Boston Omaha Corporation Announces Full Year 2023 Financial Results
We show below summary financial data for fiscal 2023 and 2022. Our Annual Report on Form 10-K can be found at www.bostonomaha.com.
For the Years Ended | ||||||||
|
||||||||
2023 |
2022 |
|||||||
Billboard Rentals, Net |
$ |
42,940,369 |
|
$ |
39,244,726 |
|
||
Broadband Services (1) |
|
35,340,502 |
|
|
28,627,271 |
|
||
Premiums Earned |
|
13,932,659 |
|
|
10,649,089 |
|
||
Insurance Commissions |
|
1,884,007 |
|
|
2,050,838 |
|
||
Investment and Other Income |
|
2,156,199 |
|
|
662,270 |
|
||
Total Revenues |
|
96,253,736 |
|
|
81,234,194 |
|
||
Depreciation and Amortization Expense |
|
19,565,035 |
|
|
15,123,857 |
|
||
Net Loss from Operations |
|
(8,852,403 |
) |
|
(5,229,895 |
) |
||
Net Other (Loss) Income |
|
(294,060 |
) |
|
13,104,078 |
|
||
Net (Loss) Income Attributable to Common Stockholders |
$ |
(7,004,009 |
) |
$ |
10,233,400 |
|
||
Basic and Diluted Net (Loss) Income per Share |
$ |
(0.23 |
) |
$ |
0.34 |
|
||
|
|
|||||||
2023 |
2022 |
|||||||
Total Unrestricted Cash & Investments (2) |
$ |
71,269,580 |
|
$ |
67,782,480 |
|
||
Total Assets |
|
768,207,092 |
|
|
687,802,899 |
|
||
Total Liabilities |
|
151,754,831 |
|
|
158,059,668 |
|
||
Redeemable Noncontrolling Interest |
|
15,638,013 |
|
|
15,713,021 |
|
||
Total Boston Omaha Stockholders' Equity |
|
538,207,426 |
|
|
506,621,142 |
|
||
Noncontrolling Interests (3) |
|
62,606,822 |
|
|
7,409,068 |
|
||
Total Equity |
$ |
600,814,248 |
|
$ |
514,030,210 |
|
(1) |
Includes the InfoWest and Go Fiber acquisitions completed on |
(2) |
Investments consist of |
(3) |
Noncontrolling interests are related to third party capital raised within our build for rent fund as well as within our 24th Street commercial real estate funds. |
(4) |
Excludes Sky Harbour Class A common stock as we account for our investment under the equity method. |
During fiscal 2023, “Net Other (Loss) Income” included a loss of
During fiscal 2022, “Net Other (Loss) Income” included a gain of
As a reminder, generally accepted accounting principles (“GAAP”) require us to include the unrealized changes in market prices of investments in public securities in our reported earnings(4). While we intend to hold securities for the longer term, we may in the future choose to sell them for a variety of reasons resulting in realized losses or gains.
Cash inflow from operations for the year ended
Our book value per share was
As of
As of
About
Forward-Looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, including statements about our financing strategy, future operations, future financial position and results, market growth, total revenue, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Any statements in this press release about the Company’s future expectations, plans and prospects, including statements about our financing strategy, future operations, future financial position and results, market growth, total revenue, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the Company’s forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company make as a result of a variety of risks and uncertainties, including risks related to the Company’s estimates regarding the potential market opportunity for the Company’s current and future products and services, the impact of the COVID-19 pandemic, the competitive nature of the industries in which we conduct our business, general business and economic conditions, our ability to acquire suitable businesses, our ability to successfully integrate acquired businesses, the effect of a loss of, or financial distress of, any reinsurance company which reinsures the Company’s insurance operations, the risks associated with our investments in both publicly traded securities and privately held businesses, our history of losses and ability to maintain profitability in the future, the Company’s expectations regarding the Company’s sales, expenses, gross margins and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s public filings with the
Our investor relations website is https://investor.bostonomaha.com/ and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the
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