1
Reconciliation from GAAP revenues to non-GAAP constant currency revenues (in millions; unaudited):
2
3
Three Months Ended December 31, 2016 Three Months Ended December 31, 2016
4
(using Q4'15's FX rates) (using Q3'16's FX rates)
5
United Kingdom revenues (GAAP) $2,062 $2,062
6
Exclude foreign exchange impact on Q4'16 revenues using Q4'15 rates 349 N/A
7
Exclude foreign exchange impact on Q4'16 revenues using Q3'16 rates N/A 87
8
Exclude hedging gains recognized in Q4'16 (134) (134)
9
United Kingdom constant currency revenues (non-GAAP) $2,277 $2,015
10
Prior period United Kingdom revenues, excluding hedging gains (non-GAAP) $1,883 $1,806
11
United Kingdom revenue growth rate (GAAP) 7% 9%
12
United Kingdom constant currency revenues growth rate (non-GAAP) 21% 12%
13
14
15
Rest of the world revenues (GAAP) $11,286 $11,286
16
Exclude foreign exchange impact on Q4'16 revenues using Q4'15 rates (147) N/A
17
Exclude foreign exchange impact on Q4'16 revenues using Q3'16 rates N/A 132
18
Exclude hedging gains recognized in Q4'16 (53) (53)
19
Rest of the world constant currency revenues (non-GAAP) $11,086 $11,365
20
Prior period Rest of the world revenues, excluding hedging gains (non-GAAP) $8,821 $9,891
21
Rest of the world revenue growth rate (GAAP) 24% 14%
22
Rest of the world constant currency revenue growth rate (non-GAAP) 26% 15%
23
24
United States revenues (GAAP) $12,716 $12,716
25
United States revenue growth rate (GAAP) 24% 19%
26
27
Revenues (GAAP) $26,064 $26,064
28
Constant currency revenues (non-GAAP) $26,079 $26,096
29
Prior period revenues, excluding hedging gains (non-GAAP) $20,997 $22,346
30
Revenue growth rate (GAAP) 22% 16%
31
Constant currency revenue growth rate (non-GAAP) 24% 17%
32
33
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.