SAP SE (SAP) 2018 Q3 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Welcome to the SAP Third Quarter 2018 Results Conference Call.

歡迎參加 SAP 2018 年第三季度業績電話會議。

Today's conference is being recorded.

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, Head of Investor Relations.

此時，我想將會議轉交給投資者關係主管 Stefan Gruber 先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good morning or afternoon, this is Stefan Gruber.

早上好或下午好，我是 Stefan Gruber。

Thank you for joining us to discuss our results for the third quarter 2018.

感謝您加入我們討論我們 2018 年第三季度的業績。

I'm joined by our CEO, Bill McDermott; and Luka Mucic, our CFO, who will both make opening remarks on the call today.

我們的首席執行官 Bill McDermott 也加入了我的行列；和我們的首席財務官 Luka Mucic，他們都將在今天的電話會議上發表開場白。

Also joining us for Q&A, our board members, Rob Enslin, who runs Cloud Business Group; Bernd Leukert, who leads Products & Innovation, as well as Jennifer Morgan and Adaire Fox-Martin, who together run our Global Customer Organization.

我們的董事會成員 Rob Enslin 也加入了我們的問答環節，他負責管理 Cloud Business Group；負責產品和創新的 Bernd Leukert，以及 Jennifer Morgan 和 Adaire Fox-Martin，他們共同管理我們的全球客戶組織。

Before we get started, as usual, I would like to say a few words about forward-looking statements and our use of non-IFRS financial measures.

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。

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.

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。

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.

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 undertakes no obligation to publicly update or revise any forward looking statements.

SAP 不承擔公開更新或修改任何前瞻性陳述的義務。

All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

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。

The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission, the SEC, including SAP's annual report on Form 20-F for 2017, filed with the SEC on February 28, 2018.

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 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.

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。

In addition, on our Investor Relations website, you can find our quarterly statement and the financial summary slide deck, which are intended to supplement our prepared remarks today and they include a reconciliation from a non-IFRS numbers to IFRS numbers.

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，其中包括從非 IFRS 數字到 IFRS 數字的對賬。

Unless otherwise noted, all financial numbers referred to on this conference call are non-IFRS and growth rates and percentage point changes are non-IFRS constant currency year-over-year.

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，增長率和百分比變化均為非 IFRS 固定貨幣同比。

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.

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 finally, a save the date announcement, on February 7, 2019, we'll once again hold our Capital Markets Day at the New York Stock Exchange.

最後，保存日期公告，2019 年 2 月 7 日，我們將再次在紐約證券交易所舉辦我們的資本市場日。

More information will follow as the date gets closer and we are looking forward to seeing you again in New York City.

隨著日期的臨近，我們將提供更多信息，我們期待在紐約市再次見到您。

With that, I'll turn things over to our CEO, Bill McDermott.

有了這個，我將把事情交給我們的首席執行官 Bill McDermott。

Thank you very much, Stefan.

非常感謝你，斯特凡。

Nobody does that safe harbor statement like you.

沒有人像你那樣做安全港聲明。

Hello, everyone, and thank you for joining today's call.

大家好，感謝您參加今天的電話會議。

I'll make a few short comments before I turn it over to Luka, and he'll take you through our very strong Q3 results.

在我把它交給 Luka 之前，我會做一些簡短的評論，他會帶你了解我們非常強勁的第三季度業績。

Here's the big picture.

這是大局。

Since we launched our growth strategy and groundbreaking HANA architecture nearly a decade ago, we have dramatically expanded our customer base, market share, profitability, brand value, employee engagement and sustainability.

自從我們在近十年前推出增長戰略和開創性的 HANA 架構以來，我們已經顯著擴大了我們的客戶群、市場份額、盈利能力、品牌價值、員工敬業度和可持續性。

This track record set the stage for our latest growth horizon.

這一業績記錄為我們最新的增長前景奠定了基礎。

SAP powering the intelligent enterprise, so our customers can better serve their customers.

SAP 為智能企業提供支持，讓我們的客戶能夠更好地服務於他們的客戶。

Today, our Q3 results and raised 2018 outlook put SAP on track, once again, to exceed the full year ambitions we announced at the start of the year.

今天，我們第三季度的業績和上調的 2018 年展望讓 SAP 再次走上正軌，超越我們在年初宣布的全年目標。

With 41% cloud revenue growth in Q3, SAP has the fastest cloud growth of any peer at scale in the enterprise application software industry.

憑藉第三季度 41% 的雲收入增長，SAP 在企業應用軟件行業的雲計算增長速度最快。

We said that C/4HANA and S/4HANA would be major cloud growth drivers, both grew triple digits in Q3.

我們說過 C/4HANA 和 S/4HANA 將是主要的雲增長驅動力，兩者在第三季度都增長了三位數。

We said a bold, integrated SAP would strengthen our individual best-of-breed offerings.

我們說過，一個大膽的、集成的 SAP 將加強我們各自的同類最佳產品。

Today, the strong achievements of SAP Ariba, SAP Fieldglass, SAP Concur and SAP SuccessFactors have proven us right.

今天，SAP Ariba、SAP Fieldglass、SAP Concur 和 SAP SuccessFactors 的強大成就證明我們是正確的。

These are strong, well-led, customer-driven businesses for SAP.

這些是 SAP 強大、領導良好、以客戶為導向的業務。

Three years ago, we said that cloud revenue would overtake license revenue in 2018.

三年前，我們曾表示雲收入將在 2018 年超過許可收入。

Today, the fast adoption of our cloud solutions and business networks has accelerated this positive development.

今天，我們的雲解決方案和業務網絡的快速採用加速了這一積極發展。

We now have more than 170 million cloud users.

我們現在擁有超過 1.7 億的雲用戶。

Cloud revenue has now superseded on-premise license revenue.

雲收入現在已經取代了本地許可收入。

What's so powerful about SAP's market position?

SAP 的市場地位有何強大之處？

The resilience of our license business remains ever steady, even as we grow the cloud beyond expectations.

我們的許可業務的彈性始終保持穩定，即使我們的雲增長超出預期。

I can only remind everyone that the accelerating shift to the cloud is exactly where we want SAP to be.

我只能提醒大家，加速向雲的轉變正是我們希望 SAP 成為的地方。

Cloud has a higher lifetime value, drives faster consumption of innovation and has higher predictability going forward.

雲具有更高的生命週期價值，推動更快的創新消費，並具有更高的未來可預測性。

We plan for this transition, we guided for it, and we are delivering it.

我們為這一轉變制定了計劃，我們為此提供了指導，並且我們正在交付它。

Now looking at the overall health of the business, combined cloud and software revenue growth grew a stellar 10% in the quarter.

現在看看業務的整體健康狀況，雲計算和軟件收入的綜合增長在本季度增長了 10%。

Even with a higher mix of cloud and services revenue, operating profit surged 11%, while at the same time, we expanded the absolute operating margin rate.

即使雲和服務收入的組合更高，營業利潤也飆升了 11%，與此同時，我們擴大了絕對營業利潤率。

Future profitability looks even better as we reap the benefits of our converged cloud platform investments.

隨著我們從融合雲平台投資中獲益，未來的盈利能力看起來會更好。

From our analytics cloud and Digital Supply Chain offerings to our digital business services, SAP is delivering top line and bottom line success.

從我們的分析雲和數字供應鏈產品到我們的數字業務服務，SAP 正在實現頂線和底線的成功。

All this is why we are ever resolute today, and that's why we are raising the full year outlook in cloud, total revenue and operating profit.

所有這一切都是我們今天如此堅定的原因，也是我們提高雲計算、總收入和營業利潤的全年展望的原因。

I'll spend just a few moments on the macro picture before I hand it over to Luka.

在我將它交給 Luka 之前，我將花一些時間在宏觀圖片上。

CEOs in every industry tell me their major challenge is meeting consumer expectations.

每個行業的首席執行官都告訴我，他們面臨的主要挑戰是滿足消費者的期望。

In this experienced economy, trust is the ultimate human currency.

在這個經驗豐富的經濟體中，信任是最終的人類貨幣。

Every business needs to protect that trust by serving their consumers on a highly personalized basis.

每個企業都需要通過在高度個性化的基礎上為消費者提供服務來保護這種信任。

They need a true single view of the customer, all while protecting personal data and security.

他們需要真正的單一客戶視圖，同時保護個人數據和安全。

This is a much bigger imperative than the sales department alone can handle.

這是一個比銷售部門單獨能夠處理的更大的當務之急。

This is about connecting every person inside a company to each of the 7.5 billion potential consumers outside the company.

這是關於將公司內部的每個人與公司外部 75 億潛在消費者中的每個人聯繫起來。

This is about building faster, more agile, customer-centric businesses in 25 distinctly different industries, so every demand signal drives every behavior.

這是關於在 25 個截然不同的行業中建立更快、更敏捷、以客戶為中心的業務，因此每個需求信號都會驅動每個行為。

To solve key business challenges like order to cash conversion, total workforce management and spend management, the SAP intelligent suite integrates best-of-breed functionality into a seamless, consumer-grade user experience.

為了解決訂單到現金轉換、整體勞動力管理和支出管理等關鍵業務挑戰，SAP 智能套件將同類最佳的功能集成到無縫的消費級用戶體驗中。

C/4HANA, S/4HANA and Business Networks have evolved the applications conversation way beyond the conventional categories of well-known legacy vendors.

C/4HANA、S/4HANA 和 Business Networks 已經發展了應用程序對話方式，超越了知名傳統供應商的傳統類別。

To boost productivity in these applications SAP Leonardo predictive analytics, machine learning, IoT and blockchain are infused into our end-to-end experience.

為了提高這些應用程序的生產力，SAP Leonardo 預測分析、機器學習、物聯網和區塊鏈融入了我們的端到端體驗。

To extend these solutions and integrate with hyperscale infrastructure providers, the SAP cloud platform is the de facto business platform for the intelligent enterprise.

為了擴展這些解決方案並與超大規模基礎設施提供商集成，SAP 雲平台是智能企業事實上的業務平台。

Powered by HANA, only SAP has the capacity to deliver this strategy in 190 countries around the world.

在 HANA 的支持下，只有 SAP 有能力在全球 190 個國家實施這一戰略。

To build on the momentum, we also launched the Open Data Initiative with Microsoft and Adobe last month.

為鞏固這一勢頭，我們上個月還與 Microsoft 和 Adobe 共同發起了開放數據計劃。

This effort gives customers more choice by standardizing the data model for customer experience.

通過標準化客戶體驗的數據模型，這項工作為客戶提供了更多選擇。

When you move beyond the commercial sector, CEOs are also focused on trade wars, political instability and market volatility.

當你超越商業領域時，首席執行官們也會關注貿易戰、政治不穩定和市場波動。

Again, this is playing to the strengths of SAP.

同樣，這是在發揮 SAP 的優勢。

Our long track record is helping management teams navigate global uncertainty as best run businesses, and China is one example.

我們的長期業績記錄幫助管理團隊以最佳運營方式應對全球不確定性，中國就是一個例子。

SAP and our engineering heritage has given us a substantial advantage over our competitors.

SAP 和我們的工程傳統使我們比競爭對手更具優勢。

We just announced and expanded our partnership with Alibaba to help customers in China transition to the cloud.

我們剛剛宣布並擴大了與阿里巴巴的合作夥伴關係，以幫助中國客戶過渡到雲。

In my meetings with Prime Ministers and other world leaders, the conversation is about improving people's lives amid the shift to artificial intelligence.

