SAP SE (SAP) 2019 Q1 法說會逐字稿

Good day and welcome to the SAP Q1 2019 Conference Call.

美好的一天，歡迎參加 SAP 2019 年第一季度電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

And now at this time I would like to turn the conference over to Mr. Stefan Gruber, Head of Investor Relations.

現在，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。

Yes.

是的。

Good morning or good 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 first quarter 2019.

感謝您加入我們討論我們 2019 年第一季度的業績。

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 are Board members, Adaire Fox-Martin, President of our Global Customer Operations; Jennifer Morgan, President of our Cloud Business Group; and Christian Klein, our COO, who leads Intelligent Enterprise Group.

加入我們進行問答的還有董事會成員，我們的全球客戶運營總裁 Adaire Fox-Martin；雲業務集團總裁 Jennifer Morgan；以及我們的首席運營官 Christian Klein，他領導 Intelligent Enterprise Group。

Before we get started, as usual, a couple of words on forward-looking statements and our use of non-IFRS financial measures.

在我們開始之前，像往常一樣，先簡單介紹一下前瞻性陳述和我們對非 IFRS 財務指標的使用。

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 our filings with the U.S. Securities and Exchange Commission, the SEC, including SAP's annual report on form 20-F for 2018, filed with the SEC on February 28, 2019.

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 (SEC) 提交的文件中進行了更全面的討論，包括 SAP 於 2019 年 2 月 28 日向美國證券交易委員會提交的 2018 年 20-F 表年度報告。

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。

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

在我們的投資者關係網站上，您可以找到我們的季度報表和財務摘要幻燈片，它們旨在補充我們今天準備好的評論，並包括我們的非 IFRS 數據與 IFRS 數據的對賬。

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 as reported 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 同比報告。

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。

I'd like to tell you now about some exciting investor events coming up this year.

我現在想告訴您今年即將舉行的一些激動人心的投資者活動。

First of all, we would like to invite you to our Customer Conference SAPPPHIRE NOW in Orlando, Florida, which runs from May 7 to 9. SAPPHIRE is a great opportunity to learn more about our strategy and our product portfolio and will offer a special program for financial analysts including a small conference on May 8. Then on November 12, later in the year, we'll hold a special Capital Markets Day.

首先，我們想邀請您參加 5 月 7 日至 9 日在佛羅里達州奧蘭多舉行的 SAPPHIRE NOW 客戶大會。SAPPHIRE 是一個了解我們的戰略和產品組合的絕好機會，並將提供一個特別的計劃包括 5 月 8 日的小型會議。然後在今年晚些時候的 11 月 12 日，我們將舉辦一個特別的資本市場日。

Here our senior executives will lay out the details of several new initiatives to accelerate operational excellence and value creation.

在這裡，我們的高級管理人員將詳細介紹幾項旨在加速卓越運營和價值創造的新舉措。

We're looking forward to seeing you there.

我們期待在那裡見到你。

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, and hello, everyone, and I appreciate you joining today's call.

謝謝你，Stefan，大家好，感謝你參加今天的電話會議。

Q1 2019 is a continuation of SAP's profitable growth story.

2019 年第一季度是 SAP 盈利增長故事的延續。

We are a rarity in the enterprise application business with a strong core, fastest-growing cloud at scale and enterprise software and impressive operating profit growth driven by expanding cloud gross margins.

我們在企業應用程序業務中很少見，擁有強大的核心、規模增長最快的雲和企業軟件，以及在不斷擴大的雲毛利率的推動下實現令人印象深刻的營業利潤增長。

Let me share some highlights from our exceptional first quarter.

讓我分享我們出色的第一季度的一些亮點。

Let's start with the top line.

讓我們從第一行開始。

Cloud revenue exceeded EUR 1.5 billion for the first time in a quarter.

雲收入在一個季度內首次超過 15 億歐元。

That was up 48%.

增長了 48%。

This is a validation that SAP is the fastest growing business software company at scale in the cloud.

這證明 SAP 是雲中規模增長最快的商業軟件公司。

Cloud and software revenue accelerated, growing at 16%.

雲和軟件收入加速增長，增長了 16%。

Total revenue growth was an impressive 16% as well.

總收入增長也達到了令人印象深刻的 16%。

Customer demand for our intelligent enterprise and experience management solutions continues to soar.

客戶對我們的智能企業和體驗管理解決方案的需求持續飆升。

Our combined new order entry across on-premise and cloud is up 17%.

我們在本地和雲端的合併新訂單增加了 17%。

Looking at our peer group comparisons, SAP is growing faster than our competitors in the core and in the cloud.

從我們的同行組比較來看，SAP 在核心和雲領域的增長速度超過了我們的競爭對手。

The 48% growth in SAP's total cloud revenue is over 22 points faster than Salesforce, which is growing at 26%.

SAP 云總收入增長 48%，比 Salesforce 增長 26% 快 22 個百分點。

This is equivalent to an 80% higher growth rate.

這相當於提高了 80% 的增長率。

And 10 points faster than Workday, which is growing at 37.5%.

比 Workday 快 10 個百分點，後者的增長率為 37.5%。

This is equivalent to a 30% higher growth rate than Workday.

這相當於比 Workday 高出 30% 的增長率。

We also performed exceptionally in driving margin expansion and increasing our operating income.

我們在推動利潤增長和增加營業收入方面也表現出色。

Our overall operating margin grew by 50 basis points.

我們的整體營業利潤率增長了 50 個基點。

This is particularly impressive considering we consumed the market leader in experience management with Qualtrics in the quarter.

考慮到我們在本季度使用了 Qualtrics 的體驗管理市場領導者，這一點尤其令人印象深刻。

In Q1, the operating margin improvement was driven by strong cloud gross margin improvement.

第一季度，營業利潤率的提高是由強勁的雲毛利率提高推動的。

The cloud gross margin was up 400 basis points sequentially and 300 basis points on a year-on-year basis.

雲毛利率環比增長 400 個基點，同比增長 300 個基點。

And this does not yet include any of the further incremental cost benefits from the successful migration of our flagship cloud solutions to SAP HANA.

這還不包括將我們的旗艦雲解決方案成功遷移到 SAP HANA 所帶來的任何進一步增量成本收益。

That will kick in, in Q2, and we'll start reaping those benefits very soon.

這將在第二季度開始，我們很快就會開始收穫這些好處。

Our improved gross margins and efficiency measures resulted in operating profit that was up 19% year-on-year.

我們提高的毛利率和效率措施導致營業利潤同比增長 19%。

Free cash flow also saw a double-digit increase year-on-year.

自由現金流也實現了兩位數的同比增長。

We really couldn't be prouder of these results.

我們真的為這些結果感到無比自豪。

The metrics speak for themselves.

指標不言而喻。

Let's step back for a moment and look at the big picture for SAP.

讓我們退後一步，看看 SAP 的大局。

The facts are, we have an incredibly strong core business with a market-leading retention rate in our support business, demonstrating tremendous customer loyalty.

事實是，我們擁有非常強大的核心業務，在我們的支持業務中具有市場領先的保留率，展示了巨大的客戶忠誠度。

We have a high growth cloud portfolio powered by some of the best M&A in the enterprise software industry.

我們擁有高增長的雲產品組合，由企業軟件行業的一些最佳併購提供支持。

These cloud businesses have years and years of runway for continued growth.

這些雲業務有多年持續增長的跑道。

We have an incredible franchise with 72% of our revenues now coming from highly predictable revenue streams.

我們擁有令人難以置信的特許經營權，現在我們 72% 的收入來自高度可預測的收入流。

This is due to our strong cloud and solid on-premise support businesses.

這要歸功於我們強大的雲和穩固的本地支持業務。

We're perfectly positioned to capitalize on major secular trends such as the move to the cloud, digital transformation, Industry 4.0 and business process automation driven by AI and ML.

我們完全有能力利用主要的長期趨勢，例如向雲遷移、數字化轉型、工業 4.0 以及由 AI 和 ML 驅動的業務流程自動化。

Together, these trends contribute to a total addressable market of over EUR 350 billion, growing in double digits.

這些趨勢共同促成了超過 3500 億歐元的潛在市場總額，並以兩位數的速度增長。

With a successful Q1 now behind us, we are initiating the next phase of value creation and innovation for all SAP stakeholders, including our employees, customers, partners and shareholders.

隨著第一季度的成功，我們正在為所有 SAP 利益相關者（包括我們的員工、客戶、合作夥伴和股東）啟動下一階段的價值創造和創新。

We strongly believe that with the scale of SAP and accelerated executional excellence in our public cloud businesses, we will be able to deliver significant margin expansion across both our core and cloud businesses.

我們堅信，憑藉 SAP 的規模和我們公共雲業務的加速卓越執行，我們將能夠在我們的核心業務和雲業務中實現顯著的利潤增長。

We have decided, therefore, to update our midterm 2023 ambition to reflect our renewed focus on operating margin expansion.

因此，我們決定更新我們的 2023 年中期目標，以反映我們對營業利潤率擴張的重新關注。

We expect the margin expansion from this quarter will continue through 2023.

我們預計本季度的利潤率擴張將持續到 2023 年。

We will target an average of 100 basis points of margin improvement per year from this year through 2023, resulting in approximately 500 basis points of margin improvement by 2023.

從今年到 2023 年，我們的目標是平均每年利潤率提高 100 個基點，到 2023 年利潤率提高約 500 個基點。

We will drive this margin expansion by executing on continued improvement in cloud gross margins.

我們將通過持續提高雲毛利率來推動利潤率的增長。

We're targeting 75% cloud gross margins by 2023.

我們的目標是到 2023 年實現 75% 的雲毛利率。

This will represent 1,200 basis points of improvement from 2018.

這將比 2018 年提高 1,200 個基點。

We expect that this cloud gross margin expansion will be driven by 3 factors: moving off of Oracle; standardizing our platform and infrastructure; and shifting our mix towards more public cloud solutions versus private cloud.

我們預計這種雲計算毛利率的增長將受到 3 個因素的推動：離開 Oracle；標準化我們的平台和基礎設施；並將我們的組合轉向更多的公共雲解決方案而不是私有云。

We will also continue to abide by the covenant we shared at the February Capital Markets Day around our M&A strategy.

我們還將繼續遵守我們在 2 月資本市場日圍繞我們的併購戰略達成的契約。

We will continue to focus on organic growth, supported only by highly opportunistic tuck-in M&A.

我們將繼續專注於有機增長，僅通過高度機會主義的併購來支持。

We are confident in our strategy and we believe in our long-term value creation opportunity.

我們對我們的戰略充滿信心，我們相信我們的長期價值創造機會。

In recognition of this opportunity, we are evaluating a multiyear share repurchase program to enhance our return to shareholders.

認識到這個機會，我們正在評估一項多年期股票回購計劃，以提高我們對股東的回報。

Finally, there will be no change in our other metrics, including more than tripling our cloud revenue and reaching over EUR 35 billion in total revenue.

最後，我們的其他指標不會發生變化，包括我們的雲收入增加兩倍以上，總收入超過 350 億歐元。

To showcase our confidence in executing this plan, we are raising our operating profit guidance for 2019.

為了展示我們執行該計劃的信心，我們提高了 2019 年的營業利潤預期。

Our new operating profit guidance calls for up to 12.5% growth.

我們新的營業利潤指引要求增長高達 12.5%。

Luka will talk more about the specifics shortly.

Luka 稍後將詳細討論具體細節。

To showcase our commitment to operational excellence, we have instituted a special Executive Board Committee to evaluate and execute on operational efficiency measures across all functional areas of SAP.

為了展示我們對卓越運營的承諾，我們成立了一個特別的執行董事會委員會來評估和執行 SAP 所有職能領域的運營效率措施。

Functional areas will include: go to market, innovation and cloud delivery, and efficiency across the board.

職能領域將包括：進入市場、創新和雲交付，以及全面提高效率。

The goal is to drive greater operational efficiency, faster time-to-market, higher product quality and superior market fit.

目標是推動更高的運營效率、更快的上市時間、更高的產品質量和更好的市場契合度。

Simply put, to be the best-run SAP.

簡而言之，就是成為運行最好的 SAP。

This is the right time for this initiative at SAP.

