Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
7th grade Avg
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New words:
Accumulated, affiliated, amended, convey, personnel, production, profitability, settlement, wholly
Removed:
accelerate, barrel, began, building, compensation, contracted, economic, identified, inflation, Intermediate, listed, mutual, October, office, plan, Preferred, rabbi, reduced, remain, reopened, representing, result, retirement, revolving, set, specifically, support, traded, transaction, trust, volatile
Financial report summary
?Risks
- We are dependent on our Chairman and CEO.
- Sardar Biglari, Chairman and CEO, beneficially owns over 50% of our outstanding shares of common stock, enabling Mr. Biglari to exert control over matters requiring shareholder approval.
- We are a “controlled company” within the meaning of the New York Stock Exchange rules and thus can rely on exemptions from certain corporate governance requirements.
- Biglari Holdings’ access to capital is subject to restrictions that may adversely affect its ability to satisfy its cash requirements.
- Competition and technology may result in lower earnings.
- Potential changes in laws or regulations may have a negative impact on our Class A common stock and Class B common stock.
- Litigation could have a material adverse effect on our financial position, cash flows, and results of operations.
- Our restaurant operations face intense competition from a wide range of industry participants.
- Changes in economic conditions may have an adverse impact on our restaurant operations.
- Fluctuations in commodity and energy prices and the availability of commodities, including beef and dairy, could affect our restaurant business.
- Adverse weather conditions or losses due to casualties could negatively impact our operating performance.
- Changes in the availability of and the cost of labor could adversely affect our restaurant business.
- We are subject to health, employment, environmental, and other government regulations, and failure to comply with existing or future government regulations could expose us to litigation or penalties, damage our reputation, and lower profits.
- The majority of our investment activities are conducted through outside investment partnerships, The Lion Fund, L.P., and The Lion Fund II, L.P., which are controlled by Mr. Biglari.
- Our investments may be concentrated, and fair values are subject to a loss in value.
- We are subject to the risk of possibly becoming an investment company under the Investment Company Act of 1940.
- Our success depends on our ability to underwrite risks accurately and to charge adequate rates to policyholders.
- Our insurance business is vulnerable to significant catastrophic property loss, which could have an adverse effect on its financial condition and results of operations.
- Our insurance business is subject to extensive existing state, local, and foreign governmental regulations that restrict its ability to do business and generate revenues.
- Licensing opportunities for the Maxim brand may be difficult to maintain.
- Our oil and gas business is exposed to the effects of volatile commodity prices.
- Our oil and gas business is subject to disruption by factors beyond its control.
- Our oil and gas business can be adversely affected by political or regulatory developments affecting our operations.