$Z EV / EBITDA in Feb 2018 before ibuying was 34x. Zillow with only IMT and Mortgage places us at 20x. Company thankfully continued to invest in its core businesses and some of its investments in ibuying tech will remain after the ibuying exit. Large majority of Americans know Zillow and its brand, even those who aren't in the market. As a result, its CAC is also extraordinarily low. Few others can compete. And each new product / feature it adds creates incremental revenue lift. This belongs above 65.