Q4 2021 Membership Collective Group Inc Earnings Call
Rob and I will be your conference operator today.
Okay.
At this time I would like.
One to the membership collective group, Inc, fourth quarter and full year 2021 results conference.
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Thank you Greg Daily Director of Investor Relations you May begin your conference.
So much debate statements maybe.
Forward looking and actual results may differ materially change for a number of risks gusted Opex recent quarterly reports on Form 10-Q filed on any forward looking statements represent.
And we assume no obligation to update.
Any forward looking statements if athene change by now you should have access to our fourth quarter and full year financial fiscal 2021 earnings release, which can be found that membership.
And events section. Additionally, we have posted our fiscal 2021 panics presentation, which can also be found in the news and events section on our site during the call we refer to it.
Certain non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results reconciliations to the most comparable GAAP measures are available in today's earnings press release.
Hello, everyone I'm, Nick Jones, founder and CEO .
Of Mcg.
To welcome you to the fourth quarter earnings call for the Mcg. This time from London, but will be in the U S. Next week and we'll be happy to see you all again.
I'm going to take you through some of the highlights for the fourth quarter and for the year beforehand on our core business.
Business and growing membership.
Headwinds of Lafayette Emera.
So we'll.
We will follow with a detailed overview for the numbers before concluding remarks and opening up any questions.
First vote.
A recap on our value proposition.
It makes Mcg special.
The only.
We've a proven experience of delivering reoccurring revenues over the last 26 years.
Membership growth is stronger than ever.
That we are on track to beat our Q1 year membership target by 25%.
<unk> always had a member first focus and this has seen us increase demand for our membership base year on year. During 2021, a waitlist grew even during COVID-19 .
<unk>, Inc.
Incredibly loyal both retention and frozen vendors are now back to pre pandemic levels, we have a large addressable global market.
That will continue with a north American focus to our development plans alongside our first two houses in Scandinavia and a further hikes in Asia. We now aim to target opening at least eight to 10, new houses every year and have increased our development pipeline to nine this year.
As you know Q4 was a quarter with its challenges business was really strong in October and November before the new Varian disrupted business in December during what normally is our best time of year, but looking ahead, we are confident that as the world.
Finally emerges from Covid, we can deliver on our plans the majority of our future houses are an asset light development model.
Which means we can expand significantly while conserving cash and providing a path forward to generate free cash flow of course, MTGE is not immune to the continued pressures from rising inflation.
But we have counted this by increasing pricing, including our every has membership which was last reviewed in 2019.
We also see great potential to scale, our high margin Brian .
Alright, so hub, which our members love because it means they can bring the household and Soho connect which is going to be our digital membership where members will be able to connect with each other globally. This is launching later this year.
2021 was a challenging year for us so.
Due to the various COVID-19 restrictions throughout the year.
We estimate that our houses only operated at approximately 40% capacity.
And that was with the boss and the social distancing.
With it combined with the inefficiencies of opening and closing numerous times and staff shortages.
It made the year difficult for our teams and members.
That said I believe we delivered.
A strong set of results.
It's hard to believe.
Our IPO was only eight months ago, raising $388 million to strengthen our balance sheet.
And the huge assets.
<unk> dedicated to achieving this during a pandemic.
I really want to thank them a lot.
The end of 2021, Mcg had approximately 156000 members in total across the Americas U K Europe and Asia.
Total Mcg membership grew by 37000 during 2021 with 11000 of those joining in the final quarter.
That's despite delaying some December intakes because of the new variant.
So highest retention rate has not only remained high but is now back to 2019 levels 2021 was a record year for membership applications from all geographies with the year and MTGE Waitlist is now at over 75.
And.
The value of a seller has membership continued to increase as our portfolio expanded with the opening of another six.
Four of which were new countries for us our members love nothing more than new house opening in 2022, we have increased our development pipeline to nine and have already had a great start to the year with the opening of Nashville.
Written.
Later, this month and Holloway House in West Hollywood in April .
Members love products associated with <unk>.
And this leads to a higher spend per member cost cut.
Implemented businesses, such as Sarah home and Soho works, which grew significantly last year, we saw strong year on year EBITDA improvement during the quarter and full year and believe this improving momentum will continue.
A little more detail on the exciting openings for 2020 to Nashville, which opened last month is centered around local law.
Entertainment. They love me they were featuring 47 bedrooms indoor and outdoor performance spaces large swimming pool screening room, So a health club and a first ever clubs Chico needs. We have welcomed over a thousand new members since opening in a wait list increasing every week.
