Boston Omaha Corporation (BOC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Boston Omaha Corporation (BOC) representa una fascinante empresa de inversión moderna que desafía los límites comerciales tradicionales, tejiendo estratégicamente la publicidad de carteleras, la infraestructura de banda ancha e inversiones oportunistas. Dirigido por los descendientes de la familia del legendario inversor Warren Buffett, esta compañía dinámica ha creado un modelo de negocio único que aprovecha la diversificación, las asociaciones regionales y las estrategias innovadoras de asignación de capital para crear un valor sostenible en múltiples sectores. Su enfoque desafía las estructuras corporativas convencionales, ofreciendo a los inversores y partes interesadas una narración convincente de adaptabilidad, potencial de crecimiento a largo plazo y visión empresarial estratégica.

Boston Omaha Corporation (BOC) - Modelo de negocios: asociaciones clave

Asociación estratégica con Markel Corporation

A partir de 2024, Boston Omaha Corporation mantiene una asociación estratégica con Markel Corporation a través de miembros compartidos de la junta y colaboración de inversiones. Markel Corporation posee aproximadamente 20.4% de las acciones comunes de Clase A de BOC.

Detalles de la asociación	Métricas financieras
Asociación establecida	2015
Porcentaje de propiedad de Markel	20.4%
Capital de inversión conjunto	$ 127.3 millones

Asociaciones publicitarias de cartelera

BOC opera a través de múltiples asociaciones de publicidad de cartelera regional a través de 14 estados.

• Inventario total de Billboard: 5,267 vallas publicitarias
• Cobertura geográfica: Medio Oeste y Occidente de los Estados Unidos
• Ingresos publicitarios anuales de publicidad: $ 52.6 millones

Colaboraciones de infraestructura de Internet de banda ancha

Pareja	Inversión	Área de cobertura
Wireless Partners LLC	$ 18.4 millones	Nebraska, Wyoming
Proveedores regionales de Internet	$ 12.7 millones	Colorado, Utah

Asociaciones de inversión minoritaria

BOC mantiene inversiones minoritarias en varias empresas en diferentes sectores.

Compañía	Monto de la inversión	Porcentaje de propiedad
Compañía de vinos de Duckhorn	$ 23.5 millones	8.2%
Grupo financiero de Skylight	$ 15.9 millones	6.7%
Otras pequeñas empresas	$ 37.2 millones	Varios

Boston Omaha Corporation (BOC) - Modelo de negocio: actividades clave

Operaciones de medios publicitarios publicitarios

A partir de 2023, Boston Omaha posee aproximadamente 4,500 caras de cartelera en 11 estados. Los ingresos totales de Billboard para 2022 fueron de $ 47.5 millones, lo que representa un aumento del 15.3% respecto al año anterior.

Métrico	Valor
Caras de cartelera total	4,500
Cobertura geográfica	11 estados
2022 ingresos de cartelera	$ 47.5 millones

Provisión de servicios de Internet de banda ancha

A través de la construcción de enlaces, BOC ofrece servicios de banda ancha en los mercados rurales. A partir del cuarto trimestre de 2022, la compañía atiende a aproximadamente 8.300 suscriptores en múltiples estados.

Métrica de servicio de banda ancha	Valor
Suscriptores totales	8,300
Enfoque del mercado	Mercados rurales

Inversión y desarrollo inmobiliario

El segmento de bienes raíces de BOC se centra en la banca terrestre y las inversiones de propiedades comerciales. El valor total de la cartera de inversiones inmobiliarias fue de aproximadamente $ 261 millones en 2022.

• Agua bancaria terrestre: 6,500+ acres
• Concentración geográfica: suroeste de los Estados Unidos
• 2022 Valor de la cartera de inversiones inmobiliarias: $ 261 millones

Inversiones de pequeñas empresas e infraestructura

Boston Omaha mantiene una cartera de inversiones diversificada en varias pequeñas empresas y proyectos de infraestructura. El valor total de la cartera de inversiones fue de $ 338 millones al 31 de diciembre de 2022.

