Boston Omaha Corporation (BOC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Boston Omaha Corporation (BOC) representa uma fascinante empresa de investimentos modernos que desafia as fronteiras tradicionais de negócios, tecendo estrategicamente publicidade em outdoor, infraestrutura de banda larga e investimentos oportunistas. Liderados por descendentes da família lendária do investidor Warren Buffett, esta empresa dinâmica criou um modelo de negócios exclusivo que alavanca a diversificação, parcerias regionais e estratégias inovadoras de alocação de capital para criar valor sustentável em vários setores. Sua abordagem desafia estruturas corporativas convencionais, oferecendo aos investidores e partes interessadas uma narrativa convincente de adaptabilidade, potencial de crescimento a longo prazo e visão empreendedora estratégica.

Boston Omaha Corporation (BOC) - Modelo de negócios: Parcerias -chave

Parceria estratégica com a Markel Corporation

A partir de 2024, a Boston Omaha Corporation mantém uma parceria estratégica com a Markel Corporation por meio de membros compartilhados do conselho e colaboração de investimentos. Markel Corporation possui aproximadamente 20.4% das ações ordinárias de classe A da BOC.

Detalhes da parceria	Métricas financeiras
Parceria estabelecida	2015
Porcentagem de propriedade de Markel	20.4%
Capital de investimento conjunto	US $ 127,3 milhões

Parcerias de publicidade da Billboard

O BOC opera através de várias parcerias regionais de publicidade em outdoor 14 estados.

• Inventário Total de Billboard: 5.267 outdoors
• Cobertura geográfica: Centro -Oeste e Oeste dos Estados Unidos
• Receita anual de publicidade da Billboard: US $ 52,6 milhões

Colaborações de infraestrutura da Internet de banda larga

Parceiro	Investimento	Área de cobertura
Wireless Partners LLC	US $ 18,4 milhões	Nebraska, Wyoming
Provedores regionais de Internet	US $ 12,7 milhões	Colorado, Utah

Parcerias de investimento minoritário

O BOC mantém investimentos minoritários em várias empresas em diferentes setores.

Empresa	Valor do investimento	Porcentagem de propriedade
Duckhorn Wine Company	US $ 23,5 milhões	8.2%
Grupo Financeiro da Skylight	US $ 15,9 milhões	6.7%
Outras pequenas empresas	US $ 37,2 milhões	Vários

Boston Omaha Corporation (BOC) - Modelo de negócios: Atividades -chave

Operações de mídia de publicidade da Billboard

A partir de 2023, Boston Omaha possui aproximadamente 4.500 rostos de outdoor em 11 estados. A receita total da Billboard para 2022 foi de US $ 47,5 milhões, representando um aumento de 15,3% em relação ao ano anterior.

Métrica	Valor
Rostos totais do outdoor	4,500
Cobertura geográfica	11 estados
2022 Receita do Billboard	US $ 47,5 milhões

Provisão de serviço de internet de banda larga

Através da construção de links, o BOC fornece serviços de banda larga nos mercados rurais. A partir do quarto trimestre de 2022, a empresa atende aproximadamente 8.300 assinantes em vários estados.

Métrica de serviço de banda larga	Valor
Total de assinantes	8,300
Foco no mercado	Mercados rurais

Investimento imobiliário e desenvolvimento

O segmento imobiliário da BOC se concentra nos investimentos em bancos e propriedades comerciais de terras. O valor total do portfólio de investimentos imobiliários foi de aproximadamente US $ 261 milhões em 2022.

• Área bancária de terras: 6.500 mais de acres
• Concentração geográfica: sudoeste dos Estados Unidos
• 2022 portfólio de investimentos imobiliários Valor: US $ 261 milhões

Pequenas empresas e investimentos em infraestrutura

Boston Omaha mantém um portfólio de investimentos diversificado em várias pequenas empresas e projetos de infraestrutura. O valor total do portfólio de investimentos foi de US $ 338 milhões em 31 de dezembro de 2022.

