SAP SE (SAP) 2017 Q4 法說會逐字稿

Good day, and welcome to the SAP Fourth Quarter and Full Year 2017 Results Teleconference. Today's conference is being recorded. And at this time, I'd like to turn the conference over to Stefan Gruber. Please go ahead, sir.

美好的一天，歡迎參加 SAP 2017 年第四季度和全年業績電話會議。今天的會議正在錄製中。此時，我想將會議轉交給 Stefan Gruber。請繼續，先生。

Thank you. Good morning or good afternoon, and this is Stefan Gruber, Head of Investor Relations. Thank you for joining to discuss our results for the fourth quarter and full year 2017. I'm joined by our CEO, Bill McDermott; and Luka Mucic, our CFO, will both make opening remarks on the call today. Also joining us for Q&A are board members, Rob Enslin, who runs Cloud Business Group; and Bernd Leukert, who leads Product and Innovation.

謝謝。早上好或下午好，我是投資者關係主管 Stefan Gruber。感謝您加入討論我們 2017 年第四季度和全年的業績。我們的首席執行官 Bill McDermott 也加入了我的行列；我們的首席財務官 Luka Mucic 都將在今天的電話會議上發表開場白。加入我們進行問答的還有董事會成員 Rob Enslin，他負責管理 Cloud Business Group；和負責產品和創新的 Bernd Leukert。

Before we get started, as usual, I want to say a few words about forward-looking statements and our use of non-IFRS financial measures. Any statements made during this call that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, outlook and will and similar expressions as they relate to SAP are intended to identify such forward-looking statements.

在我們開始之前，像往常一樣，我想就前瞻性陳述和我們使用非 IFRS 財務措施說幾句話。在本次電話會議期間作出的任何非歷史事實的陳述均為 1995 年美國私人證券訴訟改革法案所定義的前瞻性陳述。諸如預期、相信、估計、預期、預測、打算、可能、計劃、項目等詞語， predict、should、outlook 和 will 以及與 SAP 相關的類似表述旨在識別此類前瞻性陳述。

SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the Securities and Exchange Commission, the SEC, including SAP's annual report on Form 20-F for 2016 filed with the SEC on February 28, 2017. Participants are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

SAP 不承擔公開更新或修改任何前瞻性陳述的義務。所有前瞻性陳述都受到各種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期存在重大差異。可能影響 SAP 未來財務業績的因素在 SAP 向美國證券交易委員會 (SEC) 提交的文件中進行了更全面的討論，包括 SAP 於 2017 年 2 月 28 日向美國證券交易委員會提交的 2016 年 20-F 表格年度報告。請參與者註意不要過分依賴這些前瞻性陳述，這些陳述僅代表截至日期。

In addition, on our Investor Relations website, you can find our quarterly statement and a financial summary slide deck, which are intended to supplement our prepared remarks today and include a reconciliation from our non-IFRS numbers to IFRS numbers. You can also find an educational video explaining the impact of IFRS 15 on our 2018 outlook. Unless otherwise noted, all financial numbers referred to on this conference call are non-IFRS, and growth rates are non-IFRS constant currency. The non-IFRS financial measures we provide should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with IFRS.

此外，在我們的投資者關係網站上，您可以找到我們的季度報表和財務摘要幻燈片，它們旨在補充我們今天準備好的評論，並包括我們的非 IFRS 數據與 IFRS 數據的對賬。您還可以找到解釋 IFRS 15 對我們 2018 年展望的影響的教育視頻。除非另有說明，否則本次電話會議中提及的所有財務數據均為非 IFRS，增長率均為非 IFRS 固定貨幣。我們提供的非 IFRS 財務指標不應被視為替代或優於根據 IFRS 編制的財務業績指標。

And before I hand over to our CEO, Bill McDermott, let me state that we are excited to welcome you back to our annual Capital Markets Day to be held at our Hudson Yards office in New York City on March 6 for more detail about the innovation growth drivers behind our 2020 ambitions. With that, I'd like to turn things over to Bill.

在我向我們的首席執行官 Bill McDermott 交接之前，讓我聲明，我們很高興歡迎您回到我們的年度資本市場日，該日將於 3 月 6 日在我們位於紐約市的 Hudson Yards 辦公室舉行，以了解有關創新的更多詳細信息我們 2020 年雄心壯志背後的增長動力。有了這個，我想把事情交給比爾。

Thank you very much, Stefan, and hello, everyone. I appreciate you joining us today, which incidentally marks the anniversary of my ninth year as CEO of SAP and, therefore, I could not be prouder to share some comments about our past, our present and, of course, our exciting future.

非常感謝 Stefan，大家好。非常感謝你今天加入我們，這恰好是我擔任 SAP 首席執行官的第九個週年紀念日，因此，我非常自豪地分享一些關於我們的過去、現在，當然還有我們激動人心的未來的評論。

Back in 2010, we set bold ambitions for SAP. We focused on our customers to be a truly global business software market leader. We set out to reinvent the database industry. Forrester has now defined the new market for translytical data platforms and, of course, they ranked SAP HANA as the clear #1. We led the market with intelligent ERP, built on an in-memory architecture. Today, we have 7,900 SAP S/4HANA customers, representing 46% year-on-year growth. We acquired the best assets to help customers' innovative scale. SAP SuccessFactors, SAP Ariba, SAP Fieldglass, SAP Hybris and SAP Concur are all thriving with soaring customer adoption.

早在 2010 年，我們就為 SAP 設定了大膽的目標。我們專注於我們的客戶，成為真正的全球商業軟件市場領導者。我們著手重塑數據庫行業。 Forrester 現在定義了傳輸數據平台的新市場，當然，他們將 SAP HANA 列為第一名。我們憑藉基於內存架構的智能 ERP 引領市場。如今，我們擁有 7,900 家 SAP S/4HANA 客戶，同比增長 46%。我們收購了最好的資產來幫助客戶創新規模。 SAP SuccessFactors、SAP Ariba、SAP Fieldglass、SAP Hybris 和 SAP Concur 都隨著客戶採用率的飆升而蓬勃發展。

The proof is clear. SAP converts acquisitions into fast organic growth stories on a global basis. We know how to do this well. So therefore, there's a clear prognosis for CallidusCloud, which we'll discuss shortly. Overall, we've focused on a purposeful vision: winning strategy, customer success and profitable growth. Since 2009, SAP has doubled or tripled our customers, revenues, profits and market value. We have consistently met all guidance metrics even after multiple raises. Such was the case in 2017. We made big promises, and those promises have been kept. This company is firing on all cylinders.

證據很清楚。 SAP 在全球範圍內將收購轉化為快速的有機增長故事。我們知道如何做好這件事。因此，CallidusCloud 有一個明確的預後，我們將在稍後討論。總的來說，我們專注於一個有目的的願景：制勝戰略、客戶成功和盈利增長。自 2009 年以來，SAP 的客戶、收入、利潤和市場價值翻了一番或三倍。即使在多次加薪之後，我們也始終如一地滿足所有指導指標。 2017 年就是這種情況。我們做出了很大的承諾，並且這些承諾得到了兌現。這家公司正在全力以赴。

Our 2017 results were the latest in this record run. True to my word, new cloud bookings surged 31% in Q4 and 30% for the full year. Cloud subscriptions and support backlog soared 38%, hitting EUR 7.5 billion. We have a EUR 4 billion-plus cloud business growing faster than most so-called best-of-breed stand-alone cloud companies. New cloud and software license order entry was up 17%. And even though we don't guide on it, it's important to note that software licenses grew 2% for the full year, which also exceeded expectations while competitors consistently declined most of the time in double digits. SAP is still the only company in the business software industry at scale to deliver both fast cloud growth and license growth.

我們 2017 年的業績是此次創紀錄的最新業績。正如我所說，新的雲預訂在第四季度激增了 31%，全年激增了 30%。雲訂閱和支持積壓飆升 38%，達到 75 億歐元。我們擁有超過 40 億歐元的雲業務，其增長速度超過大多數所謂的同類最佳獨立雲公司。新的雲和軟件許可訂單條目增長了 17%。儘管我們沒有對此提供指導，但值得注意的是，全年軟件許可增長了 2%，這也超出了預期，而競爭對手大部分時間都以兩位數的速度持續下降。 SAP 仍然是商業軟件行業中唯一一家大規模實現雲快速增長和許可證增長的公司。

With EPS up strongly, plus 14%, this was a stellar profitable growth performance. It also, once again, represents a trifecta of cloud, software and operating income growth. On top of an outstanding 2017, we're moving forward with great confidence. We now target approximately EUR 25 billion in total revenue in 2018, including continued fast growth of around 30% in the cloud even at larger scale. 2018 will also mark 2 key milestones for SAP. Cloud revenue is expected to overtake license revenue for the first time. We expect margins to commence on an upward path, and Luka will explain the 2018 guidance in full detail shortly.

隨著每股收益強勁增長 14%，這是一個出色的盈利增長表現。它還再次代表了雲、軟件和營業收入增長的三重奏。除了出色的 2017 年，我們正滿懷信心地向前邁進。我們現在的目標是在 2018 年實現約 250 億歐元的總收入，其中包括在雲計算領域繼續快速增長約 30%，即使在更大規模的情況下也是如此。 2018 年還將標誌著 SAP 的兩個關鍵里程碑。雲收入有望首次超過許可收入。我們預計利潤率將開始上升，Luka 將很快詳細解釋 2018 年的指導方針。

Looking further into the future, we confidently reiterate our 2020 ambitions. Even in the face of currency headwinds, we expect cloud to grow at, again, 30% compounded annual growth rate and more than double by 2020. We also expect operating profit expansion to accelerate throughout all the way through 2020 and beyond.

展望未來，我們自信地重申我們 2020 年的目標。即使面對匯率逆風，我們預計到 2020 年雲業務仍將以 30% 的複合年增長率增長一倍以上。我們還預計營業利潤增長將在 2020 年及以後一直加速。

SAP has strong growth drivers powering this momentum. And remember, it's not those individual pieces that make SAP unique in the industry. In the proudest tradition of our business suite, it is the completeness of SAP innovation that makes us a global powerhouse. For example, The Emirates Group selected SAP in a competitive evaluation to support their complete digital transformation. SAP will provide an integrated, multi-cloud ERP solution for finance with SAP S/4HANA, extended by SAP's cloud platform. We'll enable a modern HR approach with SAP SuccessFactors. We'll help transform procurement with SAP Ariba. And we will simplify the lives of employees with their travel and expense using SAP Concur. This is the power of SAP.

SAP 擁有強大的增長動力來推動這一勢頭。請記住，使 SAP 在行業中獨樹一幟的並不是這些單獨的產品。在我們業務套件最引以為豪的傳統中，正是 SAP 創新的完整性使我們成為全球強國。例如，阿聯酋航空集團在競爭性評估中選擇了 SAP 來支持他們完成數字化轉型。 SAP 將通過 SAP S/4HANA 為財務提供集成的多雲 ERP 解決方案，並由 SAP 的雲平台進行擴展。我們將通過 SAP SuccessFactors 啟用現代人力資源方法。我們將藉助 SAP Ariba 幫助實現採購轉型。我們將使用 SAP Concur 簡化員工的差旅和費用生活。這就是 SAP 的力量。

Vital. The suite is in. Major brands around the world are validating this complete cloud innovation strategy. Standard Chartered, a British multinational bank and financial services company, also chose multiple SAP solutions. Unilever, PUMA and Phillips 66 are some of the many companies selecting S/4HANA, which again grew new cloud bookings in triple digits in Q4. Robert Bosch, Deutsche Telekom, they're both transforming their front office with SAP Hybris solutions. Beiersdorf, Foxconn, Akzo Nobel are the latest to choose SAP SuccessFactors, with 47% year on growth in customers for Employee Central. This business now has major momentum. Ford Motor and Coca-Cola chose SAP Ariba to make procurement awesome. UBS chose SAP Fieldglass to address its multichanneled workforce. Vodafone and Barclays selected Concur in Q4 to give their employees the perfect trip. End-to-end, demand chain to supply chain, back office to front office, SAP is delivering the most complete cloud in the enterprise.

