In addition, our comments will cover certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to GAAP, and may be different from non-GAAP measures used by other companies. We believe that this presentation of certain non-GAAP measures facilitates investors' understanding of our historical operating trends with useful insight into our profitability, exclusive of unusual adjustments. Our Form 8-K filed today with the SEC and available from our website, manh.com, contains important disclosures about our use of non-GAAP measures. In addition, our earnings release filed with the Form 8-K reconciles our non-GAAP measures to the most directly comparable GAAP measures.Now I'll turn the call over to Pete. Peter F. Sinisgalli Thanks, Dennis. I'll start the call with an overview of our performance in the first quarter. Dennis will follow with details of our financial results. I'll return to cover operating activities for the quarter and then we'll be happy to answer your questions. I'm very pleased with our first quarter results. All of our financial and non-financial metrics were strong for the quarter. License revenue doubled off a weak Q1 of 2011. Total revenue was a new record for us, both for the first quarter and for any quarter in our history and was up 28% over last year. Adjusted EPS for the first quarter was $0.60, up 46% versus the prior year. We closed 5 $1 million plus license deals in the quarter, 3 with new customers and 2 with existing customers. One of the large deals was in Europe and 4 were in the United States. The Europe deal and 2 of the U.S. deals were led by our Warehouse Management solution. It was nice to see this quarter that the other 2 large U.S. deals were led by our transportation solution. In one of the 2 transportation deals, we beat Oracle head-to-head for a new customer. And in the other, we'll be replacing JDA's Manugistics product at an existing Manhattan customer.
On a deal count basis, our overall competitive win rate in the quarter continued to be very strong at 3 out of 4 against our major competitors. Importantly, at the dollar value of the deals, one in loss is estimated, the proportion of total deal value we won as percent of the total value of all deals is considerably higher than the 3 and 4 deals won metric as our losses tend to be on the small deals.Our Services businesses are strong, customer satisfaction is good, implementations of our solutions continue to go well and we're excited about our next release of our software solutions. Overall, we're performing well. I'll provide more color on this following Dennis' review of our financial results. Dennis? Dennis B. Story Thanks, Pete. I'm going to cover our Q1 2012 non-GAAP results and GAAP EPS performance, and then I'll review our updated 2012 full year guidance. As Pete noted, a solid start to 2012, posting $91.5 million in total revenue, the highest quarterly result in our company's history, besting our previous record of $90.5 million in Q2 2008. Total revenue increased 28% over Q1 2011, as license revenue doubled against the weak comp, and Services posted 25% revenue growth. On a regional basis, Americas grew total revenue, 22%; EMEA, 49%; and APAC, 84%, over Q1 last year. Adjusted earnings per share for the quarter was $0.60, increasing 46% over prior year fueled by revenue growth. On an apples-to-apples basis, our Q1 2012 EPS grew 69%. We arrived at 69% growth by reducing the Q1 2012 result by $0.06 and reducing the Q1 2011 result by $0.09. Our Q1 2012 EPS result includes a $2 million, or $0.06 of EPS benefit, from recognition of previously deferred services revenue from a large services engagement, as we successfully completed our contract delivery requirements in Q1. As a reminder, our Q1 2011 adjusted EPS result benefited from a nonrecurring $0.09 India income tax benefit. Read the rest of this transcript for free on seekingalpha.com