Boston Omaha Corporation (NYSE: BOC) (the “Company”, “we”, or
“our”) announced its financial results for the fiscal year ended
December 31, 2023, in connection with filing its Annual Report on
Form 10-K with the Securities and Exchange Commission.
We show below summary financial data for fiscal 2023 and 2022.
Our Annual Report on Form 10-K can be found at
www.bostonomaha.com.
For the Years Ended December 31,
2023
2022
Billboard Rentals, Net
$
42,940,369
$
39,244,726
Broadband Services (1)
35,340,502
28,627,271
Premiums Earned
13,932,659
10,649,089
Insurance Commissions
1,884,007
2,050,838
Investment and Other Income
2,156,199
662,270
Total Revenues
96,253,736
81,234,194
Depreciation and Amortization Expense
19,565,035
15,123,857
Net Loss from Operations
(8,852,403
)
(5,229,895
)
Net Other (Loss) Income
(294,060
)
13,104,078
Net (Loss) Income Attributable to Common Stockholders
$
(7,004,009
)
$
10,233,400
Basic and Diluted Net (Loss) Income per Share
$
(0.23
)
$
0.34
December 31, December 31,
2023
2022
Total Unrestricted Cash & Investments (2)
$
71,269,580
$
67,782,480
Total Assets
768,207,092
687,802,899
Total Liabilities
151,754,831
158,059,668
Redeemable Noncontrolling Interest
15,638,013
15,713,021
Total Boston Omaha Stockholders' Equity
538,207,426
506,621,142
Noncontrolling Interests (3)
62,606,822
7,409,068
Total Equity
$
600,814,248
$
514,030,210
(1)
Includes the InfoWest and Go
Fiber acquisitions completed on April 1, 2022.
(2)
Investments consist of U.S.
treasury securities classified as trading securities and marketable
equity securities, of which $2,176,756 is held by our insurance
entities and $28,819,521 is held by our asset management entities
at December 31, 2023. Marketable equity securities excludes Sky
Harbour Group Corporation (“Sky Harbour”) Class A common stock as
we account for our 19.8% stake (as measured at December 31, 2023)
under the equity method.
(3)
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.
(4)
Excludes Sky Harbour Class A
common stock as we account for our investment under the equity
method.
During fiscal 2023, “Net Other (Loss) Income” included a loss of
$13,149,861 related to our equity method position in Sky Harbour,
which was partially offset by $4,630,610 in non-cash gains
recognized due to the remeasurement of our previously-held interest
in 24th Street, as well as $6,132,791 in other investment income
mainly related to public securities held by Boston Omaha and
UCS.
During fiscal 2022, “Net Other (Loss) Income” included a gain of
$24,977,740 related to the deconsolidation of Yellowstone
Acquisition Company on January 25, 2022, $4,085,040 related to our
investment in the 24th Street Funds, and $1,837,211 related to the
remeasurement of Yellowstone’s public warrants from January 1, 2022
to January 25, 2022, which was partially offset by $15,635,690 in
other investment losses mainly related to public securities held by
Boston Omaha and UCS.
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(4). 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 year ended December 31, 2023
was $16,059,125, compared to a cash outflow of ($5,165,165) for the
year ended December 31, 2022.
Our book value per share was $17.19 at December 31, 2023,
compared to $17.05 at December 31, 2022.
As of December 31, 2023, we had 30,255,739 shares of Class A
common stock and 1,055,560 shares of Class B common stock issued
and outstanding.
As of March 22, 2024, we had 30,299,408 shares of Class A common
stock and 1,055,560 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240327706912/en/
Boston Omaha Corporation Catherine Vaughan, 857-256-0079
contact@bostonomaha.com
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