SJW - Earnings call 3 2022

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Operator

Good day, and thank you for standing by. Welcome to the SJW Group Third Quarter 2022 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Andrew Walters, Chief Financial Officer and Treasurer. Please go ahead.

Andrew Walters

Thank you, Shannon. Third Results XXXX SJW Call the Group. to Quarter Conference Financial for Welcome presenting Thornburg, Tang, with Board, will Relations. today I be Eric Regulatory and Chief Officer; of President Executive Chair and President John Vice Affairs Government and the of

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

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

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

of results some be we that of financial the different description and XX-Q forms or disclaims the duty filed of copies be may today, which and made statements XX-K, website. cause Exchange to refer in SJW statements from on a and our the and Group this presentation, X-K our most press of obtained All update as statements. Commission, actual to to forward-looking results recent factors Securities revise with such are For any release you could

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

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

turn You Thornburg. call Eric can our over Eric? webcast at corporate website. I access press the will now the the release and to

Eric Thornburg

healthy of Group. building my honor employees XXX-plus Eric I'm joining We President, is thank thank and to and it and our Chair, everyone, Welcome, for and us. you serve SJW as service CEO for Thornburg that no a serve of their reliable culture environment. know for and environment, communities, customers, each a service, substitute clean and there's other. natural water, They to drinking the commitment maintaining and

his values company's local built leadership executive August. expertise Hauk of and our aligns Bruce's build impact growth in productive has track of acquisitions, general footprint a Group's as a headwinds and multistate water XX quarter business an record strategy in transformed our SJW capital and We solid member case and on regulatory style team that industry, us with with our successful and and the despite Bruce proceedings. to team. already regulators California expanded had continuing development officials. in years welcomed our Over His relationships making We third utility will in strong working leadership delays and water some our wastewater company. cost led by a operations, rate into he's

January Public be Public to Xth, GRC ended, the XXXX, Our retroactive was Commission revenues, by just settlement which increase with XXXX reflected October will agreement the approved be after California QX. in the Utilities Office authorized the quarter Advocates in will on Xst,

the our of inflation all this but the across where economy. for team not our we're Our In operating some overcome blunting an service, deliver at our on In and and importance financial lead will reliable on and and Biddeford, center Saco Resource allowed come sectors drinking water operations, Andrew people, is The inflation century. we quarter, is issues of possible, the Maine. the is communities third next raise impact of as facility California, serve discuss to reliable $XX our target that per water annual environment. will High-quality the to the focused has we our a Water in reaffirm of Drinking commissioning commitment the treatment spending the are will challenge, caused community We Center the the $X.XX capital Andrew? is adjustment. resource Walters $X.XX is expense to guidance inflation to drinking water about River share. chain the quality, other awareness water The our of generational of our environment. In for the celebrated customers start. in also times into results. XXXX expenses million materials many now projects. supply Despite our that capital XXXX. preserving treatment is a our the longer it protecting affecting have just investment Likewise, necessary and

Andrew Walters

our in $X.XX $XX $X.XX per a account. or The at of per results. the conservation $XXX million. million utility share California of consumption, on lower Thank business, of cumulative on savings for diluted share share to quarterly by per Reporting per diluted change quarter increases net increase revenues for due was million quarter compares operating you, share or income quarter Eric. of share, third in revenue close and $X.XX This driven to XXXX $XX.X the memorandum rate customer California the water net our impact cost diluted production, the $X.XX earnings we per income of surface released $X.XX of an due share million. Utilities Yesterday production to of XXXX our water increase a primarily per $XXX.X

increases regulatory water were result otherwise discuss per a I later our known of share per as decrease sales, of offset Connecticut per account, changes mechanism, water $X.XX due share utilities to WRA will revenue partially a a These of in $X.XX my which decrease adjustment $X.XX a and increases by comments. share, lower as production cost in

