Financial Performance - Net earnings attributable to Biglari Holdings Inc. shareholders for Q3 2024 were $32,125, a significant recovery from a loss of $56,514 in Q3 2023[100]. - Net sales for Q3 2024 were $39,660, representing an increase of $465 or 1.2% compared to Q3 2023, driven by a 5.4% increase in same-store sales at Steak n Shake[107]. - Total revenue for Q3 2024 was $62,384, compared to $61,886 in Q3 2023, reflecting a growth in overall business performance[106]. - Total operating businesses reported earnings of $7,520 in Q3 2024, a decline from $20,319 in Q3 2023, primarily due to lower performance in oil and gas operations[100]. - Net sales for the third quarter of 2024 were $82,553, up from $81,780 in 2023, while net sales for the first nine months of 2024 reached $246,811 compared to $242,741 in 2023[118]. Costs and Expenses - Franchise partner fees decreased to $17,157 in Q3 2024 from $17,622 in Q3 2023, attributed to higher food and labor expenses for franchise partners[109]. - The cost of food at company-operated units was $12,218 or 30.8% of net sales in Q3 2024, up from 30.3% in Q3 2023[111]. - Labor costs at company-operated restaurants rose to $13,158 or 33.2% of net sales in Q3 2024, compared to 31.1% in Q3 2023[112]. - General and administrative expenses were $10,355 or 16.6% of total revenue in Q3 2024, down from 17.3% in Q3 2023[113]. - Cost of food as a percentage of net sales increased to 30.4% in Q3 2024 from 28.8% in Q3 2023, while labor costs rose to 27.2% from 26.6%[118]. Asset Management - The company recorded no impairment charges in Q3 2024, contrasting with $752 in Q3 2023, reflecting improved asset management[114]. - As of September 30, 2024, the company operated 143 Steak n Shake locations, down from 159 a year earlier, indicating a strategic reduction in company-operated units[102]. Insurance Operations - Underwriting gain for First Guard was $1,366 in Q3 2024, down from $2,362 in Q3 2023, with a total underwriting gain of $3,497 for the first nine months of 2024 compared to $7,379 in 2023[120]. - Southern Pioneer reported premiums written of $7,496 in Q3 2024, an increase of 29.2% from $5,804 in Q3 2023, with a loss ratio of 47.9% compared to 60.5% in the same period last year[126]. - The company's insurance operations reported a pre-tax underwriting gain of $2,278 in Q3 2024, compared to $2,196 in Q3 2023[120]. - The ratio of losses and loss adjustment expenses to premiums earned for Southern Pioneer improved to 59.9% in the first nine months of 2024 from 59.6% in 2023[126]. Investment Performance - Net investment income for the third quarter of 2024 was $645, slightly down from $658 in Q3 2023, with total investment income for the first nine months reaching $2,122 compared to $1,714 in 2023[128]. - Investment income for the first nine months of 2024 was $2,686, compared to $2,169 in the same period of 2023[128]. - Investment gains net of tax for Q3 2024 were $3,706 million, compared to losses of $3,710 million in Q3 2023[138]. Cash Flow and Debt - Consolidated cash and investments as of September 30, 2024, totaled $624,382 million, an increase from $592,717 million on December 31, 2023[147]. - Net cash provided by operating activities for the first nine months of 2024 was $31,665 million, down 34.9% from $48,676 million in the same period of 2023[149]. - Cash used in investing activities decreased by $21,310 million in 2024 compared to 2023, primarily due to a decrease in investments[150]. - The balance of the line of credit was $9,000 million on September 30, 2024, with an increase in the available line of credit to $35,000 million[144]. - Biglari Holdings' line of credit was increased to $35 million as of September 30, 2024, with a balance of $9 million[151]. - The interest rate on the line of credit was 7.71% as of September 30, 2024, compared to 8.06% on December 31, 2023[151]. - Western Sizzlin had no debt outstanding under its $500,000 revolver as of September 30, 2024[152]. Regulatory and Compliance - There have been no material changes to critical accounting policies since the annual report for the year ended December 31, 2023[153]. - No recently issued accounting pronouncements were applicable for the Quarterly Report on Form 10-Q[154]. - Disclosure controls and procedures were deemed effective as of September 30, 2024[158]. - There were no changes in internal control over financial reporting that materially affected the company during the quarter ended September 30, 2024[159]. - There have been no material changes to risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[160].

