SAP SE (SAP) 2018 Q2 法說會逐字稿

Good day, and welcome to the SAP Q2 and Half Year 2018 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 SAP 第二季度和 2018 年半年度收益電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. Stefan Gruber. Please go ahead, sir.

此時，我想將會議轉交給 Stefan Gruber 先生。請繼續，先生。

Thank you, Good morning or good afternoon. This is Stefan Gruber, Head of Investor Relations. Thank you for joining us to discuss our results for the second quarter 2018. 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; Bernd Leukert, who leads Product and Innovation; as well as Jennifer Morgan and Adaire Fox-Martin, who together run Global Customer Operations.

謝謝，早上好或下午好。我是投資者關係主管 Stefan Gruber。感謝您加入我們討論我們 2018 年第二季度的業績。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； Bernd Leukert，負責產品和創新；以及共同負責全球客戶運營的 Jennifer Morgan 和 Adaire Fox-Martin。

Before we get started, I would like 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. SAP undertakes no obligation to publicly update or revise any forward-looking statements. And 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 our filings with the U.S. SEC, including SAP's annual report on Form 20-F for 2017 filed with the SEC on February 28, 2018.

在我們開始之前，我想就前瞻性陳述和我們使用非 IFRS 財務措施說幾句話。本次電話會議期間作出的任何非歷史事實的陳述都是前瞻性陳述，定義見美國 1995 年私人證券訴訟改革法案。預期、相信、估計、預期、預測、打算、可能、計劃、項目、預測、應該、前景和意願等詞語以及與 SAP 相關的類似表達方式旨在識別此類前瞻性陳述。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我們向美國證券交易委員會提交的文件中進行了更全面的討論，包括 SAP 於 2018 年 2 月 28 日向美國證券交易委員會提交的 2017 年 20-F 表格年度報告。

Participants of this call are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. In addition, our Investor Relations website, you can find our quarterly statement, our half year report and the financial summary slides deck, which are all intended to supplement our prepared remarks today and include a reconciliation from our non-IFRS numbers to IFRS numbers. Unless otherwise noted, all financial numbers referred to on this conference call are non-IFRS and growth rates are non-IFRS at constant currencies. The non-IFRS financial measures we provide should not be considered as a substitute for or superior to the measure of financial performance prepared in accordance with IFRS.

提醒本次電話會議的參與者不要過分依賴這些前瞻性陳述，這些陳述僅代表截至日期。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、半年報告和財務摘要幻燈片，這些都是為了補充我們今天準備好的評論，包括我們的非 IFRS 數據與 IFRS 數據的對賬。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（以固定匯率計算）。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 with that, I'd like to turn things over to our CEO, Bill McDermott.

有了這個，我想把事情交給我們的首席執行官比爾麥克德莫特。

Thank you, Stefan. Hello, everyone, and thank you for joining us today. I'll be brief in my remarks, so we can get to your questions.

謝謝你，斯特凡。大家好，感謝您今天加入我們。我的發言會很簡短，以便我們回答您的問題。

We're now in the ninth consecutive year of consistent growth for SAP. During this time, we established a new HANA world to replace the disk-based database. We engineered the fourth generation of ERP with S/4HANA. We extended the enterprise into the Business Networks. We assembled the most cloud users in the enterprise application software industry. In every quarter along this journey, our results have proven this to be the winning strategy for SAP. SAP's tri-factor of strong software and support sales, fast cloud growth and operating income expansion is now the gold standard in the industry.

SAP 已連續第九年實現持續增長。在這段時間裡，我們建立了一個新的 HANA 世界來取代基於磁盤的數據庫。我們使用 S/4HANA 設計了第四代 ERP。我們將企業擴展到業務網絡。我們聚集了企業應用軟件行業最多的雲用戶。在此過程中的每個季度，我們的結果都證明這是 SAP 的製勝戰略。SAP 強大的軟件和支持銷售、快速的雲增長和營業收入擴張這三要素現在已成為行業的黃金標準。

Our market share gains continued in Q2 as cloud revenues soared 40% year-on-year in constant currencies. For those keeping score, that's a 5% beat. And one sign of our thriving cloud business, cloud bookings grew 29%. And in another, pay-as-you-go revenue in Fieldglass, Ariba, Concur SAP Cloud Platform and HANA Enterprise Cloud is ramping really fast. You'll get more detail on that in a little bit. In this global war for talent, SAP SuccessFactors, Employee Central, new customers increased 42% year-on-year. I'm sure that's quite concerning to our competitors. Driven by fast adoption of SAP S/4HANA, cloud and software revenue grew by a stellar 10%. Now keep in mind, the software only, the software license on a stand-alone basis compared against our toughest quarter in 2017, so don't get too worked up on it.

我們的市場份額在第二季度繼續增長，雲計算收入按固定匯率計算同比飆升 40%。對於那些記分的人來說，這是一個 5% 的節拍。我們蓬勃發展的雲業務的一個標誌是雲預訂量增長了 29%。另一方面，Fieldglass、Ariba、Concur SAP Cloud Platform 和 HANA Enterprise Cloud 的即用即付收入增長非常快。稍後您將獲得更多詳細信息。在這場全球人才爭奪戰中，SAP SuccessFactors、Employee Central 新客戶同比增長 42%。我敢肯定，這對我們的競爭對手來說非常重要。在 SAP S/4HANA 快速採用的推動下，雲和軟件收入增長了 10%。現在請記住，與 2017 年我們最艱難的季度相比，僅軟件，軟件許可是獨立的，所以不要太過激動。

New cloud and software order entry grew even faster at 12%. And even with a higher mix of cloud and services revenue, operating profit surged 12%, while we expanded margin. And just to be clear, if you take into account the Callidus effect and the cloud mix with the cloud beat, you'd be at a 1% -- 1 point margin improvement on a year-over-year basis. So feel really good about the margins; we're on a roll.

新的雲和軟件訂單條目增長更快，達到 12%。即使雲和服務收入的組合更高，營業利潤也飆升了 12%，同時我們擴大了利潤率。需要明確的是，如果你考慮到 Callidus 效應和雲混合與雲節拍，你將有 1% - 同比提高 1 個百分點的利潤率。所以對利潤率感覺非常好；我們進展順利。

Some of the most prestigious brands in the world shows SAP solutions in Q2, including Chevron, Thomson Reuters, McDonald's China, Whirlpool and the U.S. Navy to name a few. NL is now live and they are the biggest SAP S/4HANA installation in the world. As you'll hear from Luka in a few moments, Q2 showed decisively that SAP is a balanced, sustainable, profitable growth company.

世界上一些最負盛名的品牌在第二季度展示了 SAP 解決方案，包括雪佛龍、湯森路透、麥當勞中國、惠而浦和美國海軍等。NL 現已上線，它們是世界上最大的 SAP S/4HANA 安裝。正如您稍後會從 Luka 那裡聽到的那樣，第二季度果斷地表明 SAP 是一家平衡、可持續、盈利增長的公司。

There's one topic I will cover in some depth before I hand it over to Luka. One month ago, at SAPPHIRE, we launched SAP C/4HANA as the new standard for fourth-generation CRM. Here is the big picture. CEOs understand that serving their customers must be the unifying business priority. They know this can't be done when the sales department doesn't work with the finance department or when the marketing department doesn't share data with the supply chain, or when the human resources team doesn't know how to engage the fast-growing contract workforce. Unfortunately, we have seen too many businesses revert to the siloed practices of failed enterprises. So it's no coincidence that many were actually disrupted by innovative competitors. Those disruptors built the entire company as a single integrated machine to serve that customer from demand chain to supply chain. Keep in mind, SAP was founded 46 years ago to solve a CEO business problem, integrating a fractured enterprise. Today, we are rising yet again to deliver a revolutionary end-to-end customer experience. Every asset in our portfolio has been carefully assembled to deliver the intelligent enterprise. SAP HANA data management suite, including data hub, the data control tower to power the customer experience without ever moving the data. SAP C/4HANA to handle the customer data, marketing, commerce, sales and service as an integrated modern front office. SAP SuccessFactors bringing the total workforce together in service to the customer relationship. SAP S/4HANA cloud ERP built with industry next practices as the ultimate fulfillment engine. SAP Digital Supply Chain to innovate the manufacturing process with groundbreaking new technologies, nevermore important, with global trade issues that we see in the market today. SAP Business Networks, extending the supply chain beyond the walls of the enterprise to drive a network effect. SAP LAN Auto and analytics cloud, intelligence embedded into every SAP solution to drive mass personalization and predictability. SAP Cloud Platform, integrating the intelligent enterprise around a single view of the customer. SAP HANA enterprise cloud to help businesses run in whichever environment best serves their customers.

在將它交給 Luka 之前，我將深入討論一個主題。一個月前，在 SAPPHIRE，我們推出了 SAP C/4HANA 作為第四代 CRM 的新標準。這是大圖。首席執行官們明白，服務客戶必須是統一的業務優先事項。他們知道，如果銷售部門不與財務部門合作，或者當營銷部門不與供應鏈共享數據，或者當人力資源團隊不知道如何快速參與時，他們就無法做到這一點-不斷增長的合同工。不幸的是，我們已經看到太多企業重蹈失敗企業的覆轍。因此，許多公司實際上被創新的競爭對手打亂了，這並非巧合。這些顛覆者將整個公司構建為一個單一的集成機器，從需求鏈到供應鍊為客戶提供服務。請記住，SAP 成立於 46 年前，旨在解決 CEO 的業務問題，整合一家支離破碎的企業。今天，我們再次崛起，以提供革命性的端到端客戶體驗。我們產品組合中的每一項資產都經過精心組裝，以打造智能企業。SAP HANA 數據管理套件，包括數據中心、數據控制塔，無需移動數據即可提升客戶體驗。SAP C/4HANA 作為集成的現代前台處理客戶數據、營銷、商務、銷售和服務。SAP SuccessFactors 將全體員工聚集在一起，為客戶關係服務。SAP S/4HANA 雲 ERP 採用行業下一代實踐作為最終履行引擎構建。SAP Digital Supply Chain 以突破性的新技術創新製造流程，這一點再重要不過了，我們今天在市場上看到的全球貿易問題。SAP Business Networks，將供應鏈延伸到企業之外，以推動網絡效應。SAP LAN Auto 和分析雲，智能嵌入到每個 SAP 解決方案中，以推動大規模個性化和可預測性。SAP Cloud Platform，圍繞客戶的單一視圖集成智能企業。SAP HANA 企業雲可幫助企業在為其客戶提供最佳服務的任何環境中運行。

So ladies and gentlemen, there's only one company in the industry that can help businesses revolutionize how they serve their customers. The C/4HANA front office suite is playing in a different league than sales force automation. When you combine all of our assets together, this is the real power of integration to serve the customer with real solutions. For any who may doubt SAP's ambition in this area, please consider. In Q2, C/4HANA is already growing at steep triple digits. Our organic growth is more than 5x our primary competitor in this segment. Our pipeline for the remainder of the year has accelerated dramatically. And as a signal of our confidence, SAP will highlight C/4HANA momentum on a quarterly basis, so you have visibility. I expect that you will see similarly strong growth in the quarters to come. That's right, triple digit.

女士們先生們，業內只有一家公司可以幫助企業徹底改變他們為客戶服務的方式。C/4HANA 前台辦公套件與銷售人員自動化屬於不同的聯盟。當您將我們所有的資產組合在一起時，這就是集成的真正力量，可以為客戶提供真正的解決方案。對於任何可能懷疑 SAP 在這方面的野心的人，請考慮。在第二季度，C/4HANA 已經以三位數的急劇增長。我們的有機增長是該領域主要競爭對手的 5 倍多。我們今年剩餘時間的管道已大大加快。作為我們信心的信號，SAP 將每季度重點介紹 C/4HANA 的發展勢頭，以便您了解。我預計您會在未來幾個季度看到類似的強勁增長。沒錯，三位數。

Customer to core, front office to fulfillment, C/4HANA to S/4HANA, great moments are born from great opportunity. Ours is to redefine the CRM industry. We have the strategy, we have the solutions, we have the ambition. As you gather from my remarks, we are bullish about SAP's prospects to unleash yet another new wave of growth. SAP has made a clear argument, our customers are already validating our strategy in Q2. And as a signal of our confidence, today, we are raising not only our 2018 full year guidance, we are also raising our 2020 Cloud ambition. This company is fired up and ready to go. Our 94,000 colleagues believe in the work we do every day, and they could not be more passionate to help this world run better and improve people's lives. I'm really looking forward to your questions today.

