Earnings Announcement - Biglari Holdings Inc. announced its earnings for Q4 and the year ended December 31, 2024, on March 1, 2025[4]. - The press release detailing the earnings is included as an exhibit in the Form 8-K filing[4]. Annual Report - The 2024 Annual Report to shareholders is available online, including Sardar Biglari's annual letter[6].

Financial Performance - Net earnings attributable to Biglari Holdings Inc. shareholders for 2024 were $(3,759) thousand, a decrease from $54,948 thousand in 2023 [100]. - Total revenues for Biglari Holdings Inc. in 2024 were $362,114,000, a decrease of 1% from $365,318,000 in 2023 [198]. - The company reported a comprehensive loss of $4,113,000 in 2024, compared to a comprehensive income of $55,811,000 in 2023 [202]. - Net loss attributable to Biglari Holdings Inc. shareholders for 2024 was $3,759,000, compared to a net income of $54,948,000 in 2023 [198]. - The total operating businesses reported earnings of $24,121 thousand in 2024, down from $39,162 thousand in 2023 [100]. Revenue Breakdown - Total revenue for the restaurant segment in 2024 was $251,447 thousand, slightly up from $250,857 thousand in 2023 [108]. - Restaurant operations generated revenues of $251,447,000 in 2024, slightly up from $250,857,000 in 2023 [198]. - Oil and gas revenues decreased to $36,945,000 in 2024 from $45,071,000 in 2023, reflecting a decline of approximately 18% [198]. - Licensing and media revenue fell by $1,089 million in 2024 compared to 2023, primarily due to poor performance of a key licensing arrangement [141]. Expenses and Costs - The cost of food at company-operated units was $47,891 thousand, representing 30.1% of net sales in 2024, up from 29.5% in 2023 [114]. - General and administrative expenses increased to $47,130 thousand, or 18.7% of total revenue in 2024, compared to 17.6% in 2023 [115]. - Interest expense on notes payable and other borrowings rose to $771 million in 2024, compared to $681 million in 2023, indicating increased borrowing costs [149]. Insurance and Underwriting - Underwriting gain for First Guard was $4,038 thousand in 2024, down from $9,492 thousand in 2023 [121]. - Pre-tax underwriting gain decreased to $4,438 million in 2024, down 47.5% from $8,454 million in 2023 [122]. - First Guard's underwriting gain declined by $5,454 million, or 57.5%, in 2024 compared to 2023 due to increased claim severity [124]. - Insurance losses rose to $43,643 million in 2024, compared to $35,668 million in 2023, marking an increase of 22.4% [122]. Assets and Liabilities - Total current assets increased to $170,615,000 in 2024 from $152,551,000 in 2023, representing an increase of about 12% [196]. - Total liabilities rose to $293,172,000 in 2024, up from $250,092,000 in 2023, indicating an increase of approximately 17% [196]. - Consolidated shareholders' equity decreased by $26,369 to $572,961 as of December 31, 2024, primarily due to a net loss of $3,759 and a change in treasury stock of $22,256 [152]. Cash Flow - Net cash provided by operating activities decreased by $23,342 to $49,660 in 2024, attributed to a $15,511 decrease in cash from business operations [156]. - Total cash and investments increased to $789,950 in 2024 from $592,717 in 2023, with cash and cash equivalents rising to $30,709 from $28,066 [154]. - Net cash used in investing activities increased by $21,308 in 2024, with capital expenditures in the oil and gas business rising by $11,239 due to drilling activities [157]. Investments - The company recorded investment partnership gains of $41,058 thousand in 2024, a significant recovery from a loss of $19,440 thousand in 2023 [205]. - The carrying value of investment partnerships net of deferred taxes increased from $171,207 in 2023 to $184,472 in 2024, reflecting a growth of approximately 7.4% [259]. - The value of investments in investment partnerships was reported at $201,727,000 as of December 31, 2024, compared to $199,103,000 in 2023 [176]. Franchise Operations - Steak n Shake's same-store sales increased by 6.4% at company-operated units in 2024 compared to 2023 [109]. - Franchise partner fees decreased to $70,616 thousand in 2024 from $72,552 thousand in 2023, with 173 franchise partner units as of December 31, 2024 [111]. - The total number of company-operated and franchise restaurants was 458 as of December 31, 2024, down from 492 in 2023 [105]. Impairments and Goodwill - The impairment expense for 2024 was $1,107,000, down from $3,947,000 in 2023, showing a reduction of about 72% [198]. - The company recorded an impairment loss of $1,000 to goodwill in 2024, while no impairment was recorded in 2023 [222]. - The company recorded impairments to restaurant long-lived assets of $107 in 2024, down from $3,947 in 2023, showing a substantial decrease in impairment losses [272]. Taxation - The consolidated income tax benefit was $4,395 in 2024 compared to a tax expense of $9,308 in 2023, with an effective tax rate of 26.0% in 2024 versus 9.9% in 2023 [150]. - Federal income tax for 2024 amounted to $2,702 million, an increase from $2,197 million in 2023, reflecting a growth of 23.0% [295]. - The income tax expense for 2024 was reported as a benefit of $4,395 million, contrasting with an expense of $9,308 million in 2023 [295].