現在是 SAP 開展這項計劃的最佳時機。

This will be my personal focus as the CEO, and we have an Executive Board fully united behind this effort.

這將是我作為 CEO 的個人關注點，我們有一個完全團結一致支持這項工作的執行委員會。

Let me be clear, this is not about cost reduction, this is about doing things better, smarter and faster.

讓我明確一點，這不是為了降低成本，而是為了把事情做得更好、更聰明、更快。

Coming out of our restructuring, this is about hiring intelligently, lesser in quantity, but greater in quality.

從我們的重組中脫穎而出，這是關於明智地招聘，數量較少，但質量更高。

It will result in more investment where it counts, which is where our customers need SAP to invest for their success.

它將在重要的地方帶來更多的投資，而這正是我們的客戶需要 SAP 投資以取得成功的地方。

SAP will win strategically and SAP will also win operationally.

SAP 將在戰略上取勝，SAP 也將在運營上取勝。

We firmly believe SAP has the potential to achieve both superior revenue growth and consistent margin expansion every year for the foreseeable future.

我們堅信，在可預見的未來，SAP 每年都有潛力實現出色的收入增長和穩定的利潤增長。

We will host a special Capital Markets Day in the fall of this year to lay out the specific details on how SAP will accelerate operational excellence initiatives that it started last year.

我們將在今年秋季舉辦一個特別的資本市場日，詳細介紹 SAP 將如何加速其去年啟動的卓越運營計劃。

At this Capital Markets Day, we will announce the results of the operational review and the multiyear capital return analysis.

在這個資本市場日，我們將公佈運營審查和多年資本回報分析的結果。

And we will set definitive milestone targets around how we will execute on the margin expansion ambitions we have outlined today.

我們將圍繞如何執行我們今天概述的利潤率擴張目標設定明確的里程碑目標。

Looking briefly at our solutions, SAP's real-time intelligent enterprise portfolio is unrivaled and highly differentiated.

簡要回顧一下我們的解決方案，SAP 的實時智能企業產品組合無與倫比且極具差異化。

World-class global companies like PUMA, Levi's, AEG, Schaeffler Technologies, AmerisourceBergen, Cirque du Soleil and Bumble Bee Foods are all turning to SAP to transform their business.

PUMA、Levi's、AEG、Schaeffler Technologies、AmerisourceBergen、Cirque du Soleil 和 Bumble Bee Foods 等世界級跨國公司都在求助於 SAP 來實現業務轉型。

S/4HANA adoption grew to more than 10,900 customers, up 30% year-on-year.

S/4HANA 的採用率增長到 10,900 多家客戶，同比增長 30%。

SAP S/4HANA cloud was recently named as the leader by IDC in an assessment of cloud-enabled operational ERP apps.

SAP S/4HANA 雲最近在對支持雲的運營 ERP 應用程序的評估中被 IDC 評為領導者。

C/4HANA is helping businesses manage their entire front end with a single view of their customer across all channels.

C/4HANA 正在幫助企業通過跨所有渠道的單一客戶視圖來管理整個前端。

Only SAP can connect demand to fulfillment engine in one end-to-end value chain.

只有 SAP 可以在一個端到端的價值鏈中將需求連接到履行引擎。

SAP C/4HANA cloud revenue continues to grow in triple digits.

SAP C/4HANA 雲收入繼續以三位數增長。

In their second half 2018 software tracker, IDC has elevated SAP to #1 in commerce.

在 2018 年下半年的軟件跟踪器中，IDC 將 SAP 提升至商業領域的第一名。

And we are the only vendor to increase CRM market share on a year-over-year basis.

我們是唯一一家 CRM 市場份額同比增長的供應商。

This brings me to Qualtrics and the new category of Experience Management, or XM, a category and market that SAP is creating.

這讓我想到了 Qualtrics 和體驗管理的新類別，即 SAP 正在創建的類別和市場 XM。

We're in an experience economy.

我們處於體驗經濟中。

And while 80% of the CEOs out there believe they are delivering a superior experience, only 8% of their customers actually agree.

雖然 80% 的 CEO 認為他們正在提供卓越的體驗，但實際上只有 8% 的客戶同意。

This gap, the gap between what we might believe is happening and what is actually happening, is the experience gap.

這種差距，即我們可能認為正在發生的事情與實際正在發生的事情之間的差距，就是經驗差距。

To close that gap, you need the O-Data that SAP has been the leader on for nearly 5 decades.

要縮小這一差距，您需要 SAP 近 5 年來一直處於領先地位的 O-Data。

O-Data is the operational data that gives insight from business operations and tells you what's going on.

O-Data 是運營數據，可從業務運營中提供洞察力並告訴您正在發生的事情。

And you need the X-Data, the experience data that gives you insight into human sentiment and tells you why behind what's happening with your consumers, your products, your brand and your employees.

你需要 X-Data，這種體驗數據可以讓你洞察人類情緒，並告訴你消費者、產品、品牌和員工所發生的事情背後的原因。

SAP is now the only company that has both and we're already seeing our customers recognize the value of this.

SAP 現在是唯一一家同時擁有這兩者的公司，我們已經看到我們的客戶認識到了這一點的價值。

For example, CVS Health is just one of many companies realizing the power of X-Data plus O-Data as they chose S/4HANA and Qualtrics this quarter.

例如，CVS Health 只是意識到 X-Data 和 O-Data 的強大功能的眾多公司之一，因為他們在本季度選擇了 S/4HANA 和 Qualtrics。

At SAPPHIRE NOW will showcase the power of Experience Management to help differentiate every operational solution of SAP.

SAPPHIRE NOW 將展示體驗管理的力量，以幫助區分 SAP 的每個運營解決方案。

We couldn't be happier to have Ryan Smith and the Qualtrics team as part of the SAP family.

我們非常高興 Ryan Smith 和 Qualtrics 團隊成為 SAP 大家庭的一員。

And frankly, I think they're very happy to be here as well.

坦率地說，我認為他們也很高興來到這裡。

X plus O is the defining equation to win in this experience economy.

X 加 O 是在這種體驗經濟中取勝的決定性方程式。

Our new SAP HANA in the cloud unleashes the power of experience intelligence, combining X-Data with the O-Data powered by HANA real time in a cloud-scale environment gives you experience intelligence.

我們全新的雲端 SAP HANA 釋放了體驗智能的力量，在雲規模環境中將 X-Data 與 HANA 實時支持的 O-Data 相結合，為您提供體驗智能。

This experience intelligence will be embedded in all line of business cloud apps, all running on HANA.

這種體驗智能將嵌入到所有業務線的雲應用程序中，所有這些應用程序都在 HANA 上運行。

This enables digital engagement to be embedded in every single SAP application from customer experience to product experience to employee experience.

這使得數字參與能夠嵌入到從客戶體驗到產品體驗再到員工體驗的每一個 SAP 應用程序中。

You'll see major SAP HANA announcements in Orlando on May 8.

您將在 5 月 8 日在奧蘭多看到 SAP HANA 的主要公告。

This leads me to total workforce management, where SAP SuccessFactors has successfully migrated its entire global customer base to run on SAP HANA.

這讓我想到了全面勞動力管理，SAP SuccessFactors 已成功將其整個全球客戶群遷移到 SAP HANA 上運行。

This is a crucial milestone for the SuccessFactors journey.

這是 SuccessFactors 旅程的一個重要里程碑。

The ability to embed real-time predictive analytics capabilities and cutting-edge future innovations will be a powerful differentiator in the Human Capital Management market.

嵌入實時預測分析功能和尖端未來創新的能力將成為人力資本管理市場的一個強大差異化因素。

Customers also continue to choose our total spend management solutions: Ariba, Fieldglass and Concur.

客戶還繼續選擇我們的總支出管理解決方案：Ariba、Fieldglass 和 Concur。

Our business network now transacts more than $3.1 trillion in the global commerce market annually.

現在，我們的業務網絡每年在全球商業市場上的交易額超過 3.1 萬億美元。

Of course, financial and product performance are only 2 of the many ways we assess the overall health of SAP.

當然，財務和產品性能只是我們評估 SAP 整體健康狀況的眾多方式中的兩種。

We're proud to be Germany's most viable brand and Europe's biggest technology company.

我們很自豪能成為德國最具活力的品牌和歐洲最大的科技公司。

We continue to increase the number of women in management, now at 26% and climbing.

我們繼續增加管理層中的女性人數，目前為 26%，並且還在攀升。

And we are ensuring we pay equally across the company.

我們確保我們在整個公司支付同等的費用。

Our employees remain engaged and motivated with near record high employee engagement.

我們的員工保持敬業度和積極性，員工敬業度接近歷史最高水平。

Once again, we were on Fortune's list of the 100 best companies to work for.

我們再次躋身《財富》雜誌 100 家最適合工作的公司之列。

As we celebrate 10 years of sustainability at SAP, we're showing that we walk the walk by running a waste-free SAPPHIRE NOW for the first time this year in Orlando.

在我們慶祝 SAP 可持續發展 10 週年之際，我們通過今年在奧蘭多首次運行無浪費的 SAPPHIRE NOW 來展示我們的實踐。

It all begins on May 6, and I really can't wait to see you there.

一切從 5 月 6 日開始，我真的迫不及待地想在那裡見到你。

We're pumped up and ready to go.

我們打起精神準備出發了。

In closing, SAP is uniquely positioned to capture the massive opportunity enabling the Intelligent Enterprise for our customers so they thrive in this experience economy.

最後，SAP 具有得天獨厚的優勢，可以抓住為我們的客戶打造智能企業的巨大機遇，讓他們在體驗經濟中茁壯成長。

We have made the critical M&A moves and we will now focus solely on tuck-ins.

我們已經採取了關鍵的併購舉措，現在我們將只專注於收購。

Our overall SAP 2023 ambition will be driven by an organic growth strategy.

我們的 SAP 2023 總體目標將由有機增長戰略推動。

We will accelerate operational excellence and drive consistent margin expansion with an even higher, more predictable revenue base delivered on a highly efficient converged platform.

我們將通過在高效融合平台上提供更高、更可預測的收入基礎來加速卓越運營並推動持續的利潤增長。

Let me be incredibly clear: we are committed to these enhanced margin targets.

讓我非常清楚：我們致力於實現這些提高的利潤率目標。

The special Capital Markets Day later this fall will give us the platform to share even more about these operational initiatives.

今年秋天晚些時候的特別資本市場日將為我們提供一個平台，以分享更多有關這些運營計劃的信息。

As I mentioned, SAP is going to win operationally.

正如我所提到的，SAP 將在運營上取勝。

What you will see over the next several years is that SAP will become the very best version of itself and achieve our vision for a best-run SAP.

在接下來的幾年裡，您將看到 SAP 將成為最好的自己，並實現我們對最佳運行 SAP 的願景。

This is the motto of the company, the maxim of the brand and the organizing principle on our path to further expand our profitability for our shareholders.

這是公司的座右銘，是品牌的格言，也是我們為股東進一步擴大盈利能力的組織原則。

We share the same passion for creating shareholder value as you do, especially as nearly all SAP colleagues are shareholders themselves.

我們和您一樣熱衷於創造股東價值，尤其是幾乎所有 SAP 同事本身就是股東。

We look to SAP's very bright future and thank you for your support of this company.

我們期待 SAP 的美好未來，感謝您對這家公司的支持。

Let me now hand it over to Luka.

現在讓我把它交給盧卡。

Thanks a lot, Bill.

非常感謝，比爾。

Yes, we have indeed had an excellent start to the year.

是的，我們確實有一個良好的開端。

Cloud revenue up 48%, software licenses revenue up 4%, total revenue up 16%, operating profit up 19%, operating margin up 0.5 percentage point against the tough comparable and capital expenditure reduced by 16%.

雲收入增長 48%，軟件許可收入增長 4%，總收入增長 16%，營業利潤增長 19%，營業利潤率較艱難可比增長 0.5 個百分點，資本支出減少 16%。

You can see that we're clearly picking up momentum.

你可以看到我們顯然正在加速發展。

And on top of profitable growth, our business continues to get ever more resilient as the share of cloud and software support revenue now stands at 72%.