在我與各國總理和其他世界領導人的會晤中，談話的主題是在向人工智能轉變的過程中改善人們的生活。

SAP has never been more relevant in all of these discussions as the trusted innovator.

SAP 作為值得信賴的創新者在所有這些討論中發揮著前所未有的作用。

We are elevating data and decision-making from factory floors and sports arenas to Digital Boardroom's and cabinet rooms on the front lines of public services.

我們正在將數據和決策從工廠車間和運動場提升到公共服務前線的數字會議室和內閣房間。

The company's higher purpose to help the world run better and improve people's lives is the core of what drives us.

公司幫助世界更好地運行和改善人們生活的更高目標是驅動我們的核心。

It's why our employees rate us higher than any other company on websites like Glassdoor.

這就是為什麼我們的員工在 Glassdoor 等網站上對我們的評價高於任何其他公司。

It's why we were the first to receive EDGE Certification for gender diversity and inclusion.

這就是為什麼我們是第一個獲得 EDGE 性別多樣性和包容性認證的原因。

It's why we created a culture that prizes all diversity, gender, race, ethnicity and neurodiversity with autism at work.

這就是為什麼我們創造了一種文化，在工作中重視所有多樣性、性別、種族、民族和神經多樣性。

The industry is about getting the best people, keeping them and inspiring them to do great work.

這個行業就是要獲得最優秀的人才，留住他們並激勵他們做偉大的工作。

The soft stuff is the real stuff, and that's another reason why our story only gets bigger from here.

柔軟的東西才是真正的東西，這也是我們的故事從這裡變得更大的另一個原因。

In closing, the headlines for SAP -- it's innovation and growth.

最後，SAP 的頭條新聞——創新和增長。

We have a complete solutions portfolio, HANA Data Management, end-to-end cloud applications, Business Networks, SAP cloud platform, SAP Leonardo, all manifested in this great enterprise story.

我們擁有完整的解決方案組合、HANA 數據管理、端到端雲應用程序、業務網絡、SAP 雲平台、SAP Leonardo，所有這些都體現在這個偉大的企業故事中。

We're growing faster than our peers, and we are now selected by marquee brands like Giorgio Armani, Bombardier and McDonald's.

我們的發展速度超過同行，我們現在已被 Giorgio Armani、Bombardier 和 McDonald's 等知名品牌選中。

We're gaining share in the cloud with more wins against new and legacy competitors with great new order entry rates.

我們在雲中獲得份額，以更高的新訂單進入率贏得更多新老競爭對手。

We're expanding profitability and increasing shareholder value.

我們正在擴大盈利能力並增加股東價值。

The resulting trajectory for SAP amounts to a structural incline, long-term sustainable profitable growth.

由此產生的 SAP 軌跡相當於結構性傾斜、長期可持續的盈利增長。

I credit the 95,000 women and men of SAP for their tireless dedication.

我感謝 SAP 的 95,000 名男女員工的不懈奉獻。

We're focused on helping our customers unleash a new wave of growth as intelligent enterprises.

我們專注於幫助我們的客戶作為智能企業釋放新的增長浪潮。

Moments of fluid change call for institutions of timeless commitment.

瞬息萬變的時刻要求機構做出永恆的承諾。

46 years ago, now and always, the best-run SAP is the enduring ethos for the world's business software market leader.

46 年前，現在和永遠，最佳運行的 SAP 是世界商業軟件市場領導者的持久精神。

Thank you for your time and interest in SAP.

感謝您花時間關注 SAP。

I look forward to your questions and assure you, the best is yet to come.

我期待您的提問，並向您保證，最好的還在後頭。

Luka, over to you.

盧卡，交給你了。

Yes.

是的。

Thanks a lot, Bill.

非常感謝，比爾。

And as to my part, as you can also read from my quote in today's quarterly statement, I absolutely share Bill's enthusiasm, and I'm extremely proud of SAP's excellent business momentum in the cloud and strong operating profit performance.

至於我，你也可以從我今天的季度報表中的引述中讀到，我完全贊同 Bill 的熱情，我為 SAP 在雲中的出色業務勢頭和強勁的營業利潤表現感到非常自豪。

Our intelligent enterprise strategy is resonating broadly and propelling strong adoption of our suite in the cloud.

我們的智能企業戰略引起了廣泛共鳴，並推動我們的套件在雲中得到廣泛採用。

Because of the strong cloud and overall business momentum, we have just raised the 2018 outlook for the third time this year.

由於強勁的雲計算和整體業務勢頭，我們剛剛在今年第三次上調了 2018 年的展望。

Our business is getting more recurring in nature, now more than 2/3 comes from predictable revenue streams, up 3 percentage points compared to just 1 year ago.

我們的業務在本質上變得越來越經常性，現在超過 2/3 來自可預測的收入流，與一年前相比上升了 3 個百分點。

We continue to see a healthy cloud gross margin development, and we have had double-digit operating profit growth all 3 quarters this year.

我們繼續看到健康的雲毛利率發展，今年三個季度我們的營業利潤都實現了兩位數的增長。

Now let me come to the highlights of the quarter.

現在讓我來談談本季度的亮點。

First, new cloud bookings were up 37%, a significant sequential acceleration of growth.

首先，新的雲預訂量增長了 37%，這是一個顯著的連續加速增長。

This was a strong result.

這是一個很好的結果。

Cloud revenue surged 41%, driven by high-growth, high-potential cloud solutions, like S/4HANA cloud and C/4HANA.

在高增長、高潛力的雲解決方案（如 S/4HANA 雲和 C/4HANA）的推動下，雲收入猛增 41%。

We also saw strong performance in our pay-as-you-go businesses within Ariba, Concur and Fieldglass as well as our Digital Platform, which all added an extra boost to cloud revenue.

我們還看到 Ariba、Concur 和 Fieldglass 以及我們的數字平台中的現收現付業務表現強勁，這些都為雲收入帶來了額外的推動力。

Now to software.

現在到軟件。

While we had strong software revenues in APJ and greater China, customers in the Americas and parts of EMEA were moving faster than expected to cloud and hybrid models.

雖然我們在 APJ 和大中華區的軟件收入強勁，但美洲和 EMEA 部分地區的客戶轉向雲和混合模型的速度比預期的要快。

We are capitalizing on this market trend with our expanded intelligent suite in the cloud and our unique hybrid capabilities.

我們利用我們在雲中擴展的智能套件和我們獨特的混合功能來利用這一市場趨勢。

In this context, let me reiterate and expand on what Bill said, we will trade a software dollar for a cloud dollar anytime, simply because of the higher long-term value that it drives.

在這種情況下，讓我重申並擴展 Bill 所說的，我們將隨時用軟件美元換取雲美元，僅僅是因為它帶來了更高的長期價值。

And we will not artificially slow cloud growth just to optimize our P&L for the short term.

我們不會為了優化短期損益而人為地減緩雲增長。

Cloud is where the long-term value is and that's what we are managing for.

雲是長期價值所在，也是我們管理的目標。

We are also proud to report double-digit cloud and software revenue growth for the second quarter straight, ahead of our guidance at the start of the year.

我們也很自豪地報告連續第二個季度實現兩位數的雲和軟件收入增長，超過我們年初的指導。

In addition, the combined order entry of our new cloud and software license business was up 12%, growing ahead of total revenue, which clearly illustrates our powerful overall business momentum.

此外，我們新的雲和軟件許可業務的合併訂單輸入增長了 12%，增長超過了總收入，這清楚地說明了我們強大的整體業務勢頭。

Support revenue was very resilient, growing 6%.

支持收入非常有彈性，增長了 6%。

This was the result of continued strong renewals, which underscore the high stickiness of our support services with our customers.

這是持續強勁續訂的結果，這凸顯了我們支持服務與客戶的高度粘性。

Now to the third quarter regional results.

現在是第三季度的區域業績。

Starting with EMEA, where we had a solid performance with cloud and software revenue increasing 5%.

從 EMEA 開始，我們在雲和軟件收入增長 5% 的情況下表現穩健。

Cloud subscriptions and support revenue grew by 40%, with Germany and Russia being highlights.

雲訂閱和支持收入增長了 40%，其中德國和俄羅斯是亮點。

In addition, we had strong software revenue growth in Russia, Italy and the Netherlands.

此外，我們在俄羅斯、意大利和荷蘭的軟件收入增長強勁。

We had a strong performance in the Americas region, where cloud and software revenue increased by 13%.

我們在美洲地區表現強勁，雲和軟件收入增長了 13%。

Cloud subscriptions and support revenue increased by 38%, with a solid quarter in particular in the United States.

雲訂閱和支持收入增長了 38%，尤其是在美國。

Canada also had an especially strong quarter in software revenue.

加拿大的軟件收入也有一個特別強勁的季度。

In the APJ region, cloud and software revenue grew by a stellar 17%.

在 APJ 地區，雲和軟件收入增長了 17%。

Cloud subscriptions and support revenue was truly exceptional and grew by 58%, with greater China and Japan being highlights.

雲訂閱和支持收入確實非常出色，增長了 58%，大中華區和日本是亮點。

For software revenue, again, greater China, Japan as well as India and South Korea all had impressive quarters.

對於軟件收入，大中華區、日本以及印度和韓國的季度數據同樣令人印象深刻。

Now briefly on the IFRS 15 impact, which as you know, we adopted on January 1 this year.

現在簡要介紹我們於今年 1 月 1 日採用的 IFRS 15 的影響。

Our reported operating profit in the quarter was positively impacted by EUR 74 million through this accounting change.

通過這一會計變更，我們報告的本季度營業利潤受到 0.74 億歐元的積極影響。

With that, let me come to profitability and gross margins.

有了這個，讓我來談談盈利能力和毛利率。

Gross margins in cloud, overall, and in each of our 3 individual cloud business models were all up significantly year-over-year.

雲的整體毛利率以及我們 3 個單獨的雲業務模型中的每一個的毛利率都同比大幅增長。

The strong top line performance across our cloud portfolio allows us to realize economies of scale, while we also continue to drive operational efficiency.

我們的雲產品組合的強勁頂線性能使我們能夠實現規模經濟，同時我們還繼續提高運營效率。

Specifically, our cloud margin, again, expanded by 3 percentage points to 64%.

具體來說，我們的雲利潤率再次擴大了 3 個百分點，達到 64%。

The SaaS, PaaS gross margin increased by 4 percentage points to 60%.

而SaaS、PaaS的毛利率則上升4個百分點至60%。

As we see investments into our converged cloud infrastructure as well as the migration of our cloud solutions from third-party databases to HANA taper off, we are poised to see further significant expansions over the course of 2019 as we have discussed in the past.

隨著我們看到對我們的融合雲基礎設施的投資以及我們的雲解決方案從第三方數據庫向 HANA 的遷移逐漸減少，我們準備在 2019 年看到進一步的顯著擴展，正如我們過去討論的那樣。

The Business Network gross margin, again showed consistent acceleration in Q3, adding another 3 percentage points to achieve a stellar 78%.

商業網絡的毛利率在第三季度再次顯示出持續的加速增長，又增加了 3 個百分點，達到了 78% 的驚人水平。

Our Infrastructure-as-a-Service business also saw a significant gross margin improvement to 17%, which is an increase by 18 percentage points.

