“While we expect bookings growth to begin to normalize, CRPO will continue to be materially impacted by the cumulative effect of the previous five quarters of measured sales performance.”

In context

“aining net operating losses. We expect an even greater cash tax headwind next fiscal year as we draw down our remaining tax credit carryforward. CapEx for the fiscal year is expected to be slightly below 2.5% of revenue. This results in free cash flow growth of approximately 24% to 25% for the fiscal year. Now to guidance for Q3. On revenue, we expect $8.7 billion to $8.72 billion growth of approximately 11% or 10% in constant currency. CRPO growth for Q3 is expected to be slightly above 11% year-over-year in nominal and slightly above 10% in constant currency. We continue to expect professional services headwinds of approximately one point to CRPO growth. As a reminder, Q3 is the first full quarter we lapped the measured buying environment that we first began to see in July of last year. While we expect bookings growth to begin to normalize, CRPO will continue to be materially impacted by the cumulative effect of the previous five quarters of measured sales performance. For Q3, we expect GAAP EPS of $1.02 to $1.03. And non-GAAP EPS of $2.05 to $2.06. And as we focus on shareholder return and disciplined capital allocation, we continue to expect to fully offset our stock-based compensation dilution through our share repurchases in fiscal year '24. In closing, I want to thank our shareholders for their continued support. As we laid out for you two quarters ago, we have radically accelerated our transformation to profitable growth. We've maintained our disciplined approach to cost management while continuing to make strategic investments, notably in our new data and AI capabilities. And finally, I hope you're able to attend Dreamforce whether in person or virtually, to hear the latest on the incredible AI innovation our team is delivering. As Marc said, it'”