RE:RE:NGCOA numbers updated to end of Sept.In theory the business has a lot of operating leverage. (Last year was an exception, when operating leverage was negative, net of CERB, and the company had record cash flow on trough revenues.) Now I wonder to what extent wages and other operating costs will increase to offset higher prices for golf, equipment, and food sales. The portion of price increases which reflects inflation, rather than supply-demand balance, should be neutral as expenses follow lock step. Unit sales and hospitality earnings increases should be incrementally positive for the bottom line.