Boston Omaha Corporation Announces First Quarter 2024 Financial Results
Boston Omaha (NYSE: BOC) announced its financial results for Q1 2024, ending March 31. Key highlights include:
Total revenues of $25.55M, up from $22.82M in Q1 2023.
Billboard Rentals and Broadband Services contributed $10.70M and $9.68M, respectively.
Net loss from operations was $2.06M, down from $2.98M in Q1 2023.
Net loss attributable to common stockholders was $2.81M, or $0.09 per share, compared to $3.32M or $0.11 per share in Q1 2023.
Total assets decreased to $757.34M from $768.21M at the end of 2023.
Total unrestricted cash and investments decreased to $33.63M from $71.27M.
Depreciation and amortization expenses increased to $5.34M from $4.51M.
Cash inflow from operations was $2.42M, compared to $1.37M in Q1 2023.
- Total revenues increased to $25.55M from $22.82M in Q1 2023.
- Net loss from operations decreased to $2.06M from $2.98M in Q1 2023.
- Cash inflow from operations increased to $2.42M from $1.37M in Q1 2023.
- Revenue from Billboard Rentals increased to $10.70M from $10.30M.
- Revenue from Broadband Services increased to $9.68M from $8.54M.
- Net loss attributable to common stockholders decreased to $2.81M from $3.32M.
- Basic and diluted net loss per share improved to $0.09 from $0.11.
- Total assets decreased to $757.34M from $768.21M.
- Total unrestricted cash and investments decreased significantly to $33.63M from $71.27M.
- Depreciation and amortization expenses increased to $5.34M from $4.51M.
- Net other loss increased slightly to $2.13M from $2.11M.
Insights
Boston Omaha Corporation reported its Q1 2024 financial results, reflecting both positive and cautionary trends. Total revenues increased to
The increase in revenue is encouraging, suggesting effective strategies in their core segments. Billboard rentals and broadband services both saw notable gains, reflecting strong operational performance. Yet, the decline in net losses also points to improved expense management, even as depreciation and amortization expenses rose to
Additionally, the company’s cash inflow from operations improved to
Despite a slight decrease in book value per share from
In summary, while the revenue growth and reduced losses are positive signals, ongoing net losses and fluctuations in investment values warrant cautious optimism.
The financial results for Boston Omaha Corporation reveal a positive trend in revenue growth across key segments like billboard rentals and broadband services. This aligns with broader market trends where advertising and connectivity services continue to grow. The
The growth in broadband services revenue by
On the downside, the company's exposure to market fluctuations through investments like Sky Harbour presents a risk. The significant net other loss of
Investors should take note of the improved cash inflow from operations, signaling operational efficiency and liquidity improvements. However, continuous monitoring of investments and their market value changes is important for assessing long-term stability.
We show below summary financial data for the first quarter of 2024 and 2023. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com.
