SAP SE (SAP) 2019 Q2 法說會逐字稿

Good day, and welcome to the SAP Q2 2019 Half Year Earnings Conference Call.

美好的一天，歡迎參加 SAP 2019 年第二季度半年收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

And 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 good afternoon.

早上好或下午好。

This is Stefan Gruber, head of Investor Relations at SAP.

我是 SAP 投資者關係主管 Stefan Gruber。

Thank you for joining us to discuss our results for the second quarter 2019.

感謝您加入我們討論我們 2019 年第二季度的業績。

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

我們的首席執行官比爾·麥克德莫特 (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, 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，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.

根據 1995 年美國私人證券訴訟改革法案的定義，本次電話會議期間作出的任何非歷史事實的陳述均為前瞻性陳述。

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.

與 SAP 相關的諸如預期、相信、估計、預期、預測、打算、可能、計劃、項目、預測、應該、展望和意願等詞語以及類似表達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。

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, our half year report and a financial summary slide deck, which are intended to supplement our prepared remarks on this call 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、半年報告和財務摘要幻燈片，旨在補充我們今天就此電話會議準備好的評論，並包括我們的非 IFRS 數字與 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 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。

Now looking forward to the end of the year, on November 12, we will hold a special Capital Markets Day in New York City.

現在期待年底，11 月 12 日，我們將在紐約市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 create and 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創造和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.

謝謝你，斯特凡。

Good morning, and thanks to everyone for joining today's call.

早上好，感謝大家參加今天的電話會議。

SAP's strong first-half puts the company in position to deliver on our targets for the full year.

SAP 上半年的強勁表現使公司能夠實現我們全年的目標。

Thanks to the continued trust of our customers, we are a profitable growth company.

由於客戶的持續信任，我們是一家盈利增長的公司。

The key growth drivers performed as we expected they would in the first half, giving us enormous confidence in our top line for years to come.

主要增長動力在上半年的表現符合我們的預期，這讓我們對未來幾年的收入充滿信心。

We're also a disciplined value creation company, since we issued our revised margin aspirations in April, we've already made progress.

我們也是一家紀律嚴明的價值創造公司，自從我們在 4 月份發布了修訂後的利潤率目標以來，我們已經取得了進展。

SAP will deliver significant shareholder value as we target approximately 500 basis points in margin improvement by 2023.

SAP 將實現重要的股東價值，因為我們的目標是到 2023 年將利潤率提高約 500 個基點。

So let's take a look at some of the details before Luka gives you the overall financials.

因此，在 Luka 向您提供整體財務數據之前，讓我們先看一下一些細節。

In Q2, we delivered a solid double-digit growth quarter across the board.

在第二季度，我們全面實現了穩健的兩位數增長。

Cloud revenue was up 40%, growing faster than key competitors.

雲收入增長了 40%，增長速度快於主要競爭對手。

Both cloud and software revenue and total revenue also grew in double digits.

雲和軟件收入以及總收入也都實現了兩位數的增長。

As software license overall was good, even with the minor headwinds in Asia due to trade uncertainties, which did postpone some deals and specifically, we'll get -- we didn't get everything we wanted in Asia, I'm going to expand on that in a minute, but don't worry about it.

由於軟件許可總體良好，即使由於貿易不確定性在亞洲出現輕微逆風，這確實推遲了一些交易，具體來說，我們會得到 - 我們沒有得到我們在亞洲想要的一切，我將擴大一分鐘後，但不要擔心。

Let me start off with that.

讓我從那個開始。

The clear headline for Q2 is that SAP continued to grow fast in the cloud, and it was driven by experience management as the real, real catalyst.

第二季度的明確標題是 SAP 在雲中繼續快速增長，它是由體驗管理驅動的，這是真正的、真正的催化劑。

IDC and other analysts have said XM is the new frontier.

IDC 和其他分析師表示，XM 是新領域。

And we actually agree with that.

我們實際上同意這一點。

XM is also the new front-end to every segment in the enterprise application software industry, including HCM, CRM, ERP and beyond.

XM 還是企業應用軟件行業每個細分市場的新前端，包括 HCM、CRM、ERP 等。

The concept of category creation is actually worth discussing here.

類別創建的概念在這裡其實值得討論。

Since 2000, there were 4,500 companies in the IT industry that were founded and took a Series A investment, only 75 of them made it to an IPO, only 36 became the dominant category winners.

2000年以來，IT行業有4500家公司成立並進行了A輪投資，其中只有75家成功IPO，只有36家成為主導類別的贏家。

Those winners now own 76% of the entire addressable market in their respective categories.

這些獲勝者現在擁有各自類別中整個潛在市場的 76%。

So when it comes to experienced management, you're going to hear plenty of noise out there from others who'd like to catch this wave.

因此，當談到經驗豐富的管理人員時，您會聽到很多其他想要趕上這股浪潮的人的聲音。

The question is who created the category.

問題是誰創建了類別。

And the answer, of course, is Qualtrics, which is why we couldn't be happier to have the SAP global distribution channel behind their XM platform.

答案當然是 Qualtrics，這就是為什麼我們非常高興在他們的 XM 平台背後擁有 SAP 全球分銷渠道。

In its second quarter, Qualtrics is proving to be the growth catalyst we expected and more.

在第二季度，Qualtrics 被證明是我們預期的增長催化劑，甚至更多。

Brian Smith and his team are already making a huge positive impact, and we're only getting started.

Brian Smith 和他的團隊已經產生了巨大的積極影響，而我們才剛剛開始。

If you look at our HCM business is one example, SuccessFactors is an early adopter of the XM vision with employee experience.

如果你看看我們的 HCM 業務就是一個例子，SuccessFactors 是 XM 願景的早期採用者，具有員工體驗。

By combining the Qualtrics and SuccessFactors offerings, we have differentiated against legacy HCM.

通過結合 Qualtrics 和 SuccessFactors 產品，我們在傳統 HCM 中脫穎而出。

That's why our SuccessFactors portfolio had a strong quarter, growing bookings in high-double digits year-on-year, with multiple wins against Workday and Oracle.

這就是為什麼我們的 SuccessFactors 產品組合有一個強勁的季度，預訂量同比增長兩位數，多次戰勝 Workday 和 Oracle。

Market-leading companies like Merck in Germany are shifting away from old HCM in favor of employee experience.

像德國默克這樣的市場領先公司正在從舊的 HCM 轉向支持員工體驗。

In the quarters to come, we will use all aspects of XM as the differentiator for the intelligent enterprise, including employee, customer product and brand experience.

在接下來的幾個季度，我們將使用 XM 的所有方面作為智能企業的差異化因素，包括員工、客戶產品和品牌體驗。

Experience management has superseded standalone digital transformation talk.

體驗管理已經取代了獨立的數字化轉型話題。

I personally share this message with CEOs around the world, the reaction is unanimous, every one of them wants XM.

我個人與世界各地的 CEO 分享了這個信息，他們的反應是一致的，每個人都想要 XM。

Balancing our healthy top line, operating profit was also up double digits for the company.

為了平衡我們健康的收入，公司的營業利潤也增長了兩位數。

This quarter you're seeing a dip in the IFRS operating profit.

本季度您會看到 IFRS 營業利潤下降。

This reflects updated estimates from our restructuring program, which was actually more subscribed than anticipated due to more volunteers in Germany than planned.

這反映了我們重組計劃的最新估計，由於德國的志願者比計劃多，該計劃實際上比預期的要多。

Luka will take you through the one-time effects in a few minutes, including M&A, tax and share-based compensation.

Luka 將在幾分鐘內帶您了解一次性影響，包括併購、稅收和基於股份的薪酬。

The non-IFRS operating profit was up a healthy 11% year-over-year, which is another significant feature in this double-digit growth quarter.

非 IFRS 營業利潤同比健康增長 11%，這是這個兩位數增長季度的另一個重要特徵。

On an organic basis, there's actually a margin improvement in the core underlying business, when you back out the dilutive effects that Luka will discuss.

在有機的基礎上，當你排除 Luka 將討論的稀釋效應時，核心基礎業務的利潤率實際上有所提高。

We also saw a 3-point improvement in our share of predictable revenue in the quarter, which continues to signal the broader success of the company's business model transformation.

我們還看到本季度可預測收入份額提高了 3 個百分點，這繼續表明公司業務模式轉型取得了更廣泛的成功。

So overall, we feel strongly about our top line and increasingly confident about the bottom line trajectory for the company.

因此，總的來說，我們對我們的收入有強烈的感覺，並且對公司的收入軌跡越來越有信心。

Our best run SAP review is designed to accelerate this operational track record.

我們的最佳運行 SAP 審查旨在加速這一運營記錄。

We now have support from a highly regarded external partner who is helping us identify opportunities across all corporate functions.

我們現在得到了一位備受推崇的外部合作夥伴的支持，他正在幫助我們發現所有公司職能部門的機會。

Even as where in the early stages, the initial indications strongly reinforced our stated aspirations.

即使在早期階段，最初的跡像也強烈地強化了我們既定的願望。

For example, the underlying cloud gross margins improved 4 percentage points in the current quarter, reflecting a success of our off-Oracle converged cloud initiative and accelerating partnerships with hyperscalers.

例如，本季度基礎雲毛利率提高了 4 個百分點，反映出我們的 Oracle 外融合雲計劃取得了成功，並加速了與超大規模企業的合作。

We look forward to the Capital Market Day in November, where we will unveil the comprehensive roadmap to deliver on the approximate 500 basis point margin improvement we fully expect by 2023.

我們期待 11 月的資本市場日，屆時我們將公佈全面的路線圖，以實現我們完全預期到 2023 年實現約 500 個基點的利潤率改善。

In terms of the challenges in the quarter, on the software revenue, the macro environment related to global trade, especially in Asia was a factor.

就本季度的挑戰而言，在軟件收入方面，與全球貿易相關的宏觀環境，尤其是亞洲是一個因素。

What you see here is large multi-national companies carefully recalibrating their operations and global supply chains.

您在這裡看到的是大型跨國公司正在仔細調整其運營和全球供應鏈。

In some cases, this causes a short-term delay on technology purchasing decisions.

在某些情況下，這會導致技術採購決策的短期延遲。

In our case, you actually see a net positive impact on the pipeline of SAP.

在我們的案例中，您實際上看到了對 SAP 管道的淨積極影響。

Many of our market units in Asia, for example, have higher pipeline forecast at this time in 2019 than they did one year ago.

例如，我們在亞洲的許多市場單位在 2019 年這個時候的管道預測都比一年前高。

And the forecasts across the company are in good shape.

整個公司的預測都很好。

I triple check every detail.

我仔細檢查每個細節。

This is because the companies that decide to make changes due to trade uncertainty look to SAP to support their plans to reroute channels or invest in new geographic markets.

這是因為由於貿易不確定性而決定做出改變的公司希望 SAP 支持他們重新規劃渠道或投資新地域市場的計劃。

So overall, while we've noticed the trade effect, our customers demand more from us as they adapt to it.

所以總的來說，雖然我們已經註意到貿易效應，但我們的客戶在適應它時對我們提出了更多要求。

In other words, the bill of materials is getting bigger on the deals.

換句話說，材料清單在交易中變得越來越大。

One more note on this.

關於這一點的另一個注意事項。

The temptation here might be to lessen the focus on China, which we believe to be a mistake.

這裡的誘惑可能是減少對中國的關注，我們認為這是一個錯誤。

I was just in Beijing for meetings with Premier Li a few weeks ago, while the short-term uncertainty over trade negotiations is having an impact in many industries, everyone recognizes these are the natural effects of globalization.

幾週前我剛剛在北京與李總理會面，貿易談判的短期不確定性正在對許多行業產生影響，但每個人都認識到這是全球化的自然影響。

I can tell you that the long-term health of the economy in China is obviously secure, and keep in mind there are more than 70 million enterprises operating in that country.

