Is your athletic recovery business struggling to maximize its financial potential? Discover nine powerful strategies designed to significantly boost your profitability and optimize operations. From refining service offerings to enhancing client retention, these actionable insights are crucial for sustainable growth; explore how a robust financial framework, like the Athletic Recovery Financial Model, can underpin your success.
Increasing Profit Strategies
To enhance the financial performance of an athletic recovery business, implementing strategic initiatives is crucial. The following table outlines key strategies designed to optimize revenue generation and improve profitability through various operational and marketing approaches.
Strategy | Impact |
---|---|
Diversifying Services | Retail products can yield 30-50% profit margins and generate an additional $5,000 - $10,000 per month. Specialized workshops can bring in $1,000 in a single afternoon, and corporate wellness packages can add $14,400 annually from one partnership. |
Optimizing Pricing Models | Tiered membership models increase average revenue per member. Prepaid bundles secure upfront cash flow, with discounts up to 20%. Dynamic pricing can fill off-peak hours, increasing utilization by offering discounts up to 25%. |
Integrating Technology | Business management software can reduce administrative staff hours by up to 15-20%. Wearable tech integration allows for premium add-ons of $50-$100 per month. Branded mobile apps can increase booking frequency by 30%. |
Forming Strategic Partnerships | Partnerships with local gyms can generate 50+ new leads per month. Collaborating with sports teams can lead to predictable annual revenue of $12,000 from a single team contract. Referrals from healthcare professionals provide a steady client stream. |
Strengthening Branding | A strong brand allows for pricing strategies that command margins 20-30% higher than non-branded competitors. Loyal customers are 5 times more likely to repurchase and 4 times more likely to refer a friend, significantly lowering customer acquisition costs. |
What is the Profit Potential of Athletic Recovery?
The profit potential for an Athletic Recovery business like Recovery Hub is substantial, driven by a rapidly expanding wellness market and a heightened consumer focus on performance and health. This sector offers numerous opportunities for high-margin revenue streams. A well-defined business model for athletic recovery centers is crucial for maximizing athletic recovery profits and ensuring sustainable growth.
The US sports medicine market, which forms a core part of the broader athlete wellness business landscape, was valued at approximately USD 98 billion in 2023. Projections indicate a robust Compound Annual Growth Rate (CAGR) of 7.8% from 2024 to 2030. This growth signifies a strong and expanding customer base willing to invest in specialized recovery services. For more insights on initial investments, see Athletic Recovery Capex.
A single, well-equipped Athletic Recovery center can generate significant annual revenues, typically ranging from $300,000 to over $1 million. This range depends on factors such as location, operational scale, and the specific mix of services offered. For example, a center with 500 members, each paying an average of $150 per month in membership fees, can generate $900,000 in annual revenue from memberships alone, directly contributing to high profitability in athletic recovery.
Profitability in the athletic recovery sector is notably strong. Net profit margins often range from 15% to 35%. This is significantly higher than the average gym, which typically sees margins of 5-10%, due to the premium, specialized nature of post-workout recovery services. This higher margin potential makes athletic recovery an attractive venture for aspiring entrepreneurs and small business owners.
Key Indicators of Athletic Recovery Profitability
- Growing Market Demand: The increasing awareness of recovery's role in performance fuels demand.
- High Perceived Value: Clients often see specialized recovery services as essential for their athletic goals, justifying premium pricing.
- Recurring Revenue Models: Membership structures provide stable and predictable income streams.
- Diversified Service Offerings: The ability to offer a mix of high-margin services (e.g., cryotherapy, IV drips) enhances overall profit.
How Can an Athletic Recovery Business Increase Its Profits?
An Athletic Recovery business, such as Recovery Hub, can significantly increase its profits by strategically diversifying high-margin services, implementing tiered membership models, and focusing on client retention. These performance recovery strategies are fundamental to sustainable sports recovery business growth.
Introducing services with low operational costs per session can dramatically boost the overall athletic recovery business profit. For example, NormaTec compression therapy typically costs less than $1 per use, but can generate revenue between $25-$40 per session. Similarly, infrared saunas have an operational cost of under $3 per session, yielding revenue from $40-$65 per session. These services offer high gross profit margins, directly improving profitability athletic recovery centers achieve.
