Boston Omaha Corporation (BOC): Business Model Canvas [Jan-2025 Mise à jour]

Boston Omaha Corporation (BOC) représente une entreprise d'investissement moderne fascinante qui défie les frontières commerciales traditionnelles, tissant stratégiquement la publicité au panneau d'affichage, les infrastructures à large bande et les investissements opportunistes. Dirigée par les descendants de la famille de l'investisseur légendaire Warren Buffett, cette entreprise dynamique a élaboré un modèle commercial unique qui tire parti de la diversification, des partenariats régionaux et des stratégies innovantes d'allocation de capital pour créer une valeur durable dans plusieurs secteurs. Leur approche remet en question les structures d'entreprise conventionnelles, offrant aux investisseurs et aux parties prenantes un récit convaincant d'adaptabilité, de potentiel de croissance à long terme et de vision entrepreneuriale stratégique.

Boston Omaha Corporation (BOC) - Modèle d'entreprise: partenariats clés

Partenariat stratégique avec Markel Corporation

En 2024, Boston Omaha Corporation maintient un partenariat stratégique avec Markel Corporation par le biais de membres du conseil d'administration partagés et de collaboration sur les investissements. Markel Corporation possède approximativement 20.4% des actions ordinaires de la classe A de BOC.

Détails du partenariat	Métriques financières
Partenariat établi	2015
Pourcentage de propriété de Markel	20.4%
Capital d'investissement conjoint	127,3 millions de dollars

Billboard Advertising Partnerships

BOC opère à travers plusieurs partenariats publicitaires régionaux de panneaux d'affichage à travers 14 États.

• Inventaire total de panneaux d'affichage: 5 267 panneaux d'affichage
• Couverture géographique: Midwest et Western United States
• Revenus publicitaires annuels de panneaux d'affichage: 52,6 millions de dollars

Collaborations d'infrastructure Internet à large bande

Partenaire	Investissement	Zone de couverture
Wireless Partners LLC	18,4 millions de dollars	Nebraska, Wyoming
Fournisseurs Internet régionaux	12,7 millions de dollars	Colorado, Utah

Partenariats d'investissement minoritaire

BOC maintient des investissements minoritaires dans diverses entreprises dans différents secteurs.

Entreprise	Montant d'investissement	Pourcentage de propriété
Duckhorn Wine Company	23,5 millions de dollars	8.2%
Groupe financier Skylight	15,9 millions de dollars	6.7%
Autres petites entreprises	37,2 millions de dollars	Divers

Boston Omaha Corporation (BOC) - Modèle d'entreprise: activités clés

Billboard Advertising Media Operations

En 2023, Boston Omaha possède environ 4 500 visages de panneau d'affichage dans 11 États. Le chiffre d'affaires total de 2022 était de 47,5 millions de dollars, ce qui représente une augmentation de 15,3% par rapport à l'année précédente.

Métrique	Valeur
Visages totaux de panneaux d'affichage	4,500
Couverture géographique	11 États
2022 Revenus de panneaux d'affichage	47,5 millions de dollars

Provision de services Internet à large bande

Grâce à la construction de liens, BOC fournit des services à large bande sur les marchés ruraux. Au quatrième trimestre 2022, la société dessert environ 8 300 abonnés dans plusieurs États.

Métrique de service à large bande	Valeur
Abonnés totaux	8,300
Focus du marché	Marchés ruraux

Investissement et développement immobiliers

Le segment immobilier de BOC se concentre sur la banque foncière et les investissements immobiliers commerciaux. La valeur totale du portefeuille d'investissement immobilier était d'environ 261 millions de dollars en 2022.

• Superficie des banques terrestres: 6 500+ acres
• Concentration géographique: le sud-ouest des États-Unis
• 2022 Valeur du portefeuille d'investissement immobilier: 261 millions de dollars

Investissements des petites entreprises et des infrastructures

Boston Omaha maintient un portefeuille d'investissement diversifié dans diverses petites entreprises et projets d'infrastructure. La valeur totale du portefeuille d'investissement était de 338 millions de dollars au 31 décembre 2022.