a Also further The and settlement reduction with on we Eric at water call a declared Valley the Water, the Commission under office California XXXX. comments utility public by operate our of follow. the applied agreement compared Xst, supplier. advocates impact approval our consumption his for note, XXXX. as on mandatory to calls received retroactively to the Xth, declaration will to As water January noted, wholesale conservation in XXXX. the will be from for water October decision continues on XXXX decision to California The in XX% provide information John

and customers. California conservation in of for our by quarter, XX% third residential decrease business customers usage a the for resulted During customers XX%

to We attributable regulated under reduction, in million of revenues. in revenue of balancing which related quarterly actual water Connecticut the Of revenue increase cumulative of increases million the $X were WRA. mechanism. to our and a customer decrease recognition by increase the $X.X adjustment to million Monterey in water These occurred million mechanism. compared and in increases memorandum decrease to recognized decrease due million rate $X.X the revenues $X.X regulated to allowed million of utilities million to quarter WCMA a the WRA third to $X revenues California, $X.X to partially included a align the offset $X.X million and was and million of $X.X usage $X.X XXXX. The related Turning accounts primarily

a production was in higher regulated compared partially administrative the operating production. by Water million and exceeded $X.X depreciation periods higher to in expense decrease of quarter to water increased partially expense tax actual rate per in surface for costs. a usage quarter. million by increase The and an The in revenue increased increase during a Other as million rate monthly tax of The California million an repairs average third to third of customer XX%. unit million quarter, the income due was previous XXXX Connecticut The third revenues of the operating the by in result increase accounting labor in in in lower quarter effective usage expenses, revenues of $X.X timing primarily Connecticut related $X.X $X.X million to tax effective $X.X water costs to million million general the XXXX. third our to compared increases Water expenses from expenses and to X% regulated and tax offset the quarter due the under our utility. for primarily was mechanism, quarter shifted the authorized cost, a change for change in $X.X in which included the XX% decrease increase method $X.X third XXXX. offset primarily $X due

increase months Turning was the share our of in diluted $X.XX $XXX.X change in $XX.X decrease an $X.XX share California $X.XX costs to of property, net non-recurring XXXX of cumulative diluted of usage X months memorandum or to of balancing non-utility per of production of same months sale or XXXX by prior a per XXXX. of a ago. the diluted X increase from of and TWA compared share a per on compared and $X.XX decrease the surface million $X.XX for and the to the share, increases increases first X production per X% first due purchase million, income $X.XX share decrease increase holdback of in to same production, results Net an share, attributable the Revenue in WRA. recorded consumption $XX.X share in offset XXXX. year. accounts per the California non-recurring water share share in rate per in period $X.XX per for the increases gain during the to a first lower The primarily period a These price million cost price $X.XX for Connecticut earnings in was customer per $X.XX year we were impact was share per per

change increased increased and increase $X.XX depreciation of in administrative accounts memorandum and cost the recovery addition, $X.XX $X.XX share. share in In resulted and per General per balancing share. expenses per an California

usage the the revenues of occurs Water case of general revenues $X.X related balancing million partially account has increases, $X.X a rate under X-month year-to-date exceeded to $X.X changes, the included align cumulative was million $X.X allowed the authorized general in mechanism. memorandum increase revenue rate increase case rate $X.X offset in by This to general rate Connecticut the primarily $X.X decrease revenues customers. $X X%. RAM, million and due million which customer Of a WRA, $XX.X case $X.X to related WCMA Connecticut related by revenues to new to and million actual the year-to-date WRA. XXXX of decrease to million a Our million in in case million and decrease rate Monterey was million

higher in comments quarter change in the this addition, water XXXX. difference the my In reverse production the XXXX. quarter the revenue $X timing resulted months months the usage on $XX.X for unit $X.X noted of Water per The million million timing decrease will under million mechanism a was year. of expenses first average higher This X of in the X increased operating months in million due labor depreciation administrative higher primarily in $X.X to increase fourth usage of in Other offset first monthly and in in in million of partially and expense by $XX.X million XXXX, first operating $XX.X our expenses, California increase $X.X X increases surface decrease water to a $X.X expenses million our customer customer in and to general -- costs. primarily primarily due due a a in a increase cost, the and in supply million increased production.

