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What are the accounts that catch your attention compared to the 2018's income statement? What could be the reasons of the increases or decreases from

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What are the accounts that catch your attention compared to the 2018's income statement?

What could be the reasons of the increases or decreases from 2018 to 2019? Explain in 1-3 sentences.

Could you please provide your input on how the company might increase its net income? Explain in 1-3 sentences.

BIGLARI HOLDINGS INC. CONSOLIDATED STATEMENTS OF EARNINGS dollars in thousands except per share amounts) Year Ended December 31, 2018 2019 2017 S S S Revenues Restaurant operations Insurance premiums and other Oil and gas Media and licensing 775.690 27.628 807,153 24.943 610,220 30,083 24,436 4,099 668,8.38 6 576 809,894 7,708 839,804 636,456 20.831 661,030 19.724 Cost and expenses Restaurant cost of sales Insurance losses and underwriting expenses Oil and gas production costs Media and licensing cost Selling general and administrative Impairments Depreciation and amortization 500,949 22.269 7,259 3,181 100.150 8,186 29,578 671,572 4,152 127.232 5.677 19 318 813.666 6,527 129,019 1.789 21 448 839,537 Other Income (expenses) Interest expense Interest on finance leases and obligations Investment partnership gains Total other income (expenses) Earnings (loss) before income taxes Income tax expense (benefit) Net earnings Earnings per share Net earnings per equivalent Class A share * Net earrings per equivalent Class B share outstanding are one fifth of the equivalent Class A share or $26.33 for 2019, $11.14 for 2018 and 527.20 for 2017. (12,442) (7.816) 78,133 57,87 55,141 9,761 45.380 (11 677) (8,207) 40,411 20.527 16,755 (2.637) 19.392 (11,040) (9.082) 6.965 (13,157) (12,890) (62.961 50,071 S S S 131.64 S 55.71 S 13601

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