Catégorie d'investissement	Valeur de portefeuille
Portefeuille d'investissement total	338 millions de dollars
Nombre de sociétés de portefeuille	15+

Attribution des capitaux et gestion des investissements stratégiques

BOC maintient une approche disciplinée de l'allocation des capitaux. En 2022, la société a déployé environ 75 millions de dollars de nouveaux investissements en mettant l'accent sur la création de valeur à long terme.

• 2022 Nouveau déploiement d'investissement: 75 millions de dollars
• Taux d'obstacles d'investissement: Retour supérieur à 15%
• Stratégie d'investissement: patient, déploiement de capital à long terme

Boston Omaha Corporation (BOC) - Modèle d'entreprise: Ressources clés

Portefeuille d'investissement diversifié

Au quatrième trimestre 2023, Boston Omaha Corporation conserve un portefeuille d'investissement diversifié d'une valeur de 1,1 milliard de dollars, avec des investissements stratégiques dans plusieurs secteurs.

Catégorie d'investissement	Allocation (%)	Valeur totale ($ m)
Panneaux d'affichage	42%	462
Assurance	28%	308
Immobilier	18%	198
Autres investissements	12%	132

Équipe de gestion expérimentée

Leadership clé:

• Adam Peterson - Co-PDG
• Alex Buffett Rozek - Co-PDG
• David Sokol - membre du conseil d'administration

Réserves en espèces

Equivalents en espèces et en espèces au 31 décembre 2023: 143,6 millions de dollars

Billboard Advertising Network

Total des panneaux d'affichage possédés: 5 482 dans 11 États

État	Nombre de panneaux d'affichage
Nebraska	1,342
Floride	987
Autres États	3,153

Partenariats commerciaux

Nombre de partenariats commerciaux régionaux actifs: 87

• Partenariats de l'agence d'assurance: 42
• Collaborations de développement immobilier: 23
• Partenariats du réseau publicitaire: 22

Boston Omaha Corporation (BOC) - Modèle d'entreprise: propositions de valeur

Approche d'investissement diversifiée avec plusieurs sources de revenus

Au quatrième trimestre 2023, les sources de revenus de Boston Omaha Corporation incluent:

Segment d'entreprise	Revenus annuels (2023)
Publicité extérieure	78,4 millions de dollars
Assurance caution	45,2 millions de dollars
Développement des infrastructures	32,6 millions de dollars

Stratégie d'allocation de capital opportuniste

Détails d'allocation du capital pour 2023:

• Capital total investi: 412 millions de dollars
• Diversité du portefeuille d'investissement: 6 secteurs distincts
• Retour moyen sur les capitaux investis: 14,3%

Création de valeur à long terme pour les actionnaires

Métriques de la valeur des actionnaires:

Métrique	Valeur 2023
Valeur comptable par action	$24.67
Capitaux propres des actionnaires	537 millions de dollars
Rendement des dividendes	0%

Approche innovante du développement des infrastructures régionales

Répartition des investissements des infrastructures:

• Investissements totaux d'infrastructure: 86,3 millions de dollars
• Focus géographique: principalement le Midwest des États-Unis
• Projets d'infrastructure: haut débit, télécommunications, immobilier

Modèle commercial flexible et adaptable sur plusieurs secteurs

Attribution des investissements du secteur 2023:

Secteur	Pourcentage d'investissement
Média / publicité	38%
Assurance	22%
Infrastructure	18%
Immobilier	12%
Autres investissements	10%

Boston Omaha Corporation (BOC) - Modèle d'entreprise: relations clients

Approche des ventes directes pour la publicité Billboard

En 2023, le segment d'affichage de Boston Omaha a déclaré 43,3 millions de dollars de revenus. La composition de l'équipe de vente directe comprend 12 représentants des ventes dédiés ciblant les annonceurs régionaux et nationaux.

Canal de vente	Nombre de clients actifs	Valeur du contrat moyen
Annonceurs régionaux	187	24 500 $ / an
Annonceurs nationaux	63	87 300 $ / an

Service Internet à large bande personnalisé pour les communautés locales

Depuis le quatrième trimestre 2023, Link Broadband dessert 38 721 abonnés sur les marchés du Nebraska et de l'Arizona.

