And numbers for passenger miles. Maybe passengers are not travelling as far now.
or maybe they are able to buy cheaper tickets because of more flexible time at work with hybrid working.
So while numbers are recovering, revenue isnt.
Less spent per person (due to hybrid working) but carrying the same number of km as before could actually mean a higher level of revenue. In that 2 days a week working may cost 65% of the cost of the annual equivalent, however if you've now got 8 people (8*65=520) using those part time tickets tickets rather than 5 (5*100=500) before using fully time tickets (assuming each are for the same journey length, which is obviously highly unlikely) your income has increased by 4% (520/500= 104%) even though you're passenger km's (8*2=16 Vs 5*5=25) have fallen by 36%.
However, the other side of the coin is if there's been a reduction in services (and therefore costs) you don't have to have the same revenue as there was before to cover all your costs.
It's complex, however the overall picture is likely to be, whilst we may not be at 100% of pre Covid levels of use or income there's ongoing growth compared to last year and likely ongoing growth compared to the last quarter. As such whilst there's ongoing growth there needs to be very careful monitoring when it comes to cuts and what impact that may have.
Therefore, ongoing growth compared to last year is essential at this time, growth compared to last quarter would be ideal - however isn't a disaster as long as it's fairly close as the annual rolling total would still improve compared to the end of the last quarter.
The ongoing strikes are an issue with regards to getting more rail use, whilst the government would like the unions to back down it maybe better economically for a bit of flex on both sides so things get sorted so we can see a clearer picture of actual rail use without the strikes impacting the numbers. There's certainly less of a strong argument for making cuts (that's not to rule out the need for some, nor does it mean that - where there's a reasonable plan, although so far most of the talk has been "we'd like to make changes" without providing clear details of what sort of changes are planned and costed - there shouldn't be changes to practices).
With hybrid working it's likely the overall picture may not change that much (i.e. a strike Monday and Tuesday, so go to the office Thursday and Friday), where it will make a difference is the reliability and so people using the service.
Although it should be noted that Hybrid working across much of the country is only even an option for 50% of the workforce (in London it's circa 70%, whilst the Southeast and the East are between the two), so no strikes would still see some improvements.