Earnings call transcript Q1 2023

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Operator

Good afternoon, and thank you for standing by. Welcome to the SJW Group First Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that, today's conference is being recorded.

to Walters, conference Treasurer. Chief like speaker to now Andrew today, Financial would hand over the your I Officer and go ahead. Please

Andrew Walters

Results Executive with Eric Thank Quarter Chair of Group. to Welcome President Thornburg, will Conference and Board, Financial Chief I today you, SJW Call presenting the be the for Officer. Operator. XXXX First

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

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

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

of be recent obtained financial the which cause release Exchange the XX-Q description to and the to factors results a statements of X-K filed be we and of you XX-K, Securities Commission, would on presentation, most our from may this our different website. and copies that some refer For to Forms press results with actual in

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

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

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

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

over turn Eric? now call the Thornburg. Eric will I to

Eric Thornburg

honor Thornburg, to SJW Eric us. and Group. my thank serve is CEO everyone, you President and Welcome, joining it of I'm for as Chair, and

year. of expenditure and for $XXX of key We million capital XXXX utility invested We plan. in growth XXXX and constitutes million strong foundation wastewater was of infrastructure, have strategy first our company. water XX% for on our a which our the quarter $XX.X The successful delivered laid elements

approval for approval earlier the secure water and in acquisition year. in with of regulatory Maine general surcharge rate regulators announced and an utility, that We process to of infrastructure the was this the work constructively Connecticut, advanced Water, cases KT Texas we

earnings and our as updates executing Andrew? delivered our Andrew regulatory goals, diluted will $X.XX operations. part progress social our environmental, also per financial and share results across governance strategic solid state of made in We plan. of review our and

Andrew Walters

Eric. market opening, the prior we our you, Thank that to It results. important Company's Water in quarter-over-quarter by to Jose are the rate This to XXXX XXXX general case quarter San first is released affected XXXX comparisons proceedings. morning, operating note delay

of may you to fourth in Commission between California the comparisons and rate As recall, of Company the XXXX. XXXX, in quarterly quarter was the case Xst, XXXX. approved the fourth Utilities the recognizing The and rate settlement revenue in delay Public Water was January general Jose in was through the case quarter affect recorded back by retroactive agreement The authorized Office general Advocates XXXX. increase the San but Public revenues authorized will

$XX.X of increase reported reflecting income net EPS share, increase first to $XXX.X $X.X share. compares of or XX% million a million of reflecting of reflecting of million, This a million, revenue income diluted per the XXX% and quarterly and quarter, we per of net $X.XX $XXX.X In $X.XX EPS XXX% a revenue diluted XXXX or increase.

QX true-up and $X.XX the revenue I for see, one-time will by primarily share per for was occurred of in increases in share, can shortly, quarter-over-quarter XXXX As diluted you break the of of which per $X.XX driven you XXXX. that down first earnings increase quarter

a the $X.XX our in water water QX usage pass-through and decrease of $X.XX which a and cost expense. the quarter-over-quarter on from gain increased XXXX supply offsetting is due property Partially a sale lower non-recurring increase non-utility was water to wholesaler,

rate a As increase $XX.X revenue was breakdown and in of driven mostly The cumulative XXXX. quarter by the million revenue to the first promised, filings. compared of increase

was California's benefit general Maine the XXXX. case The QX first that the was includes XXXX. a effective were in XXXX that XXXX revenue quarter increased conservation Connecticut total rate approved of in XXXX adjustment portion five in increase general and The QX in and approvals case water rate infrastructure that the in QX authorized of

mandatory provide by The decrease revenue Drought million more lower have XXXX drought increase was in of declaration $X.X that a shortly. improved. in conditions on that first California quarter place were detail ended usage. XXth. in I to and partially will due water The conservation vastly the offset April

production the cost The XXXX. regulatory deferrals million There was from sources recovery water in increase and slight to compared to supply. of driven was mostly $X.X to largely by in related change increase memorandum expense when accounts, related balancing and of conservation a first quarter a

decrease customer lower water production in related supply water that a production and costs increase for Partially Water costs the to our water of usage increased by by as surface increase usage supply the a in the GRC water, expenses XXXX supply expense was that decision. from energy, purchased $X.X XXXX of million own Remember increased offsetting $X California and million. our owned benefits, reduced costs that result million. in QX customers $X.X California

first offset million a year property to first concession $X.X assets impact amortization and expenses quarter by in prior for the other increase XXXX to maintenance quarter by due related million in a our Cupertino the and to and in small in was reduction $X.X The operating in depreciation the one-time a XXXX decrease of costs. partially million was in sale The compared non-recurring $X.X of non-utility driven X% depreciation. of the increase

