LSE postgrad intake statistics: small clarification

Hi all, every postgrad course profile on the LSE website shows the applicants/intake ratio. My question (probably a stupid one, but as a non-native English speaker I've had this doubt for a while): by "intake" they mean the number of people who actually enrolled, not the number of offers they gave, right?

If the course I'm interested in has an applicants/intake ratio of 300/50, that does not mean that I have a one-in-six chance of receiving an offer; rather, a one-in-six of receiving an offer, getting the grade they want and actually enrolling. Right? Based on the stats Cambridge provides generally the offer/intake ratio is around 2:1, so that'd almost double my hope of getting into the course I'm interest in. Thanks in advance!