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During our prepared remarks, we will mention some non-GAAP measures. The corresponding GAAP measures are: Q2 2010 GAAP net income of $20 million, GAAP EPS of $0.06 and fiscal 2010 GAAP tax rate guidance of 33% to 36%. We may also provide projections to non-GAAP financial measures such as projected non-GAAP operating margin and so forth. The corresponding forward-looking GAAP financial measures are not available and cannot be provided without undue effort because we are unable to accurately forecast information regarding expenses or gains such as, but not limited to, those previously described. We believe that the corresponding GAAP financial measure is not likely to be significant to an understanding of our business because there is likely to be substantial variability between projected and actual realization of expenses and gains described above and/or that such expenses or gains are likely to arise outside of the ordinary course of business.We will also provide information regarding Novell's general product direction and roadmap. It's intended for information purposes only and may not be incorporated in any contract. It is not a commitment to deliver any material, code or functionality and should not be relied upon in making purchasing decisions. The development, release and timing of any features or functionality described for Novell's products remains at the sole discretion of Novell. Finally, please note that during today's call, we may make forward-looking statements. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on current management expectations and are subject to a number of risks and uncertainties including, but not limited to, factors described in our annual report on Form 10-K filed with the Securities and Exchange Commission on December 22, 2009, and in the press release we issued earlier today. Forward-looking statements do not reflect the occurrence of unplanned or unanticipated events and cannot take into account unforeseen circumstances. Actual results for future periods may differ from those projected. Any forward-looking information that we provide in this call represents our outlook as of today, May 27, 2010, and we do not undertake any obligation to update our forward-looking statements except as may be required by the law.
With that, we are ready for our CFO, Dana Russell.Dana Russell Well, thanks, Rob. Novell's second fiscal quarter 2010 results were released a short time ago. The company reported net revenue of $204 million. GAAP income from operations was $20 million. Non-GAAP income from operations was $30 million, and non-GAAP income was $24 million or $0.07 per share. Foreign currency exchange rates favorably impacted revenue by $2 million and negatively impacted operating expenses by $6 million and the income from operations by $4 million on a year-over-year basis. Overall results this quarter were in line with expectations, and non-GAAP operating margins were at the high end of our guidance. Despite recent events, which we believe had a negative impact on our business, especially in Identity and Security, we remain optimistic about our future. We feel good about the progress we've made in our Linux business and confident that our Identity and Security Management prospects remain favorable. Read the rest of this transcript for free on seekingalpha.com