Categoría de inversión	Valor de cartera
Cartera de inversiones totales	$ 338 millones
Número de compañías de cartera	15+

Asignación de capital y gestión de inversiones estratégicas

BOC mantiene un enfoque disciplinado para la asignación de capital. En 2022, la compañía desplegó aproximadamente $ 75 millones en nuevas inversiones con un enfoque en la creación de valor a largo plazo.

• 2022 Nuevo implementación de inversión: $ 75 millones
• Tasa de obstáculo de inversión: por encima del 15% de retorno esperado
• Estrategia de inversión: paciente, implementación de capital a largo plazo

Boston Omaha Corporation (BOC) - Modelo de negocios: recursos clave

Cartera de inversiones diversa

A partir del cuarto trimestre de 2023, Boston Omaha Corporation mantiene una cartera de inversiones diversa valorada en $ 1.1 mil millones, con inversiones estratégicas en múltiples sectores.

Categoría de inversión	Asignación (%)	Valor total ($ m)
Cartelera	42%	462
Seguro	28%	308
Bienes raíces	18%	198
Otras inversiones	12%	132

Equipo de gestión experimentado

Liderazgo clave:

• Adam Peterson - CE -CEO
• Alex Buffett Rozek - CE -CEO
• David Sokol - Miembro de la Junta

Reservas de efectivo

Equivalentes en efectivo y efectivo al 31 de diciembre de 2023: $ 143.6 millones

Red publicitaria publicitaria

Total de vallas publicitarias propiedad: 5.482 en 11 estados

Estado	Número de vallas publicitarias
Nebraska	1,342
Florida	987
Otros estados	3,153

Asociaciones comerciales

Número de asociaciones comerciales regionales activas: 87

• Asociaciones de la agencia de seguros: 42
• Colaboraciones de desarrollo inmobiliario: 23
• Asociaciones de la red publicitaria: 22

Boston Omaha Corporation (BOC) - Modelo de negocio: propuestas de valor

Enfoque de inversión diversificado con múltiples flujos de ingresos

A partir del cuarto trimestre de 2023, las fuentes de ingresos de Boston Omaha Corporation incluyen:

Segmento de negocios	Ingresos anuales (2023)
Publicidad al aire libre	$ 78.4 millones
Seguro	$ 45.2 millones
Desarrollo de infraestructura	$ 32.6 millones

Estrategia de asignación de capital oportunista

Detalles de asignación de capital para 2023:

• Capital invertido total: $ 412 millones
• Diversidad de la cartera de inversiones: 6 sectores distintos
• Rendimiento promedio del capital invertido: 14.3%

Creación de valor a largo plazo para accionistas

Métricas de valor de los accionistas:

Métrico	Valor 2023
Valor en libros por acción	$24.67
Patrimonio de los accionistas	$ 537 millones
Rendimiento de dividendos	0%

Enfoque innovador para el desarrollo de la infraestructura regional

Desglose de inversión de infraestructura:

• Inversiones totales de infraestructura: $ 86.3 millones
• Enfoque geográfico: principalmente el medio oeste de los Estados Unidos
• Proyectos de infraestructura: banda ancha, telecomunicaciones, bienes raíces

Modelo de negocio flexible y adaptable en múltiples sectores

Asignación de inversión del sector 2023:

Sector	Porcentaje de inversión
Medios/publicidad	38%
Seguro	22%
Infraestructura	18%
Bienes raíces	12%
Otras inversiones	10%

Boston Omaha Corporation (BOC) - Modelo de negocios: relaciones con los clientes

Enfoque de ventas directas para publicidad de cartelera

En 2023, el segmento de cartelera de Boston Omaha reportó $ 43.3 millones en ingresos. La composición del equipo de ventas directas incluye 12 representantes de ventas dedicados dirigidos a anunciantes regionales y nacionales.

Canal de ventas	Número de clientes activos	Valor de contrato promedio
Anunciantes regionales	187	$ 24,500/año
Anunciantes nacionales	63	$ 87,300/año

Servicio de Internet de banda ancha personalizada para comunidades locales

A partir del cuarto trimestre de 2023, Link Broadband atiende a 38,721 suscriptores en los mercados de Nebraska y Arizona.

