Stock-based Compensation:

2017 Employee Stock Purchase Plan—The Company’s 2017 Employee Stock Purchase Plan (“2017 ESPP”) became effective on July 27, 2017 and enables eligible employees to purchase shares of the Company’s common stock at a discount. Purchases will be accomplished through participation in discrete offering periods. The Company initially reserved 1,600,000 shares of common stock for issuance under the 2017 ESPP. The number of shares reserved for issuance under the 2017 ESPP will increase automatically on January 1 of each calendar year beginning after the first offering date and continuing through the first ten calendar years by the number of shares equal to the lesser of 1% of the total outstanding shares of the Company’s common stock as of the immediately preceding December 31 or an amount determined by the board of directors. The 2017 ESPP will not become effective until such time as the board of directors or Compensation Committee determines in the future, and as of September 30, 2017, the initial offering period had not commenced.

2004 Equity Incentive Plan—The Company granted options under its 2004 equity incentive plan, as amended, ("2004 Plan"), until July 26, 2017, when the plan was terminated in connection with the Company’s IPO. Accordingly, no shares are available for future issuance under this plan. The 2004 Plan continues to govern outstanding equity awards granted thereunder.

2017 Equity Incentive Plan—The Company's 2017 Equity Incentive Plan ("2017 EIP") became effective on July 26, 2017, and provides for the issuance of incentive and nonqualified common stock options and restricted stock units to employees, directors, officers, and consultants of the Company. The 2017 EIP provides automatic annual increases in the number of shares available for issuance on the first day of each fiscal year for a period of 10 years beginning in 2018. The term of each option grant shall be no more than 10 years. As of September 30, 2017 the Company had not issued any options to purchase common stock or restricted stock units under the 2017 EIP.

The grant-date fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The inputs used below are subjective and generally require significant analysis and judgment to develop. The Company has not declared or paid any cash dividends and does not currently expect to do so in the future. The risk-free interest rate used in the Black-Scholes-Merton option-pricing model is based on the implied yield currently available in U.S. Treasury securities at maturity with an equivalent term. Expected volatility is based on an average volatility of stock prices for a group of real estate and technology industry peers. The Company uses the “simplified method” to calculate expected life due to the lack of historical exercise data, which assumes a ratable rate of exercise over the contractual life to estimate the expected term for employee options. The expected term of options represents the period that the stock-based awards are expected to be outstanding for the remaining unexercised shares. The Company accounts for forfeitures as they occur. The Company did not issue any stock options during the three months ended September 30, 2017. The range of assumptions for the three and nine months ended September 30, 2016 and 2017, are provided in the following table:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2016	2017	2016	2017

Expected life	7 years	N/A	7 years	7 years
Volatility	38.88%-38.90%	N/A	38.88%-41.36%	37.88%-40.97%
Risk-free interest rate	1.39%-1.41%	N/A	1.39%-1.66%	1.96%-2.26%
Dividend yield	—%	N/A	—%	—%
Weighted-average grant date fair value	3.43	N/A	3.75	4.86

The following table presents information regarding options granted, exercised, forfeited, or cancelled for the periods presented:



	Number Of Options	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2016	13,291,684	$	5.85	7.74	$	61,774
Options granted	1,137,046	10.78
Options exercised	(660,634)	3.81			14,058
Options forfeited or canceled	(469,757)	7.87
Outstanding at September 30, 2017	13,298,339	6.30		7.27	249,825
Options exercisable at September 30, 2017	8,151,136	$	4.69	6.34	$	166,304

The following table presents detail of stock-based compensation amounts included in the Company’s condensed consolidated statements of operations for the periods indicated below:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2017		2016		2017

Cost of revenue	$	546	$	715	$	1,589	$	2,129
Technology and development	555		819		1,653		2,301
Marketing	114		121		336		362
General and administrative	940		1,054		2,312		3,236
Total stock-based compensation	$	2,155	$	2,709	$	5,890	$	8,028

There was $20,977 of total unrecognized stock-based compensation related to unvested stock option arrangements granted under the 2004 Plan as of September 30, 2017.