Based on management's expense guidance, there are at least 50% incremental margins on each additional dollar of base revenue, and performance fees offer additional outsized leverage.

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But the Seasiders lost just once in their remaining nine games as they came from nowhere to sneak into the last play-off spot - at Swansea's expense - on the final day of the season.

BBC: Stephen Dobbie eyes promotion repeat with Swansea City

The focus on expense management is a positive for Dell's bottom line but could also affect the top line, as it becomes its own best case study.

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