Boston Omaha : First Quarter 2025 Presentation
BOC
Published on 05/14/2025 at 16:31
Ǫ1 2025 Financial Results
May 14, 2025
Ǫ1 2025 Hughlughts
Revenue growth of 0.6% YoY
Land cost of 20.8% (18.5% excl. ASC 842 lease accounting entries)
Adjusted EBITDA of ~$3.6 million
~2.3k new fiber passings / ~1.5k new fiber subscribers
~$6.2 million in capital expenditures
Adjusted EBITDA of ~$2.7 million (~$3.6 million excluding Fiber Fast Homes)
Gross written premium up 37.9% YoY
Revenue growth of 31.6% YoY
Adjusted EBITDA of ~$0.3 million
Realized gain of ~$1.3 million on sale of 220,889 shares of SKYH Class A common stock
Unrealized gain of ~$1.2 million related to SKYH warrants
Equity method loss of ~$2.3 million related to SKYH Class A common stock
Lunk Medua Outdoor
Outdoor Advertusung
($M)
Ǫ1 '25
Ǫ1 '24
YoY Growth
Revenue
$10.8
$10.7
0.C%
Land cost % (1)
20.8%
19.1%
1.7%
Gross margin %
64.3%
64.6%
(0.3)%
Net income
$0.9
$1.3
(2S.1)%
Adjusted EBITDA (2)
$3.6
$3.9
(7.7)%
Land costs as a percentage of revenue
Adjusted EBITDA is defined as net income (loss) before income tax expense (benefit), noncontrolling interest in subsidiary income (loss), interest expense, interest and dividend income, depreciation, amortization, accretion, gain or loss on disposition of assets, and other investment income (loss)
Softer revenue growth of 0.6% YoY due to reduced advertising spend in Entertainment, Automotive, and Government categories.
Increase in land cost mainly due to ASC 842 lease accounting entries. Land cost excl. ASC 842 was 18.5% during Ǫ1 '25 compared to 18.3% in Ǫ1 '24.
Employee costs increased by $357k in Ǫ1 '25 compared to Ǫ1 '24 due to filling of open positions and changes to Link's management compensation structure.
Highlights
Key Metrics
Ǫ1 '25
Ǫ1 '24
Debt to EBITDA ratio (3)
2.0x
1.6x
Structure and face count
4,000 / 7,600
4,000 / 7,600
Digital faces
105
100
Consolidated leverage ratio as defined in Link's credit agreement which was most recently amended and filed as an 8-K with the SEC on June 5, 2024
Boston Omaha Broadăand
AureBeam, InfoWest and Utah Broadăand
~2.1k new fiber passings and ~900 new fiber subscribers during Ǫ1 '25.
Reduced employee costs and GCA by ~$500k in Ǫ1 '25 compared to Ǫ1 '24.
Continue to focus on developing strategic partnerships and driving cost efficiencies across all three businesses.
Highlights
($M)
Ǫ1 '25
Ǫ1 '24
YoY Growth
Revenue
$9.8
$9.5
3.2%
Gross margin %
80.8%
78.9%
1.S%
Net income (loss) (4)
$0.4
($0.1)
:0.5
Adjusted EBITDA (4,5)
$3.6
$2.7
34.2%
Capital Expenditures
$4.8
$5.8
(17.2)%
Key Metrics
Ǫ1 '25
Ǫ1 '24
Fixed wireless subscribers
30.8k
32.8k
Fiber subscribers
13.2k
8.8k
Fiber passings
33.9k
25.3k
Debt to EBITDA ratio
0.5x
-
Includes allocation of broadband parent company overhead expenses
Adjusted EBITDA is defined as net income (loss) before income tax expense (benefit), noncontrolling interest in subsidiary income (loss), interest expense, interest and dividend income, depreciation, amortization, accretion, gain or loss on disposition of assets, and other investment income (loss)
Boston Omaha Broadăand
Fuăer Fast Homes - Greenfueld Fuăer New Homes Duvusuon
~200 new fiber passings and ~600 new fiber subscribers during Ǫ1 '25.
Working to continue growing subscriber base while integrating costs to lower burn rate.
The team continues to work on sourcing additional contracted backlog in geographies where we can obtain scale.
Highlights
($M)
Ǫ1 '25
Ǫ1 '24
YoY Growth
Revenue
$0.5
$0.2
158.5%
Gross margin %
8.5%
(136.1)%
144.C%
Net loss (6)
($1.4)
($1.6)
17.4%
Adjusted EBITDA (6,7)
($0.9)
($1.3)
30.7%
Capital Expenditures
$1.4
$2.0
(30.0)%
Key Metrics
Ǫ1 '25
Ǫ1 '24
Fiber subscribers
3.9k
1.8k
Fiber passings
8.3k
5.2k
HOA C Joint Venture Backlog (8)
8.4k
9.1k
Debt to EBITDA ratio
-
-
Includes allocation of broadband parent company overhead expenses
Adjusted EBITDA is defined as net income (loss) before income tax expense (benefit), noncontrolling interest in subsidiary income (loss), interest expense, interest and dividend income, depreciation, amortization, accretion, gain or loss on disposition of assets, and other investment income (loss)
Contracted backlog passings/subscribers available to us at present which we may or may not complete depending on a host of factors
General Indemnuty Group
Agencies consolidated as of January 2024 and rebranded to BOSS Bonds® in June 2024.