Implementing a tiered membership structure is crucial for increasing average revenue per user (ARPU) and expanding athletic recovery revenue. This approach caters to various client needs and budgets, providing flexibility and encouraging upgrades.
Tiered Membership Examples for Recovery Hub:
- Basic Tier: Priced around $99/month for limited access to core services, appealing to new or occasional users.
- Pro Tier: At approximately $199/month, offering unlimited access to core services, ideal for regular athletes.
- Elite Tier: Available for about $299/month, including premium services like cryotherapy and personal consultations, targeting dedicated clients seeking comprehensive recovery.
Client retention strategies for athletic recovery services are vital for maximizing athletic recovery profits. Research indicates that increasing customer retention by just 5% can boost profits by 25% to 95%. For instance, a center with 400 members that reduces its monthly churn rate from 5% (losing 20 members) to 2.5% (losing 10 members) can save over $24,000 in annual revenue, directly enhancing profitability in athletic recovery.
What Is The Average Profit Margin For Athletic Recovery Businesses?
The average profit margin for a successful Athletic Recovery business, like 'Recovery Hub,' typically ranges from 15% to 35%. This profitability is heavily influenced by factors such as operational efficiency, pricing strategy, and consistent client volume. Effective financial management for athletic recovery businesses is essential to achieve the higher end of this range and ensure sustainable growth.
For instance, a mid-sized recovery center generating $600,000 in annual revenue might incur around $420,000 (70%) in operating expenses. These expenses typically include rent (e.g., $72,000), staff salaries ($180,000), equipment leases ($60,000), marketing ($36,000), and utilities/supplies ($72,000). This structure leaves a net profit of $180,000, translating to a strong 30% profit margin.
In contrast, less efficient centers may see margins closer to 10-15%. This lower profitability often stems from higher-than-average costs, such as commercial rent in prime locations, which can exceed $10,000 per month, or inefficient staff scheduling. Implementing cost-cutting measures for athletic recovery businesses is crucial to avoid these pitfalls.
Key Performance Indicators for Profitability
- Customer Lifetime Value (CLV): This metric represents the total revenue a business can expect from a single customer account over their relationship.
- Customer Acquisition Cost (CAC): This is the cost associated with convincing a potential customer to buy a product or service.
- A healthy CLV to CAC ratio is 3:1 or higher. For example, if the CAC is $150, the CLV should be at least $450 to ensure sustainable sports recovery business growth.
How Can Marketing Help an Athletic Recovery Business Make More Money?
Marketing directly increases revenue for an Athletic Recovery business by driving new client acquisition, increasing brand visibility, and promoting high-margin services. Effective sports recovery clinic marketing is a primary driver for maximizing athletic recovery profits. For 'Recovery Hub,' strategic marketing ensures consistent client flow and boosts the uptake of specialized services.
Key Marketing Strategies for Profit Growth
- Online Marketing: Targeted social media ad campaigns on platforms like Instagram and Facebook are highly effective. For example, a monthly ad spend of $1,500 can generate 20-30 new trial members for an athletic recovery business, potentially converting to over $2,000 in new monthly recurring revenue. This approach maximizes return on investment (ROI) by reaching the precise target audience.
- Content Marketing: Creating valuable content, such as blog posts on 'how to enhance athletic performance' or videos demonstrating recovery techniques, helps in attracting more clients to athletic recovery centers. Businesses that regularly blog receive 67% more leads than those that do not, building trust and authority in the athlete wellness business space. This establishes 'Recovery Hub' as a thought leader.
- Referral Programs: Implementing referral programs for sports recovery clinics is a low-cost, high-impact strategy. Offering a current member one free month of service (a value of approximately $150) for referring a new member who signs a 6-month contract (a value of approximately $900) provides a strong and immediate ROI. This leverages existing client satisfaction to drive sports recovery business growth organically. For further insights on client acquisition, refer to resources like athletic recovery KPIs.
By focusing on these actionable marketing strategies, an Athletic Recovery business can significantly increase athletic recovery revenue and ensure sustainable profitability athletic recovery over time. These methods ensure that every marketing dollar contributes directly to the bottom line, making the business more financially robust.
What Services Increase Profit in Athletic Recovery?
The most profitable services in an Athletic Recovery business are those with a high perceived value, low consumable costs, and strong potential for package or membership bundling. These services directly contribute to maximizing athletic recovery profits.