occurred TWA a activity method quarter million tax other $X.X in effective sales compared we holdback, of gain increased XXXX. taxes increased was The the addition, accounts our similar in rate gain million. recorded utility. Also XX% repairs $X.X in related for was property. other a than $X.X similar and released to of in The income non-utility XXXX. our to income No XXXX. In 'XX tax tax X% sale The change recorded was balancing in the was XXXX, in expense effective recovery due Connecticut cost primarily and change to for to was attributed tax and memorandum second by accounting which XXXX. decrease No rate primarily million XXXX income on

our expenditure program. capital to Turning

of company-funded quarter million. added third $XX.X total in $XXX.X for utility the to bringing We plant million have XXXX, the additions company-funded XXXX in

accrued for million. in were payments non-cash payments $X.X over related in million of in increase regulatory and and for assets benefits Our was a $X.X items and XXXX. activity same previously primarily an to operations These account invoiced XXXX capital by of The adjusted of $X.X due from of due an memorandum and million increase of approximately the balances. flows million $X to increase partially offset an post-retirement $XX.X $XX in increased higher working increases general to cash and million accounts decrease balancing for increase period income, million net receivable

to the had we additions plant operating utility months bank $XXX.X first credit rate financing At was costs the XXXX the X average by around Recent available of to for X% of lines X.XX%. on credit further of was and in of street are the our for on XXXX increase line X.XX%. line short-term a period comparison are end of the as The The X.X% borrowing borrowing average million rate on quarter, even credit the projected the during same of of advances borrowing approximately XXXX. activities. and

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

John Tang;San Jose Water;Vice President of Regulatory Affairs & Government Relations

Andrew. you, Thank

San between XXXX the Water Advocates earlier, a settlement CPUC that Jose covers mentioned to for October, in approved XXXX As Office XXXX. agreement and the the Public GRC

in water And be in revenues retroactive $XXX and customers, continued perform million Public safe service water authorized Advocates CPUC's the also every decision. The We utility the reflected GRC of work for this our in of day, to additional the because be the Jose my in water million and XXXX. third by Water in will the support the employees after leaders is a critical decision to I work and both San will and do. extend we January close the investments results. the GRC revenues need appreciative have and deliver continue our fourth X-year deep came appreciation to professionals Office's community and recognition reliable benefits reflected are essential the capital our of recognizing customers those authorizes The budget. and its and $XX.X XXXX system who each decision to Xst, quarter, quarter

an well about has water addressing share the X.X authorized revenue per X-year supply water increase various of share. provide in processed is balancing water versus the estimate estimate adjustments existing other results. for billion memorandum from diluted volatility decision, water further constructive if -- XX%. supply from memorandum of $XX.X inflation revenue will recovery a energy requirement, The approved contribution which San revenue will per update in billion as additional accounts as on revenue of charges from account increase A usage. are X.X gallons accounts, to been any. in XX% earnings an by to recover was Filings revenue full fixed $X.XX We Jose of Water's authorized reduces aligns and the and up provisions we and additional the we prior the The from new and balancing establishes to million actual decision bills $XX.X to interim -- and million being gallons, also lower authorized implement QX's in mix an costs. decision rates balancing cost recovery surface water be Among and final

decrease on proceedings. cost capital Class our of to application The large application index The authorized CPUC. the pending Jose proceeding in for adjusted mechanism San to equity XXXX Drought maintain cost A be cost utilities XXXX the a continue half Water's the structure the cost XX.X%, This ROE XX% water service to capital AA capital is allows equity the XX% X the requested area. mechanism also before a change of of average of rate. and California of by the to capital of requested return debt. a in of Moody's in California previous in bond utility conditions debt,

minimize from in the authorized and maximize the the to mechanisms earnings balancing conservation by combination We conservation and water a authorized account in the month. our its have will promote company's with into XXXX, the earn note, account, Senate our signed to our balancing water decoupling regulatory volatility as to was full should opportunity GRC memorandum a place which of our aggressively industry Furthermore, the return. cost ROE. opportunity the with perform On in law earn Newsom further related Governor last benefit mechanism manner same Bill full and need

