Company Quick10K Filing
Boston Omaha
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-13
10-Q 2018-03-31 Filed 2018-05-14
10-K 2017-12-31 Filed 2018-03-30
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-24
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-16
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-23
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-04-12
10-Q 2012-09-30 Filed 2012-12-21
8-K 2020-05-08 Regulation FD, Exhibits
8-K 2020-04-13 Other Events, Exhibits
8-K 2020-04-07 Regulation FD, Exhibits
8-K 2020-04-03 Officers, Exhibits
8-K 2020-03-26 Amend Bylaw, Exhibits
8-K 2020-03-18 Other Events, Exhibits
8-K 2020-03-13 Regulation FD, Exhibits
8-K 2020-03-10 Other Events, Exhibits
8-K 2020-02-06 Other Events, Exhibits
8-K 2019-12-13 Officers, Regulation FD, Exhibits
8-K 2019-11-12 Regulation FD, Exhibits
8-K 2019-10-25 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-13 Enter Agreement, Other Events, Exhibits
8-K 2019-08-12 Enter Agreement, Off-BS Arrangement, Officers, Exhibits
8-K 2019-08-09 Regulation FD, Exhibits
8-K 2019-06-08 Officers, Shareholder Vote
8-K 2019-05-10 Regulation FD, Exhibits
8-K 2019-03-18 Regulation FD, Exhibits
8-K 2019-01-31 Other Events, Exhibits
8-K 2019-01-10 Officers, Other Events, Exhibits
8-K 2019-01-01 Officers
8-K 2018-11-13 Regulation FD, Exhibits
8-K 2018-09-22 Officers, Shareholder Vote
8-K 2018-08-31 Enter Agreement, M&A, Other Events, Exhibits
8-K 2018-08-22 Enter Agreement, M&A, Other Events, Exhibits
8-K 2018-08-13 Regulation FD, Exhibits
8-K 2018-07-31 Other Events, Exhibits
8-K 2018-07-18 Other Events, Exhibits
8-K 2018-06-30 Other Events, Exhibits
8-K 2018-05-31 Regulation FD, Exhibits
8-K 2018-05-15 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-05-14 Regulation FD, Exhibits
8-K 2018-05-04 Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2018-03-30 Regulation FD, Exhibits
8-K 2018-03-06 Enter Agreement, Sale of Shares, Other Events, Exhibits
8-K 2018-03-02 Enter Agreement, Other Events, Exhibits
8-K 2018-02-27 Enter Agreement, Other Events, Exhibits
8-K 2018-02-22 Enter Agreement, Sale of Shares, Other Events, Exhibits
8-K 2018-01-05 Other Events, Exhibits

Boston Omaha Financials

BOMN Metrics, Comps, Filings

Quarterly | Annual

Business

Boston Omaha Corporation, which we refer to as “the Company,” “our Company,” “we,” “us” or “our,” commenced its current business operations in June 2015 and currently operates two separate lines of business: outdoor advertising, and surety insurance and related insurance brokerage activities. In addition, we have made minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and in a homebuilding company with operations located primarily in the southeast United States.

We commenced our billboard business operations in June 2015 through smaller acquisitions of billboard companies located in the southeast United States and Wisconsin. In March 2018, we operated 479 billboard structures. During July and August 2018, we acquired the stock or assets of three additional billboard companies for a combined cash purchase price of $134,798,950, net of adjustments, which increased our overall billboard count and as of March 11, 2019 we have approximately 2,900 billboard structures containing approximately 5,400 advertising faces (of which 61 are digital displays). These transactions include our acquisition on July 31, 2018 of Tammy Lynn Outdoor, LLC for cash and stock consideration of approximately $16 million, our acquisition on August 22, 2018 of substantially all of the assets of Key Outdoor, Inc. for approximately $38 million, and our acquisition on August 31, 2018 of Waitt Outdoor, LLC, for approximately $84 million. We believe the acquisitions of Waitt Outdoor, LLC and Key Outdoor, Inc., with over 1,600 and 700 billboard structures, respectively, make us a leading outdoor billboard company in the markets we serve in the Midwest. We expect to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us.

We are attracted to the outdoor display market due to a number of factors, including high regulatory barriers to building new billboards in some states, growing demand, low maintenance capital expenditures for static billboards, low cost per impression for customers, and the potential opportunity to employ more capital in existing assets at reasonable returns in the form of perpetual easements and digital conversions. In addition, unlike other advertising industries, the Internet has not had a material adverse impact on outdoor advertising revenues. Revenues for out-of-home advertising have continued to rise over the past several years, in contrast to print and other non-Internet based advertising. The billboard industry's three largest companies are estimated to account for more than 50% of the industry's total revenues, and several industry sources and our experience suggest that there are a large number of other companies serving the remainder of the market, providing a potentially significant source of billboards which may be acquired in the future.