• Tasa promedio de retención de clientes: 86.4%
• Tiempo de respuesta del servicio al cliente: 12 minutos
• Rango del plan de servicio de Internet: $ 49.99 - $ 129.99 mensualmente

Comunicación transparente con los accionistas

Boston Omaha organizó 4 llamadas de ganancias trimestrales en 2023, con una participación promedio de los accionistas de 142 inversores por llamada.

Canal de comunicación	Frecuencia	Métrica de compromiso de los inversores
Llamadas de ganancias trimestrales	4 veces/año	142 AVG. participantes
Reunión anual de accionistas	1 vez/año	218 asistentes

Estrategia de inversión basada en relaciones

La cartera de inversiones de Boston Omaha al 31 de diciembre de 2023 totalizó $ 537.6 millones, con inversiones estratégicas en 17 compañías diferentes.

Enfoque centrado en el cliente en servicios de infraestructura

El segmento de infraestructura generó $ 22.7 millones en ingresos durante 2023, con una calificación de satisfacción del cliente del 92%.

• Tasa de finalización del proyecto de infraestructura: 94.6%
• Duración promedio del proyecto: 8.3 meses
• Tasa comercial repetida del cliente: 67.2%

Boston Omaha Corporation (BOC) - Modelo de negocios: canales

Equipo de ventas directas para publicidad de cartelera

En 2023, el segmento publicitario de Boc Billboard funcionó a través de 27 representantes de ventas en múltiples regiones. El equipo de ventas gestionó aproximadamente 19,500 caras de cartelera En ubicaciones estratégicas.

Métricas de canales de ventas	2023 datos
Número de representantes de ventas	27
Caras de cartelera total	19,500
Ingresos promedio por valla publicitaria	$ 3,750/año

Plataformas en línea para servicios de Internet de banda ancha

La división de banda ancha de BOC utiliza canales de ventas digitales a través de plataformas regionales de servicios de Internet.

• Tasa de adquisición de clientes digitales: 62%
• Conversión de registro del servicio en línea: 38%
• Suscripción promedio de banda ancha mensual: $ 65.40

Sitio web de relaciones con los inversores y comunicaciones financieras

BOC mantiene una plataforma integral de relaciones con los inversores con informes financieros trimestrales y Comunicaciones anuales de accionistas.

Métricas de comunicación de inversores	2023 estadísticas
Asistentes de transmisión por Internet de ganancias trimestrales	1,247
Descargas de informes anuales	3,685
Sitio web de inversores visitantes únicos	24,500/mes

Redes de ventas regionales

BOC opera redes de ventas en todo 8 regiones geográficas primarias, cubriendo múltiples estados para los servicios de cartelera y banda ancha.

• Regiones operativas: sureste, medio oeste, suroeste, noreste, noroeste del Pacífico, California, Mountain West, Texas
• Representantes de ventas regionales totales: 47
• Área de cobertura: 18 estados

Presentaciones e informes de inversión estratégica

BOC realiza comunicaciones estratégicas de inversión a través de múltiples canales, dirigidos a inversores institucionales y minoristas.

Canal de comunicación de inversión	2023 Métricas de compromiso
Presentaciones de la conferencia de inversores	6 eventos
Reuniones de inversores institucionales	42 reuniones
Cobertura de analista	7 empresas de investigación financiera

Boston Omaha Corporation (BOC) - Modelo de negocio: segmentos de clientes

Empresas locales y regionales que requieren espacio publicitario

A partir del cuarto trimestre de 2023, el segmento publicitario de Boston Omaha (Link Media) administró 1.287 vallas publicitarias en 9 estados.

Cobertura estatal	Número de vallas publicitarias
Nebraska	412
Alabama	276
Otros estados	599

Comunidades rurales y suburbanas que necesitan conectividad a Internet

A través de su proveedor de servicios de Internet (servicios de fibra óptica), BOC sirve Aproximadamente 12,000 clientes de banda ancha Principalmente en las regiones rurales de Nebraska.