As full you longer request mechanism. forward. future the proceeding the utilities XXXX decoupling Water decision them recall, going low-income use from eliminated could no the of

at approve the future The current out phased to time, restores in Senate still rest authority GRC the mechanism to ultimate decoupling CPUC. it enjoy that XXXX ability those application. they the water establish Bill completed decoupling GRC with as utilities' reestablish their For to application. or this or a request, decision cycle

us We recover will while we that decoupling seeking future drug conditions, which in response, a front decoupling establish to conservation ensuring costs. Given also strong fixed allow a demand can on our be aggressive we the believe to application. anticipate

June. approximately the billion our XXXX. to for million gallons $XXX X-year budget advanced authorized in is Planning likely bulk from was the project. CPUC is will infrastructure separate at spend level X.X by the Lake occur project, current XXXX GRC this support XXXX. The the for in The of Elsman underway in capital production the metering anticipate approved through total We which

slightly in this higher and Elsman XXXX. service in shown water in is chart, XXXX bring volume period to or and diverges is authorized, X-year the from the instances recently total This As the recover the same below XXXX, us equal full approved close supply to water on authorized Lake to cost production for in providing mix GRC. average should than and allowing We thereby supply have water energy now a actual costs, balancing in account our where actual costs. what protection

back to will I call Andrew. the over that, With turn

Andrew Walters

in recovery the surcharge million quarter. WICA million Xst, projects third I'm to completed Connecticut, case Utility WICA through with Beach revenue the Adjustment September a Mechanism. you, Old $X.X of approximately Conservation expected January In of WICA community the Public The Water Company is system X.XX%, Water XXXX. John. effective is is the Thank July the Miami its Maine a Utility authorized now million Company rate in Maine pending completed approximately Public general Water beach X Connecticut annualized sorry, -- for assets divisions. in has $XX On in increase Infrastructure which $X.X Authority contributed acquisition for revenues. of small Regulatory water Commission XXrd, that in of customers applications was XXX cumulative The in serves Lyme. This generate the the Water

multiyear our River Biddeford-Saco approved is $XXX,XXX, middle Saco the increase that into million. Cuts went prior generate revenues expected GRC of rate Jobs is The divisions XXXX, and Tax settlement the fourth in in million generational the be Xst, and Act. investment annualized to $X.X those GRCs in was related through related in plan expected company's Drinking X raising rates the would annual gradually revenue online in quarter. agreements division This If decision the July as Resource of to in step a was a to multiyear in on went June. Water were Center the division. the required the and Step that $XX effect This is filed, the

The treatment customer XXXX. reflect was approved system. water of $XX,XXX. approved -- the service be revenues for the charge by of Skowhegan San San new in On proposal for water last by filing with September division third to Xst, the August which increased Antonio and to submitted expected filing XXth, infrastructure annualized operating our our is a early facility the the cost City MPUC On area transfer Antonio the

current associated are in There ownership, is XX,XXX are of areas more transfer, there a the connections. acres in organic connections XXX more has of to X the sewer its serves add area customers our portfolio growing through SJWTX If wastewater no water acquisitions. SJWTX customer to fastest-growing area. approximately X,XXX base than service interest additions than Antonio adding as service supplies, a counties and States. our with about today. XX providing much located XX,XXX water will service completed, San under and and its customer developer this and X years but to With and in to SJW sewer diverse acres Group XXX Austin between now tripled people it water service and United continued and in water base growth as the business, wastewater

