Financial Results - Biglari Holdings Inc. announced its earnings for the fourth quarter and year ended December 31, 2023, on February 24, 2024[3] - The 2023 Annual Report to shareholders is available online, including Sardar Biglari's annual letter[12] Stock Information - The company is listed on the New York Stock Exchange under the trading symbols BH.A and BH[2]

Financial Performance - Total revenue for 2023 was $365.318 million, a slight decrease from $368.231 million in 2022 [263]. - Net earnings attributable to Biglari Holdings Inc. shareholders for 2023 were $54.948 million, compared to a loss of $32.018 million in 2022 [263]. - Restaurant operations generated revenue of $250.857 million in 2023, up from $241.568 million in 2022 [263]. - The consolidated income tax expense was $9,308 in 2023 compared to a benefit of $10,722 in 2022, with tax benefits of $5,660 associated with Abraxas Petroleum's oil and gas properties [232]. - Corporate and other net losses increased in 2023 compared to 2022, primarily due to an incentive fee of $7,271 [233]. - The company reported a gain on investment partnership of $19.440 million in 2023, recovering from a loss of $75.953 million in 2022 [263]. Cash Flow and Assets - Net cash provided by operating activities was $73,002 in 2023, down from $127,825 in 2022, while net cash used in investing activities decreased by $70,525 [237]. - The company had cash and cash equivalents of $28,066 and total cash and investments of $592,717 as of December 31, 2023 [235]. - Cash and cash equivalents decreased to $28.066 million in 2023 from $37.467 million in 2022 [262]. - Total current assets increased to $152.551 million in 2023 from $150.654 million in 2022 [262]. - Total assets rose to $849.422 million in 2023, compared to $828.474 million in 2022 [262]. - Total liabilities decreased to $250.092 million in 2023 from $272.906 million in 2022 [262]. Shareholder Information - Shareholders' equity increased to $599,330 as of December 31, 2023, an increase of $52,364 from the previous year, primarily due to net income of $54,948 [234]. - The company has never declared a dividend and had 1,551 beneficial shareholders of its Class A common stock as of February 1, 2024 [120]. Acquisitions - The company acquired the remaining 10% of Abraxas Petroleum for $5,387 in 2023, following the initial acquisition of 90% for $80,000 [102]. - The company’s financial results include the results of Abraxas Petroleum from the acquisition date to the end of the calendar year [102]. Lease Accounting - The company records right-of-use assets and corresponding lease liabilities on its consolidated balance sheets when a lease is determined to exist [267]. - Right-of-use assets are recognized at the commencement date at the value of the lease liability, adjusted for prepayments and initial direct costs [267]. - Lease liabilities are recognized based on the present value of remaining lease payments over the lease term [267]. - The company does not record lease contracts with a term of 12 months or less on its consolidated balance sheets [267]. - Fixed lease expense for operating leases is recognized on a straight-line basis over the lease term [267]. Operational Metrics - As of December 31, 2023, Biglari Holdings had 492 company-operated and franchise restaurant locations, with 17 of the 148 Steak n Shake company-operated stores closed [114]. - Goodwill remained relatively stable at $53.530 million in 2023, compared to $53.513 million in 2022 [262]. - The company maintained effective internal control over financial reporting as of December 31, 2023 [258].

Financial Performance - Net sales for Q3 2023 were $39,195, representing a 4.7% increase from Q3 2022, while net sales for the first nine months of 2023 were $115,613, a 2.0% increase compared to the same period in 2022[160] - Total revenue for Q3 2023 was $61,886, an increase from $59,437 in Q3 2022[160] - Franchise partner fees for Q3 2023 were $17,622, up from $15,880 in Q3 2022, and totaled $54,604 for the first nine months of 2023 compared to $47,929 in 2022[161] - The company reported a third-quarter income tax benefit of $17,502 in 2023, compared to an expense of $9,598 in Q3 2022[143] - Investment partnership pre-tax losses were $89,599 in Q3 2023, compared to pre-tax gains of $29,658 in Q3 2022[143] Operational Metrics - As of September 30, 2023, the company operated 510 restaurants, including both company-operated and franchise locations[135] - The company reopened four Steak n Shake stores and sold six properties during the first nine months of 2023[159] Cost and Expenses - The cost of food for Q3 2023 was $11,888, representing 30.3% of net sales, consistent with the same percentage in Q3 2022[160] - The company incurred $12,524 in total selling, general, and administrative expenses in Q3 2023, which was 20.2% of total revenue[160] Assets - The company’s total assets at fair value as of September 30, 2023, were $92,356, compared to $88,267 at the same time in 2022[149]

Corporate expenses exclude the activities of the restaurant, insurance, brand licensing, and oil and gas businesses. Corporate and other net losses increased during the second quarter and first six months of 2023 compared to the same periods in 2022 primarily because of recording a non-cash write down of a receivable of $1,000 and accruing for incentive fees. Consolidated cash and investments are summarized below. Table of Contents In 2023, cash from operating activities decreased by $2,686 as compared to 2 ...

First Quarter | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|-------|---------|----------|---------|----------| | | | 2023 | | 2022 | | | Revenue | | | | | | | Net sales | $ | 36,894 | $ | 38,216 | | | Franchise partner fees | | 17,912 | | 15,624 | | | Franchise royalties and fees | | 4,258 | | 5,146 | | | Other revenue | | 2,065 | | 861 | | | Total revenue | | 61,129 | | 59,847 | | | | | | | | | | Restaurant cost of sales | | | | | | | | | | | | | | Cost of fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 other jurisdiction of ...

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 September 30, 2022 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 ...

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, 2022 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 | --- | --- ...

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 March 31, 2022 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 | --- | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 other jurisdiction of ...