除了盈利增長之外，我們的業務繼續變得越來越有彈性，因為雲和軟件支持收入的份額現在達到 72%。

So let me provide you with some further background on the key drivers behind this exceptional quarter.

因此，讓我為您提供有關這個出色季度背後的主要驅動因素的更多背景信息。

Like total revenue, our cloud and software revenue grew 16% this quarter.

與總收入一樣，本季度我們的雲和軟件收入增長了 16%。

Cloud was obviously a big driver of this.

雲顯然是這方面的重要推動力。

Our Cloud revenue surged 48%, exceeding EUR 1.5 billion for the first time in a single quarter.

我們的雲收入猛增 48%，單季度首次超過 15 億歐元。

And that cloud performance was driven by a well-balanced, broad-based growth both of our high-scale cloud solutions as well as exceptional growth from our high-potential cloud solutions and including strong contributions from our recent acquisitions, Qualtrics and Callidus.

這種雲性能是由我們的大規模雲解決方案的均衡、廣泛的增長以及我們的高潛力雲解決方案的非凡增長推動的，包括我們最近收購的 Qualtrics 和 Callidus 的強大貢獻。

Please note that neither Callidus nor Qualtrics are reflected in our 2018 comparable numbers for Q1.

請注意，Callidus 和 Qualtrics 均未反映在我們 2018 年第一季度的可比數字中。

The combined order entry of our new cloud and software license business was up 17% for the first quarter.

第一季度，我們新的雲和軟件許可業務的合併訂單輸入增長了 17%。

New cloud bookings were up 32% year-over-year and software licenses revenue was up 4% year-over-year, clearly beating expectations.

新的雲預訂量同比增長 32%，軟件許可收入同比增長 4%，明顯超出預期。

With this great result in software license revenue and the continued minimal churn in our support business, our software license and support revenue continues to grow by a very strong plus 6% in the first quarter.

憑藉軟件許可收入的這一巨大成果以及我們支持業務的持續最小變動，我們的軟件許可和支持收入在第一季度繼續強勁增長 6%。

How did it look like from a regional perspective?

從區域的角度來看，它看起來如何？

Well, I'm pleased to say that we had a very solid performance across all regions, starting with the EMEA region, where cloud and software revenue increased by 11%.

好吧，我很高興地說，我們在所有地區都有非常穩健的表現，首先是 EMEA 地區，該地區的雲和軟件收入增長了 11%。

Cloud revenue grew by 42% with the U.K., Switzerland and Spain being highlights.

雲收入增長了 42%，其中英國、瑞士和西班牙成為亮點。

In addition, we had strong software license revenue growth in Germany, the U.K. and Spain.

此外，我們在德國、英國和西班牙的軟件許可收入增長強勁。

I'm in particular very pleased with the really strong performance in the Americas region.

我對美洲地區真正強勁的表現感到特別高興。

Cloud and software revenues increased by 23% there.

那裡的雲和軟件收入增長了 23%。

Cloud revenue increased by 49%, with the United States, Canada and Mexico being highlights.

雲收入增長了 49%，美國、加拿大和墨西哥是亮點。

In addition, both the United States and Canada had a strong quarter in software license revenue.

此外，美國和加拿大的軟件許可收入都表現強勁。

And finally, in the APJ region, we had a solid performance, too.

最後，在 APJ 地區，我們也有出色的表現。

Cloud and software revenue was up by 16% and cloud revenue increased by 55% with China and Japan being highlights.

雲和軟件收入增長了 16%，雲收入增長了 55%，其中中國和日本是亮點。

For software license revenue, China, Japan and also South Korea had a strong quarter.

對於軟件許可收入，中國、日本和韓國的季度表現強勁。

Let's now look at profitability and gross margins in the first quarter, a particularly bright spot.

現在讓我們看看第一季度的盈利能力和毛利率，這是一個特別亮點。

We are happy to report that all of our cloud business models were again up, leading to a cloud gross margin of 66.2%, up 4 percentage points sequentially and 3 percentage points year-over-year.

我們很高興地報告，我們所有的雲業務模型再次上升，導致雲毛利率達到 66.2%，環比增長 4 個百分點，同比增長 3 個百分點。

In our most profitable cloud business, the Business Network, the gross margin increased by 1 percentage point year-over-year and reached 78%.

在我們最賺錢的雲業務業務網絡中，毛利率同比增長 1 個百分點，達到 78%。

The gross margin of our other software-as-a-service and platform-as-a-service business increased by 3 percentage points year-over-year and reached 64%.

我們其他軟件即服務和平台即服務業務的毛利率同比增長 3 個百分點，達到 64%。

More importantly though, this gross margin improved sequentially by 5.5 percentage points, so this is clearly trending in the right direction.

但更重要的是，該毛利率環比提高了 5.5 個百分點，因此這顯然是朝著正確的方向發展。

On top of that, as Bill mentioned, towards the end of the quarter, we completed the migration of the entire SAP SuccessFactors customer base from third-party databases to SAP HANA.

最重要的是，正如 Bill 提到的那樣，在本季度末，我們完成了整個 SAP SuccessFactors 客戶群從第三方數據庫到 SAP HANA 的遷移。

Just to give you an idea of the scale of what we have been moving here, we have moved thousands of customers and more than 1 petabyte of customer data as part of the migration.

為了讓您了解我們在這裡遷移的規模，作為遷移的一部分，我們已經遷移了數千名客戶和超過 1 PB 的客戶數據。

We redeveloped more than 1,000 store procedures and we migrated more than 90,000 custom reports to the new environment.

我們重新開發了 1,000 多個商店程序，並將 90,000 多個自定義報告遷移到新環境。

This is a great success and a crucial milestone for us in 2 aspects: first, leveraging the performance of SAP HANA will allow us to accelerate innovation in SAP SuccessFactors; and second, we'll obviously see an expense relief as we can now retire duplicate infrastructures, reduce third-party support fees and reallocate resources previously working on the migration.

這是一個巨大的成功，也是我們在兩個方面的重要里程碑：首先，利用 SAP HANA 的性能將使我們能夠加速 SAP SuccessFactors 的創新；其次，我們顯然會看到費用減少，因為我們現在可以淘汰重複的基礎設施，減少第三方支持費用並重新分配以前用於遷移的資源。

Finally, the most significant gross margin improvement of our cloud businesses came from HANA Enterprise Cloud, our infrastructure-as-a-service offering.

最後，我們的雲業務最顯著的毛利率提高來自 HANA 企業雲，這是我們的基礎設施即服務產品。

Here, we saw an expansion by almost 24 percentage points to 32%.

在這裡，我們看到了近 24 個百分點的擴張，達到 32%。

While a significant part of this expansion is attributable to sustainable improvements and increased scale, the Q1 margin also benefited from one-off effects.

雖然這種擴張的很大一部分歸因於可持續的改進和規模的擴大，但第一季度的利潤率也受益於一次性效應。

As we always said, we fully expect to achieve a sustainable level of 30% to 35% in 2020.

正如我們一直所說，我們完全期望在 2020 年實現 30% 至 35% 的可持續水平。

Overall, our cloud and software gross margin was a solid 80% for the quarter.

總體而言，本季度我們的雲和軟件毛利率穩定在 80%。

Our services gross margin was up 80 basis points to 20.3%, driven again by strong revenue growth of 15%.

我們的服務毛利率上升了 80 個基點，達到 20.3%，再次受到 15% 的強勁收入增長的推動。

The combination of a strong top line, continued cloud gross margin improvement and the more muted increase of operating expenses led to the very remarkable 19% Q1 operating profit growth and the expansion of our operating margin by 50 basis points against a very tough comparison from last year's Q1.

強勁的營收、持續的雲毛利率改善以及運營費用的溫和增長相結合，導致第一季度營業利潤增長 19%，營業利潤率比去年同期增長了 50 個基點今年第一季度。

Q1 IFRS operating profit and earnings per share were heavily impacted by restructuring expenses of EUR 886 million.

第一季度 IFRS 營業利潤和每股收益受到 8.86 億歐元重組費用的嚴重影響。

While there might still be minor effects from restructuring in the remaining quarters in the one or the other direction, it is important to understand that this amount now represents the total 2019 restructuring expenses currently expected.

儘管在剩餘的幾個季度中，重組可能仍會在一個或另一個方向上產生輕微影響，但重要的是要了解這一數額現在代表了目前預計的 2019 年重組費用總額。

IFRS operating profit was also impacted by higher acquisition-related charges and share-based compensation, both primarily due to the Qualtrics acquisition.

IFRS 營業利潤也受到更高的收購相關費用和基於股份的補償的影響，這兩者都主要是由於 Qualtrics 的收購。

This resulted in an IFRS operating loss of EUR 136 million.

這導致了 1.36 億歐元的 IFRS 經營虧損。

Year-over-year, both our IFRS and non-IFRS effective tax rates decreased.

與去年同期相比，我們的 IFRS 和非 IFRS 有效稅率均有所下降。

The IFRS tax rate decreased by 5.1 percentage points to 23.2%, while the non-IFRS rate decreased by 1.4 percentage points to 26.1%.

IFRS 稅率下降 5.1 個百分點至 23.2%，而非 IFRS 稅率下降 1.4 個百分點至 26.1%。

The year-over-year decrease in effective tax rates primarily came from positive tax effects relating to changes in taxes and income and taxes for prior years, which were partly compensated by valuation allowances on deferred tax assets.

實際稅率的同比下降主要是由於與前幾年的稅收和收入和稅收變化相關的積極稅收影響，部分由遞延稅項資產的估值準備金抵消。

In combination, these effects lead to an IFRS earnings per share loss of $0.10 per share.

綜合起來，這些影響導致 IFRS 每股收益損失 0.10 美元。

Whereas, under non-IFRS, we reported a strong growth of 24% to $0.90.

然而，在非 IFRS 下，我們報告了 24% 的強勁增長，達到 0.90 美元。

Our operating cash flow in the quarter increased to EUR 2.8 billion, up 9%.

本季度我們的經營現金流增加到 28 億歐元，增長 9%。

As explained at our Capital Markets Day in February, we expect our 2019 operating cash flow to be impacted by several items.

正如我們在 2 月份的資本市場日所解釋的那樣，我們預計我們 2019 年的運營現金流將受到幾個項目的影響。

We'd like to provide you with some additional transparency on these for Q1.

對於第一季度，我們想為您提供一些額外的透明度。

First, operating cash flow experienced a year-over-year benefit of roughly EUR 80 million from the application of IFRS 16.

首先，經營現金流因應用 IFRS 16 而獲得約 8000 萬歐元的同比收益。

Second, payouts related to share-based compensation amounted to around EUR 100 million.

其次，與股權激勵相關的支出約為 1 億歐元。

Again, please keep in mind that, as opposed to our peers' equity set of share-based compensation programs, SAP's programs are mostly cash settled.

再次請記住，與我們同行的股權激勵計劃不同，SAP 的計劃主要以現金結算。

This is much more efficient from a tax and administrative perspective, but it also means that we show the economic affects in our cash flow statement instead of diluting our shareholders through the back door.

從稅收和行政角度來看，這要有效得多，但這也意味著我們在現金流量表中顯示經濟影響，而不是通過後門稀釋我們的股東。

Finally, restructuring payouts and tax cash outflows had a negative impact of roughly EUR 100 million.

最後，重組支出和稅收現金流出產生了大約 1 億歐元的負面影響。

Free cash flow for the quarter increased by 10%, as we saw a significant reduction in capital expenditure by 16% continuing the positive trend started in 2018.

本季度的自由現金流增加了 10%，因為我們看到資本支出大幅減少了 16%，延續了 2018 年開始的積極趨勢。

Please note that as already explained in January, we updated our free cash flow definition, so that it is not positively impacted by the application of IFRS 16.

請注意，正如 1 月份已經解釋的那樣，我們更新了我們的自由現金流量定義，因此它不會受到 IFRS 16 應用的積極影響。

For the full year 2019, we continue to expect a roughly flat operating cash flow as the adverse impact of the items outlined before will be more pronounced in the remainder of the year.

對於 2019 年全年，我們繼續預計經營現金流量將大致持平，因為之前概述的項目的不利影響將在今年剩餘時間更加明顯。

Now let's come back and talk again about the operational excellence and our enhanced margin targets.