At The the approximately average utility X.XX%. million of line for during million of of approximately quarter had available million quarter through XXXX in the replaced $XXX program. borrowing short-term of operating advances first the drawn SJW and the aftermarket in financing same our end $XX bank period was XXXX our $XX of additions borrowing was for average we the lines quarter, was X.XX%. rate on Group plant activities. by credit and credit first our The rate

our proceeding. extended has We, Class August water along the decision cost make continue deadline California A to to until CPUC utilities a in await The XXXX. fellow of a decision in the with capital

are that hopeful time. final decision a be will at there We that

earlier, to have years conditions mentioned the best full California. Nevada in groundwater basin the improved a Mountains. owing is water Drought record in pack outlook dramatically I Sierra, The supply As in and snow

on Our of Lake March gallons X.X X.X water XX, of supply, exceeded was XX, its Surface surface largest on and production storage XXX% so owned water was billion XXXX. during – March Elsman water April XXXX. at already gallons billion capacity

conservation XX, XXXX. our XX% Account Valley April Conservation conservation The the supplier, conditions, continue our drought water mandatory is for remains Water losses a Water before Memorandum and to call Memorandum improved Expense of revenue Because wholesale in water pending the Conservation place, voluntary the tracking Water Account and ended in CPUC. the on request

WICA the would is in Water is general nearly Conservation to XX% Connecticut, cumulative Utility revenues in approved Infrastructure a In X, in cap increase a effective X.X% of the between Connecticut to quarter rate X.X%. $X.X and bring is rate Water, case Authority Regulatory also million and XXXX. deliver April XXXX. The file general increase The third Adjustment, the annualized cumulative planning cases. Public Connecticut the expected to

XXXX. June treatment is last over to went the costs. eligible operating years. application online charge facility GRC is in financing infrastructure, Public Commission, has million -- and with Saco expected XXXX, XXXX. sorry, the On rate the and the final for for customers. in later system improvement three-step Water our Resource The is million and new divisions in at are benefits River public March end XXXX. other in drinking Maine wastewater Drinking step in service Center of XX, new the filing the an the cost third of Maine and the GRCs $XX.X the construction Utility planned actual quarter water improvement than case Water requesting the that in the two general increase Texas of the company that of two Since annualized more general water filed also $X.X charge The increased The year. this providing filed operation a reflects related of to decision system revenues case invested of company rate

improvement charge If would the X, generate approved A XXXX of is decision second approximately XXXX. September an Commission surcharge the annualized finally the million in of $X.X from made filed, Public system Texas XX, were as between of half request and recovery January Our $XX.X revenues. XXXX. million, improvement Utility that in expected

would already for service XXX Water acres be No with of transfer and San System acres Antonio of expand filing San pending The customers service more Commission the to from the of Texas wastewater our XXX than of Public has area transfer. the service areas than affected. to area Antonio water. more approved is water service Texas Utility area

growing Texas Antonio, in the XX,XXX wastewater the counties to and area and the between five Water US of and in San Austin three XXX reports. connections than rapidly according serves currently connections it bureau fastest-growing more census water serves a

are usage capital XXXX significant XXXX, decisions guidance conservative no in and and California. continued temporary We mandatory in mechanism conservation investment guidance cost recovery rate California and $X.XX diluted associated expected in the costs per XXXX year of $X.X to labor a of impacting with billion. and $X.XX inflation affecting of ruling decoupling end other Factors of outlook five our share capital include reaffirming the case interest expenses, costs,

diluted target long-term of X% of X% its EPS off rate The XXXX $X.XX. company maintains to EPS of growth anchored

the utility growth rate expected be contributions year-over-year linear, and Importantly, case each is to but relative given not timing. of the

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

Eric Thornburg

The that standards to creation by due Agency XXXX. SJW compounds Thank United X be for the PFAS. standards Andrew. are regulations health-based States the proposed supports has Group Protection of for end of you, PFAS Environmental and finalized

ultimately manufacturers to initiated contaminant. of also and this We polluters hold for have action PFAS the responsible

