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].
Biglari (BH_A) - 2024 Q1 - Quarterly Report