Financial Performance - Net earnings attributable to Biglari Holdings Inc. shareholders for 2024 were (3,759)thousand,adecreasefrom54,948 thousand in 2023 [100]. - Total revenues for Biglari Holdings Inc. in 2024 were 362,114,000,adecreaseof0.6365,318,000 in 2023 [198]. - The company reported a comprehensive loss of 4,113,000in2024,comparedtoacomprehensiveincomeof55,811,000 in 2023 [202]. - Net loss attributable to Biglari Holdings Inc. shareholders for 2024 was 3,759,000,comparedtoanetincomeof54,948,000 in 2023 [198]. - The total operating businesses reported a net loss of (3,759)thousandin2024,comparedtoaprofitof39,162 thousand in 2023 [100]. Revenue Breakdown - Total revenue for the restaurant segment in 2024 was 251,447thousand,slightlyupfrom250,857 thousand in 2023 [108]. - Net sales for the restaurant segment increased to 159,213thousandin2024,comparedto152,545 thousand in 2023, with same-store sales for Steak n Shake increasing by 6.4% [109]. - Restaurant operations generated revenues of 251,447,000in2024,slightlyupfrom250,857,000 in 2023 [198]. - Oil and gas revenue decreased to 36,945millionin2024,down18.145,071 million in 2023 [131]. - Licensing and media revenue fell to 1,029millionin2024,adecreaseof1,089 million compared to 2,118millionin2023[141].ExpensesandCosts−Thecostoffoodatcompany−operatedunitswas47,891 thousand, representing 30.1% of net sales in 2024, up from 29.5% in 2023 [114]. - General and administrative expenses increased to 47,130thousand,or18.744,120 thousand, or 17.6% in 2023 [115]. - The company recorded impairments to restaurant long-lived assets of 107in2024,downfrom3,947 in 2023, showing a substantial decrease in impairment losses [272]. - The company recorded investment partnership gains of 41,058thousandin2024,asignificantrecoveryfromlossesof(19,440) thousand in 2023 [205]. Investments and Acquisitions - The company acquired the remaining 10% of Abraxas Petroleum for 5,387thousandin2023,followinga9080,000 thousand in 2022 [98]. - The company made purchases of interests in limited partnerships totaling (75,938)thousandin2024,comparedto(45,030) thousand in 2023 [205]. - Investments increased to 102,975in2024from91,879 in 2023, marking a growth of approximately 12.9% [252]. Cash Flow and Liquidity - Total cash and investments increased to 789,950in2024from592,717 in 2023, with cash and cash equivalents rising to 30,709from28,066 [154]. - Net cash provided by operating activities decreased by 23,342to49,660 in 2024, attributed to a 15,511decreaseincashfrombusinessoperations[156].−Thecompanyhadnetborrowingsof45,000 on its lines of credit in 2024, compared to net repayments of 10,000in2023[158].−Thecompanycontinuestomaintainsignificantliquidity,withacarryingvalueofcashandinvestmentsonthebalancesheetof335,411 as of December 31, 2024 [154]. Shareholder Equity and Liabilities - Consolidated shareholders' equity decreased by 26,369to572,961 as of December 31, 2024, primarily due to a net loss of 3,759andachangeintreasurystockof22,256 [152]. - Total liabilities rose to 293,172,000in2024,upfrom250,092,000 in 2023, indicating an increase of 17.3% [196]. - The company's total shareholders' equity at the end of 2024 was 572,961thousand,downfrom599,330 thousand at the end of 2023 [208]. Insurance and Underwriting - Underwriting gain for First Guard was 4,038thousandin2024,downfrom9,492 thousand in 2023 [121]. - Insurance losses rose to 43,643millionin2024,comparedto35,668 million in 2023, reflecting an increase of 22.4% [122]. - Pre-tax underwriting gain decreased to 4,438millionin2024,down47.58,454 million in 2023 [122]. Operational Metrics - The company operated 458 restaurants as of December 31, 2024, down from 492 in 2023 [105]. - Franchise partner fees decreased to 70,616thousandin2024from72,552 thousand in 2023, with a reduction in franchise partner units from 181 to 173 [111]. - The equivalent Class A common stock for earnings per share in 2024 was 279,381, down from 289,986 in 2023, reflecting a decline of approximately 3.7% [227].
Biglari (BH)2025-03-03 11:11