我們的基礎設施即服務業務的毛利率也顯著提高至 17%，提高了 18 個百分點。

This shows that the increased scale and expanding renewal base in our HANA Enterprise Cloud business is really starting to pay off nicely.

這表明我們 HANA 企業雲業務的規模擴大和更新基礎正在真正開始產生良好的回報。

Now let me move on to cloud and software profitability.

現在讓我繼續談談雲和軟件的盈利能力。

As you all know, the rapidly growing share of cloud has an adverse impact in the short term.

眾所周知，快速增長的雲份額在短期內會產生不利影響。

In Q3, this adverse mix effect was 1.5 percentage points.

在第三季度，這種不利的混合效應為 1.5 個百分點。

In contrast, our cloud and software margin only declined by 90 basis points to 80.9%.

相比之下，我們的雲和軟件利潤率僅下降了 90 個基點至 80.9%。

Finally, our services gross margin was down by 2.5 percentage points this quarter, to 21.9%.

最後，本季度我們的服務毛利率下降了 2.5 個百分點，降至 21.9%。

We have increased our services workforce by 14%, partly through acquisitions, but also organically to deliver on our very healthy backlog, which we expect to expand even faster in our seasonally strong Q4.

我們已經將服務人員增加了 14%，部分是通過收購，但也有機地實現了我們非常健康的積壓工作，我們預計在我們季節性強勁的第四季度會更快地擴大。

With year-to-date revenue up 9% and a gross margin expansion of 50 basis points, our services business continues to thrive.

年初至今收入增長 9%，毛利率增長 50 個基點，我們的服務業務繼續蓬勃發展。

A combination of strong top line, strong cloud gross margin improvement and operational discipline, led again to significant operating profit growth of 11% in the quarter.

強勁的收入、強勁的雲毛利率改善和運營紀律的結合，再次導致本季度營業利潤顯著增長 11%。

We achieved all of this while continuing to invest in our people and our portfolio, adding around 1,100 employees in the quarter.

我們實現了所有這些，同時繼續投資於我們的員工和我們的投資組合，本季度增加了約 1,100 名員工。

As a result, our operating margin increased by 10 basis points in Q3, despite headwinds from the Callidus acquisition, a significant acceleration of our cloud business and a strong services revenue performance.

因此，我們的營業利潤率在第三季度增長了 10 個基點，儘管收購 Callidus 帶來了阻力，我們的雲業務顯著加速，服務收入表現強勁。

Year-to-date, our operating margin increased 50 basis points.

年初至今，我們的營業利潤率增長了 50 個基點。

On an IFRS basis, our operating profit decline of 6%, was primarily driven by an increase in share-based compensation expenses, mainly caused by the higher share price in Q3.

根據國際財務報告準則，我們的營業利潤下降了 6%，這主要是由於股權激勵費用的增加，這主要是由於第三季度股價上漲所致。

In addition, IFRS operating profit in Q3 of last year was impacted by a favorable restructuring charge development.

此外，去年第三季度的國際財務報告準則營業利潤受到有利的重組費用發展的影響。

Now let me turn to taxes and EPS.

現在讓我談談稅收和每股收益。

The IFRS effective tax rate decreased by 4.8 percentage points to 23.8% in Q3.

國際財務報告準則的有效稅率在第三季度下降了 4.8 個百分點至 23.8%。

The non-IFRS tax rate decreased by even 5.4 percentage points to 23.7%.

非國際財務報告準則稅率甚至下降了 5.4 個百分點至 23.7%。

The decrease is in the effective tax rates, mainly resulted from changes in the regional allocation of income and the application of hyperinflation accounting in Venezuela.

實際稅率下降，主要是由於委內瑞拉收入區域分配的變化和惡性通貨膨脹核算的應用。

We now expect a full year 2018 non-IFRS effective tax rate of 26.5% to 27.5%, so slightly down from the previous 27% to 28% range, while we confirm our outlook for the IFRS effective tax rate of 27% to 28%, where we expect to reach the upper end of this range.

我們現在預計 2018 年全年非 IFRS 有效稅率為 26.5% 至 27.5%，略低於之前 27% 至 28% 的範圍，同時我們確認我們對 IFRS 有效稅率的展望為 27% 至 28% ，我們期望達到該範圍的上限。

IFRS earnings per share decreased by 1% to EUR 0.82, non-IFRS earnings per share increased by 13% to EUR 1.14.

IFRS 每股收益下降 1% 至 0.82 歐元，非 IFRS 每股收益增長 13% 至 1.14 歐元。

Similar to IFRS operating profit, our IFRS earnings per share was impacted by a higher share-based compensation expenses and a favorable restructuring charge development in Q3 of last year.

與 IFRS 營業利潤類似，我們的 IFRS 每股收益受到更高的股份補償費用和去年第三季度有利的重組費用發展的影響。

Now to cash flow and capital expenditures.

現在來看現金流和資本支出。

For the first 9 months, our operating cash flow decreased to EUR 3.5 billion.

前 9 個月，我們的經營現金流減少至 35 億歐元。

This decline was mainly due to higher share-based compensation payments as well as higher tax and insurance payments.

這一下降主要是由於更高的股份補償支付以及更高的稅收和保險支付。

Please also keep in mind, that our cash flow is affected by the currency headwinds that we have faced year-to-date.

還請記住，我們的現金流受到年初至今面臨的貨幣逆風的影響。

These effects offset SAP's positive business development and our lower day sales outstanding, which went down by 4 days to 68.

這些影響抵消了 SAP 積極的業務發展和我們較短的銷售未完成天數，減少了 4 天至 68 天。

Free cash flow for the first 9 months declined as well due to the previously announced additional CapEx for 2018.

由於之前宣布的 2018 年額外資本支出，前 9 個月的自由現金流也有所下降。

We continue to expect 2018 CapEx lower than EUR 1.6 billion and a flattening CapEx development beyond.

我們繼續預計 2018 年的資本支出將低於 16 億歐元，並且未來的資本支出將趨於平緩。

Finally, as discussed before, we are raising our 2018 outlook due to the strong cloud business and overall business momentum.

最後，如前所述，由於強勁的雲業務和整體業務勢頭，我們上調了 2018 年的展望。

At the same time, we have updated our currency expectations for the impact on reported growth rates.

同時，我們更新了貨幣對報告增長率影響的預期。

For more details, please refer to our quarterly statement published earlier today.

有關詳細信息，請參閱我們今天早些時候發布的季度報表。

And before closing, I would like to talk also about a few of our key nonfinancial metrics.

在結束之前，我還想談談我們的一些關鍵非財務指標。

First, in a global war for talent more important than ever, as Bill has eluded to, our employees continue to embrace our strategy and higher purpose.

首先，在比以往任何時候都更重要的全球人才爭奪戰中，正如比爾所逃避的那樣，我們的員工繼續擁護我們的戰略和更高的目標。

We are continually ranked among best places to work in numerous geographies.

我們不斷被評為眾多地區的最佳工作場所。

Our employee retention is best-in-class in our industry at 94.1%.

我們的員工保留率為 94.1%，在業內處於一流水平。

Second, we are taking leadership in the tough questions on the responsible use of technology by founding the AI Ethics Advisory Panel.

其次，我們通過成立 AI 道德諮詢小組，在有關負責任地使用技術的棘手問題上發揮領導作用。

And finally, with the Intergovernmental Panel on Climate Change issuing a dire report, SAP is doing its part to contribute to a decrease in CO2 emissions by reducing its Q3 greenhouse gas emissions from 80 to 65 kilotons year-over-year.

最後，隨著政府間氣候變化專門委員會發布一份可怕的報告，SAP 正在儘自己的一份力量，將其第三季度的溫室氣體排放量從去年同期的 80 千噸減少到 65 千噸，從而為減少二氧化碳排放做出貢獻。

We currently run our cloud and all facilities on renewable energy only and aim to be carbon neutral by 2025.

我們目前僅使用可再生能源運行我們的雲和所有設施，目標是到 2025 年實現碳中和。

So in summary, our accelerating cloud growth shows our strategic priorities are exactly on track, as we continue to take significant market share and grow revenue faster than our competitors.

因此，總而言之，我們加速的雲增長表明我們的戰略重點完全在正軌上，因為我們繼續佔據重要的市場份額並比競爭對手更快地增長收入。

We have the broadest portfolio and are the most geographically diversified business in our industry.

我們擁有最廣泛的產品組合，是我們行業中地域最多元化的企業。

The cloud top line acceleration, together with continued operational efficiency gains, are driving cloud gross margins up and our business model at the same time is becoming much more predictable in nature, just as we set out to do.

雲頂線加速，加上持續的運營效率提高，正在推動雲毛利率上升，同時我們的商業模式在本質上變得更加可預測，就像我們開始做的那樣。

All of this makes me extremely confident that we will deliver on our raised 2018 outlook and on our 2020 ambition.

所有這一切讓我非常有信心，我們將實現我們提出的 2018 年展望和 2020 年的雄心壯志。

Thank you very much, everybody, and we will now be happy to take your questions.

非常感謝大家，我們現在很樂意回答您的問題。

Thank you.

謝謝。

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

接線員，我們現在可以開始問答環節了。

(Operator Instructions) We'll take our first question from John King with Merrill Lynch.

（操作員說明）我們將與美林一起接受 John King 的第一個問題。

I've got 2, please.

我有2個，謝謝。

The first one was really on the -- you commented already around the mix shift more towards cloud and clients electing to take deals that might have been in licensing cloud today.

第一個是真正的 - 你已經評論了混合更多地轉向雲和客戶選擇接受今天可能已經在許可云中的交易。

I imagine that's going a little bit product-by-product, so could you give us maybe call out 1 or 2 products that are now cloud discussion that maybe a year ago would have been a license discussion.

我想這是逐個產品進行的，所以您能否給我們調出 1 或 2 個產品，這些產品現在正在雲討論中，而一年前可能是許可討論。

And then are there any metrics you can give us around, let's say, win rates that you see as you make that transition so that you can give us some comfort that your win rates are stable or improving as you -- those products go to a cloud discussion?

然後有什麼指標可以給我們，比方說，你在進行這種轉變時看到的贏率，這樣你就可以讓我們感到安慰，因為你的贏率是穩定的或隨著你的提高——這些產品進入了雲討論？

The second one was on the -- perhaps on the margin, Luka, for Q4.

第二個是關於 - 可能是第四季度的邊緣，盧卡。

Does seem as though if I back out the numbers, at the midpoint of the guidance you're implying quite a good year-on-year margin improvement in Q4, whereas it feels as though the implied license is still relatively or similar to Q3, down year-on-year.

似乎如果我放棄這些數字，在指導的中點，你暗示第四季度的同比利潤率有相當不錯的改善，而感覺好像隱含的許可仍然與第三季度相對或相似，同比下降。

So perhaps you could explain any of the moving parts that might support the margin or perhaps, whether there's any conservatism in the revenue guidance, for example?

因此，也許你可以解釋任何可能支持利潤率的移動部分，或者，例如，收入指導中是否有任何保守主義？

Thank you, John.

謝謝你，約翰。

I'll start off, and then pass it over to Luka.

我會開始，然後將其傳遞給 Luka。

If you look at S/4HANA, our Digital Supply Chain, analytics, analytics is all moving to the cloud.

如果你看看 S/4HANA，我們的數字供應鏈、分析、分析都在遷移到雲端。

These are examples of solutions that customers are more and more preferring to consume from the cloud.