Key High-Profit Services
- Whole-body cryotherapy: Sessions can be priced between $60 and $100. The operational cost, primarily for liquid nitrogen, is around $5-$10 per session, yielding a gross profit margin often over 85% per use.
- IV vitamin drip therapy: This is another high-margin service. A single IV bag, including supplies and licensed practitioner time, may cost the business $30-$50 but can be sold to clients for $150-$250, generating a profit of $120-$200 per treatment.
- Infrared Saunas: These offer high demand with relatively low upkeep costs per session, contributing significantly to overall athletic recovery business profit.
Bundling these high-margin services into premium membership tiers is one of the best strategies to boost athletic recovery business income. For example, a 'Performance Plus' package, including one cryotherapy session and one IV drip per month in addition to standard services, can command a premium of $150+ over a basic membership, significantly increasing average revenue per user.
How Does Customer Retention Impact Athletic Recovery Profits?
Customer retention directly and significantly impacts athletic recovery profits by increasing customer lifetime value (CLV), reducing marketing costs for new acquisition, and creating a stable, predictable revenue base. For a business like Recovery Hub, retaining clients is more cost-effective than constantly seeking new ones.
Acquiring a new customer can cost five times more than retaining an existing one. By focusing on client retention strategies for athletic recovery services, a business can reallocate a significant portion of its marketing budget towards growth initiatives or directly to profit. This strategic shift enhances overall profitability athletic recovery centers aim for.
A loyal client's lifetime value is substantial. For example, a member paying $175/month who stays for 24 months has a CLV of $4,200. Improving the average retention from 12 months to 18 months increases the average CLV by $1,050 per member, directly boosting long-term profitability athletic recovery. This focus on CLV is critical for sustainable sports recovery business growth.
Key Benefits of High Customer Retention
- Reduced Customer Acquisition Cost (CAC): Less spending on ads and promotions to attract new clients.
- Increased Customer Lifetime Value (CLV): Existing clients generate more revenue over time.
- Stable Revenue Streams: Predictable monthly income from recurring memberships.
- Enhanced Word-of-Mouth Referrals: Satisfied clients become brand advocates.
High customer satisfaction in athletic recovery business leads to word-of-mouth referrals, the most effective form of marketing. Satisfied members are 77% more likely to recommend a brand. This organic growth reduces the Customer Acquisition Cost (CAC) and accelerates sports recovery business growth. For more insights on financial management, see resources like athletic recovery KPIs.
What Are Common Challenges In Athletic Recovery Business Growth?
Common challenges in athletic recovery business growth involve significant upfront capital for specialized equipment, the necessity of hiring and retaining highly skilled staff, and navigating a competitive market landscape. Overcoming these hurdles is crucial for any 'Recovery Hub' aiming to achieve sustainable profitability athletic recovery and expand its reach.
The initial capital investment presents a major barrier for new and expanding athletic recovery centers. For instance, a single whole-body cryotherapy chamber can cost between $40,000 and $60,000. A fully equipped 'Recovery Hub' offering diverse services might require an initial investment ranging from $250,000 to $500,000. This substantial expenditure directly impacts early-stage cash flow and the timeline for achieving maximizing athletic recovery profits. Understanding these capital requirements is essential for accurate financial planning, as detailed in resources like athletic recovery CAPEX guides.
Finding and retaining qualified, specialized staff is another significant challenge. An athletic recovery business needs professionals such as certified athletic trainers, licensed massage therapists, or registered nurses for services like IV drip therapy. Competitive salaries for these professionals typically range from $50,000 to $80,000 annually per individual. These compensation costs represent a substantial ongoing operational expense that must be meticulously managed to ensure the center's long-term athletic recovery business profit. High staff turnover can also disrupt service quality and client relationships, impacting customer satisfaction in athletic recovery business.
Differentiating an athletic recovery business in a crowded wellness market is a constant challenge. New ventures like 'Recovery Hub' face competition not only from other dedicated recovery centers but also from traditional gyms, physical therapy clinics, and even chiropractic offices that offer some overlapping services. A clear unique selling proposition (USP) is vital for attracting more clients to athletic recovery centers. This might involve focusing on a specific athlete demographic, such as endurance runners, or integrating proprietary recovery-tracking technology to offer personalized insights, thereby enhancing the performance recovery strategies provided.
