Biglari Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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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$1,688.84-6.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net earnings (loss) | $55,539 | $(32,305) | $35,478 |
| Adjustments to reconcile net earnings (loss) to operating cash flows: | |||
| Depreciation and amortization | 38,979 | 36,443 | 30,050 |
| Provision for deferred income taxes | 6,567 | (15,582) | 5,269 |
| Asset impairments | 3,947 | 3,520 | 4,772 |
| Gains on sale of assets | (21,241) | (1,578) | (25) |
| Investment (gains) losses | (2,211) | 3,393 | (6,214) |
| Investment partnership (gains) losses | (19,440) | 75,953 | (10,953) |
| Distributions from investment partnerships | 14,500 | 70,700 | 180,170 |
| Changes in receivables and inventories | 5,783 | 3,339 | (9,324) |
| Changes in other assets | 2,810 | 8,523 | 136 |
| Changes in accounts payable and accrued expenses | (12,231) | (24,581) | (592) |
| Net cash provided by operating activities | 73,002 | 127,825 | 228,767 |
| Investing activities | |||
| Capital expenditures | (23,405) | (29,746) | (64,549) |
| Proceeds from property and equipment disposals | 24,627 | 5,318 | 10,101 |
| Acquisition of business, net of cash acquired | — | (58,274) | — |
| Purchases of noncontrolling interests | (5,387) | — | — |
| Purchases of interests in limited partnerships | (45,030) | (48,569) | (12,300) |
| Purchases of investments | (107,866) | (134,451) | (110,199) |
| Sales of investments and redemptions of fixed maturity securities | 90,981 | 129,117 | 118,422 |
| Net cash used in investing activities | (66,080) | (136,605) | (58,525) |
| Financing activities | |||
| Payments on line of credit | (41,600) | (20,000) | — |
| Proceeds from line of credit | 31,600 | 30,000 | — |
| Principal payments on long-term debt | — | — | (149,952) |
| Principal payments on direct financing lease obligations | (6,132) | (6,140) | (6,205) |
| Net cash provided by (used in) financing activities | (16,132) | 3,860 | (156,157) |
| Effect of exchange rate changes on cash | 59 | 38 | (64) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (9,151) | (4,882) | 14,021 |
| Cash, cash equivalents, and restricted cash at beginning of period | 38,805 | 43,687 | 29,666 |
| Cash, cash equivalents, and restricted cash at end of period | $29,654 | $38,805 | $43,687 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash and cash equivalents | $28,066 | $37,467 | $42,349 |
| Restricted cash included in other long-term assets | 1,588 | 1,338 | 1,338 |
| Cash, cash equivalents, and restricted cash at end of period | $29,654 | $38,805 | $43,687 |
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