Further, we our be state to available treatment all local PFAS own utilities. testing voluntary through completed that water the and for of we majority national in associations on and our wastewater funding and have systems. are advocating federal affected any industry PFAS available vast Meanwhile, water for also and

expenditures design, the is spend that $XXX million on proposed. adopted PFAS necessary regulation ongoing $XXX and capital for which testing of of construction The an approximately and is PFAS the treatment is as million, operations to-date We operating EPA's treatment. to estimate are initial assumption based CapEx for evaluating and

project of with construction planned be three leaders endeavor sustainability. and additional to under to by the solar in and the one more project of energy completed construction California the end be an XXXX, environment We we've daily year. in stewards under In

set energy headquarters, on that the two the Connecticut, EV stations. solar Work Center begin will and charging offset XX% to England In project of needs New Region of construction is Southern

are that Center. Resource Water of to begin project needs In we waiting on will energy River infrastructure a solar the offset Drinking Saco XXX% of Maine, energy upgrades our

in that expect be XXXX. project to We complete

from rating Our Shareholder responsibility Institutional a ISS have corporate towards to social in in prime status. efforts corporate quarter, for improved our an community rating B- is a B the and Services resulted first or which ESG from

first Further, score increased in our environmental the quarter. from ISS

Our scores ISS highest Environmental, among governance and U.S.-based water the utilities. for social

to continue reflect to towards achieving ESG. will rankings work We commitment our that long-term

Business Tom of President I'm and Group pleased that our to our non-regulated Texas. subsidiary Vice Hodge newly Development in share at SJW appointed Services President is of Water

successful Tom has record strong a and of development. acquisitions built business

led XXXX, team since Texas, President acquisitions Tom As has water in securing our Texas at the of quadrupled growth. to and through support Water, organic prudent supply service connections

service a values driving deep He's bids retired results. decade Walter Group is and Board appreciation relationships, the leader member, dedicated with J. our SJW models acquisitions over to successfully of an accomplished that and of building service, company. integrating respect farewell Bishop, who while to after It

Walter commitment We served leadership. his Chair supplies, as service, water in has and the our our sustainable and growth him of Texas, the first Committee. stewardship, thank company's for Sustainability environmental elevated to

communities quarter, their what and see standards the customers, nation also to we provide to other do teams across for value daily hard can for more reliability good me communities, setting our high-quality Group, work investors proud to of the while water. I SJW at serving makes progress local by want inspired while best-in-class and and our and environment. our Every stewards made being thank the employees talented each to

leadership our confidence With our commitments engaging continue regulatory serve I position growing have Group, to infrastructure, constructive team the for in we to the well SJW industry, relationships, and communities in will within excel our and future. investing in and

continue which essential our and will values core do trust, integrity, success. compassion, culture talk long-term The our transparency, teamwork, straight we of embody service, and is honor work for to

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

Operator

Instructions] [Operator

first Research. comes Storozynski with The from Seaport question Angie

Your line is now open.

Angie Storozynski

you. Thank

Okay.

the end with So, maybe start let's mandate. the consolidation of

volume the to you So, account. memorandum continue track the in sales

with you your extended? your look sales in general Are case account if Now, I still that your approved or at this assuming recent is rate not sales roughly and expectations? tracking line memorandum projections,

Eric Thornburg

All right.

So, for our first about Angie, we're And it's a the answer the numbers quarter. great below is question. authorized XX%

quarter, in rain drought excluding mind to during usage conditions got impacts of which the a had themselves. lot keep all the the itself, impacts we by that from You

I'm if conditions last way last had The in we thinking the during is, year, place about year. at we look the year, it full drought

the net Our of something I That's impact, ROE offset total $X.X revenue look was to. million.