客戶到核心，前台到履行，C/4HANA 到 S/4HANA，偉大的時刻源於偉大的機會。我們的目標是重新定義 CRM 行業。我們有戰略，我們有解決方案，我們有雄心壯志。正如您從我的發言中了解到的那樣，我們看好 SAP 釋放又一波新增長浪潮的前景。SAP 已經明確表示，我們的客戶已經在第二季度驗證了我們的策略。作為我們信心的信號，今天，我們不僅提高了 2018 年全年的指導目標，還提高了 2020 年的雲目標。這家公司已經準備就緒。我們的 94,000 名同事相信我們每天所做的工作，而且他們對幫助這個世界更好地運轉和改善人們的生活充滿熱情。今天我真的很期待你的問題。

So for now, it's my pleasure to hand it over to our CFO, Luka Mucic. Luka, over to you.

所以現在，我很高興將其交給我們的首席財務官 Luka Mucic。盧卡，交給你了。

Thanks a lot, Bill. Yes, as you can tell from the financial results shared by Bill, our strong momentum continues. Our business is getting more and more recurring in nature, with 2/3 now coming from more predictable revenue streams in the quarter. We continue to grow profitably, even with severe currency headwinds in Q2.

非常感謝，比爾。是的，正如您從比爾分享的財務結果中可以看出的那樣，我們的強勁勢頭仍在繼續。我們的業務在本質上變得越來越頻繁，現在有 2/3 來自本季度更可預測的收入流。即使在第二季度出現嚴重的貨幣逆風，我們仍繼續實現盈利增長。

Now to the highlights of the quarter. First, as Bill said, our cloud revenue grew by 40%. This is a stellar result. If you consider that even excluding the contribution from Callidus, we are tracking very nicely above the cloud CAGR implied in our 2020 ambition. New cloud bookings grew by 29% on top of the strong performance in Q2 last year. Note that new cloud bookings is only one component of future cloud revenue. As Bill mentioned, we are seeing accelerating pay-as-you-go revenue in our cloud business and none of this is even included in the new cloud bookings metric. And remember that new high growth cloud solutions, like S/4HANA Cloud and C/4HANA will have more impact on growth, as they scale to be a bigger part of the mix.

現在是本季度的亮點。首先，正如比爾所說，我們的雲收入增長了 40%。這是一個出色的結果。如果您認為即使不包括 Callidus 的貢獻，我們也能很好地跟踪超過我們 2020 年雄心所暗示的雲複合年增長率。在去年第二季度的強勁表現基礎上，新的雲預訂量增長了 29%。請注意，新的雲預訂只是未來雲收入的一個組成部分。正如 Bill 提到的，我們看到雲業務中的現收現付收入正在加速增長，而這一切甚至都沒有包含在新的雲預訂指標中。請記住，新的高增長雲解決方案，如 S/4HANA Cloud 和 C/4HANA，將對增長產生更大的影響，因為它們可以擴展為組合中更大的一部分。

Now to software, which even with the tough comparison from last year, was still fully in line with our implied 2018 and 2020 midterm aspirations. The continuous momentum of S/4HANA, HANA full use, our Digital Supply Chain solution as well as our global risk and compliance solutions contributed to the resilience of our software business in the quarter. Total new business, which is best demonstrated by the combination of cloud total contract value and software license order entry, was again up double digits at 12%. And to underscore the scale that our cloud business has reached by now, the share of cloud in this metric is now close to 60%. Support revenue came in very, very strong, up 7%. This was the result of our strong license performance in 2017, continued very strong renewals and lower sales allowances indicating the strong stickiness of our support services with our customers. All of this drove double-digit cloud and software growth. This is a fantastic performance. We are clearly outpacing the market, even at the large scales that we have already reached.

現在來看軟件，即使與去年進行了艱難的比較，它仍然完全符合我們隱含的 2018 年和 2020 年中期目標。S/4HANA 的持續發展勢頭、HANA 的充分利用、我們的數字供應鏈解決方案以及我們的全球風險和合規解決方案為本季度我們軟件業務的彈性做出了貢獻。雲合同總價值和軟件許可訂單輸入的組合最好地證明了新業務總量再次增長了兩位數，達到 12%。為了強調我們的雲業務目前已達到的規模，雲在該指標中的份額現在接近 60%。支持收入非常非常強勁，增長了 7%。這是我們 2017 年強勁的許可表現、持續強勁的續約和較低的銷售津貼的結果，表明我們的支持服務與客戶的強烈粘性。所有這些都推動了兩位數的雲計算和軟件增長。這是一場精彩的表演。我們顯然超越了市場，即使在我們已經達到的大規模上也是如此。

Now a few words on the second quarter regional results. We had a very strong performance in the EMEA region, with cloud and software revenue increasing 12%. Cloud revenue grew by 46%, with Germany and the U.K. being highlights. In addition, we had strong double-digit software revenue growth in the U.K., and the Middle East and Germany had another strong quarter with solid single-digit software license growth. We also had a solid performance in the Americas region, despite a significant currency headwind. Cloud and software revenue grew by 8%. Cloud revenue increased by 35%, led in particular by a very strong performance in Brazil.

現在談談第二季度的區域業績。我們在歐洲、中東和非洲地區的表現非常強勁，雲和軟件收入增長了 12%。雲收入增長了 46%，其中德國和英國成為亮點。此外，我們在英國的軟件收入實現了強勁的兩位數增長，而中東和德國的軟件許可增長又實現了強勁的個位數增長。儘管存在重大的貨幣逆風，但我們在美洲地區也有穩健的表現。雲和軟件收入增長了 8%。雲收入增長了 35%，這主要得益於巴西的強勁表現。

In the APJ region, we had a robust performance. Cloud and software revenue was up 11%. Cloud revenue grew by 52%, with China and Japan being highlights. For software revenue, Australia, China and India had impressive quarters and grew each by double digits.

在 APJ 地區，我們表現強勁。雲和軟件收入增長了 11%。雲收入增長了 52%，中國和日本是亮點。在軟件收入方面，澳大利亞、中國和印度的季度表現令人印象深刻，均以兩位數的速度增長。

Briefly now on to the IFRS 15 impact, which as you know, we adopted on January 1 this year. Our operating profit in the quarter was positively impacted by EUR 54 million through this accounting change. With that, let me now come to profitability and gross margins. Gross margins in cloud, software and support and services were a clear highlight; they were all up year-over-year. We continued to have a significant revenue mix-shift effect between our cloud and on-premise business, which meant our cloud and software gross margin was slightly down year-over-year to 81.2% despite all of the individual business models improving their gross margin performance. Our cloud margin again expanded sequentially to 63.6% and was also up 1.2 percentage points year-over-year. This great result in Q2 shows that our turnaround starting in Q1 continues to gain momentum. This is mainly visible in the strong improvement of our SaaS, PaaS public cloud gross margin, which increased by 4 percentage points year-over-year to 60.4%, driven by strong top line growth as well as the tapering off of upfront costs for the converged cloud platform. The Business Network margin continued its path to exceed 80% in 2020 and is now already at 77.4%, an increase of close to 50 basis points year-over-year. The private cloud margin likewise accelerated upward by 5 percentage points year-over-year, as a function of the increased scale and expanding renewal base in our HANA enterprise cloud business. Our services gross margin was again up by 3 percentage points to 26.5% year-over-year. This strong result shows the first-class organization we have become with our successful transformation. Our margin is now much higher than what we usually see in the services industry.

現在簡要介紹一下我們於今年 1 月 1 日採用的 IFRS 15 的影響。通過這一會計變更，我們本季度的營業利潤受到了 5400 萬歐元的積極影響。有了這個，讓我現在來談談盈利能力和毛利率。雲、軟件、支持和服務的毛利率是一個明顯的亮點；他們都同比增長。我們的雲和本地業務之間繼續產生顯著的收入混合轉移效應，這意味著儘管所有單獨的業務模式都提高了毛利率，但我們的雲和軟件毛利率同比略有下降至 81.2%表現。我們的雲利潤率再次環比擴大至 63.6%，也同比增長 1.2 個百分點。第二季度的這一出色結果表明，我們從第一季度開始的轉變繼續獲得動力。這主要體現在我們的 SaaS、PaaS 公共雲毛利率的強勁改善中，同比增長 4 個百分點至 60.4%，這主要得益於強勁的收入增長以及前期成本的逐漸減少融合雲平台。業務網絡利潤率在 2020 年繼續超過 80%，目前已達到 77.4%，同比增長近 50 個基點。由於我們的 HANA 企業雲業務規模擴大和更新基礎不斷擴大，私有云利潤率同樣同比增長 5 個百分點。我們的服務毛利率再次同比增長 3 個百分點至 26.5%。這一強勁的業績表明我們已成為一流的組織，並成功轉型。我們的利潤現在比我們通常在服務行業看到的要高得多。

The combination of strong top line, strong cloud gross margin improvement and operating expense discipline led again to strong operating profit growth of 12% in the quarter. We achieved this while continuing to invest in our people and our portfolio, adding approximately 6,700 employees year-over-year. As indicated in Q1, our organic hiring in the quarter slowed to just 700 additional hires. As a result, our operating margin increased by 40 basis points despite the headwinds from the recently closed Callidus acquisition and the significant revenue mix-shift effect.

強勁的營收、強勁的雲毛利率改善和運營支出紀律的結合再次導致本季度運營利潤強勁增長 12%。我們在實現這一目標的同時繼續投資於我們的員工和我們的投資組合，同比增加約 6,700 名員工。如第一季度所示，我們本季度的有機招聘放緩至僅新增 700 人。因此，儘管最近關閉的 Callidus 收購和顯著的收入混合轉移效應帶來了不利影響，但我們的營業利潤率還是增加了 40 個基點。

Now let me turn quickly to taxes and EPS. The IFRS effective tax rate increased by 3.4 percentage points to 30%. This came primarily from FX as a result of intercompany financing and changes in foreign currency exchange rates in Venezuela. The non-IFRS tax rate was virtually unchanged at 27.8%. The IFRS earnings per share increased by 8% to EUR 0.60 for the quarter, non-IFRS EPS increased by 5% to EUR 0.98.

現在讓我快速談談稅收和每股收益。IFRS 有效稅率上升 3.4 個百分點至 30%。這主要來自公司間融資和委內瑞拉外幣匯率變化的外匯。非 IFRS 稅率幾乎沒有變化，為 27.8%。本季度 IFRS 每股收益增長 8% 至 0.60 歐元，非 IFRS 每股收益增長 5% 至 0.98 歐元。

Now to cash flow. Q2 operating cash flow decreased mainly due to the timing of stock-based compensation payments, currency headwinds as well as higher tax and insurance payments. These effects offset SAP's positive business development and lower DSOs, which went down year-over-year by 4 days to 68 days. Free cash flow for the half year was also lower due to the previously announced additional CapEx for 2018.

現在來看現金流。第二季度經營現金流下降的主要原因是股票薪酬支付的時間安排、貨幣逆風以及更高的稅收和保險支付。這些影響抵消了 SAP 積極的業務發展和較低的 DSO，DSO 同比下降 4 天至 68 天。由於先前宣布的 2018 年額外資本支出，半年的自由現金流也較低。

Finally, as Bill alluded to already, we are raising our 2018 outlook due to the strong cloud business. At the same time, we have updated our currency expectations for the impact on reported growth rates. We are also raising our cloud revenue ambition for 2020 to reflect our strong cloud momentum and the acquisition of Callidus. The 2020 ambition now also takes into account the severe currency headwinds we have seen. For more details, please refer to our quarterly statement published earlier today.

