| (in millions, except percentages) | Other Financial Metrics | ||||||
| ACV | $442.0 | - | $462.0 | ||||
| ACV Growth Rate | 2.7 % | - | 7.3 % | ||||
| ACV Growth Rate — Constant Currency | 8.7 % | - | 13.4 % | ||||
/ Fiscal Year 2022 Guidance
The Company currently expects the following for the fiscal year ending December 31, 2022:
| (in millions, except percentages and per share data) | GAAP | Non-GAAP | |||||||||||||
| Revenue | $1,997.6 | - | $2,057.6 | $2,005.0 | - | $2,065.0 | |||||||||
| Revenue Growth Rate | 4.8 % | - | 7.9 % | 3.8 % | - | 6.9 % | |||||||||
| Revenue Growth Rate — Constant Currency | 9.0 % | - | 12.2 % | 8.0 % | - | 11.1 % | |||||||||
| Diluted earnings per share | $5.00 | - | $5.54 | $7.53 | - | $7.94 | |||||||||
The difference between the GAAP and non-GAAP revenue guidance presented above is a result of the expected impact of the application of the fair value provisions applicable to the accounting for business combinations closed prior to 2022 in the amount of $7.4 million for the fiscal year ending December 31, 2022.
Despite the challenging geopolitical environment, the updated FY 2022 guidance reflects an operational raise. We have fully absorbed the removal of Russia and Belarus from our outlook for the remainder of the year and increased our operational outlook on ACV, revenue, diluted EPS and operating cash flows.
Offsetting this strong outlook, meaningful U.S. Dollar strengthening in exchange rates has created unprecedented headwinds for us. As a result, the guidance also assumes incremental adverse impacts from currency, primarily driven by substantial fluctuations in the Euro and Japanese Yen exchange rates.
The impacts of sanctions and currency are solely the result of macroeconomic events. The underlying foundation of our business remains strong and we continue to see momentum. The below chart captures the drivers of the update to our guidance initiated in February:
| (in millions, except per share data) | Mid-point of Guidance in February | Incremental Operational Performance | Reduction due to Russia and Belarus Sanctions | May mid-point of Guidance at February Exchange Rates | Currency Fluctuations | May mid-point of Guidance at Current Exchange Rates | |||||||||||||
| ACV | $ 2,020 | $35 | ($18) | $ 2,037 | ($47) | $ 1,990 | |||||||||||||
| Revenue | $ 2,075 | $20 | ($15) | $ 2,080 | ($45) | $ 2,035 | |||||||||||||
| Diluted earnings per share | $ 7.87 | $0.25* | ($0.14) | $ 7.98 | ($0.24) | $ 7.74 | |||||||||||||
| Operating cash flows | $ 600 | $20 | ($12) | $ 608 | ($18) | $ 590 | |||||||||||||
