-sized we're component. for might think, charge I into be There a a investors-owns. system in with so municipal we excited benefit It that be now. our was Texas, will say, tool relatively small, on there. going up but to in us rapidly, with nice early And fair in about much would and the now it's growth not interested improvement just really real market system, tool have glad we're real replacement as keeping move the the the we distribution era. are

Jonathan Reeder

that's it start rules It little that from in in actual there's and And place, going that is small- since to a early conversations you say. too vein, this I not but seen early medium-sized Or too have to might was happen? Yes. be what systems juncture? those at the just

Eric Thornburg

until for what some system we to in get that the on infrastructure, in and the Yes, players municipality worth, talk will of be it's now now well, real interested commission and go industry. but we'll really as us for early. terms in that, you that other approach speak clarity opening how And can ability in as aren't terms communities need the with their managing the it know, a is different utility

recognizing regulations all PUC but that to get all – that parties. to of needs done are those the hard work clear really so So the

Jonathan Reeder

for time good you with plate. much all luck got And the Thanks so matters on answering my questions. pending understood. Yes, your regulatory the

Eric Thornburg

your excited appreciate nearing as and to appreciate by really of people, be been but hard that's support of Yes. a interest We end work well. I really the lot it. and lot We're a

Jim Lynch

Thank you, Jonathan.

Operator

you. Thank

Our Gaugler line of of Janney comes question next from the Michael Montgomery.

open. Your is line

Michael Gaugler

everyone. morning, Good

Eric Thornburg

Hey, Mike.

Jim Lynch

Michael. Hey,

Michael Gaugler

your a of I I are Is of general kind fair Texas. get now? also something the you know side I just and market? And on question value that a terms both kind wait out acquisitions a in there guys at time. of sense on versus right mean, got this the just that there to in potential target for that is all you done on looking understanding side now trying of

Eric Thornburg

the proper and clarity you be obviously be around some would the regulatory is would wouldn't in it. I guess, in the in order term seeing would but they want value that be that just and think, clarity what you effect, probably change that such not support pay I treated most how have premium, certainty would commission to now in to a can – premiums and it to view more Mike, have interested

do them So to think important that work with get and it's I right.

so for. industry has as that that regulators, And of as in an and the looking results cause don't controversy get everybody we what working any and they're clarity with terms

Jim Lynch

I think final necessarily small Yes. to avenues attitude wait their if those wait-and-see for that the a don't in interested acquiring are there's something existing folks may systems. in folks are Texas the systems, can to medium-sized interested be approach until in they out. which doing get Certainly, come – systems, with or who regulations there

occur. to comes more once Texas out. to think for now potential things think But see you're are the is I what a that in legislation waiting So I on does don't and hold acceleration likely necessarily right

Michael Gaugler

bills? income water and California And costs. right. between $X a $X generation costs know million maybe enough I somewhere it those purchase were lower back and you make take doing million prices own were just we are I an wondering some other power your state then one item. just annually of and took through where on paying one, All I a look high mentioned does am this, to look at power purchase you sense, power in up.

Jim Lynch

allow prioritized in sizable there's the of move we by at other more a that recent us that there. not some applied our on cases plants projects for Commission to things this And projects the within Utilities they solar favor point, of been in rate been in of have to more interest higher. each has particular California forward projects one lot case, our Public those Well, of

So power see offset to to could really of only I costs. continue commission. power as solar of the projects our such we certainly we some future the turbine-generated to and think But we would those potentially as of the types alternatives, with support cost undertake look increase,

Michael Gaugler

just know the else wondering your realize generate but it. would someone usage, with integral could about I that. if power on thought splitting backup where build a cheaper centers and prices you getting know on – like indifferent an power of or that the commission are major if it I mean, soon I going maybe someone the in play just they're around – it, I it, anytime doesn't a and you're to just using power and to in else don't build I it didn't neutral because grid California. look, role scale don't with and go Interesting. look what's as

Eric Thornburg

Yes.

at a weren't guess, ways really as was the all share course, reduce with you forward, you the raised we of good this CapEx But always will, terribly those We had to you we're we recovering I referring through that would out. of experiment, You customers. we carry do if expenses the and that, went looking generation that costs. Jim hydro of of put benefit and those part forward And did recover have, to, point. but GRC, of benefits three-year promising. results the look, that

to open-minded those remain we'll So well. items as

Michael Gaugler

I had, gentlemen. all Great. you. That’s Thank

Eric Thornburg

Thanks, Michael.

Jim Lynch

Take All right, care. Michael.

Operator

Thornburg, queue, I'd over like appear to CEO, to back Thank [Operator And questions to further any as Eric in remarks. call the turn for Sir? no Instructions] be you. there closing

Eric Thornburg

And you, talk. thank you, everyone, to participating today We're and Yes. call operator. for your Again, in thank always the questions. available

we're much. If let us follow-ups, Thank near further very you you support, future. and on proud We and really growth know. strategy. progress appreciate you don't our in talking And our please look hesitate your to forward have the executing any we to

Jim Lynch

you. Thank

Operator

participation, conference. this wonderful day. you Thank gentlemen, have your concludes for a Ladies and today's and

lines You your this may disconnect at time.

SJW (SJW) 25 Jul 192019 Q2 Earnings call transcript