After the initial start-up costs of a freshman season, most shows don't spend heavily on new sets and locations.

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In investor jargon, it therefore has huge operating leverage: the initial start-up costs for hardware and software were high, but since break-even each new client's revenues have been almost pure profit.

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There are economic reasons why BABs underwriting fees may have started out high and then come down: underwriters took on risk with a new product and had to bear start-up costs and devote resources to educate investors for their initial offerings.

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