Boston Omaha Corporation Releases Q3 2024 Financial Results

Boston Omaha Corporation (NYSE: BOC) has released its financial results for the third quarter ending September 30, 2024, as filed in its Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

Key financial data for Q3 of both 2024 and 2023 are highlighted below. The full report can be accessed at with additional financial details available in a supplemental presentation on the company’s investor relations site at Management encourages shareholders to review this supplemental information, as it provides deeper insights into key business metrics that drive performance across the company’s three primary business segments and investments.

In Q3 2024, “Net Other (Expense) Income” reflected non-cash losses of $9.4 million from unconsolidated affiliates, largely tied to the company’s share of Sky Harbour’s operational losses accounted for under the equity method, along with interest expenses of $0.5 million primarily related to Link’s term loan and revolving credit facilities. Offsetting these expenses were a $7.8 million unrealized gain on Sky Harbour warrants, $0.6 million in investment income from fair value changes in 24th Street Funds driven by real estate, and $0.3 million in interest and dividend income.

As of September 30, 2024, Boston Omaha’s investment in Sky Harbour’s Class A common stock and warrants held a consolidated balance sheet valuation of $90.2 million. If the Class A common stock were recorded at fair value based on its market price (currently using equity method accounting), the total valuation of this investment would be $154.7 million.

For the nine months ended September 30, 2024, cash flow from operations was $12.1 million, close to the $12.2 million reported for the same period in 2023.

Additionally, in Q3 2024, Boston Omaha repurchased 97,262 shares of its Class A common stock on the open market at a total cost of $1,380,180.

The company’s book value per share was $16.82 as of September 30, 2024, compared to $17.19 on December 31, 2023. Outstanding shares as of September 30, 2024, included 30,846,087 Class A common shares and 527,780 Class B common shares.

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