這些是客戶越來越喜歡從雲中使用的解決方案示例。

Consumer-grade user experience, ease of consumption, continuous innovation cycle, less support required, all good attributes of customers' adoption of cloud.

消費級用戶體驗、易於消費、持續的創新周期、更少的支持需求，這些都是客戶採用雲的良好屬性。

And we're leaning into that because we're building a company of the generations, not the next 3 months.

我們之所以傾向於這一點，是因為我們正在建立一家世代相傳的公司，而不是未來 3 個月的公司。

And as it relates to the core business, I do want to be clear, the core license business and the thesis in the original forecast that Luka and I gave for the full year, is completely intact.

由於涉及核心業務，我想明確一點，核心許可業務和我和 Luka 給出的全年原始預測中的論文完全完好無損。

So on a full year basis, what we said we would do at the beginning of the year including the underlying software and software-related services assumptions in that number is intact.

因此，在全年的基礎上，我們在年初所說的我們將做的事情，包括該數字中的基礎軟件和軟件相關服務假設是完整的。

And the cloud is just accelerating in a rate, again, higher than any other application software company on the planet.

雲正在以比地球上任何其他應用軟件公司都快的速度加速發展。

Luka will give you a little bit of a feel for the margins going forward.

盧卡會讓你對未來的利潤率有一些了解。

Luka?

盧卡？

Yes, and just to complement also, what Bill has said before, when you take a look at areas where core licenses are still growing, it's exactly in S/4HANA, where we have triple-digit growth in the cloud, but still quite sizable growth in on-premise, and it's in the adjacent area of Digital Supply Chain management.

是的，只是為了補充，比爾之前說過的話，當你看看核心許可仍在增長的領域時，它正是在 S/4HANA 中，我們在雲中有三位數的增長，但仍然相當可觀內部部署的增長，它在數字供應鏈管理的相鄰領域。

All the other categories of our portfolio go full steam ahead to the cloud, as they should, and which is good for SAP because there we win against competition.

我們產品組合中的所有其他類別都全力推進到雲端，這是他們應該做的，這對 SAP 有利，因為我們在競爭中獲勝。

And actually our win rates across all of the portfolio elements over the course of the past 2 quarters actually have been increasing.

實際上，在過去兩個季度中，我們所有投資組合元素的獲勝率實際上一直在增加。

In terms of the margin development, look, it's important to note that we give our guidance on the bottom line on absolute operating profit.

在利潤率發展方面，重要的是要注意我們對絕對營業利潤的底線給出指導。

And I can tell you 2 things that I'm extremely confident about.

我可以告訴你兩件我非常有信心的事情。

First of all, that we will hit at a minimum this current guidance that we have adopted upwards for 3 times now as well, which is for between 9.5% and 11% growth.

首先，我們將至少達到目前的指導方針，我們現在已經向上採用了 3 次，即增長 9.5% 至 11%。

Secondly, that we will do so while continuing to expand margin for the company.

其次，我們將在繼續擴大公司利潤率的同時這樣做。

Now, by how much this will occur?

現在，這將發生多少？

This is fully a question of the mix, and that mix as we have said, is not entirely predictable.

這完全是一個混合問題，正如我們所說，這種混合併不完全可以預測。

So you can take our commitment on the absolute operating profit development.

所以你可以接受我們對絕對營業利潤發展的承諾。

And on the margin rates, we will have to see how the composition between software and cloud unfolds.

在利潤率方面，我們將不得不看看軟件和雲之間的組合如何展開。

But suffice it to say that I think Bill and I have been in this role for CEO and CFOs now for more than 4 years.

但我只想說，我認為比爾和我擔任 CEO 和 CFO 的這個角色已經超過 4 年了。

And I think we have always been hitting or overdelivering on the guidance metrics that we have set.

而且我認為我們一直在達到或超額完成我們設定的指導指標。

And in my case, 9 years and counting, and what's interesting on this move to the cloud, I remember then, we didn't have a CRM product in the cloud.

就我而言，已經過去 9 年了，遷移到雲端的有趣之處是，我記得那時我們還沒有云端的 CRM 產品。

And now we have a CRM solution called C/4HANA that's growing in triple digits and winning accounts all over the map.

現在，我們擁有一個名為 C/4HANA 的 CRM 解決方案，該解決方案正在以三位數的速度增長，並贏得了遍布全球的客戶。

And this is part of the growth that you're going to see in the cloud.

這是您將在雲中看到的增長的一部分。

You're going to see C/4HANA in the front office, S/4HANA the core, and everything in between move to the cloud.

您將在前台看到 C/4HANA，在核心看到 S/4HANA，而介於兩者之間的一切都將遷移到雲端。

While at the same time, there's plenty of hybrid cloud opportunities out there that'll hold the core business ever solid, and the support is like 99% retention and the software and related services is growing in double digits.

與此同時，有大量混合雲機會可以讓核心業務保持穩固，支持率高達 99%，軟件和相關服務正在以兩位數增長。

So I wouldn't at all be concerned with any structural change to the core license business.

所以我根本不會關心核心許可業務的任何結構性變化。

I would be celebrating with champagne everywhere out there that the cloud is soaring and wouldn't you be disappointed if the cloud was flat and the core was rock-solid, you'd probably would be worried about the future, right?

我會到處開香檳慶祝雲層正在飆升，如果雲層是扁平的而核心堅如磐石，你不會感到失望嗎，你可能會擔心未來，對吧？

This is the perfect scenario.

這是一個完美的場景。

We'll take a question from Michael Briest with UBS.

我們將接受來自瑞銀的 Michael Briest 的提問。

Just one on S/4.

S/4 上只有一個。

In terms of the gross in customers there, it's been fairly steady outside of the fourth quarter, at least about 500, 600 a quarter.

就那裡的客戶總數而言，第四季度以外一直相當穩定，至少每季度約 500、600 人。

Can you talk about that, and whether you expect an acceleration.

你能談談這個嗎，以及你是否期望加速。

I think, Luka, the target was to get to 50% of customers by 2020.

我認為，盧卡，目標是到 2020 年達到 50% 的客戶。

And also if I look at the number of live customers, I think one of your representative at DSAG yesterday, said there were 2,100.

另外，如果我看現場客戶的數量，我想你們昨天在 DSAG 的一位代表說有 2,100 人。

I just had a quick look back at my SAP when you launched that, I think after 2.5 years, they were at 4,000 live customers.

當你推出它時，我只是快速回顧了一下我的 SAP，我想 2.5 年後，他們有 4,000 個現場客戶。

And you're now 3.5 years about 2,000, so maybe comment on that.

你現在 3.5 年大約 2,000，所以也許對此發表評論。

And then just secondly, Luka, on the hiring, I think you said at the start of the year, the number of headcounts that you would add would be roughly similar to last year.

其次，盧卡，關於招聘，我想你在年初說過，你將增加的員工人數與去年大致相似。

If I take out Callidus, you've already added 4,500, should we assume that there'll be very little hiring in Q4?

如果我去掉 Callidus，你已經增加了 4,500 人，我們是否應該假設第四季度的招聘人數很少？

Okay.

好的。

Michael, this is Bernd.

邁克爾，這是伯恩德。

Happy to answer your questions on S/4.

很高興在 S/4 上回答您的問題。

First of all, I want to repeat the big message that S/4HANA is a big growth driver, was in the past and was specifically as well in Q3 with triple-digit growth in the cloud, and as well still significant growth in the on-prem world.

首先，我想重申一個重要信息，即 S/4HANA 是一個巨大的增長驅動力，在過去，特別是在第三季度，雲計算實現了三位數的增長，並且仍然顯著增長。 -prem 世界。

I expect that we can soon launch to the public market that we have customer number 10,000.

我希望我們可以很快向公開市場推出我們擁有 10,000 名客戶的產品。

So just to give you an order of magnitude, that product is selling, is rocking, and is a massive growth driver.

所以只是給你一個數量級，那個產品正在銷售，正在搖擺，並且是一個巨大的增長動力。

Now to your question on specifically live customers, we have been always reporting customers who are live or who have a project, which are in process of going live, where we have a precise go-live date.

現在關於您關於特定實時客戶的問題，我們一直在報告實時或擁有項目的客戶，這些項目正在上線，我們有一個準確的上線日期。

I can report back now today that we have past the number of 5,000 already, while you were referring to 4,000, so we have more than 5,000 customers who are live or who have a project plan with our service organization or one of our partners with an active known go-live date.

我今天可以報告說我們已經超過了 5,000 個，而你指的是 4,000 個，所以我們有超過 5,000 個客戶，他們是現場的或與我們的服務組織或我們的合作夥伴之一有項目計劃活躍的已知上線日期。

The number, which DSAG was reporting to was a number that they have evaluated in a survey, and we were confirming it that globally in mid of 2018, we have 2,100 and something live customers but they have not been counting the customers who are in process of going live and the number is increasing every day.

DSAG 報告的數字是他們在調查中評估的數字，我們確認在 2018 年年中全球範圍內，我們有 2,100 名和一些實際客戶，但他們沒有計算正在處理的客戶上線，而且每天的數量都在增加。

So this -- I hope this helps to clarify the picture, and that as well S/4HANA is a stellar growth driver.

所以這——我希望這有助於澄清情況，而且 S/4HANA 也是一個出色的增長動力。

Yes, and maybe to expand on the question around headcount.

是的，也許可以擴展有關員工人數的問題。

The statement from the beginning of the year that we will hire roughly the same amount of people is generally true with one exception, and that one exception is our services organization.

今年年初我們將僱用大致相同數量的人員的聲明通常是正確的，但有一個例外，一個例外是我們的服務組織。

You have seen that we have seen a constant acceleration of our business performance in services, and we have seen that also the bookings performance in 2018 has been truly remarkable, has been up in -- dependent on the quarter, high single digits or even double-digits.

您已經看到我們看到我們在服務方面的業務績效不斷加速，我們也看到 2018 年的預訂表現確實非常出色，一直在增長——取決於季度，高個位數甚至雙倍-數字。

So we have to make room for that, and that's why we have hired in services for more people than what was originally been contemplated including in Q3, where, for example, we have added roughly 500 people for our services business alone.

所以我們必須為此騰出空間，這就是為什麼我們僱用的服務人員比最初預期的要多，包括在第三季度，例如，我們僅在服務業務方面就增加了大約 500 人。

So in that, if you back that out and that will probably be a number in the higher triple digit numbers of people that we will add in services more than originally expected in the rest of the organization, the hiring numbers will closely resemble what we have done in the previous year.

因此，如果你支持這一點，那可能是我們將在服務中增加的人數超過組織其他部門最初預期的更高三位數的人數，招聘人數將與我們所擁有的非常相似前一年做的。

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

我們將從花旗的沃爾特普里查德那裡接受下一個問題。

Question for Bill, a question for Luka.

比爾的問題，盧卡的問題。

Question for Bill, on the macro environment, looks like U.S. business was very strong in the quarter.

比爾的問題，關於宏觀環境，看起來美國業務在本季度非常強勁。

Europe not quite as strong, you'd highlighted a few geographies, could you help us answer what you're seeing -- I think there's quite a few things, you've got the Tax Cuts in the U.S. that have driven demand this year, that I think there's some concern about how that plays into next year and then some mix macro signals in Europe.

