Consolidated Statements of Operations Data: (in thousands, except share and per share data) 2021 2020 2019 2018 2017 Avg Max Min Revenue $2,651,368 $622,658 $330,517 $151,478 $60,817 Revenue Growth 325.81% 88.40% 118.20% 149.10% 170.4% 325.8% 88.4% Cost of revenue(1) 821,989 115,396 61,001 30,780 12,472 Gross profit $1,829,379 $507,262 $269,516 $120,698 $48,345 Gross Profit % 69.00% 81.50% 81.50% 79.70% 79.50% 78.2% 81.5% 69.0% Operating expenses: Research and development(1) 164,080 67,079 33,014 15,733 9,218 Sales and marketing(1) 684,904 340,646 185,821 82,707 31,580 General and administrative(1) 320,547 86,841 44,514 27,091 7,547 Total operating expenses 1,169,531 494,566 263,349 125,531 48,345 Income (loss) from operations $659,848 $12,696 $6,167 ($4,833) SO Operating Mgn 24.89% 2.00% 1.90% -3.20% 0.00% 5.1% 24.9% -3.2% Interest income and other, net 18,186 13,666 2,182 1,315 158 Net income (loss) before provision for taxes 678,034 26,362 8,349 -3,518 158 25.57% 4.20% 2.50% -2.30% 0.30% 6.1% 25.6% -2.3% Provision for income taxes 5,718 1,057 765 304 172 Implied tax rate 0.84% 4.00% 9.20% -8.60% 108.90% 22.9% 108.9% -8.6% Net income (loss) $672,316 $25,305 $7,584 ($3,822) ($14 Reconciled Depreciation* 28,857 16,449 7,008 2,786 1,219 Normalized EBITDA* 688,705 29,145 13, 175 -2,047 1,219 Depreciation/Sales 1.09% 2.60% 2.10% 1.80% 2.00% 1.9% 2.6% 1.1% *From Yahoo Finance Distributed earnings attributable to participating s - -4,405 -14,366 According to analysts, the global team collaboration software Undistributed earnings attributable to participating 789 3,555 -7,584 market is projected to grow from $17.15 billion in 2021 to $40.79 billion in 2028 at a CAGR of 13.2% Net income (loss) attributable to common stockhol( $671,527 $21,750 $- ($8,227) ($14,380) https://www.fortunebusinessinsights.com/industry- Net income (loss) per share attributable to common stockholders: reports/team-collaboration-software-market-101327 Basic $2.37 $0.09 $ - ($0.11) ($0.20) Diluted $2.25 $0.09 $ - ($0.11) ($0.20) Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: Basic 283,853,654 233,641,336 84,483,094 78,119,865 70,309,256 Diluted 298,127,669 254,298,014 116,005,681 78,119,865 70,309,256Template Description In the discounted cash ow analysis (or DCF), the value of a business is the future expected cash ow discounted at a rate that reects the riskiness of the cash ow. Instructions 3; Download Accounting Data E'.' Use the attached accounting data and conduct a DCF analysis of Zoom Video Communications. You may use outside information but it is not necessary to complete the DCF. Your DCF may be very simple (i.e., back of the envelope) or more sophisticated depending on your nance skills. Based on your analysis, would you say that Zoom's valuation is justied? Please state on your spreadsheet whether you think Zoom's stock is over or under-valued based on your analysis