Boston Omaha Corporation Announces Second Quarter 2024 Financial Results
Boston Omaha (NYSE: BOC) reported its Q2 2024 financial results. Total revenues increased to $27,087,783, up from $24,216,394 in Q2 2023. However, the company reported a net loss from operations of $4,396,615, compared to a loss of $1,642,904 in the same period last year. The net loss attributable to common stockholders was $2,235,219, or $0.07 per share, compared to a net income of $1,541,612, or $0.05 per share, in Q2 2023.
The company's billboard rentals and broadband services showed growth, while premiums earned also increased. Total assets stood at $723,064,123 as of June 30, 2024. The company's book value per share decreased to $16.86 from $17.19 at the end of 2023. Cash inflow from operations for the first half of 2024 improved to $6.9 million, compared to $4.4 million in the same period of 2023.
Boston Omaha (NYSE: BOC) ha pubblicato i risultati finanziari del secondo trimestre del 2024. I ricavi totali sono aumentati a $27.087.783, rispetto a $24.216.394 nel secondo trimestre del 2023. Tuttavia, l'azienda ha registrato una perdita netta dalle operazioni di $4.396.615, rispetto a una perdita di $1.642.904 nello stesso periodo dell'anno precedente. La perdita netta attribuibile agli azionisti comuni è stata di $2.235.219, ovvero $0,07 per azione, rispetto a un utile netto di $1.541.612, ossia $0,05 per azione, nel secondo trimestre del 2023.
I canoni di locazione dei cartelloni e i servizi a banda larga hanno mostrato una crescita, mentre i premi guadagnati sono aumentati. Gli attivi totali ammontavano a $723.064.123 al 30 giugno 2024. Il valore contabile per azione dell'azienda è diminuito a $16,86 rispetto a $17,19 alla fine del 2023. I flussi di cassa dalle operazioni per la prima metà del 2024 sono migliorati a $6,9 milioni, rispetto a $4,4 milioni nello stesso periodo del 2023.
Boston Omaha (NYSE: BOC) reportó sus resultados financieros del segundo trimestre de 2024. Los ingresos totales aumentaron a $27.087.783, frente a $24.216.394 en el segundo trimestre de 2023. Sin embargo, la compañía reportó una pérdida neta de operaciones de $4.396.615, en comparación con una pérdida de $1.642.904 en el mismo período del año anterior. La pérdida neta atribuible a los accionistas comunes fue de $2.235.219, o $0.07 por acción, en comparación con una ganancia neta de $1.541.612, o $0.05 por acción, en el segundo trimestre de 2023.
Los alquileres de carteles y los servicios de banda ancha mostraron crecimiento, mientras que las primas ganadas también aumentaron. Los activos totales se situaron en $723.064.123 al 30 de junio de 2024. El valor contable por acción de la empresa disminuyó a $16.86 desde $17.19 a finales de 2023. El flujo de efectivo de las operaciones para la primera mitad de 2024 mejoró a $6.9 millones, en comparación con $4.4 millones en el mismo período de 2023.
보스턴 오마하 (NYSE: BOC)는 2024년 2분기 재무 결과를 보고했습니다. 총 수익은 $27,087,783로 증가했으며, 이는 2023년 2분기의 $24,216,394에서 증가한 수치입니다. 그러나 회사는 영업에서 $4,396,615의 순손실을 보고했으며, 이는 지난해 같은 기간의 $1,642,904의 손실에 비해 증가한 수치입니다. 일반 주주에게 귀속되는 순손실은 $2,235,219, 즉 주당 $0.07이며, 이는 2023년 2분기의 순이익 $1,541,612, 주당 $0.05와 비교됩니다.
회사의 광고판 임대 및 광대역 서비스는 성장세를 보였으며, 적립된 프리미엄도 증가했습니다. 2024년 6월 30일 기준 총 자산은 $723,064,123에 달했습니다. 회사의 주당 장부 가치는 2023년 말의 $17.19에서 $16.86으로 감소했습니다. 2024년 상반기의 운영으로 인한 현금 유입은 $6.9백만으로 개선되었으며, 이는 2023년 같은 기간의 $4.4백만과 비교됩니다.
