Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
+Added: Financial Condition
+Added: Consolidated cash and investments are summarized below.
+Added: September 30,
+Added: 2023 December 31,
+Added: Cash and cash equivalents $ 33,993 $ 37,467
+Added: Investments 84,365 69,466
+Added: Fair value of interest in investment partnerships 445,675 383,004
+Added: Total cash and investments 564,033 489,937
+Added: portion of Company stock held by investment partnerships (276,258) (227,210)
+Added: Carrying value of cash and investments on balance sheet $ 287,775 $ 262,727
+Added: Unrealized gains/losses of Biglari Holdings’ stock held by the investment partnerships are eliminated in the Company’s consolidated financial results.
Our balance sheet continues to maintain significant liquidity.
Consolidated cash flow activities are summarized below.
−Removed: First Six Months
+Added: First Nine Months
Net cash provided by operating activities $ 48,676 $ 99,754
Net cash used in investing activities (56,226) (102,464)
−Removed: Net cash used in financing activities (9,478) (3,134)
+Added: Net cash provided by financing activities 4,382 25,353
Effect of exchange rate changes on cash (56) (150)
−Removed: Decrease in cash, cash equivalents and restricted cash $ (6,336) $ (1,837)
+Added: Increase (decrease) in cash, cash equivalents and restricted cash $ (3,224) $ 22,493
In 2023, cash from operating activities decreased by $51,078 as compared to 2022.
−Removed: The change was primarily attributable to distributions from investment partnerships that occurred in 2022.
−Removed: Net cash used in investing activities decreased during 2023 by $4,345 as compared to 2022.
−Removed: Capital expenditures were $5,856 less in 2023 as compared to 2022;
−Removed: however, proceeds from sales of assets were $9,561 more in 2023 as compared to 2022.
−Removed: Offsetting these increases of cash were payments for purchases of noncontrolling interest of $5,387 in 2023 and increased investments, net of maturities and sales of $5,685 in 2023 as compared to 2022.
−Removed: The change in cash used in financing activities was primarily due to net payments on the Company’s line of credit of $6,400 during 2023.
+Added: The change was primarily attributable to distributions from investment partnerships of $51,200 that occurred in 2022.
+Added: Net cash used in investing activities was $46,238 lower during 2023 as compared to 2022.
+Added: Capital expenditures were $6,527 higher in 2022 primarily due to Steak n Shake’s implementation of a self-service model.
+Added: Proceeds from sales of property and equipment were $18,202 higher in 2023 primarily due to the sale of oil & gas properties for $13,563.
+Added: During 2022, the Company acquired 90% of Abraxas Petroleum for $80,000 but also assumed $25,101 of cash in the transaction.
+Added: In 2023 the Company acquired the remaining 10% of Abraxas Petroleum for $5,387.
+Added: Cash provided by financing activities decreased $20,971 during 2023 as compared to 2022.
+Added: The decrease was primarily due to net borrowings on the Company’s line of credit.
+Added: In 2022 the Company borrowed $30,000 and in 2023 the Company borrowed $9,000.
Biglari Holdings Line of Credit
2 unchanged sentences
The line of credit includes customary covenants, as well as financial maintenance covenants.
−Removed: As of June 30, 2023, we were in compliance with all covenants.
−Removed: The balance of the line of credit on June 30, 2023 was $3,600 and $10,000 on December 31, 2022.
−Removed: On June 30, 2023, the interest rate was 7.8%.
+Added: As of September 30, 2023, we were in compliance with all covenants.
+Added: The balance of the line of credit was $19,000 and $10,000 on September 30, 2023 and December 31, 2022, respectively.
+Added: On September 30, 2023, the interest rate was 8.0%.
Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500.
−Removed: As of June 30, 2023 and December 31, 2022, Western Sizzlin had no debt outstanding on its revolver.
+Added: As of September 30, 2023 and December 31, 2022, Western Sizzlin had no debt outstanding on its revolver.
Critical Accounting Policies
18 unchanged sentences
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.