Assertion Supported AI assessment confidence: 95% certainty 4/5 debate potential 1/5

Selinger: ADT holds $10B in debt with a $15B-$16B enterprise value

Dave Selinger · MFM #160: How to Build a Paid Community Making $20M a Year · Mar 12, 2021 · at 1:21:52

Dave Selinger clarifies ADT's capital structure and enterprise value to Sam Parr and Sean Puri.

0:00 / 0:06exact quote · 7.0s

▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark

“They have a six billion dollar market cap because they have ten billion dollars in debt. So they actually have an enterprise value of fifteen billion dollars, sixteen billion dollars.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

As of March 2021, ADT had approximately a $6 billion market cap, $10 billion in debt, and an enterprise value of $15 billion to $16 billion.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

All three components of Dave Selinger's statement are verified by contemporaneous SEC filings (Form 10-K for FY2020 and Form 10-Q for Q1 2021) and market data from March 2021. First, ADT Inc. had approximately 771 million to 826 million shares outstanding and traded between $7.00 and $8.00 in March 2021, yielding an equity market capitalization of approximately $5.8 billion to $6.3 billion (matching the ~$6 billion estimate). Second, ADT reported carrying total debt of approximately $9.5 billion and face/principal debt of approximately $9.9 billion (matching the ~$10 billion estimate). Third, after subtracting cash and cash equivalents of approximately $205 million, ADT's enterprise value was approximately $15.3 billion to $16.0 billion, landing squarely within the stated range of $15 billion to $16 billion.

ADT Inc. SEC Form 10-K (FY2020) and Form 10-Q (Q1 2021) reported 771M–775M common shares (plus ~55M Class B shares), which at March 2021 prices of $7.00–$8.00 produced a market capitalization of ~$5.8B to $6.3B.
ADT Inc. reported total carrying debt of ~$9.5B and aggregate principal debt of ~$9.9B as of December 31, 2020 and March 31, 2021.
Accounting for ~$205M in cash and cash equivalents, ADT's enterprise value (Market Cap + Debt - Cash) calculated to between $15.3B and $16.0B in March 2021.

Checked against

[1] edgar-online.com [2] sec.gov [3] businessinsider.com [4] edgar-online.com [5] finviz.com [6] sec.gov [7] q4cdn.com [8] q4cdn.com

"ADT Inc." "March 31, 2021" "shares outstanding" OR "market cap" OR "total debt" "ADT Inc." 10-K "December 31, 2020" "total debt" OR "long-term debt" ADT stock price "March 12, 2021" OR "March 2021" market cap "ADT Inc." shares outstanding "December 31, 2020" OR "March 2021" 10-K "ADT" stock price "March 2021" "7." OR "8." OR "9." OR "10." OR "11." "ADT" stock price March 2021 daily historical data

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

ADT

⚑ Spot an error? Report it

More from Dave Selinger

Assertion Supported

Selinger: 99% of alarm company police calls are false alarms

“When alarm companies call the police and ask for dispatch, it's 99% false alarms.”

Dave Selinger Mar 12, 2021 ▶ 1:08:38 MFM #160: How to Build a Paid Community Making $20M a Year

Assertion Contradicted

Selinger: Redfin invented interactive mapping

“Redfin's really, really cool. We invented interactive mapping”

Dave Selinger Mar 12, 2021 ▶ 1:18:45 MFM #160: How to Build a Paid Community Making $20M a Year

Assertion Not checkable as stated

Selinger: Deep Sentinel operates with one guard per 100 properties at $100/mo

“We have a ratio of about one guard for every about a hundred properties right now. And that's how we make it so that it's affordable because it's a hundred dollars a month, kind of our starting price point.”

Dave Selinger Mar 12, 2021 ▶ 57:13 MFM #160: How to Build a Paid Community Making $20M a Year

Assertion Not checkable as stated

Selinger: Deep Sentinel stops 15 to 20 crimes per day

“We stop about 15 to 20 crimes a day.”

Dave Selinger Mar 12, 2021 ▶ 1:09:14 MFM #160: How to Build a Paid Community Making $20M a Year

Assertion Not checkable as stated

Selinger: Deep Sentinel has 2,500 customers split between residential and business

“We have about 2500 customers across the country. About half of them are businesses and half of them are residential.”

Dave Selinger Mar 12, 2021 ▶ 57:01 MFM #160: How to Build a Paid Community Making $20M a Year

Assertion Supported

Selinger: Alarm market is $20B and security guard market is $20B-$30B

“So the alarm side's about twenty billion dollars. And then the guard side's like 20 to thirty billion dollars.”

Dave Selinger Mar 12, 2021 ▶ 1:03:34 MFM #160: How to Build a Paid Community Making $20M a Year

Selinger: ADT holds $10B in debt with a $15B-$16B enterprise value

More from Dave Selinger

Turn any episode into a week of clips.