Boston Omaha released 2Q 2024 financials yesterday. Here are the financial results for Link Media Outdoor, Boston Omaha’s wholly owned out of home advertising subsidiary, sponsored and analyzed by SignValue.
- Revenue increased 5.5% to $11.3 million for 2Q 2024 (3 months ended June 30, 2024) due to an improvement in occupancy and rate.
- Ground rent decreased from 18.4% of revenue for 2Q 2023 to 18% of revenue for 2Q 2024. An industry benchmark is that ground rents for a rural out of home plant should be 20% or less.
- Professional fees declined because the company did no acquisitions.
- General and administrative expenses declined due to lower credit card and merchant fees.
- As a result of the above the company’s cashflow (EBIDTA) increased by $853,000 to $4.7 million during 2Q 2023. The company’s cashflow margin improved from 35% in 2Q 2023 to 40% in 2Q 2024.
- Capital expenditures were $349,000 for 2Q 2024 as the company closed no acquisitions.
SignValue’s Take: Another good quarter for Link Media with low lease costs and improving cashflow margins. With higher cost of funds Link, Lamar, OUTFRONT and Clear Channel Outdoor, have all seen fewer acquisitions during 2024.
SignValue can be reached at (480) 657-8400 or info@signvalue.com for a confidential consultation.
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