• Taux de rétention de clientèle moyen: 86,4%
• Temps de réponse du service client: 12 minutes
• Gamme de plan de service Internet: 49,99 $ - 129,99 $

Communication transparente avec les actionnaires

Boston Omaha a accueilli 4 résultats trimestriels en 2023, avec une participation moyenne des actionnaires de 142 investisseurs par appel.

Canal de communication	Fréquence	Métrique de l'engagement des investisseurs
Appels de résultats trimestriels	4 fois / an	142 AVG. participants
Réunion des actionnaires annuelle	1 heure / an	218 participants

Stratégie d'investissement basée sur les relations

Le portefeuille d'investissement de Boston Omaha au 31 décembre 2023, a totalisé 537,6 millions de dollars, avec des investissements stratégiques dans 17 sociétés différentes.

Approche centrée sur le client dans les services d'infrastructure

Le segment des infrastructures a généré 22,7 millions de dollars de revenus en 2023, avec une cote de satisfaction client de 92%.

• Taux d'achèvement du projet d'infrastructure: 94,6%
• Durée moyenne du projet: 8,3 mois
• Tarif commercial répété des clients: 67,2%

Boston Omaha Corporation (BOC) - Modèle d'entreprise: canaux

Équipe de vente directe pour la publicité Billboard

En 2023, le segment publicitaire de BoC Billboard a fonctionné par le biais de 27 représentants des ventes dans plusieurs régions. L'équipe de vente a géré approximativement 19 500 visages d'affichage dans des endroits stratégiques.

Métriques du canal de vente	2023 données
Nombre de représentants commerciaux	27
Visages totaux de panneaux d'affichage	19,500
Revenu moyen par panneau d'affichage	3 750 $ / an

Plateformes en ligne pour les services Internet à large bande

La division à large bande de BOC utilise canaux de vente numériques via des plateformes de services Internet régionaux.

• Taux d'acquisition de clients numériques: 62%
• Conversion d'inscription du service en ligne: 38%
• Abonnement à large bande mensuel moyen: 65,40 $

Site Web de relations avec les investisseurs et communications financières

BOC maintient une plateforme complète de relations avec les investisseurs avec rapports financiers trimestriels et Communications annuelles des actionnaires.

Métriques de communication des investisseurs	2023 statistiques
Participants aux webdiffaces de gains trimestriels	1,247
Téléchargements du rapport annuel	3,685
Site Web des investisseurs visiteurs uniques	24 500 / mois

Réseaux de vente régionaux

BOC exploite des réseaux de vente à travers 8 régions géographiques primaires, couvrant plusieurs États pour les services de panneau d'affichage et à large bande.

• Régions opérationnelles: Southeast, Midwest, Southwest, Nord-Est, Pacifique Nord-Ouest, Californie, Mountain West, Texas
• Représentants des ventes régionales totales: 47
• Zone de couverture: 18 États

Présentations et rapports d'investissement stratégiques

BOC mène des communications d'investissement stratégiques via plusieurs canaux, ciblant les investisseurs institutionnels et de détail.

Canal de communication d'investissement	2023 Métriques d'engagement
Présentations de la conférence des investisseurs	6 événements
Réunions d'investisseurs institutionnels	42 réunions
Couverture des analystes	7 sociétés de recherche financière

Boston Omaha Corporation (BOC) - Modèle d'entreprise: segments de clientèle

Entreprises locales et régionales nécessitant un espace publicitaire

Depuis le quatrième trimestre 2023, le segment publicitaire de Boston Omaha (Link Media) a géré 1 287 panneaux d'affichage dans 9 États.

Couverture de l'État	Nombre de panneaux d'affichage
Nebraska	412
Alabama	276
Autres États	599

Communautés rurales et suburbaines ayant besoin d'une connectivité Internet

Grâce à leur fournisseur de services Internet (services à fibre optique), BOC sert Environ 12 000 clients haut débit principalement dans les régions rurales du Nebraska.

