Financial Performance - For the first quarter of 2025, Biglari Holdings reported net earnings of $(33,275) thousand, a significant decline from net earnings of $22,579 thousand in the same period of 2024[109]. - The total operating businesses generated earnings of $7,439 thousand in Q1 2025, a substantial increase from $4,099 thousand in Q1 2024[109]. - Investment partnership losses amounted to $(39,426) thousand in Q1 2025, contrasting with gains of $17,148 thousand in Q1 2024, indicating a significant downturn in investment performance[109]. - Investment partnership losses for Q1 2025 were $49,592 million, a stark contrast to gains of $21,985 million in Q1 2024, indicating significant volatility[145]. - Corporate and other net losses increased to $3,289 million in Q1 2025 from $1,996 million in Q1 2024[150]. - Cash and cash equivalents decreased to $28,664 million as of March 31, 2025, down from $30,709 million at the end of 2024[153]. - Net cash provided by operating activities fell to $15,795 million in Q1 2025, down from $19,125 million in Q1 2024, a decrease of $3,330 million[155]. - The company had net borrowings of $3,400 million on its lines of credit in Q1 2025, with no activity reported in Q1 2024[157]. Revenue and Sales Growth - Total revenue for the restaurant segment increased to $64,349 thousand in Q1 2025, compared to $61,996 thousand in Q1 2024, driven by net sales growth[113]. - Steak n Shake's same-store sales increased by 3.9% in Q1 2025, although customer traffic at company-operated units declined[114]. - Total oil and gas revenues for the first quarter of 2025 increased to $9,930 million, up from $9,510 million in 2024, representing a growth of 4.4%[135]. - Contribution to net earnings from oil and gas operations surged to $8,298 million in Q1 2025, compared to $1,149 million in Q1 2024, reflecting a significant increase of 620.5%[135]. - Abraxas Petroleum's oil and gas revenues remained stable at $5,890 million in Q1 2025, slightly up from $5,868 million in Q1 2024[137]. - Southern Oil's revenue rose by $398 million, or 10.9%, to $4,040 million in Q1 2025 compared to $3,642 million in Q1 2024[140]. - Licensing and media revenues increased dramatically to $1,407 million in Q1 2025 from $212 million in Q1 2024, marking a rise of 661.7%[142]. Cost and Expenses - The cost of food at company-operated units increased to $12,464 thousand, representing 30.0% of net sales in Q1 2025, up from 28.3% in Q1 2024[118]. - Labor costs at company-operated restaurants were $13,439 thousand, or 32.3% of net sales in Q1 2025, compared to 32.1% in Q1 2024[119]. Insurance Segment Performance - Premiums written by the insurance segment rose to $19,022 thousand in Q1 2025, up from $16,527 thousand in Q1 2024, reflecting a growth of 9.0%[127]. - First Guard's underwriting gain increased to $1,215 thousand in Q1 2025, compared to $800 thousand in Q1 2024, marking a 51.9% improvement[129]. - Southern Pioneer reported a 29.4% increase in premiums earned, rising to $8,556 thousand in Q1 2025 from $6,612 thousand in Q1 2024[131].
Biglari (BH_A) - 2025 Q1 - Quarterly Report