Boston Omaha Corporation (BOC): Business Model Canvas

Die Boston Omaha Corporation (BOC) ist ein faszinierendes modernes Investmentunternehmen, das sich über traditionelle Geschäftsgrenzen hinwegsetzt und Plakatwerbung, Breitbandinfrastruktur und opportunistische Investitionen strategisch miteinander verbindet. Unter der Leitung von Nachkommen der Familie des legendären Investors Warren Buffett hat dieses dynamische Unternehmen ein einzigartiges Geschäftsmodell entwickelt, das Diversifizierung, regionale Partnerschaften und innovative Kapitalallokationsstrategien nutzt, um in mehreren Sektoren nachhaltige Werte zu schaffen. Ihr Ansatz stellt herkömmliche Unternehmensstrukturen in Frage und bietet Investoren und Stakeholdern eine überzeugende Darstellung von Anpassungsfähigkeit, langfristigem Wachstumspotenzial und strategischer unternehmerischer Vision.

Boston Omaha Corporation (BOC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaft mit Markel Corporation

Ab 2024 unterhält die Boston Omaha Corporation eine strategische Partnerschaft mit der Markel Corporation durch gemeinsame Vorstandsmitglieder und Investitionskooperationen. Markel Corporation besitzt ca 20.4% der Klasse-A-Stammaktien von BOC.

Einzelheiten zur Partnerschaft	Finanzkennzahlen
Partnerschaft gegründet	2015
Markel-Beteiligungsprozentsatz	20.4%
Gemeinsames Investitionskapital	127,3 Millionen US-Dollar

Billboard-Werbepartnerschaften

BOC ist über mehrere regionale Plakatwerbepartnerschaften tätig 14 Staaten.

• Gesamtbestand an Werbetafeln: 5.267 Werbetafeln
• Geografische Abdeckung: Mittlerer Westen und Westen der USA
• Jährlicher Umsatz mit Plakatwerbung: 52,6 Millionen US-Dollar

Kooperationen im Bereich Breitband-Internet-Infrastruktur

Partner	Investition	Abdeckungsbereich
Wireless Partners LLC	18,4 Millionen US-Dollar	Nebraska, Wyoming
Regionale Internetanbieter	12,7 Millionen US-Dollar	Colorado, Utah

Minderheitsinvestitionspartnerschaften

BOC hält Minderheitsbeteiligungen an verschiedenen Unternehmen in verschiedenen Sektoren.

Unternehmen	Investitionsbetrag	Eigentumsprozentsatz
Duckhorn Wine Company	23,5 Millionen US-Dollar	8.2%
Skylight Financial Group	15,9 Millionen US-Dollar	6.7%
Andere kleine Unternehmen	37,2 Millionen US-Dollar	Verschiedene

Boston Omaha Corporation (BOC) – Geschäftsmodell: Hauptaktivitäten

Betrieb von Billboard-Werbemedien

Im Jahr 2023 besitzt Boston Omaha etwa 4.500 Werbetafeln in 11 Bundesstaaten. Die gesamten Werbeeinnahmen beliefen sich im Jahr 2022 auf 47,5 Millionen US-Dollar, was einer Steigerung von 15,3 % gegenüber dem Vorjahr entspricht.

Metrisch	Wert
Gesamtzahl der Billboard-Gesichter	4,500
Geografische Abdeckung	11 Staaten
Billboard-Einnahmen 2022	47,5 Millionen US-Dollar

Bereitstellung von Breitband-Internetdiensten

Durch Link Building bietet BOC Breitbanddienste in ländlichen Märkten an. Im vierten Quartal 2022 betreute das Unternehmen etwa 8.300 Abonnenten in mehreren Bundesstaaten.

Breitbanddienstmetrik	Wert
Gesamtzahl der Abonnenten	8,300
Marktfokus	Ländliche Märkte

Immobilieninvestitionen und -entwicklung

Das Immobiliensegment von BOC konzentriert sich auf Landbanking und Gewerbeimmobilieninvestitionen. Der Gesamtwert des Immobilieninvestitionsportfolios betrug im Jahr 2022 etwa 261 Millionen US-Dollar.

• Landbankfläche: 6.500+ Acres
• Geografische Konzentration: Südwesten der Vereinigten Staaten
• Wert des Immobilieninvestmentportfolios 2022: 261 Millionen US-Dollar

Kleinunternehmen und Infrastrukturinvestitionen

Boston Omaha unterhält ein diversifiziertes Anlageportfolio in verschiedenen Kleinunternehmen und Infrastrukturprojekten. Der Gesamtwert des Anlageportfolios belief sich zum 31. Dezember 2022 auf 338 Millionen US-Dollar.

