Twitter Inc., current enterprise value calculation

Current share price (P)	$39.34
No. shares of common stock outstanding	765,246,152
US$ in thousands
Common equity (market value)¹	30,104,784)
Add: Preferred stock, $0.000005 par value; none issued and outstanding (per books)	—)
Total equity	30,104,784)
Add: Convertible notes, short-term (per books)	—)
Add: Finance lease liabilities, short-term (per books)	—)
Add: Convertible notes, long-term (per books)	3,559,023)
Add: Senior notes, long-term (per books)	693,996)
Add: Finance lease liabilities, long-term (per books)	—)
Total equity and debt	34,357,803)
Less: Cash and cash equivalents	2,186,549)
Less: Short-term investments	4,207,133)
Enterprise value (EV)	27,964,121)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.34 × 765,246,152

Twitter Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$36.24	$71.79	$38.77	$30.76	$32.66
No. shares of common stock outstanding¹	800,641,166	798,152,488	782,287,089	766,824,550	750,904,551
US$ in thousands
Common equity (market value)³	29,015,236)	57,299,367)	30,329,270)	23,587,523)	24,524,543)
Add: Preferred stock, $0.000005 par value; none issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	29,015,236)	57,299,367)	30,329,270)	23,587,523)	24,524,543)
Add: Convertible notes, short-term (book value)	—)	917,866)	—)	897,328)	—)
Add: Finance lease liabilities, short-term (book value)	—)	567)	23,476)	68,046)	84,976)
Add: Convertible notes, long-term (book value)	3,559,023)	1,875,878)	1,816,833)	1,730,922)	1,627,460)
Add: Senior notes, long-term (book value)	693,996)	692,994)	691,967)	—)	—)
Add: Finance lease liabilities, long-term (book value)	—)	—)	205)	24,394)	81,308)
Total equity and debt	33,268,255)	60,786,672)	32,861,751)	26,308,213)	26,318,287)
Less: Cash and cash equivalents	2,186,549)	1,988,429)	1,799,082)	1,894,444)	1,638,413)
Less: Short-term investments	4,207,133)	5,483,873)	4,839,970)	4,314,957)	2,764,689)
Enterprise value (EV)	26,874,573)	53,314,370)	26,222,699)	20,098,812)	21,915,185)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Twitter Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 36.24 × 800,641,166

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Twitter Inc. EV increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Twitter Inc. (NYSE:TWTR)

Enterprise Value (EV)