歐洲沒那麼強大，你強調了幾個地區，你能幫我們回答你所看到的嗎 - 我認為有很多事情，你有美國的減稅措施推動了今年的需求，我認為有人擔心這將如何影響明年以及歐洲的一些混合宏觀信號。

And then Luka, on the license performance.

然後是 Luka，關於許可證性能。

I'm wondering if you're still comfortable, given that trajectory, that you can keep the support revenue growing at the rate it's been growing here recently?

我想知道你是否仍然感到舒服，鑑於這種軌跡，你可以保持支持收入以最近在這裡的增長速度增長嗎？

Walter, thank you very much for your question.

沃爾特，非常感謝你的提問。

I want to be clear, every single market out there, from the Asian market, if you look at the Asian region, what's happening in places like Vietnam, it's unbelievable.

我想明確一點，從亞洲市場來看，每一個市場，如果你看看亞洲地區，越南等地正在發生的事情令人難以置信。

China, China's growing faster at SAP than any of the other software companies out there.

中國，中國在 SAP 的發展速度比其他任何軟件公司都快。

The United States is rock-solid, and of course, keep in mind the United States has our biggest cloud revenue base with many, and in fact, most of our cloud assets domicile in the United States.

美國堅如磐石，當然，請記住美國擁有我們最大的雲收入基礎，事實上，我們的大部分雲資產都位於美國。

It's doing extremely well.

它做得非常好。

And Europe, you'll have some spottiness in countries from 1 quarter to another, but overall, as Luka said, he gave you the numbers very solid, on Middle East very solid.

在歐洲，從一個季度到另一個季度，你會在各個國家/地區遇到一些不穩定的情況，但總的來說，正如盧卡所說，他給你的數字非常可靠，在中東非常可靠。

So overall, the global scenario of growth at SAP is very well dispersed across the geographies and across the industries.

因此，總體而言，SAP 的全球增長情景非常分散於各個地區和各個行業。

So the health of the business is very, very solid.

因此，業務的健康狀況非常非常穩固。

And I'm not in any way concerned about any theater in SAP living up to our high expectations.

而且我絲毫不擔心 SAP 的任何劇院是否達到我們的高期望。

Yes.

是的。

And maybe just to quickly comment on the support performance.

也許只是為了快速評論支持性能。

Look, we see all of the drivers that are behind our midterm ambitions still in force.

看，我們看到支持我們中期目標的所有驅動因素仍然有效。

We have planned, as you know, for a couple of years now for a low to mid-single digit decline in licenses in the past 3 years, we have been doing better than that.

如您所知，我們已經計劃好幾年了，在過去 3 年中，許可證數量將下降到中低個位數，但我們做得比這更好。

Our thesis, as Bill has said, for this year remains unchanged.

正如比爾所說，我們今年的主題保持不變。

So there is no reason to assume a different impact for support revenues going forward.

因此，沒有理由對未來的支持收入產生不同的影響。

But we have always said that the market needs to accept -- needs to expect a gentle decline in growth rates of support revenues that's just a natural outcome of the slowing growth in licenses.

但我們一直說，市場需要接受——需要期待支持收入增長率的溫和下降，這只是許可證增長放緩的自然結果。

But you can say, if you still assume positive support revenue growth all the way to the end of our midterm ambition as always predicted.

但是你可以說，如果你仍然假設積極的支持收入增長一直到我們一直預測的中期目標結束。

And Walter, one of the things that I would just also like to underscore with this global scenario.

沃爾特，我也想在這種全球情景中強調一件事。

I basically have talked a lot about Asia, and the fact that the Asia-Pacific region is soaring for SAP including China.

我基本上講了很多關於亞洲的事情，亞太地區包括中國在內的SAP正在飛速發展。

You have to look at the hyperscalers as well.

你還必須看看超大規模。

Look at Alibaba, we are the partner of choice.

看看阿里巴巴，我們是首選的合作夥伴。

Look at in the United States, Google, cloud platform, Amazon, AWS, and of course, our great partner for more than 4 decades, Microsoft and Azure.

看看在美國，谷歌、雲平台、亞馬遜、AWS，當然還有我們 4 多年的偉大合作夥伴，微軟和 Azure。

Every one of them is standardizing on S/4HANA as the core system for these clouds.

他們每個人都在將 S/4HANA 標準化為這些雲的核心系統。

And when you think about C/4HANA, we're making incredible inroads for having that adopted in these clouds as well.

當您想到 C/4HANA 時，我們正在取得令人難以置信的進展，以便在這些雲中也採用它。

And in fact, Microsoft Azure, just announced, not just S/4HANA, but also Concur and Azure.

而事實上，微軟Azure，剛剛宣布的，不僅僅是S/4HANA，還有Concur和Azure。

So we are having a very good multidimensional cloud strategy where SAP can do it all for you.

所以我們有一個非常好的多維雲戰略，SAP 可以為您做這一切。

We can work with the hyperscalers to collaborate on integrated solutions for a given customer.

我們可以與 hyperscalers 合作，為特定客戶協作開發集成解決方案。

And this is giving us extreme tailwind because the SIs are also rallying around us now, as they have to have new and innovative solutions in the cloud to keep their practices growing.

這給了我們極大的順風，因為 SI 現在也在我們周圍集結，因為他們必須在雲中擁有新的和創新的解決方案來保持他們的實踐增長。

So the force multiplayer here is that SAP strategy is just the best one.

所以這裡的強制多人遊戲是 SAP 策略是最好的策略。

Our next question comes from Stefan Slowinski with Exane Paribas.

我們的下一個問題來自 Exane Paribas 的 Stefan Slowinski。

Actually just a follow-up on Bill's comments there regarding the relationships with AWS and Azure and GCP, AliCloud.

實際上只是對 Bill 那里關於與 AWS、Azure 和 GCP、AliCloud 的關係的評論的跟進。

Was that partially what helped drive the improvement in profitability of your Infrastructure-as-a-Service business?

這是否部分有助於推動您的基礎設施即服務業務盈利能力的提高？

And more generally, I guess, how are those relationships developing and how are customers evaluating how they move to S/4HANA?

我想，更一般地說，這些關係是如何發展的，客戶如何評估他們如何遷移到 S/4HANA？

Are there -- is there maybe a pause actually in the near term as they think about moving onto those platforms and that decision is a bit more complex than going on-premise or even in HEC?

有沒有 - 在他們考慮轉向這些平台時實際上可能在短期內暫停並且這個決定比在內部部署甚至 HEC 中更複雜一點？

So any additional color you can provide about how those partnerships are potentially helping your margins now and in the future?

那麼，關於這些合作夥伴關係現在和將來可能如何幫助您提高利潤率，您可以提供任何其他顏色嗎？

And how customers are evaluating those offerings versus more traditional upgrade processes?

以及客戶如何評估這些產品與更傳統的升級流程？

Yes.

是的。

So let me quickly comment on those, and then everybody please feel free to give additional commentary.

所以讓我快速評論一下，然後大家可以隨意發表更多評論。

So first of all, the growth in our Infrastructure-as-a-Service margins was just a result of improved operational efficiency in our HANA and our prize cloud business and the larger scale that we have reached by now, the larger revenue base and the larger renewal base.

因此，首先，我們的基礎設施即服務利潤率的增長僅僅是因為我們的 HANA 和我們的獎勵雲業務的運營效率提高以及我們現在已經達到的規模更大，收入基礎更大以及更大的更新基礎。

What helps us in the collaboration with the hyperscalers is that we don't have to expand so dramatically on CapEx going forward, that's where the advantage comes from and it helps us therefore on the free cash flow side going forward with a flattening CapEx need.

幫助我們與超大規模企業合作的是，我們不必在未來的資本支出上大幅擴張，這就是優勢所在，因此它幫助我們在自由現金流方面向前發展，同時滿足資本支出需求。

But on the profitability, it was really our own developed efficiency gains and effectiveness gains.

但在盈利能力上，它確實是我們自己開發的效率增益和有效性增益。

And in terms of the growth trajectory on S/4HANA, actually the collaboration with hyperscalers accelerates our capabilities in order to help our customers to migrate to S/4 because they have access to a very efficient compute infrastructure.

就 S/4HANA 的增長軌跡而言，實際上與超大規模的合作加速了我們的能力，以幫助我們的客戶遷移到 S/4，因為他們可以訪問非常高效的計算基礎設施。

They have access to a scalable infrastructure, in particular.

他們尤其可以訪問可擴展的基礎架構。

And therefore, it is actually an accelerator of our migration move rather than a reason to pause or rethink anything.

因此，它實際上是我們遷移的加速器，而不是暫停或重新考慮任何事情的理由。

And we'll take our next question from Phil Winslow with Wells Fargo.

我們將接受來自富國銀行的 Phil Winslow 的下一個問題。

A question here to Bill.

這裡有一個問題要問 Bill。

It's been a few months now since you guys launched C4/HANA, and obviously, the Open Date Initiative is only about a month old.

你們推出 C4/HANA 已經幾個月了，顯然，開放日期計劃只有大約一個月的時間。

But curious just the feedback that you're getting from customers on the vision that you laid out.

但好奇的是你從客戶那裡得到的關於你提出的願景的反饋。

I wonder if you can comment just about how you're thinking about the product set, right now with C/4HANA, especially sort of in the context of that partnership with Microsoft and Adobe.

我想知道您是否可以評論一下您對產品集的看法，現在使用 C/4HANA，尤其是在與 Microsoft 和 Adobe 的合作夥伴關係的背景下。

Thank you very much, Phil.

非常感謝你，菲爾。

It's really great friendships that developed some of these market-making moves.

真正偉大的友誼促成了其中一些做市行為。

There was a phone call to Shantanu, I woke him up at 4:30 in the morning in Australia, and then that was just after I had a great conversation with Satya, wherever he was in the world.

有一個電話打給了 Shantanu，我在澳大利亞早上 4:30 叫醒了他，然後就在我與 Satya 進行了一次愉快的交談之後，無論他在世界的哪個地方。

And we basically said look, we have the C/4HANA machine going at full speed.

我們基本上說看，我們有全速運行的 C/4HANA 機器。

The most important thing to the customer is connecting the demand and the supply signal to give a seamless experience to 7.5 billion consumers worldwide.

對客戶來說最重要的是連接需求和供應信號，為全球 75 億消費者提供無縫體驗。

More than ever CEOs of companies are very concerned about meeting the high standards of like the British Standards Institute and making sure you protect the privacy and the data of each of those consumers.

公司的首席執行官比以往任何時候都更加關注滿足英國標準協會等高標準，並確保您保護每個消費者的隱私和數據。

And that is a really serious issue, and it's one where we were the first companies certified in the world because as you know, Europe was way ahead of all the other regions of the world in dealing with privacy and security.

這是一個非常嚴重的問題，我們是世界上第一批獲得認證的公司，因為如您所知，歐洲在處理隱私和安全方面遠遠領先於世界其他所有地區。

So we just talked about really building a partnership around an Open Data Initiative, where we jointly could collaborate with customers and let the customer know that it was their data.

所以我們剛剛談到真正圍繞開放數據計劃建立合作夥伴關係，我們可以共同與客戶合作，讓客戶知道這是他們的數據。

And that we would work in harmony across the value chain at our 3 companies to take the high ground and set the tempo for the tech industry.

我們將在我們的 3 家公司的整個價值鏈中協調工作，以佔據制高點並為科技行業設定節奏。

We announced this at Ignite in Orlando in the very recent past as you know, Phil, and it was extremely well received, and what you see now is the trust building.

