Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
−Removed: Cash provided by operating activities was $211,245 during the first nine months of 2021 compared to cash provided by operating activities of $106,367 during the first nine months of 2020.
−Removed: The increase in cash provided by operating activities is mainly attributable to distributions from investment partnerships of $172,420 f or 2021 and $97,330 for 2020.
+Added: Our balance sheet continues to maintain significant liquidity.
+Added: Consolidated cash flow activities are summarized below.
+Added: First Quarter
+Added: Net cash provided by operating activities $ 21,092 $ 165,298
+Added: Net cash used in investing activities (16,077) (8,780)
+Added: Net cash used in financing activities (1,564) (152,561)
+Added: Effect of exchange rate changes on cash (23) (22)
+Added: Increase in cash, cash equivalents and restricted cash $ 3,428 $ 3,935
+Added: Cash provided by operating activities was $21,092 during 2022 compared to $165,298 in 2021.
+Added: The decrease in cash provided by operating activities is mainly attributable to distributions from investment partnerships of $4,500 f or 2022 and $150,570 for 2021.
The distributions during 2021 were primarily used to repay Steak n Shake’s debt.
−Removed: Cash used in investing activities during the first nine months of 2021 was $55,782 compared to $112,081 during the first nine months of 2020.
−Removed: Use of cash in investing activities was higher during 2020 primarily due to the acquisition of Southern Pioneer and purchases of limited partner interests.
−Removed: Capital expenditures increased during 2021 compared to 2020 primarily because of expenditures associated with Steak n Shake's transition to a counter service model.
+Added: Cash used in investing activities during 2022 was $16,077 compared to $8,780 in 2021.
+Added: Capital expenditures were $1,846 higher in 2022 compared to 2021.
+Added: The increase in capital expenditures relates to Steak n Shake’s continued transformation to counter service.
+Added: Proceeds from property disposals were $2,640 higher during 2021 compared to 2022.
+Added: Purchases of investments, net of maturities and sales, were $2,811 higher during 2022 compared to 2021.
+Added: Cash used in financing activities was $150,997 higher in 2021 compared to 2022.
+Added: The Company repaid Steak n Shake’s debt and made principal payments on direct financing lease obligations of $152,561 during 2021.
We intend to meet the working capital needs of our operating subsidiaries principally through anticipated cash flows generated from operations and cash on hand.
3 unchanged sentences
The term loan was scheduled to mature on March 19, 2021.
−Removed: As of December 31, 2020, $152,506 was outstanding.
−Removed: The Company repaid Steak n Shake's outstanding balance in full on February 19, 2021.
+Added: The Company repaid the balance of Steak n Shake’s term facility on February 19, 2021.
Critical Accounting Policies
6 unchanged sentences
No recently issued accounting pronouncements were applicable for this Quarterly Report on Form 10-Q.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Cautionary Note Regarding Forward-Looking Statements
7 unchanged sentences
We undertake no obligation to publicly update or revise them, except as may be required by law.
−Removed: Quantitative and Qualitative Disclosures About Market Risk
−Removed: The majority of our investments are conducted through investment partnerships which generally hold common stocks.
−Removed: We also hold marketable securities directly.
−Removed: A significant decline in the general stock market or in the prices of major investments may produce a large net loss and decrease in our consolidated shareholders’ equity.
−Removed: Decreases in values of equity investments can have a materially adverse effect on our earnings and on consolidated shareholders’ equity.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.