During this call, non-GAAP financial measures will be discussed. Reconciliation to the most directly comparable GAAP financial measures are included in our earnings release, which was filed on Form 8-K earlier today, as well as in our supplemental earnings materials, all of which are available on our website at ca.com/invest.
Today's discussion will include forward-looking statements subject to risks and uncertainties, and actual results could differ materially from these forward-looking statements. Please refer to our SEC filings for a detailed discussion of potential risks. Please also note that our second quarter quiet period begins at the close of business on September 14, 2012.
Before I turn the call over, I'd like to highlight that for modeling purposes, our year-over-year currency headwind on revenue guidance is expected to be roughly 2.5 points for the full year. It is forecasted to peak at 4 points in our September quarter.
So with that, let me turn the call over to Bill.William E. McCracken Thanks, Kelsey, and good afternoon to everyone. Thank you for joining us. I'd like to start this afternoon by reviewing our first fiscal quarter and the drivers behind our updated guidance. I will discuss the challenges we faced, the progress we made and our execution-related initiatives. I'll then turn the call over to Rich for more detailed review of the financials and guidance before we open the call for questions. By now, I hope you've had a chance to read our press release. We are adjusting revenue guidance from 2% to 4% constant currency growth to 1% to 2%. This reflects both the slow start we had to the year and the macroeconomic environment. We increased our expectation for non-GAAP operating margin for the year to 36%. The 36% margin reflects the benefit from an IP transaction closed during the quarter, which provided an incremental $35 million operating income, as well as driving more profitability from the organic business. In addition, we updated our original outlook on non-GAAP earnings per share growth from 9% to 12% to 10% to 12% in constant currency. And we reaffirmed our outlook on cash flow growth of 4% to 6% in constant currency.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV