Boston Omaha released third quarter 2024 financials yesterday.  Here are the financials for Boston Omaha’s Link Media Outdoor subsidiary, sponsored and analyzed by SignValue.

• Revenues 2024 increased 5.6% to $11.5 million for 3Q 2024  due to improved rates and occupancy.  The company has 7,600 billboard faces which works out to monthly revenue per face of $504.
• Ground rent totalled $2.2 million or 18.7% of revenue during 3Q 2024 down from 18.9% of revenue during 3Q 20233.
• Sales commissions increased slightly from 7.8% of revenue in 3Q 2023 to 8.1% of revenue in 3Q 2024.
• Professional fees declined from $226,060 during 3Q 2023 to $31,424 during 3Q 2024 because there were no acquisitions.
• Cashflow (EBITDA) increased by 10% to $4.5 million during the third quarter.  The Cashflow Margin (EBIDTA/Revenue) improved from 37.8% in 3Q 2023 to 39.4% in 3Q 2024.
• Link Media has $30 million borrowed on a term loan at September 30, 2024.  Debt/Cashflow is a low 1.65.

SignValue’s Take: Link Media’s rural billboard plant is growing faster than the other US public companies and Link continues to benefit from scale economies as evidenced by an increasing cashflow margin.  Link Media did no acquisitions during 2024 but we expect this to change.  The 10Q says this, “One of our principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us.”

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