2 unchanged sentences
Consolidated cash flow activities are summarized below.
−Removed: First Six Months
+Added: First Nine Months
Net cash provided by operating activities $ 31,665 $ 48,676
Net cash used in investing activities (34,916) (56,226)
−Removed: Net cash used in financing activities (2,691) (9,478)
+Added: Net cash provided by financing activities 4,869 4,382
Effect of exchange rate changes on cash (42) (56)
−Removed: Decrease in cash, cash equivalents and restricted cash $ (1,374) $ (6,336)
−Removed: In 2024, cash from operating activities decreased by $10,608 as compared to 2023.
−Removed: The change was primarily attributable to a decrease in cash flows from Steak n Shake’s operations.
−Removed: Cash used in investing activities decreased during 2024 by $8,888 as compared to 2023 primarily due to an increase in proceeds from property and equipment disposals.
−Removed: Cash used in financing activities decreased during 2024 by $6,787 as compared to 2023 primarily due to principal payments on the Company’s line of credit in 2023.
+Added: Increase (decrease) in cash, cash equivalents and restricted cash $ 1,576 $ (3,224)
+Added: Cash from operating activities decreased in 2024 as compared to 2023 primarily because of lower net earnings in restaurants and oil and gas of $3,583 and $3,334, respectively.
+Added: Cash used in investing activities decreased during 2024 by $21,310 as compared to 2023 primarily due to a decrease in investments.
+Added: Cash from financing activities during 2024 was relatively consistent with 2023.
Biglari Holdings Line of Credit
−Removed: Biglari Holdings line of credit is $30,000.
+Added: Biglari Holdings’ line of credit dated September 13, 2022 was amended on September 13, 2024 and the available line of credit was increased to $35,000.
The line of credit matures on September 13, 2026.
The line of credit includes customary covenants, as well as financial maintenance covenants.
−Removed: As of June 30, 2024, we were in compliance with all covenants.
−Removed: There was no balance on the line of credit on June 30, 2024, or December 31, 2023.
+Added: As of September 30, 2024, we were in compliance with all covenants.
+Added: The balance of the line of credit was $9,000 on September 30, 2024.
+Added: There was no balance on the line of credit on December 31, 2023.
+Added: Our interest rate was 7.71% and 8.06% on September 30, 2024 and December 31, 2023, respectively, which is based on the 30-day Secured Overnight Financing Rate plus 2.75% and 2.73%, respectively.
Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500.
−Removed: As of June 30, 2024, Western Sizzlin had a balance of $50 under its revolver.
−Removed: As of December 31, 2023, there was no debt outstanding under its revolver.
+Added: As of September 30, 2024 and December 31, 2023, Western Sizzlin had no debt outstanding under 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.