$261.5 M

BH Mkt cap, 12-Dec-2018
Biglari Net income (FY, 2017)50.1 M
Biglari Cash, 31-Dec-201758.6 M
Biglari EV459.9 M

Biglari Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

755.8m

Cost of goods sold

218.2m

Gross profit

537.6m

Gross profit Margin, %

71%

Sales and marketing expense

44.4m

General and administrative expense

76.8m

Operating expense total

121.2m

Depreciation and amortization

25.3m24.9m24.8m22.9m21.4m

Interest expense

6.6m10.3m11.9m11.5m11.0m

Pre tax profit

196.4m39.0m

Income tax expense

10.2m(21.6m)46.8m(63.0m)

Net Income

142.2m28.8m(15.8m)99.5m50.1m

Quarterly

USDQ1, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

172.3m193.2m218.4m208.2m219.1m216.7m203.4m213.0m214.2m

Cost of goods sold

49.6m54.2m

Gross profit

122.7m139.0m

Gross profit Margin, %

71%72%

Sales and marketing expense

9.4m11.3m

General and administrative expense

18.0m29.3m36.2m31.7m30.3m32.8m31.2m29.5m31.7m32.5m

Operating expense total

27.4m40.5m36.2m31.7m30.3m32.8m31.2m29.5m31.7m32.5m

Depreciation and amortization

5.6m5.9m6.2m6.1m6.0m5.3m5.9m5.6m5.4m5.3m

Interest expense

1.5m2.8m3.0m3.0m3.0m2.9m2.9m2.8m2.8m2.8m2.7m

Pre tax profit

1.4m17.2m80.7m35.0m

Income tax expense

(2.2m)(248.0k)29.6m19.6m(44.1m)(9.8m)13.9m(25.2m)

Net Income

16.5m9.6m10.0m26.0k9.3m51.2m37.5m(60.1m)(15.8m)21.1m(24.7m)

Biglari Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

94.6m124.3m56.5m75.8m58.6m

Accounts Receivable

7.1m16.0m17.7m14.2m16.3m

Inventories

6.5m6.9m7.6m6.8m7.3m

Current Assets

197.5m186.3m126.8m127.8m112.6m

PP&E

346.1m354.1m332.3m295.8m

Goodwill

28.3m40.2m40.0m40.0m40.1m

Total Assets

988.5m1.2b1.0b1.1b1.1b

Accounts Payable

37.5m39.2m34.6m112.9m128.7m

Short-term debt

9.8m

Current Liabilities

113.0m113.0m117.6m120.0m135.5m

Long-term debt

110.5m315.2m296.1m281.6m257.0m

Total Debt

216.7m315.2m296.1m281.6m257.0m

Total Liabilities

424.0m536.0m552.5m565.0m492.3m

Common Stock

899.0k1.1m

Additional Paid-in Capital

269.8m391.9m391.9m381.9m382.0m

Retained Earnings

348.3m340.8m416.0m515.4m565.5m

Debt to Assets Ratio

0.2 x0.3 x0.3 x0.3 x0.2 x

Biglari Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

142.2m28.8m(15.8m)99.5m50.1m

Depreciation and Amortization

25.3m24.9m24.8m22.9m21.4m

Accounts Receivable

Inventories

Accounts Payable

Cash From Operating Activities

38.8m27.6m52.5m63.3m25.8m

Cash From Investing Activities

(60.8m)(170.8m)(113.3m)(28.8m)(11.5m)

Long-term Borrowings

(12.1m)(120.8m)(6.0m)(9.3m)(17.2m)

Cash From Financing Activities

56.3m172.9m(12.3m)(15.2m)(23.0m)

Free Cash Flow

51.3m17.7m

Quarterly

USDQ1, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Net Income

16.5m20.3m10.0m10.0m19.3m51.2m88.7m28.6m(15.8m)5.3m(19.4m)

Depreciation and Amortization

5.6m19.1m6.5m12.8m18.9m6.0m11.4m17.3m5.6m11.1m16.3m

Cash From Operating Activities

2.1m18.9m(241.0k)23.4m34.6m17.3m41.1m56.0m9.9m16.4m16.9m

Cash From Investing Activities

(4.0m)(89.1m)(14.5m)(80.3m)(107.6m)(13.5m)(20.0m)(23.9m)(232.0k)(8.7m)(9.7m)

Long-term Borrowings

(13.0m)(120.8m)(550.0k)(1.1m)(1.6m)(2.2m)(8.2m)(8.7m)(15.5m)(16.1m)(16.6m)

Cash From Financing Activities

(14.6m)(2.2m)(4.7m)(6.2m)(3.8m)(11.3m)(13.2m)(16.9m)(18.9m)(20.9m)

Free Cash Flow

7.9m11.6m10.7m

Biglari Ratios

USDY, 2017

EV/CFO

17.8 x

EV/FCF

25.9 x

Debt/Assets

0.2 x
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Biglari Operating Metrics

FY, 2015FY, 2016FY, 2017

Franchised Restaurants

210 237 258

Owned Restaurants

421 420 419
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