Categoria de investimento	Valor do portfólio
Portfólio total de investimentos	US $ 338 milhões
Número de empresas de portfólio	15+

Alocação de capital e gestão estratégica de investimentos

O BOC mantém uma abordagem disciplinada da alocação de capital. Em 2022, a empresa implantou aproximadamente US $ 75 milhões em novos investimentos, com foco na criação de valor a longo prazo.

• 2022 Novo implantação de investimentos: US $ 75 milhões
• Taxa de obstáculos de investimento: acima de 15% de retorno esperado
• Estratégia de investimento: paciente, implantação de capital de longo prazo

Boston Omaha Corporation (BOC) - Modelo de negócios: Recursos -chave

Portfólio de investimentos diversificados

No quarto trimestre 2023, a Boston Omaha Corporation mantém um portfólio de investimentos diversificado, avaliado em US $ 1,1 bilhão, com investimentos estratégicos em vários setores.

Categoria de investimento	Alocação (%)	Valor total ($ m)
Outdoors	42%	462
Seguro	28%	308
Imobiliária	18%	198
Outros investimentos	12%	132

Equipe de gerenciamento experiente

Liderança -chave:

• Adam Peterson - Co -CEO
• Alex Buffett Rozek - Co -CEO
• David Sokol - membro do conselho

Reservas de caixa

Caixa e equivalentes em dinheiro em 31 de dezembro de 2023: US $ 143,6 milhões

Rede de publicidade da Billboard

Total de outdoors de propriedade: 5.482 em 11 estados

Estado	Número de outdoors
Nebraska	1,342
Flórida	987
Outros estados	3,153

Parcerias de negócios

Número de parcerias de negócios regionais ativas: 87

• Parcerias da Agência de Seguros: 42
• Colaborações de desenvolvimento imobiliário: 23
• Parcerias de rede de publicidade: 22

Boston Omaha Corporation (BOC) - Modelo de negócios: proposições de valor

Abordagem de investimento diversificado com vários fluxos de receita

A partir do quarto trimestre 2023, os fluxos de receita da Boston Omaha Corporation incluem:

Segmento de negócios	Receita anual (2023)
Publicidade ao ar livre	US $ 78,4 milhões
Seguro de garantia	US $ 45,2 milhões
Desenvolvimento de infraestrutura	US $ 32,6 milhões

Estratégia de alocação de capital oportunista

Detalhes de alocação de capital para 2023:

• Total Invested Capital: US $ 412 milhões
• Diversidade do portfólio de investimentos: 6 setores distintos
• Retorno médio sobre capital investido: 14,3%

Criação de valor a longo prazo para os acionistas

Métricas de valor do acionista:

Métrica	2023 valor
Valor contábil por ação	$24.67
Equidade do acionista	US $ 537 milhões
Rendimento de dividendos	0%

Abordagem inovadora para o desenvolvimento de infraestrutura regional

Redução de investimentos em infraestrutura:

• Investimentos totais de infraestrutura: US $ 86,3 milhões
• Foco geográfico: principalmente os Estados Unidos do Midwestern
• Projetos de infraestrutura: banda larga, telecomunicações, imóveis

Modelo de negócios flexível e adaptável em vários setores

Alocação de investimento setorial 2023:

Setor	Porcentagem de investimento
Mídia/publicidade	38%
Seguro	22%
Infraestrutura	18%
Imobiliária	12%
Outros investimentos	10%

Boston Omaha Corporation (BOC) - Modelo de Negócios: Relacionamentos do Cliente

Abordagem de vendas direta para publicidade em outdoor

Em 2023, o segmento de Billboard de Boston Omaha registrou US $ 43,3 milhões em receita. A composição da equipe de vendas direta inclui 12 representantes de vendas dedicados direcionados aos anunciantes regionais e nacionais.

Canal de vendas	Número de clientes ativos	Valor médio do contrato
Anunciantes regionais	187	US $ 24.500/ano
Anunciantes nacionais	63	US $ 87.300/ano

Serviço de Internet de banda larga personalizada para comunidades locais

A partir do quarto trimestre 2023, a Link Broadband atende 38.721 assinantes nos mercados de Nebraska e Arizona.

