“We expect 100 to 125 basis points of headwind from M&A.”

In context

“fiscal '23 revenue guidance reflects a year-over-year headwind of approximately $300 million from FX. For Q1, we expect to deliver CRPO growth of approximately 21%. This includes roughly 5 points of growth from Slack. We expect Q1 GAAP EPS of negative $0.05 to negative $0.04 and non-GAAP EPS of $0.93 to $0.94. For the full year, we expect GAAP EPS of $0.46 to $0.48 and non-GAAP EPS guidance of $4.62 to $4.64. As a reminder, please keep in mind that our other income and expense, or OEI guidance incorporates the impact from debt raised for Slack. Please also recall that our OIE and EPS guidance assumes no contribution from mark-to-market accounting. We are also reiterating our fiscal '23 non-GAAP operating margin guidance of 20%, representing an expansion of 130 basis points year-over-year. We expect 100 to 125 basis points of headwind from M&A. This disciplined approach will drive another year of strong cash flow generation. We are initiating fiscal '23 operating cash flow guidance of approximately 21% to 22% year-over-year. We do not expect an OCF headwind from Slack for the full year. In addition, our guidance currently assumes a 3-point headwind from cash taxes associated with tax law changes requiring the capitalization of certain R&D costs. As we continue to scale our operations, I am particularly pleased with our CapEx guide for this year. We expect CapEx to be approximately 2% of revenue in fiscal '23, which is an all-time low for the business. This results in anticipated free cash flow growth of approximately 25% to 26% for the fiscal year. To close, we believe that our portfolio of differentiated and relevant technology”