| For the Three Months Ended | |||||||
| March 31, | |||||||
|
2024 |
|
|
2023 |
|
||
| Billboard Rentals, Net | $ |
10,696,660 |
|
$ |
10,302,223 |
|
|
| Broadband Services |
|
9,683,429 |
|
|
8,539,906 |
|
|
| Premiums Earned |
|
4,003,059 |
|
|
3,107,273 |
|
|
| Insurance Commissions |
|
502,688 |
|
|
476,126 |
|
|
| Investment and Other Income |
|
666,895 |
|
|
390,257 |
|
|
| Total Revenues |
|
25,552,731 |
|
|
22,815,785 |
|
|
| Depreciation and Amortization Expense |
|
5,338,127 |
|
|
4,509,344 |
|
|
| Net Loss from Operations |
|
(2,058,281 |
) |
|
(2,976,792 |
) |
|
| Net Other Loss |
|
(2,125,963 |
) |
|
(2,114,675 |
) |
|
| Net Loss Attributable to Common Stockholders | $ |
(2,808,081 |
) |
$ |
(3,321,254 |
) |
|
| Basic and Diluted Net Loss per Share | $ |
(0.09 |
) |
$ |
(0.11 |
) |
|
| March 31, | December 31, | ||||||
|
2024 |
|
|
2023 |
|
||
| Total Unrestricted Cash & Investments (1) | $ |
33,631,376 |
|
$ |
71,269,580 |
|
|
| Total Assets |
|
757,338,637 |
|
|
768,207,092 |
|
|
| Total Liabilities |
|
143,247,299 |
|
|
151,754,831 |
|
|
| Redeemable Noncontrolling Interest |
|
15,702,778 |
|
|
15,638,013 |
|
|
| Total Boston Omaha Stockholders' Equity |
|
536,179,347 |
|
|
538,207,426 |
|
|
| Noncontrolling Interests (2) |
|
62,209,213 |
|
|
62,606,822 |
|
|
| Total Equity | $ |
598,388,560 |
|
$ |
600,814,248 |
||
(1) |
Investments consist of |
|
(2) |
Noncontrolling interests are related to third party capital raised within our build for rent fund as well as within our 24th Street commercial real estate funds. |
In the first quarter of fiscal 2024, “Net Other Loss” included a loss of
As a reminder, generally accepted accounting principles (“GAAP”) require us to include the unrealized changes in market prices of certain investments in public securities in our reported earnings (3). While we intend to hold securities for the longer term, we may in the future choose to sell them for a variety of reasons resulting in realized losses or gains.
Cash inflow from operations for the three months ended March 31, 2024 was
Our book value per share was
As of March 31, 2024, we had 30,304,895 shares of Class A common stock and 1,055,560 shares of Class B common stock issued and outstanding.
As of May 13, 2024, we had 30,931,349 shares of Class A common stock and 527,780 shares of Class B common stock issued and outstanding.
(3) |
Excludes Sky Harbour Class A common stock as we account for our investment under the equity method. |
About Boston Omaha Corporation
Boston Omaha Corporation is a public holding company with four majority owned businesses engaged in outdoor advertising, broadband telecommunications services, surety insurance and asset management.
Forward-Looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, including statements about our financing strategy, future operations, future financial position and results, market growth, total revenue, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Any statements in this press release about the Company’s future expectations, plans and prospects, including statements about our financing strategy, future operations, future financial position and results, market growth, total revenue, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the Company’s forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company make as a result of a variety of risks and uncertainties, including risks related to the Company’s estimates regarding the potential market opportunity for the Company’s current and future products and services, the impact of the COVID-19 pandemic, the competitive nature of the industries in which we conduct our business, general business and economic conditions, our ability to acquire suitable businesses, our ability to successfully integrate acquired businesses, the effect of a loss of, or financial distress of, any reinsurance company which reinsures the Company’s insurance operations, the risks associated with our investments in both publicly traded securities and privately held businesses, our history of losses and ability to maintain profitability in the future, the Company’s expectations regarding the Company’s sales, expenses, gross margins and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s public filings with the Securities and Exchange Commission (the “SEC”) on Form 10-K for the year ended December 31, 2023, as well as other risks and uncertainties which may be described in any subsequent quarterly report on Form 10-Q filed by the Company and the other reports the Company files with the SEC. Copies of our SEC filings are available on our website at www.bostonomaha.com. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that general economic conditions and subsequent events and developments may cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
Our investor relations website is https://investor.bostonomaha.com/ and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information, and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240514562993/en/
Boston Omaha Corporation
Josh Weisenburger, 402-210-2633
contact@bostonomaha.com
Source: Boston Omaha Corporation
FAQ
What were Boston Omaha's revenues for Q1 2024?
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What was Boston Omaha's net loss from operations in Q1 2024?
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How much did Boston Omaha's cash inflow from operations increase in Q1 2024?
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How did Boston Omaha's unrestricted cash and investments change in Q1 2024?
What was the depreciation and amortization expense for Boston Omaha in Q1 2024?
