“On the marketing line, we invested $1.5 billion in the third quarter, on track with our expectation to spend over $5 billion in 2022.”

In context

“d basis points of difference when looking at revenue growth on an FX-adjusted basis versus our reported results. So, while we are leaving our full year reported revenue guidance at 23% to 25% for 2022, I would expect to be above that growth rate range on an FX-adjusted basis. Now, all this revenue momentum we just discussed has been driven by the investments we've made in our brand, value propositions, customers, colleagues, technology, and coverage and those investments show up across the expense lines you see on Slide 18. Starting with variable customer engagement costs, these costs, as you see on Slide 18, came in at 41% total revenues for the third quarter roughly in line with what I still expect variable customer engagement costs to run for the full year at around 42% total revenues. On the marketing line, we invested $1.5 billion in the third quarter, on track with our expectation to spend over $5 billion in 2022. We feel really good about the strong demand of card acquisitions, especially premium card acquisitions as we showed on Slide 15. And more importantly, we feel good about the spend, credit and revenue profiles of the customers we are bringing into American Express membership, which continue to look strong relative to what we saw pre-pandemic. Moving to the bottom of Slide 18 brings us to operating expenses, which were $3.3 billion in the third quarter, essentially flat to last quarter. As Steve and I have both discussed all year, these results reflect the impact inflation has had on our operating expenses, in addition to our investments in other key growth underpinnings to support our tremendous revenue growth. You can see, based off our third quarter results that we are tracking with our”