Financial Results - Biglari Holdings Inc. reported its financial results for Q3 and the first nine months of 2024, ending September 30, 2024[5]. - The press release detailing the financial results was issued on November 8, 2024[5]. - The report includes an exhibit with detailed financial statements[7]. Company Information - The company is listed on the New York Stock Exchange under the trading symbols BH.A and BH for Class A and Class B common stock, respectively[2]. - The company is not classified as an emerging growth company under the Securities Act of 1933[3]. - The financial information provided in the report is not deemed "filed" under the Securities Exchange Act of 1934[6]. Management - Bruce Lewis serves as the Controller for Biglari Holdings Inc.[8]. - The report was signed and authorized on November 8, 2024[8].

Financial Performance - Net earnings attributable to Biglari Holdings Inc. shareholders for Q3 2024 were $32,125, compared to a loss of $56,514 in Q3 2023, marking a significant recovery [100]. - Net sales for Q3 2024 were $39,660, 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, up from $61,886 in Q3 2023, reflecting growth in both company-operated and franchise operations [106]. - Investment partnership gains for Q3 2024 were $26,447, a significant recovery from a loss of $68,377 in Q3 2023, contributing positively to overall earnings [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]. Cost 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, compared to $11,888 or 30.3% in Q3 2023, indicating a slight increase in food costs [111]. - Labor costs at company-operated restaurants rose to $13,158 or 33.2% of net sales in Q3 2024, up from $12,192 or 31.1% in Q3 2023, primarily due to an increase in store-level management [112]. - General and administrative expenses for Q3 2024 were $10,355 or 16.6% of total revenue, down from $10,720 or 17.3% in Q3 2023, reflecting improved cost management [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]. Operational Metrics - The company operated 468 restaurants as of September 30, 2024, a decrease from 492 restaurants at the end of 2023, due to closures and transitions to franchise operations [102]. - The company recorded no impairment charges in Q3 2024, compared to $752 in Q3 2023, indicating improved performance of its assets [114]. Insurance Operations - Underwriting gain for First Guard in Q3 2024 was $1,366, down from $2,362 in Q3 2023, with a net underwriting gain of $1,800 compared to $1,735 in the same period [120]. - Premiums written by Southern Pioneer increased by $1,817 (9.0%) in 2024 compared to 2023, with a loss ratio of 47.9% in Q3 2024 versus 60.5% in Q3 2023 [126]. - Total other income for the insurance operations was $845 in Q3 2024, down from $1,155 in Q3 2023 [123]. - Net investment income for the insurance operations was $645 in Q3 2024, compared to $658 in Q3 2023 [128]. - Pre-tax underwriting gain for the first nine months of 2024 was $3,683, down from $6,651 in the same period of 2023 [123]. Cash Flow and Investments - Total cash and investments as of September 30, 2024, amounted to $624,382 million, an increase from $592,717 million at the end of 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]. Debt and Credit - Interest expense on notes payable for Q3 2024 was $275 million, a slight increase from $262 million in Q3 2023 [144]. - Biglari Holdings' line of credit was increased to $35 million as of September 13, 2024, maturing on September 13, 2026 [151]. - The balance of the line of credit was $9 million on September 30, 2024, with no balance on December 31, 2023 [151]. - The interest rates on the line of credit were 7.71% and 8.06% as of September 30, 2024, and December 31, 2023, respectively [151]. - Western Sizzlin had an available line of credit of $500,000 with no debt outstanding as of September 30, 2024, and December 31, 2023 [152]. Accounting and Controls - 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 in risk factors since the previous annual report for the year ended December 31, 2023 [160]. Oil and Gas Operations - Oil and gas revenues for Q3 2024 were $9,574 million, down 21.1% from $12,159 million in Q3 2023 [131]. - Oil and gas production costs increased to $4,425 million in Q3 2024 from $3,771 million in Q3 2023, representing a 17.3% rise [131]. - Contribution to net earnings for Q3 2024 was $599 million, a significant decrease of 95.9% compared to $14,631 million in Q3 2023 [131]. - Abraxas Petroleum recorded a gain of $16,700 million from selling undeveloped reserves during the first nine months of 2024 [132]. - Investment gains net of tax for Q3 2024 were $3,706 million, compared to losses of $3,710 million in Q3 2023 [138].

