Boston Omaha released first quarter 2025 financials, including results for Link Media Outdoor.  Here’s an summary of Link Media’s 1Q 25 financials, sponsored and analyzed by SignValue.

• Revenue increased by only 1% to $10.8 million due to a traditionally slower first quarter and steady occupancy and rates.
• Ground rent expense increased 10% to $2.2 million due to a change in lease accounting. Ground rent expense was 20.8% of revenue for the quarter, which is still reasonable.
• Commissions declined 15% to $714,000 due to a change in compensation structure.  Commissions were 6.7% of revenues for the quarter, which is also lower than OUT, LAMR and CCO.
• Employee cost increased 19% to $2.2 million due to an increased headcount and offset by lower professional fees.
• G&A expense declined 2% to $989,000.
• As a result of the above, cash flow declined 8% to $3.6 million for 1Q 2025.
• Link Media’s cashflow margin declined from 37% during 1Q 24 to 34% during 1Q 25.
• Capital expenditures increased 16% to $699,000 for 1Q 25. Link Media did no acquisitions.

SignValue’s Take:

Link, like the rest of the public out of home companies, had a weak first quarter.  Out of home is seasonal and the first quarter is usually the weakest of the year.  Having 1% revenue growth for the quarter, however, is well below Link’s recent first quarter results and a declining cashflow margin is uncharacteristic. Standing by to see if this is any indication of changes brewing.

If you have questions, contact one of SignValue’s experienced analysts for a free and confidential consultation at info@signvalue.com or call 480-657-8400.

To receive a free morning newsletter with each day’s Billboard insider articles email info@billboardinsider.com with the word “Subscribe” in the title.  Our newsletter is free and we don’t sell our subscriber list.

Paid Advertisement