I would less million the going the expect than into So, number year. this $X.X

that depends less usage as filling factors really things. washing picks than up, other their is start watering much other which how and the when How fast many as the cars, on to people lawns pools and weather-dependent

We the been it's previous weather have hot this gets some in cooler. where had week XXXXs, week the

is to going to So, it it's of as bigger fast drivers. the recovers be how going dependent one really be weather to

Angie Storozynski

on to account? continued the going the we Okay. signs on know of if And soon off memorandum continuation commission this how are

Eric Thornburg

comment stage. theoretically or will get process and to Like can't I request deny the workloads. them on their the the just the this approve too to long but other Yes, it shouldn't it let depends I time related give through at to commission take that,

Angie Storozynski

interest Okay. moving And O&M I understand. expense. on expenses to and then

versus the rate are at I interest pretty looks high. So, expectations? those tracking The your expense, how least prior mean,

expectations? So, wondering those I'm prior how just versus track

given it of decision, you secondly, cost capital debt happens in keep And for capital able cost be that on latest reflected that the update of to be when we true-up to side, the cost waiting the would

Eric Thornburg

update a and is if The point. the that answer an on is equity, of on cost debt of for adjustment debt. there's the that the update the takes the the time also there Well, as an capital then cost update cost mechanism no debt on of place, at only update there's

the That cost, to up relates we more first to interest the is fairly year. the it it of use position opposed equity included increases year end the We've going issued this the best the of the year. That's as to at beginning for at But ourselves done significantly. year of as the last aspect. our

last The our mid year. most of second we is issued debt long-term fixed

so until to year. we end issue And need towards won't -- of the this the debt

does that year. that carrying short-term during that will the of mean have be we we lines credit Now

credit we use we the of of issuances, we balances were million or $XX is those the of temporary some -- that pretty pieces have the the debt note peak You'll to last quarter. of long-term at year, until from first for of That short-term debt line credit but had down line come end refinance well. which significantly the of in as

would those be impact. the So

it, fit I to the mechanisms in year So to operations well, but of best for I also continue They rates as have our offset that continued as our we and to than do of we different look I to -- in business, what think side, continued initially we're year, our we rates interest on focus kind the interest place up, rates that. challenges had highlighted go our and and And that we've at expected are the to expected up. to doing will in go guidance higher counterbalance we have but the progresses. O&M from usage and as have inflation, we the the

Angie Storozynski

one And case. The last Okay. one. rate just Connecticut

we have special for decision final own. Yes. rate Now its the Aquarion’s It's case. on

adjust filing is the approach mean, quarter? your what are in a to rate you you Connecticut? from the going from in And we I saw third So how commission learned there as lesson case strategy the

Andrew Walters

was by that our we're But instructive emerging the as to future our need to file Thank Aquarion, issues smaller to more keeping possible. discrete of appealed the and cases and do amounts. of -- as in strategy, of risk as a from that GRCs to watch it's to -- look consistent I but at has I the spot to see that we're decision. differently. it know, also as work subsidiary the quite to regularly case in course, of It's the we things going firming And you, announced and carefully recent with reduce a results appeal. Eversource, a coming as for strategy minimum both course, you Aquarion for And affirming Angie. it's case on, it quite has and

out lot to come with has supported adjustment. relations which you stayed very size the conservation ram whole problems, there's credit, all which And This on of the quite they a Aquarion's ultimately of to And I pressure water put capital Connecticut when is do repair remember in, and creates is But long blessed then data of policies. for are policy address tax the increase think it a that time. -- issues public politically. just a progressive infrastructure you also, and

side, for that On was of to case utilities it and clearly justification need value other job to supporting a to in and of the to in the the us lengths really investments instructive investments those customers better that capital going general, the communities. for bring do signals greater demonstrate

our all to reimagining in I'm we this. that order when messages. address case We're ready our confident presentation rate in those over be Connecticut So team is And file. we'll

going but the we're the fashion commentary there. we're taking appeal best watch completely chairs different our carefully, in to doing approach heed to a So it of

I think definitely it. So issues top in we're Connecticut, of on emerging but

Angie Storozynski

Good luck. you. Thank Okay.

question. by our Operator: next for Please stand

question Our with Richard Sunderland JPMorgan. comes from next

is line open. now Your

Richard Sunderland

Hi. thank you Good morning, for time and the today.

Eric Thornburg

for calling in. thanks Hi, Richard,

Richard Sunderland

be would a back curious But Circling voluntary and recent little more some with the different, I decoupling the helpful. similar any a horizon, on correctly, walk that stands there's denied. given context WCMA, request now, potentially the recalling here to I'm if had you I'm guess, us history could conservation, was there the backdrop through thoughts if of you

Andrew Walters

slightly a has the of WCMA. drought continued and in have But at the terms the have different to is Richard, do terms could to just they'll all of where the create the this. asked outdoor watering, of a is, answers voluntary continued provides supply us of supportive how it's look of specific necessarily a approval be our target. in hard limit that agency continued more They’ve great where kind given a situation the water that They of it's backdrop to be things of conservation. those and question,

it they off pulled after That not approve did governor said, last being the time.

