Looks like it's back to steady state. In the first half they did $67m/$14m rev/ebitda with 72.7% utilisation. So basically double it with a bit extra (looks as though they added 10k members across their entire network) and you get to what they're reporting in their update.
The issue I have is just how levered they are to that utilisation rate. I'm not anti that sort of leverage, but gyms users are so fickle (as we discussed with the churn rate). By my calcs at a utilisation rate only 5 or so points lower they are operating at an EBIT loss. Obviously that leverage will look amazing on the way up because so much hits the EBIT line.
Looks like it's back to steady state. In the first half they did...
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