我可以告訴你，中國經濟的長期健康顯然是有保障的，請記住，中國有超過 7000 萬家企業。

So it's pretty good business opportunity.

所以這是一個很好的商機。

In terms of SAP's vibrant China business, while some transactions were delayed past Q2, that's a fact.

就 SAP 充滿活力的中國業務而言，雖然一些交易被推遲到第二季度之後，但這是事實。

Our pipeline in China remains ever robust, and we have a very good prognosis for Q3 and Q4.

我們在中國的管道一直很強勁，我們對第三季度和第四季度的預測非常好。

Another theme embedded in the quarter is in our cloud business, where we initiated our strategy to embrace our public cloud infrastructure partners.

本季度嵌入的另一個主題是我們的雲業務，我們在該業務中啟動了擁抱我們的公共雲基礎設施合作夥伴的戰略。

As a result, some workloads on certain SAP HANA Enterprise cloud deals moved in favor of joint engagements with our cloud infrastructure partners.

因此，某些 SAP HANA Enterprise 雲交易的一些工作負載轉向支持與我們的雲基礎設施合作夥伴的聯合參與。

This strategy will pay dividends for us in the quarters and the years to come.

這一戰略將在未來幾個季度和未來幾年為我們帶來紅利。

And significantly, it will help us continue improving cloud gross margins, which we have committed to do through 2023 and beyond.

重要的是，它將幫助我們繼續提高雲計算毛利率，這是我們承諾在 2023 年及以後實現的目標。

When you exclude the infrastructure as a service, tech business, our cloud bookings grew 27% year-on-year in Q2, which again reflects the overall health of our solutions portfolio.

當你排除基礎設施即服務、技術業務時，我們的雲預訂在第二季度同比增長 27%，這再次反映了我們解決方案組合的整體健康狀況。

And I'm not even discussing network and consumption based cloud revenue, which you never see.

而且我什至沒有討論基於網絡和消費的雲收入，這是你永遠看不到的。

So big picture, for years, the belief has been businesses have the data they need, they just can't access it.

這麼大的圖景，多年來，人們一直相信企業擁有他們需要的數據，只是他們無法訪問它。

What you're seeing in this experienced economy is this data assumption is wrong.

你在這個經驗豐富的經濟中看到的是這種數據假設是錯誤的。

Businesses don't have all the data they need because nearly all of their existing data was created by the business itself, we call this operational data.

企業沒有他們需要的所有數據，因為幾乎所有現有數據都是由企業本身創建的，我們稱之為運營數據。

Today's imperative is to go out and create a new data set, experience data that comes directly from the consumers and employees themselves.

今天的當務之急是走出去，創建一個新的數據集，體驗直接來自消費者和員工自身的數據。

Only when you layer the 2 data sets together, the operational data from the business and the experience data from the people, can you deliver true experience management.

只有將來自業務的運營數據和來自人員的體驗數據這 2 個數據集放在一起，您才能提供真正的體驗管理。

This is the catalyst of our intelligent enterprise strategy.

這是我們智能企業戰略的催化劑。

This is a message and a strategy that only SAP is delivering.

這是只有 SAP 才能提供的信息和策略。

Experience management is a paradigm shift for how CxOs run companies from the legacy inside out, to the visionary outside in.

體驗管理是 CxO 經營公司方式的範式轉變，從內到外的傳統，到從外到內的遠見卓識。

And armed with the right mix of experience data and operational data, intelligent enterprises will always know the next action to better serve their customers and their employees.

憑藉經驗數據和運營數據的正確組合，智能企業將始終了解下一步行動，以更好地為客戶和員工服務。

This, ladies and gentlemen, is the future of business.

女士們先生們，這就是商業的未來。

And our ambition is not only to lead the XM movement, it is to help our customers win it.

我們的雄心不僅是引領 XM 運動，還在於幫助我們的客戶贏得它。

This is the growth elixir that will uplift every solution in our portfolio as you saw with HCM in Q2.

正如您在第二季度看到的 HCM 一樣，這是增長靈丹妙藥，它將提升我們產品組合中的每個解決方案。

Overall, SAP continues to be the rarity in the industry, with S/4HANA adoption up to 11,500 customers globally, our core business is rock solid.

總體而言，SAP 仍然是行業中的佼佼者，S/4HANA 在全球的採用率高達 11,500 家客戶，我們的核心業務堅如磐石。

With solutions like Concur, continuing to grow in double digits on a global scale, our cloud portfolio couldn't be stronger.

借助像 Concur 這樣的解決方案，在全球範圍內繼續以兩位數的速度增長，我們的雲產品組合再強大不過了。

Our technology assets SAP HANA in the cloud, SAP Cloud Platform, SAP Leonardo and SAP Analytics Cloud have the strongest pipeline we've ever seen.

我們的技術資產 SAP HANA in the cloud、SAP Cloud Platform、SAP Leonardo 和 SAP Analytics Cloud 擁有我們見過的最強大的管道。

And if you look at brands like Burger King Brazil, Hitachi, Kawasaki, NH Hotel Group, Delivery Hero and many others, it's clear that SAP's entire solution portfolio is resonating strongly on a global basis.

如果你看看 Burger King Brazil、Hitachi、Kawasaki、NH Hotel Group、Delivery Hero 等品牌，很明顯，SAP 的整個解決方案組合在全球範圍內引起了強烈共鳴。

Add marquee partnerships and the story gets even stronger.

添加大型合作夥伴關係，故事會變得更加精彩。

Intel, a great company, and SAP have entered into a partnership to optimize the features and technologies in SAP HANA for Intel Xeon Scalable processes, and Intel Optane DC persistent memory.

偉大的公司英特爾和 SAP 建立了合作夥伴關係，以優化 SAP HANA 中的功能和技術，以支持英特爾至強可擴展進程和英特爾傲騰 DC 持久內存。

This will deliver customers industry-leading performance and TCO advantage for SAP S/4HANA.

這將為客戶提供 SAP S/4HANA 行業領先的性能和 TCO 優勢。

We will also jointly establish a center of excellence, so customers can evaluate, innovate and adopt Intel and SAP jointly developed technologies that power intelligent enterprises.

我們還將共同建立一個卓越中心，讓客戶可以評估、創新和採用英特爾和 SAP 聯合開發的技術，為智能企業提供動力。

I'd like to give my good friend, Bob Swan, a big salute for his outstanding friendship and cooperation.

我要向我的好朋友 Bob Swan 致以崇高的敬意，感謝他出色的友誼與合作。

SAP is also partnering with Infosys to help clients invest in purposeful innovation to become an intelligent enterprise.

SAP 還與 Infosys 合作，幫助客戶投資於有目的的創新，以成為智能企業。

Innov8 for Embrace, leverages Infosys industry knowledge.

Innov8 for Embrace，利用了 Infosys 的行業知識。

This is a platform delivered on a cloud hyperscale environment, with SAP digital solutions delivering end-to-end business outcomes at an accelerated pace.

這是一個在雲超大規模環境中交付的平台，SAP 數字解決方案以更快的速度交付端到端的業務成果。

They are new multiyear partnerships we couldn't be more excited about.

他們是新的多年合作夥伴關係，我們對此感到無比興奮。

These are ones that we're counting on and that will deliver upside big time.

這些是我們所指望的，它們將帶來巨大的上漲空間。

In closing, even in the seasonally smaller Q2, the fundamentals of the company are rock solid.

最後，即使在季節性較小的第二季度，公司的基本面也堅如磐石。

We're poised to continue fast growth in the cloud, we're focused on expanding our margin profile, promises made will be promises kept.

我們準備在雲中繼續快速增長，我們專注於擴大我們的利潤率，做出的承諾將信守承諾。

Our XM Intelligent Enterprise strategy is winning big time, our partner ecosystem is fired up, our employee morale is very high, our brand value is higher than ever.

我們的XM智能企業戰略正在大獲全勝，我們的合作夥伴生態系統正在蓬勃發展，我們的員工士氣非常高漲，我們的品牌價值比以往任何時候都高。

When you think about SAP's customers, the will inside our company to do what's right for them has never been stronger.

當您想到 SAP 的客戶時，我們公司內部為他們做正確事情的意願從未如此強烈。

The best, do run SAP.

最好的，運行 SAP。

And our commitment is to run this company at its very best.

我們承諾以最佳狀態運營這家公司。

So we can continue to power a new generation of economic growth, environmental sustainability and societal progress.

因此，我們可以繼續推動新一代的經濟增長、環境可持續性和社會進步。

That's what SAP is about, helping the world run better and improving people's lives.

這就是 SAP 的宗旨，幫助世界運轉得更好，改善人們的生活。

I thank you for your time and attention today.

我感謝你今天的時間和關注。

I look forward to taking your questions after Luka completes his remarks.

我期待在 Luka 完成他的發言後回答您的問題。

Luka, over to you.

盧卡，交給你了。

Yes, thank you very much, Bill.

是的，非常感謝你，比爾。

Let me start by echoing Bill's comments that the fundamentals of SAP are very strong.

讓我首先贊同 Bill 的評論，即 SAP 的基礎非常強大。

Just look at our cloud momentum.

看看我們的雲動力。

We have now grown our cloud revenue at 40% or higher in the last 4 quarters.

在過去的 4 個季度中，我們的雲收入增長了 40% 或更高。

That's impressive for a company at our scale.

對於我們這種規模的公司來說，這是令人印象深刻的。

I'm also pleased that our operational excellence measures have allowed us to achieve double-digit non-IFRS operating profit growth.

我也很高興我們的卓越運營措施使我們能夠實現兩位數的非 IFRS 營業利潤增長。

This is also remarkable, considering our second quarter revenue in software was inflicted by the recent short-term trade-related uncertainty in Asia.

考慮到我們第二季度的軟件收入受到亞洲近期與貿易相關的短期不確定性的影響，這也很了不起。

Let me now provide you with some background on the key drivers behind this quarter.

現在讓我向您介紹本季度背後的主要驅動因素的一些背景。

First, both cloud and software revenue as well as total revenue grew 11% this quarter.

首先，本季度雲和軟件收入以及總收入增長了 11%。

Cloud revenue was obviously again a big driver of this.

雲收入顯然再次成為其中的一大推動力。

Our cloud revenue surged 40%, and as Bill said, we saw an amazing performance of our Qualtrics Experience Management solutions.

我們的雲收入猛增 40%，正如 Bill 所說，我們看到了 Qualtrics 體驗管理解決方案的驚人表現。

New cloud bookings were up 17% to EUR 494 million, and up 27%, excluding our infrastructure as a service business.

新的雲預訂增長 17% 至 4.94 億歐元，增長 27%，不包括我們的基礎設施即服務業務。

Our customers are doing more infrastructure as a service business directly with our hyperscaler partners.

我們的客戶正在與我們的超大規模合作夥伴直接開展更多基礎設施即服務業務。

This is a good trend for SAP as it is positive for the margin profile of our cloud business.

這對 SAP 來說是一個好趨勢，因為它有利於我們雲業務的利潤率。

And you can already see that immediate positive effects on our cloud gross margin this quarter, which I'll talk about in a few minutes.

你已經可以看到本季度對我們的雲毛利率產生了直接的積極影響，我將在幾分鐘後討論。

In addition, as Bill mentioned, our SuccessFactors offerings have strong double-digit bookings growth, driven by rapid early adoption of Qualtrics Employee Experience.

此外，正如 Bill 所提到的，我們的 SuccessFactors 產品在早期快速採用 Qualtrics Employee Experience 的推動下，預訂量實現了兩位數的強勁增長。

Software license and support revenue continues to grow at a solid 2% in the second quarter, even with the well-publicized global trade effect.