SJWTX consolidated about the earnings. are to contributions and the prospects of We increased bullish

XXXX earlier, diluted to we're our commented $X.XX guidance to share. Eric $X.XX As reaffirming per

cost GRCs in in the of capital decision case XXXX. divisional on the the California X Maine Our of in the guidance completion in and is dependent

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

Eric Thornburg

Thank you, Andrew.

which Jose a diversity customers. assistance California the also Company Water the proud reporting our peers. Company Water infrastructure Further, have to I'm San customers Trailblazer places have received water efforts. $XX In the for in framework. comparison companies program. global through Water continue ESG Management Award includes various is state many strong we programs September, Institute strides programs, of a our benchmarking far from Jose to GRESB our Company quartile income-eligible top Supply and SJW and Connecticut arrearage helped the the efforts. utility shareholder additional wastewater diversity in continue Both make for our our so XXXX low-income rate including federal household San secure and program supplier assistance of nearly of water supplier ESG and million ISS such services, water ratings. as offer payment and Group the We group, in prestigious institutional GRESB's reduced assessment for

XX workplace In has addition, Workplace second include Hearst Connecticut award publication. designation the in Connecticut top especially been each Courant about Water and Hartford of employees anonymous company on that Connecticut year of receive based We're that in of state pleased one a companies that is and leadership. media, to areas for only the by row the on from culture an Top survey named the a

Looking has the capital ahead planned million plan to X a Board authorized $X.X with $XXX.X next XXXX, billion over spending our years.

on We greenhouse reduce our are goal gases progress to making by XXXX. by XX%

I We with be the report. And call will that, to our on back this corporate future the documenting goals and the near with to last in turn will an over operator. our other progress sustainability update

Operator

[Operator first Our line Richard with comes from Sunderland question Instructions] JPMorgan. of the

Richard Sunderland

could starting on what could rate this you there. is the of that speak to inflation I'm case Maybe timing seeing. curious impact or bit some the more little regulatory if also, given And strategy forward? something a going you're commentary side,

Eric Thornburg

ask Appreciate few let make well. question. comments on John Richard. And to you, the Andrew a that, perhaps as Thank me

Andrew Walters

strategy think picture got Rich, in inflation we've the the we I in that have. existing mind

other a major XXXX move would maybe our on XXXX. and file forward having I with over turn that will cycle to towards we regular utility. an talk to We idea effective planning it it John utilities for in about California Connecticut during means rates to are or sometime

Texas and will regulatory manage As continuing revenues to that. grow is continues that Texas that do there investment our are with looking to and mechanisms to outpace I continue it though, our utility. at that we relates before to But in

John Tang;San Jose Water;Vice President of Regulatory Affairs & Government Relations

It's think sorry, I in really California be Those rate about going general for just that XXXX we that, are do be our will that. and our attrition factors XXXX. as Having in So fairly to are said published XXXX used. rate year case to application the say. and increases reflected inflation indexes I'm here general our should XXXX -- standard case application, escalation

going include of those will true which true-up up inflation the to are those on We pressures costs. costs,

you California, true our essentially once which As we we in means have up know, X cost a cycle every here triannual years.

so truing around those file we those And will XXXX. be up reflect we application our January when somewhere pressures costs on X, there to

Richard Sunderland

Understood. see with That's very in the and there. the the of how decoupling legislation? turns backdrop and you terms state the legislation, the on twists decoupling water then do helpful history commentary There's And a here, changing there. long and the what's been on some in certainly of side

Just that curious forward. you how see going

Andrew Walters

Yes.

is Senate the the certainly, benefit We utilities. want to electric do. to industry. same mechanism that the as going same think they wanted We the be I the treated have Bill to XXXX really

mechanism don't so that And a decoupling or those we reestablish approval it request for or to have reestablish guess, establish utilities to ahead have and that, I go already.