Key Growth Obstacles for Athletic Recovery Businesses
- High Initial Capital Outlay: Specialized equipment like cryotherapy chambers or hyperbaric oxygen tanks demand substantial upfront investment, impacting early financial viability.
- Staffing Challenges: Recruiting and retaining certified athletic trainers, therapists, and medical professionals involves competitive salaries and ongoing training costs.
- Market Competition: Standing out requires a unique service proposition and effective sports recovery clinic marketing to differentiate from gyms, PT clinics, and other wellness providers.
How Does Customer Retention Impact Athletic Recovery Profits?
Customer retention directly and significantly impacts athletic recovery business profit by increasing customer lifetime value (CLV), reducing new customer acquisition costs, and creating a stable, predictable revenue base. For an Athletic Recovery business like Recovery Hub, focusing on retaining existing clients is a core strategy for maximizing athletic recovery profits. A loyal client base provides a consistent income stream, allowing the business to invest in growth and service enhancements.
Acquiring a new customer can cost five times more than retaining an existing one. This means that by prioritizing client retention strategies for athletic recovery services, a business can reallocate a significant portion of its marketing budget. Instead of spending heavily on attracting new leads, funds can be directed towards improving service quality, developing new offerings, or directly boosting profit margins. This efficiency is crucial for sustainable sports recovery business growth.
The lifetime value of a loyal client is substantial. For example, a member paying $175/month who stays with Recovery Hub for 24 months has a CLV of $4,200. Improving the average retention period from 12 months to 18 months increases the average CLV by $1,050 per member. This direct increase in per-customer revenue significantly boosts long-term profitability athletic recovery. Higher CLV means more revenue generated from the same customer base, leading to improved financial health.
High customer satisfaction in athletic recovery business leads to powerful word-of-mouth referrals, which are the most effective form of marketing. Satisfied members are 77% more likely to recommend a brand to others. This organic growth reduces the Customer Acquisition Cost (CAC) significantly. When clients refer new business, marketing expenses decrease, and the new customers often arrive with higher trust levels, accelerating sports recovery business growth and enhancing overall profit. Implementing structured referral programs can amplify this effect.
Key Strategies for Client Retention in Athletic Recovery
- Personalized Programs: Offer tailored recovery plans based on individual athlete needs and progress, tracked through technology. Recovery Hub's tech-driven approach supports this.
- Excellent Service: Ensure every interaction, from booking to post-session follow-up, is professional and supportive.
- Loyalty Programs: Implement tiered membership benefits, discounts for long-term commitments, or exclusive access to new services.
- Regular Communication: Send personalized emails with tips, progress updates, or special offers to keep clients engaged.
- Feedback Mechanisms: Actively solicit and act on client feedback to continuously improve services and address concerns promptly.
- Community Building: Foster a sense of community among clients through events, workshops, or online forums.
What Are Common Challenges In Athletic Recovery Business Growth?
Growing an athletic recovery business, like a 'Recovery Hub,' presents specific hurdles that entrepreneurs must navigate. These common challenges impact profitability and require strategic planning to overcome. Understanding these obstacles is the first step toward building a sustainable and successful venture in the sports wellness sector.
One significant barrier is the high initial capital investment for equipment. Advanced recovery modalities are costly. For instance, a single whole-body cryotherapy chamber can cost between $40,000 and $60,000. Equipping an entire center to provide comprehensive post-workout recovery services, as 'Recovery Hub' aims to do, can demand an initial investment ranging from $250,000 to $500,000. This substantial upfront expenditure directly impacts early-stage cash flow and the overall profitability athletic recovery businesses can achieve.
Staffing and Operational Costs
- Finding and retaining qualified, specialized, and certified staff is another critical challenge for sports recovery business growth. Professionals like certified athletic trainers, skilled massage therapists, or nurses for IV therapy are essential for providing high-quality performance recovery strategies.
- Competitive salaries, typically ranging from $50,000 to $80,000 annually per professional, represent a significant operational cost. Managing these expenses is crucial for maximizing athletic recovery profits and ensuring the business model athletic recovery centers adopt remains viable.