即使全球貿易效應廣為人知，軟件許可和支持收入在第二季度繼續以 2% 的速度穩步增長。

If you look through the half year numbers, we had a great 4% growth performance in our rock solid cloud business.

如果你看一下半年的數據，我們堅如磐石的雲業務增長了 4%。

Our business is also becoming increasingly resilient, as Bill said in Q2, the share of more predictable revenue had a strong 3 percentage points uptake and it is now already approaching 70%.

正如比爾在第二季度所說，我們的業務也變得越來越有彈性，更可預測的收入份額增長了 3 個百分點，現在已經接近 70%。

Now to the regions.

現在到地區。

We had a solid performance in the EMEA region with cloud and software revenue increasing 9%.

我們在歐洲、中東和非洲地區表現穩健，雲和軟件收入增長了 9%。

Cloud revenue increased by 46%, with Germany and Spain being highlights.

雲收入增長了 46%，其中德國和西班牙是亮點。

In addition, Germany had another solid quarter in software license revenue.

此外，德國的軟件許可收入也有一個穩定的季度。

France and Italy had a strong quarter in software license revenue.

法國和意大利在軟件許可收入方面表現強勁。

In the Americas region, we had a strong performance.

在美洲地區，我們表現強勁。

Cloud and software revenue increased by 16%, cloud revenue increased by 37%, with the United States, Canada and Brazil being highlights.

雲和軟件收入增長 16%，雲收入增長 37%，其中美國、加拿大和巴西是亮點。

In addition, the U.S. also had a solid quarter in software license revenue and Canada had a strong quarter.

此外，美國的軟件許可收入也有穩健的季度，加拿大也有強勁的季度。

The APJ region, we had a solid performance, despite the trade related micro-headwinds.

在 APJ 地區，儘管存在與貿易相關的微逆風，但我們的表現依然穩健。

Cloud and software revenue was up by 8%.

雲和軟件收入增長了 8%。

Cloud revenue increased by 41%, with Japan being a highlight.

雲收入增長了 41%，其中日本是亮點。

The software license revenue, Australia and India had a strong quarter.

在軟件許可收入方面，澳大利亞和印度的季度表現強勁。

Now let's look at profitability and gross margins in the second quarter.

現在讓我們看看第二季度的盈利能力和毛利率。

First of all, we're very happy to report that all our individual cloud gross margins were again up year-over-year, leading to an overall cloud gross margin of 68%, which is up 2 percentage points sequentially and up sharply at 4 percentage points year-over-year.

首先，我們非常高興地報告，我們所有的個人云毛利率再次同比增長，導致整體雲毛利率達到 68%，環比上升 2 個百分點，大幅上升至 4 個百分點個百分點。

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

現在我們最賺錢的雲業務，Intelligent Spend Group，前身為Business Network，毛利率同比增長1個百分點，達到78%。

The gross margin of our other SaaS/PaaS business expanded massively by 8 percentage points year-over-year, reaching 69%.

我們其他 SaaS/PaaS 業務的毛利率同比大幅增長 8 個百分點，達到 69%。

More importantly, this gross margin improved sequentially by 5 percentage points as we saw the first full quarter of SuccessFactors running solely on the converged cloud HANA base platform.

更重要的是，這一毛利率連續提高了 5 個百分點，因為我們看到 SuccessFactors 第一個完整季度僅在融合雲 HANA 基礎平台上運行。

This is a crucial milestone as it gives us the ability to embed real-time predictive capabilities and cutting-edge future innovations by providing expense relief as we retire duplicate infrastructure, reduce third-party support fees and rationalize resources.

這是一個重要的里程碑，因為它使我們能夠在淘汰重複的基礎設施、減少第三方支持費用和合理化資源時提供費用減免，從而嵌入實時預測功能和尖端的未來創新。

For HANA Enterprise Cloud, which is our infrastructure as a service offering, the cloud gross margin improved by 11 percentage points to 22% year-over-year.

對於我們的基礎架構即服務產品 HANA 企業雲，雲毛利率同比增長 11 個百分點至 22%。

As we said, we expect to reach a level of 30% to 35% in 2020.

正如我們所說，我們預計到 2020 年將達到 30% 至 35% 的水平。

We see infrastructure as a service becoming a smaller share of the cloud mix going forward as we continue to accelerate our hyperscaler partnerships.

隨著我們繼續加速與超大規模合作夥伴的合作，我們認為基礎設施即服務在未來雲組合中所佔的份額將越來越小。

Overall, our cloud and software gross margin was a solid 81% for the quarter, our services gross margin was down 2 percentage points to 24%, as we hired more consultants to specifically address the strong S/4 implementations backlog.

總體而言，本季度我們的雲和軟件毛利率穩定在 81%，我們的服務毛利率下降 2 個百分點至 24%，因為我們聘請了更多顧問來專門解決強大的 S/4 實施積壓問題。

Overall, operating profit was up 11% year-over-year, driven by a combination of a strong top line, more focused hiring and continued efficiency gains in our cloud business.

總體而言，營業利潤同比增長 11%，這得益於強勁的收入、更專注的招聘以及我們雲業務的持續效率提升。

This led to a stable operating margin in Q2, even with an acquisition headwind of approximately 40 basis points in the quarter.

這導致第二季度的營業利潤率保持穩定，即使該季度的收購逆風約為 40 個基點。

For the first half, we were able to expand our operating margin by 20 basis points.

上半年，我們能夠將營業利潤率提高 20 個基點。

Now turning to IFRS operating profit as well as EPS and taxes.

現在轉向 IFRS 營業利潤以及每股收益和稅收。

Q2 IFRS operating profit and EPS were both down 21%, impacted by higher acquisition-related charges as expected.

第二季度 IFRS 營業利潤和每股收益均下降 21%，受到與預期更高的收購相關費用的影響。

In addition, IFRS operating profit was impacted by higher share-based compensation, both due to the Qualtrics acquisition but also particularly as a strong SAP share price increase over the second quarter.

此外，IFRS 營業利潤受到更高的基於股票的薪酬的影響，這既是由於 Qualtrics 的收購，也是因為 SAP 股價在第二季度強勁上漲。

As well as additional restructuring charges, mainly due to the higher-than-expected estimated participation rate in the voluntary redundancy and early retirement programs in Germany.

以及額外的重組費用，主要是由於德國自願裁員和提前退休計劃的估計參與率高於預期。

Since these are very significant effects this year, let me put some numbers to it.

由於這些是今年非常顯著的影響，讓我給它一些數字。

If we compare the first half of 2018 to the first half this year, we now have close to EUR 100 million of higher acquisition-related charges and revenue adjustments, mainly from the acquisition of Qualtrics.

如果我們將 2018 年上半年與今年上半年進行比較，我們現在有近 1 億歐元的更高的收購相關費用和收入調整，主要來自收購 Qualtrics。

We also have more than EUR 600 million higher share-based compensation expenses at approximately EUR 1 billion higher restructuring charges.

我們還增加了超過 6 億歐元的股權補償費用，重組費用增加了約 10 億歐元。

But to be clear, as a consequence, we obviously expect IFRS operating profit to be sharply up in 2020, at even significantly higher growth rates than on a non-IFRS basis, as there will be no meaningful restructuring expenses and a general downwards trend of acquisition-related charges.

但需要明確的是，我們顯然預計 IFRS 營業利潤將在 2020 年大幅上升，增長率甚至明顯高於非 IFRS 基礎，因為不會有有意義的重組費用，而且總體呈下降趨勢收購相關費用。

Moving onto EPS, we saw a strong 11% increase year-over-year for the fourth quarter -- for the second quarter and 17% for the half year on a non-IFRS basis.

轉向每股收益，我們看到第四季度同比強勁增長 11% - 第二季度和非 IFRS 基礎上半年增長 17%。

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

與去年同期相比，我們的 IFRS 和非 IFRS 有效稅率略有下降。

The IFRS rate decreased by 0.9 percentage points to 28.6% while the non-IFRS rate decreased by 0.5 percentage points to 27%.

IFRS 利率下降 0.9 個百分點至 28.6%，而非 IFRS 利率下降 0.5 個百分點至 27%。

Our operating cash flow was EUR 2.7 billion, down 10% in the first 6 months.

我們的經營現金流為 27 億歐元，前 6 個月下降了 10%。

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

正如我們在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。

I'd like to provide you with an update for the first half 2019.

我想為您提供 2019 年上半年的更新。

First, operating cash flow experienced a year-over-year benefit of roughly EUR 185 million from the application of IFRS 16, which we neutralized in an adapted definition for our free cash flow, just to remind.

首先，運營現金流因應用 IFRS 16 而實現了約 1.85 億歐元的同比收益，我們在自由現金流的調整定義中將其中和，只是提醒一下。

Also compared to the prior year, we had higher restructuring payouts of close to EUR 200 million.

此外，與上一年相比，我們的重組支出增加了近 2 億歐元。

Higher share-based compensation payouts of around EUR 230 million and higher tax payouts of more than EUR 400 million.

更高的股權薪酬支出約為 2.3 億歐元，稅收支出更高，超過 4 億歐元。

For the total year 2019, again, as compared to the prior year, we currently expect higher restructuring payouts of somewhere between EUR 550 million to EUR 750 million, higher share-based compensation payouts of around EUR 400 million and higher tax payouts of around EUR 600 million.

對於 2019 年全年，與上一年相比，我們目前預計重組支出將增加 5.5 億至 7.5 億歐元，基於股份的補償支出將增加約 4 億歐元，稅收支出將增加約 2 億歐元6億。

Due to the adverse impact of the items just mentioned, we now expect 2019 operating cash flow to be slightly lower than in 2018.

由於剛才提到的項目的不利影響，我們現在預計 2019 年的經營現金流將略低於 2018 年。

Similar to IFRS operating profit, we expect a steep increase in operating cash flow in 2020 as restructuring and tax payouts will sharply recede, and we also do not expect significant increases of payouts for share-based compensation.

與 IFRS 營業利潤類似，我們預計 2020 年營業現金流量將大幅增加，因為重組和稅收支出將大幅減少，而且我們預計基於股份的薪酬支出不會大幅增加。

Free cash flow for the first half also decreased by 10% to EUR 2 billion, reflecting the lower operating cash flow, but partially offset by CapEx, which came in at EUR 279 million lower.

上半年的自由現金流也下降了 10% 至 20 億歐元，反映出較低的運營現金流，但部分被資本支出所抵消，資本支出減少了 2.79 億歐元。

We expect that this trend towards lower CapEx will also continue in the second half.

我們預計這種降低資本支出的趨勢也將在下半年繼續。

Before I conclude, I would like to give you an update on our nonfinancial performance and sustainability highlights as well.

在結束之前，我想向大家介紹一下我們的非財務業績和可持續發展亮點的最新情況。

Our CO2 emissions remain flat year-over-year at 75 kilotons despite the addition of Qualtrics.

儘管增加了 Qualtrics，我們的二氧化碳排放量仍保持在 75 千噸，同比持平。

Our goal remains to be carbon neutral by 2025.

我們的目標仍然是到 2025 年實現碳中和。

For our sustainability policies, we have been able to achieve cost avoidance of EUR 238 million over the last 3 years.

對於我們的可持續發展政策，我們在過去 3 年中節省了 2.38 億歐元的成本。

Further, we have now updated our global environmental policy and introduced the new target to phase out single-use plastic completely by 2020.

此外，我們現在已經更新了我們的全球環境政策，並引入了到 2020 年完全淘汰一次性塑料的新目標。

We continue to make progress on the social front as well.

我們在社會方面也繼續取得進展。

As we continue to work to achieve gender equality, we are now at 26.2% women in management, on track to achieving our goal of 30% by 2022.

