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Reconciliation from GAAP revenues to non-GAAP constant currency revenues (in millions):
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Three Months Ended June 30, 2015 Three Months Ended June 30, 2015
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(using Q2'14's FX rates) (using Q1'15's FX rates)
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(unaudited)
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United Kingdom revenues (GAAP) $1,678 $1,678
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Exclude foreign exchange impact on Q2'15 revenues using Q2'14 rates 167 N/A
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Exclude foreign exchange impact on Q2'15 revenues using Q1'15 rates N/A 30
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Exclude hedging gains recognized in Q2'15 (54) (54)
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United Kingdom revenues excluding foreign exchange and hedging impact (Non-GAAP) $1,791 $1,654
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Rest of the world revenues (GAAP) $8,001 $8,001
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Exclude foreign exchange impact on Q2'15 revenues using Q2'14 rates 1,407 N/A
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Exclude foreign exchange impact on Q2'15 revenues using Q1'15 rates N/A 292
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Exclude hedging gains recognized in Q2'15 (417) (417)
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Rest of the world revenues excluding foreign exchange and hedging impact (Non-GAAP) $8,991 $7,876
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United States revenues (GAAP) $8,048 $8,048
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Constant currency revenues (Non-GAAP) $18,830 $17,578
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Prior period revenues, excluding hedging gains (Non-GAAP) $15,949 $16,947
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Constant currency revenue growth (Non-GAAP) 18% 4%
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Non-GAAP constant currency revenues and growth. We define non-GAAP constant currency revenues as total revenues excluding the impact of foreign exchange rate movements and hedging activities, and use it to determine the constant currency revenue growth on year-on-year and quarter-on-quarter bases. Non-GAAP constant currency revenues are calculated by translating current quarter revenues using prior period exchange rates, as well as excluding any hedging gains realized in the current quarter. Constant currency revenue growth (expressed as a percentage) is calculated by determining the increase in current quarter revenues over prior period revenues, where current quarter international revenues are translated using prior period exchange rates and hedging benefits are excluded from revenues of both periods. We consider non-GAAP constant currency revenues and growth as useful metrics as they facilitate management's internal comparison to our historical performance because they exclude the effects of foreign currency volatility that are not indicative of our core operating results.