13 unchanged sentences
As of December 31, 2023, Steak n Shake had 148 company-operated restaurants, 181 franchise partner units, and 128 traditional franchise units.
−Removed: Of the 177 company-operated units, 39 are currently closed but Steak n Shake intends to refranchise a majority of them.
Western Sizzlin had 3 company-operated restaurants and 32 franchise units.
5 unchanged sentences
Western Sizzlin is headquartered in Roanoke, Virginia.
−Removed: The novel coronavirus (“COVID-19”), declared a pandemic by the World Health Organization in March 2020, caused governments to impose restrictive measures to contain its spread.
−Removed: In response to COVID-19, our restaurants were required to close their dining rooms in the first quarter of 2020, and the majority of those dining rooms remained closed during 2020.
−Removed: Steak n Shake reopened the majority of dining rooms during 2021, and in doing so has implemented a self-service model.
−Removed: Our restaurant operations followed the guidance of health officials in determining the appropriate restrictions to put in place for each restaurant.
Company-Operated Restaurants
48 unchanged sentences
Except for regulatory considerations, there are virtually no barriers to entry into the insurance industry.
−Removed: First Guard is a direct underwriter of commercial truck insurance, selling physical damage and nontrucking liability insurance to truckers.
+Added: First Guard is a direct underwriter of commercial truck insurance, primarily selling physical damage and nontrucking liability insurance to truckers.
The commercial truck insurance business is highly competitive in the areas of price and service.
15 unchanged sentences
Abraxas Petroleum operates oil and natural gas wells in the Permian Basin.
−Removed: On September 14, 2022, the Company purchased Series A Preferred Stock (the “Preferred Shares”) of Abraxas Petroleum for a purchase price of $80 million.
+Added: On September 14, 2022, the Company purchased Preferred Shares of Abraxas Petroleum for $80.0 million.
On October 26, 2022, the Company exchanged the Preferred Shares for 90% of the outstanding common stock of Abraxas Petroleum.
+Added: On June 14, 2023, the remaining 10% of the outstanding common stock of Abraxas Petroleum was acquired for $5.4 million.
The oil and gas industry is fundamentally a commodity business.
Southern Oil’s and Abraxas Petroleum’s operations and earnings, therefore, may be significantly affected by changes in oil and natural gas prices.
−Removed: The COVID-19 pandemic caused oil demand to decrease significantly during the second and third quarters of 2020, which created oversupplied markets and lower commodity prices and margins.
−Removed: In response, the Company cut production and expenses in its oil and natural gas business during 2020.
−Removed: However, the significant increase in average crude oil and natural gas prices in 2021 and 2022 as compared to 2020 resulting from the lifting of COVID-19 restrictions, the resumption of normal economic activity, and the resulting improvement in supply and demand fundamentals caused Southern Oil to return to full production during 2021 and 2022.
Biglari Holdings’ oil and gas operations compete with fully integrated, major global petroleum companies, as well as independent and national petroleum companies.
11 unchanged sentences
The investment partnerships operate as private investment funds.
−Removed: As of December 31, 2022, the fair value of the investments was $383.0 million.
−Removed: These investments are subject to a rolling five-year lock-up period under the terms of the respective partnership agreements.
+Added: As of December 31, 2023, the fair value of the investment partnerships was $472.8 million.
+Added: In addition, the Company held marketable securities (outside the investment partnerships) of $91.9 million at fair value.
As of December 31, 2023, the Company employed 2,466 persons.
10 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.