必不可少的。該套件已推出。世界各地的主要品牌都在驗證這一完整的雲創新戰略。英國跨國銀行和金融服務公司渣打銀行也選擇了多個 SAP 解決方案。聯合利華、PUMA 和 Phillips 66 是眾多選擇 S/4HANA 的公司中的一部分，它們在第四季度再次以三位數的速度增長了新的雲預訂量。德國電信的 Robert Bosch，他們都在使用 SAP Hybris 解決方案改造他們的前台。 Beiersdorf、Foxconn、Akzo Nobel 是最新選擇 SAP SuccessFactors 的公司，Employee Central 的客戶年增長率為 47%。這項業務現在勢頭強勁。 Ford Motor 和 Coca-Cola 選擇 SAP Ariba 讓採購變得很棒。 UBS 選擇 SAP Fieldglass 來解決其多渠道員工隊伍的問題。 Vodafone 和 Barclays 在第四季度選擇了 Concur，為其員工提供完美的旅行。從端到端、需求鏈到供應鏈、後台到前台，SAP 正在為企業提供最完整的雲服務。

So that's where we're at now. What's the future looking like? Even as we win today's markets, SAP is always looking around corners to future growth. The data centricity, intelligent computing, digital commerce, business networks, these are the market-making opportunities ahead for SAP. The SAP HANA data management suite will continue to reshape the architecture of enterprise computing. Even as customers move to the cloud, many are unable to maximize the value of data coming from endless sources. With full use, SAP HANA, SAP HANA Vora, SAP Data Hub, we will give customers the tools to truly monetize enterprise data.

這就是我們現在所處的位置。未來是什麼樣的？即使我們贏得了今天的市場，SAP 也始終著眼於未來的增長。以數據為中心、智能計算、數字商務、商業網絡，這些都是SAP未來的做市機會。 SAP HANA 數據管理套件將繼續重塑企業計算的架構。即使客戶遷移到雲端，許多人也無法最大化來自無窮無盡的數據的價值。通過充分利用 SAP HANA、SAP HANA Vora、SAP Data Hub，我們將為客戶提供真正將企業數據貨幣化的工具。

SAP Leonardo is leading the invention of business next practices. When you consider the influence of technological breakthroughs, it will not be a single technology that changes how businesses run. AI, machine learning, Internet of Things, blockchain, all of these technologies will work together as businesses go digital. And only SAP offers this holistic approach from design thinking to industry domain expertise, all in a global footprint.

SAP Leonardo 正在引領商業下一代實踐的發明。當您考慮技術突破的影響時，改變企業運營方式的不會是單一技術。人工智能、機器學習、物聯網、區塊鏈，隨著企業走向數字化，所有這些技術都將協同工作。只有 SAP 提供這種從設計思維到行業領域專業知識的整體方法，所有這些都在全球範圍內進行。

A customer who wants to build a prototype, show proof of concept and rapidly scale innovation, we offer SAP Leonardo together with the SAP Cloud Platform. For example, the San Francisco 49ers in the United States will use Leonardo machine learning and SAP analytics together. This will deliver season ticket renewal pattern insights to improve the fan experience. A world-leading food company will use SAP Leonardo to detect off brand, counterfeit baby formula in China's marketplace. This food company wants to build an intelligent solution that can scale fast with less risk. That's why they turned to SAP.

對於想要構建原型、展示概念證明和快速擴展創新的客戶，我們提供 SAP Leonardo 和 SAP Cloud Platform。例如，美國的舊金山 49 人隊將同時使用萊昂納多機器學習和 SAP 分析。這將提供季票更新模式的見解，以改善球迷體驗。一家世界領先的食品公司將使用 SAP Leonardo 來檢測中國市場上的品牌假冒嬰兒配方奶粉。這家食品公司希望構建一個可以快速擴展並降低風險的智能解決方案。這就是他們轉向 SAP 的原因。

With new additions like Gigya and CallidusCloud, SAP has taken decisive action to reinvent the front office. Under the leadership of Carsten Thoma, SAP Hybris remains the market leader in omni-channel e-commerce. I congratulate him for his many contributions to SAP. Now one of our very best, Alex Atzberger, who did a great job running Ariba, will do an amazing job as his successor.

借助 Gigya 和 CallidusCloud 等新增功能，SAP 已採取果斷行動重塑前台。在 Carsten Thoma 的領導下，SAP Hybris 仍然是全渠道電子商務的市場領導者。我祝賀他為 SAP 做出的許多貢獻。現在，我們最優秀的人之一亞歷克斯·阿茨伯格 (Alex Atzberger) 曾出色地管理 Ariba，他將作為他的繼任者做出出色的工作。

The acquisition of Gigya and the age of data privacy means that SAP will own the digital consumer record, the epicenter of the customer experience. Now with the planned acquisition of CallidusCloud, which we announced earlier today, we will own the lead-to-cash congregation in the market. SAP will fuse our commerce solutions and S/4HANA fulfillment engine with CallidusCloud's market-leading sales solutions. Together, we will deliver the most complete end-to-end cloud-based offering in the market. CallidusCloud is already a very fast-growing company. But together with SAP's global scale, like its predecessors, CallidusCloud will grow even faster. Count on it.

收購 Gigya 和數據隱私時代意味著 SAP 將擁有數字消費者記錄，這是客戶體驗的中心。現在，隨著我們今天早些時候宣布的對 CallidusCloud 的收購計劃，我們將擁有市場上的領先現金會眾。 SAP 將把我們的商務解決方案和 S/4HANA 履行引擎與 CallidusCloud 市場領先的銷售解決方案相結合。我們將共同提供市場上最完整的基於雲的端到端產品。 CallidusCloud 已經是一家發展非常迅速的公司。但與 SAP 的全球規模一起，CallidusCloud 將像其前身一樣增長得更快。指望它。

Business Networks is another breakout opportunity. That is only just beginning. Today, SAP owns the spend management categories in the enterprise: direct, indirect materials, contingent labor, travel and expenses. In the near future, SAP will build transformational new business models on top of the USD 1 trillion in commerce that runs through these networks. We choose to think of this not only as SAP's network, we intend to make this the network of networks, the business world's marketplace.

商業網絡是另一個突破性的機會。那才剛剛開始。如今，SAP 擁有企業中的支出管理類別：直接、間接材料、臨時工、差旅和費用。在不久的將來，SAP 將在通過這些網絡運行的 1 萬億美元商業的基礎上構建轉型新的商業模式。我們選擇不僅將其視為 SAP 的網絡，我們還打算將其打造為網絡中的網絡、商業世界的市場。

The uniqueness of SAP's global innovation agenda has not gone unnoticed. Just in the past few days, Presidents Macron and Trump, Prime Ministers Modi Trudeau and Netanyahu have all reemphasized their trust in SAP. In these countries, we're investing to shape a new generation of digital entrepreneurs. We will use our Digital Boardroom technology to give leaders a real-time dashboard to measure outcomes from policy decisions, and their citizens will have full visibility. We aspire to use SAP HANA to look beneath the surface of the world's healthcare systems to the individual genome for personalized medicine. Bottom line, only SAP can help governments perform like best-run businesses.

SAP 全球創新議程的獨特性並沒有被忽視。就在這幾天，馬克龍總統和特朗普總統，莫迪特魯多總理和內塔尼亞胡總理都再次強調了對SAP的信任。在這些國家，我們正在投資塑造新一代的數字企業家。我們將使用我們的 Digital Boardroom 技術為領導者提供一個實時儀表板來衡量政策決策的結果，他們的公民將擁有全面的可見性。我們渴望使用 SAP HANA 深入了解世界醫療保健系統的表象，以了解個性化醫療的個體基因組。歸根結底，只有 SAP 才能幫助政府實現最佳運營。

We're also focused on solving the world's most significant challenges because SAP is a purpose-driven innovator. Yes, this is in fact a major, major factor in our inspired global workforce. We have soaring employee engagement scores, and we won 300 awards last year for employee satisfaction. It is also business imperative for the SAP ecosystem. Organizations driven by purpose outperform the market 15:1. The days of measuring success purely on financial basis alone are over. SAP will stay the market leader because we help the world run better and improve people's lives.

我們還專注於解決世界上最重大的挑戰，因為 SAP 是一個目標驅動的創新者。是的，這實際上是我們鼓舞人心的全球員工隊伍中的一個主要因素。我們的員工敬業度得分飆升，去年我們贏得了 300 個員工滿意度獎項。這也是 SAP 生態系統的業務需求。目標驅動的組織以 15:1 的比例跑贏市場。僅以財務為基礎衡量成功的日子已經結束。 SAP 將保持市場領先地位，因為我們幫助世界運轉得更好，改善人們的生活。

In closing, we believe this is not a time for measured ambitions. In a world filled with anxiety about automation, SAP will lead a new economy, where intelligent machines enable augmented humanity. SAP will bridge universities, business and governments to initiate a new workforce with the digital skills to win. SAP will come to the table on the global stage to help restore trust, which, of course, is the ultimate human currency. We will do this with the nearly 90,000 of the finest professionals in the history of the IT industry. I thank them for their enormous dedication to SAP by focusing on keeping our customers for life. Through their passion, we're a humble company that stands united to fight like an underdog. We also stand on the shoulders of giants, which is why we put nothing above our core values, integrity, curiosity, diversity and purpose-driven innovation.

最後，我們認為現在不是雄心勃勃的時候。在一個對自動化充滿焦慮的世界裡，SAP 將引領新經濟，智能機器可以增強人類的能力。 SAP 將在大學、企業和政府之間架起橋樑，培養一支具備數字技能的新員工隊伍，從而贏得勝利。 SAP 將登上全球舞台，幫助恢復信任，當然，信任是最終的人力資本。我們將與 IT 行業歷史上近 90,000 名最優秀的專業人員一起做到這一點。我感謝他們通過專注於留住我們的客戶來為 SAP 做出巨大貢獻。通過他們的熱情，我們是一家謙遜的公司，團結一致像失敗者一樣戰鬥。我們也站在巨人的肩膀上，這就是為什麼我們的核心價值觀、誠信、好奇心、多樣性和以目標為導向的創新。

I'd like to thank all the stakeholders that are on the call today for believing in our company. And I can assure you here today, the best is unquestionably yet to come because now, as ever, the best run SAP.

我要感謝今天參加電話會議的所有利益相關者對我們公司的信任。我今天可以在這裡向你們保證，最好的無疑還沒有到來，因為現在，和以往一樣，最好的運行 SAP。

I'd like to turn the call over to our Chief Financial Officer, Luka Mucic. Luka, over to you

我想把電話轉給我們的首席財務官 Luka Mucic。盧卡，交給你

Yes, thank you very much, Bill. Hello, everybody. From my side, looking at our results, it's clear that we again delivered on our financial targets. And we now consistently either met or exceeded our financial targets ever since we announced our midterm ambition 3 years ago. In fact, we have hit all guidance metrics even where in some cases those metrics were raised multiple times during the year. SAP once again showed impressive resilience and global breadth to successfully navigate the evolving economic and political environment.

是的，非常感謝你，比爾。大家好。從我的角度來看，從我們的結果來看，很明顯我們再次實現了我們的財務目標。自從我們 3 年前宣布中期目標以來，我們現在始終達到或超過我們的財務目標。事實上，我們已經達到了所有指導指標，即使在某些情況下這些指標在一年中被多次提高。 SAP 再次展現出令人印象深刻的韌性和全球影響力，成功駕馭不斷變化的經濟和政治環境。

I wanted to start by talking about some financial and nonfinancial highlights for the year. First, for 2017, our overall strong business performance led to an even more predictable business, now at 63% share of revenue, on track towards 70% to 75% share in 2020. We had another strong year in terms of EPS and operating cash flow. EPS grew by double digits, and cash flow exceeded EUR 5 billion for the first time ever. Our employees are clearly excited to work for SAP. Our employee engagement score remained extremely high at 85%. By investing in professional development, our overall retention rate improved to 94.6%. Also in 2017, we reduced greenhouse gas emissions to 325 kilotons, already achieving the goal we set for 2020 to reduce our emissions to our 2,000 level 3 years ahead of schedule. Our total revenue hit the high end of the guidance range even though we raised it twice throughout 2017.

