Biglari Holdings Inc

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

BH-A$1,806.75+14.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Cover page

Part I

Item 1. Business Item 1A. Risk Factors Item 1B. Unresolved Staff Comments

Item 1. CCybersecurity (no text here)

Item 1C. Cybersecurity Item 2. Properties Item 3. Legal Proceedings

Item 4. Mine Safety Disclosures (no text here)

Part II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Item 6. [Reserved]Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7A. Quantitative and Qualitative Disclosures about Market Risk (no text here)

Item 8. Financial Statements and Supplementary Data Consolidated Balance Sheets Consolidated Statements of Earnings Consolidated Statements of Comprehensive Income Item 8. Consolidated Statements of Cash Flows Consolidated Statements of Changes in Shareholders’ Equity Notes to Consolidated Financial Statements

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure (no text here)

Item 9A. Controls and Procedures Item 9B. Other Information

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections (no text here)

Part III

Item 10. Directors, Executive Officers and Corporate Governance (no text here)

Item 11. Executive Compensation (no text here)

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (no text here)

Item 13. Certain Relationships and Related Transactions, and Director Independence (no text here)

Item 14. Principal Accountant Fees and Services

Part IV

Item 15. Exhibits and Financial Statement Schedules

Item 16. Form 10-K Summary

Signatures

Consolidated Statements of Earnings

(dollars in thousands except per-share amounts)

	Year Ended December 31,
	2023	2022	2021
Revenue
Restaurant operations	$250,857	$241,568	$271,290
Insurance premiums and other	67,272	64,540	58,609
Oil and gas	45,071	57,546	33,004
Licensing and media	2,118	4,577	3,203
Total revenue	365,318	368,231	366,106
Cost and expenses
Restaurant cost of sales	137,986	140,264	167,491
Insurance losses and underwriting expenses	52,771	54,648	43,094
Oil and gas production costs	17,365	17,842	10,470
Licensing and media costs	1,840	2,695	2,275
Selling, general and administrative	77,002	70,608	76,018
Gain on sale of oil and gas properties	(13,563)	—	—
Impairments	3,947	3,520	4,635
Depreciation, depletion, and amortization	38,979	36,443	30,050
Interest expense on leases	5,114	5,493	6,039
Interest expense on debt	681	399	1,121
Total cost and expenses	322,122	331,912	341,193
Other income (expenses)
Investment gains (losses)	2,211	(3,393)	6,401
Investment partnership gains (losses)	19,440	(75,953)	10,953
Total other income (expenses)	21,651	(79,346)	17,354
Earnings (loss) before income taxes	64,847	(43,027)	42,267
Income tax expense (benefit)	9,308	(10,722)	6,789
Net earnings (loss)	55,539	(32,305)	35,478
Earnings (loss) attributable to noncontrolling interest	591	(287)	—
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders	$54,948	$(32,018)	$35,478
Net earnings (loss) per equivalent Class A share *	$189.49	$(107.43)	$111.83

Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $37.90 for 2023, $(21.49) for 2022, and $22.37 for 2021.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.