BIGLARI HOLDINGS INC. (BH) [Rocket]

In millions, except per share items	Dec-31-17	Dec-31-16	Dec-31-15	Sep-24-14	Sep-25-13	Sep-26-12	Sep-28-11	Sep-29-10
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Restaurant Operations	807.2	817.9	819.7	778.2	751.9	733.9	705.4	671.6
First Guard	24.9	23.0	17.2	5.7
Maxim	7.7	9.2	24.5	9.9
Other					3.9	6.3	3.8	2.1
Total revenues [+]	839.8	850.1	861.5	793.8	755.8	740.2	709.2	673.8
Products	807.2	817.9	819.7	778.2	751.9	733.9	694.4	663.5
Franchise							8.6	5.9
Advertising	7.7	9.2	24.5	9.9
Other					3.9	6.3	2.4	2.2
Other income				3.2	3.2	2.5	0.4	0.1
Revenue growth [+]	-1.2%	-1.3%		5.0%	2.1%	4.4%	5.3%	7.2%
Restaurant Operations	-1.3%	-0.2%		3.5%	2.5%	4.0%	5.0%	6.8%
First Guard	8.5%	33.5%
Maxim	-15.9%	-62.6%
Cost of goods sold [+]	667.6	650.8	664.9	621.9	583.0	561.1	523.9	501.6
Cost of product sales	661.0	635.0	629.3	602.5			192.6	179.6
Other cost of sales	6.5	15.8	35.6	19.4
Maintenance and operations costs							331.3	321.9
Gross profit	172.2	199.3	196.6	171.9	172.8	179.2	185.3	172.2
Gross margin	20.5%	23.4%	22.8%	21.7%	22.9%	24.2%	26.1%	25.6%
Selling, general and administrative [+]	130.8	127.3	135.1	128.5	126.8	109.5	103.8	93.0
Sales and marketing							38.5	34.8
General and administrative [+]	130.8	127.3	135.1	128.5	126.8	109.5	48.4	41.6
General and administrative expenses	130.8	127.3	135.1	128.5	126.8	109.5	48.4	41.6
Rent expense							16.9	16.6
Other selling, general and administrative							16.9	16.6
Other operating expenses	8.7	6.0	1.4	1.1	-3.3	14.4	3.3	7.3
EBITDA [+]	32.8	66.0	60.0	42.3	49.3	55.2	78.2	71.9
EBITDA growth	-50.4%	10.0%		-14.2%	-10.6%	-29.5%	8.8%	73.6%
EBITDA margin	3.9%	7.8%	7.0%	5.3%	6.5%	7.5%	11.0%	10.7%
Depreciation	20.9	22.4	24.2	24.2	24.6	25.7	27.6	28.8
EBITA	11.9	43.6	35.8	18.1	24.8	29.5	50.6	43.1
EBITA margin	1.4%	5.1%	4.2%	2.3%	3.3%	4.0%	7.1%	6.4%
Amortization of intangibles	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.5
EBIT [+]	11.3	43.1	35.2	17.4	24.1	28.7	49.9	42.7
EBIT growth	-73.7%	22.3%		-27.6%	-16.3%	-42.3%	16.9%	323.7%
EBIT margin	1.3%	5.1%	4.1%	2.2%	3.2%	3.9%	7.0%	6.3%
Non-recurring items [+]					0.1		0.7	0.1
Loss (gain) on sale of assets							0.7	0.1
Interest income, net [+]	-7.3	2.7	76.6	-9.1	1.7	-6.1	-2.1	-1.5
Interest expense	11.0	11.5	11.9	10.3	6.6	10.1	2.8	1.9
Interest income	3.7	14.2	88.5	1.2	8.3	4.0	0.7	0.4
Other income (expense), net [+]	-16.9	100.5	-149.2	30.7	190.7	8.6	0.7	0.4
Realized gain (loss) on investments				29.5	182.2	4.2
Gain (loss) on derivative instruments							0.6	0.2
Other				29.5	182.5	4.6	-4.7	-8.6
Pre-tax income	-12.9	146.3	-37.4	39.0	216.5	31.2	47.8	41.4
Income taxes	-63.0	46.8	-21.6	10.2	74.3	6.5	13.9	12.0
Tax rate	488.4%	32.0%	57.7%	26.2%	34.3%	20.7%	29.0%	29.0%
Minority interest					1.9	3.2		0.0
Net income	50.1	99.5	-15.8	28.8	140.3	21.6	34.0	29.4
Net margin	6.0%	11.7%	-1.8%	3.6%	18.6%	2.9%	4.8%	4.4%

Basic EPS [+]	$40.80	$81.37	($10.18)	$16.85	$90.89	$13.92	$23.71	$21.07
Growth	-49.9%	-899.1%		-81.5%	553.1%	-41.3%	12.5%	400.3%
Diluted EPS [+]	$40.77	$81.28	($10.18)	$16.82	$90.69	$13.88	$23.58	$20.94
Growth	-49.8%	-898.3%		-81.5%	553.3%	-41.1%	12.6%	399.1%


Shares outstanding (basic) [+]	1.2	1.2	1.6	1.7	1.5	1.6	1.4	1.4
Growth	0.4%	-21.5%		10.8%	-0.5%	8.3%	2.6%	-1.9%
Shares outstanding (diluted) [+]	1.2	1.2	1.6	1.7	1.5	1.6	1.4	1.4
Growth	0.4%	-21.4%		10.7%	-0.6%	8.0%	2.5%	-1.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.