最後，正如 Bill 已經提到的那樣，由於強勁的雲業務，我們正在提高 2018 年的展望。同時，我們更新了貨幣對報告增長率影響的預期。我們還提高了 2020 年的雲收入目標，以反映我們強勁的雲勢頭和對 Callidus 的收購。2020 年的雄心壯志現在還考慮到了我們所看到的嚴重的貨幣逆風。有關詳細信息，請參閱我們今天早些時候發布的季度報表。

Before closing, I would also like to talk about a few of our key nonfinancial metrics; they're equally important to us in steering a sustainable business. This quarter, we again increased the number of Women in Management to 25.8%, as our efforts to promote diversity and equality continue. Our integrated report was ranked the leader in the nonfinancials ranking of the DAX 30 companies by reporting expert. SAP was also featured among the top 25 of the 2,400 companies ranked in the report, Corporate Sourcing of Renewables, Industry and Market Index by the Carbon Disclosure Project and the International Renewable Energy Agency.

在結束之前，我還想談談我們的一些關鍵非財務指標；它們對我們指導可持續發展業務同樣重要。本季度，隨著我們繼續努力促進多元化和平等，我們再次將管理層中的女性人數增加到 25.8%。我們的綜合報告被報告專家評為 DAX 30 公司非金融類排名的領導者。SAP 還在碳信息披露項目和國際可再生能源署發布的可再生能源企業採購、行業和市場指數報告中躋身 2,400 家公司的前 25 名。

So to summarize. This quarter's results perfectly reflect our core strategy: to rapidly transform the company to the cloud, while substantially growing profits and margins. We are taking market share, and we are undisputably growing faster in the cloud than our competitors. We have the broadest portfolio, and we are the most geographically diversified cloud business in the industry. I am very confident this momentum will continue. That's why we raised both our 2018 outlook and our 2020 ambition. Thank you.

所以總結一下。本季度的業績完美地反映了我們的核心戰略：快速將公司轉型為雲，同時大幅增加利潤和利潤率。我們正在搶占市場份額，而且我們在雲計算領域的增長速度無疑快於我們的競爭對手。我們擁有最廣泛的產品組合，並且是業內地域最多元化的雲業務。我非常有信心這種勢頭會持續下去。這就是我們提高 2018 年展望和 2020 年雄心的原因。謝謝。

And we will now be happy to take your questions.

我們現在很樂意回答您的問題。

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

謝謝。接線員，我們現在可以開始問答環節了。

(Operator Instructions) We will take our first question from Mohammed Moawalla from Goldman Sachs.

（操作員說明）我們將從高盛的 Mohammed Moawalla 那裡回答我們的第一個問題。

I have 2 questions. The first one is just on the license -- software license progression. We've now seen sort of 3 consecutive quarters of declines, and I appreciate there is a sort of tougher comparison versus a year ago. But are you seeing a significant change in the way that sort of customers are now deploying things like S/4HANA more sort of in the -- sort of hybrid model and exploring alternative deployment models? And is this likely to mean that you are more likely to be kind of in the kind of lower band of that 0 to minus 5 license growth? And related to that, given this is obviously a higher-margin business, and I know over time this will obviously shrink in the mix, how do you sort of manage that on the bottom line and the margin? And then second question was just on the cloud. Obviously, very strong growth in the quarter. What are the sort of some of the key products and levers that you see to kind of continue this momentum? Specifically you called out the kind of pay-as-you-go side. Could you give us a bit more color and what gives you the visibility there? And then lastly, on sort of C/4HANA, may be some color and metrics around the pipeline and where you see the kind of the big opportunities? Are they inside or outside the installed base?

我有兩個問題。第一個只是關於許可證——軟件許可證進展。我們現在已經看到連續 3 個季度下降，我很欣賞與一年前相比有一種更嚴格的比較。但是，您是否看到客戶現在部署 S/4HANA 之類的東西的方式發生了重大變化，更像是在混合模型中探索替代部署模型？這是否可能意味著您更有可能處於 0 到 -5 許可證增長的較低範圍？與此相關的是，鑑於這顯然是一項利潤率更高的業務，而且我知道隨著時間的推移，這顯然會減少，你如何在底線和利潤率上進行管理？然後第二個問題就在雲端。顯然，本季度增長非常強勁。您認為可以繼續保持這種勢頭的一些關鍵產品和槓桿是什麼？具體來說，你提到了那種現收現付的方式。你能給我們多一點顏色嗎？是什麼讓你在那裡能見度？最後，在某種 C/4HANA 上，可能是管道周圍的一些顏色和指標，以及您在哪裡看到了那種巨大的機會？它們是在已安裝基礎內部還是外部？

Mohammed, thank you very much for your question. First of all, on license revenue, it is true that it's a hybrid cloud deployment model out there. It is also true that we're still able to sell the licenses, and you shouldn't walk away from Q2 with any theory that we won't hit our 2018 expectations, because we will, and that will flow through to the bottom line and give you the leverage you're looking for. We are obviously leaning into the cloud because that's where the growth is. And I think, if we were to tell you today that we exceeded our expectations in the license line and missed in the cloud, you'd be very worried about our future. So we have our hand on the till. We're going to manage both of those objectives to get you the core license revenue with the rich margin set and the leverage on the profit flow through, and you'll also see continued momentum in the cloud. I'll let Luka give you some color on the products, but we're really in great shape. You also have to keep in mind that we had a big SAPPHIRE, and in this big SAPPHIRE, where we announced C/4HANA where you saw the message to have demand and supply on an interactive integrated platform between C/4HANA and S/4HANA, some of the larger transactions were a little bit late because of that, especially in the United States, which is not unusual. We've seen this before. And at the same time, their cloud performance in the United States, as an example, was extraordinary. So all good, everything holding ever steady in the business model, and our pipeline and forecasts are right where we wanted them, especially in Q3 and Q4. Luka?

穆罕默德，非常感謝你的問題。首先，在許可收入方面，它確實是一種混合雲部署模型。我們仍然能夠出售許可證也是事實，你不應該帶著我們不會達到 2018 年預期的任何理論離開第二季度，因為我們會的，而且會影響到底線並為您提供所需的影響力。我們顯然傾向於雲，因為那是增長的地方。而且我認為，如果我們今天告訴您我們在許可行中超出了我們的預期並且在雲中錯過了，您會非常擔心我們的未來。所以我們把手放在收銀台上。我們將管理這兩個目標，讓您獲得具有豐厚利潤的核心許可收入和對利潤流的槓桿作用，您還將看到雲計算的持續發展勢頭。我會讓 Luka 給你一些關於產品的顏色，但我們的狀態真的很好。你還必須記住，我們有一個大藍寶石，在這個大藍寶石中，我們宣布了 C/4HANA，在那裡你看到了在 C/4HANA 和 S/4HANA 之間的交互式集成平台上有需求和供應的消息，一些較大的交易因此而延遲了一點，尤其是在美國，這並不罕見。我們以前見過這個。同時，以美國為例，他們的雲性能非常出色。所以一切都很好，商業模式中的一切都保持穩定，我們的管道和預測是我們想要的，特別是在第三季度和第四季度。盧卡？

Thanks a lot, Bill. And just to add on the margin side. Look, at the half year point, we're currently showing a 70 basis points increase at constant currencies, and that is actually for the half year, what we wanted to reach and what we have reached. The composition between Q1 and Q2 was a little bit different. We had been facing our strongest and toughest compare in Q1, and had grown very nicely there. That was the reason why in Q1 the margin was up quite above expectations that we had originally. And now basically at the mid-year point, we are at where we believed we would be at the software license side, given the tougher comparisons. And as the mix between Q1 and Q2 has shifted, the margin is slightly lower. Just to help you compare that on a revenue mix-shift effect alone between our expectations Q1 versus Q2 and how we ended up, that's a 40 basis point swing. And if you continue to include the CallidusCloud effect of 30 basis points, actually the margin progression is quite comparable between Q1 and Q2. And in the second half year, we definitely have visibility into our book of business, and we have the easier comparison, so you should not be worried at all. So far, everything is going as predicted, and we have every reason to believe that we will end strong, otherwise we would not have raised our guidance for the full year.

非常感謝，比爾。並且只是為了增加保證金方面。看，在半年時間點，我們目前以固定匯率計算增加了 70 個基點，這實際上是半年時間，我們想要達到的目標和已經達到的目標。Q1 和 Q2 之間的構成有點不同。我們在第一季度面臨著最強大和最艱難的比較，並且在那裡成長得非常好。這就是為什麼在第一季度利潤率遠高於我們最初的預期的原因。現在基本上是在年中點，考慮到更嚴格的比較，我們處於我們認為我們會在軟件許可方面的位置。隨著 Q1 和 Q2 之間的組合發生變化，利潤率略有下降。只是為了幫助您比較我們對第一季度和第二季度的預期之間的收入混合轉移效應以及我們最終的結果，這是 40 個基點的波動。如果你繼續包括 30 個基點的 CallidusCloud 效應，實際上第一季度和第二季度的保證金進展相當。而在下半年，我們的業務賬目肯定是有可見性的，我們比較容易，所以你根本不用擔心。到目前為止，一切都在按預期進行，我們有充分的理由相信我們會以強勁的勢頭結束，否則我們不會提高全年的指導。

And Mohammed, just to finish on the question on products, because I'm sure this is interesting to everybody. The top 5 cloud products driving the growth are C/4HANA and S/4HANA, supply chain cloud, analytics cloud, database. Obviously, HANA has also now moved to the cloud, and that's an interesting cloud-based model and the SAP Cloud Platform. This really forms the intelligent suite in the cloud. And as it relates to the pay-as-you-go, I was referring to Ariba, Fieldglass and Concur. This has now formed a spend management category by a lot. These are the market-leading companies in the spend management category. So therefore, you're seeing a very nice wedge chart of to-be-determined revenue that's signed up for, and once it's consumed, the revenue starts hitting the cash register. That business is looking real good.

穆罕默德，我想結束關於產品的問題，因為我相信每個人都會感興趣。推動增長的前 5 大雲產品是 C/4HANA 和 S/4HANA、供應鏈雲、分析雲、數據庫。顯然，HANA 現在也已經遷移到雲端，這是一個有趣的基於雲的模型和 SAP 雲平台。這真正形成了雲中的智能套件。由於它與現收現付有關，我指的是 Ariba、Fieldglass 和 Concur。現在，這已經形成了一個支出管理類別。這些是支出管理類別中的市場領先公司。因此，您會看到一個非常好的楔形圖，顯示已註冊的待確定收入，一旦消費，收入就會開始進入收銀機。那家公司看起來真不錯。

We'll take our next question from Walter Pritchard from Citi.

我們將從花旗銀行的 Walter Pritchard 那裡回答下一個問題。

Question for Luka on the 2020 ambition. You did raise the cloud, but you also raised total revenue, if I look at it on a constant-currency basis. And I'm wondering if you'd give us a little bit more detail into what drove the raise in the total 2020 revenue in addition to cloud? And then I had one follow-up.

盧卡關於 2020 年雄心的問題。你確實提高了雲計算，但你也提高了總收入，如果我在固定貨幣的基礎上看的話。我想知道除了雲之外，您是否可以更詳細地說明是什麼推動了 2020 年總收入的增長？然後我進行了一次跟進。

Yes. So in terms of the total revenue ambition, it is obvious that we are running a portfolio of winners across all of our business models. The cloud business, obviously, is winning as you have seen. But we have done the tough work to redirect our services business towards optimized setups for today's digital reality. You have seen that in 10% service revenue growth as well as the materially expanded margin. Our utilization is running at a very high level. The order intake is very strong in services and so definitely that business is on a very positive path as well. And then in the core, in software and support, in combination, we see actually that the resilience, in particular, in our support business is actually rather regaining strength, and that is a testament to the strong collaborative work that has been happening all across GCO, which is our field tracing organization together with our services organization to really make sure that we understand customer needs, that we provide value as part of our service offerings. So we feel very strongly likewise about the resilience of our core business. So if you have only winning businesses in your portfolio, then it's rather simple to have a positive view also on the total revenue side.

