Taking currency translation into account, we expect non-GAAP earnings-per-share of $1.37 to $1.47, a year-over-year decrease of 3% to 9%. We expect our non-GAAP operating margin for 2015 to be approximately 27%, free cash flow to be between $90 million and $93 million and the non-GAAP effective tax rate of between 33% and 34%. Beyond the foreign currency translation there are several factors impacting our 2015 non-GAAP earnings per share guidance that I would like to review. In addition to the positive business and strategic attributes that Phil mentioned previously regarding BravePoint and Telerik, both acquisitions will be accretive net of financing cost on a full-year basis. These acquisitions will be slightly dilutive in the 1st Quarter due primarily to seasonality and also as we continue to work through our integration plans. We expect they will be neutral to slightly accretive in the 2nd Quarter and accretive in the 3rd and 4th quarters. Also the impact on the DCI business unit related to ratable revenue recognition from DataDirect Cloud that I mentioned previously is expected to negatively impact our 2015 operating income by approximately $3 million and our EPS by approximately $0.04.
Lastly, excluding the currency translation impact in the BravePoint and Telerik acquisitions, we expect our operating expenses to increase by approximately 5% to 6% on a constant currency basis over 2014 levels. This increase is primarily related to normal year over year inflation related increases along with lower 2014 variable compensation expense due to not achieving the financial targets set based on our pay-for-performance compensation philosophy and investments we are making in our app dev business unit to drive our growth strategy, including a full year of Modulus expenses.
Also consistent with our previous guidance approach because we have no specific commitments or timing for completing the remaining $47 million on our current share repurchase authorization, our earnings per share guidance does not reflect the impact of any share repurchases in FY 2015. The impact of any share repurchases would have minimal impact on the earnings per share in the quarter in which they occur, but we will provide updates each quarter on any repurchase activity and its impact on future earnings per share. For our fiscal 1st quarter in 2015, we expect revenue to be between $93 million and $96 million, a year over year increase of 25% to 29%. Our expectation is that our base business excluding the BravePoint and Telerik acquisitions will grow by 2% to 4% in the 1st Quarter at constant currency.
Our guidance for the 1st Quarter is also based on current exchange rates, which have declined by approximately 10% versus the average rates for the 1st Quarter of 2014 and impact on revenue outlook by approximately $3 million to $4 million. We expect non-GAAP earnings per share of between $0.22 and $0.24 for the 1st Quarter, excluding the impact of currency translation and the acquisition of BravePoint and Telerik, our EPS guidance for Q-1 is flat to a decrease of $0.02, compared to Q-1 2014 due to further prudent investments in our growth strategy. The acquisitions of BravePoint and Telerik net of financing costs will be slightly dilutive in the 1st Quarter due to seasonality and integration activities and the currency translation impact, which is expected to be approximately $0.02 in Q-1.
Since I have covered a lot of information in our financial guidance, I would like to summarize some of the key takeaways. With approximately 55% of our revenues outside of North America, the recent significant strengthening of the US dollar has a significant impact on our 2015 financial outlook and based on current currency rates, the negative full-year translation impact is approximately $17 million to $18 million on our revenue guidance and $0.10 to $0.11 on our earnings per share guidance. We had positive momentum in all three of our business units and expect full year growth in revenues of 6% to 7% on a constant currency basis prior to any impact from our 2014 acquisitions. We are confident that our acquisitions of BravePoint and Telerik will be accretive in 2015, and will positively contribute to our OpenEdge and app dev strategy and growth objectives. And last, we expect to continue to generate strong free cash flow with our business outlook at $90 million to $93 million in 2015.
In conclusion, we are pleased with our Q-4 financial results and remain confident in our strategy and products. As Phil stated in his comments, we exit 2014 with great momentum and intense focus and we are excited to execute on our opportunities in 2015 and beyond. With that, I’d like to hand it off to Brian for Q&A.
Brian Flanagan, Senior Director Investor Relations
Thank you, Chris. That concludes our formal remarks for today. I would now like to open up the call to your questions. I ask that you keep your remarks to your primary question and one follow-up. I will now hand over to the operator to conduct the Q&A session.