XXXX. to forward specific on we're as till WCMA, a expenses we wait the we the commission have the for So guidance to how going track from going

Eric Thornburg

would resolution water request this Richard, I authorized without adopted memorandum with decoupling to voluntary additional the Eric. and revenue in our utilities track either full mechanisms associated programs, but a comment conservation is commission ago. shortfalls The XXXX, revenue it from reduced back of or is add account a that we're activation request action, to mandatory sales kind of years the so some was that hitching to

So of understand the forth, but a compelling have also in argument, prevailing I put of supportive approaches think, been we sort California this. not we

and – we'll we're So a where but to at good we through here, have we see we're are. convinced case make it, going it to work see good and

Richard Sunderland

it. Got there. color Very helpful

how just million you do current secondly, out turning to any is investments? Is kind those $XXX PFAS plan the to $XXX outlook? your take any or deploy of CapEx to the Secondly, see would current to of update, moving and of capital million then And for in estimate. incremental it that there offsets the me, long estimate of potential

Eric Thornburg

commission evaluate light these full all continue and actions CapEx next believe the Thank other to be would forward years. investments not incremental fast-moving they're because of be course. you, Yes, investments billion this these crowd to within but effort our we'll also cases $X.X would spend matters. Richard. of have out And our five is necessary in affordability to over investments our that development, going a we It

would case. adjust in wealth that standard – we're into required good position And and good a line. we'd but in But to we'll accordingly. make be I get case and go think effect this to

it's three years think hence. I

So pretty lot done there's a in of to work order. be short

time area. and the we've do to some So the already regulation make advanced think for fully challenging lot experience I no we thing frame, of in support But customers. a is right this fortunately, and work it's mistake, underway a this but got

here, again, step a if basically, is And And think can it, detect I that need you remove making. to mind, bear reduction you in the powerful the it. very that's EPA

we that. So, support

make on here this our efforts will as track We quickly to get as to best possible. continue for

Richard Sunderland

time Understood. so for today. Thank the you much

Eric Thornburg

Richard. for you, Thank Thanks in. calling

Operator

next Wells Reeder Please with our stand Fargo. The comes for Jonathan by question. question next from

Your is open. line now

Jonathan Reeder

are Eric today? doing How you and Andrew. guys Hey,

Eric Thornburg

thanks Hey calling. all Jonathan, for

Andrew Walters

Good morning. Good afternoon.

Jonathan Reeder

taking my question. Thanks it. I for Yes. appreciate

Angie's don't the Some have for first mechanism want guess, did already exactly and if answered, and a be When the to continue request, have will I that with to but in to on default before expense did impact. kind then, the WCEMA the I revenue the not effect tracking decision of you to assume make CPUC been follow up And QX you is results, WCMA the QX? one.

Andrew Walters

questions. Excellent

of couple a things. So,

of approval So first them. until was XXX. not on WCMA Commission with the and If date Advice be the request the from Letter from it's get approval continuing the XX, of we forward we have will April all, moving explicit don't we this,

Jonathan Reeder

And million then, point there plans. needs appreciate Okay. XXXX I are issuance announced just might clarity. bring like sizable equity their the for that to deals that guidance working come the range, clarity that due XXXX caveat regulatory process potential about? or in $XX and of that that the in way any $XX about growth-related XXXX million another kind Are issuance in to through already total Good. would deals acquisition to above of account is approval the future there

Andrew Walters

is accretive answer million actually currently incremental shareholders. that The that I'll way to excellent we to just that our every deals highlight would it's to be that is for in $XX we million announced. No, question. through, time issue their And an today's environment, $XX working that already equity are it the

to line towards as the So biased opposed credit. current equity of earnings earnings relative -- debt of cost of short-term to the equity impact the short-term is

Jonathan Reeder

solar correct of but a the what projects sense kind in Makes And your are. much on the How investing am like in small last cumulatively overall, doing in release it's Okay. I that kind think then rate I of consumption. base are of lot rates you're solar energy question, assuming discussed in respective it's generation, offset you recoverable jurisdictions? and to states various

Andrew Walters

Yes.

