Skype also generated $264 mn of EBITDA at the time of acquisition, compared to $ZM with $105 mn expected in 2020 and $467 mn projected in 2021.  $MSFT paid a ~33x 2010 EBITDA multiple for Skype (including acquisition premium). $ZM is trading at 198x 2020E, 141x 2021P EBITDA.