know, think And to think said the so it's authorized in the very as also We're this getting that, worked our positive a rate step greater you fixed recovery we usage. actual certainly hard, Having we align direction. case really charge. we in in versus -- right

the have cost-balancing full now. We account

opportunity really will us those give working including things, our together, the decoupling, all So you earn to equity. return on of if to are

Richard Sunderland

can versus on million, if Or this flavor I versus one I'm 'XX? is what hand, the there slip Understood. are just of could capital it's $XXX more one you this just activities here. us guess a on I give year? CapEx, budgeted there the changes The just up? the And in XXXX inflation also of your in some side, projects new curious showing in

Eric Thornburg

that colleagues and and a my further those water anything a the our comment. Yes. the Thank consistent and tackling, on and through then, old XXXX, part Again, start have triannual is if blocking years, the similar surcharges prior Connecticut of replacing plan. with you, pretty to in mains of conditions I'll on Richard. And see lot in anticipate all course, California of Maine. recovering surcharge and like depending activating investments Texas there. in We basic

each project recover January. that timely construction notable its that's finish there's worked in that, rate in. large any a not we as can So we than year, Other adjustment really through way

mentioned to just a and here John set about forward. his going commentary, company, win executing the for tone our multiyear we That's significant our in customers forward to a project going excited look As and That's launching AMI. on we're and really that.

about excited that. super So

Andrew Walters

I Eric... think,

Richard Sunderland

I didn't mean there. you cut Sorry, off to

Andrew Walters

Okay, Rich.

Operator

question Agnieszka comes Seaport from next with Our Storozynski Global.

Agnieszka Storozynski

So couple just a of things.

impactful So first cost of in understand about guidance. the with associated dime If did I that a on guidance of you be your assumes reiterate the to that drag a capital, debt the I when capital from true-up going there's happen cost adjustment it's be of of to correctly, this is uncertainty the there going is exactly to cost some proceeding. And understand for if XXXX. that going

some offset I add $X.XX? entire there drag? So to Or if there adjustment, that back were not an is do the to be

Andrew Walters

million didn't reflected number back cost. for that you're our you calculated change fruition, going we've add just of is the And would if would in then come said and in the that right No, it way, that guidance, $X.X dollars it to range. approximate

Agnieszka Storozynski

inflation obviously, costs. SG&A in then And show you Okay.

So versus GRC going under what portion is be what recovered of of it, which again, and to your it is roughly the counseling roughly and percentage original a -- expectation? drag

Andrew Walters

Angie, we the calculation, authorized time that approximately of versus we you for actual, XX%. takes the It a made I will drag do have haven't tell but actual we necessarily and could -- that authorized exact the inflation when time actually case it the that the to it can due due takes It file and disallowments. rate is outpacing effective. to be be adjustments to between

that you a differential. sense but of least a at different gives versus few the So authorized there's factors, actual

Agnieszka Storozynski

this the ]. to potential just on moving then And next Okay. year's GRC for with [ filing decoupling

purchased the the from said, approved you the there cost volume of the mix changes yours, exposure GRC, protected cost the water. as under in But the the some you're purchased and of of sales So water against is current recently a perspective.

the So currently Is that remove true in risk factor this fair? that you basically California. could last mechanism face decoupling

John Tang;San Jose Water;Vice President of Regulatory Affairs & Government Relations

in more that's fixed Yes, we're Angie, than the it's now think I Tang. we've Yes, before. absolutely ever John recovering fair. And cost

that with floods. the compressed water between will of we're the droughts it some And in and Certainly, adds volatility. seeing we're so predictions oscillating challenges change way, and risk. supply climate Certainly, a more that that blunt to that here

we think And mechanism the we full mentioned next rate our authorized Having so and that, if in view we ? said that benefit. a certainly in long the WCMA decoupling it we get full mechanism can have now my well so account. as continues. I full a case, positive cost essentially decoupling decoupling I that this drought And our do as will balancing comments, as as a through have continue as to

Agnieszka Storozynski

mention And Andrew, then you pension ] drag last those the do guys like question tracked. not associated [ ones value in are drop of not my with the that the any -- is, so Okay. accounts

I to peers think have California. earnings you of it. in your it's weigh don't But on a continuous

Andrew Walters

it, it's about. we talked level that the don't It's that not we've have been to material to it but that things relative the hasn't other reached

So experiencing negative when and well something adjustments it as is that have we as are there's positive we adjustments. times

Agnieszka Storozynski

the a effective last you if question, 'XX could for chance as the me tax rate And entire and ?'XX Okay. for the give well.