是的。因此，就總收入雄心而言，很明顯，我們在所有商業模式中都運行著一系列贏家。正如您所見，雲業務顯然正在獲勝。但我們已經完成了艱鉅的工作，將我們的服務業務重新定向到針對當今數字現實的優化設置。您已經看到 10% 的服務收入增長以及大幅擴大的利潤率。我們的利用率處於非常高的水平。服務領域的訂單量非常強勁，因此業務肯定也走在非常積極的道路上。然後在核心方面，在軟件和支持方面，結合起來，我們實際上看到，彈性，特別是在我們的支持業務中，實際上正在恢復實力，這證明了在整個過程中進行的強有力的協作工作GCO，這是我們的現場跟踪組織和我們的服務組織，以真正確保我們了解客戶需求，我們提供價值作為我們服務產品的一部分。因此，我們對核心業務的彈性也有非常強烈的感覺。因此，如果您的投資組合中只有獲勝的業務，那麼對總收入方面也持積極看法就相當簡單。

I think you had a follow-up, Walter?

我想你有跟進，沃爾特？

Great and then just if -- yes, sure if Rob Enslin's on or maybe Bill can take this one. But on the HCM side, I know you've made some leadership changes in that area in the last year. Maybe would love to hear an update on progress there, growth rates, success and you gave some metrics around the core, but just general update on the HCM category?

太棒了，然後如果 - 是的，確定 Rob Enslin 是否在或者 Bill 可以接受這個。但在 HCM 方面，我知道你去年在該領域進行了一些領導層變動。也許想听聽有關那裡的進展、增長率、成功的最新消息，並且您提供了一些圍繞核心的指標，但只是 HCM 類別的一般更新？

Yes, Walter, so we have made the changes actually now, I guess, 9 months to a year. And what we've seen is an amazing innovation in the product, what we are doing with Google and with Apple, and how customers are consuming. SuccessFactors is making a significant difference. We also -- Bill gave some numbers in the beginning how we've expanded SuccessFactors globally, and we continued to see, I think, it was 40% customer growth in SuccessFactors across the board. So this is becoming one of the engines for SAP.

是的，沃爾特，所以我們實際上已經做出了改變，我猜，9 個月到一年。我們所看到的是產品的驚人創新，我們與穀歌和蘋果的合作，以及客戶的消費方式。SuccessFactors 正在發揮重要作用。我們還——比爾一開始就給出了一些數字，說明我們如何在全球範圍內擴展 SuccessFactors，我認為，我們繼續看到 SuccessFactors 的客戶全面增長了 40%。所以這正在成為 SAP 的引擎之一。

From Barclays, we have Gerardus Vos.

來自巴克萊銀行的 Gerardus Vos。

Just a couple, if I may. Just first of all on the cloud bookings, if you include the kind of pay-as-you-go reference kind of bookings, you get what you have not captured at the moment in bookings, what growth would you have had in the kind of quarter? And then, secondly, just going back on the licenses. I noted that the last 2 quarters actually, the volume growth has been maintained, but we've seen bit of a dip in the large deals. This, combined with the comments you made on the U.S. slippage, have these deals now been closed and then what was the reason for the slippage? And then finally on the margin. I think, the second half -- or sorry, the guidance [line] of the second half should see a 40 basis points on the [lining] improvement in the margin for the second half. Do you expect this to becoming linear in the 2 quarters? Or should we see quite a strong Q4 ramp?

如果可以的話，只有一對。首先在雲預訂上，如果你包括那種按需付費的參考預訂，你會得到你目前在預訂中沒有捕捉到的東西，你會有什麼樣的增長四分之一？然後，其次，只是回到許可證上。我注意到過去兩個季度的交易量實際上一直保持增長，但我們看到大宗交易略有下降。這一點，結合您對美國滑點的評論，這些交易現在是否已經結束，那麼滑點的原因是什麼？然後終於到了邊緣。我認為，下半年——或者抱歉，下半年的指導 [線] 應該看到下半年利潤率 [襯裡] 改善 40 個基點。您是否希望這在 2 個季度內變為線性？或者我們應該看到相當強勁的第四季度斜坡嗎？

Well, I will refer -- go ahead.

好吧，我會提到——繼續。

Well, no, I just want to thank you for the question, because it really gives us a chance to talk about this. Again, C/4HANA was a major launch. That launch took place in Orlando in the United States. The attendees at SAPPHIRE, about 80% from the United States. Many customers are now rationalizing how they think about this demand and supply chain real-time company they want to run. And in a couple of cases, where there were substantial large ones, they moved into the next quarter. And yes, they're closed. And the important thing to put in front of you on this is, I'm really happy because the deal volume outside the largest deals actually went up, and the only place where you saw any delta was in the large deals, and we know exactly which ones they were. So we have a very, very good license revenue business unlike anyone else in our industry. And in Q3 and Q4, you will see a leveling, it's not going to be pushed to Q4, you'll see Q3 deliver as expected and back on what I would say is the year-over-year growth track you're referring to or you're looking for. So no worries there whatsoever.

嗯，不，我只是想感謝你提出這個問題，因為它確實給了我們一個討論這個問題的機會。同樣，C/4HANA 是一項重大發布。那次發射是在美國奧蘭多舉行的。SAPPHIRE的與會者中，約80%來自美國。許多客戶現在正在合理化他們對他們想要運營的這家需求和供應鏈實時公司的看法。在一些情況下，如果有大量的大型企業，他們會進入下一個季度。是的，他們關門了。重要的是要擺在你面前的是，我真的很高興，因為最大交易之外的交易量實際上上升了，你唯一看到任何增量的地方是在大交易中，我們確切地知道他們是哪一個。因此，我們擁有非常非常好的許可收入業務，這與我們行業中的其他任何人都不一樣。在第 3 季度和第 4 季度，你會看到一個水平，它不會被推到第 4 季度，你會看到第 3 季度按預期交付，並回到我所說的你所指的同比增長軌道或者你正在尋找。所以不用擔心。

Yes. And then let me complement Bill's statements with the 2 additional questions that you had. First of all, on margin progression, no, we don't estimate that the progression will be heavily or overly skewed towards Q4. Why is that? Because last year, we had already in Q4, as you might recall, a quite significant margin progression to almost flat margins. That's why we believe this will be more equally distributed. But of course, our compare on the license side in Q4 is probably the easiest when you compare the different quarters, and that might give us towards the end an opportunity to outperform everything goes well. In terms of the cloud bookings, look, I mean, I think, it's prudent for us to only put out there as a new cloud bookings number, as a hard number, what is really committed and therefore is guaranteed for consumption. However, we see of course, the pattern that the uncommitted pieces that we contract in terms of pay-as-you-go revenues have actually a very good predictability to come in as well. And what I can give you as a directional figure here is that when you take a look at the performance of our new cloud bookings, which was at 29% constant currency growth and you take a look at our Business Networks business and their bookings success, including uncommitted bookings, you would actually look at a roughly 15% uplift to that based on the new cloud bookings performance. So it is actually a very strong business component that over time will find its way into the P&L. There are different adoption patterns here, obviously, as well at work, but it gives you an idea how strong the underlying order entry takeup in our Business Network business was in Q2. It was truly a highlight of our overall business portfolio.

是的。然後讓我用您提出的另外兩個問題來補充 Bill 的陳述。首先，關於保證金進展，不，我們估計進展不會嚴重或過度偏向第四季度。這是為什麼？因為去年，您可能還記得，我們已經在第四季度實現了相當顯著的利潤率增長，幾乎持平。這就是為什麼我們相信這將更平均地分配。但是，當然，當你比較不同的季度時，我們在第四季度在許可方面的比較可能是最簡單的，這可能會讓我們在最後有機會超越一切順利。就雲預訂而言，看，我的意思是，我認為，我們只將其作為一個新的雲預訂號碼發布是明智的，作為一個硬數字，真正承諾並因此保證消費。然而，我們當然看到，我們根據現收現付收入簽訂合同的未承諾部分實際上也具有很好的可預測性。我可以在這裡給你一個方向性的數字，當你看看我們新的雲預訂的表現時，它以 29% 的恆定貨幣增長，你看看我們的商業網絡業務和他們的預訂成功，包括未承諾的預訂，根據新的雲預訂性能，您實際上會看到大約 15% 的提升。因此，它實際上是一個非常強大的業務組成部分，隨著時間的推移，它會進入損益表。顯然，這裡有不同的採用模式，在工作中也有不同的採用模式，但它讓您了解我們的業務網絡業務在第二季度的潛在訂單輸入吸收有多強。這確實是我們整體業務組合的一大亮點。

Yes. I mean, just like one fun point of it all. If you just take something like -- I don't know, let's go with Fieldglass, let's have some fun. You'd be in triple digits, all right, triple-digit growth. So just think about that concept as you take a tremendous asset, you think about total workforce management with full-time and contracted for labor, and you see that network growing in triple digits on a year-over-year basis. It's like a big wow. And when I think about the intelligent enterprise and I think about the CEOs out there and the notion of how you put an intelligent suite together with C/4, S/4, a supply chain that deals with tariffs and other tax matters that are going on globally, I think total workforce management, total spend management, everything in an integrated solution, a suite tailored for an industry. I mean, to me this is a home run. This is where the market is. This is where we are. And when we meet the market with the better idea, it always wins and growth follows. So I think you should feel really good about the cloud. I don't think you should be at all concerned with mix. And as Luka said, back out the Callidus effect and the mix effect and you've got your margin profile that you're looking for, not to mention a double-digit operating income expansion. So the whole story's there.

是的。我的意思是，就像這一切的一個有趣點。如果你只是採取類似的東西——我不知道，讓我們使用 Fieldglass，讓我們玩得開心。你會以三位數的速度增長，好吧，三位數的增長。因此，只要考慮一下這個概念，當你擁有巨大的資產時，你就會考慮全職和合同工的整體勞動力管理，你會看到該網絡每年以三位數的速度增長。這就像一個大哇。當我想到智能企業時，我想到那裡的 CEO 以及如何將智能套件與 C/4、S/4 以及處理關稅和其他稅務問題的供應鏈結合在一起的概念在全球範圍內，我認為全面勞動力管理、總體支出管理、集成解決方案中的一切，為行業量身定制的套件。我的意思是，對我來說這是一個本壘打。這就是市場所在。這就是我們所在的地方。當我們以更好的創意迎接市場時，它總會獲勝，隨之而來的是增長。所以我認為你應該對雲感覺很好。我認為你根本不應該關心混音。正如 Luka 所說，排除 Callidus 效應和混合效應，你就會得到你正在尋找的利潤率，更不用說兩位數的營業收入增長了。所以整個故事都在那裡。

Our next question comes from Adam Wood from Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當伍德。

If I could ask two as well. Maybe just first of all on the C/4 to dig in a little bit further. When we look at the installed base, could you give us any statistics around how loyal that base has been to you versus the main competitor? So what I'm really trying to get at, is this a replacement sell that you're going to have to make with the base or is it an upsell? And where it is upsell, when you look at the portfolio today, how much bigger is it? How much more can you sell into that base as a multiple versus, I don't know, 2 or 3 years ago? Just to give us some feel for what the opportunity could be on the base of C4 and how difficult it's going to be to execute? And then maybe coming back to S/4HANA. Obviously, very successful ramp-up with customers. When we speak to partners, obviously, an ERP reimplementation is difficult and there has been some debate around the go-lives versus sales. Could you maybe give us a little bit of a feel for where you are with that today and what you are going to help automate that process and make it easier? And is there any risk of that becoming an impediment to further adoption, that a reimplementation of ERP is a challenge?