現在讓我們回過頭來再次討論卓越運營和我們提高的利潤率目標。

Over the last 12 months, we have been intensely focused on improving our business processes and accelerating the speed of innovation and decision making.

在過去的 12 個月裡，我們一直專注於改進我們的業務流程並加快創新和決策制定的速度。

The restructuring program that we initiated earlier this year was an initial step in this process.

我們今年早些時候啟動的重組計劃是這一過程的第一步。

As Bill just articulated, the comprehensive review is taking this focus now to the next level.

正如比爾剛才闡明的那樣，全面審查現在將這一重點提升到了一個新的水平。

So let me turn to some specifics.

那麼讓我談談一些細節。

First, both the Supervisory Board and Executive Board of SAP have been fully aligned on these plans during our meetings in April.

首先，SAP 的監事會和執行委員會在 4 月份的會議上就這些計劃達成了完全一致。

We have already set up the special committee, the working groups are formed and they are hitting the ground running.

我們已經成立了特別委員會，成立了工作組，並且正在迅速開展工作。

Their mandate is to identify, evaluate and execute on operational levels across all functional areas of SAP's business.

他們的任務是在 SAP 業務的所有職能領域的運營層面上進行識別、評估和執行。

We are focused on both efficiency and innovation.

我們專注於效率和創新。

An important component of this review is our cloud infrastructure.

本次審查的一個重要組成部分是我們的雲基礎設施。

Cloud gross margins are a strategic imperative to SAP, and we aim to be a best-in-class provider of cloud applications across any type of cloud delivery model.

雲計算毛利率是 SAP 的戰略要務，我們的目標是成為跨任何類型的雲交付模型的一流雲應用程序提供商。

A special Capital Markets Day later this year is going to be an exciting event.

今年晚些時候的特殊資本市場日將是一場激動人心的活動。

It will focus in detail on the operational opportunities at SAP and how we will drive best practices across the organization.

它將詳細關注 SAP 的運營機會以及我們將如何在整個組織內推動最佳實踐。

In tandem, we are announcing new operational targets that we are absolutely committed to achieving.

與此同時，我們宣布了我們絕對致力於實現的新運營目標。

First, reaffirming our top line growth ambition through 2023, including at least EUR 35 billion of total revenue and 3x growth in cloud revenue.

首先，重申我們到 2023 年的收入增長目標，包括至少 350 億歐元的總收入和 3 倍的雲收入增長。

And then, in January, we set conservative margin targets.

然後，在一月份，我們設定了保守的利潤率目標。

We now started the year with strong growth and better-than-expected improvement in cloud gross margins and operating margins.

我們現在以強勁的增長和好於預期的雲計算毛利率和營業利潤率的增長開始了這一年。

Bill and I have highlighted the tremendous progress already made on the migration to a highly standardized cost-effective converged platform on HANA.

Bill 和我強調了在遷移到基於 HANA 的高度標準化且具有成本效益的融合平台方面已經取得的巨大進展。

We therefore confidently introduce higher-margin ambitions, both a new 75% cloud gross margin target by 2023 and an average of 1 percentage point of operating margin improvement over the next 5 years, totaling 500 basis points through 2023.

因此，我們自信地提出了更高利潤率的目標，即到 2023 年新的 75% 雲毛利率目標和未來 5 年營業利潤率平均提高 1 個百分點，到 2023 年總計提高 500 個基點。

You will see these improvements starting now through the efficiency efforts highlighted and importantly it is not envisaged than any of these additional initiatives trigger any additional restructuring plans.

您將從現在開始通過突出的效率努力看到這些改進，重要的是，沒有設想任何這些額外的舉措會觸發任何額外的重組計劃。

We also commit to a disciplined capital allocation approach.

我們還承諾採用嚴格的資本分配方法。

As Bill clearly stated, we have all the pieces we need to execute our strategy, and so future M&A will be solely focused on tuck-in acquisitions that complement the existing portfolio.

正如比爾明確指出的那樣，我們擁有執行戰略所需的所有要素，因此未來的併購將僅專注於補充現有投資組合的整合收購。

We remain committed to our ongoing dividend and our existing policy of a payout ratio of at least 40% of the prior year's profit after tax.

我們仍然致力於我們持續的股息和我們現有的派息率政策，即派息率至少為上一年稅後利潤的 40%。

And additionally, we are now evaluating a multiyear share repurchase program.

此外，我們現在正在評估一項多年期股票回購計劃。

We are working through this analysis right now and will share our findings at the special Capital Markets Day.

我們現在正在進行這項分析，並將在特別的資本市場日分享我們的發現。

We fully understand how important capital allocation is for shareholder returns, and we commit to optimizing it to ensure the best value creation for our shareholders, including organic investment, debt repayment, dividends and potential capital return and also tuck-in acquisitions and our venture capital investments.

我們充分了解資本配置對股東回報的重要性，我們致力於優化它以確保為我們的股東創造最佳價值，包括有機投資、債務償還、股息和潛在資本回報，以及收購和我們的風險投資投資。

So in closing, let me state very clearly that SAP is a company not only with great financial ambitions, but also aspires to be a leader in environmental, social and governance matters.

因此，最後，讓我非常清楚地表明，SAP 是一家不僅具有雄心壯志的公司，而且還渴望成為環境、社會和治理問題的領導者。

And so I'd like to highlight that 2019 marks the 10th anniversary on our journey towards the roadmap of sustainability.

因此，我想強調，2019 年是我們邁向可持續發展路線圖之旅的 10 週年。

We have progressed in embedding economic, social and environmental impact into our business and make this transparent in our Integrated Report.

我們在將經濟、社會和環境影響納入我們的業務方面取得了進展，並在我們的綜合報告中對此進行了透明化。

We remain committed to dedicate our extensive resources to help address the world's biggest challenges and help achieve the UN Sustainable Development goals.

我們仍然致力於投入大量資源來幫助應對世界上最大的挑戰，並幫助實現聯合國可持續發展目標。

On the social side, our focus remains on programs such as Women Forward.

在社會方面，我們的重點仍然是 Women Forward 等計劃。

We will continue to champion gender equality and are proud of having reached 26% of Women in Management at the end of Q1.

我們將繼續倡導性別平等，並為在第一季度末達到 26% 的女性管理人員而感到自豪。

So Q1 clearly marks a strong start to 2019 across all levels and the beginning of a journey towards an SAP that is leaner, more agile and even more customer oriented than today.

因此，第一季度清楚地標誌著 2019 年在各個層面都取得了良好的開端，也標誌著 SAP 開始了比今天更精簡、更敏捷、甚至更以客戶為導向的旅程。

We are very confident that the opportunities for operational improvements that we have identified will allow us to achieve our updated 2020 and 2023 ambition.

我們非常有信心，我們發現的運營改進機會將使我們能夠實現我們更新後的 2020 年和 2023 年的雄心壯志。

So please stay tuned as we plan to provide an update at the special Capital Markets Day, and I'm looking forward to seeing you all there.

所以請繼續關注我們計劃在特殊的資本市場日提供更新，我期待著在那裡見到你們。

Thank you very much, and we are now ready to take your questions.

非常感謝您，我們現在準備好回答您的問題。

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) And we will hear first from Gerardus Vos with Barclays.

（操作員說明）我們將首先聽到來自巴克萊銀行的 Gerardus Vos。

Bill, I had a question on if you could provide some color on the kind of senior staff attrition you've seeing in Q1?

比爾，我有一個問題，你是否可以提供一些關於你在第一季度看到的高級員工流失的顏色？

And then perhaps a follow-up for Luka.

然後也許是盧卡的後續行動。

Despite a very decent mix in Q1, I calculate that underlying margin was still down.

儘管第一季度的組合非常不錯，但我計算出基礎利潤率仍在下降。

So if you adjust for M&A effects, but also the divestments and the positive impact from D&A.

因此，如果你調整併購效應，還要調整撤資和 D&A 的積極影響。

With the new kind of plan, what give you comfort that you can deliver that ton of base point margin improvement per annum?

有了新的計劃，是什麼讓您感到欣慰，因為您每年可以實現如此多的基點利潤率改善？

And then finally, on the share purchase or the potential share purchase, what kind of balance sheet ratio are you comfortable to run the business with?

最後，關於股票購買或潛在的股票購買，您認為什麼樣的資產負債表比率適合經營業務？

Thank you, Gerardus.

謝謝你，杰拉爾杜斯。

I'll open up on the senior staff changes.

我將公開高級職員的變動。

First of all, there were 2 Executive Board members that moved on from SAP.

首先，有 2 名執行委員會成員從 SAP 離職。

If you added up their combined tenure, they were here more than a half a century.

如果你把他們的總任期加起來，他們在這裡已經超過半個世紀了。

And I do think it is important to give people the opportunity to do other things with their careers.

我確實認為讓人們有機會在他們的職業生涯中做其他事情很重要。

So there is no big report out other than they're pursuing some other interests.

所以除了他們追求其他利益外，沒有什麼大的報導。

One has already ended up in the SAP Ecosystem, where he will be a force multiplier for our enterprise business in combination with Google Cloud Platform.

其中一位已經加入了 SAP 生態系統，在那裡他將與穀歌云平台相結合，成為我們企業業務的力量倍增器。

That's Rob Enslin, who is a personal friend of mine and of SAP's and I look forward to his continued success.

那是 Rob Enslin，他是我和 SAP 的私人朋友，我期待他繼續取得成功。

Bernd will probably end up similarly in the ecosystem when he's ready to come back into the workforce.

當 Bernd 準備好重返工作崗位時，他可能會在生態系統中以類似的方式結束。

Most important thing from a shareholder value creation perspective is the folks that we have running development right now.

從股東價值創造的角度來看，最重要的是我們現在負責開發的人員。

Jennifer Morgan, running our line of business network and Experience Management clouds in the United States; Christian Klein, running the flagship S/4HANA franchise; and Juergen Müller, running HANA analytics and Leonardo with deep machine learning and artificial intelligence.

Jennifer Morgan，在美國運營我們的業務線網絡和體驗管理雲；經營旗艦 S/4HANA 特許經營權的 Christian Klein；和 Juergen Müller，使用深度機器學習和人工智能運行 HANA 分析和 Leonardo。

These are the 3 premier leaders that we've had in the company.

這些是我們公司擁有的 3 位主要領導者。

I've been here 17 years, I've never seen a better management team.

我在這裡已經 17 年了，我從未見過更好的管理團隊。

So take away from this that you would be highly impressed with what's going on.

所以遠離這個，你會對正在發生的事情印象深刻。

You have an incredibly allied management team on the top line initiatives, the innovation initiatives and now a redoubled focus and energy, a real passion around the operating margin expansion principles that Luka and I laid out today.

您在頂線計劃、創新計劃以及現在加倍關注和精力的管理團隊中擁有令人難以置信的聯盟，對盧卡和我今天提出的營業利潤率擴張原則充滿熱情。

So if you were in the boardroom with me and this crew, you'd be like wow, this is where I wanted SAP to be.

所以，如果你和我以及這個團隊一起在會議室，你會覺得哇，這就是我希望 SAP 出現的地方。

Yes.

是的。

Let me add answers to your other 2 questions, at least to the first one.

讓我為您的其他 2 個問題添加答案，至少是第一個問題。

Because I quite frankly cannot follow the logic that our underlying margin would have been down.

因為坦率地說，我無法遵循我們的基礎保證金會下降的邏輯。

I mean yes, we did have a divestiture in the quarter that benefited us, but that was basically a wash and neutralized the dilutive impact of the acquisitions that we had roughly at the same amount.

我的意思是，是的，我們確實在本季度進行了資產剝離，這對我們有利，但這基本上是一種清洗，抵消了我們大致相同數量的收購的稀釋影響。

Other than that, you were referring to the change in depreciation of our hardware.

除此之外，您指的是我們硬件折舊的變化。

That's actually a net operational benefit that we were driving.

這實際上是我們推動的淨運營收益。

It's not an accounting gimmick.

這不是會計上的噱頭。

We have actually successfully renegotiated our terms with hardware vendors for our maintenance contracts, which allow us now to extend the useful life of hardware.

