Intrinsic value of Twilio Cl A - TWLO

Previous Close

$89.78

  Intrinsic Value

$1.05

stock screener

  Rating & Target

str. sell

-99%

Previous close

$89.78

 
Intrinsic value

$1.05

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of TWLO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  54.10
  49.19
  44.77
  40.79
  37.21
  33.99
  31.09
  28.48
  26.14
  24.02
  22.12
  20.41
  18.87
  17.48
  16.23
  15.11
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.52
  8.17
  7.86
  7.57
  7.31
Revenue, $m
  615
  917
  1,328
  1,870
  2,566
  3,438
  4,507
  5,791
  7,304
  9,058
  11,062
  13,320
  15,833
  18,601
  21,620
  24,887
  28,395
  32,140
  36,116
  40,317
  44,739
  49,380
  54,237
  59,309
  64,597
  70,104
  75,833
  81,790
  87,981
  94,415
Variable operating expenses, $m
  704
  1,048
  1,516
  2,133
  2,925
  3,918
  5,135
  6,596
  8,319
  10,317
  12,594
  15,165
  18,026
  21,177
  24,614
  28,333
  32,328
  36,591
  41,118
  45,901
  50,936
  56,219
  61,748
  67,523
  73,543
  79,813
  86,336
  93,117
  100,166
  107,491
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  704
  1,048
  1,516
  2,133
  2,925
  3,918
  5,135
  6,596
  8,319
  10,317
  12,594
  15,165
  18,026
  21,177
  24,614
  28,333
  32,328
  36,591
  41,118
  45,901
  50,936
  56,219
  61,748
  67,523
  73,543
  79,813
  86,336
  93,117
  100,166
  107,491
Operating income, $m
  -89
  -131
  -188
  -263
  -359
  -480
  -628
  -806
  -1,015
  -1,258
  -1,532
  -1,845
  -2,193
  -2,576
  -2,994
  -3,447
  -3,933
  -4,451
  -5,002
  -5,584
  -6,196
  -6,839
  -7,512
  -8,214
  -8,947
  -9,709
  -10,503
  -11,328
  -12,185
  -13,076
EBITDA, $m
  -68
  -101
  -146
  -205
  -282
  -378
  -495
  -636
  -803
  -996
  -1,216
  -1,464
  -1,740
  -2,044
  -2,376
  -2,735
  -3,121
  -3,532
  -3,969
  -4,431
  -4,917
  -5,427
  -5,960
  -6,518
  -7,099
  -7,704
  -8,334
  -8,989
  -9,669
  -10,376
Interest expense (income), $m
  0
  0
  3
  6
  11
  18
  26
  37
  50
  66
  84
  105
  130
  157
  188
  222
  259
  298
  341
  387
  435
  486
  540
  597
  656
  718
  782
  849
  919
  991
  1,067
Earnings before tax, $m
  -89
  -133
  -194
  -274
  -377
  -506
  -665
  -856
  -1,081
  -1,342
  -1,638
  -1,975
  -2,350
  -2,764
  -3,216
  -3,705
  -4,231
  -4,792
  -5,389
  -6,019
  -6,683
  -7,379
  -8,108
  -8,870
  -9,664
  -10,491
  -11,352
  -12,247
  -13,177
  -14,143
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -89
  -133
  -194
  -274
  -377
  -506
  -665
  -856
  -1,081
  -1,342
  -1,638
  -1,975
  -2,350
  -2,764
  -3,216
  -3,705
  -4,231
  -4,792
  -5,389
  -6,019
  -6,683
  -7,379
  -8,108
  -8,870
  -9,664
  -10,491
  -11,352
  -12,247
  -13,177
  -14,143

