[WATCH] Stephen Colbert Takes Victory Lap When Donald Trump Insults Him

UPDATED with video: Donald Trump told Time reporters that Stephen Colbert is a “no-talent guy” who uses “filthy” language, and Colbert could not be happier.

“The President of the United States has personally come after me, and my show,” Colbert crowed on tonight’s Late Show.

“And there’s only one thing to say: Yay!”

In the Time magazine interview published Thursday, Trump said Colbert’s Late Show was “dying” and on the verge of cancellation, until Colbert hit on the idea of doing steady-stream Trump trash talk, “and he started doing better.”

The “filthy” reference is presumed to be about Colbert’s monologue last week, in which he made an oral-sex joke about POTUS and Russian ruler Vladimir Putin. Colbert had opened his Monday show last week with a string of insults directed at Trump, as payback for the insults Trump had tossed at CBS News’ John Dickerson during a televised interview that morning.

In the Time chat, Trump claimed his one appearance on Colbert’s program produced the Late Show with Stephen Colbert biggest audience to date, though it’s actually Colbert’s second biggest crowd, behind his debut with Jeb Bush guesting.

“Mr. Trump, there is a lot you don’t understand,” Colbert said as he began his victory lap. “But I never thought one of those things would be show business! Don’t you know, I have been trying for a year to get you to say my name!? And you were very restrained. Admirably restrained. But now, you did it. I won!”

Colbert acknowledged Trump is correct that he does “occasionally use adult language, and I do it in public, instead of the privacy of an Access Hollywood bus.” And, Trump is correct that making jokes at his expense has been good for Colbert’s ratings, the late-night host agreed, adding:

“Since all of my success is clearly based on talking about you, if you really want to take me down, there’s an obvious way.

“Resign.”