“Just to clarify, we bought the Craigslist of vacation rentals at the end of 2015, and today, trailing 12 months of last quarter, this thing has $11 billion of bookings online,” said Okerstrom. “Revenue has basically already doubled. Last quarter EBITDA had doubled—and customers and hosts love it. We’ve done all of that in the last two years, we’ve got an incredible team there, they are a rocket ship. But we are also invested for long term, and we are just in phase one. Phase one was about taking Craigslist and turning it into e-commerce . . .”

Schaal interjected, “Yeah, but they didn’t think of themselves as Craigslist.”

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