Financial Results - Biglari Holdings Inc. reported its financial results for Q2 and the first six months ending June 30, 2024[4] - The press release detailing the financial results was issued on August 9, 2024[4] - The financial results include key metrics that are incorporated in the press release attached as Exhibit 99.1[4] Company Information - The company is listed on the New York Stock Exchange under the trading symbols BH.A and BH[2] - The company has not indicated that it is an emerging growth company[3] Report Details - The report is not deemed "filed" under the Securities Exchange Act of 1934, and the information is not incorporated by reference into any future filings unless explicitly stated[5] - The report was signed by Bruce Lewis, the Controller of Biglari Holdings Inc.[7]

Financial Performance - Net sales for Q2 2024 were $40,815 million, a 3.3% increase from Q2 2023, while first six months sales reached $79,550 million, up 4.1% year-over-year[93]. - Franchise partner fees decreased to $18,149 million in Q2 2024 from $19,070 million in Q2 2023, with a total of $35,907 million for the first six months of 2024 compared to $36,982 million in 2023[94]. - Franchise royalties and fees fell to $3,615 million in Q2 2024 from $4,125 million in Q2 2023, totaling $7,092 million for the first six months of 2024 versus $8,383 million in 2023[95]. - Other income decreased to $2,442 million in 2024 from $4,301 million in 2023, with notable property sales contributing to the previous year's figures[98]. - Total other income for the first six months of 2024 was $2,691 million, an increase from $2,300 million in the first six months of 2023, showing a growth of 17.0%[106]. Cost and Expenses - Cost of food as a percentage of net sales increased to 30.3% in Q2 2024 from 29.6% in Q2 2023, while for the first six months, it was 29.3% compared to 29.0% in 2023[96]. - Labor costs represented 31.8% of net sales in Q2 2024, up from 30.8% in Q2 2023, with first six months labor costs at 32.1% compared to 31.3% in 2023[96]. - General and administrative expenses rose to $13,016 million or 20.2% of total revenue in Q2 2024, compared to $10,790 million or 16.7% in Q2 2023[97]. - General and administrative expenses for Q2 2024 were $33 million, down from $54 million in Q2 2023[121]. Impairment and Losses - The company recorded impairment charges of $853 million in Q2 2023, with $107 million in the first six months of 2024 compared to $1,629 million in 2023[97]. - Investment losses net of tax for Q2 2024 were $2,159 million, a significant decline from investment gains of $276 million in Q2 2023, and for the first six months of 2024, losses were $827 million compared to gains of $3,141 million in 2023[123]. - Investment partnership losses for Q2 2024 were $79,890 million, compared to losses of $7,496 million in Q2 2023, and for the first six months of 2024, losses were $57,905 million compared to gains of $65,092 million in 2023[124]. - The total losses and expenses for Southern Pioneer in the second quarter of 2024 were $7,582 million, which is 111.5% of premiums earned, compared to 106.7% in the same quarter of 2023[110]. Insurance Operations - The pre-tax underwriting gain for the insurance operations was $546 million in Q2 2024, down from $2,704 million in Q2 2023[103]. - Premiums earned for the second quarter of 2024 were $16,291 million, an increase from $15,971 million in the same quarter of 2023, representing a growth of 2.0%[106]. - Insurance losses for the second quarter of 2024 were $10,962 million, up from $8,372 million in the second quarter of 2023, indicating a rise of 30.0%[106]. - The pre-tax underwriting gain for First Guard in the second quarter of 2024 was $1,331 million, compared to $3,155 million in the same quarter of 2023, reflecting a decrease of 57.8%[107]. - Southern Pioneer's insurance losses in the second quarter of 2024 were $4,801 million, which is 70.6% of premiums earned, compared to 61.0% in the same quarter of 2023[110]. Cash and Investments - The company's cash and cash equivalents as of June 30, 2024, were $26,897 million, down from $28,066 million at the end of 2023[131]. - Net cash provided by operating activities for the first six months of 2024 was $20,910 million, a decrease of $10,608 million compared to $31,518 million in 2023[133]. - Cash used in investing activities decreased by $8,888 million in 2024 compared to 2023, primarily due to increased proceeds from property and equipment disposals[134]. - The carrying value of cash and investments on the balance sheet as of June 30, 2024, was $279,247 million, down from $319,048 million at the end of 2023[131]. Oil and Gas Operations - Oil and gas revenues for the second quarter of 2024 were $8,671 million, down from $10,741 million in the same quarter of 2023, indicating a decline of 19.4%[115]. - The contribution to net earnings from oil and gas operations in the second quarter of 2024 was $13,369 million, compared to $2,150 million in the same quarter of 2023, reflecting a significant increase[115]. - Southern Oil's oil and gas revenues for the second quarter of 2024 were $3,679 million, down from $4,810 million in the same quarter of 2023, a decrease of 23.5%[119].

