peter saleh joins us. great to have you with us.ing is the shortfall in the asia pacific comps, given the valuation would be predicated on this notion there is growth and tremendous growth in that region? >> i guess it's probably why the only holes to poke in this story for this quarter, but i will remind you that it is a 6% comp and it's all traffic driven. while it is below what is expected, it's still all traffic driven. it's not driven by price or check. it's transaction growth. i think a small hole to poke in the story. other than that, i thought it was a pretty fine result. >> i'm long the stock. i love the results. i do thing there are concerns, not just about valuation but the real estate costs, labor costs. are you worried about margins in the states? their real estate costs have gone sky high. labor is an issue for a company very fair to its labor. >> sure. definitely concerned about labor costs rising. we are seeing it across the entire space. lots of restaurants complaining about labor. what starbucks has been saying for