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  357
  533
  772
  1,087
  1,492
  1,999
  2,620
  3,367
  4,246
  5,267
  6,432
  7,744
  9,205
  10,814
  12,570
  14,469
  16,509
  18,686
  20,997
  23,440
  26,011
  28,709
  31,533
  34,482
  37,556
  40,758
  44,089
  47,552
  51,152
  54,892
Adjusted assets (=assets-cash), $m
  357
  533
  772
  1,087
  1,492
  1,999
  2,620
  3,367
  4,246
  5,267
  6,432
  7,744
  9,205
  10,814
  12,570
  14,469
  16,509
  18,686
  20,997
  23,440
  26,011
  28,709
  31,533
  34,482
  37,556
  40,758
  44,089
  47,552
  51,152
  54,892
Revenue / Adjusted assets
  1.723
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
Average production assets, $m
  88
  131
  190
  267
  367
  492
  644
  828
  1,044
  1,295
  1,582
  1,905
  2,264
  2,660
  3,092
  3,559
  4,061
  4,596
  5,165
  5,765
  6,398
  7,061
  7,756
  8,481
  9,237
  10,025
  10,844
  11,696
  12,581
  13,501
Working capital, $m
  -33
  -50
  -72
  -101
  -139
  -186
  -243
  -313
  -394
  -489
  -597
  -719
  -855
  -1,004
  -1,167
  -1,344
  -1,533
  -1,736
  -1,950
  -2,177
  -2,416
  -2,667
  -2,929
  -3,203
  -3,488
  -3,786
  -4,095
  -4,417
  -4,751
  -5,098
Total debt, $m
  49
  117
  210
  332
  489
  686
  927
  1,216
  1,558
  1,953
  2,405
  2,915
  3,482
  4,106
  4,787
  5,524
  6,315
  7,160
  8,057
  9,005
  10,002
  11,049
  12,145
  13,289
  14,482
  15,724
  17,017
  18,360
  19,757
  21,208
Total liabilities, $m
  139
  207
  300
  422
  579
  776
  1,017
  1,306
  1,648
  2,043
  2,495
  3,005
  3,572
  4,196
  4,877
  5,614
  6,405
  7,250
  8,147
  9,095
  10,092
  11,139
  12,235
  13,379
  14,572
  15,814
  17,106
  18,450
  19,847
  21,298
Total equity, $m
  219
  326
  473
  665
  913
  1,223
  1,604
  2,060
  2,599
  3,223
  3,936
  4,739
  5,634
  6,618
  7,693
  8,855
  10,103
  11,436
  12,850
  14,345
  15,919
  17,570
  19,298
  21,103
  22,984
  24,944
  26,982
  29,102
  31,305
  33,594
Total liabilities and equity, $m
  358
  533
  773
  1,087
  1,492
  1,999
  2,621
  3,366
  4,247
  5,266
  6,431
  7,744
  9,206
  10,814
  12,570
  14,469
  16,508
  18,686
  20,997
  23,440
  26,011
  28,709
  31,533
  34,482
  37,556
  40,758
  44,088
  47,552
  51,152
  54,892
Debt-to-equity ratio
  0.220
  0.360
  0.440
  0.500
  0.540
  0.560
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
Adjusted equity ratio
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -89
  -133
  -194
  -274
  -377
  -506
  -665
  -856
  -1,081
  -1,342
  -1,638
  -1,975
  -2,350
  -2,764
  -3,216
  -3,705
  -4,231
  -4,792
  -5,389
  -6,019
  -6,683
  -7,379
  -8,108
  -8,870
  -9,664
  -10,491
  -11,352
  -12,247
  -13,177
  -14,143
Depreciation, amort., depletion, $m
  21
  30
  42
  57
  77
  102
  133
  169
  213
  263
  316
  381
  453
  532
  618
  712
  812
  919
  1,033
  1,153
  1,280
  1,412
  1,551
  1,696
  1,847
  2,005
  2,169
  2,339
  2,516
  2,700
Funds from operations, $m
  -68
  -103
  -152
  -217
  -300
  -404
  -532
  -686
  -868
  -1,080
  -1,321
  -1,594
  -1,897
  -2,232
  -2,598
  -2,993
  -3,419
  -3,873
  -4,356
  -4,866
  -5,403
  -5,967
  -6,557
  -7,174
  -7,817
  -8,486
  -9,183
  -9,907
  -10,660
  -11,443
Change in working capital, $m
  -12
  -16
  -22
  -29
  -38
  -47
  -58
  -69
  -82
  -95
  -108
  -122
  -136
  -149
  -163
  -176
  -189
  -202
  -215
  -227
  -239
  -251
  -262
  -274
  -286
  -297
  -309
  -322
  -334
  -347
Cash from operations, $m
