v3.26.1
Note 13 - Industry Segments
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

NOTE 13.     INDUSTRY SEGMENTS

 

This summary presents our current segments, as described below.

 

Link Media Holdings, LLC

 

LMH conducts our billboard rental operations. LMH billboards are located in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia, and Wisconsin.

 

Boston Omaha Broadband, LLC

 

BOB conducts our broadband operations. BOB provides high-speed broadband services to its customers located mainly in Arizona, Florida, Nevada, and Utah. 

 

Boston Omaha Asset Management, LLC

 

BOAM conducts our asset management operations. BOAM's primary objective is to achieve long-term returns while seeking to limit the risk of capital and purchasing power loss in our investments in other companies and our real estate activities. We commenced reporting BOAM as a separate segment based on our acquisition of 24th Street Asset Management on  May 1, 2023 and are in the process of winding down its operations. 

 

The accounting policies of the above segments are the same as those described within Note 2 “Summary of Significant Accounting Policies” of the 2025 Form 10-K.

 

Resources are allocated and performance is assessed by our CEO, whom we have determined to be our Chief Operating Decision Maker (CODM). The CODM evaluates the performance of our segments and allocates resources to them based on segment operating income and segment adjusted EBITDA. We define adjusted EBITDA as net income (loss) before income tax expense (benefit), noncontrolling interest in subsidiary income (loss), interest expense, interest and dividend income, equity in income (loss) of unconsolidated affiliates, depreciation, amortization, accretion, gain or loss on disposition of assets, and other investment income (loss).

 

The cost and expense information provided below is based on the information regularly provided to the CODM. Given the diversity of our operating segments and the differences in revenue streams and cost structures, there are variances in the form, content, and levels of such expense information significant to the business. Expenses considered significant for one operating segment  may not be significant for others.

 

 

                  

Total

 

Three Months Ended June 30, 2026

 

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                     

Operating Revenues

 $11,723  $10,477  $-  $-  $22,200 

Cost of Revenues

  3,533   2,664   -   -   6,197 

Gross Margin

  8,190   7,813   -   -   16,003 

Other Operating Expenses

                    

Employee costs

  2,221   3,417   -   494   6,132 

Professional fees

  106   144   108   492   850 

General and administrative

  1,082   1,839   1   406   3,328 

Depreciation

  1,352   3,153   -   18   4,523 

Amortization

  963   896   -   -   1,859 

Accretion

  49   4   -   -   53 

(Gain) loss on disposition of assets

  (224)  85   -   -   (139)

Total Expenses

  5,549   9,538   109   1,410   16,606 

Segment Income (Loss) from Operations

  2,641   (1,725)  (109)  (1,410)  (603)
                     

Interest expense

  (386)  (221)  -   -   (607)

Interest and dividend income

  48   14   5   191   258 

Equity in loss of unconsolidated affiliates

  -   -   -   (404)  (404)

Other investment loss

  -   -   (844)  (903)  (1,747)

Noncontrolling interest in subsidiary (income) loss

  -   (3)  556   -   553 

Income tax benefit

  -   -   -   448   448 

Net Income (Loss) from Continuing Operations Attributable to Common Stockholders

 $2,303  $(1,935) $(392) $(2,078) $(2,102)
                     

Segment adjusted EBITDA

 $4,781  $2,413  $(109) $(1,392) $5,693 
                     

Capital expenditures

 $1,033  $4,262  $-  $-  $5,295 

 

                  

Total

 

Three Months Ended June 30, 2025

 

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                     

Operating Revenues

 $11,441  $10,234  $4  $-  $21,679 

Cost of Revenues

  3,703   2,316   -   -   6,019 

Gross Margin

  7,738   7,918   4   -   15,660 

Other Operating Expenses

                    

Employee costs

  2,137   3,747   -   493   6,377 

Professional fees

  63   152   142   239   596 

General and administrative

  1,059   1,801   2   343   3,205 

Depreciation

  1,324   2,750   -   27   4,101 

Amortization

  971   902   -   42   1,915 

Accretion

  50   4   -   -   54 

(Gain) loss on disposition of assets

  (92)  16   -   -   (76)

Total Expenses

  5,512   9,372   144   1,144   16,172 

Segment Income (Loss) from Operations

  2,226   (1,454)  (140)  (1,144)  (512)
                     

Interest expense

  (422)  (151)  -   -   (573)

