Boston Omaha Corporation Announces Third Quarter 2024 Financial Results
Boston Omaha (NYSE: BOC) reported Q3 2024 financial results with total revenues of $27.7 million, up from $24.5 million in Q3 2023. The company posted a net loss of $1.6 million ($0.05 per share). Revenue growth was seen across all segments: Billboard rentals reached $11.5 million, Broadband services $9.7 million, and Premiums earned $5.4 million. The company's book value per share decreased to $16.82 from $17.19 at year-end 2023. Cash flow from operations was $12.1 million for the nine months ended September 30, 2024. During Q3, BOC repurchased 97,262 shares for $1.38 million.
Boston Omaha (NYSE: BOC) ha riportato i risultati finanziari per il terzo trimestre del 2024, con ricavi totali di 27,7 milioni di dollari, in aumento rispetto ai 24,5 milioni del terzo trimestre del 2023. L'azienda ha registrato una perdita netta di 1,6 milioni di dollari (0,05 dollari per azione). La crescita dei ricavi è stata osservata in tutti i settori: gli affitti di cartelloni pubblicitari hanno raggiunto 11,5 milioni di dollari, i servizi di banda larga 9,7 milioni di dollari e i premi guadagnati 5,4 milioni di dollari. Il valore contabile per azione dell'azienda è diminuito a 16,82 dollari rispetto a 17,19 dollari a fine 2023. Il flusso di cassa dalle operazioni è stato di 12,1 milioni di dollari per i nove mesi conclusi il 30 settembre 2024. Durante il terzo trimestre, BOC ha riacquistato 97.262 azioni per 1,38 milioni di dollari.
Boston Omaha (NYSE: BOC) informó los resultados financieros del tercer trimestre de 2024, con ingresos totales de 27,7 millones de dólares, en comparación con los 24,5 millones del tercer trimestre de 2023. La compañía registró una pérdida neta de 1,6 millones de dólares (0,05 dólares por acción). Se observó crecimiento en los ingresos en todos los segmentos: los alquileres de vallas publicitarias alcanzaron 11,5 millones de dólares, los servicios de banda ancha 9,7 millones de dólares y las primas devengadas 5,4 millones de dólares. El valor contable por acción de la compañía disminuyó a 16,82 dólares desde 17,19 dólares a finales de 2023. El flujo de caja de las operaciones fue de 12,1 millones de dólares para los nueve meses que terminaron el 30 de septiembre de 2024. Durante el tercer trimestre, BOC recompró 97,262 acciones por 1,38 millones de dólares.
Boston Omaha (NYSE: BOC)가 2024년 3분기 재무 결과를 발표했으며, 총 수익은 2,770만 달러로 2023년 3분기의 2,450만 달러에서 증가했습니다. 회사는 160만 달러(주당 0.05달러)의 순손실을 기록했습니다. 수익 성장은 모든 부문에서 나타났습니다: 광고판 임대는 1,150만 달러, 브로드밴드 서비스는 970만 달러, 그리고 벌어들인 프리미엄은 540만 달러에 달했습니다. 회사의 주당 장부 가치는 2023년 말 1719달러에서 1682달러로 감소했습니다. 2024년 9월 30일 종료된 9개월 동안 운영에서의 현금 흐름은 1,210만 달러였습니다. 3분기 동안 BOC는 97,262주를 138만 달러에 재구매했습니다.
Boston Omaha (NYSE: BOC) a publié les résultats financiers du troisième trimestre 2024, avec des revenus totaux de 27,7 millions de dollars, en hausse par rapport à 24,5 millions de dollars au troisième trimestre 2023. L'entreprise a enregistré une perte nette de 1,6 million de dollars (0,05 dollar par action). La croissance des revenus a été observée dans tous les segments : les locations de panneaux publicitaires ont atteint 11,5 millions de dollars, les services de large bande 9,7 millions de dollars et les primes gagnées 5,4 millions de dollars. La valeur comptable par action de l'entreprise a diminué à 16,82 dollars contre 17,19 dollars à la fin de 2023. Le flux de trésorerie provenant des opérations s'est établi à 12,1 millions de dollars pour les neuf mois se terminant le 30 septembre 2024. Au cours du 3e trimestre, BOC a racheté 97 262 actions pour 1,38 million de dollars.
Boston Omaha (NYSE: BOC) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit Gesamterlösen von 27,7 Millionen Dollar, ein Anstieg gegenüber 24,5 Millionen Dollar im 3. Quartal 2023. Das Unternehmen verzeichnete einen Nettoverlust von 1,6 Millionen Dollar (0,05 Dollar pro Aktie). Das Umsatzwachstum war in allen Segmenten zu sehen: Die Werbeverträge erreichten 11,5 Millionen Dollar, Breitbanddienstleistungen 9,7 Millionen Dollar und verdiente Prämien 5,4 Millionen Dollar. Der Buchwert pro Aktie des Unternehmens fiel von 17,19 Dollar zum Ende des Jahres 2023 auf 16,82 Dollar. Der Cashflow aus dem Betrieb betrug 12,1 Millionen Dollar für die neun Monate, die am 30. September 2024 endeten. Im 3. Quartal kaufte BOC 97.262 Aktien für 1,38 Millionen Dollar zurück.