實際上，我們已經成功地與硬件供應商就維護合同重新談判了條款，這使我們現在可以延長硬件的使用壽命。

And that is an absolute operational benefit, that also will show obviously in continued reduction on the capital expenditure side.

這是一個絕對的運營收益，這也將在資本支出方面的持續減少中得到明顯體現。

So from that perspective, I am extremely confident in our future margin targets.

因此，從這個角度來看，我對我們未來的利潤率目標非常有信心。

Because we have still great scope for improvement in our cloud gross margins, in particular now that our migration to HANA is completed and we can therefore reap the benefits of that.

因為我們的雲毛利率仍有很大的改善空間，特別是現在我們已經完成了向 HANA 的遷移，因此我們可以從中獲益。

We also see that our public cloud business is increasing in scale as a -- in relative terms against our private cloud business, which improves the cloud margin performance obviously, significantly as well.

我們還看到，我們的公共雲業務規模正在擴大——相對於我們的私有云業務而言，這也明顯、顯著地提高了雲利潤率。

And given the resilience in our core business, this provides a further balancing factor that certainly is going to stay here.

鑑於我們核心業務的彈性，這提供了一個肯定會留在這裡的進一步平衡因素。

So I'm very confident in those targets.

所以我對這些目標非常有信心。

And certainly, the margin has not been down underlying, if you take the right puts and takes into account.

當然，如果您採取正確的看跌期權並考慮在內，保證金並沒有降低。

And just briefly on the share repurchase, I mean, please understand that we are currently initiating the analysis on the possible scope and size of capital returns in the form of share buybacks.

簡單說一下股票回購，我的意思是，請理解，我們目前正在開始分析股票回購形式的資本回報的可能範圍和規模。

So at this point in time, it would be premature for me to speculate on balance sheet ratios, or the possible size of those.

因此，此時此刻，我推測資產負債表比率或這些比率的可能規模還為時過早。

We will carefully complete this analysis and then also align with the boards of SAP.

我們將仔細完成此分析，然後與 SAP 董事會保持一致。

And we will be ready for a very clear update for the Special Capital Markets Day in fall.

我們將為秋季特別資本市場日的非常明確的更新做好準備。

So see this as a teaser to join us in November.

因此，請將此視為 11 月加入我們的預告片。

And the next question will come from Kirk Materne with Evercore ISI.

下一個問題將來自 Evercore ISI 的 Kirk Materne。

Congrats on the quarter.

祝賀這個季度。

Maybe just a couple questions for Bill and Luka.

也許只是問 Bill 和 Luka 幾個問題。

I guess we just saw you all in February, and I was curious just around your higher conviction around margins.

我想我們只是在二月份見過你們所有人，我很好奇你們對利潤率的更高信念。

Maybe what's changed since then?

也許從那以後發生了什麼變化？

Because you guys are obviously much more adamant around this.

因為你們顯然對此更加堅定。

I think some of the things that you're targeting, you sort of knew about, you knew your moving off Oracle.

我認為你所針對的一些事情，你有點知道，你知道你要離開 Oracle。

I was -- So I'm just kind of curious, what's happened on that front to give you even more conviction around that margin guide?

我是——所以我只是有點好奇，在這方面發生了什麼讓你對保證金指南更有信心？

And then secondly, maybe for Bill, just on Qualtrics, can you just talk about how that's going in terms of pull through in both directions?

其次，也許對於 Bill，就 Qualtrics 而言，你能否談談在兩個方向上的進展情況？

Obviously, there's a lot of opportunity there.

顯然，那裡有很多機會。

I think the feedback's really positive in terms of what Qualtrics brings to you all.

我認為就 Qualtrics 給大家帶來的影響而言，反饋非常積極。

But could you just give us a little bit more color on what you're seeing now that you have them in-house for a little bit longer?

但是你能不能給我們更多關於你現在看到的東西的顏色，因為你在內部擁有它們更長的時間？

Yes.

是的。

Absolutely.

絕對地。

So Kirk, thank you very much for the question.

柯克，非常感謝你提出這個問題。

Let's first begin with the setup in SAP.

讓我們首先從 SAP 中的設置開始。

It took us a decade.

我們花了十年時間。

I've been -- I'm in my 10th year here as CEO.

我一直——我在這裡擔任首席執行官已經 10 年了。

We reinvented the core of SAP's enterprise application software with HANA, the true in-memory database platform for the 21st century.

我們用 HANA 重塑了 SAP 企業應用軟件的核心，HANA 是 21 世紀真正的內存數據庫平台。

We revamped the ERP system with S/4HANA, now the digital nucleus to every well-run business in 25 industries and 193 countries around the world.

我們用 S/4HANA 改造了 ERP 系統，現在是全球 193 個國家/地區 25 個行業中每家經營良好的企業的數字核心。

That was really hard work.

那真的很辛苦。

Then we went on a bit of an M&A spree, and we bought the most pristine line of business, Business Network and now Experience Management cloud assets in the world.

然後我們進行了一些併購狂潮，我們購買了世界上最原始的業務、業務網絡和現在的體驗管理雲資產。

We have come to the clear conclusion that our customers are getting so much innovation from SAP.

我們得出的明確結論是，我們的客戶從 SAP 獲得瞭如此多的創新。

They're getting it so fast that they're basically saying, "I'm good with the amount of innovation you've given me, just give me integrated solutions and let's wring more and more value out of the business solution you guys have created for us." So they are ready now to harvest the value from those systems.

他們得到它的速度如此之快，以至於他們基本上是在說，“我對你們給我的創新數量感到滿意，只要給我集成的解決方案，讓我們從你們擁有的業務解決方案中榨取越來越多的價值為我們創造的。”因此，他們現在已準備好從這些系統中獲取價值。

Similarly, at our Capital Markets Day, we surveyed you, our dear shareholders, and 6 out of 10 of you said on the Qualtrics survey, I want to see SAP expand their operating margins.

同樣，在我們的資本市場日，我們對你們，我們親愛的股東進行了調查，你們中有十分之六的人在 Qualtrics 調查中表示，我希望看到 SAP 擴大他們的營業利潤率。

We love the revenue story, nobody grows like SAP, but it's time to pull some of the margin out of this amazing franchise now.

我們喜歡收入故事，沒有人像 SAP 那樣成長，但現在是時候從這個驚人的特許經營中抽取一些利潤了。

As we look at our business, our cloud gross margins are improving even faster than we thought they would.

當我們審視我們的業務時，我們的雲毛利率的提高速度比我們想像的還要快。

The convergence to HANA and this unified cloud infrastructure is happening even faster.

與 HANA 和這種統一的雲基礎設施的融合正在以更快的速度發生。

So we owed you an update and today we upped our operating income guidance for the year.

所以我們欠你一個更新，今天我們提高了今年的營業收入指導。

We thought at the same time we're doing that, let's just tell you what we're seeing.

我們同時想到我們正在這樣做，讓我們告訴你我們所看到的。

Like this is a runaway margin train now and it's coming at us really fast.

就像現在這是一列失控的邊際列車，它正以非常快的速度向我們駛來。

So we saw 1 point on average per year as the very disciplined and logical conclusion of the operational excellence committee we have going on in the company.

因此，我們將平均每年 1 分視為我們在公司進行的卓越運營委員會的非常有紀律和合乎邏輯的結論。

We just got done with a Supervisory Board meeting and an Executive Board offsite where we spent a weekend together, and we've already completed this plan and we're in execution mode.

我們剛剛完成了一次監事會會議和一次異地執行委員會會議，我們一起度過了一個週末，我們已經完成了這個計劃，我們正處於執行模式。

And we said, "Wouldn't it be nice if you did a Special Capital Markets Day and took our shareholders through the story year-by-year." So we know you wanted this from us.

我們說，“如果你舉辦一個特殊的資本市場日並讓我們的股東逐年了解這個故事，那不是很好嗎？”所以我們知道你想從我們這裡得到這個。

It's the perfect time or the magic moment for us to declare and give it to you.

這是我們宣布並將其交給您的最佳時機或神奇時刻。

And therefore, our employees win, they're shareholders; you win, you're shareholders.

因此，我們的員工贏了，他們是股東；你贏了，你就是股東。

And our customers are serious stakeholders in SAP too.

我們的客戶也是 SAP 的重要利益相關者。

So we're fired up, we're ready to go, we have a really good plan and we have a completely aligned board.

所以我們很興奮，我們準備好了，我們有一個非常好的計劃，我們有一個完全一致的董事會。

After we're done with this call, we'll have a conference call with all of our employees, they're jazzed and energized too.

在我們完成這個電話會議後，我們將與所有員工召開電話會議，他們也會感到興奮和充滿活力。

So you got a winner on your hands with SAP, let's roll.

因此，您在 SAP 手上獲得了勝利，讓我們開始吧。

Second question on the Qualtrics?

關於 Qualtrics 的第二個問題？

Now on Qualtrics, this is even better than actually I thought it would be at this stage of the game.

現在在 Qualtrics 上，這甚至比我在遊戲的這個階段想像的還要好。

Let me give you an example.

讓我給你舉個例子。

In this board off-site, we had Gary [Cassmeyer] demonstrate HANA and show predictive analytics, utilizing Leonardo in various enterprise applications scenarios.

在這個異地看板中，我們讓 Gary [Cassmeyer] 演示 HANA 並展示預測分析，在各種企業應用程序場景中利用 Leonardo。

Among which you take business processes for example, like recruit to retire.

其中您以業務流程為例，例如從招聘到退休。

So we can take the whole value chain now on the experience data of an employee.

因此，我們現在可以根據員工的體驗數據獲取整個價值鏈。

How did you feel about the recruiting experience and the onboarding experience?

您對招聘體驗和入職體驗感覺如何？

How's the training going?

訓練進展如何？

What do you think of the compensation plan logistics and bonus?

您如何看待補償計劃物流和獎金？

All this experience data now comes into the HR system through HANA instantaneously.

所有這些經驗數據現在都通過 HANA 即時進入 HR 系統。

So if you're managing a person in the organization, you're not just looking at data, the system's telling you exactly what the big data is saying.

所以如果你在組織中管理一個人，你不僅僅是在看數據，系統會準確地告訴你大數據在說什麼。

And it's making predictions on the business decisions you as a leader should be taking.

它正在預測您作為領導者應該做出的業務決策。

The same is true with your customers externally.

外部客戶也是如此。

The same is true on product feedback or even how your brand's resonating in all the channels of the open Internet market.

產品反饋甚至您的品牌如何在開放的互聯網市場的所有渠道中產生共鳴也是如此。

So all of this is now being built into the SAP solutions will be prominently featured at SAPPHIRE.

所以所有這些現在都被構建到 SAP 解決方案中，將在 SAPPHIRE 上突出展示。

It's unbelievable.

這太不可思議了。

Second thing that's great is our customers.

第二件好事是我們的客戶。

I gave CVS as one example.

我以 CVS 為例。

They are like wow, I could take all my operating data out of a system like S/4HANA.

他們就像哇，我可以從像 S/4HANA 這樣的系統中取出我所有的操作數據。

If I'm looking at my systems of record, whether they're Human Capital Management, customer relationship management, manufacturing, I have all that O-Data, but I never knew why customers were receiving my products well, buying more, buying less.

如果我查看我的記錄系統，無論是人力資本管理、客戶關係管理、製造，我都有所有 O-Data，但我永遠不知道為什麼客戶收到我的產品很好，買得更多，買得更少.

Why one country was doing this and another country was doing the other thing.

為什麼一個國家在做這件事而另一個國家在做另一件事。

All of this now can be coalesced in a digital boardroom that composes both the experience and the operational data.

現在，所有這些都可以合併到一個由體驗和運營數據組成的數字會議室中。

And it's really exciting to CEOs who are trying to run companies.

對於試圖經營公司的首席執行官來說，這真的很令人興奮。

So we're off to a really fast start.

所以我們的起步非常快。

Qualtrics is very happy.

Qualtrics 非常高興。

The management team is totally stable.

管理團隊非常穩定。

Our team is working great together.

我們的團隊合作得很好。

We have Jennifer Morgan here, I'm sure she could give you a few colorful remarks.