隨著我們繼續努力實現性別平等，我們現在的管理層女性比例為 26.2%，有望實現到 2022 年 30% 的目標。

So to summarize, Q2 was a solid quarter, as we continue our journey towards an SAP that is leaner, more agile and even more customer-oriented than before.

總而言之，第二季度是一個穩定的季度，因為我們繼續朝著比以前更精簡、更敏捷、甚至更以客戶為導向的 SAP 邁進。

We are very confident that the opportunities for operational improvements will continue.

我們非常有信心，運營改進的機會將繼續存在。

We remain as confident in our 2019 outlook as we are in our midterm ambition.

我們對 2019 年的展望和我們的中期目標一樣充滿信心。

And like we've said before, we will provide additional details on our operational excellence initiatives and capital allocation policy at our special Capital Markets Day on November 12, in New York City.

就像我們之前說過的那樣，我們將在 11 月 12 日於紐約市舉行的特別資本市場日上提供有關卓越運營計劃和資本配置政策的更多詳細信息。

Thank you.

謝謝。

And we will now be happy to take your questions.

我們現在很樂意回答您的問題。

(Operator Instructions) And we will take our first question from Walter Pritchard with Citi.

（操作員說明）我們將從花旗的沃爾特普里查德那裡提出我們的第一個問題。

I think everybody understands the impact from the hyperscalers qualitatively.

我認為每個人都定性地理解超大規模用戶的影響。

Could you help us understand as we look forward in the year, how much on the IaaS side we expect to see the hyperscaler -- shift to hyperscalers impact the cloud business?

您能否幫助我們了解今年的展望，我們希望在 IaaS 方面看到超大規模應用程序——向超大規模應用程序的轉變對雲業務的影響有多大？

And does it impact at all your longer term goals around cloud?

它會影響您圍繞雲計算的所有長期目標嗎？

Yes.

是的。

Just to kind of net it out, the hyperscalers will be a growth opportunity for SAP.

簡單地說，超大規模將成為 SAP 的增長機會。

The SAP Cloud Platform is at a mature phase now, where it can grow into the hyperscaler environment that will lead the customer to many more of the cloud-based solutions that SAP offers.

SAP Cloud Platform 現在處於成熟階段，可以發展成為超大規模環境，引導客戶使用 SAP 提供的更多基於雲的解決方案。

And that is the factor that probably no one out there is counting on, but it's coming.

這可能是沒有人指望的因素，但它即將到來。

And secondly, the HANA Enterprise Cloud now is being run by some real pros.

其次，HANA 企業雲現在由一些真正的專業人士運行。

So instead of a low margin business, that was uninteresting financially, it's now improving steadily.

因此，它不是低利潤業務，在財務上沒有吸引力，現在正在穩步改善。

And you're already over 22% with the margin performance of HEC and it'll get into the mid-30s.

HEC 的利潤率已經超過 22%，並且會進入 30 年代中期。

And it's actually performing at a quality standard commensurate with the hyperscalers now.

它實際上以與現在的超大規模計算器相稱的質量標準執行。

It wasn't always, it is now.

以前不是，現在是。

We have turned back on the valve, many of our customers want the white glove treatment that comes along with their complete portfolio of SAP solutions and they want the HEC, and they are going to get it, the HEC is the HANA Enterprise Cloud.

我們已經重新打開閥門，我們的許多客戶都希望在他們完整的 SAP 解決方案組合中獲得白手套待遇，他們想要 HEC，他們會得到它，HEC 就是 HANA 企業雲。

Similarly, many of our customers have migrated and will migrate to the hyperscalers.

同樣，我們的許多客戶已經遷移並將遷移到超大規模。

And we're very well-positioned and, I think, what you are not counting on is just how much cloud revenue will come SAP's way by leaning into those strategic partnerships.

而且我們處於非常有利的位置，而且我認為，您不指望的是通過依賴這些戰略合作夥伴關係，SAP 將獲得多少雲收入。

So to be very clear, the bookings scenario in the company is ever strong.

所以非常清楚，公司的預訂情況一直很強勁。

The pipelines are entirely commensurate with what you would expect and what we guided for.

這些管道完全符合您的期望和我們的指導。

And count on the cloud to come through in the bookings and the revenue in the back end of the year, command, performance in the cloud on its way.

並指望雲在今年年底的預訂和收入中實現，命令，雲中的性能正在路上。

And we will take our next question from Charles Brennan with Crédit Suisse.

我們將接受 Charles Brennan 和 Crédit Suisse 的下一個問題。

Can we just drill into what feels like it's been a bit of revenue weakness during the quarter?

我們能否深入了解本季度收入有點疲軟的感覺？

I know you called out the trade wars in Asia, but can you just remind us, are the Asian customers primarily on premise or does that also impact the cloud?

我知道你在亞洲發起了貿易戰，但你能不能提醒我們，亞洲客戶主要是在本地還是這也會影響雲？

And if it's not the Asian customers who are impacting the cloud bookings, what's the bottleneck that's holding the cloud bookings back to high teens on an organic basis.

如果不是影響雲預訂的亞洲客戶，那麼阻礙雲預訂有機地回到十幾歲的瓶頸是什麼。

Yes, a couple things.

是的，有幾件事。

First of all, the Asian markets is fine, China in this particular quarter wasn't as strong as we're used to see in China.

首先，亞洲市場很好，這個特定季度的中國並不像我們過去在中國看到的那樣強勁。

China usually grows steeply in both the on-premise and the cloud, and there was postponed decisions in China.

中國通常在內部部署和雲計算方面都急劇增長，並且在中國有推遲的決定。

So we did see that.

所以我們確實看到了。

What you're seeing in this environment is there are a lot of companies, that were manufacturing things in China, that are actually moving, supply chains and manufacturing facilities to alternative locations.

你在這種環境中看到的是，有很多公司在中國製造東西，實際上正在將供應鍊和製造設施轉移到其他地方。

Those locations include places like Malaysia, Vietnam and even Mexico.

這些地點包括馬來西亞、越南甚至墨西哥等地。

So while that dislocation takes place, it does impact Asia to some extent, China specifically.

因此，儘管發生了這種錯位，但它確實在一定程度上影響了亞洲，尤其是中國。

So that's the scenario.

這就是情況。

And then, what you do is you go in and you look at okay, well, what did the pipeline do, post quarter because don't forget, we ended the quarter on a Sunday on June 30.

然後，你要做的就是進去看看，好吧，管道做了什麼，發布季度因為不要忘記，我們在 6 月 30 日的星期日結束了這個季度。

And the G20 discussion was happening at the end of that week in Japan.

G20 的討論是在那個週末在日本舉行的。

So there was a lot of people hovering for the outcome of G20 in terms of some of their strategic calls.

所以很多人在G20的一些戰略呼籲上徘徊。

Most of those deals that were hanging out there have either closed or the bill of materials has expanded because when you change a supply chain, you open up a new manufacturing facility, you start operations in a new geography, even if it's in the similar region, you have governance, you have complaints, you have many things to consider.

大多數掛在那裡的交易要么已經結束，要么材料清單已經擴大，因為當你改變供應鏈時，你會開設一個新的製造工廠，你會在一個新的地理區域開始運營，即使它在相似的地區，你有治理，你有投訴，你有很多事情要考慮。

And I think that's one of the reasons why our Digital Supply Chain cloud business grew in triple digits.

我認為這就是我們的數字供應鏈雲業務以三位數增長的原因之一。

Because many of the customers are now counting on SAP to help them.

因為許多客戶現在都指望 SAP 來幫助他們。

So that's the big picture, and as I look at Q3 on a pipeline and a forecasted level in that region, right now, I have Adaire sitting next to me if she'd like to make some color commentary, she is more than welcome.

所以這就是大局，當我看到第三季度的管道和該地區的預測水平時，現在，如果她想發表一些色彩評論，我有 Adaire 坐在我旁邊，非常歡迎她。

Everything looks very strong.

一切看起來都很強大。

The coverage that we have in the pipeline is as good, if not better than what's been all year long.

我們正在籌備中的報導即使不比一整年都好，也一樣好。

Adaire?

阿黛爾？

Yes.

是的。

Thanks, Bill.

謝謝，比爾。

Certainly, as we enter Q3, we're entering it with a multiple of coverage, but also more importantly, with the conversion history in this quarter and that will ensure a good outcome for us in terms of our business in Asia.

當然，當我們進入第三季度時，我們將以多種覆蓋面進入它，但更重要的是，隨著本季度的轉換歷史，這將確保我們在亞洲的業務取得良好成果。

And I think when I look at SAP's position there, of course, the supply chain impact was significant on our China business, but we've got to remember we've been in Asia Pacific, Japan for 30 years now.

而且我認為，當我查看 SAP 在那裡的位置時，當然，供應鏈對我們的中國業務產生了重大影響，但我們必須記住，我們已經在日本亞太地區工作了 30 年。

We have very strong teams and very strong businesses across the region, which allows us to support our customers as they move these manufacturing capabilities into other regions.

我們在該地區擁有非常強大的團隊和非常強大的業務，這使我們能夠支持我們的客戶將這些製造能力轉移到其他地區。

And we are now working with those customers who delayed some of those decisions to provide both commercial flexibility and certainty and from an SAP perspective in the place of what is political and economic uncertainty.

我們現在正在與那些推遲了其中一些決策的客戶合作，以提供商業靈活性和確定性，並從 SAP 的角度來看，而不是政治和經濟的不確定性。

So we're very comfortable as we move into Q3, that we will be able to manage those transactions that did not happen in Q2, but also deliver a very strong Q3 from Asia for the company.

因此，當我們進入第三季度時，我們感到非常自在，我們將能夠管理那些在第二季度沒有發生的交易，同時也為公司帶來來自亞洲的非常強勁的第三季度。

Are you able to give us a quantification of the revenue slippage from Q2 and to Q3?

您能給我們量化一下從第二季度到第三季度的收入下滑情況嗎？

You can basically look at -- the only thing you can point out, right, is the license.

您基本上可以查看 - 您唯一可以指出的是許可證。

You're negative 5 or negative 6 depending on what currency you want to look at it instead of flat or up or down 2. And you can attribute it to that region primarily.

你是負 5 還是負 6，這取決於你想看什麼貨幣，而不是持平或上漲或下跌 2。你可以將它主要歸因於該地區。

So that's why we're talking about Asia today.

這就是我們今天談論亞洲的原因。

But you've got to remember these are a few percentage points.

但你必須記住這些只是幾個百分點。

If you look at Q2 last year, put the global trade thing on the shelf for a second, our license in Q2 last year was down 5%.

如果你看看去年第二季度，把全球貿易擱置一秒鐘，我們去年第二季度的許可證下降了 5%。

It's a very similar thing to this year.

這與今年非常相似。

So you got a lot of things going on in SAP's Q2.

所以你在 SAP 的第二季度發生了很多事情。

You got SAPPHIRE, you got a Sunday quarter close on a June 30, you got the G20, you got the Asia supply chain and manufacturing dislocation.

你有 SAPPHIRE，你有 6 月 30 日的周日季度收盤，你有 G20，你有亞洲供應鍊和製造錯位。

So I, like, wouldn't react to this because we're reiterating the guidance, the pipeline in Asia is the highest coverage in terms of the pipe to the conversion of the license in the company.

所以我不會對此做出反應，因為我們重申了指導意見，就管道到公司許可證轉換而言，亞洲的管道覆蓋率最高。

So whatever didn't happen will happen and it will happen at a larger scale billing material.

因此，任何未發生的事情都會發生，並且會在更大規模的計費材料中發生。

We're also very well-positioned politically, and I think it's very important in these trying times that companies and their brands and their leadership is highly regarded at the top government offices around the world.

我們在政治上也處於非常有利的位置，我認為在這些艱難時期，公司及其品牌及其領導層在世界各地的政府高層辦公室受到高度重視非常重要。

And SAP's positioned positively whether it's Europe, the United States or Asia and specifically China very, very well.