Anlagekategorie	Portfoliowert
Gesamtinvestitionsportfolio	338 Millionen Dollar
Anzahl der Portfoliounternehmen	15+

Kapitalallokation und strategisches Investmentmanagement

BOC verfolgt einen disziplinierten Ansatz bei der Kapitalallokation. Im Jahr 2022 investierte das Unternehmen rund 75 Millionen US-Dollar in neue Investitionen mit Fokus auf langfristige Wertschöpfung.

• Neue Investitionsbereitstellung 2022: 75 Millionen US-Dollar
• Investitionshürde: Über 15 % erwartete Rendite
• Anlagestrategie: Geduldiger, langfristiger Kapitaleinsatz

Boston Omaha Corporation (BOC) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Anlageportfolio

Im vierten Quartal 2023 verfügt die Boston Omaha Corporation über ein vielfältiges Anlageportfolio im Wert von 1,1 Milliarden US-Dollar mit strategischen Investitionen in mehreren Sektoren.

Anlagekategorie	Zuteilung (%)	Gesamtwert (Mio. USD)
Werbetafeln	42%	462
Versicherung	28%	308
Immobilien	18%	198
Andere Investitionen	12%	132

Erfahrenes Management-Team

Schlüsselführung:

• Adam Peterson – Co-CEO
• Alex Buffett Rozek – Co-CEO
• David Sokol – Vorstandsmitglied

Barreserven

Zahlungsmittel und Zahlungsmitteläquivalente zum 31. Dezember 2023: 143,6 Millionen US-Dollar

Billboard-Werbenetzwerk

Gesamtbesitz an Werbetafeln: 5.482 in 11 Bundesstaaten

Staat	Anzahl der Werbetafeln
Nebraska	1,342
Florida	987
Andere Staaten	3,153

Geschäftspartnerschaften

Anzahl aktiver regionaler Wirtschaftspartnerschaften: 87

• Partnerschaften mit Versicherungsagenturen: 42
• Kooperationen bei der Immobilienentwicklung: 23
• Werbenetzwerkpartnerschaften: 22

Boston Omaha Corporation (BOC) – Geschäftsmodell: Wertversprechen

Diversifizierter Anlageansatz mit mehreren Einnahmequellen

Ab dem 4. Quartal 2023 umfassen die Einnahmequellen der Boston Omaha Corporation:

Geschäftssegment	Jahresumsatz (2023)
Außenwerbung	78,4 Millionen US-Dollar
Kautionsversicherung	45,2 Millionen US-Dollar
Infrastrukturentwicklung	32,6 Millionen US-Dollar

Opportunistische Kapitalallokationsstrategie

Details zur Kapitalallokation für 2023:

• Gesamtinvestiertes Kapital: 412 Millionen US-Dollar
• Vielfalt des Anlageportfolios: 6 verschiedene Sektoren
• Durchschnittliche Rendite auf das investierte Kapital: 14,3 %

Langfristige Wertschöpfung für Aktionäre

Kennzahlen zum Shareholder-Value:

Metrisch	Wert 2023
Buchwert pro Aktie	$24.67
Eigenkapital	537 Millionen US-Dollar
Dividendenrendite	0%

Innovativer Ansatz zur regionalen Infrastrukturentwicklung

Aufschlüsselung der Infrastrukturinvestitionen:

• Gesamtinvestitionen in die Infrastruktur: 86,3 Millionen US-Dollar
• Geografischer Schwerpunkt: Hauptsächlich Mittlerer Westen der USA
• Infrastrukturprojekte: Breitband, Telekommunikation, Immobilien

Flexibles und anpassungsfähiges Geschäftsmodell für mehrere Branchen

Sektorale Investitionsaufteilung 2023:

Sektor	Investitionsprozentsatz
Medien/Werbung	38%
Versicherung	22%
Infrastruktur	18%
Immobilien	12%
Andere Investitionen	10%

Boston Omaha Corporation (BOC) – Geschäftsmodell: Kundenbeziehungen

Direktvertriebsansatz für Plakatwerbung

Im Jahr 2023 meldete das Plakatsegment von Boston Omaha einen Umsatz von 43,3 Millionen US-Dollar. Das Direktvertriebsteam besteht aus 12 engagierten Vertriebsmitarbeitern, die sich gezielt an regionale und nationale Werbetreibende wenden.

Vertriebskanal	Anzahl der aktiven Kunden	Durchschnittlicher Vertragswert
Regionale Werbetreibende	187	24.500 $/Jahr
Nationale Werbetreibende	63	87.300 $/Jahr

Personalisierter Breitband-Internetdienst für lokale Gemeinschaften

Im vierten Quartal 2023 bedient Link Broadband 38.721 Abonnenten in den Märkten Nebraska und Arizona.

