Boston Omaha reported financials for the second quarter of 2023. Here are the results for Link Media Outdoor, the company’s out of home subsidiary.
- Revenues increased 10% to $10.8 million due to improved rental and occupancy rates and the $14 million acquisition of Elevation Outdoor’s 256 faces in November 2022.
- Ground rents averaged 18.4% of revenue in the second quarter of 2023, down from 19.5% of revenue in the second quarter of 2022.
- Cashflow (EBIDTA) increased by $456,000 to $3.8 million during the second quarter of 2023. The company’s cashflow margin improved from 34.3% in the second quarter of 2022 to 35.3% in the second quarter of 2023.
- Capital expenditures totaled $356,000 during the second quarter of 2023, down from $2.9 million in the second quarter of 2022.
- Link Media ended the second quarter of 2023 with $274 million of total assets and 7,600 in total faces.
Billboard Insider’s take: What’s not to like? Growing revenues. Lease costs below 20% of assets. A growing 35% cashflow margin which exceeds Clear Channel Outdoor (23%) and OUTFRONT (26%) and is second only to Lamar Advertising (46%). Well done Scott Lafoy.
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