SAP 的定位非常積極，無論是在歐洲、美國還是亞洲，尤其是在中國。

Our brand is very highly thought of there and we'll be in good shape.

我們的品牌在那裡受到高度重視，我們會保持良好狀態。

Let's take the next question, please.

請讓我們回答下一個問題。

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

我們將與富國銀行一起接受 Phil Winslow 的下一個問題。

Obviously, you have spent a lot of time on Asia on the call this quarter.

顯然，您在本季度的電話會議上花了很多時間在亞洲。

But what I want to focus on Europe and Germany, in particular.

但我想特別關注歐洲和德國。

So the trends that you're seeing there, obviously, industrial production data points have not been great for Germany for several quarters, but SAP keeps delivering this high single-digit 10% growth rates.

所以你在那裡看到的趨勢，很明顯，德國幾個季度的工業生產數據點都不是很好，但 SAP 一直保持著 10% 的高個位數增長率。

Bill, in a day or 2, for that matter, when you're talking to CEOs and customers what continues to drive that performance in Europe but also particularly Germany?

比爾，就此而言，一兩天后，當你與首席執行官和客戶交談時，是什麼繼續推動歐洲，尤其是德國的業績？

Phil, thank you for the question.

菲爾，謝謝你的提問。

I think it's pretty well-known that the SAP brand is so highly regarded in Europe.

我認為 SAP 品牌在歐洲享有如此高的聲譽是眾所周知的。

Digital transformation, SAP is at the epicenter of changing business processes, whether it's the S/4HANA flagship platform or its the line of Business Network and now XM cloud solutions.

數字化轉型，SAP 處於不斷變化的業務流程的中心，無論是 S/4HANA 旗艦平台還是其業務網絡系列和現在的 XM 雲解決方案。

If you look at Germany, we grew double digits in Germany in our business.

如果你看看德國，我們在德國的業務增長了兩位數。

And I don't know too many companies in tech that are growing double digits in Germany.

而且我不知道有多少科技公司在德國以兩位數的速度增長。

And our Core business is rock solid in Germany and our cloud business is doing extremely well.

我們的核心業務在德國堅如磐石，我們的雲業務也做得非常好。

Again, I'm on the European Round Table.

再一次，我在歐洲圓桌會議上。

I think I might be the only American on the European Round Table running a substantially sized company.

我想我可能是歐洲圓桌會議上唯一經營一家規模龐大的公司的美國人。

I also enjoy that new business round table in the United States, and I can tell you that SAP is revered in Europe.

我也很喜歡在美國舉行的新商業圓桌會議，我可以告訴你，SAP 在歐洲備受推崇。

And one of the examples I gave on the experienced management side was Merck, you can't talk to a CEO in Germany, France, the U.K. or anywhere else that isn't talking about SAP HANA, S/4HANA, the cloud connections and now especially experienced management.

我在經驗豐富的管理方面給出的例子之一是默克，你不能與德國、法國、英國或其他任何地方的首席執行官交談，而不是談論 SAP HANA、S/4HANA、雲連接和現在特別有經驗的管理。

Don't forget we're in the big omnichannel e-commerce world, it's mass personalization at scale.

不要忘記我們身處大型全渠道電子商務世界，這是大規模的大規模個性化。

Europe is very concerned with privacy of consumers, we're the British Standards Institute platinum example of a company that protects the data of the customer and the consumer.

歐洲非常關註消費者的隱私，我們是英國標準協會保護客戶和消費者數據的公司白金榜樣。

And in, Europe especially Germany since you mentioned it, that's a really big deal.

在歐洲，尤其是德國，因為你提到了它，這真的很重要。

So again, SAP pristine reputation and we'll continue to do very well and double-digit is absolutely where we need to be in Europe and we'll stay there.

再說一次，SAP 的原始聲譽，我們將繼續做得很好，兩位數絕對是我們在歐洲需要達到的水平，我們將留在那裡。

I feel very comfortable and very positive about our business in Europe and in Germany, in particular.

我對我們在歐洲，尤其是在德國的業務感到非常滿意和積極。

We have a very strong installed base in the German market.

我們在德國市場擁有非常強大的安裝基礎。

And a number of our larger transactions this quarter were transactions that were transformational in nature, transactions that were moving our customers to the next generation of SAP (inaudible).

本季度我們的一些較大交易是本質上具有轉型性的交易，這些交易將我們的客戶轉移到下一代 SAP（聽不清）。

And transactions that we're taking into consideration how experience management could add to the business outcomes of those consumers.

以及我們正在考慮的交易，體驗管理如何增加這些消費者的業務成果。

We have a strong team, right across Europe, with tenure, and we have deep relationships with many of our customers.

我們擁有一支強大的團隊，遍布整個歐洲，擁有任期，並且我們與許多客戶建立了深厚的關係。

So we're looking forward to the on growing migration of our customers in Europe to next-generation technology and next-generation experiences for their customers in the market.

因此，我們期待著我們的歐洲客戶越來越多地向市場上的客戶遷移到下一代技術和下一代體驗。

Let's take the next question, please.

請讓我們回答下一個問題。

And we will take our next question from Stacy Pollard with JP Morgan.

我們將與 JP Morgan 一起接受 Stacy Pollard 的下一個問題。

Networks.

網絡。

Just looking at networks flow to 17% constant-currency growth in Q2.

只看網絡流量在第二季度以 17% 的固定貨幣增長。

Can you give some product trends there, maybe say, where the weakness is coming from, or relative weakness?

你能給出一些產品趨勢嗎，也許可以說弱點來自哪裡，或者相對弱點？

And then is teen sustainable range?

然後是青少年可持續範圍嗎？

Or do you think it could get back up to above 20%?

或者您認為它可以恢復到 20% 以上嗎？

Yes.

是的。

This is Jennifer.

這是詹妮弗。

So in our business, I feel really good about the intelligent span, I don't think there's anything to be concerned about.

所以在我們的業務中，我對智能跨度感覺非常好，我認為沒有什麼可擔心的。

A couple of the Ariba deals slipped into the -- first, second week of July, but we feel really good about where we're going with the network business.

Ariba 的幾筆交易進入了 7 月的第一周和第二週，但我們對網絡業務的發展方向感到非常滿意。

We've got some great innovation underway and we'll be talking about that a little bit more at our Capital Markets Day.

我們正在進行一些偉大的創新，我們將在我們的資本市場日更多地討論這一點。

So we feel very good about the direction of that and the growth.

所以我們對這個方向和增長感到非常滿意。

And Stacy, one thing that's very important, Stacy, Fieldglass is doing great.

還有 Stacy，一件非常重要的事情，Stacy，Fieldglass 做得很好。

And Concur is the bellwether of all cloud assets in the network and it's doing very, very well.

Concur 是網絡中所有云資產的領頭羊，它的表現非常非常好。

So there is no reason to think that this thing is slowing down, it's going to be ever steady.

所以沒有理由認為這件事正在放緩，它會一直保持穩定。

And I think you're going to actually see the growth rate pick up in the Q3 and Q4 timeframe as well.

而且我認為您實際上也會看到第三季度和第四季度的增長率回升。

Especially, over here in Asia, Concur really blew it out in Q2 over here in Japan, I am in Singapore right now, and we're doing some pretty interesting partnerships with some of the banks that we're working with.

特別是在亞洲，Concur 在日本的第二季度確實取得了成功，我現在在新加坡，我們正在與正在合作的一些銀行建立一些非常有趣的合作夥伴關係。

So we're excited to share more of that at the Capital Markets Day with what we're doing with the network.

因此，我們很高興能在資本市場日分享更多關於我們在網絡上所做的事情。

Let's take next question, please.

請讓我們回答下一個問題。

And our next question comes from Adam Wood with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當伍德。

I've got 2 if I could.

如果可以的話，我有 2 個。

Just, first of all, on margins.

只是，首先，在利潤率上。

Margins are flat on a constant-currency basis in the first half.

上半年，按固定匯率計算，利潤率持平。

I think if I look at the implied guidance, we're looking for maybe a 60 basis point improvement for the year.

我認為，如果我看一下隱含的指引，我們正在尋找今年可能有 60 個基點的改進。

Luka, could you just maybe talk a little bit how you feel about that?

盧卡，你能談談你對此的感受嗎？

And maybe help us with the phasing of how restructuring benefits starts to flow through to P&L.

也許可以幫助我們分階段重組收益如何開始流入損益表。

Did we see most of that already in the second quarter?

我們是否已經在第二季度看到了大部分內容？

Do we see more of that through the full year?

全年我們會看到更多嗎？

And maybe the same on the cloud side, do we have most of the benefits already in the P&L or is there more to come?

也許在雲方面也一樣，我們是否已經在損益表中獲得了大部分收益，還是還會有更多收益？

So you just help us on the linearity and how you feel about where you are this year versus the full year guide on margins that would be great?

因此，您只是幫助我們了解線性度以及您對今年的情況與全年利潤率指南的感覺如何？

And kind of linked to that, Bill, obviously you got some fantastic opportunities around cloud and particularly bringing Qualtrics into the business and broadening that out.

與此相關的是，Bill，顯然你在雲方面獲得了一些極好的機會，特別是將 Qualtrics 引入業務並擴大業務範圍。

Could you just talk a little bit as a CEO, how you balance driving the efficiency in the business and driving margins higher while making sure you're not cutting things that are important to take advantage of the opportunities things like Qualtrics bring?

作為首席執行官，您能否談一談您如何在提高業務效率和提高利潤率之間取得平衡，同時確保您不會削減對利用 Qualtrics 等機會帶來的重要機會？

Why don't I go first, Adam, and then we'll finish up on the important financial questions with Luka because I think it's a really important questions that you've asked.

亞當，為什麼我不先發言，然後我們將與盧卡一起解決重要的財務問題，因為我認為這是您提出的一個非常重要的問題。

Very clearly, SAP is a growth company, okay?

很明顯，SAP 是一家成長型公司，好嗎？

And we are going to remain a growth company.

我們將繼續成為一家成長型公司。

And the way I look at growth, I look at HANA as the biggest best-kept secret of all time, we're going after the database market with all we have.

我看待增長的方式，我將 HANA 視為有史以來最大的秘密，我們正在全力追趕數據庫市場。

I look at S/4HANA as the flagship platform.

我將 S/4HANA 視為旗艦平台。

We got lots more growth coming with S/4HANA, especially as more and more of it comes in the cloud.

S/4HANA 帶來了更多的增長，尤其是隨著越來越多的增長出現在雲端。

We have a new release in Q4, we'll start marketing it in Q3, we're going after the upper market and the large enterprise and that hasn't even taken off yet.

我們在第四季度發布了一個新版本，我們將在第三季度開始營銷它，我們正在追逐高端市場和大型企業，而這甚至還沒有起飛。

And meanwhile, we get 50% of our customers as net new.

與此同時，我們有 50% 的客戶是全新客戶。

When I think about the line of business, the network experience management we only scratched the surface.

當我考慮業務線時，網絡體驗管理我們只是觸及了表面。

With Qualtrics as the front end, to employee, to customer to this whole idea of brand and ERP, it's going to set the world on fire.

以 Qualtrics 作為前端，對員工、客戶乃至品牌和 ERP 的整個理念，它將點燃世界。

It's a sensational breakthrough and the way companies can now think of the world from the outside in instead of the inside out, and we have the fundamental tools to enable business model innovation at mass scale for companies and individual consumers alike.

這是一個轟動性的突破，也是公司現在可以從外到內而不是從內到外思考世界的方式，我們擁有為公司和個人消費者提供大規模商業模式創新的基本工具。

Huge growth story.

巨大的成長故事。

Now blending that with efficiency.