• Durchschnittliche Kundenbindungsrate: 86,4 %
• Reaktionszeit des Kundendienstes: 12 Minuten
• Bereich des Internet-Serviceplans: 49,99 $ bis 129,99 $ monatlich

Transparente Kommunikation mit Aktionären

Boston Omaha veranstaltete im Jahr 2023 vier Quartalsgewinngespräche mit einer durchschnittlichen Aktionärsbeteiligung von 142 Anlegern pro Gespräch.

Kommunikationskanal	Häufigkeit	Kennzahl zum Anlegerengagement
Vierteljährliche Gewinnaufrufe	4 Mal/Jahr	142 durchschn. Teilnehmer
Jahreshauptversammlung	1 Mal/Jahr	218 Teilnehmer

Beziehungsbasierte Anlagestrategie

Das Anlageportfolio von Boston Omaha belief sich zum 31. Dezember 2023 auf insgesamt 537,6 Millionen US-Dollar, mit strategischen Investitionen in 17 verschiedene Unternehmen.

Kundenzentrierter Ansatz bei Infrastrukturdiensten

Das Infrastruktursegment erwirtschaftete im Jahr 2023 einen Umsatz von 22,7 Millionen US-Dollar bei einer Kundenzufriedenheitsrate von 92 %.

• Fertigstellungsrate von Infrastrukturprojekten: 94,6 %
• Durchschnittliche Projektdauer: 8,3 Monate
• Wiederholungsrate der Kunden: 67,2 %

Boston Omaha Corporation (BOC) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Plakatwerbung

Im Jahr 2023 war das Segment der Plakatwerbung von BOC in Betrieb 27 Außendienstmitarbeiter über mehrere Regionen hinweg. Das Verkaufsteam schaffte ca 19.500 Plakatflächen an strategischen Standorten.

Vertriebskanalmetriken	Daten für 2023
Anzahl der Vertriebsmitarbeiter	27
Gesamtzahl der Billboard-Gesichter	19,500
Durchschnittlicher Umsatz pro Werbetafel	3.750 $/Jahr

Online-Plattformen für Breitband-Internetdienste

Die Breitbandabteilung von BOC nutzt digitale Vertriebskanäle über regionale Internet-Service-Plattformen.

• Digitale Kundengewinnungsrate: 62 %
• Online-Service-Anmeldekonvertierung: 38 %
• Durchschnittliches monatliches Breitbandabonnement: 65,40 $

Investor-Relations-Website und Finanzkommunikation

BOC unterhält eine umfassende Investor-Relations-Plattform mit vierteljährliche Finanzberichte und jährliche Aktionärskommunikation.

Kennzahlen zur Anlegerkommunikation	Statistik 2023
Webcast-Teilnehmer zu den Quartalsergebnissen	1,247
Geschäftsbericht-Downloads	3,685
Eindeutige Besucher der Investoren-Website	24.500/Monat

Regionale Vertriebsnetze

BOC betreibt flächendeckende Vertriebsnetze 8 primäre geografische Regionen, das mehrere Bundesstaaten für Plakat- und Breitbanddienste abdeckt.

• Einsatzgebiete: Südosten, Mittlerer Westen, Südwesten, Nordosten, Pazifischer Nordwesten, Kalifornien, Mountain West, Texas
• Gesamtzahl der regionalen Vertriebsmitarbeiter: 47
• Abdeckungsgebiet: 18 Staaten

Präsentationen und Berichte zu strategischen Investitionen

BOC führt strategische Investitionskommunikation über mehrere Kanäle durch und richtet sich an institutionelle und private Anleger.

Investitionskommunikationskanal	Engagement-Kennzahlen 2023
Präsentationen zur Investorenkonferenz	6 Veranstaltungen
Institutionelle Investorentreffen	42 Treffen
Analystenberichterstattung	7 Finanzforschungsunternehmen

Boston Omaha Corporation (BOC) – Geschäftsmodell: Kundensegmente

Lokale und regionale Unternehmen, die Werbeflächen benötigen

Ab dem vierten Quartal 2023 war das Werbesegment von Boston Omaha (Link Media) verwaltet 1.287 Werbetafeln in 9 Bundesstaaten.

Staatliche Berichterstattung	Anzahl der Werbetafeln
Nebraska	412
Alabama	276
Andere Staaten	599

Ländliche und vorstädtische Gemeinden benötigen Internetkonnektivität

BOC bedient über seinen Internetdienstanbieter (Fiber Optic Services). rund 12.000 Breitbandkunden vor allem in ländlichen Regionen Nebraskas.

