Boston Omaha Earnings, New Pillars And Profits...(Issue #55)
TL/DR:
Boston Omaha Earnings
New Pillars And Profits Merch
Watchlist & Portfolio Update
Meme Of The Week
Boston Omaha (NYSE: BOC — $729.52m) just released earnings for 2022. Here’s the breakdown for year/year growth from 2021 to 2022 for each of the business units:
Billboard Rentals grew 25%
Broadband grew 88%
Premiums Earned grew 39%
Insurance Commissions shrank -7.3%
Investments and Other Income grew 95%
Source: Boston Omaha Investor Relations
Billboards are a crucial base for Boston Omaha, but they also have been a consistent growth area. In addition, Broadband grew significantly, which is important because it has enough scale to be a meaningful contribution to revenue. Insurance while still increasing seems to be the biggest weakness in the conglomerate. This doesn’t include many significant portions of the business like the SkyHarbour Group holding, equity portfolio, and real estate portfolio. These are all large investments and will become ever more prominent in the long term, however, it is promising that they seem almost irrelevant with all of the branches of Boston Omaha doing so well.
Pillars And Profits Merchandise:
After multiple requests, we now have the beginnings of Pillars And Profits Merchandise! If you are interested in a hat go here. Thank you to all those who go and support the newsletter.
Watchlist Update:
Portfolio Update:
For access to the full spreadsheets and their linked deep dives go here.
Meme Of The Week:
Until Sunday,
Soren