我想首先談談今年的一些財務和非財務亮點。首先，對於 2017 年，我們整體強勁的業務表現使業務更加可預測，目前佔收入的 63%，有望在 2020 年達到 70% 至 75%。我們在每股收益和經營現金方面又是一個強勁的一年流動。每股收益實現兩位數增長，現金流首次超過 50 億歐元。我們的員工顯然很高興為 SAP 工作。我們的員工敬業度得分保持在 85% 的極高水平。通過投資專業發展，我們的整體保留率提高到 94.6%。同樣在 2017 年，我們將溫室氣體排放量減少到 325 千噸，已經提前 3 年實現了我們為 2020 年設定的將排放量減少到 2,000 噸的目標。我們的總收入達到了指導範圍的高端，儘管我們在整個 2017 年將其提高了兩次。

As Bill mentioned, we kept our promise. New cloud bookings, our key metric for new business in the cloud, exceeded 30% growth in Q4. Our cloud backlog search is also, said already by Bill, up 38% to EUR 7.5 billion. These are really impressive results on top of very strong prior year growth for both of these metrics. Cloud revenue was up 28% in 2017, achieving our target. Even with fast growth in the cloud, our software revenue grew again. This now marks the third straight year of beating our own software revenue expectations, reflecting the strength of the underlying S/4HANA generational upgrade cycle.

正如比爾所說，我們信守諾言。新的雲預訂是我們衡量雲中新業務的關鍵指標，在第四季度增長超過 30%。比爾已經說過，我們的雲積壓搜索也增長了 38%，達到 75 億歐元。在這兩個指標的前一年增長非常強勁的基礎上，這些結果確實令人印象深刻。 2017 年雲收入增長了 28%，實現了我們的目標。即使在雲計算快速增長的情況下，我們的軟件收入也再次增長。現在，這標誌著連續第三年超過我們自己的軟件收入預期，反映出基礎 S/4HANA 世代升級週期的實力。

In total, SAP's core software and support business combined is rock solid, growing mid-single digits in 2017, significantly outperforming the competition, as Bill already mentioned. This unique combination of fast-growing cloud and solid momentum in the core, power cloud and software revenue to 8% growth, delivering on our raised outlook for the full year. SAP is clearly growing at superior rates and without any contribution of large acquisitions in 2017. And the future looks even more promising, as our combined cloud and software order entry grew even higher, up 17%.

總的來說，SAP 的核心軟件和支持業務組合堅如磐石，在 2017 年實現了中等個位數的增長，明顯優於競爭對手，正如 Bill 已經提到的那樣。這種快速增長的雲計算與核心業務強勁勢頭的獨特結合，推動雲計算和軟件收入增長 8%，實現了我們上調的全年展望。 SAP 在 2017 年顯然以驚人的速度增長，並且沒有任何大型收購的貢獻。而且未來看起來更加有希望，因為我們的雲和軟件訂單輸入組合增長更高，增長了 17%。

So let me spend a few words on the regional results for the full year. We had a solid performance in the EMEA region, with cloud and software revenue increasing 7%. Cloud revenue was strong and grew by 48%, with an especially strong year in Germany, Russia and Spain. In addition, we had strong double-digit software revenue growth in the Netherlands and Russia. Germany also had solid growth in software revenue.

因此，讓我就全年的區域結果說幾句話。我們在歐洲、中東和非洲地區表現穩健，雲和軟件收入增長了 7%。雲收入強勁，增長了 48%，尤其是在德國、俄羅斯和西班牙。此外，我們在荷蘭和俄羅斯的軟件收入實現了強勁的兩位數增長。德國的軟件收入也有穩健增長。

We had solid growth in the Americas region as well. Cloud and software revenue grew by 6%, cloud revenue increased by 18%. In cloud revenue, Brazil and the U.S. had solid performances, while Argentina and Canada grew double digits in software revenue. The U.S., important to note, also had solid growth in software revenue. In the APJ region, we had a truly strong performance in both cloud and software revenue and cloud revenue. Cloud and software revenue was up 12%, cloud revenue grew by 47%. Japan and Australia had strong cloud revenue growth and solid double-digit growth in software revenue. Greater China was also a highlight, with double-digit growth.

我們在美洲地區也取得了穩健的增長。雲和軟件收入增長 6%，雲收入增長 18%。在雲收入方面，巴西和美國表現穩健，而阿根廷和加拿大的軟件收入增長了兩位數。值得注意的是，美國的軟件收入也實現了穩健增長。在 APJ 地區，我們在雲和軟件收入以及雲收入方面都取得了真正強勁的表現。雲和軟件收入增長了 12%，雲收入增長了 47%。日本和澳大利亞的雲收入增長強勁，軟件收入實現兩位數的穩定增長。大中華區也是一大亮點，實現了兩位數的增長。

Now to profitability. And given the material currency headwinds, I will talk to constant currency gross margins and operating margins. Our fast-growing cloud business, the revenue mix shift, obviously, impacted our year-over-year cloud and software margin, that is by 70 basis points in Q4. However, we were able to limit the overall decline to only 50 basis points. Our Business Network margin and our private cloud margin increased to both year-over-year and sequentially. Our Business Network margin was up 2 percentage points year-over-year to 77.3%. Our private cloud margin was up 8 percentage points year-over-year to 8.2%.

現在要盈利了。考慮到重大貨幣逆風，我將談談不變的貨幣毛利率和營業利潤率。我們快速增長的雲業務，收入組合的轉變，顯然影響了我們同比的雲和軟件利潤率，在第四季度下降了 70 個基點。然而，我們能夠將整體跌幅限制在 50 個基點以內。我們的業務網絡利潤率和私有云利潤率同比和環比都有所增長。我們的業務網絡利潤率同比增長 2 個百分點至 77.3%。我們的私有云利潤率同比增長 8 個百分點至 8.2%。

For our public cloud, or SaaS/PaaS business, we continued to harmonize our data landscape towards a highly standardized converged cloud platform, as we have discussed on previous calls. These investments, however, began to stabilize in 2017. We are confident this trend will continue in 2018, especially since almost half of our SuccessFactors customers have already migrated to HANA, and by the end of the second quarter, we expect 80% of our SuccessFactors customers to be migrated to HANA. Therefore, as you can see from the sequential development of our public cloud margin in 2017, the year-over-year decline steadily improved. While we saw a decline of 4 percentage points for the full year, in Q4, the margin was only down 2 percentage points year-over-year. The same can be said about our overall cloud margin. While we saw a decline of 2 percentage points for the full year, in Q4, the margin was only down 1 percentage point year-over-year. We actually improved our cloud margin sequentially from Q3 to Q4. This helped initiate the operating margin turnaround in Q4 as well, setting us up for expansion in 2018.

對於我們的公共雲或 SaaS/PaaS 業務，正如我們在之前的電話會議上討論的那樣，我們繼續將我們的數據環境協調到一個高度標準化的融合雲平台。然而，這些投資在 2017 年開始趨於穩定。我們相信這一趨勢將在 2018 年繼續，特別是因為我們幾乎一半的 SuccessFactors 客戶已經遷移到 HANA，並且到第二季度末，我們預計我們 80% 的客戶要遷移到 HANA 的 SuccessFactors 客戶。因此，從我們 2017 年公有云利潤率的連續發展可以看出，同比下降穩步改善。雖然我們看到全年下降了 4 個百分點，但在第四季度，利潤率同比僅下降了 2 個百分點。我們的整體雲利潤率也是如此。雖然我們看到全年下降了 2 個百分點，但在第四季度，利潤率同比僅下降了 1 個百分點。我們實際上從第三季度到第四季度連續提高了我們的雲利潤率。這也有助於啟動第四季度的營業利潤率轉變，為我們在 2018 年的擴張做好準備。

Now let me switch to our services margin, where we grew by 5 percentage points year-over-year. This was driven by the continued efficiency gains from our One service initiative as well as the solid top line performance and the reduction of coinvestment projects, basically the same process that you saw all the way through the year.

現在讓我切換到我們的服務利潤率，我們同比增長了 5 個百分點。這是由我們的 One 服務計劃帶來的持續效率提升以及穩定的頂線性能和共同投資項目的減少所推動的，基本上與您全年看到的過程相同。

Moving to our operating profit, where we grew 4% to EUR 6.92 billion at constant currencies, achieving our raised outlook. In the fourth quarter, our growth rate actually accelerated further. It was up 6% year-over-year. Throughout 2017, we have steadily improved our operating margin trajectory as promised. Our non-IFRS operating margin at constant currencies declined 1.4 percentage points year-over-year in the first half of 2017, improving to a drop of 90 basis points in the third quarter.

轉向我們的營業利潤，按固定匯率計算，我們增長了 4% 至 69.2 億歐元，實現了我們上調的前景。在第四季度，我們的增長率實際上進一步加快。同比增長 6%。在整個 2017 年，我們按照承諾穩步改善了營業利潤率軌跡。 2017 年上半年，我們按固定匯率計算的非 IFRS 營業利潤率同比下降 1.4 個百分點，第三季度下降 90 個基點。

As I mentioned before, the fourth quarter signaled the beginning of a turnaround, with an operating margin of 35.2%, a year-over-year decline of only 10 basis points. This all now sets us up and paves the way for the strong growth in margin expansion that we expect in 2018 and beyond. In the fourth quarter, we also had substantial one-time tax benefits from an intragroup transfer of IP rights within the group as well as the U.S. tax reform. For the full year 2017, our IFRS effective tax rate in consequence was 19.3%, down 6 percentage points, while our non-IFRS rate was 22.6%, down 4.2 percentage points. For 2018, we expect an IFRS and non-IFRS effective tax rate of 27% to 28%. EPS in the fourth quarter was strong, as anticipated, driven primarily by our strong operating performance and another successful quarter for our venture capital fund, Sapphire Ventures. But obviously, EPS also benefited from the one-time tax benefits. Our full year non-IFRS EPS was EUR 4.44 per share, up 14%.

正如我之前提到的，第四季度標誌著好轉的開始，營業利潤率為 35.2%，同比僅下降 10 個基點。現在，這一切都為我們奠定了基礎，並為我們預計 2018 年及以後的利潤率增長強勁增長鋪平了道路。在第四季度，我們還從集團內部的知識產權權利轉讓以及美國稅制改革中獲得了可觀的一次性稅收優惠。 2017 年全年，我們的 IFRS 有效稅率為 19.3%，下降 6 個百分點，而非 IFRS 稅率為 22.6%，下降 4.2 個百分點。對於 2018 年，我們預計 IFRS 和非 IFRS 的有效稅率為 27% 至 28%。正如預期的那樣，第四季度的每股收益強勁，這主要是由於我們強勁的經營業績和我們的風險投資基金 Sapphire Ventures 的另一個成功季度。但顯然，EPS 也受益於一次性稅收優惠。我們的全年非 IFRS 每股收益為 4.44 歐元，增長 14%。

Now a few words on cash flow and liquidity, a nice piece of our results that I'm glad to share. Operating cash flow grew 9% in 2017, continuing a positive 3-year trend. We shared our success with shareholders by returning EUR 2 billion in 2017 through the share buyback and the dividend. Our net debt was EUR 1.5 billion at the end of 2017. We improved net liquidity by EUR 1.7 billion. Actually, if you go back 3 years, our net liquidity has improved in total by more than EUR 6 billion, thanks to our consistently strong operating cash flow, paired with our continued commitment to fast deleveraging.

現在談談現金流和流動性，這是我們很高興分享的一個很好的結果。 2017 年經營現金流增長 9%，延續了 3 年的正增長趨勢。我們在 2017 年通過股票回購和派息回報了 20 億歐元，與股東分享了我們的成功。 2017 年底，我們的淨債務為 15 億歐元。我們改善了 17 億歐元的淨流動性。實際上，如果回溯 3 年，我們的淨流動性總共增加了超過 60 億歐元，這要歸功於我們持續強勁的運營現金流，以及我們對快速去槓桿化的持續承諾。

Now before going into our outlook, I wanted to mention that we expect for 2018 a net positive impact on operating profit of approximately EUR 0.2 billion from IFRS 15, mainly from cost benefits. For more details about the impact of IFRS 15 on our 2018 financials, please refer to the quarterly statement and an educational video by our Chief Accounting Officer, Dr. Christoph Hütten, on our Investor Relations website.

在進入我們的展望之前，我想提一下，我們預計 2018 年 IFRS 15 對營業利潤的淨積極影響約為 2 億歐元，主要來自成本效益。有關 IFRS 15 對我們 2018 年財務影響的更多詳細信息，請參閱我們的首席會計官 Christoph Hütten 博士在我們的投資者關係網站上發布的季度報表和教育視頻。

Now moving on to our outlook for the full year 2018. We expect non-IFRS cloud revenue to be in a range of EUR 4.8 billion to EUR 5 billion at constant currencies, that is up 27% to 33%. Non-IFRS cloud and software revenue is expected to be in a range of EUR 20.7 billion to EUR 21.1 billion at constant currencies, up 6% to 8%. Non-IFRS total revenue is expected to be in a range of EUR 24.6 billion to EUR 25.1 billion at constant currencies, up 5% to 7%. And we expect non-IFRS operating profit to be in a range of EUR 7.3 billion to EUR 7.5 billion at constant currencies, up 8% to 11%.

現在轉向我們對 2018 年全年的展望。我們預計非 IFRS 雲收入按固定匯率計算將在 48 億至 50 億歐元之間，增長 27% 至 33%。按固定匯率計算，非 IFRS 雲和軟件收入預計在 207 億至 211 億歐元之間，增長 6% 至 8%。按固定匯率計算，非 IFRS 總收入預計在 246 億歐元至 251 億歐元之間，增長 5% 至 7%。我們預計非 IFRS 營業利潤按固定匯率計算將在 73 億至 75 億歐元之間，增長 8% 至 11%。

We have also updated our currency expectations for the impact on reported growth rates in 2018. You can find more details in our quarterly statement. This outlook, to be clear again, does not include any contributions from Callidus. We will update our outlook once the acquisition is closed. We have confirmed our 2020 ambition for consistent fast growth in cloud, robust overall top line momentum and profitability growth despite all the currency headwinds that we were facing in 2017. So to summarize, we delivered strong top line growth and continue to expand our operating profit. On top of that, our cash generation and EPS growth remain strong. Our performance, our portfolio and our pipeline make us confident that we will deliver on our midterm ambitions.

我們還更新了我們對 2018 年報告增長率影響的貨幣預期。您可以在我們的季度報表中找到更多詳細信息。需要再次明確的是，這種展望不包括 Callidus 的任何貢獻。收購完成後，我們將更新我們的展望。儘管我們在 2017 年面臨各種貨幣逆風，但我們已經確認了 2020 年雲業務持續快速增長、強勁的整體營收勢頭和盈利增長的雄心。總而言之，我們實現了強勁的營收增長並繼續擴大我們的營業利潤.最重要的是，我們的現金產生和每股收益增長依然強勁。我們的業績、我們的投資組合和我們的管道使我們相信我們將實現我們的中期目標。

Thank you. And we will now be happy to take your questions.

謝謝。我們現在很樂意回答您的問題。

Thank you. Operator, we can now start the Q&A session.

謝謝。接線員，我們現在可以開始問答環節了。

(Operator Instructions) And we can take our first question from John King from Bank of America.

（操作員說明）我們可以從美國銀行的約翰金那裡回答我們的第一個問題。

I've got 3 quick questions for Luka and probably one for Bill. Luka, first of all, on the margin, can you share some plans around your planned increase in headcount for 2018 just so we can get a sense of a mix between the overhead growth and the gross margin improvement that you're expecting? Secondly, along the same lines, looking at the stock comp guide at the back of the presentation looks to be down around 15% at the midpoint. Can you just talk about whether there's any one-offs driving that or if that's a sustainable level as we look forward? And is that somewhat influenced by the stock price? But be interested in your thoughts there. And then perhaps a few comments on the seasonality. If I look at Q1, you've got a pretty challenging comp on the margin as well as, I think, on license and bookings. So just maybe some thoughts about how you expect particularly the margins to evolve through the course of the year. And then if I can just squeeze in one for Bill. Some comments on S/4HANA public cloud and how meaningful a driver you think that could be for the bookings.

我有 3 個快速問題要問 Luka，可能還有一個要問 Bill。盧卡，首先，關於邊緣，你能否分享一些關於你計劃在 2018 年增加員工人數的計劃，以便我們能夠了解你所期望的間接費用增長和毛利率改善之間的混合？其次，沿著同樣的思路，查看演示文稿後面的股票指南，看起來在中點下跌了 15% 左右。你能談談是否有任何一次性的推動，或者這是否是我們期待的可持續水平？這在一定程度上受到了股價的影響嗎？但是對你的想法感興趣。然後也許是關於季節性的一些評論。如果我看一下第一季度，我認為您在利潤率以及許可和預訂方面都有相當大的挑戰性。因此，也許只是關於您期望利潤率在這一年中如何發展的一些想法。然後如果我能為比爾擠一個。關於 S/4HANA 公共雲的一些評論，以及您認為這對預訂的驅動力有多大意義。

Okay. Then let me start and go ahead with your first questions. So first of all, on the headcount, I think you should expect, if everything goes as planned and we continue to drive our business momentum in the same way with the same strong growth on the top line as we did in 2017, that we would likely hire to approximately the same levels as what you have seen in 2017, with certainly, again, a certain bias in the first half year because we want to have people productive as we go into the very important and volume-driven second half of the year. In terms of the share-based compensation, you're right, we see an upper end of the share-based compensation from today's perspective at approximately the levels that we have had in 2017. And that is really only a function of the development of the share price in the last few weeks, which we need to take as a basis from a volume perspective in terms of grants that we are giving out to our employees. And this is expected to broadly follow the growth in our employee population. And in terms of the seasonality, that is a little bit hard to predict. If I was only talking about the underlying margin progression outside of the IFRS 15 effect, then I would clearly say that we should expect, given the tougher comps, as you said, in Q1, a stronger progress as of the second quarter. Now that gets a little bit tough to estimate because some of the top line-related IFRS 15 effects are dependent on when customers will exercise material rights that they have been granted in previous years. That might change the picture a bit. But everything else being equal, I would say, as of Q2 is where we clearly should see a pickup in margins.

好的。那麼讓我開始並繼續您的第一個問題。所以首先，在員工人數上，我認為你應該預料到，如果一切按計劃進行，我們繼續以與 2017 年相同的方式推動我們的業務發展勢頭，實現收入的強勁增長，我們將很可能招聘到與 2017 年大致相同的水平，當然，上半年有一定的偏差，因為我們希望在我們進入非常重要且以數量為導向的下半年時提高員工的工作效率年。就基於股份的薪酬而言，你是對的，從今天的角度來看，我們看到基於股份的薪酬的上限大約在 2017 年的水平。這實際上只是過去幾週的股價，就我們向員工發放的補助金而言，我們需要從數量的角度將其作為基礎。預計這將廣泛跟隨我們員工人數的增長。就季節性而言，這有點難以預測。如果我只是在談論 IFRS 15 影響之外的潛在利潤率進展，那麼我會明確地說，我們應該預期，正如你所說，在第一季度，我們應該預期在第二季度會有更強勁的進展。現在這變得有點難以估計，因為一些與頂線相關的 IFRS 15 影響取決於客戶何時行使他們在前幾年獲得的物質權利。這可能會稍微改變一下情況。但我想說，在其他條件相同的情況下，截至第二季度，我們顯然應該看到利潤率有所回升。

And on the S/4HANA cloud, John, that's the lead story in the company. And if you think about global customer operations and all geographies and industries around the world, this is the biggest focus. And it also has the highest ceiling of any product in the portfolio. I would be very bullish on S/4HANA cloud.

在 S/4HANA 雲上，約翰，這是公司的頭條新聞。如果你考慮全球客戶運營以及全球所有地區和行業，這是最大的焦點。而且它還擁有投資組合中所有產品的最高上限。我會非常看好 S/4HANA 雲。

Okay. Thank you. Let's take the next question, please.

好的。謝謝。請讓我們回答下一個問題。

We will now take our next question from Michael Briest from UBS.

我們現在將接受來自瑞銀的 Michael Briest 的下一個問題。

Just in terms of the gross margin in the cloud, Luka, pleasing to see that stabilization quarter-on-quarter. I'm curious about the 2020 mix. At the last Capital Markets Day, you envisaged roughly sort of 40%, 45% coming equally from Business Networks and the SaaS/PaaS business. The growth rates to get there seem to be quite different from what we're seeing today. So we're seeing sort of 16% or so in Business Network and well over 30% in SaaS/PaaS. Are you still expecting that broad mix to be the same? And coming back to the SaaS/PaaS margin, I appreciate there's some one-offs. But by my math, your Q4 cost base is nearly EUR 800 million when it's annualized. And that's the same number you need in 2020 to get to an 80% gross margin. And then I just had a follow-up on CapEx.

就雲計算的毛利率而言，盧卡很高興看到季度環比趨於穩定。我很好奇 2020 年的組合。在上一個資本市場日，您預計大約有 40%，45% 來自業務網絡和 SaaS/PaaS 業務。實現這一目標的增長率似乎與我們今天看到的完全不同。因此，我們在 Business Network 中看到大約 16%，在 SaaS/PaaS 中則超過 30%。您是否仍然期望廣泛的組合是一樣的？回到 SaaS/PaaS 的利潤率，我很欣賞有一些一次性的。但根據我的計算，按年化計算，您的第四季度成本基數接近 8 億歐元。這與 2020 年達到 80% 毛利率所需的數字相同。然後我剛剛對資本支出進行了跟進。

Okay. Do you want to give me that one that I can answer everything on the same...

好的。你想給我一個我可以同時回答所有問題的嗎...

Yes, sure. So I'm curious where CapEx will come out this year. And as you start to work with Microsoft and Google more, as I think Bill mentioned on this morning's call, should that bring down that ratio? I mean, it seems to be quite high if a lot more of the underlying infrastructure is running on third party.

是的，當然。所以我很好奇今年的資本支出會在哪裡出現。隨著你開始更多地與微軟和谷歌合作，正如我認為比爾在今天早上的電話會議上提到的那樣，這是否會降低這個比例？我的意思是，如果更多的底層基礎設施在第三方上運行，它似乎相當高。

Yes. Thanks, Michael. These are both very good questions. Happy to answer them. So first of all, on the gross margin, we actually continue to believe that in 2020, we will drive an overarching cloud margin mix in the low 70s as previously shared. But indeed, we now believe that there will be a different mix to that. So we believe, first of all, that our assumptions to Business Networks and their contribution are broadly unchanged. But they are definitely going to have the potential to go above their 80% 2020 target because of the progress that we have made so far. So I think there is an opportunity for an outperformance there. In terms of the private cloud, I think it is from a gross margin perspective definitely where we want it to be. And we will see further progress towards the 40% target that we have set for 2020. However, we believe that the mix of the HANA Enterprise Cloud will be slightly reduced from previous assumptions because we're seeing already now that the growth in SaaS/PaaS, in particular, is picking up and is actually starting to overtake again the growth that we have in new business order entry for HANA Enterprise Cloud. And that means that we would expect that we would not be substantially above 10% share for the Infrastructure-as-a-Service piece and the rest would be filled up with SaaS/PaaS, which will definitely climb up in terms of gross margin contribution as of next year as the migration of third-party databases will be completed, as we have discussed on previous occasions. Having said that, you are right that we are -- we have taken longer from an investment perspective for this and, therefore, we don't fully expect that the SaaS/PaaS margin in 2020 will be meeting the 80% threshold. This will still come, but it will take us a year or maximum 2 longer to get there. Having said that, the changed mix will do the job for us to bring us in the low 70s overarching gross margin contribution. And I think that will give you -- gives you also a hint on the mix. We definitely believe with S/4 cloud -- with the SAP Cloud Platform picking up so strongly that SaaS/PaaS growth rates will substantially outperform the ones of the other 2 elements. Then on CapEx, just quickly, you're absolutely right, we expect that our CapEx growth rates will come down. They actually have already come down in 2017 to a certain extent. When you take a look, our CapEx growth in 2016 was tremendous, more than 50%. Now in 2017, we were down to just shy of 30% CapEx growth, so approximately the same growth rate as our cloud revenues. In 2018, we should expect that CapEx growth starts to trail again the revenue progression in the cloud. So we should definitely land at lower than EUR 1.6 billion. And as of 2019, when we have made our products -- core products available in holistic sense on hyperscale cloud infrastructure from Google, from Microsoft, then definitely we should see that the further expansion and growth will be much more muted than even that already reduced level. So there is definitely leverage from our collaboration with partners in this space.