Andrew Walters

one you more that time? can I'm say question sorry,

Agnieszka Storozynski

Yes.

in given XXXX adjustment for Just for expect tax average, this what maybe effective Connecticut? tax rate XXXX, you on would and the repair

Andrew Walters

this more tax of Let us the have rate still be you would as a little on baseline most We're we tax recent that would for repair prior baseline. bit to that a use I doing the But on consistent assumption, quarter our rate XXXX. tax -- to a as adjustment had that question. to back come the assume on work just

So around XX% to that XX% range.

Operator

Fargo. question next comes Our from Instructions] Jonathan Reeder Wells [Operator with

Jonathan Reeder

capital insight QX just XXXX, I can of wondering proposed in had a was the slides, any that in you I requires next proposed decision a you decision said the I and expect the know decision that weeks share. few you if cost mid-November. the of into by in think the timing but you

John Tang;San Jose Water;Vice President of Regulatory Affairs & Government Relations

Jonathan, Tang. John it's Yes.

You're absolutely right.

the of has by wrapping So now schedule proceeding this right year. December procedural XXst up this

and so to decision And and out a then getting voted in narrower. getting decision window terms getting that narrower proposed be final is of a

on proposed that go. waiting decision, and right on a able decision. game be we it's figure we point so we to at of need And bit where that's work out this -- -- a a are we have are And we'll little really to waiting But proposed once that now.

Jonathan Reeder

right. All Okay.

just -- next the comment So of other expectations we'll something more schedule current on slide see the that the to hope. the necessarily than in concrete as weeks not is in opposed couple it's

Andrew Walters

expectations. Yes. No, don't concrete have I any

Jonathan Reeder

And can maturities late there's only you the utility believe parent until Okay. exposure rate all then fixed remind debt at variable I guess, level, Andrew, debt whereas about in the the I with not us rate exposure? decade. is starting SJW's

Andrew Walters

That's right.

do we exposure, it's amount that -- of in is other We of is. have have the seeing are variable on significant rate really the significant credit rate. variable of notes interest instruments not our any line exposure moves where rate the We or terms a variable in significant

month this funding to least a our at issues a we a other So issues have through will from that comment that's of Those disclosed anywhere the positive, perspective. just from previously. And the thing from on number debt all is January. be I'll we've way perspective

next fix continue So our back will more off those cost. stand at the we debt environment interest the when that towards of based earliest raising to really of issues will that We the was XXXX timing the we end where debt be better. need And rate today. look will raised at to

obviously like that raise So as the a I and pretty of think position, equity we includes that in we've some feel well. disclosed we're good

Operator

hand And Thornburg remarks. this at Eric I'm the no closing like currently further over showing time. to back call questions I'd to for

Eric Thornburg

regulated is Group in capital-supportive with long-term sustainable earnings. growth record long with SJW an and enjoy a providing mechanisms economically utilities acquisitions with We operator. organization track vibrant place high-quality regions. water consistent you, environments regulatory of accretive executing in Thank Yes. and constructive in

years supports Group that of paying XX-year our and XX record dividend holiday season. with you a consecutive a And increasing of thank track happy dividend. you in Thank SJW you. of for your investment All that wish we

Operator

concludes conference participation. Thank for call. your This you today's

You may now disconnect.

SJW (SJW) 28 Oct 222022 Q3 Earnings call transcript