• Taxa média de retenção de clientes: 86,4%
• Tempo de resposta ao atendimento ao cliente: 12 minutos
• Faixa do Plano de Serviço de Internet: US $ 49,99 - US $ 129,99 mensalmente

Comunicação transparente com os acionistas

Boston Omaha organizou 4 chamadas trimestrais em 2023, com uma participação média dos 142 investidores por chamada.

Canal de comunicação	Freqüência	Métrica de Engajamento do Investidor
Chamadas de ganhos trimestrais	4 vezes/ano	142 Avg. participantes
Reunião Anual dos Acionistas	1 hora/ano	218 participantes

Estratégia de investimento baseada em relacionamento

O portfólio de investimentos de Boston Omaha em 31 de dezembro de 2023, totalizou US $ 537,6 milhões, com investimentos estratégicos em 17 empresas diferentes.

Abordagem centrada no cliente em serviços de infraestrutura

O segmento de infraestrutura gerou US $ 22,7 milhões em receita durante 2023, com uma classificação de satisfação do cliente de 92%.

• Taxa de conclusão do projeto de infraestrutura: 94,6%
• Duração média do projeto: 8,3 meses
• Customer REPET Business Taxa: 67,2%

Boston Omaha Corporation (BOC) - Modelo de Negócios: Canais

Equipe de vendas direta para publicidade em outdoor

Em 2023, o segmento de publicidade da BOC da BOC operou por meio de 27 representantes de vendas em várias regiões. A equipe de vendas conseguiu aproximadamente 19.500 rostos do outdoor em locais estratégicos.

Métricas de canal de vendas	2023 dados
Número de representantes de vendas	27
Rostos totais do outdoor	19,500
Receita média por outdoor	US $ 3.750/ano

Plataformas on -line para serviços de internet de banda larga

A divisão de banda larga do BOC utiliza canais de vendas digitais através de plataformas regionais de serviço de Internet.

• Taxa de aquisição de clientes digitais: 62%
• Conversão de inscrição de serviço online: 38%
• Assinatura média de banda larga mensal: US $ 65,40

Site de relações com investidores e comunicações financeiras

O BOC mantém uma plataforma abrangente de relações com investidores com Relatórios financeiros trimestrais e Comunicações anuais de acionistas.

Métricas de comunicação para investidores	2023 Estatísticas
Garets trimestrais participantes do webcast	1,247
Downloads de relatórios anuais	3,685
Site de investidores visitantes únicos	24.500/mês

Redes de vendas regionais

O BOC opera redes de vendas em toda a 8 regiões geográficas primárias, cobrindo vários estados para serviços de outdoor e de banda larga.

• Regiões operacionais: Sudeste, Centro -Oeste, Sudoeste, Nordeste, Noroeste do Pacífico, Califórnia, Mountain West, Texas
• Representantes de vendas regionais totais: 47
• Área de cobertura: 18 estados

Apresentações e relatórios estratégicos de investimento

O BOC realiza comunicações estratégicas de investimento por meio de vários canais, direcionando os investidores institucionais e de varejo.

Canal de comunicação de investimento	2023 Métricas de engajamento
Apresentações da Conferência de Investidores	6 eventos
Reuniões institucionais de investidores	42 reuniões
Cobertura do analista	7 empresas de pesquisa financeira

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

Empresas locais e regionais que exigem espaço de publicidade

A partir do quarto trimestre 2023, o segmento de publicidade de Boston Omaha (Link Media) gerenciou 1.287 outdoors em 9 estados.

Cobertura do estado	Número de outdoors
Nebraska	412
Alabama	276
Outros estados	599

Comunidades rurais e suburbanas que precisam de conectividade à Internet

Através de seu provedor de serviços de Internet (Serviços de Fibra óptica), o BOC serve Aproximadamente 12.000 clientes de banda larga principalmente nas regiões rurais de Nebraska.

