37% EBITDA is in line with APPL (31%) and relatively low when you consider that APPL produces a ton of actual physical goods.

It seems that companies that go much above 35% start "investing" in stupid shit (FB hit 50% EBITDA margin in 2018 and then went nuts with Meta, dragging themselves back down to the 30s).

I'd say that these are rookie numbers and they could get that stuff to 50% or more (though some of it they wash into the venue and book on another part of the ledger).