我們有 Jennifer Morgan，我相信她可以給你一些有趣的評論。

They like Jennifer very much.

他們非常喜歡詹妮弗。

And what I really like about Jen is her connection to Christian Klein and Juergen Müller.

我真正喜歡 Jen 的地方在於她與 Christian Klein 和 Juergen Müller 的聯繫。

Because what they want to do is bring that integrated solution perspective to the customer.

因為他們想要做的是將集成解決方案的視角帶給客戶。

There's no debates internally.

內部沒有爭論。

We are one integrated solution machine.

我們是一台集成解決方案機器。

And nobody's talking about their turf.

沒有人在談論他們的地盤。

We're all talking about how do we give the customer what they want and make SAP the best-run SAP.

我們都在談論我們如何滿足客戶的需求，並使 SAP 成為運行最好的 SAP。

So that's what I mean about the board that we have now.

這就是我對我們現在擁有的董事會的意思。

Jen, you want to give a little color on Qualtrics?

Jen，你想給 Qualtrics 一些顏色嗎？

Yes.

是的。

I mean we're already incorporating this into our own business.

我的意思是我們已經將其納入我們自己的業務。

So for us, when we finish out Q1, we -- we're constantly talking to our field.

所以對我們來說，當我們完成第一季度時，我們 - 我們一直在與我們的領域交談。

So we understand what went well, what didn't well.

所以我們了解什麼進展順利，什麼進展不順利。

And we can already incorporate that real time in the business as we move into Q2.

當我們進入第二季度時，我們已經可以將這種實時融入業務中。

We already have a pulse on the sentiment.

我們已經掌握了市場情緒。

We know where we need certain investments.

我們知道我們在哪裡需要某些投資。

We know where we need certain support, which regions.

我們知道我們需要某些支持的地方，哪些地區。

So it's been great.

所以這很棒。

So we're living that every day.

所以我們每天都過著這樣的生活。

And I think the key thing, as Bill said, is every company right there has tons of survey data, but our customers are looking for a platform.

正如比爾所說，我認為關鍵是那裡的每家公司都有大量的調查數據，但我們的客戶正在尋找一個平台。

And what we're able to do is take the experience we have in industries, the experience in the business processes, overlay that platform across those processes and really see where experience becomes a leading indicator to drive a different outcome and talk about where does that show up on the top line?

我們能夠做的是利用我們在行業中的經驗，業務流程中的經驗，在這些流程中覆蓋該平台，真正了解經驗在何處成為推動不同結果的領先指標，並討論它在哪裡出現在第一行？

Where does it show up in your SG&A improvements, et cetera?

它在您的 SG&A 改進等方面體現在哪裡？

So we're turning this from talking about surveys to talking about a platform that drives results on the income statement.

因此，我們正在將其從談論調查轉變為談論推動損益表結果的平台。

So we're excited about it.

所以我們對此感到興奮。

It fits real nicely with our portfolio.

它非常適合我們的產品組合。

And one of the final remarks I would make, it now changes the whole context of the CRM conversation, right?

我要說的最後一句話是，它現在改變了 CRM 對話的整個背景，對吧？

Because CRM moves into a category, which is an important category.

因為CRM進入了一個類別，這是一個重要的類別。

It's a system of record, just like HCM is a system of record, just like ERP is a system of record.

它是一個記錄系統，就像 HCM 是一個記錄系統，就像 ERP 是一個記錄系統。

But when you add the Experience Management context to the customer relationship, now you're talking about a whole new system of innovation.

但是，當您將體驗管理上下文添加到客戶關係中時，現在您正在談論一個全新的創新系統。

And with HANA, you're talking about predictive analytics that's helping decision makers make decisions.

對於 HANA，您談論的是幫助決策者做出決策的預測分析。

So we have fundamentally now moved the cheese.

所以我們現在已經從根本上移動了奶酪。

The CRM game is different, but the best part about this, the experience economy is a massive market.

CRM 遊戲是不同的，但最好的部分是，體驗經濟是一個巨大的市場。

But this is complementing our core.

但這是對我們核心的補充。

This is making the intelligent enterprise more relevant than ever.

這使得智能企業比以往任何時候都更具相關性。

So it's really good for a new category, but what we're seeing is it's really amplifying the power of the SAP core, or the Intelligent Enterprise vision we've been on for several years now.

所以它對於一個新類別來說真的很好，但我們看到的是它確實放大了 SAP 核心的力量，或者我們多年來一直在實現的智能企業願景。

Next question will come from John King with Bank of America.

下一個問題將來自美國銀行的 John King。

First one was on some of the restructuring that's been done and some of the people that have left the business.

第一個是關於已經完成的一些重組和一些離開公司的人。

I noticed quite a few -- there's been a few who can still -- ABAP developers and leaders in the R&D department that have departed.

我注意到相當多的人 - 有一些人仍然可以 - ABAP 開發人員和研發部門的領導者已經離開。

I wonder kind of what that means basically for that code base and what that means for customers.

我想知道這對代碼庫基本上意味著什麼，對客戶意味著什麼。

You've obviously got a big installed base of ABAP code.

您顯然已經安裝了大量的 ABAP 代碼。

How committed are you to that?

你對此有多投入？

And essentially what's the future for that?

從本質上講，它的未來是什麼？

What do these departures mean?

這些偏離意味著什麼？

That's the first question.

這是第一個問題。

I've got a follow-up.

我有跟進。

Yes.

是的。

Okay.

好的。

Let me answer this question, Christian Klein here.

讓我來回答這個問題，這裡是 Christian Klein。

So first of all, when you look at the restructuring we have done in R&D, it's not all about having developers leave SAP.

所以首先，當你看一下我們在研發方面所做的重組時，這不僅僅是讓開發人員離開 SAP。

What we did is, first of all, to increase the productivity of our development workforce.

我們所做的首先是提高開發人員的生產力。

So we took several measures.

所以我們採取了幾項措施。

And that included, for example, we looked into the ratios of our engineers versus product managers.

這包括，例如，我們調查了我們的工程師與產品經理的比例。

And we increased actually the ratio to get to a higher ratio of developers in the future.

我們實際上增加了比例，以便在未來獲得更高比例的開發人員。

Second, what we did, we looked into the productivity of our development workforce with regard to the locations we are having all over the world.

其次，我們所做的是，我們調查了我們在世界各地擁有的地點的開發人員的生產力。

So we are now also reducing the number of locations we are having to develop on one product, so this also will increase the effectiveness.

所以我們現在也減少了我們必須在一個產品上開發的地點數量，所以這也會提高效率。

So this has nothing to do that we are now downsizing our development workforce on ABAP or on any other programming languages.

所以這與我們現在正在縮減 ABAP 或任何其他編程語言的開發人員隊伍無關。

This was just about increasing the effectiveness of our development workforce to shape faster innovations in the future.

這只是為了提高我們開發人員的效率，以在未來塑造更快的創新。

And you had a second question...

你有第二個問題......

And I just want to build on this, John.

我只想以此為基礎，約翰。

I want to give you a little feel for this.

我想給你一點感覺。

There's very important information that you all need to have.

你們都需要了解非常重要的信息。

SAP has great ABAP developers.

SAP 擁有優秀的 ABAP 開發人員。

We will continue to have amazing ABAP developers.

我們將繼續擁有出色的 ABAP 開發人員。

They are little blogs that sometimes go out in the heat of a restructuring.

它們是一些小博客，有時會在重組的熱潮中消失。

There was one in particular that had to 2 ABAP developers featured prominently and that got around the Internet pretty good.

有一個特別需要 2 個 ABAP 開發人員突出顯示並且在 Internet 上傳播得很好。

Both of those ABAP developers are actually not only working here, they're in their dream job.

這兩位 ABAP 開發人員實際上不僅在這里工作，而且他們從事的是他們夢寐以求的工作。

So don't believe everything you read on the Internet, is one thing I will give you for sure.

所以不要相信你在 Internet 上閱讀的所有內容，這是我可以肯定地給你的一件事。

The second thing I would say to our shareholders out there today, companies don't become great by the number of people that work in them.

我今天要對我們的股東說的第二件事是，公司不會因在其中工作的人數而變得偉大。

They become great by having the absolute best quality and the absolute best talent.

他們通過擁有絕對最好的品質和絕對最好的人才而變得偉大。

And when I give you my word on -- and I know Luka and all of the Executive Board colleagues fully back this, is when we do bring people into the company now, they will be the most-skilled people in the world at what they do.

當我向你保證——我知道 Luka 和執行委員會的所有同事都完全支持這一點，就是當我們現在確實將人們帶入公司時，他們將成為世界上最擅長他們所從事的工作的人做。

People like data scientists; I was at our new facility in Newport Beach, California on Friday.

人們喜歡數據科學家；週五，我在我們位於加利福尼亞州紐波特比奇的新工廠。

If you think about UC Irvine and what we're doing to capture the hearts and minds of data scientists in Orange County, it's incredible.

如果您想到加州大學歐文分校以及我們為吸引奧蘭治縣數據科學家的心所做的一切，那真是不可思議。

Come see our facility.

來看看我們的設施。

When we bring people into this company, they will code software, or they will be very on the front lines with the customer relationships.

當我們把人帶進這家公司時，他們會編寫軟件，或者他們會站在客戶關係的第一線。

We don't need the middle layers, we already have enough of that and our HANA software can give us all the insight we need.

我們不需要中間層，我們已經擁有足夠多的中間層，而且我們的 HANA 軟件可以為我們提供所需的所有洞察力。

So you're not going to see us bringing in middle management and thick layers in this company.

所以你不會看到我們在這家公司引入中層管理人員和高層。

People are going to be writing software and people are going to be backing customer relationships in the field.

人們將編寫軟件，人們將支持該領域的客戶關係。

We're going to grow this company and we're going to expand the margins in this company and run a profitability machine.

我們要發展這家公司，我們要擴大這家公司的利潤率，並運行一台盈利機器。

And the next question will come from Ross MacMillan with RBC Capital Markets.

下一個問題將來自 RBC Capital Markets 的 Ross MacMillan。

Maybe one for Bill and then one for Luka.

也許一份給 Bill，一份給 Luka。

Bill, just a nice positive surprise in the license results in Q1, but I think the cloud bookings organically were maybe a little bit more than we were expecting.

比爾，第一季度的許可結果令人驚喜，但我認為有機的雲預訂可能比我們預期的要多一點。

I'd love just your comment and color on the seasonality of Q1 with regard to the organic cloud bookings.

我希望您對第 1 季度有機雲預訂的季節性發表評論和評價。

And then Luka, obviously a very strong cloud gross margin.

然後是 Luka，顯然是一個非常強勁的雲毛利率。

Some onetime items, but a lot of sustainable pieces in there.

一些一次性的物品，但裡面有很多可持續的物品。

Can you just help us think through how we should think about that sequential progression on the cloud gross margins into Q2 and into the back half of the year?

你能幫我們想想我們應該如何考慮雲毛利率在第二季度和下半年的連續增長嗎？

Ross, thank you first of all for the question, Ross.

羅斯，首先感謝你提出這個問題，羅斯。

I have been saying now for many quarters that the core license business for SAP is rock solid.

很多時候我一直在說 SAP 的核心許可業務堅如磐石。

And while you could have a scenario, because we're not going to give away our software or price it inappropriately into the market.

雖然你可能有一個場景，因為我們不會放棄我們的軟件或將其定價不當進入市場。

So with that in mind, you understand how quarterly upfront software sales go.

因此，考慮到這一點，您就會了解每季度的預付軟件銷售情況。

If somebody at the end of a quarter doesn't want to pay the full value for our software, we'll pick it up the next quarter at the fair market value of that software.

如果某個季度末有人不想為我們的軟件支付全部價值，我們將在下個季度以該軟件的公平市場價值購買。

So that can always give you a little bit lumpiness, but the pipeline for the core software is outstanding.

所以這總是會給你帶來一點點麻煩，但核心軟件的管道非常出色。

And obviously, it grew on a year-over-year basis in Q1.

顯然，它在第一季度同比增長。

And what's fascinating about our core, you know the maintenance base of SAP is Fort Knox.

我們核心的迷人之處在於，您知道 SAP 的維護基地是諾克斯堡。

It's near 100% loyalty.

