Orly? Granted, compete data is far far far from reliable, but: http://grab.by/grabs/70bf6fda125dad336eaadd829f2739f3.png

Look like vrbo has (and has been retaining) about a 10x multiple in traffic over airbnb. Granted, this isn't (again) reliable data, and also does not in any way speak to revenue, but this doesn't smell like unadulterated "lunch eating" to me.