Core Viewpoint - Biglari Capital Corp. expresses significant concerns regarding the performance and management of Cracker Barrel Old Country Store, Inc., highlighting a substantial loss in shareholder value and calling for a change in the Board of Directors to address ongoing issues [2][4][29]. Financial Performance - Since 2019, Cracker Barrel shareholders have lost over $2.9 billion in market value, with the stock price down 50.9% since the appointment of the current CEO, Julie Felss Masino [2][3]. - Total shareholder returns for Cracker Barrel over the past one, three, and five years are -49.6%, -65.3%, and -70.2%, respectively, significantly underperforming compared to proxy peer groups and the S&P 500 [5]. Management and Board Issues - The letter criticizes the Board for its role in the company's poor performance, citing a lack of accountability and poor capital allocation decisions during the tenure of former CEO Sandy Cochran [8][10]. - The Board's decision to promote the former CEO to Chairman is viewed as indicative of governance failures, with the current Board being described as lacking the necessary experience to address the company's challenges [9][17]. Strategic Missteps - Cracker Barrel's strategy of opening new stores during a period of declining customer traffic is deemed unnecessary and costly, with significant closures occurring in recent years, particularly on the West Coast [14][20]. - The company has made poor investments in new brands, such as Holler & Dash and Punch Bowl Social, which have resulted in substantial financial losses [14][15]. Proposed Changes - Biglari Capital advocates for a low-capex plan focusing on core business operations rather than high-capital expenditures, suggesting the divestment of non-core brands and halting new store openings [21][22]. - The company should prioritize improving store-level economics and customer service to regain lost traffic and enhance shareholder value [21][22]. Call for Accountability - The letter emphasizes the need for a change in the Board to prevent further decline, arguing that the current Board has failed to address internal issues that have led to significant shareholder losses [23][24][28]. - Biglari Capital seeks to bring its expertise and long-term investment perspective to the Board to help restore value for shareholders [27][30].

Financial Results - Biglari Holdings Inc. reported its financial results for Q2 and the first six months ending June 30, 2024[4]. - The financial results include key metrics that are expected to be detailed in the attached press release[4]. Press Release - The press release detailing these results was issued on August 9, 2024[4]. Company Information - The company is listed on the New York Stock Exchange under the trading symbols BH.A and BH[2]. - The company’s address is listed as 19100 Ridgewood Parkway, Suite 1200, San Antonio, Texas 78259[1]. Compliance and Reporting - The report is not intended to be filed under the Securities Exchange Act of 1934, indicating a focus on transparency[5]. - The report is part of the company's ongoing compliance with SEC regulations[5]. - The company has not indicated that it is an emerging growth company, which may affect its reporting requirements[3]. Financial Statements - The financial statements and exhibits related to the report are included in the filing[6]. Management - Bruce Lewis serves as the Controller for Biglari Holdings Inc., signing off on the report[7].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-38477 BIGLARI HOLDINGS INC. (Exact name of registrant as specified in its charter) Indiana 82-3784946 (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 10, 2024 | --- | --- | |----------------------------------------------------------------------------------------|-----------------------------------------| | (Exact Name of Registrant as Specified in Charter) \nIndiana 001-38477 | 82-3784946 | | (State or Other Jurisdic ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ | --- | --- | --- | |----------------------------------------------------------------------|-----------------------------------------|-------------------------------------------------------| | | | | | (State or other jurisdiction of incorporation) | | (I.R.S. Employer Identification No.) | | 19100 Ridgewood Parkway Suite 1200 | | | | San Antonio, Texas | | 78259 | | (Address of ...

| --- | --- | --- | |----------------------------|---------------------|-------------------------------------------------------| | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | | Class A common stock | BH.A | New York Stock Exchange | | Class B common stock | BH | New York Stock Exchange | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial account ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Indiana 82-3784946 (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.) Title of each class Trading Symbols Name of each exchange on which registered Class A Common Stock, no par value BH.A New York Stock Exchange Class B Common Stock, no par value BH New York Stock Exchange Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incenti ...

San Antonio, TX, Feb. 24, 2024 /PRNewswire/ -- Biglari Holdings Inc.'s (NYSE: BH.A; BH) 2023 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari's annual letter to shareholders. Biglari Holdings Inc.'s earnings for the fourth quarter and full year of 2023 and 2022 are summarized below.  To become fully apprised of our results, shareholders should carefully study our 10-K, which has been posted at www.bigla ...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ). The outlook of these Credit Ratings (ratings) is stable. First Guard is a subsidiary of Biglari Holdings Inc. [NYSE: BH]. The ratings reflect First Guard’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profil ...