如果我也可以問兩個。也許只是首先在 C/4 上進一步挖掘。當我們查看已安裝的基礎時，您能否向我們提供任何有關該基礎對您與主要競爭對手的忠誠度的統計數據？所以我真正想要了解的是，這是您必須用基礎進行的替代銷售還是追加銷售？它在哪裡追加銷售，當你今天看投資組合時，它有多大？與我不知道的 2 或 3 年前相比，您可以多賣出多少？只是為了讓我們了解基於 C4 的機會是什麼以及執行起來會有多困難？然後可能會回到 S/4HANA。顯然，與客戶的關係非常成功。當我們與合作夥伴交談時，很明顯，重新實施 ERP 很困難，並且圍繞上線與銷售存在一些爭論。您能否讓我們了解一下您今天的進展情況以及您將如何幫助自動化該過程並使其更容易？是否有任何風險成為進一步採用的障礙，重新實施 ERP 是一項挑戰？

So let me go with the C/4HANA. Adam, great question, actually. I wouldn't call it cross-sell, upsell. I would call it new sell. We are changing the market with CRM. We are completely redefining how our customers are going to proceed, what they want to do with their customers and how they want to link their supply chains to their customers. So we see the opportunity as massive growth, massive addressable markets, are delighted with acquisitions. The integration with Callidus is one of the fastest we've ever had in [NSAP]. It'll be on HANA within the next couple of months. We'll have a complete suite in 9 months, and the pipeline is exceptionally strong. So I would say, coming out of SAPPHIRE, we're hitting on all cylinders. Clearly, our customers love the story, and they love where we're going. And it's going to be a significant opportunity for SAP.

因此，讓我使用 C/4HANA。亞當，實際上是個好問題。我不會稱之為交叉銷售，追加銷售。我會稱之為新的銷售。我們正在用 CRM 改變市場。我們正在徹底重新定義我們的客戶將如何進行，他們想為他們的客戶做些什麼，以及他們想如何將他們的供應鏈與他們的客戶聯繫起來。因此，我們將機會視為巨大的增長，巨大的潛在市場，對收購感到高興。與 Callidus 的集成是我們在 [NSAP] 中最快的集成之一。它將在接下來的幾個月內出現在 HANA 上。我們將在 9 個月內擁有一套完整的套件，而且管道非常強大。所以我想說，從 SAPPHIRE 出來，我們正在全力以赴。顯然，我們的客戶喜歡這個故事，他們喜歡我們要去的地方。這對 SAP 來說將是一個重要的機會。

(inaudible)

（聽不清）

Yes, please.

是的，請。

And incidentally just to put our money where our mouth is, triple-digit growth in the back end of the year. Take a crayon, mark it down.

順便說一句，只是為了把我們的錢放在嘴邊，在今年年底實現了三位數的增長。拿一支蠟筆，記下來。

So on the question around the migration of our customers to S/4, I'll perhaps just make a few comments on the program that we're running and the opportunity that we see, not just for our customers, but also very importantly for the SOP -- SAP ecosystem. Many of our ecosystem partners have recognized this opportunity and are actually building significant practices in order to address it. We recognize that in SAP there are a series of tools and techniques that we need to provide to our customers in order to support their journey. Many of our customers today have customizations in their current environment, and we need to address those customizations. In order to do that, we have a 3-prong approach, working all with our colleagues in development, working with our colleagues in services and also, of course, with our ecosystem. We have a series of assessment tools that will allow a customer to understand where they are today and the path for them specifically to move to S/4. Each customer will be given a clear migration path supported by a set of automation tools. For each customer, we will develop a very clear business case that justifies the why for that customer in terms of the move. And as far as implementation is concerned, we are looking to manage the implementation costs along the concept of a model company, whereby industry, we will implement on a industry-by-industry basis, a template that reduces the cost and the time to move to S/4HANA.

所以關於我們的客戶遷移到 S/4 的問題，我可能只是對我們正在運行的程序和我們看到的機會發表一些評論，這不僅是為了我們的客戶，而且對於SOP——SAP 生態系統。我們的許多生態系統合作夥伴已經認識到這個機會，並且實際上正在建立重要的實踐來解決這個問題。我們認識到，在 SAP 中，我們需要向客戶提供一系列工具和技術，以支持他們的旅程。今天，我們的許多客戶在他們當前的環境中都有定制，我們需要解決這些定制問題。為了做到這一點，我們採用了三管齊下的方法，與開發部門的所有同事合作，與服務部門的同事合作，當然還有我們的生態系統。我們有一系列評估工具，可以讓客戶了解他們目前的狀況以及他們具體遷移到 S/4 的路徑。每個客戶都將獲得由一組自動化工具支持的清晰遷移路徑。對於每個客戶，我們將開發一個非常清晰的業務案例，以證明該客戶遷移的原因。就實施而言，我們正在尋求按照模型公司的概念來管理實施成本，我們將在逐個行業的基礎上實施一個模板，以降低成本和移動時間到 S/4HANA。

And maybe just to round this up and complement it with numbers. I mean, we have made good progress in this respect. We have close to 2,000 live customers on S/4HANA by now already. And we have another close to 3,000 ongoing implementation project. So which means, given that the implementation time frame for S/4HANA is greatly reduced versus, let's say, traditional ECC implementations of the past decade, we will soon have 5,000 referenced customers to speak for us.

也許只是為了四捨五入並用數字補充它。我的意思是，我們在這方面取得了很好的進展。到目前為止，我們已經在 S/4HANA 上擁有近 2,000 名實時客戶。我們還有另外近 3,000 個正在進行的實施項目。這意味著，鑑於 S/4HANA 的實施時間框架比過去十年的傳統 ECC 實施大大縮短，我們很快將有 5,000 個參考客戶為我們代言。

And Adam, this is Bernd. Maybe to add just a flavor of different shading between on-premise and cloud. We saw, especially in the last quarter, an outstanding performance of the entire S/4 business. We have high triple-digit growth in the cloud, and the number of new names in the cloud in total was more than the number of new names over the entire fiscal year 2017. And of course, in the cloud, when you talk to implementation time and go-lives, we speak in weeks, while, you are right, the methodology Adaire was explaining was fully focusing on our installed base on-premise business. But here, we have massively reduced according to the methodology, but as well as the tools we have provided to the service organization of SAP, but as well to the partners.

亞當，這是伯恩德。也許只是在本地和雲之間添加不同顏色的味道。我們看到，尤其是在上個季度，整個 S/4 業務的出色表現。我們在雲端有高三位數的增長，雲端的新名字總數超過了整個 2017 財年的新名字數量。當然，在雲中，當你談到實施時間和上線時，我們會以幾週為單位，而你是對的，Adaire 解釋的方法完全專注於我們已安裝的內部部署業務。但是在這裡，我們已經根據方法論以及我們提供給 SAP 服務組織以及合作夥伴的工具進行了大量減少。

One thing that's really interesting. One thing -- and maybe a couple of things are really interesting. The ecosystem is truly massive at SAP. And with the cloud accelerating growth like this, we have a smart ecosystem. They know when to jump on board. And for example, the intelligence in the application, in the business process itself driving our intelligent enterprise strategy is something that has been broadly adopted by the partners. And in fact, if you listen to the IBM earnings, IBM said that they are seeing HANA and S/4HANA driving workloads and driving growth in their business. So I think IBM, since they just reported, is a very good example for this phenomenon.

一件非常有趣的事情。一件事——也許有幾件事真的很有趣。SAP 的生態系統非常龐大。隨著雲計算像這樣加速增長，我們擁有了一個智能生態系統。他們知道什麼時候跳上船。例如，應用程序中的智能，業務流程本身推動我們的智能企業戰略，已被合作夥伴廣泛採用。事實上，如果你聽聽 IBM 的收益，IBM 表示他們看到 HANA 和 S/4HANA 正在推動工作負載並推動他們的業務增長。所以我認為 IBM，因為他們剛剛報告，是這種現象的一個很好的例子。

Alex Tout from Deutsche Bank has our next question.

德意志銀行的 Alex Tout 有我們的下一個問題。

Just a few quick-fire ones. Firstly, on maintenance. 7% constant currency growth in the quarter, very strong. Could you just give us a bit of color on why that should have been and whether that normalizes somewhat in the second half of '18? Secondly, I wonder on the cash flow side of things, whether you can quantify the impact from the IFRS 15 changes there? And then, just finally, an update on the progress of moving off the dual running of infrastructure for the cloud business. I think you last said that, that was due to be completed by the end of the year. Just the question is whether that's still your expectation?

只是一些速射的。首先，關於保養。本季度 7% 的恆定貨幣增長，非常強勁。你能不能給我們一些顏色，說明為什麼會這樣，以及這是否會在 18 年下半年有所正常化？其次，我想知道在現金流量方面，您是否可以量化 IFRS 15 變化的影響？然後，最後，更新了雲業務基礎設施雙運行的進展情況。我想你最後說過，那將在年底前完成。只是問題是這是否仍然是您的期望？

Yes, definitely all good questions. So first of all, on the maintenance, the reasons are relatively simple. We have a very, very low churn, actually lower than what we have seen historically in the last 24 months, and so there has been great work done by the field as well as our service organization in embracing a specific customer loyalty program with which we are working really very strongly with customers, where we have the signal that we have to double down in terms of value creation in order to preserve maintenance. This has been extremely successful. At the same time, as I said during my prepared remarks, there is also an extremely low level of sales allowances. So we are hardly losing support revenues due to customer defections, and at the same time, I think we managed the process of extensions towards the cloud in a very professional way. Those are all very value-creative and are not really cannibalistic for our support revenues. And that growth drove the strong growth. In terms of the time frame, just very quickly on the move off of third-party database in our cloud business, that's on track, that will conclude by the end of the year. We are even now including within that scope Callidus, as Rob has said, and we are working as well with a high priority to move them off during a similar time frame. So that is going very well. And as of next year, should give us then the substantial savings that we will get from the conversions on our own technology. Yes, in terms of the cash flow situation, I know that it looks at the face quite negative with a 15% decline in half year 1. There are various effects here. First of all, there is a timing change and a phasing change on the payment of share-based compensation expenses. In the past, they were done in the later half of the year. Now with our new move program, they are happening in the first half, and that's alone a -- an impact to the range of EUR 180 million. Next to that, we had extraordinary tax payments. You see that a little bit also in the increasing effective tax rate. But clearly, at the end of last year, we had some IP migrations, which gave us some very positive onetime benefits as you might recall. Now of course, we have to pay the extra taxation for those migrations in their respective countries, and that has resulted in a cash out that was also in a low triple-digit million euro range. You're absolutely right that we have, of course, with the capitalized sales commissions, a major positively influencing P&L effects, that is a noncash item. We have disclosed in our figures the amount that we have been saving on the expense side due to the capitalization of sales commissions. So for the first half year, this was round about EUR 80 million on top. And that, of course, has an impact as well in terms of a non-cash flow, but positive item for operating profit. So that's the main impact. There is an additional one as well from our restructuring program for last year, which you might recall was geared towards our services business. We now have an additional cash flow impact from making insurance payments, increased insurance payments to safeguard the time credits of our people that have taken advantage of the early retirement program last year, and that was a cash item that became effective in 2018. Having said this, due to the timing change that I alluded to before, we believe that the progression in Q2 -- in the second half year should be more positive in a year-over-year comparison. So also from a cash flow perspective, no reason to worry. In the second half, we'll see an improvement.