It's going to be one of the best sizes.
Brighton Beach has on the South coast of the U K is located in one of the most creative progressive cities. So it seemed like a natural step to open the house there.
<unk> applications are incredible and very very strong.
Hollywood has some west Hollywood will follow shortly afterwards.
34, bedrooms, which west coast members and people who visit the west coast have been asking for for a while we will have several I'll skip policies and other private events at the end of March before fully opening to members in April <unk>.
Of 2022, we.
We have houses opening in London, Miami, Stockholm, Copenhagen, Mexico City, and Bangkok to reach the nine I've just mentioned.
On our progress we plan to open our second Sculpsure site into loom in Mexico towards the end of this year as well as the net Nomad in New York expected to open in the summer of 2022. This growth is what <unk> is all about continually increase.
Seeing the value of our memberships by adding new access and experiences for all our members and with that I will hand over to Andrew Thanks, Nick and welcome everyone.
Our full year figures reflect the impact of Ami trial with many of our houses close during long periods of the membership engagement has never been stronger.
Themes Tonight memberships increased throughout 2021, achieving all time highs despite the pandemic as we add more.
Seizing every house membership now accounting for 81% of total members versus 75% in 2017, our wait list at the end of fiscal 2021 stands at all time high.
70000, and demand to memberships have increased significantly in 2022 with 1600 applications per week. So let me frame that fully we've attracted around 150000 members ever at nearly three decade history, and we now have almost 50% of that number on the current wait list. This provide.
As with unparalleled stability and predictability inflation is on everyone's mind and we found that having the majority of our members having ebbinghaus membership allows us to pass on inflation and more recently at the added value. They gained from opening new houses far outweighs the membership price increase.
The key for 'twenty, one or membership metrics have returned to our above historical highs.
Our members are incredibly loyal.
Our cost of marketing and attracting new members continues to be negligible. These unique enables strong margin enhancement opportunities.
<unk>, Keith or statistics, I'd like to share with you.
Membership revenues at 53 million, 24% higher than Q4 2020 net revenue accounted for 29% of total revenues, which is an encouraging metric for us because it shows our recurring revenues are back in line with 2019 levels. We finished Q4 with 122800 sell a house members well.
<unk> 9300, new members during 'twenty, one, including 5000 in Q4, new members joining us across all our houses NGL feeds demonstrating our global footprint comparable house membership net grew up with plus 300 basis points and new houses achieved adult was adding a further 1700 members.
In Q4.
Our wait list, which is a key indicator of the health of our membership continues to grow in Q4 up nearly 23000 or.
48% versus Q4 'twenty.
As <expletive> mentioned, our retention rate is 10% to 95% by the end of Q4, some 300 basis points higher than in 2020.
We would have met or even exceeded our intakes if not for the new version of <unk> in December 2000, memberships disease by 71% of the close of the financial year back to pre pandemic levels.
Friend on newer membership has continued to grow consistently in Q4, we welcomed a set of 5550, taking the 2021 total to 23500.
Which is a 500% growth in 2021 set of trends a predominant guests of members we capture the data all of our guests and communicate about our new memberships by the house guests functionality in the same house App. There is an appreciable conversion of guests to members.
We're able to grow how spend a low cost of acquisition and using existing physical and digital assets that membership would drive margin enhancement for the foreseeable future. Finally, we continued to see digital engagement increased significantly.
This increased by 106% basically 2020 and members now use the App three times per week for booking Peng connecting to.
To help frame the status further at the beginning of last year, 40% of members are using the app by the end of last year, 85% Assembly using 75, all member bookings and now by the shop doubling within the last 12 months.
Digital bookings took over 200000 codes away from a contact center and receptions last year, which led to a significant reduction in our operational spend we've seen a sizable uplift in our social connection feature on the App House connect 31% of members now use house connect each week up from zero. This time last year learning some house cannot.
Feeding into our new digital only membership.
Next which will launch later this year.
Looking ahead to 2022, we've already welcomed 9000 MTGE members in the first two months of this year alone, which represents a 6% growth in our membership base since yearend and illustrates significant momentum in our membership.
We will welcome 25% more members than planned in Q1 and increased full year by the same uplift.
Turning to in House revenues, we saw a near 250% growth of enhanced revenues versus the fourth quarter of 2020, and 33% growth of the Q3 2021, despite the new variant of Covid disruption in December .
Accommodation performance was robust given the backdrop of ongoing restrictions.
