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.

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