Link Media Outdoor continues to benefit from scale economies associated with acquisitions.  Here are the results for Link Media Outdoor as disclosed in the Boston Omaha 2022 10k.

• Revenues grew 24% to $39.2 million due to the acquisition of Keleher outdoor and Missouri Neon as well as in improvement in rental and occupancy rates.
• Ground rents increased 20%  to $7.8 million due to acquisitions but lease expenses declined as a % of revenue from 20.5% in 2021 to 19.5% in 2022.
• Sales commissions increased 3.26% due to increased revenue.  Sales commissions averaged 7.9% of sales in 2022.
• Cashflow (EBIDTA) increased 43% to $14 million.  Link Media’s cashflow margin (EBIDTA/Revenue) improved from 31% in 2021 to 35% in 2022.
• Link Media Outdoor ended 2022 with approximately 4,000 billboards with approximately 7,600 advertising faces.

Billboard Insider’s take: A benefit of tuck-in acquisitions is that you can bring in revenues without corresponding expenses.  Link Media’s cashflow margin has increased from 31% to 35% due in part to the acquisition of Keleher and Missouri Neon.

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