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Reconciliation from GAAP revenues to non-GAAP constant currency revenues (in millions):
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Three Months Ended March 31, 2016 Three Months Ended March 31, 2016
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(using Q1'15's FX rates) (using Q4'15's FX rates)
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(unaudited)
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United Kingdom revenues (GAAP) $1,921 $1,921
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Exclude foreign exchange impact on Q1'16 revenues using Q1'15 rates 129 N/A
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Exclude foreign exchange impact on Q1'16 revenues using Q4'15 rates N/A 93
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Exclude hedging gains recognized in Q1'16 (42) (42)
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United Kingdom revenues excluding foreign exchange and hedging impact (Non-GAAP) $2,008 $1,972
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Rest of the world revenues (GAAP) $8,955 $8,955
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Exclude foreign exchange impact on Q1'16 revenues using Q1'15 rates 633 N/A
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Exclude foreign exchange impact on Q1'16 revenues using Q4'15 rates N/A 57
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Exclude hedging gains recognized in Q1'16 (127) (127)
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Rest of the world revenues excluding foreign exchange and hedging impact (Non-GAAP) $9,461 $8,885
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United States revenues (GAAP) $9,381 $9,381
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Constant currency revenues (Non-GAAP) $20,850 $20,238
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Prior period revenues, excluding hedging gains (Non-GAAP) $16,947 $20,997
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Constant currency revenue growth (Non-GAAP) 23% (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 and excluding any hedging gains recognized 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.