Despite an ongoing volatile macroeconomic environment, the updated FY 2022 guidance reflects an operational raise on ACV, revenue, diluted EPS and operating cash flows driven by the underlying strength of our business model and market position. Offsetting this outlook, persistent and meaningful U.S. Dollar strengthening in exchange rates continues to drive unprecedented headwinds. As a result, the guidance assumes additional incremental adverse impacts from currency, primarily driven by substantial weakening in the Euro and Japanese Yen.
As we mentioned in the previous quarter, the currency impacts are solely the result of externally driven events. The underlying foundation of our business remains strong, and we continue to see momentum. The chart below captures the drivers of the update to our last guidance provided in early May:
| (in millions, except per share data) | Mid-point of Guidance in May | Incremental Operational Performance | August mid-point of Guidance at May Exchange Rates | Currency Fluctuations from May to August Guidance | August mid-point of Guidance at Current Exchange Rates | ||||||||||
| ACV | $ | 1,990 | $ | 29 | $ | 2,019 | $ | (19 | ) | $ | 2,000 | ||||
| Revenue | $ | 2,035 | $ | 18 | $ | 2,053 | $ | (23 | ) | $ | 2,030 | ||||
| Diluted earnings per share | $ | 7.74 | $ | 0.07 | $ | 7.81 | $ | (0.12 | ) | $ | 7.69 | ||||
| Operating cash flows | $ | 590 | $ | 6 | $ | 596 | $ | (6 | ) | $ | 590 | ||||
Additionally, when compared to the 2021 currency rates, our full-year 2022 guidance is negatively impacted on ACV by approximately $100 million and on operating cash flow by approximately $35 million.
