2) Cloud Services and Subscriptions:
Cloud services and subscriptions revenues are from hosting arrangements where in connection with the licensing of software, the end user doesn’t take possession of the software, as well as from end-to-end fully outsourced business-to-business (B2B) integration solutions to our customers (collectively referred to as cloud arrangements). The software application resides on our hardware or that of a third party, and the customer accesses and uses the software on an as-needed basis via an identified line. Our cloud arrangements can be broadly categorized as "platform as a service" (PaaS), "software as a service" (SaaS), cloud subscriptions and managed services.
Cost of Cloud services and subscriptions revenues is comprised primarily of third party network usage fees, maintenance of in-house data hardware centers, technical support personnel-related costs, and some third party royalty costs.
Cloud services and subscriptions revenues increased by $78.8 million or 9.5% during the year ended June 30, 2019 as compared to the prior fiscal year; up 10.8% after factoring the impact of $10.8 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $61.6 million, an increase in EMEA of $14.7 million, and an increase in Asia Pacific of $2.6 million.
The number of Cloud services deals greater than $1.0 million that closed during Fiscal 2019 was 46 deals, consistent with that in Fiscal 2018.
Cost of Cloud services and subscriptions revenues increased by $19.8 million during the year ended June 30, 2019 as compared to the prior fiscal year, due to an increase in labour-related costs of approximately $19.1 million and an increase in third party network usage fees of $1.3 million. These were partially offset by a decrease in other miscellaneous costs of $0.6 million. The increase in labour-related costs was primarily due to increased headcount from recent acquisitions.
Overall, the gross margin percentage on Cloud services and subscriptions revenues increased to approximately 58% from approximately 56%.
For illustrative purposes only, had we accounted for revenues under proforma Topic 605, Cloud services and subscriptions revenues would have been $901.5 million for the year ended June 30, 2019, which would have been higher by approximately $72.5 million or 8.7% as compared to the prior fiscal year; and would have been up 10.1% after factoring the impact of $11.0 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to an increase in Americas of $56.4 million, and an increase in EMEA of $12.4 million and an increase in Asia Pacific of $3.7 million.
The $6.4 million difference between cloud service and subscription revenues recognized under Topic 606 and those proforma Topic 605 cloud services and subscriptions revenues described above is primarily the result of timing differences on professional services related to cloud contracts, where under Topic 605, revenues would have been deferred over the estimated life of the contract, but under Topic 606 these revenues are recognized as services are performed. For more details, see note 3 "Revenues" to our Consolidated Financial Statements.

Year Ended June 30,
(In thousands)
2019
Change increase (decrease)
2018
Change increase (decrease)
2017
Cloud Services and Subscriptions:
Americas
$616,776
$61,553
$555,223
$70,216
$485,007
EMEA
206,227
14,707
191,520
40,673
150,847
Asia Pacific
84,809
2,584
82,225
12,584
69,641
Total Cloud Services and Subscriptions Revenues
907,812
78,844
828,968
123,473
705,495
Cost of Cloud Services and Subscriptions Revenues
383,993
19,833
364,160
64,310
299,850
GAAP-based Cloud Services and Subscriptions Gross Profit
$523,819
$59,011
$464,808
$59,163
$405,645
GAAP-based Cloud Services and Subscriptions Gross Margin %
57.7%
56.1%
57.5%
% Cloud Services and Subscriptions Revenues by
Geography:
Americas
67.9%
67.0%
68.7%
EMEA
22.7%
23.1%
21.4%
Asia Pacific
9.4%
9.9%
9.9%


Question: Analyse this data from a financial earnings document. What is the average GAAP-based Cloud Services and Subscriptions Gross Margin %?
Choices:
19.7
235202.9
57.1
39.1
54.1
Correct choice index: 2