Enterprise Value (EV) = The current market value of the company (market capitalisation) + Long-Term Debt + Minority Interest + Preferred capital - Excess Cash.
If the returned value for Enterprise Value is negative a default value of 1 is used for calculation purposes. This mean when we calculate ratio's like Earnings Yield (EBIT / EV), we use 1 as if EV is negative. If not Earnings Yield ratio would be a negative number.
Excess Cash is NOT equal to cash, please see the separate definition of Excess Cash
Also we exclude short term debt because we use excess cash to calculate enterprise value. It is included but just in another way.
EV is calculated in the currency of the company's financial statements. If its share price is quoted in a different currency the market value of the company is translated into the currency its financial statements are published in.