XOXO
#Yes, <UNK>.
If I could just give you ---+ we haven't been breaking the numbers out specifically, but if I can just give you the bigger picture.
The two big transactional opportunities we have is helping our couples engage with their local wedding professionals and helping our couples connect their guests to the transactions they need to create.
Registry is the biggest component of guest transactions, but not the only one.
You're also seeing us start to connect our guests to transactions like booking their hotel room box when they're coming in from out-of-town for their wedding.
Because the local transaction business is just getting up and running, because the registry business is the one that's had the most history in the Company and because we're now enjoying the benefits of product investments we made into that registry and that overall guest ecosystem over the last couple of years, you're seeing that registry at the moment is the biggest driver of that overall number.
If you look at the broader picture of the total addressable market and the value that we can create in the years ahead, the local transaction business ends up creating the opportunity to be the big driver.
Your point is very well taken, and we continue to have a conservative perspective on the publishing business.
What we really want to do is be managing that business to be a smaller and smaller portion of the business so that the declines that we would expect in the industry for publishing won't be as impactful to our numbers and as much of that drag.
What I think we've said in the past and I think it bears repeating here is that we continue to think that transactions will be our fastest-growing revenue line followed by the online advertising space, even with the local productivity issues we've discussed here.
And then publishing, we continue to have a conservative view on that business and would have you model that as declining.
Thanks, <UNK>.
<UNK>, thank you for the question, and it's an insightful one because the success of our marketplace ultimately comes down to our continuing ability to please our consumers and our users and connect them with the solutions that they need.
One of the numbers that is available to everyone, so we'll often reference it, is just our ability to drive audience at the top line.
You're now seeing that across XO Group; we have the highest number of comp score uniques that we've ever had.
That number is ---+ I'm looking to pull it up.
It's right around 20 million for the total enterprise and it's close to 12 million uniques for The Knot, which is, as we've referenced before, tends to be a number that's larger than our next four or five competitors combined.
The signal that is one that you guys are able to see on the comp score level, as well as a really positive one and suggests that the continued investment that we're making in our products is paying off in terms of drawing our audience in and engaging our audience.
It's a really good question, <UNK>.
I think when I look at the Q2 OpEx, there's a couple of things that moved it sequentially that I would have you consider.
The first one is that Q2 typically does have our highest adjusted EBITDA margin because of the sequential seasonal uptick in revenue, so there's just a little bit of that growth you can't grow the OpEx as fast.
Hiring was up in the quarter, roughly 20 or so folks.
You'll see that in our investor deck when it goes up on the site.
But much of that came at the end of the quarter, so we just didn't see the expense hit the numbers.
And then there is just one accounting thing that I would have think about a little bit.
If you look at our AR balances and our ARDSO, we've been able to take the ARDSO back down to levels we had in early 2015.
There is a corresponding decline in bad debt expense that we saw from Q1 into Q2 that probably depressed what those OpEx numbers look like.
I think as we move forward, you'll have the hiring be there and the investments you want to make in the business.
And as we said, we really want to target that adjusted EBITDA margin target to do exactly what you mentioned, which is invest.
Because our real goal here with the Company is to grow the Company faster, and we have a lot of confidence in our ability to make that happen over time and we want to invest against that.