是的，絕對是所有好問題。所以首先在保養上，原因比較簡單。我們的客戶流失率非常非常低，實際上低於過去 24 個月的歷史水平，因此該領域以及我們的服務組織在採用特定的客戶忠誠度計劃方面做了大量工作，我們通過該計劃與客戶的合作非常緊密，我們有信號表明我們必須在價值創造方面加倍努力以保持維護。這非常成功。同時，正如我在準備好的發言中所說，銷售津貼的水平也非常低。因此，我們幾乎不會因為客戶流失而損失支持收入，與此同時，我認為我們以非常專業的方式管理了向雲擴展的過程。這些都是非常有價值的創意，並不會真正蠶食我們的支持收入。這種增長推動了強勁的增長。就時間框架而言，我們的雲業務中第三方數據庫的遷移速度非常快，這是按計劃進行的，將在今年年底結束。正如 Rob 所說，我們現在甚至將 Callidus 包括在該範圍內，並且我們也在以高優先級工作，以便在類似的時間範圍內將它們移走。所以一切進展順利。從明年開始，我們將從我們自己的技術轉換中獲得大量節省。是的，就現金流情況而言，我知道它看起來很消極，半年 1 下降了 15%。這裡有各種影響。首先，股權激勵費用的支付存在時間上的變化和階段性變化。過去，它們是在下半年完成的。現在通過我們的新搬遷計劃，它們在上半年發生，僅此一項 - 影響範圍為 1.8 億歐元。除此之外，我們還繳納了超額稅款。你也可以從不斷增加的有效稅率中看到這一點。但顯然，在去年年底，我們進行了一些 IP 遷移，這給我們帶來了一些非常積極的一次性好處，您可能還記得。當然，現在我們必須在各自國家為這些移民支付額外稅款，這導致現金支出也處於三位數百萬歐元範圍內。你是絕對正確的，當然，我們擁有資本化的銷售佣金，這是一個對損益影響產生積極影響的主要因素，這是一個非現金項目。我們在數據中披露了由於銷售佣金資本化而在費用方面節省的金額。因此，在上半年，這大約是 8000 萬歐元。當然，這也會對非現金流產生影響，但對營業利潤來說是積極的。這就是主要影響。我們去年的重組計劃還有一個額外的計劃，您可能還記得它是針對我們的服務業務的。我們現在有額外的現金流影響來自支付保險金，增加保險金以保護去年利用提前退休計劃的員工的時間信用，這是一項於 2018 年生效的現金項目。話雖如此，由於我之前提到的時間變化，我們認為下半年第二季度的進展與去年同期相比應該更為積極。因此，從現金流的角度來看，也沒有理由擔心。下半場，我們會看到進步。

Our next question comes from Michael Briest from UBS.

我們的下一個問題來自瑞銀的 Michael Briest。

Just going back to S/4. I think at the start of the year, there was an ambition to double the level of migrations. I think, in the full year last year, it was about 2,500 all-in [event] and migration customers. Do you think you're still on track for that and to get 50% of the ERP customers on to S/4 by 2020? And then just secondly, in terms of the 2020 guidance uplift, can you talk a bit about the mix of cloud in 2020 now? Is all of the uplift related to SaaS and PaaS and does it change your margin expectations? More broadly, I mean, it looks like you've raised your margin targets at constant currency in 2020 despite a higher cloud mix. I'm just curious as to what's giving you the confidence on that?

回到 S/4。我認為在今年年初，人們有將移民數量增加一倍的雄心。我認為，在去年全年，大約有 2,500 個全押 [事件] 和遷移客戶。您認為您是否仍在朝著這個目標前進，並在 2020 年之前讓 50% 的 ERP 客戶使用 S/4？其次，就 2020 年的指導提升而言，您現在能談談 2020 年的雲組合嗎？所有的提升都與 SaaS 和 PaaS 相關嗎？它是否改變了您的利潤預期？更廣泛地說，我的意思是，儘管雲組合更高，但您似乎已經提高了 2020 年固定匯率的利潤率目標。我很好奇是什麼讓你對此充滿信心？

Yes, maybe, Michael, I'll start with the first part of the question related again to S/4 and the migration, and the question is, are we on track? We are absolutely on track. Luka already shared with you that we have passed 1,900 customers who are actually live. We are having 2,900 who are in the process of going live, and we reported at the beginning of the year that we target 3,000 to be live end of the year. If you add the 2 numbers, we will end up close to 5,000. And we know that especially towards end of the year that there is a dedicated season when customers have a high peak of adoption and using the window of holiday break to go live. So we are extremely confident that we are not just on track, we will outperform this. And the rationale behind it is that we have moved the conversation from "Do I move towards S/4? How fast do I move?" And that goes in line with consolidation of the systems, but as well massive benefits in terms of reducing cost of operations at our customers and a massive value they get out of the business process reengineering. And there is, I would say, not a single customer meeting where this is not one of the top 3 agenda items day in and day out.

是的，也許，邁克爾，我將從與 S/4 和遷移相關的問題的第一部分開始，問題是，我們走上正軌了嗎？我們絕對走上正軌。Luka 已經跟大家分享過，我們已經過了 1900 位實際直播的客戶。我們有 2,900 人正在上線，我們在年初報告說，我們的目標是到年底有 3,000 人上線。如果將這 2 個數字相加，我們最終將接近 5,000。而且我們知道，特別是在年底時，會有一個專門的季節，客戶的採用率達到高峰，並利用假期的窗口上線。因此，我們非常有信心，我們不僅走上了正軌，而且我們將超越這一點。其背後的基本原理是我們已經將對話從“我要轉向 S/4 嗎？我移動的速度有多快？”這與系統整合一致，但在降低客戶運營成本方面以及他們從業務流程重組中獲得的巨大價值方面也有巨大好處。而且，我想說，沒有一個客戶會議不是日復一日的三大議程項目之一。

And maybe to complement this. First with the question on the cloud mix for 2020. As you know, when we originally stated our 2020 ambition, we had kind of an implied expectation that our infrastructure as a service business would be somewhere around 15%, 16%, and the rest would be basically shared between Business Networks and our SaaS, PaaS business. Today, we see that growth in terms of, in particular, our SaaS, PaaS business, is starting to outperform the growth of the smaller infrastructure as a service business, again which is good from a margin perspective for the cloud. And so we believe that in 2020, the share of infrastructure as a service will actually be rather at around 10% or 11% mark than 15% or 16%. And indeed SaaS, PaaS will basically fill up for the difference which is positive for margins. That's one of the reasons why we are -- continue to be very confident around the operating income ambition, which we have, as you said, retained in unchanged format. But of course, we are also closer now to that target. We have seen the operational progress that we have made in 2018. We are seeing that the turnaround is starting to happen and that the organization is following through with the required focus on the growth drivers and deemphasizing of legacy areas that are not able to grow anymore. The services business is another strong component, because it has progressed very well not only from a top line perspective, but has become actually a very positive contributor through steady margin increases, and all of that is giving us the confidence to uphold these figures even despite the very, very severe currency headwinds that you have rightfully noted.

也許是為了補充這一點。首先是關於 2020 年雲組合的問題。如您所知，當我們最初陳述 2020 年的雄心時，我們有一種隱含的期望，即我們的基礎設施即服務業務將在 15% 左右、16% 左右，其餘的基本上將由 Business Networks 和我們的 SaaS 共享， PaaS業務。今天，我們看到，特別是我們的 SaaS、PaaS 業務的增長開始超過較小的基礎設施即服務業務的增長，這從雲利潤的角度來看也是好事。因此我們認為，到 2020 年，基礎設施即服務的份額實際上將在 10% 或 11% 左右，而不是 15% 或 16%。事實上，SaaS、PaaS 基本上會填補對利潤有利的差異。這就是我們 - 繼續對營業收入雄心充滿信心的原因之一，正如你所說，我們保留了不變的格式。但當然，我們現在也離這個目標更近了。我們已經看到了我們在 2018 年取得的運營進展。我們看到轉變開始發生，並且該組織正在按照要求關注增長驅動因素並不再強調無法再增長的遺留領域。服務業務是另一個強大的組成部分，因為它不僅從收入的角度來看進展順利，而且通過穩定的利潤率增長實際上已經成為一個非常積極的貢獻者，所有這些都讓我們有信心維持這些數字，即使您正確地註意到了非常非常嚴重的貨幣逆風。

Michael, one point that should be added to all of this and it is the ecosystem. If you think about the growth in S/4HANA, Deloitte, Accenture, Capgemini, IBM -- IBM talked about the mass adoption of HANA driving their workloads. They're adopting HANA in mass to run S/4HANA on it. So the partners are going where the money is and that S/4HANA is the in-memory core ERP of the 21st century. And now the next big wave will be the C/4HANA combination with S/4HANA, and I'm excited because when the partners are as motivated as they are right now, that generally leads to upside surprises at SAP.

邁克爾，所有這些都應該加上一點，那就是生態系統。如果您考慮 S/4HANA、德勤、埃森哲、凱捷和 IBM 的增長——IBM 談到了 HANA 的大規模採用推動了他們的工作負載。他們正在大規模採用 HANA 以在其上運行 S/4HANA。因此，合作夥伴正在向資金所在的方向發展，而 S/4HANA 是 21 世紀的內存中核心 ERP。現在下一個大浪潮將是 C/4HANA 與 S/4HANA 的組合，我很興奮，因為當合作夥伴像現在這樣積極主動時，這通常會給 SAP 帶來驚喜。

Our next question comes from Kirk Materne from Evercore.

我們的下一個問題來自 Evercore 的 Kirk Materne。

Just two questions for me. I guess, first for Luka. Just to put a fine point on this. If we looked at order entry for the cloud business in aggregate and sort of on an organic basis, ex Callidus, I assume it sounds like it was a very good quarter. I just wanted to make sure that's the case because I think some people might take some of the Callidus revenue, back it out from bookings and make the case that sort of bookings decelerated in cloud. And I think you guys are making an opposite point on that front. And then secondly, just on -- the question may be for Bernd on blockchain. I know you guys are running a lot of proof-of-concepts around blockchain for certain industries. I was wondering if you can just sort of update us on how that's going and maybe the opportunity to monetize that as we start looking out maybe 12 to 18 months.

只問我兩個問題。我想，首先是盧卡。只是為了說明這一點。如果我們從總體上看雲業務的訂單輸入，並且在有機的基礎上，ex Callidus，我認為這聽起來像是一個非常好的季度。我只是想確保情況確實如此，因為我認為有些人可能會拿走 Callidus 的一些收入，將其從預訂中扣除，並證明這種預訂在雲中減速。我認為你們在這方面提出了相反的觀點。其次，關於 - 問題可能是 Bernd 在區塊鏈上的問題。我知道你們正在為某些行業圍繞區塊鏈進行大量概念驗證。我想知道你是否可以向我們介紹一下進展情況，以及在我們開始尋找 12 到 18 個月時可能將其貨幣化的機會。

Thanks very much, Kirk. Very good question on order entry, and let's set the record straight here. The contribution of Callidus to our bookings growth is smaller than the contribution on the revenue line. So our growth on the booking side at constant currency, backing out Callidus, would have been in the mid-20s, 25% basically. And when you then put on top the much higher performance, when you include the uncommitted pay-as-you-go bookings, which as we know, are going to transfer into revenues, that's a very strong performance, that is giving us all the fuel that we need in order to further accelerate on the cloud line.

非常感謝，柯克。關於訂單輸入的很好的問題，讓我們在這裡直接記錄。Callidus 對我們預訂量增長的貢獻小於對收入的貢獻。因此，以固定匯率計算，我們在預訂方面的增長，支持 Callidus，應該在 20 年代中期，基本上是 25%。然後當你把更高的性能放在首位時，當你包括未承諾的現收現付預訂時，正如我們所知，這將轉化為收入，這是非常強勁的表現，這給了我們所有的我們需要的燃料，以便在雲線上進一步加速。

And then maybe a note on blockchain. I think the hype and the excitement around blockchain is accelerating every day. Especially in the last couple of weeks, we have signed many co-innovation agreements around the blockchain technology where companies intend to partner with us, where we contribute our technology experience, they contribute their domain expertise. We even have created a consortium at SAPPHIRE in Orlando. We were expecting that launch date of a blockchain consortium that roughly 20 customer will join. I'm proud to report that on day 1, we had more than 50 customers joining the blockchain consortium. And in the meantime, we have passed the threshold of 70. In terms of where are we? We are in the process of discussing, aligning the value of the technology and expose that in the application. So I expect, especially in the next couple of weeks, to get real proof points, and then I'm 100% sure that the commercial aspect and the impact on the P&L will follow while this is too early to report this now at the end of Q2.