現在將其與效率相結合。

We will not be hiring people that do not develop software in SAP.

我們不會僱用不使用 SAP 開發軟件的人員。

They have to develop software, they do not necessarily have to be domicile in Germany or the United States for that matter.

他們必須開發軟件，就此而言，他們不一定必須在德國或美國居住。

We can develop software with the greatest minds in the world and we can do that, where the work needs to be done where the best people are.

我們可以用世界上最偉大的思想來開發軟件，我們可以做到這一點，在最優秀的人所在的地方需要完成工作。

And often that's in lower-cost locations, I might add as well.

而且通常是在成本較低的地方，我也可以補充一下。

As it relates to sales, customer-facing assets, whether you're selling a customer, pre-selling a customer, putting together the composition of the perfect enterprise and the way we design the experience management and how we engineer that value for a customer and how we implement our software, particularly, the multifaceted nature of our business, we will invest in those kinds of people.

因為它涉及到銷售、面向客戶的資產，無論您是在銷售客戶、預售客戶，還是將完美企業的組成與我們設計體驗管理的方式以及我們如何為客戶設計價值相結合以及我們如何實施我們的軟件，特別是我們業務的多方面性質，我們將投資於這些人。

But the things in the middle, HANA can do it and the ERP systems that we run the company on called S/4HANA can do it, we don't need people.

但中間的事情，HANA 可以做到，我們運營公司的 ERP 系統 S/4HANA 可以做到，我們不需要人。

Now what I will do, and I have the complete backing of the CFO and the entire Executive Board, we will manage headcount with an iron fist, meaning what we hire into the company falls into what I just told you and they have to be evaluated by several different people before we hire them.

現在我要做的是，我得到了首席財務官和整個執行委員會的全力支持，我們將用鐵腕手段管理員工人數，這意味著我們在公司招聘的人員屬於我剛才告訴你的，他們必須進行評估在我們僱用他們之前由幾個不同的人。

We have to have the best people in the world in the company.

我們必須在公司擁有世界上最優秀的人才。

So that's kind of the deal where you get not only the growth, but you also gain the efficiency.

所以這是一種交易，你不僅可以獲得增長，還可以獲得效率。

Now I'll tell you another thing.

現在我要告訴你另一件事。

I feel for you watching the restructuring and the oversubscription of it and all that.

我覺得你在看重組和超額認購等等。

But I will also say, look, that's what gives us the bright horizon.

但我也會說，看，這就是給我們帶來光明地平線的原因。

We cleaned up the business model, we consumed a great company in Qualtrics, and we gave ourselves some room to make sure that the margin can step up 1 percentage point per year between now and 2023.

我們清理了商業模式，我們收購了 Qualtrics 中的一家偉大公司，我們給自己留出了一些空間，以確保從現在到 2023 年，利潤率每年可以提高 1 個百分點。

And even on the cash flow basis, the bad news is kind of out the window.

即使在現金流的基礎上，壞消息也有點過時了。

And all the good stuff is coming your way in 2020.

2020 年，所有好事都將如期而至。

So I'll let Luka give his color on it.

所以我會讓 Luka 給出他的顏色。

Did I answer your question, Adam?

亞當，我回答你的問題了嗎？

Yes, that's great, thank you, Bill.

是的，那太好了，謝謝你，比爾。

Then let me complete the answer with the margin progression and let's be clear, first of all, we have very confidently reiterated our guidance for the full year so you can absolutely take it for granted that we will see the implied margin increases that are implied in this guidance.

然後讓我用利潤率進展來完成答案，讓我們明確一點，首先，我們非常自信地重申了我們對全年的指導，所以你絕對可以理所當然地認為我們會看到隱含的利潤率增長這個指導。

We are getting started right now.

我們現在開始了。

And in the first half year, we still had to fight couple of headwinds from an acquisition front, while at the same time, the benefits from our restructuring program are really only now is starting to trickle in, actually the lion share of the improvements will come towards the far end of the year and then going into 2020.

在上半年，我們仍然不得不與收購方面的一些不利因素作鬥爭，與此同時，我們的重組計劃帶來的好處實際上只是現在才開始逐漸顯現，實際上大部分的改進將接近年底，然後進入 2020 年。

We always believed that the margin uptick in 2019 would be more pronounced in the second half year, first of all, because of the operational excellence initiatives needing sometime to kick in, but equally importantly, because the bar is getting lower in the second half year as well.

我們一直認為，2019 年的利潤率上昇在下半年會更加明顯，首先是因為卓越運營計劃需要一段時間才能啟動，但同樣重要的是，因為下半年的門檻越來越低以及。

If you remember in the second half of 2018, we didn't necessarily have the best progress and best growth rates from a profit and margin perspective.

如果你還記得在 2018 年下半年，從利潤和利潤率的角度來看，我們不一定有最好的進展和最好的增長率。

Now we have set up our cost basis, in particular, in the cloud we have focused hiring on those areas where we can really add value, we have been extremely disciplined, and therefore, entering the second half year with a much better opportunity coupled also with the relatively lower comparisons on the software license figure, in particular, in Q3 to really outperform and therefore, grow the margins.

現在我們已經建立了我們的成本基礎，特別是在雲中，我們將招聘重點放在我們真正可以增加價值的領域，我們一直非常自律，因此，進入下半年還有一個更好的機會與相對較低的軟件許可數字比較，特別是在第三季度，真正跑贏大市，因此提高了利潤率。

Similarly on the cloud, no, of course, we are not seeing the end of the journey in terms of our efficiency improvement potential.

同樣在雲上，不，當然，就我們提高效率的潛力而言，我們還沒有看到旅程的盡頭。

Actually, it's the beginning as well.

其實，這也是開始。

We have been extremely successful through centralizing cloud delivery and our infrastructure portfolio management, including the purchase of hardware to bring down the CapEx inside to the company that was one of the sources that allowed us to expand the cloud margin.

通過集中云交付和我們的基礎設施組合管理，我們取得了巨大的成功，包括購買硬件以降低公司內部的資本支出，這是使我們能夠擴大雲利潤率的來源之一。

This is something that we can continue to piggyback on and further drive down.

這是我們可以繼續搭載並進一步降低的東西。

The change in the depreciation of hardware that we were able to achieve due to the successful renegotiation of maintenance contracts with our hardware providers is going to benefit us all the way through the year.

由於與我們的硬件供應商成功重新談判維護合同，我們能夠實現硬件折舊的變化，這將使我們全年受益。

And we had in Q2 the very first quarter of getting the benefits from SuccessFactors.

我們在第二季度獲得了從 SuccessFactors 中獲益的第一季度。

Just to give you an idea, in Q2, alone, due to this move, we saved already almost EUR 20 million, EUR 18 million to be precise, so we are perfectly in line to harvest those round about mid-double digits that we originally projected for the first year and then the low triple digits going into 2020 from that measure alone.

只是給你一個想法，僅在第二季度，由於這一舉措，我們已經節省了近 2000 萬歐元，準確地說是 1800 萬歐元，所以我們完全有可能收穫我們最初的大約中兩位數預計第一年，然後是僅從該指標到 2020 年的低三位數。

And there are still 2 quarters to come that will see this benefit.

而且還有 2 個季度會看到這種好處。

And so from that perspective, we are on a very strong trajectory towards the 75% cloud gross margin target for 2023.

因此，從這個角度來看，我們正朝著 2023 年 75% 的雲毛利率目標邁進。

In fact, when we started to talk about this 1 year ago and also our targets for 2020 when we were hovering around 62%.

事實上，當我們在 1 年前開始談論這個以及我們 2020 年的目標時，我們徘徊在 62% 左右。

I think I've been hearing a lot of concerns and question marks about our ability to pull this off, while fast forward 1 year later, we have already made half of the way into these 2023 targets that should give everybody a lot of confidence.

我想我已經聽到很多關於我們實現這一目標的能力的擔憂和問號，而快進 1 年後，我們已經完成了這些 2023 年目標的一半，這應該會給每個人很大的信心。

Let's move to the next question, please.

請轉到下一個問題。

And our next question is from Mohammed Moawalla with Goldman Sachs.

我們的下一個問題來自高盛的 Mohammed Moawalla。

Firstly, Bill, can you just give us an update on the cross-selling of Qualtrics, where you are in terms of pipeline and sort of how quickly should we start to see this, sort of, getting unlocked and where you see this was the biggest opportunities in the near term?

首先，Bill，你能不能給我們介紹一下 Qualtrics 交叉銷售的最新情況，你在管道方面的進展情況以及我們應該多快開始看到這個，有點，解鎖以及你在哪裡看到這是近期最大的機會？

Second point was just to clarify what you said regarding the infrastructure revenue in the cloud that will sort of go away?

第二點只是澄清你所說的關於雲中的基礎設施收入將會消失的內容？

Just to clarify you will be able to fully offset with incremental revenue from, sort of, the HANA cloud platform sales.

澄清一下，您將能夠完全抵消來自 HANA 雲平台銷售的增量收入。

Could you clarify that?

你能澄清一下嗎？

And then thirdly, for Luka, just, are we still on track in terms of the migration of Ariba off of Oracle?

第三，對於 Luka，就 Ariba 從 Oracle 的遷移而言，我們是否仍在正軌上？

And I assume that the bulk of that benefit is still ahead of us in terms of gross margin in 2020.

而且我認為，就 2020 年的毛利率而言，大部分收益仍領先於我們。

But could that -- when do you expect that migration to happen and the first quarterly benefit of that to come through?

但這是否可以 - 您預計什麼時候會發生遷移以及遷移的第一個季度收益？

Thank you very much for the question, Mohammed.

非常感謝你提出這個問題，穆罕默德。

What I'll try to do is kind of give you the big picture on Qualtrics, Jennifer Morgan can build on that.

我將嘗試做的是為您提供有關 Qualtrics 的全景圖，Jennifer Morgan 可以以此為基礎。

I also will start off answering your question on the infrastructure side by saying very clearly the bookings and the cloud growth trajectory of SAP will continue at the robust cliff you are accustomed to.

我還將通過非常清楚地說明 SAP 的預訂和雲增長軌跡將繼續在您已經習慣的強勁懸崖上來開始回答您在基礎設施方面的問題。

You can say in certain cases, the lower of large numbers, but I can also say there's very large geographies that are still unconquered with solutions already in our portfolio.

在某些情況下，你可以說，數量較少，但我也可以說，我們產品組合中已有的解決方案仍未征服非常大的地區。

And don't forget S/4HANA we're driving an organic growth strategy in this company and we will take the S/4HANA roadshow in the cloud all over the world and that is going to be big.

並且不要忘記 S/4HANA，我們正在推動這家公司的有機增長戰略，我們將在全世界的雲中進行 S/4HANA 路演，這將會很重要。

Don't forget also HANA as a service will be hitting hyperscalers clouds near you and it's a whole new vector of growth along with analytics and on the SAP Cloud Platform, there will be a tremendous opportunity with the SAP Cloud Platform between that and the up-selling opportunity of experienced management, yes.

也不要忘記 HANA 作為一項服務將觸及您附近的超大規模雲，它是一個全新的增長載體以及分析和 SAP Cloud Platform，SAP Cloud Platform 將在這兩者之間提供巨大的機會- 有經驗的管理人員的銷售機會，是的。

Any dilutive effect to moving the infrastructure as a service and the Embrace program will be compensated for.

將基礎設施作為服務和 Embrace 計劃移動的任何稀釋效應都將得到補償。

And I want to also be clear, I think Q2 is a little of an anomaly on the HEC business in general because we had new management in there, who is doing a great job, on making sure the operational excellence of the performance is at the standard of the hyperscalers at least.

