BIGLARI HOLDINGS INC. NEWS RELEASE

Rhea-AI Summary

Biglari Holdings Inc. announces its results for the third quarter and first nine months of 2023. Pre-tax operating earnings for Q3 2023 were $20.3 million, compared to $12.8 million in Q3 2022. For the first nine months of 2023, pre-tax operating earnings were $39.4 million, compared to $31.1 million in the same period last year. Net earnings attributable to Biglari Holdings shareholders for Q3 2023 were a loss of $56.5 million, compared to a gain of $32 million in Q3 2022. For the first nine months of 2023, net earnings were $10.3 million, compared to a loss of $42.1 million in the same period last year.

SAN ANTONIO, Nov. 3, 2023 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2023.

Biglari Holdings Inc.'s earnings for the third quarter and first nine months of 2023 and 2022 are summarized below.  To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com.

(dollars in thousands)
	Third Quarter				First Nine Months
	2023		2022		2023		2022
Pre-tax operating earnings	$      20,298		$      12,828		$      39,384		$      31,107
Investment gains (losses)	(94,314)		28,809		(25,231)		(86,428)
Income tax (expense) benefit and earnings attributable to noncontrolling interest	17,502		(9,632)		(3,845)		13,248
Net earnings (loss) attributable to Biglari Holdings shareholders	$    (56,514)		$      32,005		$      10,308		$    (42,073)

Analysis of Results:

Investments affect our reported quarterly earnings based on their carrying value. We do not regard the quarterly or annual fluctuations in our investments to be meaningful. Therefore, our operating businesses are best analyzed before the impact of investment gains. As a consequence, in the preceding table we separate earnings of our operating businesses from our investment gains.

About Biglari Holdings Inc.

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.

View original content:https://www.prnewswire.com/news-releases/biglari-holdings-inc-news-release-301977519.html

SOURCE Biglari Holdings Inc.

FAQ

What are the pre-tax operating earnings for Q3 2023?

The pre-tax operating earnings for Q3 2023 were $20.3 million.

What are the net earnings attributable to Biglari Holdings shareholders for Q3 2023?

The net earnings attributable to Biglari Holdings shareholders for Q3 2023 were a loss of $56.5 million.

Where can shareholders find more detailed results?

Shareholders can find more detailed results in the 10-Q report posted on www.biglariholdings.com.