是的。謝謝，邁克爾。這兩個都是很好的問題。很高興回答他們。因此，首先，在毛利率方面，我們實際上繼續相信，到 2020 年，我們將推動總體雲利潤率組合低於 70 年代，正如之前分享的那樣。但事實上，我們現在相信會有不同的組合。因此，我們相信，首先，我們對商業網絡及其貢獻的假設基本沒有改變。但由於我們迄今取得的進展，他們肯定有可能超過 2020 年 80% 的目標。所以我認為那裡有機會表現出色。就私有云而言，我認為從毛利率的角度來看，這絕對是我們想要的。我們將看到朝著我們為 2020 年設定的 40% 目標取得進一步進展。但是，我們認為 HANA 企業雲的組合將比之前的假設略有減少，因為我們現在已經看到 SaaS/尤其是 PaaS，正在回升，並且實際上開始再次超越我們在 HANA 企業雲的新業務訂單輸入方面的增長。這意味著我們預計基礎設施即服務部分的份額不會超過 10%，其餘部分將由 SaaS/PaaS 佔據，這在毛利率貢獻方面肯定會攀升截至明年，第三方數據庫的遷移將完成，正如我們之前討論過的那樣。話雖如此，你是對的——從投資的角度來看，我們為此花費了更長的時間，因此，我們並不完全預計 2020 年 SaaS/PaaS 的利潤率將達到 80% 的門檻。這仍然會到來，但我們需要一年或最多 2 年的時間才能到達那裡。話雖如此，改變後的組合將為我們帶來 70 多歲的總體毛利率貢獻。我認為這會給你 - 也給你一個混合的提示。我們絕對相信 S/4 雲——隨著 SAP 雲平台的強勁增長，SaaS/PaaS 的增長率將大大超過其他兩個要素。然後在資本支出上，很快，你是完全正確的，我們預計我們的資本支出增長率會下降。他們實際上在2017年已經有所下降。看一看，我們 2016 年的資本支出增長非常驚人，超過 50%。現在在 2017 年，我們的資本支出增長率降至 30%，與我們的雲收入增長率大致相同。 2018 年，我們預計資本支出的增長將再次開始落後於雲收入的增長。所以我們絕對應該低於 16 億歐元。截至 2019 年，當我們在 Google、Microsoft 的超大規模雲基礎設施上提供整體意義上的核心產品時，我們肯定會看到進一步的擴張和增長將比已經減少的更加緩慢等級。因此，我們在這個領域與合作夥伴的合作肯定會產生影響。

Can I just ask a clarification on the S/4 cloud? I mean, for a while you've talked about licenses declining, and it hasn't happened because the adoption has been on premise. But with S/4 cloud, do you now firmly believe the licensing should show a modest decline going forward?

我可以問一下關於 S/4 雲的說明嗎？我的意思是，有一段時間你一直在談論許可證的減少，但這種情況並沒有發生，因為採用是在前提下進行的。但是對於 S/4 雲，您現在是否堅信許可在未來會出現適度下降？

Yes. Quite frankly, this is, as always, very difficult to predict. That's why we choose to take a prudent implied growth assumption, which, if you do the math, would point to low- to mid-single-digit declines in license. As we have always shared, this was always part of the underlying midterm ambition that we had in place. Now that ambition or that implied expectation has not come true so far in the last 3 years. Let's see what happens, but we are prepared for everything by giving you a very prudent guidance.

是的。坦率地說，這一如既往地很難預測。這就是為什麼我們選擇採取謹慎的隱含增長假設，如果你進行數學計算，這將表明許可證的中低個位數下降。正如我們一直分享的那樣，這始終是我們制定的潛在中期目標的一部分。現在，在過去的 3 年裡，這種雄心壯誌或那種隱含的期望至今還沒有實現。讓我們看看會發生什麼，但我們為您提供了非常謹慎的指導，為一切做好了準備。

Thank you. Let's take next question, please.

謝謝。請讓我們回答下一個問題。

We can take our next question from Kirk Materne from Evercore ISI.

我們可以接受來自 Evercore ISI 的 Kirk Materne 的下一個問題。

Bill, maybe just a question for you. Obviously, your cloud guidance when you look out through 2020 implies you guys can maintain sort of a 30% growth rate. What are you seeing in the pipeline right now that gives you confidence that's realistic? Obviously, it's harder to continue to grow at that rate off a higher base. And then maybe just a second question around Callidus. A lot of players in the lead-to-cash market, why did that asset make the most sense for SAP?

比爾，也許只是問你一個問題。顯然，當你展望 2020 年時，你的雲指導意味著你們可以保持 30% 的增長率。你現在在管道中看到什麼讓你有信心是現實的？顯然，要在更高的基數上繼續以這樣的速度增長就更難了。然後可能只是關於 Callidus 的第二個問題。領先到現金市場的許多參與者，為什麼該資產對 SAP 最有意義？

Okay, sure. Thank you, Kirk. First of all, enormous confidence in S/4HANA cloud. And when I think about SAP's position right now, and I am reminded by the many conversations in Davos. CEOs are ready to run simple. They want a company that is essentially a virtual suite. So they get the benefits of the industry best ERP in the cloud. And they get the modularity at the line of business level with the SuccessFactors, our CRM solutions, our Business Network solutions. And obviously, from an intelligent enterprise perspective, all we are doing with Leonardo is to give them an end-to-end company. But the beauty of this is it's all available in the cloud, and you can go in a modular fashion with SAP. But in the end, you know you've got an integrated connected company. And that, to me, is saying really good things about all the cloud assets. All the pipelines in our company look very, very good, whether it's the core ERP S/4HANA. The line of business, SuccessFactors is really on a momentum run right now, with enormous amount of wins. And when we face off with some of the well-known industry names like what might have been a flip of a coin is no longer a flip of a coin. If we're in there competing, we're winning most of the time. I really like what we did with Callidus on the CRM side. You have to remember couple of things here. One, we run Callidus to run SAP. So we had the best engineers in the software industry study this extremely carefully. About 80% of their revenue comes from the U.S. market now. Can you imagine when we light up the global switch for growth? And yes, it will scale and it will scale globally. We know it scales extremely well. The other piece is on CRM. When you think about the whole value chain, this is a customer-driven growth revolution right now. The customer's on the move. They're social. They're in all channels. They're doing a lot of e-commerce. But when you think about wholesale, retail, direct and then tying everything together in a very simple supply chain manufacturing product delivery format, as long as we are as good, we win. And now I think we have a real chance. But what happened here with Callidus, because they are the market leader, is now we've got into the psyche of the sales professional. We're now in the sales professionals' pipeline. We're in the way they can figure price and quote a deal, whether it's a product or a service. And we're actually in their compensation headset. And when you get into the headset of a sales rep's compensation, that's a piece of the DNA we hadn't covered before. And it would've taken us a little too long to build it with our S/4HANA ambition. We snapped it in there, we integrated back into S/4HANA, and we feel very comfortable that we'll handle the market participants. We'll definitely handle it. So we're coming out very aggressive in CRM. So think of it as this: the core is rock solid; the line of business is there; we own spend management in the Business Network; Leonardo is just incredible; and Callidus really strengthens us in the area where we needed it most, so we go get the CRM space. It's too big a market to leave alone, and some of the participants have had it a little easy lately. We're going to change that.

好的，當然。謝謝你，柯克。首先，對 S/4HANA 雲的巨大信心。當我現在想到 SAP 的立場時，達沃斯的許多對話讓我想起了。 CEO們準備好簡單地運行。他們想要一家​​本質上是虛擬套房的公司。因此，他們可以從雲中業界最佳的 ERP 中獲益。他們通過 SuccessFactors、我們的 CRM 解決方案、我們的業務網絡解決方案在業務線級別獲得模塊化。顯然，從智能企業的角度來看，我們與萊昂納多所做的一切就是給他們一個端到端的公司。但它的美妙之處在於，它都在雲中可用，而且您可以使用 SAP 以模塊化方式進行。但最終，您知道您擁有一家整合的互聯公司。對我來說，這對所有云資產來說都是非常好的事情。我們公司的所有流水線看起來都非常非常好，不管是核心的ERP S/4HANA。業務線 SuccessFactors 現在確實處於發展勢頭，取得了巨大的成功。當我們面對一些知名的行業名稱時，就像拋硬幣一樣，現在不再是拋硬幣了。如果我們在那裡競爭，我們大部分時間都會贏。我真的很喜歡我們在 CRM 方面對 Callidus 所做的工作。你必須記住這裡的幾件事。第一，我們運行 Callidus 來運行 SAP。所以我們讓軟件行業最好的工程師非常仔細地研究這個。現在，他們大約 80% 的收入來自美國市場。你能想像當我們點亮全球增長開關時嗎？是的，它會擴展，而且會在全球範圍內擴展。我們知道它的擴展性非常好。另一部分是關於 CRM 的。當您考慮整個價值鏈時，現在這是一場以客戶為導向的增長革命。客戶在移動。他們是社交的。他們在所有渠道。他們正在做很多電子商務。但是當你想到批發、零售、直銷，然後將所有東西以一種非常簡單的供應鏈製造產品交付形式捆綁在一起時，只要我們做得好，我們就贏了。現在我認為我們有真正的機會。但 Callidus 的情況，因為他們是市場領導者，現在我們已經進入了銷售專業人士的心理。我們現在正處於銷售專業人員的管道中。無論是產品還是服務，我們都在幫助他們計算價格和報價。我們實際上在他們的補償耳機中。當你進入銷售代表薪酬的耳機時，這是我們之前沒有涵蓋的 DNA 片段。如果用我們的 S/4HANA 雄心來構建它，我們會花費太長時間。我們把它放在那裡，我們重新集成到 S/4HANA 中，我們對處理市場參與者感到非常自在。我們一定會處理的。所以我們在 CRM 方面非常積極。所以可以這樣想：核心堅如磐石；業務範圍在那裡；我們擁有業務網絡中的支出管理；萊昂納多真是不可思議； Callidus 確實在我們最需要的領域增強了我們的實力，因此我們獲得了 CRM 空間。這是一個太大的市場，不能獨自離開，一些參與者最近過得有點輕鬆。我們要改變它。

Thank you. Let's take the next question. Next question, please.

謝謝。讓我們來看下一個問題。請下一個問題。

We can take our next question from Mohammed Moawalla from Goldman Sachs.

我們可以從高盛的 Mohammed Moawalla 那裡回答下一個問題。

One for Luka and one for Bill. Luka, can you just reconfirm the current trajectory of the margin improvement both on a constant currency and a reported basis? I think on the Q3 call, you sort of alluded to us sort of a flattish trajectory in the H1. And then -- on a constant currency basis and then improving into the back half. And obviously, your gross margin is a key driver this year. Talk a bit about, over the midterm, where you see the levers as operating profit growth accelerates. I think you had alluded to some optimization in the sales and marketing spend and sales organization. So if you could confirm that for us, that would be great. And secondly, Bill, on Callidus, the acquisition. How quickly do you think you can start to unlock some of these revenue synergies? Obviously, we saw it with SuccessFactors and Ariba. Given those were your initial acquisitions, it took some time. So I'm just curious on the point of closing how quickly should we start to see those revenue synergies unlock in the installed base?