它的忠誠度接近 100%。

And now you even have growth in the license sales of SAP in Q1 and there's no reason to believe we can't maintain that steady state in the core license business of SAP.

現在你甚至在第一季度獲得了 SAP 許可銷售的增長，並且沒有理由相信我們無法在 SAP 的核心許可業務中保持這種穩定狀態。

Couple that now with the next point of your question, which is the organic cloud bookings growth of the company.

現在將其與您問題的下一點結合起來，即公司的有機雲預訂增長。

And as I stated today, the line of business cloud, the Business Network cloud -- and don't forget, keep this in mind: when you look at our organic cloud bookings numbers, you are not seeing the new Business Network cloud revenues that do not show up in bookings.

正如我今天所說，業務線雲、業務網絡雲——別忘了，請記住這一點：當您查看我們的有機雲預訂數字時，您看不到新的業務網絡雲收入不要出現在預訂中。

You're just seeing the bookings on the SaaS model.

您只是看到 SaaS 模型上的預訂。

We have new models now that are kicking in on the network itself and that network effect is delivering a nice chunk of growth.

我們現在有了新的模型，這些模型正在網絡本身發揮作用，網絡效應正在帶來很大的增長。

So I'm not surprised, I'm actually where I thought we would be.

所以我並不感到驚訝，我實際上在我認為我們會在的地方。

I think the company right now is clicking on all cylinders.

我認為公司現在正在全力以赴。

And I believe as the year progresses, the big story that's going to invigorate not just the cloud, but also the core is Qualtrics.

而且我相信隨著時間的推移，不僅要振興雲，而且要振興核心的大故事是 Qualtrics。

Because this is a smoking hot category, and they are by far the de facto standard.

因為這是一個冒煙的熱門類別，而且它們是迄今為止事實上的標準。

So with all that firepower count on solid growth in the quarter, count on continued strong cloud bookings in the line of business, the network and, of course, Experience Management.

因此，憑藉本季度穩健增長的所有火力，業務線、網絡以及體驗管理方面持續強勁的雲預訂。

And overall, count on the operating margin and the profitability expansion we talked about today.

總的來說，依靠我們今天談到的營業利潤率和盈利能力擴張。

This is that magic moment you all have been waiting for.

這是你們一直在等待的神奇時刻。

Yes.

是的。

And perhaps to answer your question on the progression of the different cloud gross margins.

也許可以回答您關於不同雲毛利率進展的問題。

Of course, there are different drivers at play.

當然，有不同的驅動因素在起作用。

First of all, the most predictable progression that we have had on last few years was on the Business Network side.

首先，我們在過去幾年取得的最可預測的進展是在業務網絡方面。

These are all scale assets that are progressing very nicely towards their 2020 targets and that are calling already for an above 80% gross margin.

這些都是規模資產，在實現 2020 年目標方面進展順利，毛利率已經達到 80% 以上。

Here, we will continue to see a steady progress but with a small positive bump starting as of Q3, when we have finalized the migration of Ariba onto HANA.

在這裡，我們將繼續看到穩定的進展，但從第三季度開始會有一個小的積極增長，那時我們已經完成了 Ariba 到 HANA 的遷移。

That is absolutely safe to be concluded now in time for the respective third-party maintenance contract to run its course in Q2 and then will help us in the second half year.

現在絕對可以及時完成相應的第三方維護合同，以便在第二季度完成，然後將在下半年幫助我們。

So by the end of 2019, we should definitely see this at around 80% already.

因此，到 2019 年底，我們肯定會看到這一比例達到 80% 左右。

Then you have the HANA Enterprise Cloud Infrastructure-as-a-Service business, which has seen a very, very nice uptick.

然後是 HANA Enterprise Cloud Infrastructure-as-a-Service 業務，它的增長非常非常好。

Now a smaller portion of that is a one-timer indeed, a release of accruals for partner credits.

現在，其中一小部分確實是一次性的，釋放合作夥伴積分的應計費用。

But that's a single-digit million amount, the rest is actually sustainable.

但那是個位數的百萬數量，其餘的實際上是可持續的。

We have a 2020 target for HANA Enterprise Cloud of between 30% to 35%.

我們的 2020 年 HANA 企業雲目標是在 30% 到 35% 之間。

Very important here is that we're seeing our ecosystem being able to take on more of the respective work.

這裡非常重要的是，我們看到我們的生態系統能夠承擔更多相應的工作。

So we're working in a very nice partnership model with the hyperscalers and we are focused in HANA Enterprise Cloud on the right high-margin opportunities.

因此，我們正在與超大規模應用程序建立非常好的合作夥伴關係模型，我們專注於 HANA 企業雲中正確的高利潤機會。

So while I don't expect, given the one-timer that we had in Q1, that the 32% that we have seen now is already in 2019, the norm.

因此，雖然我不認為，考慮到我們在第一季度的一次性情況，我們現在看到的 32% 已經在 2019 年成為常態。

We will definitely make significant double-digit progress from 2018 into 2019 and that will be now pretty balanced and stable for the remainder of the year.

從 2018 年到 2019 年，我們肯定會取得兩位數的顯著進展，並且在今年餘下的時間裡，這將是相當平衡和穩定的。

And finally, in software-as-a-service and platform-as-a-service, it will only get better from now.

最後，在軟件即服務和平台即服務方面，從現在開始只會變得更好。

So you will see an acceleration of cloud gross margin improvements for 2 factors.

因此，您會看到 2 個因素的雲毛利率加速提高。

First of all, the weight of Qualtrics versus superior growth rates and a very high gross margins of round about 87% that they are having in the cloud will take more of an overweight role as a part of the whole SaaS/PaaS portfolio; and then secondly, with Q2 you will see in our applications technology and services segment, in the ATS segment, the significant positive impact of the off-Oracle migration for SuccessFactors.

首先，作為整個 SaaS/PaaS 產品組合的一部分，Qualtrics 的權重與卓越的增長率和大約 87% 的非常高的毛利率相比，將發揮更大的作用；其次，在第二季度，您將在 ATS 部分的應用程序技術和服務部分看到 SuccessFactors 的非 Oracle 遷移的重大積極影響。

So those steps in combination will drive us significantly forward.

因此，這些步驟的結合將推動我們向前邁進。

So you can see and expect a continued stable progress and increase of the cloud gross margins as we march through the year.

因此，您可以看到並期待隨著我們今年的前進，雲毛利率將持續穩定增長和增長。

In previous years, Q1 was always among the strongest quarters.

往年，Q1一直是最強的季度之一。

I believe in 2019, there will be further increases as we progress through the year due to those factors.

我相信在 2019 年，由於這些因素，隨著我們在這一年的進展，將會進一步增加。

And I just want to add one thing to what Luka's saying because you all have a right to know this.

我只想對 Luka 所說的話補充一件事，因為你們都有權知道這一點。

A couple of years I had the privilege to appoint 2 great leaders to the Executive Board on behalf of the Supervisory Board and one was Jennifer Morgan, who you heard from today, the other is Adaire Fox-Martin.

幾年來，我有幸代表監事會任命了 2 位偉大的領導人進入執行委員會，其中一位是詹妮弗·摩根，您今天聽說過她，另一位是阿黛爾·福克斯-馬丁。

And we haven't really talked about the go-to-market and the cost of sale coming down as a ratio.

而且我們還沒有真正談論上市和銷售成本下降的比例。

But I firmly believe that it will.

但我堅信它會的。

And I also believe that the synergy and the trust that Jen and Adaire had as co-Presidents of GCO will now play out on the bigger stage, with Jen running all of the cloud, network and Experience Management businesses and Adaire running the Salesforce.

我還相信，Jen 和 Adaire 作為 GCO 的聯合總裁所產生的協同作用和信任現在將在更大的舞台上發揮作用，Jen 負責所有云、網絡和體驗管理業務，Adaire 負責 Salesforce。

And together, they will come up with new coverage strategies that cover more turf at a lower cost of sale and a lower percentage of sale and marketing in the revenue mix of SAP.

他們將共同提出新的覆蓋策略，以更低的銷售成本覆蓋更多的地盤，並降低 SAP 收入組合中銷售和營銷的百分比。

So I have both Adaire and Jenna on the line so if you guys want any questions directed at them today, I'm sure they'd be happy to talk to you.

所以我讓 Adaire 和 Jenna 都在線，所以如果你們今天想向他們提出任何問題，我相信他們會很樂意與您交談。

And our next question will come from Stefan Slowinski with Exane BNP Paribas.

我們的下一個問題將來自 Exane BNP Paribas 的 Stefan Slowinski。

Just -- I guess a bit of a follow-up on what you're just discussing which is the acceleration of public cloud adoption for S/4HANA.

只是 - 我想對您剛剛討論的內容進行一些跟進，即 S/4HANA 公有云採用的加速。

Do you expect that to reach a tipping point this year or next year?

您預計今年或明年會達到臨界點嗎？

You mentioned, Rob, moving over to GCP, are you seeing those large cloud partners increasingly helping in the sales process as well?

Rob，你提到過轉到 GCP，你是否看到那些大型雲合作夥伴也在越來越多地幫助銷售過程？

And then what does that mean for your own HANA Enterprise Cloud business?

那麼這對您自己的 HANA 企業雲業務意味著什麼？

You mentioned margins improving, but would you be kind of deemphasizing that over time?

你提到利潤率有所提高，但隨著時間的推移你會不會強調這一點？

This is Jennifer, I'll take that.

這是詹妮弗，我會接受的。

So one of the things we worked through really hard on over the last 9 to 12 months is defining the reference architecture for us for -- on the hyperscalers by industry.

因此，在過去的 9 到 12 個月裡，我們真正努力完成的一件事就是為我們定義參考架構——在按行業劃分的超大規模上。

So we worked very closely with all of them, so that we can be much more prescriptive with the customers and we'll talk more about this at SAPPHIRE on.

所以我們與他們所有人密切合作，這樣我們就可以對客戶更加規範，我們將在 SAPPHIRE 上更多地討論這個問題。

What is the reference architecture for the move to S4.

遷移到 S4 的參考架構是什麼。

What are the set cloud properties that will help you make that move and help you with orchestration, integration and extension of an SAP system?

哪些雲屬性可以幫助您實現這一目標並幫助您進行 SAP 系統的編排、集成和擴展？

And that will do 2 things, it will drive the S/4 moves in that revenue stream.

這將做兩件事，它將推動該收入流中的 S/4 移動。

It's also going to drive further cloud revenue for us as well in the form of our cloud platform.

它還將以我們的雲平台的形式為我們帶來更多的雲收入。

So that's a win-win.

所以這是雙贏的。

It's a win-win for our customers who've asked us to come together and help them with that.

對於要求我們聚在一起幫助他們的客戶來說，這是雙贏的。

How do we do this?

我們如何做到這一點？

And how do we do it most efficiently?

我們如何最有效地做到這一點？

And so SAP is really certified that market approved journey for that move.

因此，SAP 確實證明了市場認可這一舉措的旅程。

It's a win-win for the HyperScalers and most importantly it's a win-win for the customers.

這對 HyperScalers 來說是雙贏的，最重要的是對客戶來說是雙贏的。

We have the next question from Alex Tout with Deutsche Bank.

我們有來自德意志銀行的 Alex Tout 的下一個問題。

Just zooming in on the sales and marketing line.

只是放大銷售和營銷線。

I saw that, that sell quite nicely year-over-year as a percentage of revenue in the first quarter and that is despite IFRS 15 now acting as a headwind rather than the tailwind as it was last year.

我看到，第一季度銷售額佔收入的百分比與去年同期相比相當不錯，儘管 IFRS 15 現在是逆風而不是去年那樣的順風。

Are you expecting this sort of meaningful improvement for the year overall?

您是否期待今年整體出現這種有意義的改善？

Was there anything kind of specific that drove an exceptionally strong performance there?

有沒有什麼具體的因素推動了那裡的異常強勁表現？

Or is that some specific moves that you've made, for example, around double and triple comping this is kind of paying off?

還是您所做的一些具體舉措，例如圍繞雙倍和三倍補償，這是一種回報？

And just as a small follow-up.