- Total revenues increased 12.8% YoY to $27.7 million
- Operating loss improved to $0.74 million from $1.94 million YoY
- Strong cash flow from operations at $12.1 million for nine months
- Revenue growth across all business segments
- Net loss of $1.6 million in Q3 2024
- Book value per share declined from $17.19 to $16.82
- Total unrestricted cash & investments decreased to $37.2M from $71.3M
- $9.4 million non-cash losses from unconsolidated affiliates
Insights
Boston Omaha's Q3 2024 results show mixed performance with some concerning trends. Total revenues increased by
Key concerns include the significant decrease in unrestricted cash & investments from
Book value per share declined to
We show below summary financial data for the third 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 third quarter of 2024 can be found on our investor relations website at https://investor.bostonomaha.com. We believe that it’s important for shareholders to read the supplemental presentation as, in management’s opinion, it provides additional information on business metrics we use in gauging the performance of each of our three principal business units and investments.
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
| Billboard Rentals, Net | $ |
11,503,915 |
|
$ |
10,891,979 |
|
$ |
33,638,043 |
|
$ |
32,029,726 |
|
|||
| Broadband Services |
|
9,664,074 |
|
|
8,995,678 |
|
|
29,135,486 |
|
|
26,230,819 |
|
|||
| Premiums Earned |
|
5,425,052 |
|
|
3,727,219 |
|
|
14,165,167 |
|
|
10,293,119 |
|
|||
| Insurance Commissions |
|
520,657 |
|
|
378,987 |
|
|
1,550,400 |
|
|
1,449,653 |
|
|||
| Investment and Other Income |
|
587,238 |
|
|
554,238 |
|
|
1,852,354 |
|
|
1,576,963 |
|
|||
| Total Revenues |
|
27,700,936 |
|
|
24,548,101 |
|
|
80,341,450 |
|
|
71,580,280 |
|
|||
| Depreciation and Amortization Expense |
|
5,673,662 |
|
|
4,983,010 |
|
|
16,467,929 |
|
|
14,336,413 |
|
|||
| Net Loss from Operations |
|
(740,022 |
) |
|
(1,942,729 |
) |
|
(7,194,918 |
) |
|
(6,562,425 |
) |
|||
| Net Other (Expense) Income |
|
(1,065,883 |
) |
|
(1,230,036 |
) |
|
(834,439 |
) |
|
12,864 |
|
|||
| Net Loss Attributable to Common Stockholders | $ |
(1,595,136 |
) |
$ |
(1,642,506 |
) |
$ |
(6,638,436 |
) |
$ |
(3,422,048 |
) |
|||
| Basic and Diluted Net Loss per Share | $ |
(0.05 |
) |
$ |
(0.05 |
) |
$ |
(0.21 |
) |
$ |
(0.11 |
) |
|||
| September 30, | December 31, | ||||||||||||||
|
2024 |
|
|
2023 |
|
||||||||||
| Total Unrestricted Cash & Investments (1) | $ |
37,225,358 |
|
$ |
71,269,580 |
|
|||||||||
| Total Assets |
|
711,938,773 |
|
|
768,207,092 |
|
|||||||||
| Total Liabilities |
|
158,500,122 |
|
|
151,754,831 |
|
|||||||||
| Redeemable Noncontrolling Interest |
|
- |
|
|
15,638,013 |
|
|||||||||
| Total Boston Omaha Stockholders' Equity |
|
527,682,666 |
|
|
538,207,426 |
|
|||||||||
| Noncontrolling Interests (2) |
|
25,755,985 |
|
|
62,606,822 |
|
|||||||||
| Total Equity | $ |
553,438,651 |
|
$ |
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 third quarter of fiscal 2024, “Net Other (Expense) Income” included non-cash losses of
Our investment in Sky Harbour Class A common stock and warrants was valued at
Cash inflow from operations for the nine months ended September 30, 2024 was
During the third quarter of fiscal 2024, we repurchased 97,262 shares of our Class A common stock on the open market for a total cost of
Our book value per share was
As of September 30, 2024, we had 30,846,087 shares of Class A common stock and 527,780 shares of Class B common stock outstanding.
As of November 11, 2024, we had 30,846,087 shares of Class A common stock and 527,780 shares of Class B common stock 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.
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 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 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/20241112354965/en/
Boston Omaha Corporation
Josh Weisenburger, 402-210-2633
contact@bostonomaha.com
Source: Boston Omaha Corporation
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