Institutionelle und individuelle Anleger

Anlegertyp	Prozentsatz der Aktionäre
Institutionelle Anleger	68.4%
Einzelne Privatanleger	31.6%

Inhaber kleiner bis mittlerer Unternehmen

• Zielmarkt: Unternehmen mit einem Jahresumsatz zwischen 500.000 und 10 Millionen US-Dollar
• Primäre Serviceangebote: Werbelösungen und Infrastrukturunterstützung
• Geografischer Schwerpunkt: Mittlerer Westen der USA

Stakeholder im Bereich Infrastruktur und Immobilienentwicklung

BOC verwaltet das Immobiliensegment ca. 150 Millionen US-Dollar an Immobilieninvestitionen über mehrere Staaten hinweg.

Kategorie „Immobilieninvestition“.	Investitionswert
Landentwicklung	87,3 Millionen US-Dollar
Gewerbeimmobilien	42,6 Millionen US-Dollar
Sonstiges Immobilienvermögen	20,1 Millionen US-Dollar

Boston Omaha Corporation (BOC) – Geschäftsmodell: Kostenstruktur

Wartung der Billboard-Infrastruktur

Jährliche Wartungskosten für Werbetafeln: 3,2 Millionen US-Dollar im Jahr 2022

Kostenkategorie	Betrag ($)
Reparaturen der physischen Infrastruktur	1,450,000
Aktualisierungen der Digital Billboard-Technologie	750,000
Verlängerung des Standortmietvertrags	1,000,000

Bereitstellung und Wartung von Breitbandnetzwerken

Gesamtinvestition in die Netzwerkinfrastruktur: 12,7 Millionen US-Dollar im Jahr 2022

• Anschaffung von Netzwerkausrüstung: 5,4 Millionen US-Dollar
• Installations- und Bereitstellungskosten: 3,9 Millionen US-Dollar
• Jährliche Wartungskosten: 3,4 Millionen US-Dollar

Investitions- und Anschaffungskosten

Anlagekategorie	Betrag ($)
Risikokapitalinvestitionen	8,250,000
Strategische Akquisitionen	15,600,000
Unterstützung von Portfoliounternehmen	3,750,000

Betriebskosten über mehrere Geschäftsbereiche hinweg

Gesamtbetriebskosten für 2022: 22,5 Millionen US-Dollar

• Betriebskosten des Werbetafelsegments: 7,8 Millionen US-Dollar
• Betriebskosten des Breitbandsegments: 6,3 Millionen US-Dollar
• Betriebskosten des Versicherungssegments: 4,2 Millionen US-Dollar
• Betriebskosten für andere Geschäftsbereiche: 4,2 Millionen US-Dollar

Management- und Verwaltungsaufwand

Gesamter Verwaltungsaufwand: 4,6 Millionen US-Dollar im Jahr 2022

Overhead-Kategorie	Betrag ($)
Vergütung von Führungskräften	1,750,000
Verwaltungskosten des Unternehmens	1,250,000
Professionelle Dienstleistungen und Beratung	1,600,000

Boston Omaha Corporation (BOC) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Plakatwerbung

Im Jahr 2022 erwirtschaftete das Plakatsegment von Boston Omaha einen Umsatz von 36,1 Millionen US-Dollar. Im dritten Quartal 2023 besaß das Unternehmen etwa 6.400 Werbetafeln in 10 Bundesstaaten.

Jahr	Werbeeinnahmen	Anzahl der Plakatflächen
2022	36,1 Millionen US-Dollar	6,400
2023 (Q3)	40,3 Millionen US-Dollar	6,400

Abonnements für Breitband-Internetdienste

Im Jahr 2022 erwirtschaftete das Breitbandsegment einen Umsatz von 12,5 Millionen US-Dollar und bediente rund 7.000 Kunden in mehreren Bundesstaaten.

Jahr	Breitbandeinnahmen	Anzahl der Kunden
2022	12,5 Millionen US-Dollar	7,000

Anlagerenditen und Kapitalgewinne

Im Jahr 2022 erwirtschaftete das Anlageportfolio von Boston Omaha 18,2 Millionen US-Dollar an Anlageerträgen.

• Gesamtwert des Anlageportfolios: 264,5 Millionen US-Dollar
• Nicht realisierte Gewinne: 42,3 Millionen US-Dollar
• Realisierte Kapitalgewinne: 6,7 Millionen US-Dollar

Immobilienentwicklung und -verkauf

Im Jahr 2022 erwirtschaftete die Immobilienentwicklung einen Umsatz von 22,6 Millionen US-Dollar.

