Biglari (US:BH)2025-03-03 11:11Financial 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 0.6% 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 a net loss of $(3,759) thousand in 2024, compared to a profit of $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]. - Net sales for the restaurant segment increased to $159,213 thousand in 2024, compared to $152,545 thousand in 2023, with same-store sales for Steak n Shake increasing by 6.4% [109]. - Restaurant operations generated revenues of $251,447,000 in 2024, slightly up from $250,857,000 in 2023 [198]. - Oil and gas revenue decreased to $36,945 million in 2024, down 18.1% from $45,071 million in 2023 [131]. - Licensing and media revenue fell to $1,029 million in 2024, a decrease of $1,089 million compared to $2,118 million in 2023 [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 $44,120 thousand, or 17.6% in 2023 [115]. - 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]. - The company recorded investment partnership gains of $41,058 thousand in 2024, a significant recovery from losses of $(19,440) thousand in 2023 [205]. Investments and Acquisitions - The company acquired the remaining 10% of Abraxas Petroleum for $5,387 thousand in 2023, following a 90% acquisition for $80,000 thousand in 2022 [98]. - The company made purchases of interests in limited partnerships totaling $(75,938) thousand in 2024, compared to $(45,030) thousand in 2023 [205]. - Investments increased to $102,975 in 2024 from $91,879 in 2023, marking a growth of approximately 12.9% [252]. Cash Flow and Liquidity - 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 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]. - The company had net borrowings of $45,000 on its lines of credit in 2024, compared to net repayments of $10,000 in 2023 [158]. - The company continues to maintain significant liquidity, with a carrying value of cash and investments on the balance sheet of $335,411 as of December 31, 2024 [154]. Shareholder Equity and Liabilities - 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]. - Total liabilities rose to $293,172,000 in 2024, up from $250,092,000 in 2023, indicating an increase of 17.3% [196]. - The company's total shareholders' equity at the end of 2024 was $572,961 thousand, down from $599,330 thousand at the end of 2023 [208]. Insurance and Underwriting - Underwriting gain for First Guard was $4,038 thousand in 2024, down from $9,492 thousand in 2023 [121]. - Insurance losses rose to $43,643 million in 2024, compared to $35,668 million in 2023, reflecting an increase of 22.4% [122]. - Pre-tax underwriting gain decreased to $4,438 million in 2024, down 47.5% from $8,454 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 $70,616 thousand in 2024 from $72,552 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].