Three Months Ended August 31,
(Dollars in millions) 2013 Actual Constant 2012
Software License Updates and Product
(1) Excluding stock-based compensation
(2) Included as a component of 'Amortization of Intangible Assets' in our
condensed consolidated statements of operations
Excluding the effect of unfavorable currency rate fluctuations of 1 percentage point, software license updates and product support revenues increased by 8% in the first quarter of fiscal 2014 as a result of new software licenses sold (with substantially all customers electing to purchase software support contracts) during the trailing 4-quarter period, the renewal of substantially all of the software support customer base eligible for renewal during the trailing 4-quarter period and incremental revenues from recent acquisitions. Excluding the effect of currency rate fluctuations, the
Americascontributed 56%, EMEA contributed 28% and Asia Pacificcontributed 16% to the increase in software license updates and product support revenues during the first quarter of fiscal 2014. As a result of our acquisitions, we recorded adjustments to reduce assumed software support obligations to their estimated fair values at the acquisition dates. Due to our application of business combination accounting rules, software license updates and product support revenues related to software support contracts in the amounts of $1 millionand $5 millionthat would have been otherwise recorded by our acquired businesses as independent entities were not recognized in the first quarters of fiscal 2014 and 2013, respectively. Historically, substantially all of our customers, including customers from acquired companies, renew their software support contracts when such contracts are eligible for renewal. To the extent these underlying support contracts are renewed, we will recognize the revenues for the full values of these contracts over the support periods, the substantial majority of which are one year in duration.