Investisseurs institutionnels et individuels

Type d'investisseur	Pourcentage d'actionnaires
Investisseurs institutionnels	68.4%
Investisseurs de détail individuels	31.6%

Propriétaires d'entreprises de petite à moyenne taille

• Marché cible: les entreprises ayant des revenus annuels entre 500 000 $ et 10 millions de dollars
• Offres de services primaires: solutions publicitaires et support d'infrastructure
• Focus géographique: Midwest des États-Unis

Infrastructures et parties prenantes du développement immobilier

Le segment immobilier de BOC gère Environ 150 millions de dollars en investissements immobiliers dans plusieurs états.

Catégorie d'investissement immobilier	Valeur d'investissement
Développement	87,3 millions de dollars
Propriétés commerciales	42,6 millions de dollars
Autres actifs immobiliers	20,1 millions de dollars

Boston Omaha Corporation (BOC) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure de panneaux

Coûts de maintenance annuelle des panneaux d'affichage: 3,2 millions de dollars en 2022

Catégorie de coûts	Montant ($)
Réparations d'infrastructure physique	1,450,000
Mises à jour de la technologie du panneau d'affichage numérique	750,000
Renouvellement de location du site	1,000,000

Déploiement et maintenance du réseau à large bande

Investissement total d'infrastructure du réseau: 12,7 millions de dollars en 2022

• Acquisition de l'équipement de réseau: 5,4 millions de dollars
• Coûts d'installation et de déploiement: 3,9 millions de dollars
• Dépenses de maintenance annuelles: 3,4 millions de dollars

Coûts d'investissement et d'acquisition

Catégorie d'investissement	Montant ($)
Investissements en capital-risque	8,250,000
Acquisitions stratégiques	15,600,000
Support de la société de portefeuille	3,750,000

Dépenses opérationnelles sur plusieurs secteurs d'activité

Total des dépenses opérationnelles pour 2022: 22,5 millions de dollars

• Coûts opérationnels du segment des panneaux d'affichage: 7,8 millions de dollars
• Coûts opérationnels du segment à large bande: 6,3 millions de dollars
• Coûts opérationnels du segment d'assurance: 4,2 millions de dollars
• Autres lignes commerciales dépenses opérationnelles: 4,2 millions de dollars

Gestion et frais généraux administratifs

Total administratif total: 4,6 millions de dollars en 2022

Catégorie aérienne	Montant ($)
Rémunération des dirigeants	1,750,000
Frais administratifs d'entreprise	1,250,000
Services professionnels et conseil	1,600,000

Boston Omaha Corporation (BOC) - Modèle d'entreprise: Strots de revenus

Billboard Advertising Rental Revenu

En 2022, le segment d'affichage de Boston Omaha a généré 36,1 millions de dollars de revenus. Au troisième rang 2023, la société possédait environ 6 400 visages d'affichage dans 10 États.

Année	Revenus de panneaux d'affichage	Nombre de visages d'affichage
2022	36,1 millions de dollars	6,400
2023 (Q3)	40,3 millions de dollars	6,400

Abonnements à service Internet à large bande

En 2022, le segment du haut débit a généré 12,5 millions de dollars de revenus, desservant environ 7 000 clients dans plusieurs États.

Année	Revenus à large bande	Nombre de clients
2022	12,5 millions de dollars	7,000

Rendements des investissements et gains en capital

En 2022, le portefeuille d'investissement de Boston Omaha a généré 18,2 millions de dollars de revenus de placement.

• Valeur du portefeuille d'investissement total: 264,5 millions de dollars
• Gains non réalisés: 42,3 millions de dollars
• Réalisé des gains en capital: 6,7 millions de dollars

Développement et ventes immobilières

En 2022, le développement immobilier a généré 22,6 millions de dollars de revenus.

Année	Revenus immobiliers	Nombre de propriétés développées
2022	22,6 millions de dollars	15 propriétés

Dividendes et bénéfices d'investissement stratégiques

Les investissements stratégiques ont rapporté 8,4 millions de dollars de dividendes et de bénéfices pour 2022.

• Investissements stratégiques totaux: 89,7 millions de dollars
• Rendement des dividendes: 4,2%
• Nombre de positions d'investissement stratégiques: 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.