“As a result, for fiscal year '25, GAAP operating margin guidance is expected to be approximately 20%, representing 550 basis points of improvement year-over-year.”

In context

“currency. And we expect attrition to remain generally consistent at slightly above 8% for the full year. As a reminder, starting in fiscal '25, we include Slack invoice in the metric, which we expect to create a modest headwind. Now turning to profitability and cash flow. On margins, we continue to expect fiscal year '25 non-GAAP operating margin of 32.5%, representing a 200 basis point improvement year-over-year, following the significant increase last year. This incorporates intentional investments in targeted growth opportunities, notably AI, data and our core businesses. Stock based compensation is now expected to be just above 8% as a percent of revenue. The modest increase from our prior guidance is primarily a result of lower voluntary employee attrition in Q1 than in recent years. As a result, for fiscal year '25, GAAP operating margin guidance is expected to be approximately 20%, representing 550 basis points of improvement year-over-year. We expect fiscal year '25 GAAP diluted EPS of $6.04 to $6.12. Non-GAAP diluted EPS is expected to be $9.86 to $9.94. As a result of our continued margin expansion, we are delivering world class cash flow. And we continue to expect fiscal year '25 operating cash flow growth to be approximately 21% to 24% inclusive of cash tax payment headwinds. We also continue to expect CapEx for the fiscal year to be slightly below 2% of revenue. This results in free cash flow growth of approximately 23% to 26% for the fiscal year. Now to guidance for Q2. On revenue, we expect $9.2 billion to $9.25 billion, up 7% to 8% year-over-year in nominal and approximately 8% in constant currency. CRPO growth for Q2 is expected to be 9% year-over-year in nominal, including a $200 million FX headwind, resulting in 1”