而且我還想明確一點，我認為第二季度對 HEC 業務來說總體上有點反常，因為我們在那裡有新的管理層，他們做得很好，確保績效的卓越運營處於至少是超大規模的標準。

And also to make sure that the business we put into the HANA Enterprise Cloud was at a margin rate commensurate with our commitment to the 70 -- mid-70s gross margin, that Luka just talked about in the cloud gross margin.

還要確保我們投入 HANA 企業雲的業務的利潤率與我們對 70 - 70 年代中期毛利率的承諾相稱，Luka 剛剛在雲毛利率中談到了這一點。

So we're just being a little bit more thoughtful.

所以我們只是想得更周到一點。

When you get a little bit more thoughtful what happens?

當你變得更體貼一點時會發生什麼？

People say what does this mean and it does slow things down in the HEC business a little bit.

人們說這是什麼意思，它確實會稍微降低 HEC 業務的速度。

But that we are going to reinforce with the all hands of the company, the white-glove business is wide open for business, the Embrace is wide open for business, the FCP component of that and then also turning on the hyperscalers to illuminate the various solutions in the enterprise of SAP is open for business.

但是我們將用公司的全體人員來加強，白手套業務對業務敞開，擁抱對業務敞開，其中的 FCP 組件然後還打開超大規模器以闡明各種SAP 的企業解決方案對企業開放。

And I gave you some color on our flagship products and how we intend to take them to the cloud and rotate them around the global economy to drive the growth machine.

我向您介紹了我們的旗艦產品，以及我們打算如何將它們帶到雲端並圍繞全球經濟旋轉以推動增長機器。

So don't be nervous about SAP's cloud ambition, it could not possibly be more resilient, perseverant and committed on the part of this management team.

所以不要對 SAP 的雲野心感到緊張，它不可能比這個管理團隊更有彈性、更堅持和更堅定。

I think Jen might want to add some color on Qualtrics and then I think, Luka's got you on a couple of financial points.

我認為 Jen 可能想在 Qualtrics 上添加一些顏色，然後我認為，Luka 已經向你提出了幾個財務問題。

Thanks, Bill.

謝謝，比爾。

So we're really pleased with the talent and the momentum, there is kind of 3 areas where we really see the focus.

所以我們對人才和勢頭感到非常滿意，我們真正看到了 3 個重點領域。

Number one is, Qualtrics has done a fantastic job, just continuing on their own pipeline, building sales execution and conversion of their pipeline.

第一，Qualtrics 做得非常出色，只是繼續他們自己的管道，建立銷售執行和他們管道的轉換。

So that's been a great source of continued growth.

所以這是持續增長的重要來源。

Second is we put a real strong focus of enablement and execution with our SuccessFactors sales team, and they have exceeded all expectations we had of that business in Q2.

其次，我們非常重視 SuccessFactors 銷售團隊的支持和執行，他們超出了我們在第二季度對該業務的所有預期。

We had great growth and success factors, and I really think much of that was driven by the broader conversation from simply talking about HR systems to really employee experience.

我們有很大的增長和成功因素，我真的認為這在很大程度上是由更廣泛的對話推動的，從簡單地談論人力資源系統到真正的員工體驗。

So that was fantastic.

所以那太棒了。

and then obviously, with our CX sales team.

然後很明顯，我們的 CX 銷售團隊。

So those 2 sales motions through those special teams have been really great, and we exceeded our expectations quite significantly with that, the synergies of those team.

因此，通過這些特別團隊的 2 個銷售動議真的很棒，我們在這些團隊的協同作用下大大超出了我們的預期。

And then finally, just the overall curiosity and excitement from our entire customer base with our global sales teams.

最後，我們的整個客戶群和我們的全球銷售團隊都表現出了好奇和興奮。

And really talking about what experience management means, how O is the what, X is the why.

真正談論體驗管理意味著什麼，O 是什麼，X 是為什麼。

This past week, Ryan Smith and I were in both Korea and Japan at our SAP Select Events.

上週，Ryan Smith 和我在韓國和日本參加了我們的 SAP Select 活動。

And those are our CEO events.

這些是我們的 CEO 活動。

We had several hundred CEOs in both countries and this was the focus, and I can tell you this plays very, very well in Asia when you think about just the (technical difficulty) brand have already on understanding experience.

我們在這兩個國家都有數百名首席執行官，這是重點，我可以告訴你，當你想到（技術難度）品牌已經了解經驗時，這在亞洲非常非常好。

We had a great week, the pipeline is off the charts now, we closed our first deals in Korea last week.

我們度過了愉快的一周，管道現在已經超出了圖表，上週我們在韓國完成了第一筆交易。

And I think we're off to a really great start.

我認為我們有了一個非常好的開始。

State Department closed, as Bill said Merck closed, we closed Chalhoub Group in UAE.

國務院關閉，正如比爾所說的默克公司關閉，我們關閉了阿聯酋的 Chalhoub 集團。

So it feels really good that we're continuing to execute individually with Qualtrics as they continue their growth and get great synergies working together with our team.

因此，隨著 Qualtrics 繼續發展並與我們的團隊一起獲得巨大的協同效應，我們將繼續與 Qualtrics 單獨執行，這感覺真的很好。

And we'll continue that focus.

我們將繼續關注這一點。

Yes.

是的。

And then finally, Mo, just a very quick update on Ariba.

最後，Mo，關於 Ariba 的快速更新。

So on Ariba, all of the applications both on the sourcing and on the procurement side have been migrated successfully by now to HANA, the same for all of the Ariba analytics.

因此，在 Ariba 上，採購端和採購端的所有應用程序現在都已成功遷移到 HANA，所有 Ariba 分析也是如此。

We are in process of finalizing the migration for the network elements of Ariba, this will also be done this year and that will set us up then for the significant gross margin increase that we also expect through the migration of Ariba off Oracle similar to what you're seeing now from SuccessFactors.

我們正在完成 Ariba 網絡元素的遷移，這也將在今年完成，這將使我們為毛利率的顯著增長做好準備，我們也希望通過將 Ariba 從 Oracle 遷移到類似於您的方式現在從 SuccessFactors 看到。

As you know, our target for the Intelligent Spend Group cloud gross margins is to exceed 80% by 2020.

如您所知，我們的 Intelligent Spend Group 雲毛利率目標是到 2020 年超過 80%。

Currently, we are at around 78%, and that full year benefit from being off Oracle and on HANA in Ariba will be a big component of achieving this gain.

目前，我們的比例約為 78%，而在 Ariba 中脫離 Oracle 和 HANA 的全年收益將是實現這一收益的重要組成部分。

We have time for 2 more questions, please.

我們有時間再問 2 個問題。

And our next question will come from Michael Briest with UBS.

我們的下一個問題將來自瑞銀的 Michael Briest。

I'll start by congratulating you on the cloud margin performance.

首先，我要祝賀您的雲利潤率表現。

Luka, I think at the 2017 CMD, you said that SAP would not engage in debt finance buybacks.

盧卡，我想在 2017 年的 CMD 上，你說過 SAP 不會參與債務融資回購。

And at SAPPHIRE this year you said that capital returns will be paid for from the higher profitability in the business.

今年在 SAPPHIRE，您說資本回報將從業務的更高盈利能力中支付。

Are you ruling out using debt to do further buybacks from here?

您是否排除使用債務從這裡進行進一步回購？

As you know, we will update the Capital Markets on our capital allocation policy thoughts, and I will give also a clear picture on how we see the cash flow progression for the company for the next few years.

如您所知，我們將根據我們的資本配置政策想法更新資本市場，我還將清楚地說明我們如何看待公司未來幾年的現金流量進展情況。

So I don't really want to spend, at this point of time, any thoughts on taking the thunder away from this special Capital Markets Day on November 12.

因此，在這個時候，我真的不想花任何時間來消除 11 月 12 日這個特殊的資本市場日的雷聲。

So you will give -- get a full update there.

所以你會給出——在那裡獲得完整的更新。

And we are preparing for this properly at this point in time, we are still under consideration.

我們目前正在為此做好適當的準備，我們仍在考慮中。

Okay.

好的。

Or maybe I could ask on the maintenance, it grew 2%, which is the low end of historical range.

或者也許我可以問一下維護，它增長了 2%，這是歷史範圍的低端。

Are you seeing more of a shift now from maintenance customers into the cloud?

您現在是否看到更多從維護客戶到雲的轉變？

And specifically on S/4 Public Cloud, maybe Jennifer could talk about the adoption there either from net new or from Installed Base customers?

特別是在 S/4 公共雲上，也許 Jennifer 可以談談從淨新客戶或 Installed Base 客戶那裡採用的情況？

Yes.

是的。

Let me handle the first part with the maintenance profits and then I will actually hand over to Christian, who is running the S/4 for business for some color commentary on the pick up of S/4HANA cloud.

讓我處理維護利潤的第一部分，然後我將實際移交給 Christian，他正在為企業運行 S/4，以對 S/4HANA 雲的獲取進行一些顏色評論。

So on the maintenance side, there is absolutely no change in paradigms, our maintenance at-risk rates including the extensions towards cloud or our on-premise solutions are actually below the level that we're internally planning for.

因此，在維護方面，範式絕對沒有變化，我們的維護風險率，包括向雲的擴展或我們的本地解決方案，實際上低於我們內部計劃的水平。

So we are still seeing a very high stickiness in the maintenance offering.

因此，我們仍然看到維護產品的粘性非常高。

Why is the growth rate smaller in Q2?

為什麼二季度增速變小了？

Well, you need to look back 1 year to Q2 in 2018, where we had an exceptional 7% growth in support revenues.

好吧，你需要回顧 1 年到 2018 年第二季度，我們的支持收入增長了 7%。

That came from the fact that back then, we had a very, very steep drop in sales allowances due again to a very healthy development of our customer relationships in adoption of our solutions.

這是因為當時我們的銷售津貼急劇下降，這再次歸因於我們的客戶關係在採用我們的解決方案時得到了非常健康的發展。

This level of sales alone has kept at this low level, but of course, therefore, the growth that we are seeing sequentially as well as quarter -- year-over-year is smaller.

僅這一銷售額水平就一直保持在這麼低的水平，但當然，因此，我們看到的環比增長以及季度同比增長較小。

So our support fundamentals are in great shape, and we continue to be right where we wanted to be.

因此，我們的支持基礎狀況良好，我們將繼續處於我們想要的位置。

And you can see also for the half year with 3% growth, this is very robust and you absolutely should expect a similar performance for the full year.

你還可以看到半年增長 3%，這非常強勁，你絕對應該期待全年有類似的表現。

So nothing more to add on that, except for handing over to Christian.

所以沒有什麼可以補充的，除了交給克里斯蒂安。

Yes, thank you, Luka.

是的，謝謝你，盧卡。

I guess, so first of all, let me outline, I mean, Q2 was definitely one of the best quarters ever for our S/4HANA business.

我想，首先，讓我概述一下，我的意思是，第二季度絕對是我們 S/4HANA 業務有史以來最好的季度之一。

And on-premise side, we have seen double-digit growth, we already surpassed after half year 1, the EUR 1 billion license number and this also, of course, will have a very positive impact on the correlating support revenues.

在內部部署方面，我們看到了兩位數的增長，我們在第一年半後已經超過了 10 億歐元的許可證數量，當然，這也會對相關的支持收入產生非常積極的影響。

So this also clearly shows that the hybrid strategy we are following is clearly the right one because also we see a very decent business together with Idea also in the upcoming quarters.

因此，這也清楚地表明，我們正在遵循的混合戰略顯然是正確的，因為在接下來的幾個季度中，我們也看到了與 Idea 一起開展的非常體面的業務。

So S/4HANA cloud, I mean, this is not anymore a small business.

所以 S/4HANA 雲，我的意思是，這不再是一家小企業。

I mean, when we look at the bookings number, clearly, this solution contributed the most cloud bookings, new cloud bookings after conquering Q2.