Investidores institucionais e individuais

Tipo de investidor	Porcentagem de acionistas
Investidores institucionais	68.4%
Investidores de varejo individuais	31.6%

Proprietários de pequenos e médios empreendimentos

• Mercado -alvo: empresas com receita anual entre US $ 500.000 e US $ 10 milhões
• Ofertas de serviço primário: soluções de publicidade e suporte de infraestrutura
• Foco geográfico: Centro -Oeste dos Estados Unidos

Infraestrutura e partes interessadas no desenvolvimento imobiliário

O segmento imobiliário do BOC gerencia Aproximadamente US $ 150 milhões em investimentos imobiliários em vários estados.

Categoria de investimento imobiliário	Valor de investimento
Desenvolvimento da terra	US $ 87,3 milhões
Propriedades comerciais	US $ 42,6 milhões
Outros ativos imobiliários	US $ 20,1 milhões

Boston Omaha Corporation (BOC) - Modelo de negócios: estrutura de custos

Manutenção da infraestrutura da Billboard

Custos anuais de manutenção do outdoor: US $ 3,2 milhões em 2022

Categoria de custo	Valor ($)
Reparos de infraestrutura física	1,450,000
Atualizações de tecnologia de outdoor digital	750,000
Renovações de arrendamento de site	1,000,000

Implantação e manutenção de rede de banda larga

Investimento total de infraestrutura de rede: US $ 12,7 milhões em 2022

• Aquisição de equipamentos de rede: US $ 5,4 milhões
• Custos de instalação e implantação: US $ 3,9 milhões
• Despesas anuais de manutenção: US $ 3,4 milhões

Custos de investimento e aquisição

Categoria de investimento	Valor ($)
Venture Capital Investments	8,250,000
Aquisições estratégicas	15,600,000
Suporte da empresa de portfólio	3,750,000

Despesas operacionais em várias linhas de negócios

Despesas operacionais totais para 2022: US $ 22,5 milhões

• Custos operacionais do segmento de outdoors: US $ 7,8 milhões
• Custos operacionais do segmento de banda larga: US $ 6,3 milhões
• Custos operacionais do segmento de seguro: US $ 4,2 milhões
• Outras linhas de negócios despesas operacionais: US $ 4,2 milhões

Gestão e sobrecarga administrativa

Overplagem administrativa total: US $ 4,6 milhões em 2022

Categoria de sobrecarga	Valor ($)
Compensação executiva	1,750,000
Despesas administrativas corporativas	1,250,000
Serviços profissionais e consultoria	1,600,000

Boston Omaha Corporation (BOC) - Modelo de negócios: fluxos de receita

Receita de aluguel de publicidade da Billboard

Em 2022, o segmento Billboard de Boston Omaha gerou US $ 36,1 milhões em receita. A partir do terceiro trimestre de 2023, a empresa possuía aproximadamente 6.400 rostos em outdoor em 10 estados.

Ano	Receita do Billboard	Número de rostos de outdoor
2022	US $ 36,1 milhões	6,400
2023 (Q3)	US $ 40,3 milhões	6,400

Assinaturas de serviço de internet de banda larga

Em 2022, o segmento de banda larga gerou US $ 12,5 milhões em receita, atendendo a aproximadamente 7.000 clientes em vários estados.

Ano	Receita de banda larga	Número de clientes
2022	US $ 12,5 milhões	7,000

Retornos de investimento e ganhos de capital

A partir de 2022, o portfólio de investimentos de Boston Omaha gerou US $ 18,2 milhões em receita de investimento.

• Valor da carteira total de investimentos: US $ 264,5 milhões
• Ganhos não realizados: US $ 42,3 milhões
• Ganhos de capital realizados: US $ 6,7 milhões

Desenvolvimento imobiliário e vendas

Em 2022, o desenvolvimento imobiliário gerou US $ 22,6 milhões em receita.

Ano	Receita imobiliária	Número de propriedades desenvolvidas
2022	US $ 22,6 milhões	15 propriedades

Dividendos e lucros de investimento estratégico

Os investimentos estratégicos renderam US $ 8,4 milhões em dividendos e lucros para 2022.

• Total de investimentos estratégicos: US $ 89,7 milhões
• Rendimento de dividendos: 4,2%
• Número de posições de investimento estratégico: 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.