  -56
  -87
  -130
  -188
  -262
  -357
  -475
  -617
  -787
  -985
  -1,213
  -1,472
  -1,762
  -2,083
  -2,435
  -2,817
  -3,229
  -3,671
  -4,141
  -4,639
  -5,164
  -5,716
  -6,295
  -6,900
  -7,531
  -8,189
  -8,874
  -9,586
  -10,326
  -11,095
Maintenance CAPEX, $m
  -11
  -18
  -26
  -38
  -53
  -73
  -98
  -129
  -166
  -209
  -259
  -316
  -381
  -453
  -532
  -618
  -712
  -812
  -919
  -1,033
  -1,153
  -1,280
  -1,412
  -1,551
  -1,696
  -1,847
  -2,005
  -2,169
  -2,339
  -2,516
New CAPEX, $m
  -31
  -43
  -59
  -77
  -100
  -125
  -153
  -184
  -216
  -251
  -287
  -323
  -359
  -396
  -432
  -467
  -502
  -536
  -569
  -601
  -632
  -664
  -694
  -725
  -756
  -787
  -819
  -852
  -885
  -920
Cash from investing activities, $m
  -42
  -61
  -85
  -115
  -153
  -198
  -251
  -313
  -382
  -460
  -546
  -639
  -740
  -849
  -964
  -1,085
  -1,214
  -1,348
  -1,488
  -1,634
  -1,785
  -1,944
  -2,106
  -2,276
  -2,452
  -2,634
  -2,824
  -3,021
  -3,224
  -3,436
Free cash flow, $m
  -98
  -148
  -215
  -303
  -415
  -555
  -726
  -930
  -1,169
  -1,445
  -1,759
  -2,111
  -2,502
  -2,931
  -3,398
  -3,903
  -4,443
  -5,019
  -5,629
  -6,273
  -6,950
  -7,659
  -8,402
  -9,176
  -9,984
  -10,824
  -11,698
  -12,606
  -13,551
  -14,532
Issuance/(repayment) of debt, $m
  49
  68
  93
  122
  157
  197
  241
  290
  341
  396
  452
  509
  567
  624
  681
  737
  791
  845
  897
  948
  998
  1,047
  1,096
  1,144
  1,193
  1,242
  1,292
  1,344
  1,397
  1,451
Issuance/(repurchase) of shares, $m
  166
  241
  340
  467
  625
  817
  1,045
  1,313
  1,620
  1,967
  2,351
  2,778
  3,244
  3,749
  4,290
  4,868
  5,479
  6,125
  6,803
  7,514
  8,256
  9,030
  9,836
  10,675
  11,546
  12,451
  13,390
  14,366
  15,380
  16,432
Cash from financing (excl. dividends), $m  
  215
  309
  433
  589
  782
  1,014
  1,286
  1,603
  1,961
  2,363
  2,803
  3,287
  3,811
  4,373
  4,971
  5,605
  6,270
  6,970
  7,700
  8,462
  9,254
  10,077
  10,932
  11,819
  12,739
  13,693
  14,682
  15,710
  16,777
  17,883
Total cash flow (excl. dividends), $m
  116
  161
  218
  286
  366
  458
  561
  673
  792
  918
  1,044
  1,176
  1,309
  1,442
  1,573
  1,702
  1,828
  1,951
  2,071
  2,189
  2,304
  2,418
  2,530
  2,643
  2,755
  2,869
  2,985
  3,103
  3,226
  3,352
Retained Cash Flow (-), $m
  -166
  -241
  -340
  -467
  -625
  -817
  -1,045
  -1,313
  -1,620
  -1,967
  -2,351
  -2,778
  -3,244
  -3,749
  -4,290
  -4,868
  -5,479
  -6,125
  -6,803
  -7,514
  -8,256
  -9,030
  -9,836
  -10,675
  -11,546
  -12,451
  -13,390
  -14,366
  -15,380
  -16,432
Prev. year cash balance distribution, $m
  218
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  168
  -80
  -122
  -181
  -258
  -358
  -485
  -640
  -827
  -1,049
  -1,307
  -1,602
  -1,935
  -2,307
  -2,717
  -3,166
  -3,651
  -4,174
  -4,732
  -5,325
  -5,952
  -6,613
  -7,306
  -8,032
  -8,791
  -9,582
  -10,405
  -11,263
  -12,154
  -13,080
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  161
  -73
  -107
  -149
  -200
  -260
  -327
  -400
  -475
  -550
  -620
  -684
  -736
  -774
  -798
  -804
  -794
  -769
  -729
  -677
  -616
  -549
  -479
  -409
  -342
  -280
  -223
  -174
  -133
  -98
Current shareholders' claim on cash, %
  89.5
  80.7
  73.0
  66.5
  60.8
  55.8
  51.4
  47.5
  44.0
  40.9
  38.2
  35.6
  33.4
  31.3
  29.4
  27.6
  26.0
  24.5
  23.2
  21.9
  20.7
  19.6
  18.5
  17.6
  16.7
  15.8
  15.0
  14.2
  13.5
  12.8