就像一個小的後續行動。

On the -- I saw there was quite a big finance income inflow in the quarter offsetting the higher interest charge.

在 - 我看到本季度有相當大的金融收入流入抵消了更高的利息費用。

Is that some kind of one-off?

那是一次性的嗎？

Or is that something sustainable in there that we should bear in mind on the EPS side for the rest of the year?

或者在今年餘下的時間裡，我們應該在 EPS 方面牢記一些可持續的東西？

Yes.

是的。

Alex, I'll be happy to answer those.

亞歷克斯，我很樂意回答這些問題。

Very good questions.

非常好的問題。

First, quickly on the finance income.

一是財政收入快上。

The main positive factor contributing here was again a stellar result from our Sapphire Ventures, venture capital fund.

在這裡做出貢獻的主要積極因素再次來自我們的風險投資基金 Sapphire Ventures 的出色業績。

They again had value accretion across their portfolio of more than EUR 80 million just in one quarter.

他們的投資組合在一個季度內再次增值超過 8000 萬歐元。

So they are definitely a value generation machine for SAP now.

所以他們現在絕對是 SAP 的價值創造機器。

We couldn't be proud of what we do with the folks from Sapphire Ventures, and that's the main reason.

我們不能為我們與 Sapphire Ventures 的員工所做的事情感到自豪，這是主要原因。

And so of course as everywhere in venture capital there can be ups and downs.

當然，風險投資無處不在，有起有落。

But the team has really proven that they can drive outsized returns and I've every trust and confidence in them continuing to do this in the quarters and years to come.

但該團隊確實證明了他們可以帶來超額回報，我完全相信他們會在未來幾個季度和幾年內繼續這樣做。

And actually, quickly on the sales and marketing ratio and perhaps Adaire can expend on this.

實際上，很快就可以提高銷售和營銷比率，也許 Adaire 可以在這方面進行擴展。

But I think it's really a function of very nice increases in sales efficiency.

但我認為這確實是銷售效率非常好的提高的結果。

We have a record sales productivity across the company in 2019.

2019 年，我們全公司的銷售效率創下歷史新高。

We have worked on simplifying the motions that we have been talking about this already last year.

我們一直致力於簡化我們去年已經討論過的動議。

We do think the number of lines of business and corresponding sales specs to make sure that we can run a more holistic and simple go-to-market approach.

我們確實考慮了業務線的數量和相應的銷售規格，以確保我們可以運行更全面、更簡單的上市方法。

And that is paying off.

這是有回報的。

You rightfully know that this is happening against the headwind from IFRS 15 from the amortization of the sales commissions, but I'm very confident that Adaire and her team as well as working in close lockstep with Jen and CPG we'll be able to continue to drive this trend.

您理所當然地知道，這是在 IFRS 15 對銷售佣金攤銷的不利影響下發生的，但我非常有信心 Adaire 和她的團隊以及與 Jen 和 CPG 的密切合作，我們將能夠繼續來推動這一趨勢。

Adaire, anything to add?

阿黛爾，有什麼要補充的嗎？

Yes.

是的。

Thank you very much, Luka.

非常感謝你，盧卡。

I mean, certainly we're seeing momentum and continue off the back of the very strong Q4 into our Q1.

我的意思是，我們當然看到了勢頭，並繼續從非常強勁的第四季度進入我們的第一季度。

And the customer's sentiment have been exceptionally positive.

客戶的情緒非常積極。

At the moment myself and 2 of my Board colleagues from Development, Christine and Juergen, are with our largest 15 customers globally at our executive advisory board.

目前，我和來自開發部的 2 位董事會同事 Christine 和 Juergen 在我們的執行顧問委員會中與我們全球最大的 15 家客戶一起工作。

And it's very clear to see that with these customers, the SAP strategy is resonating regardless of the industry or the location.

很明顯，無論行業或地點如何，SAP 戰略都與這些客戶產生了共鳴。

And I would also say that we've had a very strong focus on segmentation to maximize our coverage, a very strong focus on pipeline.

我還要說的是，我們非常注重細分，以最大限度地擴大我們的覆蓋範圍，非常注重管道。

And a very strong focus on net name acquisition, of all of which contributed to the momentum that we're seeing in the business.

並且非常注重網名收購，所有這些都促成了我們在業務中看到的勢頭。

And of course, as we are in Q2 now, we will look forward to SAPPHIRE creating a compelling event for us in May around which we can showcase to our customers the innovations of SAP and support the implementation of those innovations and on behalf of our customers with our large ecosystem and leverage our own services organization.

當然，正如我們現在所處的第二季度一樣，我們期待 SAPPHIRE 在 5 月為我們舉辦一場引人入勝的活動，屆時我們可以向我們的客戶展示 SAP 的創新，並代表我們的客戶支持這些創新的實施與我們的大型生態系統並利用我們自己的服務組織。

So many different aspects of the sales and marketing element, many different elements of the strategy that we put in place came to fruition for us in Q1.

銷售和營銷元素的許多不同方面，我們制定的戰略的許多不同元素在第一季度為我們帶來了成果。

We'll hear next from Michael Briest with UBS.

接下來我們將聽取來自瑞銀集團的 Michael Briest 的講話。

Two for me as well.

我也有兩個。

Just following up on the question to Jennifer about the sort of HyperScalers.

只是跟進 Jennifer 提出的關於 HyperScalers 的問題。

Reading the operational excellence press release you've talked about working as a best-in-class provider across any type of cloud delivery model.

閱讀卓越運營新聞稿時，您談到了作為跨任何類型的雲交付模型的一流提供商的工作。

Can you talk about the maybe the CapEx implications of this?

你能談談這對資本支出的影響嗎？

Should we assume that in later years maybe CapEx comes down?

我們是否應該假設在以後幾年資本支出可能會下降？

And then secondly, Luka, I think at the Capital Markets Day in February, you committed to the 80% gross margin target for the SaaS/PaaS business in 2023, is that still in place?

其次，Luka，我認為在 2 月的資本市場日，您承諾在 2023 年實現 SaaS/PaaS 業務 80% 的毛利率目標，現在仍然有效嗎？

And also in terms of headcount, should we assume that after this year or in 2019 and beyond the headcount growth is going to slow.

在員工人數方面，我們是否應該假設今年之後或 2019 年及以後員工人數增長將放緩。

Because I think you did say you'd exit the year with more than 100,000 people?

因為我認為你確實說過你會在超過 100,000 人的情況下退出這一年？

Yes.

是的。

Perhaps, I can answer the questions, and then Jen by all means feel free to expand on this.

也許，我可以回答這些問題，然後 Jen 可以隨時對此進行擴展。

So first of all, with our strategy, we definitely are seeing now the advent of capital expenditures coming down.

因此，首先，根據我們的戰略，我們現在肯定會看到資本支出下降的到來。

You've seen that in Q1.

你已經在第一季度看到了這一點。

We have actually made great progress, not only through our partnership model with the HyperScalers, but also we have moved to consolidated cloud infrastructure organization that is run in Christian's board area.

我們實際上取得了很大的進步，不僅是通過我們與 HyperScalers 的合作模式，而且我們已經轉移到在 Christian 的董事會區域運行的整合雲基礎架構組織。

And actually, the work there that is done by Gary [Latos] who is leading this area and to consolidate the procurement activities on hardware, negotiate, renegotiate the terms so that we can utilize the hardware in an economical sense for a longer period of time, it's still a very successful.

實際上，領導該領域的 Gary [Latos] 在那裡所做的工作是鞏固硬件採購活動，談判，重新談判條款，以便我們能夠在更經濟的意義上使用硬件更長時間，還是很成功的。

So in combination all of those measures, I think, give us the opportunity to probably not only put to further increase of CapEx to a hold, but actually start to clawback slightly as you're starting to see it now in Q1.

因此，我認為，結合所有這些措施，我們有機會可能不僅暫停進一步增加資本支出，而且實際上開始略微收回，因為你現在開始在第一季度看到它。

So the second point on the SaaS/PaaS margins, absolutely, the target is intact.

所以關於 SaaS/PaaS 利潤率的第二點，絕對是，目標是完整的。

Actually in an ideal world, we might even be able to do slightly better than that quite frankly for SaaS/PaaS.

實際上，在一個理想的世界中，坦率地說，對於 SaaS/PaaS，我們甚至可以做得稍微好一點。

And on the headcount side, let's be clear, what you've seen in Q1 is a headcount addition that was almost entirely due to the acquisition of Qualtrics.

在員工人數方面，讓我們明確一點，你在第一季度看到的是員工人數的增加，這幾乎完全是由於收購了 Qualtrics。

We have been extremely disciplined.

我們紀律嚴明。

As Bill has said, we're hiring the right talents, but we're not necessarily focused on just the quantity of people that we bring on board.

正如 Bill 所說，我們正在招聘合適的人才，但我們不一定只關注我們帶來的人數。

So therefore, definitely you will see in 2019 that our organic hiring volume will be significantly smaller than what we have seen in 2018.

因此，您肯定會在 2019 年看到我們的有機招聘量將大大低於 2018 年的水平。

We will likely past the 100,000 mark, but not by much quite frankly.

我們可能會超過 100,000 大關，但坦率地說，不會超過 100,000 個大關。

And also in the future years to come you should certainly see hiring rates at SAP that will substantially trail the ones that you have seen in the years 2017 and 2018.

而且在未來幾年，你肯定會看到 SAP 的招聘率將大大低於你在 2017 年和 2018 年看到的水平。

And the final question will come from Walter Pritchard with Citi.

最後一個問題將來自花旗銀行的 Walter Pritchard。

Two questions, one for Luka and one for Jen -- Jennifer.

兩個問題，一個給 Luka，一個給 Jen -- Jennifer。

On the new could bookings and on the new order entry, could you help us understand what impact Qualtrics and Callidus had on those metric?

關於新罐頭預訂和新訂單輸入，您能否幫助我們了解 Qualtrics 和 Callidus 對這些指標的影響？

And then I'm curious on the Salesforce side, how much of the Salesforce at this point is selling Qualtrics and how does that roll out throughout this year and into next year?

然後我很好奇 Salesforce 方面，此時有多少 Salesforce 正在銷售 Qualtrics，以及如何在今年和明年推出？

Perhaps, Jen, you can take the question on the Salesforce.

或許，珍，你可以在 Salesforce 上回答這個問題。

In terms of the new cloud bookings, so we don't disclose an exact contribution from Qualtrics.

在新的雲預訂方面，我們沒有透露 Qualtrics 的確切貢獻。

Suffice it to say that they were off to a good start and certainly we expect them to continue to contribute very nicely.

可以說他們開了個好頭，我們當然希望他們繼續做出很好的貢獻。

And on the sales -- perhaps on the sales motion for Qualtrics, Jen?

關於銷售——也許是關於 Qualtrics 的銷售動議，Jen？

Yes.

是的。

So we're off to a great start.

所以我們有了一個良好的開端。

I spent the last 2 weeks really digging in with each of the management teams across all the lines of business.

在過去的 2 周里，我深入了解了所有業務領域的每個管理團隊。

And we have some incredible assets, which give us a lot of levers to pull and a lot of areas for growth.

我們擁有一些令人難以置信的資產，它們為我們提供了很多槓桿和許多增長領域。

So for me it's real strong focus on the execution of where we're going to put our dollars, where we're going to grow.

所以對我來說，真正的重點是執行我們要投入的資金，我們要增長的地方。

SAPPHIRE comes at a perfect time with Qualtrics everything else and we're excited for a great Q2 and second half with these 2 being real strong growth drivers for CPG.

SAPPHIRE 與 Qualtrics 一起出現在一個完美的時機，我們為第二季度和下半年的出色表現感到興奮，這兩個是 CPG 真正強勁的增長動力。

Very good.

非常好。

Thank you very much.

非常感謝。

This concludes the SAP Q1 2019 earnings call.

SAP 2019 年第一季度財報電話會議到此結束。

And we look forward to seeing you at SAPPHIRE in Orlando.

我們期待在奧蘭多的 SAPPHIRE 見到您。

Thank you very much.

非常感謝。

Thank you, everybody.

謝謝大家。

Ladies and gentlemen, this does conclude your conference.

女士們，先生們，你們的會議到此結束。