This is the 86th most frequent Dutch word.
laat
"Laat" means "late" in English.
In this context, 'laat' means 'late' to describe the time of arrival.
Ik kom laat thuis.
I come home late.
Here, 'laat' is a verb form of 'laten,' meaning 'to let,' used to express permission.
Laat hem binnen.
Let him in.
In this use, 'laat' acts as an adjective, describing the time of the event (the movie).