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    Steve Cole

    Research Analyst at Mangrove

    Steve Cole is an analyst at Mangrove, serving as a Vice President focused on equity research for the technology and internet sectors. He covers companies including Amazon, Meta Platforms, Shopify, and Sea Limited, and is recognized for providing actionable investment insights based on in-depth fundamental analysis. Cole began his finance career after graduating from a top-tier university, progressing from research associate roles at leading investment banks before joining Mangrove in 2021. He holds FINRA Series 7 and 63 licenses and is noted for consistently outperforming sector benchmarks, with a documented success rate above 65% on analyst rating platforms and several instances of top-quartile stock selection performance.

    Steve Cole's questions to BGSF (BGSF) leadership

    Steve Cole's questions to BGSF (BGSF) leadership • Q2 2025

    Question

    Inquired about the status and revenue contribution of exclusive client agreements, the competitive advantage of these agreements, the incremental margin on revenue above breakeven, and the breakdown of G&A costs related to office leases.

    Answer

    The strategic portfolio, including exclusive agreements, comprises roughly 11-15% of total revenue. The company's national footprint is a significant competitive advantage in securing these deals. They stated that about 35% of new revenue dollars should fall straight through to the bottom line due to operating leverage. They also clarified that office costs for the property management group are categorized under "selling costs," not corporate G&A.

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