Differentiating the business in a crowded wellness market is a constant challenge for athletic recovery centers. The market includes traditional gyms, physical therapy clinics, and other athlete wellness business models. 'Recovery Hub' needs a clear unique selling proposition (USP) to attract more clients to athletic recovery centers. This might involve focusing on a niche, such as specific sports, or integrating proprietary recovery-tracking technology to stand out. Without effective sports recovery clinic marketing and a clear brand identity, expanding an athletic recovery business can be difficult, limiting potential for increased athletic recovery revenue.
How Can Diversifying Services Boost Revenue For An Athletic Recovery Business?
Diversifying revenue streams is a crucial strategy for any athletic recovery business profit, including Recovery Hub. This approach significantly boosts overall income by attracting a wider range of clients beyond core memberships, increasing the average transaction value per client, and establishing multiple non-membership-based income sources. It moves beyond a single income model to create a more resilient and profitable operation, directly addressing how to increase athletic recovery revenue and ensure sports recovery business growth.
One effective method to diversify is by adding retail products. Recovery Hub can offer branded apparel, high-quality foam rollers, essential supplements, and topical analgesics. This creates a new revenue stream with significant profit margins, often ranging from 30% to 50%. For instance, an athletic recovery center with 300 active members could realistically generate an additional $5,000 to $10,000 per month in retail sales. This enhances profitability athletic recovery by leveraging existing client traffic.
Specialized Workshops and Classes
- Introducing specialized workshops or paid classes offers a strong non-recurring revenue stream. These can focus on targeted topics like 'Mobility for Runners,' 'Nutrition for Peak Performance,' or 'Post-Workout Recovery Strategies.'
- Such offerings appeal to clients seeking specific knowledge or advanced techniques not covered in standard recovery sessions.
- Charging $50 per person for a 20-person workshop generates $1,000 in a single afternoon. This is a highly efficient way to increase athletic recovery revenue and maximize facility utilization.
- Workshops also serve as a marketing tool, attracting new clients interested in specific aspects of athlete wellness.
Expanding into corporate wellness packages provides a stable B2B revenue channel. Recovery Hub can partner with local businesses to offer discounted recovery sessions for their employees. For example, a package for 10 employees from a local company, offering monthly recovery sessions at a discounted rate of $1,200 per month, creates a stable income stream of $14,400 annually from a single partnership. This strategy helps in maximizing athletic recovery profits by tapping into a new client segment and ensuring consistent monthly income. It also builds strong community ties and referral opportunities, contributing to overall sports recovery business growth.
What Pricing Models Maximize Athletic Recovery Profits?
The most effective pricing models for an Athletic Recovery business like Recovery Hub combine recurring monthly memberships with flexible pay-per-service options and prepaid packages. This hybrid approach caters to diverse client needs, from frequent athletes to occasional users, thereby maximizing athletic recovery business profit. A foundational strategy involves tiered membership structures, which ensure predictable revenue streams.
Key Pricing Strategies for Maximizing Athletic Recovery Profits
- Tiered Membership Models: Implement a tiered system for predictable income and enhanced average revenue per member. For example, a 'Core' Tier might be priced at $129/month for unlimited basic services like sauna and compression therapy. An 'Elite' Tier, at $229/month, could add four premium services such as cryotherapy or red light therapy. This encourages members to upgrade, directly increasing athletic recovery revenue.
- Prepaid Class Packs/Service Bundles: Offer discounted packages to secure upfront cash flow and encourage repeat visits from non-members. An example could be 10 cryotherapy sessions for $500, representing a significant 20% discount compared to the per-session price of $62.50. This tactic is crucial for maximizing athletic recovery profits by converting one-time users into loyal clients.
- Dynamic Pricing for Off-Peak Hours: Utilize dynamic pricing to optimize facility utilization and generate incremental revenue during slower periods. Offering a 25% discount for services booked between 11 am and 3 pm on weekdays can fill otherwise empty slots. This smart approach to improving operational efficiency in athletic recovery ensures that resources are consistently generating income.
How Does Technology Integration in Athletic Recovery Improve Profitability?
Technology integration in athletic recovery for profit enhances operational efficiency, improves the customer experience to boost retention, and creates new data-driven revenue opportunities. This approach is crucial for maximizing athletic recovery profits and fostering sports recovery business growth.
Key Technological Integrations for Profitability
- Business Management Software: Implementing robust business management software, such as Mindbody or Zen Planner, automates critical administrative tasks. This includes booking, billing, and client communication. Automation can reduce administrative staff hours by up to 15-20%, directly lowering overhead and significantly improving operational efficiency in athletic recovery.
