products, marketing program costs, and amortization of intangible assets.

 

Fiscal 2012 Compared to Fiscal 2011:     Excluding the effect of foreign currency rate fluctuations, total new software license revenues increased by 8% in fiscal 2012 due to growth across all major regions and product types and due to incremental revenues from our acquisitions. On a constant currency basis, the Americas contributed 63%, EMEA contributed 13% and Asia Pacific contributed 24% to our new software license revenues growth during fiscal 2012.

In constant currency, database and middleware revenues and applications revenues increased by 6% and 14%, respectively, in fiscal 2012 primarily due to growth resulting from improved customer demand for our products, our sales force’s execution and incremental revenues from our acquisitions. The growth rates of our new software license revenues for fiscal 2012 were affected by the high growth rates that we experienced in fiscal 2011 against which our fiscal 2012 revenues were compared. In reported currency, products from our recent acquisitions contributed $63 million to the growth in our database and middleware revenues and $254 million to the growth in our applications revenues during fiscal 2012.

As a result of our acquisitions, we recorded adjustments to reduce assumed cloud software subscription obligations to their estimated fair values at the acquisition dates. Due to our application of business combination accounting rules, cloud software subscription revenues in the amount of $22 million that would have been otherwise recorded by our acquired businesses as independent entities were not recognized in fiscal 2012. To the extent underlying cloud software subscription contracts are renewed with us following an acquisition, we will recognize the revenues for the full value of the cloud software subscription contracts over the contract periods.

In reported currency, new software license revenues earned from transactions of $3 million or greater increased by 4% in fiscal 2012 and represented 27% of our new software license revenues in fiscal 2012 in comparison to 28% in fiscal 2011.

Excluding the effect of currency rate fluctuations, our total new software license expenses increased in fiscal 2012 primarily due to higher employee related expenses from increased headcount.

Excluding the effect of unfavorable foreign currency rate fluctuations, new software license margin increased due to the increase in revenues, and new software license margin as a percentage of revenues was flat as our revenues increased at the same rate as our operating expenses.

Fiscal 2011 Compared to Fiscal 2010:     Excluding the effect of favorable foreign currency rate fluctuations, total new software license revenues increased by 19% in fiscal 2011 due to growth across all major regions and product types and incremental revenues from our acquisitions. On a constant currency basis, the Americas contributed 63%, EMEA contributed 21% and Asia Pacific contributed 16% to our new software license revenues growth during fiscal 2011.

In constant currency, database and middleware revenues and applications revenues increased by 19% and 20%,