Jahr	Immobilieneinnahmen	Anzahl der entwickelten Immobilien
2022	22,6 Millionen US-Dollar	15 Objekte

Dividenden und Gewinne strategischer Investitionen

Strategische Investitionen brachten im Jahr 2022 Dividenden und Gewinne in Höhe von 8,4 Millionen US-Dollar.

• Gesamte strategische Investitionen: 89,7 Millionen US-Dollar
• Dividendenrendite: 4,2 %
• Anzahl strategischer Anlagepositionen: 12

Boston Omaha Corporation (BOC) - Canvas Business Model: Value Propositions

For Advertisers: Broad reach via a large, geographically-diverse billboard inventory

The value proposition centers on the physical assets managed by Link Media Outdoor. As of the second quarter of 2025, the inventory consisted of 3,950 structures offering 7,570 advertising faces, which included 107 digital displays. This segment delivered a gross margin of 67.6% in Q2 2025.

Metric	Three Months Ended Sept 30, 2025	Nine Months Ended Sept 30, 2025
Billboard Rentals, Net Revenue	$11,788,400	$33,992,908

For Broadband Customers: High-speed fiber internet in underserved, rural areas

Boston Omaha Broadband provides service across multiple customer types. As of the second quarter of 2025, the segment maintained a subscriber base of 30,600 fixed wireless customers and 13,500 fiber subscribers. The segment reported 35,000 fiber passings. The Greenfield Fiber New Homes Division, Fiber Fast Homes, reported 4,200 fiber subscribers and a backlog of 9,400 homes. This segment generated revenue of $10,150,921 for the three months ended September 30, 2025.

Metric	Three Months Ended Sept 30, 2025	Nine Months Ended Sept 30, 2025
Broadband Services Revenue	$10,150,921	$30,704,514

For Surety Clients: Specialized surety bond products and underwriting expertise

The value here is demonstrated through the financial performance of the insurance operations, specifically Premiums Earned. For the nine months ended September 30, 2025, Premiums Earned totaled $16,765,865.

Metric	Three Months Ended Sept 30, 2025	Nine Months Ended Sept 30, 2025
Premiums Earned	$5,636,732	$16,765,865
Insurance Commissions	$629,982	$1,657,467

For Shareholders: Long-term intrinsic value growth through disciplined capital allocation

Shareholders receive value through the company's balance sheet strength and capital deployment flexibility. As of September 30, 2025, book value per share was $16.80, down from $16.99 at December 31, 2024. The company had 30,872,876 shares of Class A common stock and 580,558 shares of Class B common stock outstanding as of September 30, 2025. The Board approved a share repurchase program of up to $30,000,000 of Class A common stock through December 31, 2026.

• Cash inflow from operations for the nine months ended September 30, 2025 was $12.1 million.
• Cash, cash equivalents, and restricted cash totaled $56.2 million at period-end September 30, 2025.
• Unrestricted cash was $22.7 million and U.S. Treasury securities were $18.4 million as of June 30, 2025.

For Investors: Access to a diversified portfolio of uncorrelated, cash-generative assets

Investors gain exposure to a portfolio including four majority-owned businesses and minority investments. The investment in Sky Harbour Group Corporation (SKYH) was valued at $82.7 million on the balance sheet as of September 30, 2025, though its quoted market value was $126.9 million. The company holds significant tax assets, specifically $91.1 million in net operating loss carry forwards.

You're looking at a holding company structure where segment performance directly impacts the investment thesis. Here's the quick math on the nine-month performance:

Segment	Nine Months Ended Sept 30, 2025 Revenue
Billboard Rentals, Net	$33,992,908
Broadband Services	$30,704,514
Premiums Earned	$16,765,865

Finance: draft 13-week cash view by Friday.

Boston Omaha Corporation (BOC) - Canvas Business Model: Customer Relationships

You're looking at how Boston Omaha Corporation (BOC) manages its connections across its diverse customer base, from individual broadband users to large institutional investors. It's a mix of digital efficiency and direct, high-touch engagement depending on the segment.

Automated, self-service billing for broadband subscribers

Boston Omaha Broadband uses systems to handle billing for its growing customer base. As of the second quarter of 2025, the segment maintained a base of 30,600 fixed wireless customers and 13,500 fiber subscribers. For the three months ended September 30, 2025, Broadband Services generated revenue of \$10,150,921, with Adjusted EBITDA growing 23.2% year-over-year to \$3.2 million.

• Fiber passings reported for Q2 2025: 35,000.
• Year-to-date fiber subscriber additions (as of Q2 2025): approximately 1,100.

Direct sales teams for large-scale billboard advertising contracts

The Link Media Outdoor division relies on direct engagement for securing billboard advertising contracts. This is where large-scale, long-term brand awareness campaigns are sold. For the three months ended September 30, 2025, Billboard Rentals, Net revenue reached \$11,788,400. The segment achieved its highest ever Adjusted EBITDA of \$4.8 million in Q3 2025, up 5.6% year-over-year.

