Revenues, Cost of Revenues and Gross Margin by Product Type
1) License: Our license revenue can be broadly categorized as perpetual licenses, term licenses and subscription licenses, all of which are deployed on the customer’s premises (on-premise). Our license revenues are impacted by the strength of general economic and industry conditions, the competitive strength of our software products, and our acquisitions. Cost of license revenues consists primarily of royalties payable to third parties.
License revenues decreased by $9.4 million or 2.2% during the year ended June 30, 2019 as compared to the prior fiscal year; up 0.4% after factoring the impact of $11.2 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $8.2 million, offset by a decrease in Asia Pacific of $10.6 million and a decrease in EMEA of $7.0 million.
During Fiscal 2019, we closed 153 license deals greater than $0.5 million, of which 49 deals were greater than $1.0 million, contributing approximately $144.1 million of license revenues. This was compared to 140 deals greater than $0.5 million during Fiscal 2018, of which 58 deals were greater than $1.0 million, contributing $152.2 million of license revenues.
Cost of license revenues increased by $0.7 million during the year ended June 30, 2019 as compared to the prior fiscal year. The gross margin percentage on license revenues remained at approximately 97%.
For illustrative purposes only, had we accounted for revenues under proforma Topic 605, license revenues would have been $390.4 million for the year ended June 30, 2019, which would have been lower by approximately $47.1 million or 10.8% as compared to the prior fiscal year; and would have been lower by 8.4% after factoring the impact of $10.4 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to a decrease in Americas of $17.7 million, a decrease in EMEA of $15.7 million and a decrease in Asia Pacific of $13.7 million.
The $37.7 million difference between license revenues recognized under Topic 606 and those proforma Topic 605 license revenues described above is the result of timing differences, where under Topic 605, revenues would have been deferred and recognized over time, but under Topic 606 these revenues are recognized up front. For more details, see note 3 "Revenues" to our Consolidated Financial Statements.
Table:
 |  |  | Year Ended June 30, |  | 
(In thousands) | 2019 | Change increase (decrease)) | 2018 | Change increase (decrease) | 2017
License Revenues: |  |  |  |  | 
Americas | $215,871 | $8,216 | $207,655 | $29,257 | $178,398
EMEA | 163,622 | (7,009) | 170,631 | 23,788 | 146,843
Asia Pacific | 48,599 | (10,627) | 59,226 | 15,323 | 43,903
Total License Revenues | 428,092 | (9,420) | 437,512 | 68,368 | 369,144
Cost of License Revenues | 14,347 | 654 | 13,693 | 61 | 13,632
GAAP-based License Gross Profit | $413,745 | $(10,074) | $423,819 | $68,307 | $355,512
GAAP-based License Gross Margin % | 96.6% |  | 96.9% |  | 96.3%
% License Revenues by Geography: |  |  |  |  | 
Americas | 50.4% |  | 47.5% |  | 48.3%
EMEA | 38.2% |  | 39.0% |  | 39.8%
Asia Pacific | 11.4% |  | 13.5% |  | 11.9%


Question: For 2019. what is the Cost of License Revenues expressed as a percentage of GAAP-based License Gross Profit? 
Answer: 3.47
Calculation: 14,347/413,745