Boston Omaha (NYSE: BOC) a annoncé ses résultats financiers pour le deuxième trimestre 2024. Les revenus totaux ont augmenté à $27.087.783, contre $24.216.394 au deuxième trimestre 2023. Toutefois, l'entreprise a signalé une perte nette d'exploitation de $4.396.615, comparée à une perte de $1.642.904 au cours de la même période l'année dernière. La perte nette attribuable aux actionnaires ordinaires s'élevait à $2.235.219, soit $0,07 par action, contre un bénéfice net de $1.541.612, soit $0,05 par action, au deuxième trimestre 2023.
Les revenus des locations de panneaux d'affichage et des services de large bande ont montré une croissance, tandis que les primes gagnées ont également augmenté. Les actifs totaux s'élevaient à $723.064.123 au 30 juin 2024. La valeur comptable par action de l'entreprise est passée de $17,19 à la fin de 2023 à $16,86. Les flux de trésorerie provenant des opérations pour la première moitié de 2024 ont augmenté à $6,9 millions, contre $4,4 millions pour la même période en 2023.
Boston Omaha (NYSE: BOC) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht. Die Gesamterträge erhöhten sich auf $27.087.783, im Vergleich zu $24.216.394 im 2. Quartal 2023. Das Unternehmen berichtete jedoch von einem Betriebsverlust von $4.396.615, verglichen mit einem Verlust von $1.642.904 im selben Zeitraum des Vorjahres. Der den Stammaktionären zurechenbare Nettoverlust betrug $2.235.219, oder $0,07 pro Aktie, verglichen mit einem Nettogewinn von $1.541.612, oder $0,05 pro Aktie, im 2. Quartal 2023.
Die Mieteinnahmen aus Billboards und die Breitbanddienste zeigten Wachstum, während die verdienten Prämien ebenfalls zunahmen. Die Gesamtaktiva beliefen sich zum 30. Juni 2024 auf $723.064.123. Der Buchwert pro Aktie des Unternehmens sank von $17,19 Ende 2023 auf $16,86. Der Cashflow aus operativen Tätigkeiten für die erste Hälfte des Jahres 2024 verbesserte sich auf $6,9 Millionen, verglichen mit $4,4 Millionen im gleichen Zeitraum 2023.
- Total revenues increased by 11.9% year-over-year to $27,087,783
- Billboard rentals revenue grew by 5.6% to $11,437,468
- Broadband services revenue increased by 12.6% to $9,787,983
- Premiums earned rose by 37% to $4,737,056
- Cash inflow from operations improved to $6.9 million for H1 2024, up from $4.4 million in H1 2023
- Net loss from operations widened to $4,396,615 from $1,642,904 in Q2 2023
- Net loss attributable to common stockholders was $2,235,219, compared to a net income of $1,541,612 in Q2 2023
- Basic and Diluted Net Loss per Share of $0.07, compared to Net Income per Share of $0.05 in Q2 2023
- Book value per share decreased to $16.86 from $17.19 at the end of 2023
- Incurred $4.1 million in one-time employee costs and professional fees related to former Co-CEO separation
- Total Unrestricted Cash & Investments decreased to $40,564,748 from $71,269,580 at the end of 2023
Insights
Boston Omaha 's Q2 2024 results present a mixed picture. Total revenues increased by
The widening net loss from operations (
On a positive note, the company's investment in Sky Harbour appears promising, with a potential unrealized gain of
Boston Omaha's Q2 results reveal both opportunities and challenges. The billboard and broadband segments show robust growth, with revenues increasing by
The insurance segment is also gaining traction, with premiums earned up by an impressive
The company's strategic investment in Sky Harbour appears to be paying off, contributing significantly to non-cash gains. However, the volatility in Sky Harbour's stock price (as evidenced by the unrealized loss on warrants) highlights the risks associated with such investments.
