“As we said last quarter, stock-based compensation is still expected to be approximately 8.4% as a percent of revenue.”

In context

“ency. A few reminders on our revenue guide. On FX, our revenue guidance continues to incorporate a $100 million FX headwind year-over-year or a 30 basis-point impact. We continue to expect our professional services business to be a headwind to revenue growth. And as we shared last quarter, our guidance incorporates deceleration in our license revenue growth in the back half of this year. On attrition, we expect attrition to remain consistent at slightly above 8% for the full year. Now turning to profitability and cash flow. On margins, we are pleased to raise our fiscal year '25 non-GAAP operating margin guidance to 32.9%, representing a 240 basis point improvement year-over-year. This incorporates intentional investments in growth opportunities, most notably in Agentforce and Data Cloud. As we said last quarter, stock-based compensation is still expected to be approximately 8.4% as a percent of revenue. For fiscal year '25, GAAP operating margin guidance continues to be slightly below 20%, representing 540 basis points of improvement year-over-year. We expect fiscal year '25 GAAP diluted EPS of $6.15 to $6.20. Non-GAAP diluted EPS is expected to be $9.98 to $10.03. We are raising our fiscal year '25 operating cash flow growth to approximately 24% to 26%, inclusive of cash tax headwinds. And we continue to expect CapEx for the fiscal year to be slightly below 2% of revenue. This now results in free cash flow growth of approximately 26% to 28% for the fiscal year. Now to guidance for Q4. On revenue, we expect $9.9 billion to $10.1 billion, up 7% to 9% year-over-year in nominal and constant currency. cRPO growth for Q4 is expected to be approximately 9% year-over-year in nominal, including”