Biglari (BH_A) - 2023 Q3 - Quarterly Report

Financial Performance - Net sales for Q3 2023 were $39,195, representing a 4.7$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$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]