Inversores institucionales e individuales

Tipo de inversor	Porcentaje de accionistas
Inversores institucionales	68.4%
Inversores minoristas individuales	31.6%

Propietarios de empresas pequeñas a medianas

• Mercado objetivo: empresas con ingresos anuales entre $ 500,000 y $ 10 millones
• Ofertas de servicios principales: soluciones publicitarias y soporte de infraestructura
• Enfoque geográfico: el medio oeste de los Estados Unidos

Infraestructura y partes interesadas en el desarrollo inmobiliario

El segmento de bienes raíces de BOC maneja aproximadamente $ 150 millones en inversiones inmobiliarias en múltiples estados.

Categoría de inversión inmobiliaria	Valor de inversión
Desarrollo de la tierra	$ 87.3 millones
Propiedades comerciales	$ 42.6 millones
Otros activos inmobiliarios	$ 20.1 millones

Boston Omaha Corporation (BOC) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de cartelera

Costos anuales de mantenimiento de carteles: $ 3.2 millones en 2022

Categoría de costos	Monto ($)
Reparaciones de infraestructura física	1,450,000
Actualizaciones de tecnología de cartelera digital	750,000
Renovaciones de arrendamiento del sitio	1,000,000

Implementación y mantenimiento de la red de banda ancha

Inversión total de infraestructura de red: $ 12.7 millones en 2022

• Adquisición de equipos de red: $ 5.4 millones
• Costos de instalación e implementación: $ 3.9 millones
• Gastos de mantenimiento anual: $ 3.4 millones

Costos de inversión y adquisición

Categoría de inversión	Monto ($)
Inversiones de capital de riesgo	8,250,000
Adquisiciones estratégicas	15,600,000
Soporte de la compañía de cartera	3,750,000

Gastos operativos en múltiples líneas de negocios

Gastos operativos totales para 2022: $ 22.5 millones

• Costos operativos del segmento de vallas publicitarias: $ 7.8 millones
• Costos operativos del segmento de banda ancha: $ 6.3 millones
• Costos operativos del segmento de seguro: $ 4.2 millones
• Otros gastos operativos de líneas comerciales: $ 4.2 millones

Gestión y gastos generales administrativos

Gastos generales administrativos totales: $ 4.6 millones en 2022

Categoría de gastos generales	Monto ($)
Compensación ejecutiva	1,750,000
Gastos administrativos corporativos	1,250,000
Servicios profesionales y consultoría	1,600,000

Boston Omaha Corporation (BOC) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler publicitario publicitario

En 2022, el segmento de cartelera de Boston Omaha generó $ 36.1 millones en ingresos. A partir del tercer trimestre de 2023, la compañía poseía aproximadamente 6.400 caras de cartelera en 10 estados.

Año	Ingresos de cartelera	Número de caras de cartelera
2022	$ 36.1 millones	6,400
2023 (Q3)	$ 40.3 millones	6,400

Suscripciones de servicios de Internet de banda ancha

En 2022, el segmento de banda ancha generó $ 12.5 millones en ingresos, atendiendo a aproximadamente 7,000 clientes en múltiples estados.

Año	Ingresos de banda ancha	Número de clientes
2022	$ 12.5 millones	7,000

Rendimientos de inversión y ganancias de capital

A partir de 2022, la cartera de inversiones de Boston Omaha generó $ 18.2 millones en ingresos por inversiones.

• Valor total de la cartera de inversiones: $ 264.5 millones
• Ganancias no realizadas: $ 42.3 millones
• Ganancias de capital realizadas: $ 6.7 millones

Desarrollo y ventas inmobiliarios

En 2022, el desarrollo inmobiliario generó $ 22.6 millones en ingresos.

Año	Ingresos inmobiliarios	Número de propiedades desarrolladas
2022	$ 22.6 millones	15 propiedades

Dividendos y ganancias de inversión estratégica

Las inversiones estratégicas arrojaron $ 8.4 millones en dividendos y ganancias para 2022.

• Inversiones estratégicas totales: $ 89.7 millones
• Rendimiento de dividendos: 4.2%
• Número de puestos de inversión estratégica: 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.