Expensive by month varied across three regions Q4, UK was strongest followed by the USA business, which improved steadily and how did remarkably well in December whereas our European business was very challenging and struggled throughout Q4 due to the heavy travel restrictions notwithstanding the above our ADR is where on average 38% higher than <unk>.
<unk> Q4, 2019 levels, helping to offset weak occupancy levels and leading to a 4% revpar growth versus 2019 looking to this year. Despite a challenging January revenues bounce back and continue with the same growth as Q4.
In February performance in the U S and UK houses, which are the two regions that are most normalized post COVID-19 .
Both are performing well and we're seeing like flight revenues, well above 2019 levels plus forward bookings for the remainder of March and April are looking very strong now.
Now I want to turn to our addressable market.
We have a large addressable market with an attractive financial model that will yield high margins, we will double to over 85 houses over the next five years and we will exceed our plans our house openings in 2022 as discussed by Nick area I want to spend more time on our confidence of our margin improvement from our cities that houses membership is.
And to our growth.
First the margin with six openings in 2021, and recently Nashville, 45% of our houses on <unk> since the start of 2018, the all in great condition and in the relatively early stage in Cleveland approximately 20% in house.
That will contribution margins after three to five years of opening the store.
<unk> approximately 50% margins after five to 10 years it drops to the house level contribution.
Without most established locations.
Now achieving a 90% flow through.
Most of us.
Alright, Thanks will derive from the cities that houses program. We have is a 4200 cwa's members paying full ebbinghaus membership across more than 40 cities. It's a highly profitable business, which we will continue to expand and creative hubs around the world and particularly in North America.
So the doubling the size of our business in the coming.
Yes via a capital light high.
<unk> profit growth pipeline and margins will continue to grow and improve.
As it showcases the strength of us.
Literally allows members to take the household and over the past three years, the CAGR is over 90%.
Yeah.
I think Q4 year on year.
Despite supply chain delays.
It was by the pandemic, which thankfully now alleviating and <unk> continued to perform strongly.
In Q1 with growth in line with 2021.
Lenders continue to be our most valuable customers, making up 74% of our sales up 5% in the fourth quarter versus the third quarter and up 7% year on year growth.
Gross margins EBITDA improved by 1500 basis points to 75% with average order values, increasing more than 60% during the quarter versus Q4 <unk>. The rapid growth in positive metrics sure. The teams are delighting members.
And delivering a good set of results during what has been a very challenging year in Q4.
Thanks, Andrea and welcome everyone I'll now take you through the financial highlights in the fourth quarter of 2021.
Faster the snapshot of some of our Kpis.
Before moving on to revenue contribution margins and adjusted EBITDA in more detail over the following slides.
We've also play, especially here in the appendices for your convenience Firstly, our total revenue in Q4 hundred $84 5 million increased by 158% compared with the fourth quarter 2020 in the quarter membership mezzanine or recurring revenue in <unk> increased to $52 7 million or 20.
4% above Q4, 2020 levels and accounting for 29% of total revenue in the period. This was driven by the growth in our total membership base, which Andrew has already spoken about in house revenue in Q4 continued to rebound strongly despite the omicron impact your business in the $70 million for a 247% increase.
And year on year.
It was also a strong improvement over the Q3 performance of $66 9 million or regions benefited from F&B price increases the weighted average of these was approximately 5% during the quarter and had very little impact on volumes.
<unk> was also they said by fear of Covid restrictions year on year, particularly in North America.
Revenues of four.
The very strong recovery versus 2020, driven by the continued robust performance of several high recovery.
Recovery of public restaurants in the UK and North America also aiding other revenue growth with improved performance of the <unk> London.
And growing contributions from the line into our hotels, which they became part of the MCT growth in June 2021 housekeeping, what contribution benefited from the geese restriction year on year and robust membership growth in the second half of the year.
However, this was offset by increasing operating costs and the company has link 16 houses in 2021 and this is only one new house in 2020.
As you know tend to have a negative contribution of fast once ta.
Contribution margin for Q4, 'twenty, one is down slightly versus Q4 'twenty at 24%.
And the main driver of this government support.
Okay, 'twenty, one and adjusting to support out house contribution would be up almost 2% on Q4 tend to turnkey.
Contribution also increased strongly from a loss of nearly $14 million in Q4 'twenty to a positive.
One key to growth in our retail offering year on year and improved performance in our restaurants in town houses.