一份給 Luka，一份給 Bill。盧卡，你能否在固定貨幣和報告的基礎上再次確認當前利潤率改善的軌跡？我認為在第三季度的電話會議上，你有點暗示我們在 H1 中有一種平坦的軌跡。然後 - 在恆定的貨幣基礎上，然後改進到後半部分。顯然，您的毛利率是今年的主要推動因素。談一談，在中期，隨著營業利潤增長加速，您會看到哪些槓桿。我認為您提到了銷售和營銷支出以及銷售組織的一些優化。因此，如果您能為我們確認這一點，那就太好了。其次，Bill，關於 Callidus，收購。您認為您可以多快開始釋放其中一些收入協同效應？顯然，我們在 SuccessFactors 和 Ariba 上看到了這一點。鑑於這些是您最初的收購，這需要一些時間。所以我只是好奇關閉我們應該多快開始看到這些收入協同效應在已安裝基礎上解鎖？

Yes. So on the margin side, I'm really focused on the progression comments on a constant currency basis because I don't have a crystal ball, quite frankly, that can tell me the currency movements. I wish I would have it, then I would not be in this spot any longer probably. So from a constant currency basis, as I said, I would expect that in Q1, we would rather still have a relatively muted progression from a margin perspective, and then the trajectory should start to build as of Q2 2018. In terms of the key drivers for improvement, of course, it's first of all, as we continue to move away and migrate away customers from the legacy infrastructure to the ones that are HANA-enabled, that gives us room and space to retire elements of costs that we so far still have in our cost base. Then secondly, as we build up a stronger share of renewable revenues in the cloud, we have seen that especially the relative sales and marketing spend has been increasing in 2017. That's definitely a trend that should now come down, and we should start to see a slight deceleration in this space. And then, we have still various efficiency gains that we are hunting after internally. We have, for example, I shared this during the press conference as well, just gone live in Q4 with certain artificial intelligence capabilities in our shared service centers around cash application and invoice matching. We will proliferate our automation capabilities with further use cases that we will implement and -- but that should definitely limit any expansion on nonproductive sales and marketing and R&D resources, which should help us in 2018 as well. So from that perspective, especially for the last 3 quarters of the year, I'm extremely confident that we will deliver on our margin improvement aspirations.

是的。因此，在保證金方面，我真的很關注在固定貨幣基礎上的進展評論，因為坦率地說，我沒有水晶球可以告訴我貨幣走勢。我希望我能擁有它，那樣我可能就不會再呆在這個地方了。因此，正如我所說，從恆定的貨幣基礎來看，我預計在第一季度，我們寧願從利潤率的角度來看仍然有一個相對溫和的進展，然後軌跡應該從 2018 年第二季度開始建立。就關鍵而言改進的驅動因素，當然，首先，隨著我們繼續將客戶從遺留基礎設施遷移到支持 HANA 的基礎設施，這為我們提供了空間和空間來淘汰我們迄今為止的成本要素仍然在我們的成本基礎上。其次，隨著我們在雲中建立更大的可再生收入份額，我們已經看到，尤其是相對銷售和營銷支出在 2017 年一直在增加。這絕對是一個現在應該下降的趨勢，我們應該開始看到在這個空間輕微減速。然後，我們仍然在內部追求各種效率提升。例如，我在新聞發布會上也分享了這一點，剛剛在第四季度上線，我們的共享服務中心圍繞現金申請和發票匹配提供了某些人工智能功能。我們將通過我們將實施的更多用例來擴展我們的自動化能力——但這肯定會限制非生產性銷售和營銷以及研發資源的任何擴張，這也應該在 2018 年對我們有所幫助。因此，從這個角度來看，尤其是今年最後三個季度，我非常有信心我們將實現提高利潤率的願望。

And, Mohammed, I would like to thank you very much for the question. First of all, this is salespeople telling a product they use every day, a product that they're hooked on. And that's what I mean about getting into the psyche. We've never had a product like this, where the sales people are selling something they love to use right out of the gates. Now, Leslie, the CEO of the company, also immediately saw the virtue in full integration with SAP. So this isn't one that we're going to be running over in a corner somewhere. This is right back into the core of the company. So we will hit the ground running on this. And day one, we will start accelerating the growth rates of CallidusCloud globally. And just to back me up on that, I've got Mr. Robert Enslin, the Cloud Business Group leader, as well as Alex Atzberger here, who has taken over the CRM business for SAP. These guys are like semi-lifting the table up with excitement. So I'll give them a chance to give you a few remarks.

穆罕默德，非常感謝你提出這個問題。首先，這是銷售人員講述他們每天使用的一種產品，一種他們迷上的產品。這就是我所說的進入心靈的意思。我們從來沒有過這樣的產品，銷售人員在銷售時會直接銷售他們喜歡使用的產品。現在，公司的首席執行官萊斯利也立即看到了與 SAP 全面整合的好處。所以這不是我們要在某個角落撞到的人。這又回到了公司的核心。因此，我們將著手解決這個問題。第一天，我們將開始在全球範圍內加速 CallidusCloud 的增長率。為了支持我這一點，雲業務集團負責人 Robert Enslin 先生和接管 SAP CRM 業務的 Alex Atzberger 也來了。這些傢伙就像興奮地把桌子半掀起來。所以我會給他們機會給你一些評論。

Yes, Mohammed, I think it's the best asset in the industry because we actually know it's the best asset in the industry. We work with this management team really close. I think day one, we will accelerate the growth of the CRM space, and I believe it provides us with the unique opportunity in the sales side to do what no other company has done in the sales side, which is connect to end-to-end digital supply chain. I think there is no better reference than 25,000 sales professionals in the 190 countries around the world utilizing that every day. So we pumped -- absolutely, we are pumped, and I think the show is on the road.

是的，穆罕默德，我認為這是業內最好的資產，因為我們實際上知道它是業內最好的資產。我們與這個管理團隊的合作非常密切。我認為第一天，我們將加速 CRM 領域的發展，我相信它為我們在銷售方面提供了獨特的機會，可以做其他公司在銷售方面沒有做過的事情，即連接到端到-結束數字供應鏈。我認為沒有比全球 190 個國家/地區的 25,000 名銷售專業人員每天都在使用它更好的參考了。所以我們很興奮——當然，我們很興奮，我認為演出正在進行中。

Yes. And maybe just there's one comment from my side. Bill said before that with the solutions of Callidus, especially around sales performance management, we're in the salesperson's head. I would argue, with sales compensation management, we're probably in their hearts and beyond their heads.

是的。也許我這邊只有一個評論。比爾之前說過，使用 Callidus 的解決方案，尤其是圍繞銷售績效管理，我們處於銷售人員的頭腦中。我會爭辯說，對於銷售薪酬管理，我們可能在他們的心中而不是他們的頭腦中。

Alex, do you want to say something? Mohammed, I can just add to this that our customers are shifting from being product companies to service businesses, and this requires a new sales force. And we are that new sales force. And when you look at getting into that heart of the salesperson, that's right where we're at. So we are very, very excited.

亞歷克斯，你想說點什麼嗎？ Mohammed，我可以補充一點，我們的客戶正在從產品公司轉變為服務公司，這需要一支新的銷售隊伍。我們就是那支新的銷售隊伍。當您著眼於深入了解銷售人員的內心時，這正是我們所處的位置。所以我們非常非常興奮。

Thank you. Let's take the next question, please.

謝謝。請讓我們回答下一個問題。

We can take our next question from Walter Pritchard from Citi.

我們可以從花旗銀行的 Walter Pritchard 那裡回答我們的下一個問題。

Just a follow-up on the prior question around S/4. Can you help us understand how fast that's progressing in the mix -- the S/4 public cloud in the mix? And are we starting to see larger customers there that in Q4 or what you're expecting for 2018 that would have bought license and now they're buying cloud? Is that a material factor both in the fourth quarter as well as what you're expecting in '18, Luka?

只是對之前關於 S/4 的問題的跟進。您能否幫助我們了解混合中的 S/4 公共雲的進展速度有多快？我們是否開始在第四季度看到更大的客戶，或者您對 2018 年的預期，他們會購買許可證，現在他們正在購買雲？這是第四季度的重要因素，也是你對 18 年的預期嗎，盧卡？

Maybe I'll let Bernd to answer this because he's the business leader responsible for that business, if you don't mind.

也許我會讓 Bernd 來回答這個問題，因為如果您不介意的話，他是負責該業務的業務負責人。

Sure. And then I have one follow-up. Yes.

當然。然後我有一個跟進。是的。

First of all, you're absolutely right, we see the traction with S/4HANA Cloud in all segments of the customers, especially big names. Some of them we are just working on building reference stories. But what I can share with you that customers in Germany like Fraport, but as well prominent names like Cirque du Soleil have selected S/4HANA Cloud. And there are bigger names on our customer list already, as I mentioned. And in terms of growth, just to add to the positive statement Bill made before, over the course of 2017, every quarter in bookings was more than the aggregation of all the quarters we had before in the history of S/4HANA Cloud. And this shows a clear indication of a hockey stick, and that's why we are so optimistic that S/4HANA Cloud is the major contributor to the bookings for 2018.

首先，你完全正確，我們看到了 S/4HANA Cloud 在所有客戶群中的吸引力，尤其是大牌客戶。其中一些我們只是致力於構建參考故事。但我可以與您分享的是，德國的客戶喜歡 Fraport，但像 Cirque du Soleil 這樣的知名人士也選擇了 S/4HANA Cloud。正如我提到的，我們的客戶名單上已經有更大的名字了。在增長方面，為了補充比爾之前做出的積極聲明，在 2017 年期間，每個季度的預訂量都超過了我們在 S/4HANA Cloud 歷史上所有季度的總和。這清楚地表明了一根曲棍球棒，這就是為什麼我們如此樂觀地認為 S/4HANA Cloud 是 2018 年預訂的主要貢獻者。

And then just a follow-up on the M&A -- on the M&A front, Callidus was at, I'd say, the higher end of the size of deals even talking about with smaller deals. Can you talk about it if you're at a point as -- and you would see the M&A activity potentially pick up from here?

然後只是併購的後續行動——在併購方面，我想說，Callidus 處於交易規模的高端，甚至談論較小的交易。如果你在某個時候可以談談它 - 你會看到併購活動可能會從這裡開始嗎？

Yes, Walter, thank you. You are not going to have an SAP on a shopping spree. This is a tuck-in, probably the higher end of a tuck-in size, I understand that. But this is not a trend. We decided a string of pearl strategy, the CRM. We executed on that strategy. So if we do things, it'll be small unless something were to be very unusual as an opportunity in the market we are certainly not anticipating. So don't think we're in the M&A market aggressively. We're not.

是的，沃爾特，謝謝你。您不會在瘋狂購物時擁有 SAP。這是塞入式，可能是塞入式尺寸的高端，我明白這一點。但這不是趨勢。我們決定了串珠戰略，CRM。我們執行了該策略。因此，如果我們做一些事情，它會很小，除非有一些非常不尋常的事情作為市場上我們肯定沒有預料到的機會。所以不要認為我們在併購市場上很積極。不是。

Let's take the next question, please.

請讓我們回答下一個問題。

We can take our next question from Adam Wood from Morgan Stanley.

我們可以接受來自摩根士丹利的亞當伍德的下一個問題。

Also too, just wanted some help in thinking about the cloud growth over the next few years in the building blocks towards that. Maybe first is a housekeeping. Does tuck-in mean that when you integrate Callidus, you won't be changing the 2020 guide for that? Just to clarify there. And then as we move on to the growth expectations, you're guiding actually to cloud business accelerating as you look into '19 and '20. But when we look at Business Networks, that's slowed a little bit in '17. Could you help us what drives that acceleration in the growth? Is it more S/4HANA public cloud? Is it more the CRM areas would accelerate that growth? And then to follow up on Michael's question, to the extent it is S/4HANA, does that then mean that licenses come in weaker in '19 and '20 because you're bringing that in on a subscription business?

