Our Americas, EMEA, and CAP segments include both company-operated and licensed stores. Our Americas segment is our
most mature business and has achieved significant scale. Certain markets within our EMEA and CAP operations are still in the
early stages of development and require a more extensive support organization, relative to their current levels of revenue and
operating income, than our Americas operations. In certain markets within EMEA and CAP, occupancy costs and store
operating expenses can be higher than in the Americas segment due to higher rents for prime store locations or costs of
compliance with country-specific regulatory requirements. The Americas and EMEA segments also include certain foodservice
accounts, primarily in Canada and the UK. Our Americas segment also includes our La Boulange® retail stores.