“For adjusted operating margin, we expect fiscal year ‘24 to be 15.5% to 15.7%, a 10 basis point to 30 basis point expansion over adjusted fiscal ‘23 results.”

In context

“e of $15.85 billion to $16.45 billion. This assumes the impact of FX will be approximately positive 2.5%, compared to the first quarter of fiscal ‘23 and reflects an estimated negative 2% to positive 2% growth in local currency. For the full fiscal year ‘24, based upon how the rates have been trending over the last few weeks, we currently assume the impact of FX on our results in U.S. dollars will be flat compared to fiscal ‘23. For the full fiscal ‘24, we expect our revenue to be in the range of 2% to 5% growth in local currency over fiscal ‘23, which includes an inorganic contribution of about 2%. We expect business optimization actions to impact fiscal '24 GAAP operating margin by 70 basis points and EPS by $0.56. The following guidance for full-year fiscal 2024 excludes these impacts. For adjusted operating margin, we expect fiscal year ‘24 to be 15.5% to 15.7%, a 10 basis point to 30 basis point expansion over adjusted fiscal ‘23 results. We expect our annual adjusted effective tax rate to be in the range of 23.5% to 25.5%. This compares to an adjusted effective tax rate of 23.9% in fiscal ‘23. We expect our full-year adjusted earnings per share for fiscal '24 to be in the range of $11.97 to $12.32 or 3% to 6% growth over adjusted fiscal ‘23 results. For the full fiscal ‘24, we expect operating cash flow to be in the range of $9.3 billion to $9.9 billion, property and equipment additions to be approximately $600 million, and free cash flow to be in the range of $8.7 billion to $9.3 billion. Our free cash flow guidance reflects a free cash flow to net income ratio of 1.2. Finally, we expect to return at least $7.7 billion through dividends and share repurchases as we remain committed to returning a substantial portion of ou”