Overall, while core businesses are growing, the company needs to address operational efficiency to translate top-line growth into profitability.
We show below summary financial data for the second quarter of 2024 and 2023. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com. A supplemental presentation providing additional financial information for the second quarter of 2024 can be found on our investor relations website at https://investor.bostonomaha.com.
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Billboard Rentals, Net | $ |
11,437,468 |
|
$ |
10,835,524 |
|
$ |
22,134,128 |
|
$ |
21,137,747 |
|
||||
| Broadband Services |
|
9,787,983 |
|
|
8,695,235 |
|
|
19,471,412 |
|
|
17,235,141 |
|
||||
| Premiums Earned |
|
4,737,056 |
|
|
3,458,627 |
|
|
8,740,115 |
|
|
6,565,900 |
|
||||
| Insurance Commissions |
|
527,055 |
|
|
594,540 |
|
|
1,029,743 |
|
|
1,070,666 |
|
||||
| Investment and Other Income |
|
598,221 |
|
|
632,468 |
|
|
1,265,116 |
|
|
1,022,725 |
|
||||
| Total Revenues |
|
27,087,783 |
|
|
24,216,394 |
|
|
52,640,514 |
|
|
47,032,179 |
|
||||
| Depreciation and Amortization Expense |
|
5,456,140 |
|
|
4,844,059 |
|
|
10,794,267 |
|
|
9,353,403 |
|
||||
| Net Loss from Operations |
|
(4,396,615 |
) |
|
(1,642,904 |
) |
|
(6,454,896 |
) |
|
(4,619,696 |
) |
||||
| Net Other Income |
|
2,357,407 |
|
|
3,357,575 |
|
|
231,444 |
|
|
1,242,900 |
|
||||
| Net (Loss) Income Attributable to Common Stockholders | $ |
(2,235,219 |
) |
$ |
1,541,612 |
|
$ |
(5,043,300 |
) |
$ |
(1,779,542 |
) |
||||
| Basic and Diluted Net (Loss) Income per Share | $ |
(0.07 |
) |
$ |
0.05 |
|
$ |
(0.16 |
) |
$ |
(0.06 |
) |
||||
| June 30, | December 31, | |||||||||||||||
2024 |
2023 |
|||||||||||||||
| Total Unrestricted Cash & Investments (1) | $ |
40,564,748 |
|
$ |
71,269,580 |
|
||||||||||
| Total Assets |
|
723,064,123 |
|
|
768,207,092 |
|
||||||||||
| Total Liabilities |
|
157,663,397 |
|
|
151,754,831 |
|
||||||||||
| Redeemable Noncontrolling Interest |
|
- |
|
|
15,638,013 |
|
||||||||||
| Total Boston Omaha Stockholders' Equity |
|
530,478,942 |
|
|
538,207,426 |
|
||||||||||
| Noncontrolling Interests (2) |
|
34,921,784 |
|
|
62,606,822 |
|
||||||||||
| Total Equity | $ |
565,400,726 |
|
$ |
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. |
During the second quarter of fiscal 2024, we incurred
In the second quarter of fiscal 2024, “Net Other Income” included non-cash gains of
Our investment in Sky Harbour Class A common stock and warrants was valued at
As a reminder, generally accepted accounting principles (“GAAP”) require us to include the unrealized changes in market prices of 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 six months ended June 30, 2024 was
Our book value per share was
As of June 30, 2024, we had 30,931,349 shares of Class A common stock and 527,780 shares of Class B common stock issued and outstanding.
As of August 12, 2024, we had 30,931,349 shares of Class A common stock and 527,780 shares of Class B common stock issued and outstanding.
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.
(3) |
Excludes Sky Harbour Class A common stock as we account for our investment under the equity method. |
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/20240813974429/en/
Boston Omaha Corporation
Josh Weisenburger, 402-210-2633
contact@bostonomaha.com
Source: Boston Omaha Corporation
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