BOC 2023 letter: co-CEO Rozek exits, billboard EBITDA up 14%, broadband net loss widens

BOSTON OMAHA Corp

Co-CEO Alex Rozek departs; company moves to single-CEO structure, saving on long-term dual CEO costs.
Billboard: revenue $42.9M (+4% YoY), EBITDA $16.0M (+14% YoY), land costs fell to 18.6% of revenue.
Broadband: 43K subs (9.6K fiber), 26.6K fiber passings; revenue $35.3M, net loss $7.0M (vs $2.7M loss in 2022).
Insurance: GIG record gross written premium $18.8M, revenue $17.7M, net income $2.1M (vs loss $2.5M in 2022).
Stock CAGR 5.5% over 9 years; management believes stock undervalues underlying business value.

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