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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 3, 2023
BIGLARI HOLDINGS INC.
(Exact Name of Registrant as Specified in Charter)
Indiana 001-38477 82-3784946
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
19100 Ridgewood Parkway,
Suite 1200
San Antonio,Texas78259
(Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: (210) 344-3400
Not Applicable
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A common stockBH.ANew York Stock Exchange
Class B common stockBHNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.     Results of Operations and Financial Condition.
On November 3, 2023, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its third quarter and first nine months, which ended September 30, 2023. The Company’s press release is attached hereto as Exhibit 99.1 and the information set forth therein is incorporated herein by reference and constitutes a part of this report.
The information in this Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibit, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01.     Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
November 3, 2023BIGLARI HOLDINGS INC.
  
 By:  /s/ Bruce Lewis
  Name:Bruce Lewis
  Title:Controller


BIGLARI HOLDINGS INC.
NEWS RELEASE
San Antonio, TX, November 3, 2023 – Biglari Holdings Inc. 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 QuarterFirst Nine Months
2023202220232022
Pre-tax operating earnings$20,298 $12,828 $39,384 $31,107 
Investment gains (losses)(94,314)28,809 (25,231)(86,428)
Income tax (expense) benefit and earnings attributable to noncontrolling interest17,502 (9,632)(3,845)13,248 
Net earnings (loss) attributable to Biglari Holdings shareholders$(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.
***

v3.23.3
Cover
Nov. 03, 2023
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 03, 2023
Entity Registrant Name BIGLARI HOLDINGS INC.
Entity Incorporation, State or Country Code IN
Entity File Number 001-38477
Entity Tax Identification Number 82-3784946
Entity Address, Address Line One 19100 Ridgewood Parkway,
Entity Address, Address Line Two Suite 1200
Entity Address, City or Town San Antonio,
Entity Address, State or Province TX
Entity Address, Postal Zip Code 78259
City Area Code 210
Local Phone Number 344-3400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001726173
Common Class A  
Document Information [Line Items]  
Title of 12(b) Security Class A common stock
Trading Symbol BH.A
Security Exchange Name NYSE
Common Class B  
Document Information [Line Items]  
Title of 12(b) Security Class B common stock
Trading Symbol BH
Security Exchange Name NYSE
Biglari (NYSE:BH.A)
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