I'd like to touch briefly on membership credits before we move on credits with a face value of $5 million. We redeemed finalizing Q4, 'twenty one equivalent to an estimated $3 million of potential gross profit is the cash that had been made by those numbers or are there any credit sales and not included in the revenue numbers, we are sharing with you today.
This takes total credit usage for full year 2000, $21 million to $43 million, which is not recognized in our revenue numbers with an approximate $30 million opportunity cost or EBIT dominates with great.
Credit sales as a percentage of total sales are on one 2% for 2020 year to date spend for them.
And our European houses moving on to the revenue bridge. This slide sets out the building blocks of our revenue balance across the final quarter of our financial year.
You'll see here the three main drivers to our improved revenue performance.
Firstly membership price membership revenue growth.
Volume driven with significant increase in full paying numbers year on year.
Existing houses as well as membership fees from 16 houses in 2021, an increase of 17000 members. So we're now materials have membership price increases between Q4 2000 in Q4, 'twenty, one and other membership contributes to circa 35% of revenue versus the same caution towards turnkey.
Secondly, and much interest in house revenue performance was aided by the new house happenings in dealer kind of equation and restrictions overall versus Q4 tends to turnkey although.
Some restrictions in Q4 2021, particularly across Europe did have an impact on sales. This was partially mitigated by price rises earlier in 2000, <unk> across food and beverage and the increase in ADR that Andrew mentioned.
Finally, other revenue growth came from various sources, including full consolidation of revenue from the Mandarin restaurant and revenues from line in Florida in Q4 tends to 'twenty one.
Additionally, there was continued strong growth in Lasalle home offering as well as improved performance in the UK of Mac in restaurants as demand increased as COVID-19 restrictions reduced.
Turning next to EBITDA.
Our adjusted EBITDA improved from a loss of $19 1 million in Q4, 'twenty to a positive $2 6 million for Q4 dollars 91 and.
Our net loss was $41 9 million for the quarter versus a loss of <unk> 5 million in Q4 'twenty in terms of the key drivers of the improved performance adjusted EBITDA growth year on year, it's predominantly driven by four key aspects.
Firstly increased membership revenues are volume driven with significant increase in full <unk>. So our house members year on year as well as membership fees from six new houses.
Additional membership revenue was driven by improved occupancy at San <unk>.
The next driver is a recovery of in house contribution to increase footfall given tier stations year on year. In addition to improved food and beverage cost of sales management across the UK and North American housing.
There was a dilutive impact of the six new houses on half contribution as you know they are typically lossmaking assessed charity of operation within other contribution we benefited from continued growth in retail as well as improved.
The performance from our restaurants and contributions from line in Florida.
EBITDA growth was partially offset by increased G&A expenses, including those related to being a publicly listed company.
And these are approximately $3 million during the quarter, including payroll legal fees unchanged.
As you know we report our adjusted EBITDA that integrate and this slide shows some of these expenses.
ASC preopening costs.
Noncash rent, which is the difference between the rental costs in accordance with GAAP and the actual cash cost.
With $5 8 million in the quarter and finally deferred registration fees.
Decent margins testing, how several contribution which is defined as house revenues less in house operating expenses.
With $32 million for the fourth quarter of 'twenty one.
But housekeeping contribution margin at 24%.
From 21% in Q3, 'twenty, one, but down from 26% marching out government wage support from house contribution Q4, 'twenty, one margin will be almost 2% better year on year volumes in houses rise in house operating expenses also increased in.
In line with the industry, we've seen inflationary pressures across our food and beverage indirect costs and nicely.
And the key.
We expect energy prices to continue to rise in two tranches.
We proactively increased wages.
Rates in June to attract and retain the best talent.
Food beverage and accommodation price increase we have implemented combined with ongoing efficiency programs have enabled us to.
In fact.
Food and beverage cost ratios in our U K houses in the quarter with 3% better.
In the same period pre pandemic moving now to other contribution which we define as other revenues plus non house membership revenue less other operating expenses was $5 $3 9 million for fourth quarter 2010.
This improvement was driven by strong.
Strong growth of our other revenue and in particular the contribution from several public restaurants and a line of <unk>.
The capitalization table shares our position as at the end of Q $41 million of cash and cash equivalents and net debt of $382 4 million during the quarter. There was an 8 million payment to pay that debt with an impasse and joint venture a $4 million settlement of a promissory note.
King impacted membership credits.
As well as the ongoing impact.
Capacity limitations at our houses as a result of Covid related restrictions in some locations.
