Biglari Holdings Inc.

Annual Trend FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Net earnings (loss) $50.1m $19.4m $45.4m ($38.0m) $35.5m ($32.3m) $55.5m ($3.8m) ($37.5m)
Depreciation and amortization $20.6m $18.8m $21.2m $32.2m $30.1m $36.4m $39.0m $39.8m $40.8m
Provision for deferred income taxes ($64.3m) ($2.2m) ($38.5m) ($12.2m) $5.3m ($15.6m) $6.6m ($8.5m) ($11.5m)
Asset impairments and other non-cash expenses $6.5m $9.1m $24.6m $4.8m $3.5m $3.9m $1.1m $1.5m
Gains on sale of assets ($777k) $993k $264k ($868k) ($25k) ($1.6m) ($21.2m) ($22.8m) ($15.6m)
Investment gains $0 ($559k) ($1.2m) ($4.9m) ($6.2m) $3.4m ($2.2m) ($335k) ($528k)
Investment partnership (gains) losses ($40.4m) ($78.1m) $43.0m ($11.0m) $76.0m ($19.4m) $41.1m $67.0m
Distributions from investment partnerships $0 $39.0m $40.0m $0 $0 $70.7m $14.5m $10.0m $56.0m
Changes in receivables and inventories ($2.2m) ($359k) $3.7m $7.0m ($9.3m) $3.3m $5.8m ($5.2m) $3.5m
Changes in other assets $268k $536k $10.4m $733k $136k $8.5m $2.8m ($2.1m) ($6.8m)
Changes in accounts payable and accrued expenses $15.0m ($12.2m) ($16.2m) ($32.5m) ($592k) ($24.6m) ($12.2m) $368k $10.2m
Proceeds from property and equipment disposals $1.0m $2.6m $4.6m $4.4m $10.1m $5.3m $24.6m $29.1m $21.0m
Purchases of interests in limited partnerships ($12.3m) ($48.6m) ($45.0m) ($75.9m) ($89.1m)
Payments on line of credit ($500k) $0 ($20.0m) ($41.6m) ($16.1m) ($73.0m)
Proceeds from line of credit $500k $0 $30.0m $31.6m $61.0m $55.2m
Payments on note payable $0 $0 ($1.1m)
Proceeds from note payable, net $0 $0 $223.0m
Principal payments on direct financing lease obligations ($5.6m) ($5.2m) ($5.8m) ($5.8m) ($6.2m) ($6.1m) ($6.1m) ($5.5m) ($5.7m)
Net cash provided by operating activities $25.8m $20.7m $93.7m $117.6m $228.8m $127.8m $73.0m $49.7m $107.0m
Capital expenditures ($8.0m) ($15.3m) ($17.7m) ($20.7m) ($64.5m) ($29.7m) ($23.4m) ($30.6m) ($30.4m)
Purchases of investments ($42.6m) ($58.6m) ($154.8m) ($299.9m) ($110.2m) ($134.5m) ($107.9m) ($67.4m) ($57.8m)
Sales of investments and redemptions of fixed maturity securities $48.6m $149.0m $293.1m $118.4m $129.1m $91.0m $57.5m $90.9m
Net cash used in investing activities ($11.5m) ($25.3m) ($70.0m) ($129.5m) ($58.5m) ($136.6m) ($66.1m) ($87.4m) ($65.5m)
Debt issuance costs $0 $0 ($1.9m)
Purchases of noncontrolling interests $0 $0 ($5.4m) $0 $0
Net cash provided by (used in) financing activities ($23.0m) ($7.5m) ($8.0m) ($29.1m) ($156.2m) $3.9m ($16.1m) $39.5m $196.5m
Effect of exchange rate changes on cash ($78k) ($5k) $10k ($64k) $38k $59k $22k $39k
Increase (decrease) in cash, cash equivalents, and restricted cash ($12.2m) $15.7m ($41.0m) $14.0m ($4.9m) ($9.2m) $1.8m $238.1m
Cash, cash equivalents, and restricted cash at beginning of period $67.2m $55.0m $70.7m $29.7m $43.7m $38.8m $29.7m $31.4m $269.5m
Cash and cash equivalents $48.6m $67.8m $24.5m $42.3m $37.5m $28.1m $30.7m $268.8m
Restricted cash included in other long-term assets $6.5m $2.9m $5.2m $1.3m $1.3m $1.6m $723k $711k