正如你所知，我們最近在奧蘭多的 Ignite 宣布了這一點，菲爾，它受到了極大的歡迎，你現在看到的是信任的建立。

Obviously, with our brand, we have Gigya with a couple of billion records of consumers out there that customers are serving.

顯然，憑藉我們的品牌，我們擁有 Gigya，擁有數十億客戶服務的消費者記錄。

We're #1 in e-commerce.

我們在電子商務領域排名第一。

We're #1 in the Customer Data Cloud.

我們在客戶數據云中排名第一。

We're #1 in Incentive Commission Management and Configure Price and Quote.

我們在激勵佣金管理和配置價格和報價方面排名第一。

We're #1 in the integrated suite with ERP and supply chain.

我們在 ERP 和供應鏈集成套件中排名第一。

So these assets were extremely attractive in Azure, and we were very happy to work with both Satya and Shantanu, really to put together a beautiful partnership because we have joined customers that participant with all of our technologies and our solutions, and we're very willing to put those solutions in Microsoft Azure, and put it in a hyperscale cloud environment, or run it in the SAP cloud, if that's what the customer wants.

所以這些資產在 Azure 中極具吸引力，我們很高興與 Satya 和 Shantanu 合作，真正建立了美好的合作夥伴關係，因為我們已經加入了參與我們所有技術和解決方案的客戶，我們非常願意將這些解決方案放在 Microsoft Azure 中，並將其放在超大規模雲環境中，或者在 SAP 雲中運行，如果客戶需要的話。

But I really do think the Open Data Initiative and this trust that we're building with customers is an essential element of a 21st century relationship.

但我確實認為開放數據倡議和我們與客戶建立的這種信任是 21 世紀關係的基本要素。

We'll take our next question from Adam Wood with Morgan Stanley.

我們將與摩根士丹利一起接受亞當伍德的下一個問題。

Maybe just first of all, as you look out to next year, Luka, you've been very adamant that we should see margins inflecting in 2019, but with this accelerating move towards cloud, and potentially a move back towards high single-digit license declines and stronger cloud growth, are you still as confident that can be achieved, or should we think about the operating profit growth being more driven by the top line rather the way margin expansion?

也許首先，當你展望明年時，盧卡，你一直非常堅定地認為我們應該在 2019 年看到利潤率的變化，但隨著向雲的加速發展，並有可能回到高個位數的許可下降和更強勁的雲增長，你是否仍然有信心可以實現，或者我們是否應該考慮營業利潤增長更多地由收入而不是利潤率擴張的方式驅動？

Maybe just secondly, to help us dig in a little bit on the license mix and how that shift happens, could you give us any more granularity around, which parts of license portfolio are in areas like the BI and Analytics, CRM and HCM, where we would expect a more rapid cloud move, and how much is more in S/4HANA supply chain, where we'd expect it to stay on-premise and license-driven in future?

也許只是其次，為了幫助我們深入了解許可證組合以及這種轉變是如何發生的，你能不能給我們更詳細的信息，許可證組合的哪些部分在 BI 和分析、CRM 和 HCM 等領域，在哪裡？我們希望雲遷移速度更快，S/4HANA 供應鏈中還有多少，我們希望它在未來保持內部部署和許可驅動？

Yes, let me take that.

是的，讓我接受。

First of all, I never said that margins should inflect in 2019.

首先，我從未說過利潤率應該在 2019 年發生變化。

I said that they should inflect in 2018, and that's what they have done so far with 50 basis points improvement.

我說他們應該在 2018 年出現變化，這就是他們迄今為止所做的，提高了 50 個基點。

So we continue to expect an increase in margins for 2018 already.

因此，我們繼續預計 2018 年的利潤率已經有所增加。

And for 2019, our ambition stays intact to a goal for as we have said in the past, continuous and consistent margin expansion.

對於 2019 年，我們的目標保持不變，正如我們過去所說的那樣，持續不斷地擴大利潤率。

So you should not expect that there is a huge hockey stick that is building up here.

所以你不應該期望這裡有一根巨大的曲棍球棒。

But that we will have a nice and gentle progression and continued progress on the margin front because, again, that shift -- mix shift effect is to a certain extent already baked into our projections.

但是，我們將在利潤率方面取得良好而溫和的進展並繼續取得進展，因為這種轉變 - 混合轉變效應在一定程度上已經融入我們的預測中。

And in terms of the licenses, as I've said, I mean, the 2 areas in license that are growing and that are therefore becoming a growing proportion of the license mix is S/4HANA, so Digital Core and Digital Supply Chain management, those 2 solution areas, in aggregate, already today account for almost half of our license revenue.

就許可證而言，正如我所說，我的意思是，許可證中正在增長並因此在許可證組合中所佔比例越來越大的 2 個領域是 S/4HANA，因此數字核心和數字供應鏈管理，這 2 個解決方案領域加起來，今天已經佔了我們許可收入的近一半。

And therefore the rest is basically a little bit more than half of it but is basically migrating to the cloud.

因此，剩下的基本上是一半多一點，但基本上是在遷移到雲端。

If I may, just to make one point, Adam.

如果可以的話，我只想說明一點，亞當。

I think it's really important that we learn the lessons from companies that didn't change and didn't lean into new market opportunities and chose stock buybacks and cutting costs and laying people off as their chief innovation strategy, that's not SAP.

我認為我們從那些沒有改變、沒有抓住新的市場機會、選擇股票回購、削減成本和裁員作為他們的主要創新戰略的公司那裡吸取教訓是非常重要的，那不是 SAP。

Our chief innovation strategy is growth.

我們的主要創新戰略是增長。

We're a growth company, and we're going to grow in the cloud, and we're going to be the #1 enterprise application software company in the cloud for decades to come.

我們是一家成長型公司，我們將在雲中成長，我們將在未來幾十年成為雲中排名第一的企業應用軟件公司。

So that's a very important imperative.

所以這是一個非常重要的當務之急。

At the same time, we're going to intelligently manage the expense base in the company, and we have plenty of flexibility with our workforce, a highly competent, young, dynamic workforce to be agile and where we put people, and how we maximize the revenue per employee, and we're going to do a lot of that.

與此同時，我們將明智地管理公司的費用基礎，我們的員工隊伍具有很大的靈活性，一支高素質、年輕、充滿活力的員工隊伍要敏捷，我們把人放在哪裡，以及我們如何最大化每個員工的收入，我們將做很多這樣的事情。

So that's a very important thing where we can work with the absolute operating margin rate.

所以這是一件非常重要的事情，我們可以在其中使用絕對營業利潤率。

So you'll see us sell more.

所以你會看到我們賣得更多。

We'll spend our money wisely, but we're going to grow in the cloud.

我們會明智地花錢，但我們會在雲中成長。

And your comment about absolute operating income is well taken by me personally.

我個人很好地接受了你關於絕對營業收入的評論。

There once was a time where we actually had a management here shooting for a particular margin rate and left the innovation story at the doorstep.

曾經有一段時間，我們實際上有一位管理層在追求特定的利潤率，而將創新故事留在了家門口。

You won't see that happen under this leadership team.

在這個領導團隊下，您不會看到這種情況發生。

We'll take our question from Mohammed Moawalla with Goldman Sachs.

我們將從 Mohammed Moawalla 和 Goldman Sachs 那裡回答我們的問題。

I was wondering, Luka, if you can comment around sort of the flexibility you have on the different levers of the margin, especially given the possibility of a much more volatile license as you kind of hit the tail end of the transition.

我想知道，盧卡，你是否可以評論一下你在不同利潤率槓桿上的靈活性，特別是考慮到當你進入過渡期的尾聲時許可可能更加不穩定。

Obviously, gross margin is -- has been a big lever right now and is expected to continue.

顯然，毛利率是 - 現在一直是一個重要的槓桿，預計將繼續下去。

But how much flexibility do you have on the sort of the OpEx discipline, particularly, given -- Bill you commented you're still very focused on growth.

但是，您在 OpEx 紀律方面有多少靈活性，特別是考慮到——比爾，您評論說您仍然非常關注增長。

And the second question I had was on the cloud portfolio, obviously, the cloud growth is very impressive.

我的第二個問題是關於雲產品組合，顯然，雲增長非常可觀。

Can you just give us maybe a bit more detail on sort of the broader product portfolio that saw different growth rates and kind of how sustainable this is and perhaps where you see the kind of biggest opportunities in and outside sort of the installed base?

您能否向我們提供更多關於更廣泛的產品組合的更多細節，這些產品組合看到了不同的增長率以及這種可持續性的可持續性，以及您在安裝基礎內外看到的最大機會？

Yes.

是的。

I'll handle the flexibility question, and then on the growth topic, please maybe also Rob can weigh in because a lot of the cloud assets and [bent] are in their respective camps.

我將處理靈活性問題，然後關於增長主題，也許 Rob 也可以權衡一下，因為很多雲資產和 [bent] 都在各自的陣營中。

So in terms of the flexibility, look, from a gross margin perspective, the good news is that we have a growing predictability of our overall revenue.

因此，就靈活性而言，從毛利率的角度來看，好消息是我們對整體收入的可預測性越來越強。

So as cloud and as support becomes a larger share of our total revenues our planning base is becoming better and better, and therefore, while our stickiness in our business grows and therefore also short-term volatility is reduced, we have a very good planning basis for our operating expenditures.

因此，隨著雲和支持在我們總收入中所佔的份額越來越大，我們的計劃基礎也越來越好，因此，雖然我們對業務的粘性增加，因此短期波動也減少了，但我們有一個非常好的計劃基礎用於我們的運營支出。

When you take a look at that, you will see already that in 2018, we are making great progress on the sales and marketing cost ratio.

當你看一看時，你會發現在 2018 年，我們在銷售和營銷成本比率方面取得了很大進展。

That's due to a strong focus, on the one hand, an operational simplification and harmonization, but to the other extent as well, it's already a starting point of a positive feature of the cloud business that the more our renewal base cloud improves, the actually lower the extra effort from a sales and marketing perspective that we need to spend for every extra dollar of cloud revenue.

一方面，這是由於對運營的簡化和協調的強烈關注，但在另一方面，這已經是雲業務積極特徵的起點，即我們的更新基礎雲改進得越多，實際上從銷售和營銷的角度來看，我們需要為每一美元的額外雲收入花費額外的努力。

So this is a very positive feature, which already gives us quite a nice leverage.

所以這是一個非常積極的功能，它已經給了我們相當不錯的影響力。

And on all the rest, of course, we have a great deal of optionality.

當然，在所有其他方面，我們有很大的選擇餘地。

When we had the last big downturn in the economy in 2008 and '09, in a situation in which we were much more dependent on license revenues than today, we were able to react very quickly and accommodate a lower cost base.

當我們在 2008 年和 09 年經歷上一次經濟大衰退時，在我們比今天更依賴許可收入的情況下，我們能夠非常迅速地做出反應並適應較低的成本基礎。

You can assume safely that this capability is still with us, but at the same time, our resilience from a top line perspective has materially increased.

您可以放心地假設我們仍然擁有這種能力，但與此同時，從頂線的角度來看，我們的彈性已經大大提高。

So I'm not worried in this respect at all.

所以我在這方面完全不擔心。

But as long as the demand signals are all very positive as Bill has said, we will continue to do what is right for the company to develop a sustainable long-term growth engine which SAP has become in the last few years.