然後可能是關於區塊鏈的註釋。我認為圍繞區塊鏈的炒作和興奮每天都在加速。特別是在過去幾週，我們圍繞區塊鏈技術簽署了許多共同創新協議，公司打算與我們合作，我們貢獻我們的技術經驗，他們貢獻他們的領域專業知識。我們甚至在奧蘭多的 SAPPHIRE 創建了一個聯盟。我們預計區塊鏈聯盟的啟動日期將有大約 20 個客戶加入。我很自豪地報告，在第一天，我們有 50 多個客戶加入了區塊鏈聯盟。與此同時，我們已經跨過了 70 的門檻。就我們在哪里而言？我們正在討論、調整技術的價值並將其暴露在應用程序中。所以我希望，尤其是在接下來的幾週內，獲得真正的證據，然後我 100% 確定商業方面和對 P&L 的影響將會隨之而來，雖然現在在最後報告這個還為時過早Q2的。

And Kirk, you know how it works, right? It's all about the industry-specific nature of these solutions. So for example, a couple of cases I've personally been involved in, one is pharma. So if you think about track and trace and removing counterfeit from the pharma industry and the cold chain where you can track the temperature of these very sensitive pharma products that are really all about keeping people safe and healthy; pretty amazing. And then food, there isn't a single food company out there that isn't talking about farm-to-table and quality safety, and then also really keeping track of their suppliers to make sure they are authenticated. We had one company, in particular, was in the coffee industry. They have literally thousands and thousands of suppliers that work on coffee beans. But they have a great brand and they serve a great product, and they want to make sure that the quality safety all the way from the farm into the cup is rock solid. So these are applications that we're actually working on right now that have tremendous implications for growth in industry. This could be a very nice business.

柯克，你知道它是如何運作的，對吧？這完全取決於這些解決方案的行業特定性質。因此，例如，我個人參與的幾個案例，一個是製藥公司。因此，如果您考慮從製藥行業和冷鏈中追踪和清除假冒產品，您可以在冷鏈中跟踪這些非常敏感的藥品的溫度，這些產品實際上都是為了保證人們的安全和健康；相當了不起。然後是食品，沒有一家食品公司不談論從農場到餐桌和質量安全，然後還真正跟踪他們的供應商以確保他們經過驗證。我們有一家公司，特別是在咖啡行業。他們實際上有成千上萬的咖啡豆供應商。但他們有一個偉大的品牌，他們提供了一個偉大的產品，他們希望確保從農場到杯子的質量安全是堅如磐石的。因此，這些是我們現在實際正在研究的應用程序，它們對行業的增長具有巨大的影響。這可能是一項非常好的業務。

Our next question comes from Philip Winslow from Wells Fargo.

我們的下一個問題來自富國銀行的 Philip Winslow。

First one for Bill, and the sales team that's on the call here. One of the questions I get a lot from investors is about the manufacturing vertical because obviously SAP accounts -- you have the largest manufacturing industry or process companies in the world as customers. And you've got the kind of 2 sort of near term opposing forces. You've got the need for digital transformation, and then you obviously have sort of the noise of the political side with trade wars, et cetera. When you're talking to customers and you look at this quarter and the pipeline for the second half, have you seen any sort of impact of the noise? Or is the digital transformation demand offset that? So in other words, kind of what are you looking in for sort of in that pipeline coming out of that business? And then just one quick follow-up.

第一個是 Bill 和正在接聽電話的銷售團隊。我從投資者那裡得到的很多問題之一是關於垂直製造業，因為顯然 SAP 賬戶——你擁有世界上最大的製造業或加工公司作為客戶。你有兩種近期的對立力量。你需要數字化轉型，然後你顯然會聽到貿易戰等政治方面的聲音。當您與客戶交談並查看本季度和下半年的管道時，您是否看到噪音的任何影響？還是數字化轉型需求抵消了這一點？所以換句話說，你在從那個業務中尋找什麼？然後只是一個快速跟進。

Thank you very much, Bill. First of all, as you know, we took a digital supply chain and manufacturing industry business unit approach to this very topic. And let me begin with, in the SAP Digital Boardroom, we now have customers that are working with us to augment their supply chains and their manufacturing processes in real time on S/4HANA to accommodate the various trade matters that are well publicized in the Wall Street Journal. So as they think about the best way to manufacture, the best way to work with their supply chain to optimize shareholder value, they're working with SAP in the Digital Boardroom. So this, too, is lending itself to that demand and supply chain in real time that I have been talking about and it manifests itself in the Digital Boardroom. So we have the industry business units set up globally with an excellent leader, one of our top leaders in the company. It's growing really fast. And again, I think that this is a major topic. Keep in mind, there's no company that is more global in the business software industry or more industry-diverse, which is lending itself to these end-to-end demand and supply chain conversations. So it's happening because that's where our customers want us to go. Integrate, give me a solution, give me the agility to change on the fly, so I can make more money.

非常感謝，比爾。首先，如您所知，我們採用了數字供應鍊和製造業業務部門的方法來解決這個問題。首先，在 SAP Digital Boardroom，我們現在有客戶正在與我們合作，在 S/4HANA 上實時增強他們的供應鍊和製造流程，以適應 Wall 中廣為宣傳的各種貿易問題街頭雜誌。因此，當他們考慮最佳的製造方式、最佳的供應鏈合作方式以優化股東價值時，他們在數字會議室中與 SAP 合作。因此，這也適用於我一直在談論的實時需求和供應鏈，並在數字會議室中體現出來。因此，我們在全球範圍內設立了行業業務部門，並配備了一位優秀的領導者，他是我們公司的最高領導者之一。它的增長速度非常快。再一次，我認為這是一個主要話題。請記住，沒有哪家公司在商業軟件行業更全球化或更多元化，這有助於這些端到端的需求和供應鏈對話。所以它正在發生，因為那是我們的客戶希望我們去的地方。整合，給我一個解決方案，給我即時改變的敏捷性，這樣我就可以賺更多的錢。

And Phil, you had a follow-up?

菲爾，你有跟進嗎？

Got it. Yes, and just a follow-up. Obviously, Bill, you just mentioned IBM and their earnings, focusing on HANA and one of the things we heard was that HANA was the fastest-growing workload on Google's GCP platform. I'm sure we'll probably hear about that at the next conference, next week. When you think about all these partnerships you have, particularly sort of in the AI platform world, how do you think about SAP monetizing this? Is it more that, hey, you're going to make your application stickier and then therefore, the renewal rates stay the same or maybe improve? Or is this something through Leonardo, and maybe it's a question for Bernd, where we have new applications and new opportunities, it's just not a sort of, call it, maintenance renewal strategy?

知道了。是的，只是一個跟進。顯然，比爾，你剛剛提到了 IBM 及其收益，重點是 HANA，我們聽到的其中一件事是 HANA 是谷歌 GCP 平台上增長最快的工作負載。我相信我們可能會在下週的下一次會議上聽到這個消息。當你想到你擁有的所有這些合作夥伴關係時，尤其是在人工智能平台領域，你如何看待 SAP 將其貨幣化？是不是更重要的是，嘿，你會讓你的應用程序更具粘性，然後續訂率保持不變或者可能會提高？或者這是萊昂納多的事情，也許這是 Bernd 的問題，我們有新的應用程序和新的機會，這不是一種，稱之為維護更新策略？

Maybe I'll start it off, Phil, and then by all means, I'll hand it over to Bernd. So first of all, you think about end-to-end planning in a company, we have design partnerships, for example, one that was then announced this quarter was with ANSYS. We announced that at SAPPHIRE. Think about a 3D simulation in the design process. When you think about the impact of that with manufacturing and the digital twin in IoT and real-time supply chain on HANA, and then you go right to SAP Leonardo and you focus on deep machine learning and embedding that intelligence into the application itself. So I think these partnerships help us grow in terms of making our core even more relevant, and we get feet on the street that we're not paying for. But in some cases, there's also license-sharing opportunities where we can make money on what they sell, not just what we sell.

也許我會先開始，Phil，然後無論如何，我會把它交給 Bernd。因此，首先，您要考慮一家公司的端到端規劃，我們有設計合作夥伴關係，例如，本季度宣布的是與 ANSYS 的合作夥伴關係。我們在 SAPPHIRE 宣布了這一點。考慮設計過程中的 3D 模擬。當你考慮製造業和物聯網中的數字雙胞胎以及實時供應鏈對 HANA 的影響時，你就會直接轉向 SAP Leonardo，你專注於深度機器學習並將這種智能嵌入應用程序本身。因此，我認為這些合作夥伴關係有助於我們在使我們的核心更具相關性方面取得增長，並且我們能夠踏上我們不花錢的街道。但在某些情況下，還有許可共享機會，我們可以通過他們銷售的產品賺錢，而不僅僅是我們銷售的產品。

And Phil, maybe to complement on your question on Leonardo. I think we have great traction of our cloud platform, and via the cloud platform, we expose all our technology services. We expose our Leonardo services and the unique offering, which we have that of course, this platform, with Leonardo technologies, runs in our data centers. But up to my knowledge, we are the only one who is providing this platform as well as a service on top of the known hyperscalers which is Microsoft, Google and Amazon, and that creates a lot of traction. And your specific question of cost, HANA as a service is a key element of that. But what Bill said before, we have expanded HANA to the HANA data management suite, which allows companies, which allows partners to build and to innovate with a complete new set of application. In many cases, this is their domain expertise. But as well here, not just as a part of the hyperscalers as well to have an offering for data management, which consist of the most modern, most sophisticated platform HANA enhanced, [which stayed alike], is something I have not seen in the industry. And if you combine this with hyperscaler capabilities, this is a unique offering and is creating traction with our service, but especially as well with the partner organization. And I would be glad to hear it at any technology conference, not just at Google next week.

菲爾，也許可以補充你關於萊昂納多的問題。我認為我們的雲平台有很大的吸引力，通過雲平台，我們公開了我們所有的技術服務。我們公開了我們的萊昂納多服務和獨特的產品，我們當然擁有，這個平台，採用萊昂納多技術，在我們的數據中心運行。但據我所知，我們是唯一一家在微軟、谷歌和亞馬遜等知名超大規模提供商之上提供該平台和服務的公司，這產生了很大的吸引力。而您的具體成本問題，HANA 即服務是其中的關鍵要素。但正如 Bill 之前所說，我們已經將 HANA 擴展為 HANA 數據管理套件，它允許公司、合作夥伴使用一套完整的新應用程序進行構建和創新。在許多情況下，這是他們的領域專長。但在這裡，不僅作為超大規模的一部分，還提供數據管理產品，其中包括最現代、最複雜的平台 HANA 增強，[保持相似]，這是我在行業。如果你將它與超大規模能力相結合，這是一個獨特的產品，並且正在為我們的服務創造吸引力，尤其是與合作夥伴組織。我很高興在任何技術會議上聽到它，而不僅僅是下週在谷歌。

Yes. So think about it this way, Phil. As Bernd said, you have a platform, right. With the data hub, now you have the demand and the supply all on the same platform. So it's a data game. And obviously, that leads companies to the conclusion that they can create net new business models on the fly, and basically go-to-market in new ways. And when you're with a partner and you come up with a go-to-market story, it basically delivers about a 25% pricing productivity gain for SAP. So you see a good partnership, and we're doing something special with a partner, it's generally a 25% uplift on the pricing based on value.