would excellent an our to is question. institute settlement The recovery the order that these There are open. investments some it's it's related for So, jurisdictions apply OII investigation, the in did. of we are where we answer

are but funded impact gas long-term. investments, and our impact our cost greenhouse customers rates shareholder that those of will also of the the some So, for

So investment it's those excellent customers. an for

Jonathan Reeder

And are might Okay. ones or…? and out expect I to of there, have on those, that in though, be the that Maine Coast, the East any the one would think been there megawatt that size. like you Is was something over recoverable a

Eric Thornburg

if Yes. rate to And do expect Connecticut. That's it's case. where OII be than part recoverable things it that Those other our about. and Everywhere Maine California, put also talked discussed. beyond we've what a incremental we would as includes in in, the recoverable of we

Jonathan Reeder

Great. the Okay. quarter the presentation job good and a on Congrats I good that. appreciate disclosures continuing materials. to improve in

Eric Thornburg

Jonathan. you, it. Really appreciate Thank

Operator

question. our next for standby Please

Gregg from UBS. with comes question next Orrill Our

now line open. Your is

Gregg Orrill

you. Thank Great. Yes.

yet PFAS talked would for sense the you those about, how Regarding break expenditures have you do a state-by-state? down

Andrew Walters

No. to other revert that. I'll modest. California. need Texas on What in in pretty we Maine That's half Connecticut in you the half and is about to and have

Gregg Orrill

Okay. Thanks.

Eric Thornburg

you. Thank

Andrew Walters

Thanks, Gregg.

Operator

Please question. our standby for next

with Research. comes Seaport question next from Our Angie Storozynski

is now line Your open.

Angie Storozynski

just to you. I Connecticut. on Thank wanted follow-up

could your what impact file I'm PURA. wondering it going performance-based by just to that rate the you're this case came if outcome? making see covered I of rate And all, already will that be So and and out how, if upcoming at decision

Andrew Walters

in I Yes. in spirits, guess not specifics. but Angie. primarily Thank you,

impact side. lead discussion of seen not the need to specific criteria to the any that our has demonstrating have communities. as the value we around recognize going performance and We're well. it But water with our investments on We on

parcel also to working And to is our can it clearly, part relates know, engaged inform to there's is, of adverse now best process to more we is And we're team sure but water energy we mitigate we legislators as target moving utilities. And environment do in is where sort in it legislation you that's our all do in that and there. closely. of and come, So to make voice and very But, want we're make watching that the our Because as Connecticut. process. to the that impacts sure any heard that. really

Angie Storozynski

Okay. your topics, you sales are, And know, earnings. be potentially so could on drag a changing the

than a expected expense. You higher have slightly interest

You that's issued actually helped. equity early, like you said, but

allowed is what be thing mean, the other for that is, which getting we the increase right, though other, ROE are actually delayed could hoped even catch-up. So I in a had any there the and

So, wondering, Again, how that here be main of cutting? midpoint midpoint hit it these the I'm guidance? rate? cost some driver just are changes what your is headwinds? can tax of some my despite effective it some at the Is in Is to you you comfortable still the

Andrew Walters

recognizing of of guidance issues are gave different say, of Angie, facing. guidance pushing none our it's us the an the when the you're range. excellent kind we're issues question and today, outside that all we stands I would as it

order have some internal will guidance our sure continue path. We levers we hit exercising to that to we're and head down are we that that in make and

to to instantaneously. We the back keep recovery meet capital items levels still out obviously usage. will have not need everybody of is and We're updated. go pre-drought usage expecting expectations, which our continue We cost down that and the on to, there

we'll the I come can things thing the one if announcements that's on relates and highlight. as But So address and expect we than just rest, it at are different out to it how what it depends the time.

Angie Storozynski

you. Thank Understood.

Andrew Walters

welcome. Thank you. You're

Operator

questions remarks. I conference like back to closing for the show Thornburg time. I turn this at would Eric to further now no

Eric Thornburg

in your support to Group, an behalf thank water recognized leading platform for with the of pure-play On It's of company. Thank lead a and honor our and performance. in we SJW ESG nation, our interest real you, growth, elite strong a utility a a record, operator. across team leader dividend you track for

Operator

conference This for concludes call. Thank you today's participating.

disconnect. now may You

SJW (SJW) 1 May 232023 Q1 Earnings call transcript