American Tower Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>American Tower Corp. filed its Q1 2024 10-Q report on April 30, 2024, detailing financial performance and operational information.</b>

AI Summary

AMERICAN TOWER CORP /MA/ (AMT) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. American Tower Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data and operational details are presented in the report. The company's address is 116 Huntington Ave, Boston, MA. The filing was made on April 30, 2024.

Why It Matters

For investors and stakeholders tracking AMERICAN TOWER CORP /MA/, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for American Tower Corp., crucial for assessing the company's performance and outlook. The detailed financial statements and disclosures within the 10-Q allow stakeholders to evaluate the company's revenue streams, profitability, and financial health as of March 31, 2024.

Risk Assessment

Risk Level: medium — AMERICAN TOWER CORP /MA/ shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, significant positive or negative developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand American Tower Corp.'s Q1 2024 performance and identify any emerging trends or risks.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Covered Period)
• 2023-12-31 — Previous Fiscal Year End (Fiscal Year End)

Key Players & Entities

• AMERICAN TOWER CORP /MA/ (company) — FILER
• 116 HUNTINGTON AVE (location) — BUSINESS ADDRESS
• BOSTON (location) — BUSINESS ADDRESS CITY
• MA (location) — BUSINESS ADDRESS STATE
• 02116 (location) — BUSINESS ADDRESS ZIP
• AMERICAN TOWER SYSTEMS CORP (company) — FORMER COMPANY

FAQ

Industry Context

American Tower Corporation operates as a real estate investment trust (REIT) and is a leading independent owner, operator, and developer of wireless communications infrastructure.

Regulatory Implications

As a publicly traded company, American Tower Corp. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Analyze the revenue and profitability figures for Q1 2024.
2. Examine any disclosures regarding debt and capital structure.
3. Review management's discussion and analysis for insights into operational performance and future outlook.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value AMT New York Stock Exchange

Filing Documents

• amt-20240331.htm (10-Q) — 1886KB
• exhibit311q12024.htm (EX-31.1) — 12KB
• exhibit312q12024.htm (EX-31.2) — 13KB
• exhibit32q12024.htm (EX-32) — 8KB
• 0001053507-24-000084.txt (&nbsp;) — 10837KB
• amt-20240331.xsd (EX-101.SCH) — 72KB
• amt-20240331_cal.xml (EX-101.CAL) — 88KB
• amt-20240331_def.xml (EX-101.DEF) — 437KB
• amt-20240331_lab.xml (EX-101.LAB) — 817KB
• amt-20240331_pre.xml (EX-101.PRE) — 654KB
• amt-20240331_htm.xml (XML) — 1835KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Consolidated and Condensed Consolidated Financial Statements

Item 1. Unaudited Consolidated and Condensed Consolidated Financial Statements 1 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 3 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 5 Notes to Consolidated and Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 49

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AMERICAN TOWER CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions, except share count and per share data) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,389.1 $ 1,973.3 Restricted cash 127.6 120.1 Accounts receivable, net 738.4 669.7 Prepaid and other current assets 984.6 946.9 Total current assets 4,239.7 3,710.0 PROPERTY AND EQUIPMENT, net 20,094.2 19,788.8 GOODWILL 12,556.8 12,639.0 OTHER INTANGIBLE ASSETS, net 16,119.3 16,520.7 DEFERRED TAX ASSET 161.2 179.1 DEFERRED RENT ASSET 3,596.8 3,521.8 RIGHT-OF-USE ASSET 9,199.8 8,878.8 NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS 711.2 789.4 TOTAL $ 66,679.0 $ 66,027.6 LIABILITIES CURRENT LIABILITIES: Accounts payable $ 182.1 $ 258.7 Accrued expenses 1,134.1 1,280.6 Distributions payable 776.7 906.2 Accrued interest 309.9 387.0 Current portion of operating lease liability 715.2 794.6 Current portion of long-term obligations 3,067.6 3,187.5 Unearned revenue 544.2 434.7 Total current liabilities 6,729.8 7,249.3 LONG-TERM OBLIGATIONS 36,191.9 35,734.0 OPERATING LEASE LIABILITY 7,866.3 7,438.7 ASSET RETIREMENT OBLIGATIONS 2,607.1 2,158.2 DEFERRED TAX LIABILITY 1,394.4 1,361.4 OTHER NON-CURRENT LIABILITIES 1,227.8 1,220.6 Total liabilities 56,017.3 55,162.2 COMMITMENTS AND CONTINGENCIES EQUITY (shares in thousands): Common stock: $ 0.01 par value; 1,000,000 shares authorized; 477,968 and 477,300 shares issued; and 466,964 and 466,296 shares outstanding, respectively 4.8 4.8 Additional paid-in capital 14,903.4 14,872.9 Distributions in excess of earnings ( 3,481.2 ) ( 3,638.8 ) Accumulated other comprehensive loss ( 6,078.0 ) ( 5,739.5 ) Treasury stock ( 11,004 shares at cost) ( 1,301.2 ) ( 1,301.2 ) Total American Tower Corporation equity 4,047.8 4,198.2 Noncontrolling interests 6,613.9 6,667.2 Total equity 10,661.7 10,865.4 TOTAL $ 66,

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View this 10-Q filing on SEC EDGAR