“So we're still going to drive operating expense growth throughout this -- throughout our journey.”

In context

“22 and '23, I feel pretty confident. Could you have some result that moves reserve releases between one year and another which skewed the actual year-over-year growth number a bit, you might, but I think the core earnings power will be there given the high revenue growth that Steve is going to talk about next. Stephen Squeri: Yes. But just to talk about the operating leverage for a second, too, because when you look at and Jeff mentioned that we had sort of the contract to operating expense with the venture gains this year. When you look at that, you will have operating expense leverage growth this particular year because you're looking at 18% to 20% revenue growth. And if you sort of normal -- even if you don't normalize it, you're going to have a much higher revenue growth and you will. So we're still going to drive operating expense growth throughout this -- throughout our journey. But let me talk to you about what gives me the confidence. And when I look at sort of what we've done over the last four years, where we are now and how we're exiting, what I would sum this up, is it's a combination of three things. It is the strategy that we put in place. It is the secular tailwinds that we have and the momentum. I'm going to start from the back and work my way forward. Look at the moment, I mean you've got 30% revenue growth in this particular quarter, you got 2.7 million cards that we acquired, you've got historically high billings growth. We haven't gotten into this, but we see travel bookings. When we looked at travel bookings in the fourth quarter, it was 24% up over '19. When we look at the first couple of weeks in January, we're 44% up over '19. So we have tremend”