我的意思是，當我們查看預訂數量時，很明顯，該解決方案貢獻了最多的雲預訂，征服了第二季度後的新雲預訂。

The cloud revenue number already doubled year-over-year.

雲收入數字已經同比翻了一番。

And for 2020, we will generate a significant revenue run rate for SAP's cloud subscription revenue stream.

到 2020 年，我們將為 SAP 的雲訂閱收入流帶來可觀的收入運行率。

As the high share of new customers coming and also just to outline to give you an example how broad the solution in the meantime is, we're still serving in the meantime over 17 industries.

由於新客戶的比例很高，並且只是為了給您一個例子，在此期間我們的解決方案有多廣泛，我們仍在為超過 17 個行業提供服務。

So 17 industries and the Installed Base is growing and growing.

因此，17 個行業和安裝基礎正在不斷增長。

On the product side, we will deliver this year over 2,000 new features across 21 end-to-end processes.

在產品方面，我們今年將在 21 個端到端流程中提供 2,000 多項新功能。

So this will be clearly the most comprehensive ERP cloud suite by the end of the year.

因此，到今年年底，這顯然將成為最全面的 ERP 雲套件。

On the AI side, I mean, this was always our target to also deliver an innovative cloud suite.

在 AI 方面，我的意思是，這始終是我們的目標，即提供創新的雲套件。

We're more than confident that we also can increase the productivity for our S/4 cloud customers in their corporations by at least 20%.

我們非常有信心，我們還可以將 S/4 雲客戶在其公司中的生產力提高至少 20%。

And then in Q4, the analytics cloud integration comes.

然後在第四季度，分析雲集成來了。

So the real-time integration and then with that a real-time steering across the company and Qualtrics will be natively integrated to our S/4 core as well also by Q4.

因此，實時集成以及整個公司和 Qualtrics 的實時指導將在第四季度之前本地集成到我們的 S/4 核心中。

So net-net, we are very confident also for the half year 2 outlook.

所以淨網，我們對半年 2 展望也非常有信心。

And perhaps just to conclude, what Christian essentially said now is that by now the combination of Digital Supply Chain management and S/4 is actually already representing more than 60% of our on-premise license revenues.

也許只是總結一下，克里斯蒂安現在基本上說的是，到目前為止，數字供應鏈管理和 S/4 的結合實際上已經占我們內部部署許可收入的 60% 以上。

And that is actually very good news because it is stabilizing use.

這實際上是一個非常好的消息，因為它正在穩定使用。

This part of the portfolio still grows on-premise and it will continue to grow while the rest has already to a large extent migrated to the cloud, and that will also stabilize our on-premise performance in the quarters and years to come quite nicely.

這部分投資組合仍在內部增長，並且它將繼續增長，而其餘部分已經在很大程度上遷移到雲端，這也將在未來幾個季度和幾年內穩定我們的內部部署性能。

So our midterm projections in terms of negative growth are certainly still prudent.

因此，我們對負增長的中期預測肯定仍然是謹慎的。

Now we move to the last question, please.

現在我們轉到最後一個問題。

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

我們的最後一個問題將來自 Exane BNP 的 Stefan Slowinski。

Just 2 kind of related ones.

只有兩種相關的。

One on growth, one on hirings.

一個關於增長，一個關於招聘。

So on cloud sales growth, you mentioned the efficiencies in terms of headcount going forward.

所以關於雲銷售增長，你提到了未來員工人數方面的效率。

That could create headwinds in terms of your ability to drive growth.

這可能會對您推動增長的能力造成不利影響。

So I'm just wondering what kind of organizational or other sales adjustments you're making that on their own can help you to continue cloud growth?

所以我只是想知道您自己進行了什麼樣的組織或其他銷售調整可以幫助您繼續雲增長？

And kind of associating to that, outside of the hiring discipline that you've outlined, can you give us other examples of steps that are already being taken or already in place as part of the operational excellence program?

與此相關聯的是，除了您概述的招聘紀律之外，您能否為我們提供其他示例，說明作為卓越運營計劃的一部分已經採取或已經實施的步驟？

I'll comment on the overall cloud sales growth, and then I'll let Luka comment on the efficiency piece of your question, Stefan.

我將評論整體雲銷售增長，然後讓 Luka 評論你問題的效率部分，Stefan。

A couple of things, we are hiring salespeople all over the world.

有幾件事，我們正在世界各地招聘銷售人員。

I mean every day, I get a new string of e-mails on welcoming the next 50 great associates into the company, with their pictures and their LinkedIn accounts and just how happy they are to be here.

我的意思是，我每天都會收到一串新的電子郵件，歡迎下一批 50 位優秀員工加入公司，還有他們的照片和 LinkedIn 帳戶，以及他們來到這裡是多麼高興。

So don't take anything away from the impression of growth in sales headcount, we will continue to grow S, but we will cut back on is G&A because we have HANA and we have S/4HANA and I think Christian gave you a good account of how great that product is.

所以不要忽視銷售人數增長的印象，我們將繼續增長 S，但我們將削減 G&A，因為我們有 HANA 和 S/4HANA，我認為 Christian 給了你一個很好的賬戶該產品有多棒。

So it does the work of like thousands of people, okay.

所以它完成了成千上萬人的工作，好吧。

So G&A down, S up.

所以 G&A 下降，S 上升。

And that's kind of where we're going as a growth company.

這就是我們作為一家成長型公司的發展方向。

I also want to make it clear the members of the Executive Board are accountable for organic growth.

我還想明確表示，執行委員會成員對有機增長負有責任。

So we have Jennifer Morgan now running the Cloud Business Group.

因此，我們現在讓 Jennifer Morgan 負責管理雲業務集團。

We built some things and we bought some things and the things that we bought she's accountable for making them even better and growing them around the world.

我們建造了一些東西，我們買了一些東西，我們買的東西她負責讓它們變得更好，並在世界各地種植。

And she has a very specific sales force and pre-sales force that works in conjunction with the Adaire Fox-Martin on the Global Customer Operations in this way we can be best of breed and best of suite in the manner in which we manage the customer relationship.

她擁有一支非常具體的銷售隊伍和售前隊伍，與全球客戶運營部門的 Adaire Fox-Martin 合作，這樣我們就可以在管理客戶的方式上成為同類中最好的關係。

So the customer gets the best of both worlds from SAP and the coordination between Jen and Adaire has been long-standing as they both managed Global Customer Operations together and have been friends for a long time.

因此，客戶可以從 SAP 獲得兩全其美的好處，而 Jen 和 Adaire 之間的合作由來已久，因為他們共同管理全球客戶運營，並且是長期的朋友。

So the other piece is Christian Klein is accountable for the organic development of the S/4HANA flagship.

所以另一部分是 Christian Klein 負責 S/4HANA 旗艦產品的有機開發。

And obviously, he's giving you great feedback that it's going extremely well.

很明顯，他給了你很好的反饋，說它進展得非常順利。

And Juergen Müller has HANA, this whole movement of database-as-a-service in the cloud as well as analytics and Leonardo.

Juergen Müller 擁有 HANA，即云中數據庫即服務的整個運動以及分析和萊昂納多。

And all of these solutions will be front-ended by experience management as we compose the intelligent enterprise for our customers.

當我們為客戶構建智能企業時，所有這些解決方案都將以體驗管理為前端。

So what's different, I'll tell you.

那麼有什麼不同，我會告訴你。

What's different is lots of focus on S, lots of focus on organic innovation, a very disciplined capital allocation strategy, a very brisk pace and our pursuit of 1 point of margin improvement on a per annum basis.

不同之處在於對 S 的大量關注，對有機創新的大量關注，非常有紀律的資本配置策略，非常快的步伐以及我們追求每年提高 1 個百分點的利潤率。

And holding people accountable for doing a great job.

並讓人們對出色的工作負責。

And I do mean accountable.

我的意思是負責任。

So that's kind of the environment we're working in and what I want to do is start talking about revenue per employee.

這就是我們工作的環境，我想做的是開始談論每位員工的收入。

And how that metric is going to start growing.

以及該指標將如何開始增長。

So that gives you an indication of how the place is being steered.

這樣你就可以知道這個地方是如何被引導的。

Luka?

盧卡？

Yes.

是的。

And just to complement this of course just hiring discipline is another holistic strategy.

當然，為了補充這一點，招聘紀律是另一種整體戰略。

So we have multiple pillars of operational excellence initiatives that we're currently working on.

因此，我們目前正在努力實現卓越運營計劃的多個支柱。

Again, I don't want to go into too much detail here, but just to give you a couple of examples, we are just currently going through the portfolio round, and as I have also talked about at SAPPHIRE, we have various areas of portfolio overlap that we are currently in process of rationalizing which will benefit the R&D efficiency.

再一次，我不想在這裡講太多細節，只是舉幾個例子，我們目前正在進行投資組合回合，正如我在 SAPPHIRE 上也談到的那樣，我們有多個領域我們目前正在合理化的投資組合重疊，這將有利於研發效率。

It will allow us to continue to invest into developers, but invest that not in a duplicative sense.

這將使我們能夠繼續投資於開發人員，但不是以重複的方式進行投資。

The cloud efficiencies very, very important and they are next to the off Oracle initiatives we have, the cloud infrastructure centralization, the benefits and gains that we get from there.

雲效率非常非常重要，它們僅次於我們擁有的非 Oracle 計劃、雲基礎架構集中化以及我們從中獲得的好處和收益。

We have an excellent best practice example with Qualtrics, at the moment, I mean, they're running their cloud margins at around 90%.

我們有一個關於 Qualtrics 的優秀最佳實踐示例，目前，我的意思是，他們的雲利潤率在 90% 左右。

So we're looking deep into architecturally from an operations perspective, from an elasticity perspective, what can we learn and adopt and bring over to the rest of the portfolio, which is a great opportunity for us, as only we can really now as deeply inspect this.

因此，我們正在從運營的角度、從彈性的角度深入研究架構，我們可以學習和採用什麼，並將其帶到投資組合的其餘部分，這對我們來說是一個很好的機會，因為只有我們現在才能真正深入檢查這個。

And then also we have great opportunities on the G&A side that we're starting to tap into, obviously, G&A at the beginning of the year, got a headwind because of the acquisition of Qualtrics and there is plenty of opportunity to bring that down over time, but we're taking for example also steps such as lifting and shifting one complete shared service center in the finance area into Manila, in the Philippines in a very low-cost location, therefore, you see in G&A a little bit more hiring than you would expect at the moment, but this is low-cost hiring, that once the work is handed over, we reside in reductions elsewhere and will benefit us on the G&A side.

然後我們在 G&A 方面也有很好的機會，我們開始進入，顯然，今年年初的 G&A，由於收購 Qualtrics 而遇到了逆風，並且有很多機會將其降低時間，但我們也正在採取一些步驟，例如將金融領域的一個完整的共享服務中心提升並轉移到菲律賓馬尼拉的一個成本非常低的位置，因此，您會在 G&A 中看到更多的招聘比你現在預期的要多，但這是低成本招聘，一旦工作移交，我們就會在其他地方進行裁員，這將使我們在 G&A 方面受益。

And again, there are many more examples that are already underway, but even more importantly, new ones that we're just in the process of starting that we will be able to talk more about on November 12.

而且，還有更多的例子已經在進行中，但更重要的是，我們剛剛開始的新例子，我們將能夠在 11 月 12 日討論更多。

Thank you very much this concludes the second quarter 2019 earnings call of SAP.

非常感謝，SAP 2019 年第二季度財報電話會議到此結束。

Thank you all for participating and goodbye.

謝謝大家的參與和再見。

Thank you, everybody.

謝謝大家。

Thank you.

謝謝。

Goodbye.

再見。

And this concludes today's conference.

今天的會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。