Twilio Inc. offers Cloud Communications Platform, which enables developers to build, scale and operate real-time communications within software applications. The Company's platform consists of Programmable Communications Cloud, Super Network and Business Model for Innovators. Its Programmable Communications Cloud software enables developers to embed voice, messaging, video and authentication capabilities into their applications through its Application Programming Interfaces (APIs). Its Programmable Communications Cloud offers building blocks that enable its customers to build what they need. Its Programmable Communications Cloud includes Programmable Voice, Programmable Messaging, Programmable Video and Use Case APIs. The Super Network is its software layer that allows its customers' software to communicate with connected devices globally. It interconnects with communications networks around the world.

FINANCIAL RATIOS  of  Twilio Cl A (TWLO)

Valuation Ratios
P/E Ratio -191.7
Price to Sales 28.4
Price to Book 23.9
Price to Tangible Book
Price to Cash Flow 785.8
Price to Free Cash Flow -491.2
Growth Rates
Sales Growth Rate 65.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 136.4%
Cap. Spend. - 3 Yr. Gr. Rate 54%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.4%
Ret/ On Assets - 3 Yr. Avg. -30.8%
Return On Total Capital -18.4%
Ret/ On T. Cap. - 3 Yr. Avg. -43.8%
Return On Equity -18.4%
Return On Equity - 3 Yr. Avg. -43.8%
Asset Turnover 1
Profitability Ratios
Gross Margin 56.7%
Gross Margin - 3 Yr. Avg. 54.9%
EBITDA Margin -11.9%
EBITDA Margin - 3 Yr. Avg. -19.5%
Operating Margin -15.2%
Oper. Margin - 3 Yr. Avg. -22.2%
Pre-Tax Margin -14.8%
Pre-Tax Margin - 3 Yr. Avg. -22%
Net Profit Margin -14.8%
Net Profit Margin - 3 Yr. Avg. -22.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -1%
Payout Ratio 0%

TWLO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TWLO stock intrinsic value calculation we used $399.02 million for the last fiscal year's total revenue generated by Twilio Cl A. The default revenue input number comes from 0001 income statement of Twilio Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TWLO stock valuation model: a) initial revenue growth rate of 54.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TWLO is calculated based on our internal credit rating of Twilio Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Twilio Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TWLO stock the variable cost ratio is equal to 114.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TWLO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Twilio Cl A.

Corporate tax rate of 27% is the nominal tax rate for Twilio Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TWLO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TWLO are equal to 14.3%.

Life of production assets of 3.7 years is the average useful life of capital assets used in Twilio Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TWLO is equal to -5.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $359.846 million for Twilio Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 76.857 million for Twilio Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Twilio Cl A at the current share price and the inputted number of shares is $6.9 billion.

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