- Wearable Technology Integration: Integrating wearable tech, like WHOOP or Oura, enables the creation of personalized recovery plans for clients. Businesses can offer premium 'Data-Driven Coaching' add-ons for an extra $50-$100 per month. This high-margin, tech-enabled service involves a coach analyzing member data to optimize their recovery, contributing to increased athletic recovery revenue.
- Branded Mobile App Development: A proprietary branded mobile app significantly enhances client engagement and retention. Features such as easy class booking, progress tracking, and loyalty rewards directly improve customer satisfaction in athletic recovery business. Businesses utilizing a branded app often see a 30% increase in booking frequency compared to those without, directly impacting an athletic recovery business's profit.
Why Are Partnerships Key For Athletic Recovery Business Growth?
Partnership opportunities for athletic recovery businesses are essential for growth. They provide direct access to specific target demographics, build significant credibility, and create cost-effective marketing channels. These collaborations accelerate client acquisition, enhancing the overall profitability of an athletic recovery business like Recovery Hub.
Strategic Partnership Avenues for Client Acquisition
- Local Gyms and Fitness Studios: Partnering with local gyms, CrossFit boxes, and yoga studios allows for direct cross-promotion. Offering a free trial session to their members can be a powerful strategy for attracting more clients to athletic recovery centers. For instance, a partnership with a 500-member gym could generate 50+ new leads per month, directly boosting sports recovery business growth.
- Sports Teams and Leagues: Collaborating with high school, collegiate, or amateur sports teams can lead to lucrative team-wide contracts. A contract to provide weekly recovery services for a 20-person team at $1,000/month generates $12,000 in predictable annual revenue and provides immense brand exposure for the athlete wellness business.
- Healthcare Professionals: Aligning with physical therapists, chiropractors, and orthopedic surgeons creates a steady stream of referrals. This builds significant credibility for the athletic recovery service and taps into a client base actively seeking recovery solutions, significantly boosting sports recovery business growth and maximizing athletic recovery profits.
How Can Branding an Athletic Recovery Service Maximize Profit?
Branding an athletic recovery service like 'Recovery Hub' significantly boosts profitability by shaping public perception and fostering customer loyalty. A strong brand allows the business to command higher prices, attract a specific clientele, and benefit from organic growth through referrals. This strategy moves beyond simply offering services; it builds an identity that resonates with the target audience, transforming a commodity into a premium offering.
Effective branding directly impacts the bottom line. It creates a premium perception that justifies higher price points, often leading to margins 20-30% higher than non-branded competitors. For instance, a well-defined brand identity, from the logo and facility design to staff uniforms and communication tone, positions 'Recovery Hub' as a leader in advanced, tech-driven wellness. This strategic positioning supports pricing strategies for athletic recovery services that reflect superior value and results.
Key Ways Branding Maximizes Profit
- Premium Pricing: A strong brand allows for charging higher rates due to perceived higher quality and specialized services.
- Increased Loyalty: Loyal customers are 5 times more likely to repurchase and 4 times more likely to refer a friend, reducing customer acquisition costs.
- Targeted Attraction: Branding helps attract more clients to athletic recovery centers by clearly communicating value to specific niches, improving marketing conversion rates.
- Memorability & Referability: A distinct brand makes the business memorable, leading to increased word-of-mouth marketing and organic growth.
Effective branding tells a compelling story that resonates with a specific niche. For 'Recovery Hub,' this could be positioning as 'The Hub for Endurance Athletes' or 'The Pro's Choice for Recovery.' This targeted approach helps in attracting more clients to athletic recovery centers who identify with the brand's mission to enhance performance and prevent injuries. Such identification leads to higher conversion rates from marketing efforts and strengthens the business model of athletic recovery.
A well-regarded brand significantly increases customer loyalty and advocacy, directly contributing to maximizing athletic recovery profits. When clients feel a connection to the brand, they are more likely to return for post-workout recovery services and recommend them to others. This organic growth lowers customer acquisition costs over the long term, making marketing tips for sports recovery clinics more effective and ensuring sustainable sports recovery business growth. Ultimately, branding transforms the athletic recovery business from a service provider into a trusted partner in an athlete's fitness journey.