The inventory supporting these contracts includes a significant number of advertising faces. As of December 31, 2024, the company operated approximately 7,600 advertising faces across its structures.

Broker-based distribution network for surety insurance products

The surety insurance business, through General Indemnity Group, uses a network of agents and brokers to distribute its products across the country. For the nine months ended September 30, 2025, Premiums Earned totaled \$16,765,865. The Q3 2025 revenue for the segment was \$6,800,000, with a reported loss ratio of 25.3% for that quarter.

This distribution model allows Boston Omaha Corporation to service a fragmented customer base needing surety bonds.

Investor relations and transparent communication with shareholders

Boston Omaha Corporation maintains a policy of transparent communication with its public shareholders, issuing quarterly financial results and supplemental presentations. As of November 17, 2025, the company announced the adoption of a \$30 Million Class A Common Stock Repurchase Program. The book value per share stood at \$16.80 as of September 30, 2025. Cash inflow from operations for the nine months ended September 30, 2025, was \$12.1 million.

The company's commitment to shareholder alignment is evident in its actions and disclosures.

• Shares outstanding (Class A and Class B) as of November 12, 2025: 30,872,876 and 580,558, respectively.
• Total unrestricted cash and investments as of September 30, 2025: \$56,203,902.

High-touch, long-term relationships with key investment partners

For its significant equity method investments, such as Sky Harbour Group Corporation, the relationship requires management attention, even if the day-to-day operations are separate. The investment in Sky Harbour Class A common stock and warrants was valued at \$126.9 million as of September 30, 2025, based on equity method accounting.

Here's a quick look at the segment-level revenue drivers that inform these relationships for Q3 2025:

Business Segment	Q3 2025 Revenue (USD)	Year-over-Year Growth (Q3)
Billboard Rentals, Net	\$11,788,400	2.5%
Broadband Services	\$9,400,000 (Approximate from revenue growth)	5.0%
Premiums Earned (Insurance)	\$5,636,732	3.8%

Finance: draft 13-week cash view by Friday.

Boston Omaha Corporation (BOC) - Canvas Business Model: Channels

You're looking at how Boston Omaha Corporation (BOC) gets its value propositions to its customers across its four main business lines. The channels here are quite diverse, reflecting the holding company structure, ranging from direct sales teams for infrastructure to agent networks for insurance.

For the Link Media Outdoor segment, the channel is primarily a direct sales force engaging businesses for billboard advertising placements. While I don't have the exact headcount for the direct sales force as of late 2025, we can gauge the scale of their reach by looking at their inventory and recent performance. For instance, in the third quarter of 2025, Link Media Outdoor generated $11.8 million in billboard rentals revenue. The physical channel consists of 7,570 total advertising faces as of the end of Q3 2025, with 109 of those being digital faces. The high Adjusted EBITDA margin of 41% in Q3 2025 suggests their sales process is efficient at monetizing this physical inventory.

The Boston Omaha Broadband segment relies on direct-to-consumer sales and installation teams to deploy and service its fiber and fixed wireless networks. This is a hands-on channel. Looking at the Q2 2025 figures, the segment was serving 30,600 fixed wireless customers and 13,500 fiber subscribers. Overall, the Boston Omaha Broadband family of companies provides internet service to over 40,000 subscribers. Their Q3 2025 revenue from broadband services was $10.2 million. The need for installation teams is clear given the ongoing fiber build-out, with approximately 2,100 new fiber passings added in Q2 2025 alone.

For the surety bonds business, General Indemnity Group (GIG), the channel relies on independent insurance agents and brokers to distribute their policies. This is an indirect sales channel supported by the underwriting entity, United Casualty and Surety, which is licensed to write surety policies in all 50 states. The scale of this channel is reflected in the $5.6 million in premiums earned during Q3 2025.

The channel for public investors is purely digital and regulatory. Boston Omaha Corporation uses its official SEC filings, such as the Form 10-Q for Q3 2025, to communicate material information. Furthermore, they direct investors to their dedicated investor relations website, which is a comprehensive resource: https://investor.bostonomaha.com/.

Finally, for capital allocation back to shareholders, the channel involves the execution of buybacks, authorized up to $30 million of Class A common stock through December 31, 2026. The Board also authorized the potential establishment of Rule 10b5-1 trading plans to manage these repurchases compliantly during blackout periods.

