← Biglari Holdings Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net earnings (loss) | $50.1m |
$19.4m
-61.27%
|
$45.4m
+134.01%
|
($38.0m)
-183.71%
|
$35.5m
+193.39%
|
($32.3m)
-191.06%
|
$55.5m
+271.92%
|
($3.8m)
-106.77%
|
($37.5m)
-897.29%
|
— | |
| Depreciation and amortization | $20.6m | $18.8m | $21.2m | $32.2m | $30.1m | $36.4m | $39.0m | $39.8m | $40.8m | $41.2m | |
| 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 | — | |
| Changes in receivables and inventories | ($2.2m) | ($359k) | $3.7m | $7.0m | ($9.3m) | $3.3m | $5.8m | ($5.2m) | $3.5m | — | |
| Changes in accounts payable and accrued expenses | $15.0m | ($12.2m) | ($16.2m) | ($32.5m) | ($592k) | ($24.6m) | ($12.2m) | $368k | $10.2m | — | |
| Changes in other assets | $268k | $536k | $10.4m | $733k | $136k | $8.5m | $2.8m | ($2.1m) | ($6.8m) | — | |
| Net cash provided by operating activities | $25.8m |
$20.7m
-19.79%
|
$93.7m
+353.06%
|
$117.6m
+25.48%
|
$228.8m
+94.60%
|
$127.8m
-44.12%
|
$73.0m
-42.89%
|
$49.7m
-31.97%
|
$107.0m
+115.38%
|
$84.3m
-21.19%
|
|
| Capital expenditures | ($8.0m) | ($15.3m) | ($17.7m) | ($20.7m) | ($64.5m) | ($29.7m) | ($23.4m) | ($30.6m) | ($30.4m) | ($34.0m) | |
| 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 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) | ($276.7m) | |
| Debt issuance costs | — | — | — | — | — | — | $0 | $0 | ($1.9m) | — | |
| Net cash provided by (used in) financing activities | ($23.0m) |
($7.5m)
+67.26%
|
($8.0m)
-6.37%
|
($29.1m)
-263.41%
|
($156.2m)
-436.46%
|
$3.9m
+102.47%
|
($16.1m)
-517.93%
|
$39.5m
+344.76%
|
$196.5m
+397.75%
|
$228.0m
+16.02%
|
|
| 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 | — | |
| Restricted cash included in other long-term assets | — | $6.5m | $2.9m | $5.2m | $1.3m | $1.3m | $1.6m | $723k | $711k | — | |
| Effect of exchange rate changes on cash | — | ($78k) | ($5k) | $10k | ($64k) | $38k | $59k | $22k | $39k | ($21k) | |
| Additional Supplementary Disclosures | |||||||||||
| Additional Supplementary Disclosures | |||||||||||
| 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 | — | |
| Purchases of noncontrolling interests | — | — | — | — | $0 | $0 | ($5.4m) | $0 | $0 | — | |
| 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) | — | |
| Cash and cash equivalents | — | $48.6m | $67.8m | $24.5m | $42.3m | $37.5m | $28.1m | $30.7m | $268.8m | $33.5m |