同樣，我也只是想獲得一些幫助，以考慮未來幾年的雲計算增長的構建塊。也許首先是客房服務。加入是否意味著當您整合 Callidus 時，您不會為此更改 2020 年指南？只是在那裡澄清一下。然後，當我們轉向增長預期時，當您展望 19 和 20 年時，您實際上正在引導雲業務加速發展。但是當我們查看商業網絡時，它在 17 年有所放緩。您能幫我們看看是什麼推動了增長的加速嗎？它更多的是 S/4HANA 公有云嗎？ CRM 領域會加速這種增長嗎？然後跟進邁克爾的問題，就 S/4HANA 而言，這是否意味著許可證在 19 年和 20 年變得更弱，因為您將其引入訂閱業務？

Yes. Maybe I'll take those questions and try to answer them. So first of all, in terms of the Callidus contribution, we made it clear that our stated outlook does not include Callidus. So we fully expect, after we've closed the transaction, to update our 2018 outlook. We also expect to update our 2020 ambition. But we will likely do that at the beginning of the 2019 when we also have a better view on the further movement of currency rates. As you know, we have confirmed our guidance based on the current rate assumptions even though we had significant headwinds. But dependent on where the currencies go throughout the year, we will then make an informed update about this. In terms of the growth trajectory, you're absolutely right, there, of course, are different dynamics across our portfolio that are at work. I already shared one of them, namely the fact that after a period from a very low base of very strong, hyper-growth, the growth rates of HANA enterprise cloud business can be expected to come down to a more normalized level where they don't exceed any longer the growth rates of our SaaS/PaaS and networks business combined, which is good news for combined margins, obviously. So the big growth drivers will be our SaaS/PaaS portfolio. And those will be assets, like the SAP Cloud Platform, which will definitely tremendously benefit from the uptake of Leonardo, all of the new capabilities around AI, machine learning, IoT, blockchain, smart analytics and so on and so forth, which will drive via the platform. Then it will certainly come from S/4 Cloud, no doubt about this. There is very strong growth trajectory underway. The solution is getting rounded out more and more, so we can master more and more sophisticated workloads through the solution. And therefore, the breadth of the market opportunity will definitely expand. This will not change any of our underlying assumptions on the implied software development. As we had always shared, through 2020, we believe that low- to mid-single-digit declines are a prudent and balanced assumption, and that is remaining unchanged. Then of course, we have the assets around analytics. Analytics is another business that is starting to shift fast to the cloud. And we have a very strong offering around that with analytics cloud, which is receiving great attention. Then we have the offerings around IoT and Digital Supply Chain. IBP, in particular, is a solution which I personally see a lot of potential in, and it has already had very strong growth in 2017 and will, from a much higher base, now continue at a similar growth rate, and hence, be very, very positive overall. And last, but not least, it's the CEC portfolio, which has already, without Callidus, performed extraordinarily well in the cloud. And now, of course, with all of the cross-selling opportunities driven through Callidus and the bigger depth of the end-to-end process coverage that we can achieve, there are certainly upsell opportunities, not only for Callidus itself, but also for the rest of the portfolio.

是的。也許我會接受這些問題並嘗試回答它們。因此，首先，就 Callidus 的貢獻而言，我們明確表示我們聲明的前景不包括 Callidus。因此，我們完全希望在完成交易後更新我們的 2018 年展望。我們還希望更新我們的 2020 年目標。但我們可能會在 2019 年初這樣做，屆時我們對貨幣匯率的進一步走勢也有更好的看法。如您所知，儘管我們遇到了很大的阻力，但我們已經根據當前的利率假設確認了我們的指導。但是，根據全年貨幣的走勢，我們將對此進行知情更新。就增長軌跡而言，你是絕對正確的，當然，我們的投資組合中有不同的動力在起作用。我已經分享了其中一個，即在經歷了一段非常強勁、高速增長的非常低的基數之後，HANA 企業雲業務的增長率預計會下降到一個更正常的水平，而他們不會這樣做。不再超過我們 SaaS/PaaS 和網絡業務的總和增長率，這顯然對綜合利潤率來說是個好消息。因此，最大的增長動力將是我們的 SaaS/PaaS 產品組合。這些將是資產，比如 SAP Cloud Platform，它肯定會從 Leonardo 的採用中獲益匪淺，圍繞人工智能、機器學習、物聯網、區塊鏈、智能分析等的所有新功能，將推動通過平台。那麼它肯定會來自S/4 Cloud，這一點毋庸置疑。正在進行非常強勁的增長軌跡。解決方案越來越圓潤，我們可以通過解決方案掌握越來越複雜的工作負載。因此，市場機會的廣度肯定會擴大。這不會改變我們對隱含軟件開發的任何基本假設。正如我們一直分享的那樣，到 2020 年，我們認為中低個位數的下降是一個謹慎和平衡的假設，並且保持不變。當然，我們擁有圍繞分析的資產。分析是另一項開始快速轉移到雲端的業務。我們圍繞分析雲提供了非常強大的產品，受到了極大的關注。然後我們有圍繞物聯網和數字供應鏈的產品。尤其是 IBP，我個人認為這是一個非常有潛力的解決方案，它在 2017 年已經實現了非常強勁的增長，並且將從一個更高的基數開始，現在繼續以類似的速度增長，因此，非常，整體非常積極。最後但並非最不重要的一點是，CEC 產品組合在沒有 Callidus 的情況下已經在雲中表現出色。現在，當然，有了通過 Callidus 驅動的所有交叉銷售機會以及我們可以實現的更深度的端到端流程覆蓋，肯定會有追加銷售機會，不僅對 Callidus 本身，而且對投資組合的其餘部分。

We can take our next question from Phil Winslow from Wells Fargo.

我們可以從富國銀行的 Phil Winslow 那裡回答下一個問題。

Just a question for Bill. Obviously, earlier this month, SAP made several announcements in terms of just SAP -- sorry, HCM strategy with great success and that a sidecar HCM solution for S/4HANA that, I think, you're going to extend support through for, I think, it's 2030. I wondered if you could give us just an update on the HCM strategy, sort of what these moves meant and how they factor into that.

只是問比爾一個問題。顯然，本月早些時候，SAP 僅就 SAP 發布了幾項公告——抱歉，HCM 戰略取得了巨大成功，而且 S/4HANA 的 sidecar HCM 解決方案，我認為，你將通過以下方式擴展支持，我想想，現在是 2030 年。我想知道您是否可以向我們介紹 HCM 戰略的最新情況，這些舉措意味著什麼以及它們如何影響這些戰略。

Yes, sure, Phil. Nice to talk to you, Phil. I've got Rob Enslin here, who oversees that. I'll have him give you a debrief.

是的，當然，菲爾。很高興和你交談，菲爾。我這裡有 Rob Enslin，他負責監督。我會讓他給你匯報情況。

Yes, Phil. So when you look at the HCM strategy, we're actually pretty excited with the changes we made from a leadership perspective, with Amy Wilson, James Harvey and Greg Tomb taking over that business about 9 months ago. We've made some strategic innovations on the platform, running SuccessFactors truly on an Apple iOS device now, which makes it really easy for --to consume. It's been usually successful in the market. And then when it comes to the HCM sidecar platform strategy, that was to support our public sector clients who need a little bit longer with the on-premise implementations around that solution. So focused on the customers in that, that -- in SuccessFactors, I think, what you see is a tremendous uptick in the amount of Employee Central customers we have now. So we are pretty excited with where we're headed with SuccessFactors.

是的，菲爾。因此，當您查看 HCM 戰略時，我們實際上對我們從領導角度所做的改變感到非常興奮，艾米威爾遜、詹姆斯哈維和格雷格墓在大約 9 個月前接管了該業務。我們在平台上進行了一些戰略創新，現在可以在 Apple iOS 設備上真正運行 SuccessFactors，這使得它非常容易使用。它通常在市場上很成功。然後，當談到 HCM sidecar 平台戰略時，那是為了支持我們的公共部門客戶，他們需要更長的時間來圍繞該解決方案進行內部部署。所以專注於客戶，我認為，在 SuccessFactors 中，你看到的是我們現在擁有的 Employee Central 客戶數量的巨大增長。因此，我們對 SuccessFactors 的發展方向感到非常興奮。

Great. And then I guess, as a follow-up for Bill just on the sales force right now. Obviously, you guys have highlighted as alluded and some of the strength on-premise, but they continue the growth in the cloud. When you look at the sales force right now and just the structure of it and the incentive programs, how do you feel just going into '18 as you also kind of think about the 2020 guidance just sort of how it's structured and how it's compensated? Any changes you might be thinking of?

偉大的。然後我想，作為比爾的後續行動，現在就在銷售隊伍中。顯然，你們已經強調了所提到的和內部部署的一些優勢，但他們繼續在雲中增長。當您查看現在的銷售人員及其結構和激勵計劃時，您對進入 18 年感覺如何，因為您也在考慮 2020 年的指導方針，只是它的結構和薪酬方式？您可能會想到任何改變？

I think it's a great question, Phil. Thank you. And also, I think the prior question with Adam touched a little bit on, what does this mean, this momentum to the cloud to the core? Is it going to cannibalize the core? Couple of things. One, the S/4HANA platform is going to go in the cloud, and it'll go in the cloud in different formations. Some customers will want the crown jewel for their company in a private cloud. I think you know that. And many of the customers will choose to capitalize those licenses because they don't make an ERP decision and essentially plan on switching it out easily in a couple years. So these are core investments to the strategy of companies. So I feel very strong about S/4HANA and very strong about our core business. And I wouldn't worry too much about the way we've guided for possibly single-digit negative because we've been guiding that way for the last 3 years, and we keep growing it. That's the way our customers want it, and the pipelines are extremely exciting. As it relates to the cloud and how I think you could really think about the incentives to the sales force, we've created an environment where it really matters that those go-lives and that customer success is the most important priority. And that's also now reflected heavily in the compensation for the sales rep as well as the whole management value chain. So customer for life is much more focused on the sales department side. We didn't take anything away from them, but we made it very clear that we're really interested in dynamite go-lives where customers are raving references. Furthermore, we don't in any way try to sway the customer from what's right for them based upon comp. We want to make sure the sales force is fairly compensated, no matter which way the customer would like to go in terms of their cloud decision or whether it's an operating lease or it's a capitalized lease, it doesn't really matter. What matters is they get the product they need in the form they need it, and we haven't let sales compensation dictate anything unnaturally, nor will we. So right now, I'm particularly happy that the core is steady, all the cloud assets are growing really well. Luka gave you lots of growth engines there. But S/4HANA is the de facto standard in-memory ERP system in the world, and it's the best system in the world. And it's going to continue to grow a lot. And the line of business and Business Network solutions are going to continue to go extremely well. I think we've done a nice job of keeping the focus on the customer and now really thinking through this virtual suite concept so the customer gets what they need at every line of business, at every board room table. The CEO is going to be happy with this strategy, and the management team around the CEO is going to be happy because we're focused on the customer's customer. And by doing that well, our growth will never stand in doubt. We're going into 2018 better than ever.

