“For the full year, we continue to expect to generate approximately $5 billion in free cash flow and to repurchase roughly $4 billion of our shares.”

In context

“9% growth in non-GAAP operating income to $1.6 billion. This is the highest growth in operating income that we have experienced in eight quarters. Non-GAAP operating margin reached 22.7%, expanding 201 basis points from the first quarter of 2022. In addition, we're pleased to be reported $1.17 in non-GAAP earnings per share for Q1, representing 33% growth year-over-year. We continue to be in a very strong position from a balance sheet and liquidity perspective, ending the quarter with cash, cash equivalents and investments of $15.3 billion. During the quarter, we generated $1 billion in free cash flow. Cash taxes related to the intra-group transfer of intellectual property reduced operating cash flow by approximately $430 million. And in Q1, we allocated $1.4 billion to share repurchases. For the full year, we continue to expect to generate approximately $5 billion in free cash flow and to repurchase roughly $4 billion of our shares. I'd now like to discuss our guidance for the second quarter and update our outlook for the full year. For the second quarter, we expect revenue to grow approximately 7.5% to 8% on a currency-neutral basis and 6.5% to 7% at spot. In addition, we expect non-GAAP earnings per share to be in the range of $1.15 to $1.17, representing growth of approximately 25% at the midpoint of the range. For the full year, given our earnings outperformance in the first quarter, we are raising our outlook. We now expect non-GAAP earnings per share to grow 20% to approximately $4.95, an increase of 2 points of growth from the guidance we shared in February. At the start of the year, we indicated that our framework for 18% non-GAAP EPS growth in 2023, contemplated revenue growth coming in as low as mid-single”