American Tower Files Q3 2024 10-Q

TL;DR

**AMT Q3 10-Q filed. Financials and debt details out.**

AI Summary

American Tower Corporation (AMT) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates communications infrastructure globally. Specific financial figures and debt instruments are listed, indicating ongoing financial activities and obligations.

Why It Matters

This filing provides investors with a detailed look at American Tower's financial health and operational status as of Q3 2024, crucial for understanding its performance in the real estate and telecommunications sectors.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including various debt instruments, which inherently carry financial risks.

Key Players & Entities

• AMERICAN TOWER CORP /MA/ (company) — Filer
• 20240930 (date) — Period of Report
• 116 HUNTINGTON AVE (address) — Business Address
• BOSTON (city) — Business Address City
• MA (state) — Business Address State
• 02116 (zip_code) — Business Address Zip
• 6173757500 (phone_number) — Business Phone
• amt:A1375SeniorNotesDue2025Member (debt_instrument) — Senior Notes Due 2025
• amt:A1950SeniorNotesDue2026Member (debt_instrument) — Senior Notes Due 2026
• amt:A0450SeniorNotesDue2027Member (debt_instrument) — Senior Notes Due 2027

FAQ

Key Financial Figures

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

Filing Documents

• amt-20240930.htm (10-Q) — 2703KB
• exhibit311q32024.htm (EX-31.1) — 12KB
• exhibit312q32024.htm (EX-31.2) — 13KB
• exhibit32q32024.htm (EX-32) — 8KB
• 0001053507-24-000130.txt ( ) — 14664KB
• amt-20240930.xsd (EX-101.SCH) — 90KB
• amt-20240930_cal.xml (EX-101.CAL) — 132KB
• amt-20240930_def.xml (EX-101.DEF) — 576KB
• amt-20240930_lab.xml (EX-101.LAB) — 985KB
• amt-20240930_pre.xml (EX-101.PRE) — 820KB
• amt-20240930_htm.xml (XML) — 2713KB

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 September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Equity for the three and nine months ended September 30, 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 34

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 61

Controls and Procedures

Item 4. Controls and Procedures 61

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 62

Risk Factors

Item 1A. Risk Factors 62

Other Information

Item 5. Other Information 62

Exhibits

Item 6. Exhibits 63

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) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,150.3 $ 1,753.7 Restricted cash 131.9 119.7 Accounts receivable, net 537.8 547.5 Prepaid and other current assets 579.6 559.5 Current assets of discontinued operations — 729.6 Total current assets 3,399.6 3,710.0 PROPERTY AND EQUIPMENT, net 19,277.5 18,863.2 GOODWILL 12,045.7 12,083.5 OTHER INTANGIBLE ASSETS, net 15,195.1 15,932.3 DEFERRED TAX ASSET 143.3 179.1 DEFERRED RENT ASSET 3,662.4 3,478.2 RIGHT-OF-USE ASSET 8,328.9 8,205.1 NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS 764.3 755.3 NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS — 2,820.9 TOTAL $ 62,816.8 $ 66,027.6 LIABILITIES CURRENT LIABILITIES: Accounts payable $ 221.3 $ 251.3 Accrued expenses 982.3 1,052.8 Distributions payable 779.3 906.2 Accrued interest 260.1 384.2 Current portion of operating lease liability 599.8 690.4 Current portion of long-term obligations 3,730.5 3,067.3 Unearned revenue 496.2 433.8 Current liabilities of discontinued operations — 463.3 Total current liabilities 7,069.5 7,249.3 LONG-TERM OBLIGATIONS 33,367.8 35,734.0 OPERATING LEASE LIABILITY 7,083.2 6,815.3 ASSET RETIREMENT OBLIGATIONS 2,503.1 2,080.0 DEFERRED TAX LIABILITY 1,401.4 1,310.6 OTHER NON-CURRENT LIABILITIES 1,198.9 1,149.8 NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS — 823.2 Total liabilities 52,623.9 55,162.2 COMMITMENTS AND CONTINGENCIES EQUITY (shares in thousands): Common stock: $ 0.01 par value; 1,000,000 shares authorized; 478,280 and 477,300 shares issued; and 467,276 and 466,296 shares outstanding, respectively 4.8 4.8 Additional paid-in capital 15,013.8 14,872.9 Distributions in excess of earnings ( 4,893.5 ) ( 3,638.8 ) Accumulated other comprehensive loss ( 5,182

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View this 10-Q filing on SEC EDGAR