但只要需求信號都像 Bill 所說的那樣非常積極，我們就會繼續做對公司有利的事情，以開發 SAP 在過去幾年中成為的可持續長期增長引擎。

And I wanted to build on Luka's thoughtful commentary and also thank you for such a qualified question.

我想以 Luka 深思熟慮的評論為基礎，也感謝你提出這樣一個合格的問題。

It's really nice to hear the way you're thinking about the business.

很高興聽到您對業務的看法。

We're thinking about it like you're thinking about it.

我們正在考慮它，就像您正在考慮它一樣。

Just to give you some color, analytics, triple digit in the cloud, C/4HANA, steep, steep triple digit in the cloud.

只是為了給你一些顏色，分析，雲中的三位數，C/4HANA，雲中陡峭的三位數。

Leonardo, we have obviously Leonardo embedded into all of our applications with the machine learning, AI, IoT and blockchain.

萊昂納多，我們顯然已經將萊昂納多通過機器學習、人工智能、物聯網和區塊鏈嵌入到我們所有的應用程序中。

When you think about machine learning, with SAP's conversational AI is just one example.

當您考慮機器學習時，SAP 的對話式 AI 只是一個例子。

We have the fastest, easiest and most accurate enterprise-grade bot platform on the market.

我們擁有市場上最快、最簡單和最準確的企業級機器人平台。

And with intelligent robotic process automation, our customers will be able to achieve the high automation level necessary to become intelligent enterprises.

通過智能機器人過程自動化，我們的客戶將能夠達到成為智能企業所需的高度自動化水平。

So Leonardo is soaring in the value proposition.

所以萊昂納多的價值主張正在飆升。

S/4HANA, Bernd covered that, growing fantastically.

S/4HANA，Bernd 涵蓋了這一點，增長驚人。

And what I love about S/4HANA, for everybody that wants to make sure that core is ever steady, that's the heartland of the core because many of the big companies will continue to run S/4HANA in our cloud or a hyperscale cloud.

我喜歡 S/4HANA，對於每個想要確保核心穩定的人來說，這是核心的中心地帶，因為許多大公司將繼續在我們的雲或超大規模雲中運行 S/4HANA。

And in many cases that will be recognized as license revenue in the traditional sense with a maintenance contract that supports it.

在許多情況下，這將被確認為傳統意義上的許可收入，並帶有支持它的維護合同。

So we'll be able to recognize that revenue net, kind of solution will hold the core business steady, and you won't see too much rockiness in that even as we soar in the cloud, triple-digit growth in the SAP Cloud Platform and other matters.

因此，我們將能夠認識到收入淨額，某種解決方案將保持核心業務穩定，即使我們在雲中翱翔，SAP Cloud Platform 的三位數增長，你也不會看到太多的不穩定及其他事項。

I want to make one comment on the Business Network because it's fair that Concur, Ariba, Fieldglass, all these businesses get a lot of credit.

我想對 Business Network 發表一個評論，因為公平地說，Concur、Ariba、Fieldglass，所有這些企業都獲得了很多榮譽。

Fieldglass is growing in triple digits.

Fieldglass 正在以三位數的速度增長。

It's a runaway success story.

這是一個失控的成功故事。

Ariba added size and scale, you usually have a 30% growth rate thereabouts in each of the quarters, similar story with Concur.

Ariba 增加了規模和規模，通常每個季度的增長率都在 30% 左右，與 Concur 的情況類似。

All the M&A moves that we made with Hybris as an example, or Gigya or Callidus, all growing beautifully.

我們以 Hybris 或 Gigya 或 Callidus 為例進行的所有併購舉措都取得了很好的進展。

So it's really nice about the M&A moves that SAP has done.

因此，SAP 所做的併購舉措真的很棒。

We bought the best assets and after we bought those assets, we invested in them and grew them organically, and they became a centerpiece of our culture.

我們購買了最好的資產，在購買這些資產之後，我們對其進行投資並有機地發展它們，它們成為我們文化的核心。

So we know how to do that.

所以我們知道該怎麼做。

And that has really been a wellspring of opportunity for our cloud business as well.

這也確實是我們雲業務的機會源泉。

So that's a little bit of a color on the cloud.

所以這是雲上的一點顏色。

And Mohammed, we'll maintain the core ever steady, ever solid, we'll spend the money wisely on headcount and other things to make sure that the rates in good shape.

穆罕默德，我們將保持核心永遠穩定，永遠穩固，我們將明智地將錢花在員工人數和其他事情上，以確保利率處於良好狀態。

But we're going to continue to grow the company in the cloud and make all the investors very proud of the management team and our foresight on what's ahead of us.

但我們將繼續在雲中發展公司，讓所有投資者為管理團隊和我們對未來的遠見感到自豪。

We want to lead, we want to win, we want to be the best.

我們想要領先，我們想要獲勝，我們想要成為最好的。

Our next question comes from Charles Brennan with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Charles Brennan。

It's just a clarification on C/4 actually.

實際上，這只是對 C/4 的澄清。

You've given the metric in the statements of 50% growth, that's obviously very impressive.

你在報表中給出了 50% 增長的指標，這顯然非常令人印象深刻。

But do we assume that, that includes Callidus such that the organic growth is only 20%?

但是我們是否假設包括 Callidus 在內的有機增長率僅為 20%？

And if that's the right calculation, it's growing below the overall average for the cloud.

如果這是正確的計算，它的增長將低於雲的整體平均水平。

How should we view that metric?

我們應該如何看待該指標？

Maybe I can clarify this.

也許我可以澄清這一點。

What you seem to be referring to is the total segment revenue in our customer experience segment.

您似乎指的是我們客戶體驗部門的總收入。

You need to note that this includes legacy on-premise revenues, which are in decline in this business area.

您需要注意，這包括遺留的本地收入，該收入在該業務領域正在下降。

If you take a look at purely the C/4HANA cloud subscription revenue, then that's up more than 200%.

如果您只看 C/4HANA 雲訂閱收入，那麼增長超過 200%。

That hopefully clarifies.

這有望澄清。

Our next question comes from Stacy Pollard with JPMorgan.

我們的下一個問題來自摩根大通的 Stacy Pollard。

Just quickly on the deal mix for S/4.

快速了解 S/4 的交易組合。

You had 50% net new, that was kind of high.

你有 50% 的淨新，這有點高。

Does your pipeline suggest that trend to continue or would it shift back to kind of the 2/3 mix of the installed base?

您的管道是否表明這種趨勢會繼續下去，或者它會回到安裝基礎的 2/3 組合？

And then how do you expect that installed base penetration to trend?

那麼您如何看待已安裝基礎的滲透趨勢？

I know just along up on Michael Briest's question, he mentioned the -- do you expect 50% by 2020?

我知道就在邁克爾布里斯特的問題上，他提到了——你預計到 2020 年會達到 50% 嗎？

And then just quick second question, a logistics one, can you please give us the like-for-like margin year-to-date excluding Callidus, ex FX and excluding IFRS 15?

然後是快速的第二個問題，一個物流問題，你能告訴我們年初至今的同類利潤率，不包括 Callidus、ex FX 和不包括 IFRS 15 嗎？

So first of all, on the S/4 questions, the penetration of net new versus installed base.

因此，首先，在 S/4 問題上，淨新與已安裝基礎的滲透率。

I think in general, S/4HANA in the cloud is taking off, we can assume that there will be a growing proportion of net new customers.

我認為總的來說，雲中的 S/4HANA 正在起飛，我們可以假設淨新客戶的比例將會增加。

However, in Q4, I would personally bet a little bit against that because in Q4, we always have a large share of transformational deals that are lining up and those tend to be installed base conversions.

然而，在第 4 季度，我個人會對此打賭一點，因為在第 4 季度，我們總是有很大一部分正在排隊的轉型交易，而且這些交易往往是安裝基礎轉換。

So I would not be astonished if the share in Q4 would be slightly different and more weighted towards installed based than net new.

因此，如果第四季度的份額略有不同並且更傾向於基於安裝而不是淨新，我不會感到驚訝。

But in general, I think we can assume that net new will become a growing proportion, which is very, very positive.

但總的來說，我認為我們可以假設淨新的比例會越來越大，這是非常非常積極的。

And we continue to expect that we have roughly 30,000 customers on classic ECC out there and we continue to expect that roughly half of them should have bought into S/4HANA by the year 2020.

我們繼續預計我們在經典 ECC 上有大約 30,000 名客戶，我們繼續預計到 2020 年他們中大約一半應該已經購買了 S/4HANA。

And in terms of the like-for-like margin with puts and takes and everything considered, I think that would point to a slight decline of roughly 60 basis points.

就看跌期權和看跌期權的同類利潤率以及所有考慮因素而言，我認為這將表明略有下降約 60 個基點。

What about year-to-date?

年初至今呢？

No.

不。

It was for Q3.

這是第三季度。

I thought you were asking for Q3.

我以為你問的是 Q3。

If you're talking about year-to-date, it's very slightly negative.

如果您談論的是年初至今，那將是非常負面的。

And maybe Stacy add just a comment, what Luka said, which underpins the sect coming from customers, and as well as the statement from Bill that the core is ever steady.

也許 Stacy 只添加一條評論，Luka 所說的，支持來自客戶的教派，以及 Bill 的聲明，即核心永遠穩定。

There was a survey published by the German-speaking user group about relevance of a product in our portfolio and S/4 was called the highest relevance, and it was 78% of the survey respondents said that there was a very high degree of relevance when it comes to digital transformation.

德語用戶組發布了一項關於產品在我們產品組合中的相關性的調查，S/4 被稱為最高相關性，78% 的調查受訪者表示相關性程度非常高它涉及到數字化轉型。

So maybe this is linked as well to the question of customers who are in process of going live and customers which we have sold the product to because digital transformation means it is not just adopting new technology and new software.

因此，這可能也與正在上線的客戶以及我們向其銷售產品的客戶的問題有關，因為數字化轉型意味著它不僅僅是採用新技術和新軟件。

It means reinventing the business processes that customers have implemented some times for 1 or 2 decades.

這意味著重新發明客戶已經實施了 1 或 2 年的業務流程。

And I think this underlying fact is important to understand and this is what the value driver is behind the success.

我認為理解這一基本事實很重要，這就是成功背後的價值驅動因素。

Our next question comes from Alex Tout with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Alex Tout。

The cloud bookings growth rate was very strong.

雲預訂增長率非常強勁。

And also, I'd note that typically your bookings are a little bit below the corresponding revenue rate just given the dynamic with the Business Network.

而且，我注意到通常您的預訂略低於相應的收入率，只是考慮到業務網絡的動態。

So does this give you quite a lot of confidence going into 2019 that the 30% organic growth rate in cloud is looking pretty safe?

那麼，這是否讓您對進入 2019 年充滿信心，認為雲計算 30% 的有機增長率看起來相當安全？

And then just on the maintenance retention rates sort of improved, I think Bill mentioned 99% retention.

然後只是在維護保留率方面有所提高，我認為 Bill 提到了 99% 的保留率。

Would you read anything into this in terms of maybe installed base customers readying themselves for S/4 getting current on maintenance, where in some cases maybe they weren't?

您是否會就可能安裝的基礎客戶準備好 S/4 進行最新維護方面的任何內容進行解讀，而在某些情況下他們可能沒有？

Would that be an interpretation that you would give or something else?

那是你會給出的解釋還是其他什麼？

Yes.