我認為這是一個很好的問題，菲爾。謝謝。而且，我認為亞當之前的問題有點觸及，這意味著什麼，這種從雲到核心的勢頭？它會蠶食核心嗎？幾件事。第一，S/4HANA 平台將進入雲端，它將以不同的形式進入雲端。一些客戶希望在私有云中為他們的公司冠上明珠。我想你知道。許多客戶會選擇將這些許可證資本化，因為他們沒有做出 ERP 決策，並且基本上計劃在幾年內輕鬆將其關閉。因此，這些是公司戰略的核心投資。所以我對 S/4HANA 和我們的核心業務非常看好。而且我不會太擔心我們指導可能出現個位數負數的方式，因為在過去的 3 年裡我們一直在指導這種方式，並且我們一直在發展它。這就是我們的客戶想要的方式，管道非常令人興奮。由於它與雲以及我認為你如何真正考慮對銷售人員的激勵有關，我們創造了一個環境，​​在這個環境中，那些上線和客戶成功是最重要的優先事項。現在，這也大量反映在銷售代表以及整個管理價值鏈的薪酬中。因此，終身客戶更側重於銷售部門方面。我們沒有從他們那裡拿走任何東西，但我們非常清楚地表明，我們真的對客戶狂熱推薦的炸藥上線感興趣。此外，我們不會以任何方式試圖根據補償來影響客戶對他們來說是正確的。我們希望確保銷售人員得到公平的補償，無論客戶在雲決策方面想走哪條路，或者是經營租賃還是資本租賃，這都不重要。重要的是他們以他們需要的形式獲得他們需要的產品，我們沒有讓銷售報酬不自然地決定任何事情，我們也不會。所以現在，我特別高興核心穩定，所有云資產都增長得非常好。盧卡在那裡給了你很多增長引擎。但是S/4HANA是世界上事實上的標準內存ERP系統，是世界上最好的系統。而且它將繼續增長很多。業務線和業務網絡解決方案將繼續非常順利。我認為我們在保持對客戶的關注方面做得很好，現在真正思考這個虛擬套件概念，以便客戶在每條業務線、每張董事會會議桌上都能得到他們需要的東西。 CEO 會對這一戰略感到滿意，而 CEO 周圍的管理團隊也會很高興，因為我們專注於客戶的客戶。通過做好這一點，我們的增長將永遠不會受到質疑。我們將比以往任何時候都更好地進入 2018 年。

Thank you. There's time for 2 -- time for 4 questions.

謝謝。有 2 個問題的時間 -- 4 個問題的時間。

We can take our next question from Ross MacMillan from Royal Bank of Canada Capital Markets.

我們可以接受來自加拿大皇家銀行資本市場部的 Ross MacMillan 的下一個問題。

Maybe one for Luka. I think by my math, we're just over 20% of the core ERP base on S/4HANA. And I just wondered if you could maybe remind us where you'd expect us to be in terms of conversion of base as we look out to our 2020 target. And then a follow-up, and I don't know if this is for Bill or Bernd. But your comments on S/4 Cloud are, obviously, bullish. And I'm just curious whether you think existing customers that use SAP core ERP on-prem, whether S/4 cloud could actually start to address those use cases yet or whether this is mostly still for subsidiary level or maybe geographically dispersed operations. Just trying to understand how this dovetails with the core S/4HANA strategy.

也許一個給盧卡。我認為根據我的計算，我們剛剛超過基於 S/4HANA 的核心 ERP 的 20%。我只是想知道您是否可以提醒我們，在我們展望 2020 年目標時，您期望我們在基礎轉換方面達到什麼水平。然後是跟進，我不知道這是給 Bill 還是 Bernd 的。但您對 S/4 Cloud 的評論顯然是樂觀的。我很好奇您是否認為現有客戶使用 SAP 核心 ERP 本地部署，S/4 雲是否真的可以開始解決這些用例，或者這是否主要仍用於子公司級別或可能是地理上分散的操作。只是想了解這如何與核心 S/4HANA 戰略相吻合。

Yes. Then just very quickly, I would definitely expect that by 2020, we should be done with half of the customer base and having it converted. Let's not forget that with our current S/4 customer count, we also have net new customers on top, not only installed base conversions. So that implies that I expect to see now an acceleration of the migration curve, as customers have waited in some cases for the full round out of functional capabilities of S/4HANA, as that work is now complete. They are starting their programs. So that will be my indication. We would do something wrong by 2020. We have not already migrated at least half of our installed base.

是的。然後很快，我肯定希望到 2020 年，我們應該完成一半的客戶群並進行轉換。別忘了，根據我們當前的 S/4 客戶數量，我們還擁有淨新客戶，而不僅僅是安裝基礎轉換。因此，這意味著我希望現在看到遷移曲線的加速，因為在某些情況下，客戶一直在等待 S/4HANA 功能的全面完善，因為這項工作現已完成。他們正在開始他們的計劃。所以這將是我的指示。到 2020 年我們會做錯事。我們還沒有遷移至少一半的已安裝基礎。

Yes. And, Ross, an additional comment before I go to the second question. Don't forget that the existing customers -- it is not just conversions from the installed base. I mean, we are proud that with S/4HANA, we have never seen such a huge percentage of net new names in our customer base, and this is healthy as well for the future growth. So do not just take into account the existing SAP installed base and make your math coming to the 20%. My number is that -- is significantly below 20%, and this is good for our business. Then to come to your second question, really on the existing customers, whether we can address the use cases, absolutely. With the release in Q4 in 2017, we have covered the complete core ERP functionality. And now we are going into industry verticals. I mean, the history is repeating. This is how we built the ERP business. We started with the core. The core is complete now. And now we are going into industry verticals, and we are in permanent interaction with the customers, with the user groups to define priorities and, therefore, consider very strong industry focus in 2018.

是的。羅斯，在我回答第二個問題之前再補充一點意見。不要忘記現有客戶 - 這不僅僅是來自已安裝基礎的轉換。我的意思是，我們感到自豪的是，有了 S/4HANA，我們的客戶群中從未見過如此大比例的淨新名稱，這對未來的增長也是健康的。因此，不要只考慮現有的 SAP 安裝基礎並讓你的數學達到 20%。我的數字是——遠低於 20%，這對我們的業務有利。然後來到你的第二個問題，真正關於現有客戶，我們是否可以解決用例，絕對。隨著 2017 年第四季度的發布，我們已經涵蓋了完整的核心 ERP 功能。現在我們正在進入垂直行業。我的意思是，歷史正在重演。這就是我們建立 ERP 業務的方式。我們從核心開始。現在核心已經完成。現在我們正在進入垂直行業，我們與客戶保持長期互動，與用戶群體一起確定優先事項，因此，我們考慮在 2018 年非常關注行業。

Thanks a lot. I think we have time...

多謝。我想我們有時間...

And maybe I would just say one thing. And I also think it's a great opportunity to take the product down market. It's been way too easy in the mid-market for some other folks. We're going to tighten that up. So it's not just for the large enterprise customers or the subsidiaries. We're going to take this product down into the mid-market and mix it up a little bit down there and see how it goes. But I think we can handle ourselves pretty well down there.

也許我只想說一件事。而且我還認為這是將產品推向市場的絕佳機會。對於其他一些人來說，中端市場太容易了。我們將收緊它。所以它不僅僅適用於大型企業客戶或子公司。我們打算把這個產品帶到中端市場，在那裡稍微混合一下，看看效果如何。但我認為我們可以在那里處理得很好。

We'll take the final question, please.

請回答最後一個問題。

We'll take our final question from Gerardus Vos from Barclays.

我們將接受來自巴克萊銀行的 Gerardus Vos 的最後一個問題。

Two for me. Just on the go-lives, where are we in kind of Q4? And how do you expect that to trend in 2018? And then secondly, a question on the kind of (inaudible) business, the licenses down 1% on the quarter. It was actually very good kind of volume, 5%. Could you talk a bit about kind of the regional mix? And if you've kind of seen some kind of slippage, which has been suggested by the kind of volume versus license growth number?

兩個給我。剛剛上線，我們在第 4 季度的什麼地方？您如何看待 2018 年的趨勢？其次，關於（聽不清）業務類型的問題，許可證在本季度下降了 1%。它實際上是非常好的數量，5%。你能談談區域組合嗎？而且，如果您看到某種滑點，數量與許可證增長數字之間的關係是否表明了這種滑點？

Okay. Then let me cover the both questions actually, go-lives. So a very significant uptick in Q4. So we are now at round about 1,500 go-lives, up from 1,000 that we've just reached in Q3. So this is very positive. And as we have a couple of thousand ongoing implementation projects, I definitely expect this number to go materially further up in 2018. So we're adding more and more references to that, and that will create a virtuous cycle that will also convince the rest of the market to move and make the migration. And in terms of the licenses impact, so we saw positive growth in the Americas, believe it or not, and we saw it in Asia, which in Asia's case, I think, is less surprising, maybe lesser sum than in the Americas. And U.S. had positive license growth, which is showing the clearly transformational strength of our license portfolio, especially S/4. In Europe, we had a slightly negative growth in licenses, but let's not forget, I mean, Europe had an extraordinary stellar Q4 from a year-over-year perspective. They had a very tough compare. And when you take a look at the full year performance in licenses, that was actually absolutely fine in line with our projections. But in Q4, they were down a bit, and that also explains the slightly lower cloud and software growth rate for EMEA as opposed to the other regions.

好的。然後讓我實際討論這兩個問題，上線。因此，第四季度出現了非常顯著的上升。因此，我們現在大約有 1,500 個上線，高於我們在第三季度剛剛達到的 1,000 個。所以這是非常積極的。由於我們有幾千個正在進行的實施項目，我絕對希望這個數字在 2018 年進一步上升。因此我們正在添加越來越多的參考，這將創造一個良性循環，也將說服其他人市場的移動和遷移。就許可證的影響而言，不管你信不信，我們在美洲看到了積極的增長，我們在亞洲也看到了它，我認為在亞洲的情況下，這並不令人驚訝，也許比美洲少。美國的許可證正增長，這表明我們的許可證組合具有明顯的轉型實力，尤其是 S/4。在歐洲，我們的許可略有負增長，但我們不要忘記，我的意思是，從同比角度來看，歐洲第四季度表現出色。他們有一個非常艱難的比較。當你看一下全年的許可證表現時，這實際上完全符合我們的預測。但在第四季度，它們略有下降，這也解釋了 EMEA 與其他地區相比雲計算和軟件增長率略低的原因。

And maybe I could also build on what Luka is saying. It's pretty steady all over the place. Asia had an unbelievable quarter. We have Jen Morgan now and Adaire Fox-Martin that are the co-presidents leading Global Customer Operations. And a question's sticking with me earlier, how Q1 and the comparisons looking and how's that shaking out there in the geographies? May we give Adaire a chance to say hi to you all, too. Adaire?

或許我還可以藉鑑 Luka 所說的內容。到處都很穩定。亞洲有一個令人難以置信的季度。我們現在有 Jen Morgan 和 Adaire Fox-Martin，他們是領導全球客戶運營的聯合總裁。一個問題一直困擾著我，Q1 和比較看起來如何，以及在這些地區的震動情況如何？願我們也給 Adaire 一個向你們大家打招呼的機會。阿黛爾？

Thanks, Bill. Looking we're going into Q1 off the momentum of Q4, we're feeling very positive about our position in Q1. We have an incredible set of products delivered to us by the best development team on the planet and a strategy that resonates with every customer that you talk to, whether they're a multinational or a general business organization. But Jen and I look forward to a strong Q1 and a strong year.

謝謝，比爾。看起來我們將在第四季度的勢頭下進入第一季度，我們對我們在第一季度的地位感到非常樂觀。我們擁有由地球上最好的開發團隊交付給我們的一組令人難以置信的產品，以及與您交談的每一位客戶產生共鳴的戰略，無論他們是跨國公司還是一般商業組織。但 Jen 和我期待著強勁的第一季度和強勁的一年。

Hear, hear.

聽到，聽到。

Hear, hear.

聽到，聽到。

Thank you very much. This concludes the SAP Q4 Earnings Call. And we look forward to seeing you on March 6 in York City in our Hudson Yards office at Capital Markets Day. Thanks so much for participating, and goodbye.

非常感謝。 SAP Q4 財報電話會議到此結束。我們期待 3 月 6 日資本市場日在約克市哈德遜廣場辦公室與您相見。非常感謝您的參與，再見。

Thank you for your interest in SAP, everybody. See you in New York.

感謝大家對 SAP 的關注。紐約見。

Thanks a lot. Bye-bye.

多謝。再見。

Thank you. This concludes today's call. Thank you for your participation, ladies and gentlemen, you may now disconnect.

謝謝。今天的電話會議到此結束。女士們先生們，感謝您的參與，您現在可以斷開連接了。