Link Media, the wholly owned out of home subsidiary of Boston Omaha, grew rapidly during the third quarter of 2022 due to acquisitions.  Here’s a summary of Link Media performance as reported in Boston Omaha’s 3rd quarter 2022 financials:

• Revenues increased by $1.9 million to $9.9 million during the 3rd quarter of 2022 due to the acquisition of Thomas Outdoor (January 2021), Keleher Outdoor (November 2021) and Missouri Neon (December 2021) as well as an improvement in rental and occupancy rates.
• Ground rent averaged 19% of revenue for the 3rd quarter of 2022 down from 19.8% during the previous year.
• Sales commissions averaged 7.7% of revenue for the 3rd quarter of 2022, down from 9.4% for the prior year.
• Link Media Outdoor capital expenditures totaled $1.3 million for the third quarter of 2022.
• Cashflow (EDIBTA) increased from $2.7 million during the third quarter of 2021 to $3.6 million during the third quarter of 2022.  The company’s cashflow margin (EBIDTA/Revenue) was 36% during the 3rd quarter of 2022 up from 34% during the third quarter of 2021.
• At 9/30/22 Link Media had $28 million borrowed under a 15 year term loan facility.

Billboard Insider’s take:  Link Media is benefiting from scale economies associated with acquisitions.  Lease costs, sales commissions and employee costs are declining as a % of revenue.   Link Media’s parent Boston Omaha has $38 million in cash and healthy access to the capital markets to keep Link growing.

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