是的。

So first of all, on the new cloud bookings growth rates, we're excited about it.

所以首先，關於新的雲預訂增長率，我們對此感到興奮。

And absolutely puts us perfectly in line with not only our 2019 targets, but actually also our 2020 ambition because that's the nice thing about the cloud business model with what we win today, we already have not only for next year but even for in 2 years a very good level of visibility.

並且絕對使我們不僅完全符合我們的 2019 年目標，而且實際上也符合我們 2020 年的雄心，因為這是我們今天贏得的雲業務模型的好處，我們不僅在明年而且在 2 年內都已經擁有非常好的能見度。

So absolutely, we are excited about our current momentum in new cloud bookings.

所以絕對，我們對我們目前在新雲預訂方面的勢頭感到興奮。

Secondly, in terms of the retention rates, I think I would simply read into this that customers get great value from our support offerings that we work very closely with our customers to help them understand the value from innovation that they get, be it on the classic systems as well as on the opportunity to upgrade to S/4HANA.

其次，就保留率而言，我想我會簡單地解讀一下，客戶從我們的支持產品中獲得巨大價值，我們與客戶密切合作，幫助他們了解他們從創新中獲得的價值，無論是在經典系統以及升級到 S/4HANA 的機會。

So I see this, to a certain extent, decoupled from any consideration around upgrade cycles, but simply a reflection that we care about our customers and that the support services that we offer are absolutely best-in-class in the industry and that has driven increased customer satisfaction, which you can also read from the very low level of sales allowances that we had to book this year, which is at an all-time low, which reflects the same kind of phenomenon.

因此，我認為這在某種程度上與升級週期的任何考慮無關，而只是反映了我們關心客戶以及我們提供的支持服務絕對是業內一流的，這推動了提高了客戶滿意度，您也可以從我們今年必須預訂的非常低的銷售津貼水平中看出這一點，這是歷史最低水平，反映了同樣的現象。

Our next question comes from Neil Steer with Redburn.

我們的下一個問題來自 Neil Steer 和 Redburn。

Luka, when you were speaking during your prepared remarks, you seemed to suggest that the benefit from the converged cloud infrastructure migration, some of the fast solutions moving over to that.

盧卡，當你在準備好的發言中發言時，你似乎暗示了融合雲基礎設施遷移的好處，一些快速的解決方案轉向了這一點。

That was not really seen in the third quarter, but yet that was to come -- was that to come in the fourth quarter this year or was that really something that now feeds through in the early part of next year?

這在第三季度並沒有真正出現，但即將到來——是在今年第四季度出現，還是真的會在明年年初出現？

And if you could put some quantification around that, that would be much appreciated.

如果你能對此進行一些量化，那將不勝感激。

I think in the past you've talked about north of EUR 100 million of cost savings from doing that.

我想過去你曾談到這樣做可以節省超過 1 億歐元的成本。

So was there anything in Q3 and how much do we see in Q4 and early next year?

那麼第三季度有什麼東西嗎？我們在第四季度和明年初看到了多少？

What we see in 2018 is that we can already heavily deemphasize incremental investments into our legacy cloud infrastructures.

我們在 2018 年看到的是，我們已經可以大大減少對遺留雲基礎設施的增量投資。

Where we had duplicate infrastructures in the past, we still had to rejuvenate some of the hardware on the legacy platforms while starting to migrate customers over to the new cloud platform based on HANA as a database and those investments are starting to taper off, but that has really not had a significant effect yet, most of the efficiency gains that we have seen so far have come from general scale increases.

在過去我們擁有重複的基礎設施的地方，我們仍然必須在遺留平台上恢復一些硬件，同時開始將客戶遷移到基於 HANA 作為數據庫的新雲平台，並且這些投資開始逐漸減少，但是確實還沒有產生顯著影響，到目前為止我們看到的大部分效率提升都來自一般規模的增加。

What we will see next year is the first half of those, let's say, gains from the technology platform convergence and converged cloud, which I had quantified as a mid-double-digit million euro effect.

明年我們將看到的是其中的一半，比方說，來自技術平台融合和融合雲的收益，我將其量化為中兩位數的百萬歐元效應。

For the full effect, we need to utilize the harmonization of the infrastructure to then move to increased automation as well as centralization of some of our cloud delivery support, and that will kick in beginning with the second half of 2019, and then with full scale going into 2020.

為了獲得全面效果，我們需要利用基礎設施的協調，然後轉向更高的自動化程度以及我們的一些雲交付支持的集中化，這將從 2019 年下半年開始，然後全面展開進入2020年。

That's why we expect a step change of cloud delivery margins in 2019, and then a continued progress going into 2020 and beyond.

這就是為什麼我們預計 2019 年雲交付利潤率會發生階躍變化，然後在 2020 年及以後繼續取得進展。

I hope this clarifies broadly.

我希望這能得到廣泛澄清。

Our final question comes from Ross MacMillan with RBC.

我們的最後一個問題來自 RBC 的 Ross MacMillan。

That was actually one of my questions, so I'll ask the last one really for Bill.

這實際上是我的問題之一，所以我會真正為比爾問最後一個問題。

Just on the [ODI], congratulations on that.

就 [ODI] 而言，祝賀你。

It seemed to really play into the thesis of digital end-to-end process, sort of reimagination.

它似乎真正發揮了數字端到端過程的主題，有點重新想像。

And I just wondered, what are the milestones that you would have as -- look for as we see that play out in the partnership and I'm just curious, do you have a vision that this could actually further accelerate the rate of cloud adoption from SAP?

我只是想知道，您將擁有哪些里程碑 - 尋找我們在合作夥伴關係中所看到的，我只是好奇，您是否有這樣的願景，即這實際上可以進一步加快雲採用率來自 SAP？

Ross, thank you very much, first of all for your very nice comments.

羅斯，非常感謝你，首先是你非常好的評論。

It really is a special opportunity.

這真的是一個特殊的機會。

Companies out there today, they want a digital end-to-end view of their relationship with their consumer.

今天的公司，他們想要一個端到端的數字視圖來了解他們與消費者的關係。

So our job is to help our customers help their customers.

所以我們的工作是幫助我們的客戶幫助他們的客戶。

And that begins with the demand signal that's being sent.

這從發送的需求信號開始。

That begins with understanding the data and how it's being utilized across all channels, many of the companies we work with for example are selling their products through wholesalers or retailers or online where it's a direct-to-consumer model.

首先要了解數據及其在所有渠道中的使用方式，例如，與我們合作的許多公司都通過批發商或零售商或在線銷售他們的產品，這是一種直接面向消費者的模式。

You have to be highly thoughtful about the data because that consumer expects their data to be protected.

您必須對數據深思熟慮，因為消費者希望他們的數據受到保護。

They expect their privacy rights to be honored, they'll only abide by some of the offers that you make if they opt in as an example.

他們希望他們的隱私權得到尊重，如果他們選擇加入，他們只會遵守您提供的一些提議。

And that data then needs to be followed through the entire cycle of the customer relationship.

然後需要在整個客戶關係週期中跟踪這些數據。

Ultimately, the companies we work with want to have serious knowledge on the consumer.

最終，與我們合作的公司希望對消費者有認真的了解。

That knowledge is in the SAP system, the data is in the SAP system.

知識在 SAP 系統中，數據在 SAP 系統中。

We know the history that, that customer has had.

我們知道那個客戶的歷史。

We know if they pay their bills, if they don't pay their bills.

我們知道他們是否支付賬單，如果他們不支付賬單。

We know what products they did or didn't buy.

我們知道他們購買或未購買的產品。

We know through predictive analytics and the algorithms with Leonardo, what they're likely to want based upon their prior history and behaviors.

我們通過預測分析和 Leonardo 的算法知道，根據他們之前的歷史和行為，他們可能想要什麼。

All this data then coalesces into an offer, and then a transaction is determined.

然後，所有這些數據合併成報價，然後確定交易。

Once that transaction is determined, you've got to get the right product, at the right price, to the right place, in the right form factor that the customer wants.

一旦確定交易，您就必須以合適的價格，以合適的價格，以客戶想要的合適的外形，將合適的產品送到合適的地方。

And more and more that customer is on the move.

越來越多的客戶在移動。

So geospatial capabilities of HANA has become more and more important to SAP, of course, but also to our customers and our partners.

因此，HANA 的地理空間功能對 SAP 變得越來越重要，當然，對我們的客戶和合作夥伴也是如此。

And if you look at it from Microsoft's point of view, they're keen to have SAP in the Azure cloud because it makes their offering enterprise-grade.

如果你從微軟的角度來看，他們熱衷於在 Azure 雲中使用 SAP，因為這使他們的產品成為企業級的。

It really takes them from the knowledge worker space into the enterprise business space with Azure.

它確實將他們從知識工作者空間帶入了 Azure 的企業業務空間。

If you look at it from Adobe's perspective, instead of competing with SAP and having that be their mission in life, or maybe there might just be marketing opportunities that the customer sees Adobe fitting very nicely, even while they see the virtue of C/4HANA and the end-to-end value chain of SAP.

如果你從 Adobe 的角度來看，而不是與 SAP 競爭並將其作為他們的人生使命，或者可能只是有營銷機會，客戶認為 Adobe 非常適合，即使他們看到了 C/4HANA 的優點以及 SAP 的端到端價值鏈。

So we basically, as 3 CEOs said, let's just do the right thing for the customer, let's let them have their data, let's let them see their consumers across the value chain and let's work together in good faith.

所以我們基本上，正如 3 位首席執行官所說，讓我們為客戶做正確的事，讓他們擁有他們的數據，讓他們看到整個價值鏈中的消費者，讓我們真誠地合作。

So far, there's been many new customers that have entered into the pipelines of all 3 companies.

到目前為止，已有許多新客戶進入了這 3 家公司的管道。

So it's a virtuous cycle for all 3 companies, ultimately, the customer has to win, and I think in the case of Shantanu, Satya and myself, you have 3 CEOs that believe that the customer has to win.

所以這對所有 3 家公司來說都是一個良性循環，最終，客戶必須取勝，我認為就 Shantanu、Satya 和我自己而言，有 3 位 CEO 相信客戶必須取勝。

So we'll have more data.

所以我們會有更多的數據。

It's a young initiative, but we're already looking at top 25 customers, we're actually working on things as CEOs in a highly collaborative way.

這是一項年輕的舉措，但我們已經在關注前 25 位客戶，我們實際上正在以高度協作的方式作為 CEO 開展工作。

We have relationship plans that we're sharing with our teams in the field.

我們有我們正在與我們在該領域的團隊分享的關係計劃。

So I'm very excited about what's going on with Microsoft and Adobe, and I really believe this is an initiative that will set the tempo for the rest of the IT industry to have to deal with.

因此，我對 Microsoft 和 Adobe 的進展感到非常興奮，我真的相信這是一項將為 IT 行業的其他公司設定節奏的舉措。

Thanks a lot.

多謝。

This concludes our Q3 earnings call for today.

我們今天的第三季度財報電話會議到此結束。

Thank all for joining.

感謝大家的加入。

We hope to see you in New York on February 7, next year.

我們希望明年 2 月 7 日在紐約見到你。

And thanks a lot, and goodbye.

非常感謝，再見。

Once again, ladies and gentlemen, that concludes today's conference.

女士們先生們，今天的會議到此結束。

We appreciate your participation today.

感謝您今天的參與。