是的。所以這樣想吧，菲爾。正如伯恩德所說，你有一個平台，對吧。有了數據中心，現在您的需求和供應都在同一個平台上。所以這是一個數據遊戲。顯然，這導致公司得出結論，他們可以即時創建全新的商業模式，並基本上以新的方式進入市場。當您與合作夥伴一起想出一個進入市場的故事時，它基本上可以為 SAP 帶來大約 25% 的定價生產力收益。所以你看到了良好的合作夥伴關係，我們正在與合作夥伴做一些特別的事情，通常是基於價值的定價提高 25%。

Okay. Thank you. We have time for 2 more questions.

好的。謝謝。我們有時間再問 2 個問題。

From Merrill Lynch, we will take our next question from John King.

來自美林，我們將接受約翰金的下一個問題。

I've got two as well. So probably both for Luka I think. So firstly, on the margin front. The 2020 guidance looks for somewhere in the region of 100 basis points, maybe 90 basis points of uplift relative to, I think, what you are guiding to for this year. Most of that should come, I guess, from the cloud gross margin. And over and above that, I think you're driving some efficiency in the sales and marketing organization and parts of the back office. So I guess, what are the negatives that may offset that? Are you expecting to have some kind of rise in depreciation or something else that is the balancing item? And then, I guess, another long-term picture would be, you've obviously announced to pass sustainably the licenses relative to cloud revenue. When do you think we get to that point where cloud surpasses maintenance and support revenues?

我也有兩個。所以我認為可能兩者都適用於 Luka。所以首先，在保證金方面。2020 年的指導目標是在 100 個基點左右，也許是 90 個基點，相對於你今年的指導目標。我猜，其中大部分應該來自云計算毛利率。除此之外，我認為您正在提高銷售和營銷組織以及部分後台部門的效率。所以我想，可以抵消的負面影響是什麼？您是否期望折舊會有所增加或其他平衡項目？然後，我想，另一個長期圖景是，你顯然已經宣布可持續地通過與雲收入相關的許可。您認為我們什麼時候會達到雲計算超過維護和支持收入的地步？

Yes. It's a very good question. On the second one, I would recommend to hang in until we have our Capital Markets Day in 2019, because there we want to lay out our vision for the SAP in the next decade, beyond 2020. And then you'll get a, I think, nice and pleasing answer also to this question, so that's kind of a commercial for next year's Capital Markets Day. In terms of the margin growth projection going into 2020 and the downside. Well, the downside and the headwind is very obvious. It's the fact that as of next year, we will begin to amortize the sales commission that we have capitalized at the beginning of this year. So that means that IFRS 15, which for this year was a tailwind for us, will start to turn into a headwind and that headwind will get larger in small increments year after year. That means that our expectation is that the underlying organic margin progression will actually increase year after year to offset that and continue to deliver the consistent margin expansion that I have been talking about. And where is this coming from? You cited all of the right levers. So first of all, the jump in gross margin efficiency that we expect from our cloud business once we have the platform convergence and third-party database programs completed. And secondly, also, the ongoing efficiency increases, not only actually in sales and marketing, we are also looking for continued efficiency gains in general and admin functions. We start to implement our own AI solutions in finance, for example. So I think there is a lot that we can do to automate things even further without adding incremental capacity from headcount perspective in those functions, and that will ultimately, in the mix, get us towards the targets that we have set out.

是的。這是一個很好的問題。關於第二個，我建議堅持到 2019 年的資本市場日，因為我們想在那裡制定 SAP 在 2020 年之後的未來十年的願景。然後你會得到一個，我認為，這個問題的答案也很好，所以這是明年資本市場日的商業廣告。就進入 2020 年的利潤率增長預測和下行趨勢而言。好吧，不利因素和不利因素非常明顯。事實上，從明年開始，我們將開始攤銷我們在今年年初資本化的銷售佣金。因此，這意味著今年對我們來說是順風的 IFRS 15 將開始變成逆風，而且逆風將年復一年地以小幅度增加。這意味著我們的預期是潛在的有機利潤率增長實際上將逐年增加以抵消這一點並繼續實現我一直在談論的一致的利潤率增長。這是從哪裡來的？你列舉了所有正確的槓桿。因此，首先，一旦我們完成了平台融合和第三方數據庫程序，我們期望雲業務的毛利率效率會提高。其次，效率也在不斷提高，不僅實際上在銷售和營銷方面，我們也在尋求在一般和管理職能方面持續提高效率。例如，我們開始在金融領域實施我們自己的人工智能解決方案。因此，我認為我們可以做很多事情來進一步實現自動化，而無需從這些職能的員工人數角度增加增量能力，這最終將使我們實現我們設定的目標。

Now let's take the final question of today's call.

現在讓我們來談談今天電話會議的最後一個問題。

The final question comes from Ross MacMillan from RBC Capital Markets.

最後一個問題來自 RBC Capital Markets 的 Ross MacMillan。

Maybe just two questions from me. Just on cloud. As you talk about the pay-as-you-go mix moving higher, have you made specific changes around invoicing term policy? Are you agnostic whether customers pay monthly, quarterly, annual? And then maybe you could also talk about what's changed? So are there products in the cloud portfolio that you're now agnostic on invoicing terms relative to maybe how you would have asked sales people to close those deals last year?

也許只是我的兩個問題。就在雲端。當您談到現收現付組合向更高的方向發展時，您是否對發票期限政策進行了具體更改？您不知道客戶是每月、每季度還是每年付款嗎？然後也許你也可以談談發生了什麼變化？那麼雲產品組合中是否有您現在對發票條款不可知的產品，相對於去年您可能會如何要求銷售人員完成這些交易？

Yes, Ross, I don't want to make this too complicated, okay. The licensing model for SAP and the cloud has not changed. We have certain attributes within the Business Network itself. Sometimes, you make money when suppliers activate in a network. You don't recognize that when you do the SaaS contract. Sometimes, we have business models like Fieldglass, where we recognize the revenue upon consumption. So for example, if you had 200% of your Fieldglass plan in a given quarter, you don't recognize that in that quarter for the revenue that the customer signed up on. You'll recognize that in the future quarters when they go live with those licenses. So that's primarily Fieldglass as a business model. And for the others, there are attributes around the network where we can make money beyond just the rental contract for the software in the cloud. We haven't changed the business model. There is no big legal review necessary. There is no contract review necessary. It's just that simple. What we've been amazed by is the genius behind the Business Network move that we made in our M&A strategy when we set out to create this network in 2010 that is becoming even more widely adopted than we thought. And then when we put this Fieldglass as an example in the SAP channel, and the reason why our Employee Central has grown so much faster than the competition is because the customer has recognized finally that the fastest-growing workforce in the world is temporary workers not your full-time equivalents. So they're signing up for the SaaS contract in Employee Central with SuccessFactors and they're signing up for Fieldglass in the network, and we don't recognize the network -- our revenue that we sign at the point of sale. We recognize that when it's actually consumed by the customer. So you have this silent wedge chart in the background in the cloud that is, what I would call, a very nice insurance policy for all of you just knowing that SAP has things going on the cloud that you're not necessarily seeing in the current quarter. That's all you need to know, everything is really good. And I do want to make a point here, especially since Stefan said it's the last question, and I'm very honored, Ross, that it goes to you. I want you guys to think about this. We have a -- if you look at the full year scenario at SAP, okay, we have a USD 30 billion software company. We have a cloud that's beating expectations by 5%, growing at 40%. Be clear, look at what you would commonly call the best-of-breed cloud companies out there. Big question, are we growing faster than them or slower than them? Answer, we are growing faster than them. Let's look at the core business, software and software-related services, which is that license and support model that you watched for 30 years. Are we growing faster than the competition or slower than them? We're the only one growing in double digits. So we're growing faster than them. Operating income, we're the only one growing in double digits on a year-over-year basis, as we have transformed the business model to the cloud, which is a ratably recognized revenue model over time. This quarter, some people got a little bit worked up about the margin inflection underneath the operating income and wanted a little bit more. We said 2 things. One, there is a Callidus acquisition effect that leaned on it a little bit. And two, the business mix was a little more favored towards the cloud because we had a 5% beat. If you back out that, you got your 1-point improvement on the margin on a year-over-year basis, not to mention double-digit on the operating income. What is it about this story you don't like? So this is a global juggernaut, okay, a growth story on the loose, and we can't wait to show you quarter in and quarter out C/4HANA plus S/4HANA and a motivated workforce of 94,000 women and men that want to change the world. Thank you.

是的，羅斯，我不想把事情搞得太複雜，好吧。SAP 和雲的許可模式沒有改變。我們在業務網絡本身中具有某些屬性。有時，當供應商在網絡中激活時，您就可以賺錢。當您簽訂 SaaS 合同時，您不會意識到這一點。有時，我們有像 Fieldglass 這樣的商業模式，我們在消費時確認收入。因此，例如，如果您在給定季度有 200% 的 Fieldglass 計劃，您不會在該季度確認客戶註冊的收入。您會在未來幾個季度使用這些許可證時意識到這一點。所以這主要是 Fieldglass 作為一種商業模式。對於其他人，網絡周圍有一些屬性，我們可以在這些屬性中賺錢，而不僅僅是雲中軟件的租賃合同。我們沒有改變商業模式。沒有必要進行大的法律審查。沒有必要進行合同審查。就這麼簡單。令我們驚訝的是，我們在 2010 年著手創建該網絡時在併購戰略中採取的商業網絡舉措背後的天才之處，該網絡的採用範圍比我們想像的還要廣泛。然後，當我們將 Fieldglass 作為示例放在 SAP 渠道中時，我們的 Employee Central 之所以比競爭對手增長得快得多，是因為客戶終於認識到世界上增長最快的勞動力不是臨時工你的全職等價物。因此，他們在 Employee Central 與 SuccessFactors 簽署了 SaaS 合同，並且在網絡中籤署了 Fieldglass，而我們不承認該網絡——我們在銷售點簽署的收入。我們認識到，當它被客戶實際消費時。所以你在雲的背景中有這個無聲的楔形圖，我稱之為，對你們所有人來說都是一個非常好的保險政策，只要知道 SAP 有一些事情在雲上發生，而你在當前的情況下不一定會看到四分之一。這就是您需要知道的一切，一切都非常好。我確實想在這裡說明一點，特別是因為 Stefan 說這是最後一個問題，我很榮幸，Ross，這個問題交給了你。我希望你們考慮一下。我們有一個——如果你看看 SAP 的全年情景，好吧，我們有一家價值 300 億美元的軟件公司。我們有一個超出預期 5%、增長 40% 的雲。清楚一點，看看你通常稱之為同類最佳的雲公司。大問題，我們的增長速度是快於他們還是慢於他們？答，我們比他們發展得更快。讓我們看看核心業務、軟件和軟件相關服務，也就是您觀察了 30 年的許可和支持模型。我們的增長速度是快於競爭對手還是慢於他們？我們是唯一一家以兩位數增長的公司。所以我們的增長速度比他們快。營業收入，我們是唯一一個同比增長兩位數的公司，因為我們已經將商業模式轉變為雲，隨著時間的推移，這是一種公認的收入模式。本季度，一些人對營業收入下的利潤率變化有點不滿，並希望得到更多。我們說了兩件事。第一，有一點點依賴於它的 Callidus 收購效應。第二，業務組合更傾向於雲，因為我們有 5% 的優勢。如果你放棄這一點，你的利潤率將同比提高 1 個百分點，更不用說營業收入的兩位數了。你不喜歡這個故事的原因是什麼？所以這是一個全球巨頭，好的，一個鬆散的增長故事，我們迫不及待地向您展示 C/4HANA 和 S/4HANA 以及 94,000 名想要改變的積極進取的員工隊伍世界。謝謝。

Thank you very much, Bill. This concludes our Q2 earnings call for today. Thank you all for joining, and goodbye.

非常感謝，比爾。我們今天的第二季度財報電話會議到此結束。謝謝大家的加入，再見。

That will conclude today's conference. Thank you for your participation, and have a good day.

今天的會議到此結束。感謝您的參與，祝您有美好的一天。