Financial Results Announcement - Biglari Holdings Inc. announced its financial results for Q1 2024, ending March 31, 2024[6]. - The company issued a press release detailing its operational results, which is attached as Exhibit 99.1[6]. - The financial results include key metrics that will be elaborated in the attached press release[6]. - The report does not include specific performance metrics or future guidance as the detailed financial results are in the press release[6]. Regulatory Compliance - The report is filed under the Securities Exchange Act of 1934, ensuring compliance with regulatory requirements[10]. - The filing does not incorporate any information as "filed" under the Securities Act of 1933[7]. - The company has not indicated any new or revised financial accounting standards compliance for emerging growth companies[3]. Company Information - The company is registered under the New York Stock Exchange with Class A and Class B common stock[12]. - The company’s principal executive offices are located in San Antonio, Texas[11]. - The report is signed by Bruce Lewis, the Controller of Biglari Holdings Inc.[9].

Revenue and Sales - Net sales and other revenue rose to $80,788 in Q1 2024 from $77,952 in Q1 2023[24]. - Franchise royalties and fees fell to $3,477 in Q1 2024 from $4,258 in Q1 2023, attributed to the closure of traditional franchise stores, reducing units from 143 to 125[22]. Expenses - General and administrative expenses increased to $11,730, or 18.9% of total revenue, in Q1 2024, compared to $10,463, or 17.1% in Q1 2023, primarily due to higher salaries and wages[23]. - Cost of food increased to $23,170, representing 28.7% of net sales in Q1 2024, up from $20,871, or 26.8%, in Q1 2023[24]. - Labor costs remained stable at $21,765, accounting for 26.9% of net sales in both Q1 2024 and Q1 2023[24]. Cash Flow and Investments - Cash increase in Q1 2024 was $6,470 compared to $2,146 in Q1 2023, mainly due to reduced cash used in investing and financing activities[37]. - Investment partnership pretax gains were $21,985 in Q1 2024, down from $72,588 in Q1 2023, leading to a decrease in income tax expense from $19,738 to $6,816[35]. - The available line of credit is $30,000, maturing on September 12, 2024, with no balance as of March 31, 2024[38]. Franchise Operations - Franchise partner fees decreased to $17,758 in Q1 2024 from $17,912 in Q1 2023, with food and labor expenses up by 1.8 percentage points[21]. - Estimated ultimate liabilities for prior accident years were reduced by $3,319 in Q1 2024, representing 21.9% of net liabilities, compared to $1,651 or 9.8% in Q1 2023[73].

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].