For example, Amsterdam in Hong Kong.
Furthermore, there was capital expenditure on our digital platform and routine capital expenditures to support the ongoing theme of the houses and finally from me.
Positive momentum of Q4, 'twenty, one carrying through into Q1 2022.
Our February tends to revenues in our UK and U S houses and restaurants performed 15% and 3%.
Above the comparative 2019 pre pandemic levels, respectively. Total MTG membership increased <unk>, 6% in the first few months of the quarter together with a high level member retention record weightless numbers and price and new houses membership continues to be a very valuable recurring revenue.
We have accelerated our pipeline for <unk> in 2022 to nine seven warehouses covering first quarter 2022.
We will have opened two new houses in Nashville in pricing. This will be followed in April by heart.
With an eight to 10 E Zohar.
This is in our pipeline combined with the unprecedented demand for our memberships, we feel confident in exceeding our fellow membership goals this year by <unk>.
5%.
We remain cautious about the emergence of any future COVID-19 variants, along with continued inflationary pressures, particularly in energy supply. However, we have several cost control program in progress to counter some of these pressures.
Notwithstanding these headwinds we expect to deliver sustained margin growth within the short term and beyond and now I will pass it back to Nick.
In summary, it's been a strong quarter. Despite the new variable and we can continue to be very excited about the future. We now have considerable momentum thanks to a number of factors.
With applications building.
Steadily and the amendment.
Demonstrated we have.
We have nine news.
Our houses this year.
On an asset light strategy, which will drive for Harris ecosystem will continue.
To yield further revenue and margin.
It's an expansion alongside growth of recent outside commitments I'd like to say.
Finish by thanking.
Who are the people.
Who work for the Mcg around the world for their passion, Brazilian some hard work and facing the issues of the policies and.
And our members and investors Peru.
I'd like to take this opportunity to thank.
Frank Humira.
Our chief.
Financial Officer, who will be leaving the company on the 14th Emera played an instrument.
Our role in leading our IPO process and the journey towards becoming a public company. She has been an invaluable advice.
So to the leadership team and to me personally.
And her expertise knowledge wit and strength will be missed by us.
Wish her every success in the future.
We will now open can we take the first question. Please.
Thank you Mr. Nick Jones at this time I would like to remind everyone.
In order to ask a question press Star then the number one on your telephone keypad will pause for a brief moment to compile the Q&A roster.
And your first question comes from your line is open.
Thank you.
Just on the increase in the annual opening guide can you just give us a little bit more detail on what's driving that confidence in I guess Derek connect.
Connected to that question when I look at what Youre guiding for openings in 2022, there's been a bit of a shuffling right. So you've added Miami Bollen, Copenhagen, Bangkok, and you've moved out Cobaugh Investor Manchester can you just give a little bit more detail on that too. Thank you.
Sure.
Hi, Nick here.
We're really excited about it.
As we're opening this year.
Yes.
It has been a slight moving.
<unk> houses from one quarter to another and that is down to supply.
Supply chain availability of building contractors et cetera due to the.
Head winds from Covid.
But we are.
Very common for them to the nine has is this year.
And we're very confident for both number of houses next year.
So yes.
Yes.
Those are definitely increasing up to as we've said eight to 10 months each year.
We're very excited about always news new houses as Nick mentioned different since you mentioned <unk> I want to face into that.
Okay.
It could be this year it could be at the beginning of next year.
We didn't want to put anything out.
I'm going to deliver.
Nick I guess I guess my follow up to that says I don't remember, saying Copenhagen, our Bangkok.
The pipeline prior.
Are you getting more like quick conversion opportunities does that is that how it is.
Some of these properties are coming in.
Yes.
We always look at every opportunity, which comes our way and especially like Copenhagen, We didn't want to put a big house in that so we want to look at our mediums has in that so we've been on the lookout for a very long time. It just so happened, but one came available in the perfect site.
State space in the last six months and the same has happened in Bangkok.
Very interested in expanding in Asia, and we have been.
Bangkok, because being a big target for us all CW H membership works incredibly well in both cities and true that they are members have helped us find these sites insecurity sites.
Just to add on to mix I'm sorry, the other thing that we've obviously done as we've beefed up a lot of our development teams.
We did that in 12 to 18 months ago and that is actually paying a lot of dividends now so actually we have we have a playbook of openings.
How to do it.
