Despite the headwinds to top line growth we experienced during the quarter, we are committed to delivering the earnings per share and cash flow growth we provided at the beginning of the year.
Now let me provide some comments on the market and our performance in the first quarter. Our revenue grew 1% in constant currency -- some growth but short of our expectations. Non-GAAP operating margin was 38%, including 3 points of contribution from our IP transaction. Our non-GAAP earnings per share and cash flow from operations were up 16% and 10%, respectively in constant currency, both also improved by the IP transaction. We had new product sales decline in North America and EMEA, growth in APJ and continued strong momentum in Latin America. Growth economies continue to reward our investments.
Clearly, I'm not satisfied with the top line performance in the first quarter. Because of CA Technologies' highly ratable model, it is important for us to get a strong start and we didn't. We knew heading into the year that the renewal portfolio would be down. In fact, we shared this with you at Analyst Day last July and again in the Q4 fiscal 2012 earnings call.
We also highlighted that first quarter was a trough for the portfolio for the year, with the portfolio coming in approximately 40% lower year-over-year. To give you a sense of this portfolio dynamic, the number of large renewals worth more than $10 million that closed during the quarter was 1/2 that of last year, 4 compared to 8. As a result, the value of large contracts signed during the quarter decreased by approximately $200 million.Read the rest of this transcript for free on seekingalpha.com
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