Increase in loss ratio mainly related to two larger claim payments on outstanding contract bonds.
Boston Omaha contributed ~$15M of SKYH shares to UCS during Ǫ1 '25.
Highlights
($M)
Ǫ1 '25
Ǫ1 '24
YoY Growth
Gross written premium
$6.2
$4.5
37.S%
Revenue
$6.6
$5.0
31.C%
Loss ratio % (9)
21.0%
17.0%
4.0%
Gross margin %
56.8%
62.2%
(5.4)%
Operating income
$0.2
$0.4
(47.S)%
Net income
$0.7
$0.7
(1.S)%
Adjusted EBITDA (10)
$0.3
$0.5
(40.3)%
Surety Insurance
Key Metrics ($M)
Ǫ1 '25
Ǫ1 '24
UCS surplus
$55.9
$22.7
UCS admitted assets
$91.8
$46.0
Losses and loss adjustment expenses as a percentage of premiums earned at our UCS insurance company
Adjusted EBITDA is defined as net income (loss) before income tax expense (benefit), noncontrolling interest in subsidiary income (loss), interest expense, interest and dividend income, depreciation, amortization, accretion, gain or loss on disposition of assets, and other investment income (loss)
Investments
($M)
GAAP Value (11)
Market Value (12)
Proceeds to Date (13)
Sky Harbour
$92.2
$182.2
$5.5
CBCT
$19.1
n/a
BOAM General Partner (14)
$6.2
$4.1
Build for Rent Fund
$4.1
$10.9
24th Street Funds
$4.0
$7.8
Other (15)
$3.8
$1.7
GAAP value as of March 31, 2025
NYSE market value of 12,180,700 shares of Sky Harbour Class A common stock and 7,719,779 warrants as of March 31, 2025
Includes distributions and sale proceeds from investments
Includes management fees and promote earned to date at Boston Omaha Asset Management
Includes MyBundle TV, Logic, and Breezeway
Cash, Tax Assets, and Share Repurchase Program
($M)
As of March 31, 2025
Unrestricted cash (16)
$14.7
U.S. Treasury securities
$19.3
Total
$34.0
Net operating loss carry forwards (17)
$91.1
BOC share repurchase authorization remaining (18)
$18.4
Excludes United Casualty and Surety Insurance Company, 24th Street Funds and Build for Rent Fund
Net operating loss carry forwards as of December 31, 2024
$20 million Class A common stock repurchase authorization effective through September 30, 2025. During fiscal 2024, we repurchased 111,323 shares of our Class A common stock for a total cost of approximately
$1.6 million. We did not repurchase any shares during the first three months of fiscal 2025 due to a stock repurchase blackout period.
Non-GAAP Informatuon
($M)
Link Media Outdoor For the Three Months
Ended March 31, Change
2025
2024
#
Net income
$ 0.G
$ 1.3
$ (0.4)
Interest expense, net
0.4
0.2
0.1
Depreciation
1.3
1.3
0.0
Amortization
1.0
1.0
(0.0)
Accretion
0.1
0.1
(0.0)
Loss on disposition of assets
0.1
0.2
(0.1)
Adjusted EBITDA
$ 3.6
$ 3.G
$ (0.3)
Boston Omaha Broadband
For the Three Months
Ended March 31,
Change
2025
2024
#
Net loss
$ (1.0)
$ (1.7)
$ 0.7
Interest expense, net
0.1
0.0
0.1
Depreciation
2.7
2.1
0.6
Amortization
0.9
0.9
(0.0)
Accretion
0.0
0.0
0.0
Loss on disposition of assets
0.0
0.0
0.0
Noncontrolling interest
-
0.1
(0.1)
Adjusted EBITDA
$ 2.7
$ 1.4
$ 1.3
General Indemnity Group
For the Three Months
Ended March 31,
Change
2025
2024
#
Net income
$ 0.7
$ 0.7
$ (0.0)
Depreciation
0.0
0.0
(0.0)
Amortization
0.0
0.0
-
Other investment income
(0.3)
(0.3)
(0.0)
Noncontrolling interest
(0.2)
-
(0.2)
Adjusted EBITDA
$ 0.3
$ 0.5
$ (0.2)
Disclaimer
Boston Omaha Corporation published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 20:30 UTC.