Valuation ($MM)

Market Cap, Enterprise Value

Balance Sheet ($MM)

Assets, Equity

Income Statement ($MM Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($MM Quarterly)

Ops, Inv, Fin

Comps ($'000 TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Realogy Holdings (RLGY) 785,485 0% 16.1 -2% 7,717,000 5,534,000 5,832,000 0 -120,000 266,000 4,290,485
Forestar Group (FOR) 741,391 8% 16.3 2% 1,455,700 646,800 428,300 36,100 36,300 52,500 855,891
Gladstone Commercial (GOOD) 727,125 0% 18.3 1% 978,012 634,161 112,262 0 11,618 71,635 1,308,995
Retail Value (RVI) 710,449 0% 3.0 5% 1,686,062 729,828 251,048 0 88,774 178,807 539,975
Bluegreen Vacations (BXG) 688,625 74% 4.3 4% 1,360,829 890,039 743,952 552,755 53,181 106,329 457,449
Ellington Financial (EFC) 622,800 5.6 1% 3,627,358 2,958,391 0 0 44,275 120,197 674,606
Front Yard Residential (RESI) 615,855 0% 45.7 -5% 2,076,749 1,714,883 208,975 0 -114,109 11,698 534,736
EXP World (EXPI) 529,165 0% -56.7 -11% 98,191 52,988 705,918 0 -10,339 -8,634 489,298
FRP Holdings (FRPH) 485,682 0% 23.1 3% 536,297 146,083 17,960 0 13,724 21,877 504,360
Boston Omaha (BOMN) 483,333 57% 80.2 -1% 426,114 86,057 30,073 16,997 -5,508 6,129 491,365
Tejon Ranch (TRC) 454,693 0% 101.3 0% 533,760 99,334 29,265 0 1,187 5,069 513,499
BBX Capital (BBX) 436,637 1% 0.2 2% 1,817,438 1,162,768 959,426 12,303 39,181 125,850 19,222
Nam Tai Property (NTP) 339,864 0% 318,107 90,216 0 0 0 0 339,864
Rafael Holdings (RFL) 332,521 0% -88.0 -4% 140,400 1,438 4,165 0 -5,490 -3,658 321,750
Consolidated Tomoka Land (CTO) 296,784 77% 9.8 5% 583,461 384,459 77,173 59,669 30,347 58,113 569,060
American Realty Investors (ARL) 245,715 0% 2.5 17% 832,362 533,901 60,569 0 137,670 158,116 403,001
Pico Holdings (PICO) 209,800 0% 28.5 4% 177,808 2,256 19,038 0 6,945 6,945 198,253
Griffin Industrial Realty (GRIF) 191,819 93% 21.7 2% 263,539 167,469 26,384 24,561 5,111 15,149 328,390
Maui Land & Pineapple (MLP) 190,104 0% -147.5 -3% 47,615 16,275 9,385 0 -1,285 -1,285 189,485
MMA Capital Management (MMAC) 178,906 9.7 8% 373,957 154,362 0 0 31,677 32,363 313,294

Balance Sheet ($'000)2012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash961761228520133,68414,25513,18930,69543,23142,37629,56524,163101,718102,8106,83860,68088,6735,58918,14410,85012,36210,028
Accounts Receivable1022262773463764707837811,4461,2581,0961,1301,2914,1744,4644,5084,8745,378
Inventory
PP&E6186183,1934,6894,2447,6338,2408,4405,5787,64810,17310,3409,1119,53810,28142,53041,70241,36740,99136,737
Assets59488778894695548495410,40924,27923,78548,30864,26863,66365,65264,472151,104153,662153,477238,994324,443333,693332,195380,093390,159426,114
Accounts Payable
Long-Term Debt41441140136818,060
Liabilities4274584664894155025075155165886133862904033985713,4633,3934,1674,0295,0885,2625,20214,10015,63463,88165,62886,057
Stockholders' Equity167-370-389-401158-433-452-467-467-5339,79623,84723,49647,90463,86963,09262,18961,079146,937149,633147,154232,538318,051318,396315,215314,741322,908338,192
Income Statement ($'000)2012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue651210-23493645149941,0421,2931,8701,9952,3852,7652,8232,9905,3949,11110,14010,823
Cost of Revenue3641913043802664917307568247238431,4332,7112,7652,858
Gross Profit03236916621,0271,1921,3081,4411,6441,8871,8823,3145,1145,9445,940
R&D
SG&A01001241292091491602714114274655878518491,1221,8171,6711,446
Tax0000000000000000000000000
Net Income-39-19-12-0-32-19-15-0-67-18010-0-840-640-791-903-1,110-1,368-1,512-2,489-2,069-1,598-1,924-4,078-2,097668
Cash Flow ($'000)2012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating-39-31-1516-32-14-1-2-15-138-390-270-211-547-341-384-585-1,058-388-1,215-1,118-1,3537192372,6592,140
Cash Investing-3,540-795-7,425-3,523-529-12,427-4,816-8,613-2,728-94,756-32,886-57,765-84,379-11,272-11,562-36,682
Cash Financing50202001010041710,20414,500025,14316,605144,208-187,45487,1115763,74010,41632,208