Biglari Holdings Inc
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
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Consolidated Statements of Earnings — First Quarter 202 and
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in thousands except per share amounts)
| First Quarter | ||
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| Revenues | ||
| Restaurant operations | $61,996 | $61,129 |
| Insurance premiums and other | 17,733 | 16,229 |
| Oil and gas | 9,510 | 12,223 |
| Licensing and media | 212 | 595 |
| Total revenues | 89,451 | 90,176 |
| Costs and expenses | ||
| Restaurant cost of sales | 34,421 | 32,738 |
| Insurance losses and underwriting expenses | 15,063 | 13,013 |
| Oil and gas production costs | 4,499 | 5,471 |
| Licensing and media costs | 503 | 452 |
| Selling, general and administrative | 18,275 | 17,263 |
| Gain on sale of oil and gas properties | (481) | — |
| Impairments | 107 | 776 |
| Depreciation, depletion, and amortization | 10,053 | 9,940 |
| Interest expense on leases | 1,314 | 1,307 |
| Interest expense on debt | — | 167 |
| Total costs and expenses | 83,754 | 81,127 |
| Other income | ||
| Investment gains | 1,713 | 3,638 |
| Investment partnership gains | 21,985 | 72,588 |
| Total other income | 23,698 | 76,226 |
| Earnings before income taxes | 29,395 | 85,275 |
| Income tax expense | 6,816 | 19,738 |
| Net earnings | 22,579 | 65,537 |
| Earnings attributable to noncontrolling interest | — | 651 |
| Net earnings attributable to Biglari Holdings Inc. shareholders | $22,579 | $64,886 |
| Net earnings per average equivalent Class A share* | $79.56 | $222.28 |
*Net earnings per average equivalent Class B share outstanding are one-fifth of the average equivalent Class A share or $15.91 for the first quarter of 2024 and $44.46 for the first quarter of 2023.
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