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 | $ | 2,032.6 | - | $ | 2,102.6 | $ | 2,040.0 | - | $ | 2,110.0 | |||||
| Revenue Growth Rate | 6.6% - 10.3% | 5.6% - 9.2% | |||||||||||||
| Revenue Growth Rate — Constant Currency | 8.5% - 12.2% | 7.4% - 11.1% | |||||||||||||
| Diluted earnings per share | $ | 5.13 | - | $ | 5.74 | $ | 7.64 | - | $ | 8.10 | |||||
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 in the amount of $7.4 million for the fiscal year ending December 31, 2022.
| (in millions, except percentages) | Other Financial Metrics | |||||||
| ACV | $ | 1,990.0 | - | $ | 2,050.0 | |||
| ACV Growth Rate | 6.4% - 9.6% | |||||||
| ACV Growth Rate — Constant Currency | 8.3% - 11.5% | |||||||
| Operating cash flows* | $ | 580.0 | - | $ | 620.0 | |||
| *Operating cash flows guidance above includes additional income tax cash outflows related to timing impacts of research and experimental expenditure capitalization, effective January 1, 2022, of | ($60.0) - ($80.0) | |||||||
*Section 174 of the Internal Revenue Code was amended by the Tax Cuts and Jobs Act of 2017 to require research and experimental (R&E) expenditures to be capitalized and amortized starting in tax years on or after January 1, 2022. The requirement to capitalize the R&E expenditure results in a timing impact of cash flow by deferring the majority of the annual deduction to future periods. This has no bearing on our ability to operationally generate cash flow.