<unk> six last year really gave us a lot of learnings we've got clear playbook. So actually went on to <unk> come along we can reach Super quick now and execute really high level. So that's why I actually is giving us the extra confidence of delivering the eight to 10 versus $5 seven previously guided.
That makes sense.
No that all makes sense and then just as my second question.
You, obviously have a lot of exposure to Europe , and some to Asia.
Are you seeing impacts from the rising Covid cases.
In those regions and then any impacts from what's going on in Russia, Ukraine. Thank you.
Europe is definitely getting stronger and stronger for us every week.
I mean.
We've reported we're delighted with what we're saying backing our houses.
Yes. It is.
Actually the same.
Asia, Hong Kong, where there is there is.
It's a six o'clock clothing in in Hong Kong currently.
Is impacted.
Sure.
As far as Russia, and Ukraine is concerned we don't have any houses either country.
And in terms of the supply chain.
Some limited disruption as yet we haven't we haven't noticed that.
Helpful. Thank you.
Your next question comes from the line of Joe Greff from JP Morgan Your line is open.
Okay.
Hello, everybody I hope you're well.
Couple of quick questions here.
Nick or Andrew can you talk about the revenue and margin ramp of new houses in new geographies.
And the countries, Mexico, and Asia versus the historical ramp of new houses in New York and London is there much of a difference with their difference in labor cost that might actually help in Asia or Mexico can you talk about that a little bit.
Then on the topic of reordering, the new house openings for this year and next year.
Hoping you can give us some error preopening expenses and noncash rent this year, perhaps for next year.
It sounds like a double humira.
In terms of antenna.
Different geographies and the margin ramp and revenue ramp up and the.
Maturation profile that we referred to before will still hold continue to hold and Ned.
And then maybe up and down as we said based on different labor cost et cetera, but in the longer term that target that we've always sat will still be sustained and and when we look at potential labor cost increases the annualized.
Hey, guys.
Labor costs are higher, but we would expect to be allocated path based on the membership prices and also the F&B prices. So we do try and make our underwriting and our forward looking outlook.
Based on the same maturation curve.
In North America, <unk>, plus and minuses data noncash membership fee continues to be higher than the rest of the world and so we do expect to see margin ramp.
But on the whole the expectation is that margins maintain pain.
And.
And then next question was around.
Yes.
Preopening expenses and non cash rent.
We can dig into the model that later when we've got so I think I don't want an encore.
Okay, Great and then.
Andrew on Soho Hallmark, hoping you can give us the magnitude of revenue dollars in the fourth quarter and fiscal 'twenty, one and perhaps you can share with us how you expect that to grow in 2000 to now going to give you. The revenue numbers. We can we can discuss that when we.
What we are seeing is.
We've seen over the past three years is super high comp.
Ken.
Confidently say they will come.
Continue through this year and next.
Very very high growth business, H, yielding really nice margins as I said on my accretive slippage that's great.
It really enhancing the integral profitability if you will.
We continue to do so.
And a much bigger way as we go forward.
Okay.
Thank you.
Okay.
Okay.
And there are no further phone questions at this time I will turn the call over to our presenters for any web questions.
Okay. We've got a couple of questions on line here.
About what's going on in the world.
I understand the low prices.
To fuel.
It's going up.
We're very responsible how we pass that onto our members.
I understand.
We have not seen any negative mix from our members on this.
Yes, we haven't really seen any drop off in terms of volumes and does it in house revenues.
<unk> continued to be strong across North America, and the UK Revpar is actually trending above where it was in Q4 19 cost base North America and the U K. So we're confident that the price increases have.
Landed well.
Okay, one more question online, which should be opening side of our house and more major cities in the U S. For example, Boston, Yes is the answer to that.
Looking at both some heavily as we are with Atlanta Melba cities in America I mean.
As you know in America is America.
Have a great relationship.
When we do go into cities.
We have done with metro and Austin over the last sort of since June last year.
Received incredibly well.
<unk> numbers.
Really impressive so yes <unk> supplies.
We have another question on line.
Do you have data amendment utilization and visits and if this is tracking ahead versus pre pandemic times, yes.
Yes, so I'll take that one yes, we do.
We have a lot of data on our members and what we saw in February was yes, we are.
Our members are increasing their visit to Pat.
<unk> on a monthly basis.
Paul we are looking at in Singapore, We've come close a couple of times.
Several sites, but.
They haven't come off.
Within our existing members love visiting the new houses and the local community and the local membership really works in the areas that houses to open.
So this is all about.
Looking after our exist.
Well the strategy is we are on it every day with the team.