“We may wind up being at a steady state of 80-20.”

In context

“022, you guys can decide whether you believe that or not. But the numbers are the numbers. Operator: We'll once again go back to the line of Chris Donat with Piper Sandler. Please go ahead. Chris Donat: Hi, can you hear me this time? Stephen Squeri: We can, very clearly. Chris Donat: Okay. That's a good -- better thing I just wanted to ask around discount rate, if that factors in as one of the tailwinds you expect going forward as we think about the mix of your T&E businesses and the discount rates there and also with GNS and even online, do you pick up any tailwinds from expected mix shift in business with the recovery. Jeff Campbell: Probably not. I mean because goods and services are growing so dramatically. Our traditional mix of business was 70-30, 70% goods and services and 30% T&E. We may wind up being at a steady state of 80-20. And so obviously as T&E does come back, and we're at 82% of where we were in 2019, that's a positive to the overall discount rate but goods and services tends to be a little bit lower, but look, at the end of the day, we're driving discount revenue here. And that's what we're focused on. And so we're very happy with the goods and services growth, in particularly, the online and what I would point out is not only is online growing but offline is growing as well, and it's growing tremendously over 2020. But when you look at it over 2019, I mean even offline retail for us is up over 12%, so you've got a combination of online retail up 31% over '19 and you got offline up 12%. So we feel really good about how our card members are using the products. Operator: We'll go to the line of Bob Napoli”