Here's a quick look at the channel-relevant scale metrics we have for the operating segments as of late 2025:

Segment	Channel Metric	Latest Available Number (2025)	Context/Period
Link Media Outdoor	Billboard Rentals Revenue	$11.8 million	Q3 2025
Link Media Outdoor	Total Advertising Faces	7,570	End of Q3 2025
Boston Omaha Broadband	Broadband Services Revenue	$10.2 million	Q3 2025
Boston Omaha Broadband	Fiber Subscribers	13,500	End of Q2 2025
Bonds (GIG)	Premiums Earned	$5.6 million	Q3 2025
Bonds (GIG)	State Licensing Reach	All 50 states	Current

The company uses several methods to reach its customers, which is key for a diversified entity like Boston Omaha Corporation. You can see the direct sales effort in the broadband segment's customer counts, which is a heavy lift for installation teams.

• Link Media Outdoor utilizes its physical inventory of 7,570 faces for direct advertising sales.
• Boston Omaha Broadband deploys installation teams to service its subscriber base, which includes 13,500 fiber customers as of mid-2025.
• Surety bond distribution depends on a network of independent agents across 50 states.
• Investor communication channels are centered on SEC filings and the investor relations website.
• Shareholder return is channeled via an authorized $30 million share repurchase program.

Finance: draft a pro-forma cash flow statement incorporating the Q3 2025 operating cash flow of $12.1 million for the nine months ended September 30, 2025, by next Tuesday.

Boston Omaha Corporation (BOC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Boston Omaha Corporation (BOC) as of late 2025. It's a holding company structure, so the customers are quite varied, spanning from local advertisers to institutional capital allocators. Honestly, the diversity is the point, but it means you have to track several distinct markets.

The core operating segments serve distinct groups. For outdoor advertising, the customers are businesses needing physical reach. For broadband, it's about getting connectivity to homes and enterprises in specific build-out areas. Surety insurance targets contractors needing guarantees for their work.

Here's a look at the quantitative data points for the primary operating customer-facing segments based on the Third Quarter 2025 filings:

Customer Segment Focus	Metric	Latest Reported Value (Q3 2025 or Q2 2025)
Local/National Businesses (Outdoor Advertising)	Q3 2025 Billboard Rentals Revenue	$11.8 million
Local/National Businesses (Outdoor Advertising)	Billboard Faces Inventory (Q2 2025)	7,570
Residential/Commercial (Broadband)	Q3 2025 Broadband Services Revenue	$10.2 million
Residential/Commercial (Broadband)	Fiber Subscribers (Q2 2025)	13,500
Residential/Commercial (Broadband)	Fixed Wireless Customers (Q2 2025)	30,600
Contractors/Businesses (Surety Bonds)	Q3 2025 Insurance Premiums Earned Revenue	$5.6 million
Contractors/Businesses (Surety Bonds)	Geographic Reach (As per investor slide)	50 States

The outdoor advertising segment, Link Media Outdoor, served businesses needing ad space. As of Q2 2025, they maintained an inventory of 3,950 structures, which translated to 7,570 advertising faces, including 107 digital displays. Their Q3 2025 revenue from billboard rentals hit $11.8 million.

For the residential and commercial customers in underserved broadband markets, Boston Omaha Broadband (BOB) is the vehicle. As of Q2 2025, they served 13,500 fiber subscribers and 30,600 fixed wireless customers. Management noted in early 2025 that the total subscriber base was over 44,000 across Arizona and Utah, plus new developments. The Fiber Fast Homes division, focused on new developments, had 4,200 fiber subscribers as of Q2 2025.

Contractors and businesses requiring surety bonds are served through General Indemnity Group. In Q2 2025, this segment reported gross written premiums of $7.9 million. The segment's reach spans 50 States providing surety bonds.

Public equity investors are a key segment, as BOC is a publicly traded holding company. As of September 30, 2025, the outstanding share count was 30,872,876 shares of Class A common stock and 580,558 shares of Class B common stock. The book value per share for these investors stood at $16.80 at that date.

Finally, third-party limited partners are customers of the Asset Management division (BOAM). This group is exposed through funds managed by BOC. For instance, Q3 2025 saw losses of $2.0 million related to the underlying assets within the 24th Street Funds. Furthermore, BOC's own investment in Sky Harbour Class A stock and warrants was valued at $82.7 million on the balance sheet as of September 30, 2025.

• Local and national businesses requiring outdoor advertising (billboards)
• Residential and commercial customers in underserved broadband markets
• Contractors and businesses requiring surety bonds (e.g., construction)
• Public equity investors seeking a diversified holding company structure
• Third-party limited partners in commercial real estate and BFR funds

Finance: draft 13-week cash view by Friday

Boston Omaha Corporation (BOC) - Canvas Business Model: Cost Structure

You're looking at the expense side of Boston Omaha Corporation's operations as of late 2025. It's a mix of heavy infrastructure spending, ongoing asset upkeep, and segment-specific operational costs. The capital intensity of the broadband buildout definitely shows up here, alongside the fixed nature of the billboard business.