Interest and dividend income

  44   28   8   162   242 

Equity in income of unconsolidated affiliates

  -   -   -   6,147   6,147 

Other investment loss

  -   -   (2,640)  (7,707)  (10,347)

Noncontrolling interest in subsidiary loss

  -   -   2,250   -   2,250 

Income tax benefit

  -   -   -   803   803 

Net Income (Loss) from Continuing Operations Attributable to Common Stockholders

 $1,848  $(1,577) $(522) $(1,739) $(1,990)
                     

Segment adjusted EBITDA

 $4,479  $2,218  $(140) $(1,075) $5,482 
                     

Capital expenditures

 $652  $6,648  $-  $-  $7,300 

 

 

Six Months Ended June 30, 2026

 

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                     

Operating Revenues

 $22,696  $21,227  $1  $-  $43,924 

Cost of Revenues

  7,023   5,229   -   -   12,252 

Gross Margin

  15,673   15,998   1   -   31,672 

Other Operating Expenses

                    

Employee costs

  4,451   6,593   -   993   12,037 

Professional fees

  196   259   324   996   1,775 

General and administrative

  2,066   3,518   61   794   6,439 

Depreciation

  2,683   6,218   -   38   8,939 

Amortization

  1,915   1,781   -   -   3,696 

Accretion

  101   7   -   -   108 

(Gain) loss on disposition of assets

  (220)  57   -   -   (163)

Total Expenses

  11,192   18,433   385   2,821   32,831 

Segment Income (Loss) from Operations

  4,481   (2,435)  (384)  (2,821)  (1,159)
                     

Interest expense

  (768)  (448)  -   -   (1,216)

Interest and dividend income

  92   33   10   394   529 

Equity in loss of unconsolidated affiliates

  -   -   -   (2,095)  (2,095)

Other investment loss

  -   -   (1,220)  (491)  (1,711)

Noncontrolling interest in subsidiary (income) loss

  -   (11)  971   -   960 

Income tax benefit

  -   -   -   1,117   1,117 

Net Income (Loss) from Continuing Operations Attributable to Common Stockholders

 $3,805  $(2,861) $(623) $(3,896) $(3,575)
                     

Segment adjusted EBITDA

 $8,960  $5,628  $(384) $(2,783) $11,421 
                     

Capital expenditures

 $1,597  $10,182  $-  $-  $11,779 

 

Six Months Ended June 30, 2025

 

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                     

Operating Revenues

 $22,205  $20,554  $17  $-  $42,776 

Cost of Revenues

  7,547   4,689   -   -   12,236 

Gross Margin

  14,658   15,865   17   -   30,540 

Other Operating Expenses

                    

Employee costs

  4,363   7,336   -   981   12,680 

Professional fees

  125   278   398   438   1,239 

General and administrative

  2,048   3,322   35   723   6,128 

Depreciation

  2,614   5,417   -   54   8,085 

Amortization

  1,933   1,770   -   83   3,786 

Accretion

  101   7   -   -   108 

(Gain) loss on disposition of assets

  (18)  66   -   -   48 

Total Expenses

  11,166   18,196   433   2,279   32,074 

Segment Income (Loss) from Operations

  3,492   (2,331)  (416)  (2,279)  (1,534)
                     

Interest expense

  (844)  (271)  -   -   (1,115)

Interest and dividend income

  91   46   16   392   545 

Equity in income of unconsolidated affiliates

  -   -   -   3,833   3,833 

Other investment loss

  -   -   (4,660)  (5,234)  (9,894)

Noncontrolling interest in subsidiary loss

  -   -   4,008   -   4,008 

Income tax benefit

  -   -   -   990   990 

Net Income (Loss) from Continuing Operations Attributable to Common Stockholders

 $2,739  $(2,556) $(1,052) $(2,298) $(3,167)
                     

Segment adjusted EBITDA

 $8,122  $4,929  $(416) $(2,142) $10,493 
                     

Capital expenditures

 $1,352  $12,806  $-  $-  $14,158 

 

 

                  

Total

 

As of June 30, 2026

 

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                     

Accounts receivable, net

 $3,789  $1,322  $296  $71  $5,478 

Goodwill

  130,904   39,614   537   -   171,055 

Total assets from continuing operations

  247,968   211,795   23,808   119,516   603,087 

 

                  

Total

 

As of December 31, 2025

 

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                     

Accounts receivable, net

 $4,121  $751  $4,695  $15  $9,582 

Goodwill

  130,904   39,614   537   -   171,055 

Total assets from continuing operations

  252,802   211,435   35,489   128,519   628,245