Boston Omaha reports 2022 annual letter: billboard revenue $39.2M, broadband subs up 118% to 39.6k

BOSTON OMAHA Corp

Share price grew 14% CAGR from $10 to $26.50 since 2015; operating businesses generate ~$25M annual cash flow.
Link Media (billboards) revenue $39.2M (+6.7% organic), 7,600 faces, >30% cash flow return on tangible capital.
Insurance: controlled premium up 36% to $7.5M; combined ratio 97.2% (expense ratio 82.8%, loss ratio 14.4%).
Broadband: 39.6k subscribers (up from 18.2k), 4.9k fiber subs, EBITDA $4.4M, >$25M invested in 2022.
BOAM total assets $156.8M; acquired remaining 50% of 24th Street Asset Management; Sky Harbour stake $108.4M.

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