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Reconciliation from GAAP revenues to non-GAAP constant currency revenues (in millions; unaudited):
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We continue to provide non-GAAP constant currency revenues and growth because they facilitate the comparison of current results to historic performance by excluding the effects of foreign currency movements, which are not indicative of our core operating results.
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Three Months Ended March 31, 2017 Three Months Ended March 31, 2017
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YoY
(using Q1'16's FX rates)
QoQ
(using Q4'16's FX rates)
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EMEA revenues (GAAP) (1) $8,091 $8,091
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Exclude foreign exchange impact on Q1'17 revenues using Q1'16 rates 444 N/A
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Exclude foreign exchange impact on Q1'17 revenues using Q4'16 rates N/A 177
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Exclude hedging impact recognized in Q1'17 (158) (158)
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EMEA constant currency revenues (non-GAAP) (1) $8,377 $8,110
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Prior period EMEA revenues, excluding hedging impact (non-GAAP) $7,011 $8,111
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EMEA revenue growth (GAAP) 13% -2%
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EMEA constant currency revenue growth (non-GAAP) 19% 0%
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APAC revenues (GAAP) $3,619 $3,619
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Exclude foreign exchange impact on Q1'17 revenues using Q1'16 rates (63) N/A
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Exclude foreign exchange impact on Q1'17 revenues using Q4'16 rates N/A 138
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Exclude hedging impact recognized in Q1'17 (59) (59)
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APAC constant currency revenues (non-GAAP) $3,497 $3,698
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Prior period APAC revenues, excluding hedging impact (non-GAAP) $2,772 $3,608
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APAC revenue growth (GAAP) 29% 0%
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APAC constant currency revenue growth (non-GAAP) 26% 2%
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Other Americas revenues (GAAP) $1,271 $1,271
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Exclude foreign exchange impact on Q1'17 revenues using Q1'16 rates (77) N/A
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Exclude foreign exchange impact on Q1'17 revenues using Q4'16 rates N/A (9)
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Exclude hedging impact recognized in Q1'17 0 0
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Other Americas constant currency revenues (non-GAAP) $1,194 $1,262
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Prior period Other Americas revenues, excluding hedging impact (non-GAAP) $924 $1,442
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Other Americas revenue growth (GAAP) 34% -12%
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Other Americas constant currency revenue growth (non-GAAP) 29% -12%
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United States revenues (GAAP) $11,769 $11,769
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United States revenue growth (GAAP) 25% -7%
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Revenues (GAAP) $24,750 $24,750
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Constant currency revenues (non-GAAP) $24,837 $24,839
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Prior period revenues, excluding hedging impact (non-GAAP) $20,088 $25,877
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Revenue growth (GAAP) 22% -5%
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Constant currency revenue growth (non-GAAP) 24% -4%
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(1) On a year-over-year basis, United Kingdom (UK) constant currency revenues were $2,186 million, calculated as GAAP revenues of $2,025 million less negative foreign exchange impact of $252 million and hedging gain of $91 million. On a quarter-over-quarter basis, UK constant currency revenues were $1,948 million, calculated as GAAP revenues of $2,025 million less negative foreign exchange impact of $14 million and hedging gain of $91 million. UK constant currency growth was 16% on a year-over-year basis and 1% on a quarter-over-quarter basis.
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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 we 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 impact recognized in the current quarter. Constant currency revenue growth (expressed as a percentage) is calculated by determining the increase in current quarter non-GAAP constant currency revenues over prior period revenues, excluding any hedging impact recognized in the prior period.