The broadband segment is a major driver of capital outlay. For the second quarter ended June 30, 2025, Boston Omaha Broadband invested $6.6 million in capital expenditures, pushing network expansion forward. This investment pace is key to their growth strategy, but it directly impacts the cost structure through future depreciation.

Speaking of depreciation, that non-cash charge is significant because of the tangible assets across the company. For the three months ended June 30, 2025, the total Depreciation and Amortization Expense was $6,164,312. Looking at the first half of 2025, this expense totaled $12,156,295. The increase in depreciation expense is directly tied to those continued capital investments within the broadband businesses, as noted in their filings.

Here's a breakdown of some key non-cash and operational cost figures we see from the first half of 2025:

Cost Component	Period	Amount	Segment Relevance
Capital Expenditures	Q2 2025	$6.6 million	Broadband Network Expansion
Depreciation Expense	Three Months Ended 6/30/2025	$4,155,199	Consolidated Tangible Assets
Amortization Expense	Three Months Ended 6/30/2025	$1,954,877	Consolidated Intangible Assets
Total Depreciation & Amortization	Six Months Ended 6/30/2025	$12,156,295	Consolidated
Insurance Employee Cost Increase (YoY)	Q2 2025	$319,000	Insurance (General Indemnity Group)

For the billboard revenues side, the direct cost of services is where you find the land lease payments. While the specific Cost of billboard revenues (exclusive of depreciation and amortization) for Q2 2025 isn't explicitly isolated in the summary data, we do see that their quarterly lease obligations, which include land leases, were reported around $5.3 million for June 2025. The Link Media Outdoor segment maintained a gross margin of 67.6% in Q2 2025, showing they manage those fixed costs reasonably well against their stable revenue base.

Employee costs are definitely ticking up in certain areas. For instance, in the insurance segment, employee costs rose by $319,000 year-over-year in the second quarter of 2025. This trend of rising personnel expenses is something to watch across all segments, especially as the broadband operations scale.

The insurance segment's cost of revenue is heavily influenced by claims. The loss ratio for General Indemnity Group stood at 32.2% for Q2 2025. Loss and Adjustment Expenses (LAE) are a core component of that direct cost structure, though the specific LAE dollar amount isn't broken out separately from the overall loss figures in the summaries.

You can see how these costs translate into overall performance, for example, by looking at the nine-month results ending September 30, 2025, where higher depreciation and an other investment loss pressured the bottom line, leading to a net loss attributable to common stockholders of $5.6 million for the nine months.

• Broadband segment gross margin improved to 80.9% in Q2 2025.
• Billboard segment gross margin was 67.6% in Q2 2025.
• The company reported a net loss per share of $0.07 for Q2 2025.
• Total liabilities stood at $175.3 million as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

Boston Omaha Corporation (BOC) - Canvas Business Model: Revenue Streams

You're looking at how Boston Omaha Corporation brings in the money across its diverse portfolio as of late 2025. It's a mix of hard assets like billboards and infrastructure, plus insurance and investments. Honestly, the operating segments are the main story here.

The core operating revenue streams for the third quarter ended September 30, 2025, show the relative weight of each business unit. Billboard rentals, net, generated $11,788,400 for the quarter. Broadband services followed closely, bringing in $10,150,921 in revenue for the same period. Surety insurance premiums earned added $5,636,732 to the top line in Q3 2025.

Here's a quick look at those three main operating revenue components for Q3 2025:

Revenue Stream	Q3 2025 Amount (USD)
Billboard Rentals, Net	$11,788,400
Broadband Services	$10,150,921
Premiums Earned	$5,636,732
Insurance Commissions	$629,982
Total Operating Revenue	$28,206,035

For the nine months ended September 30, 2025, total revenues reached $84,668,519, up from $80,341,450 in the same period last year. That's solid top-line movement, even if profitability gets tricky with investment marks.

Beyond the core operations, Boston Omaha Corporation captures revenue from its capital deployment and insurance float:

• Interest and dividend income from cash and investments totaled $528,320 in Q3 2025, though one filing noted interest and dividend income of $0.3 million for that quarter.
• Equity in earnings/loss from unconsolidated affiliates, which heavily features the Sky Harbour position, resulted in a loss of approximately $600,000 for Q3 2025.

You should also note that Investment and Other Income, which contains the interest and dividend component, was $528,320 for the quarter. The equity method loss from affiliates was specifically cited as a loss of $0.6 million in the third quarter of 2025.

Finance: draft 13-week cash view by Friday.