SAP SE (SAP) 2019 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the SAP Quarter 3 2019 Earnings Conference Call.

女士們先生們，美好的一天，歡迎來到 SAP 2019 年第三季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

此時，我想將會議轉交給投資者關係主管 Stefan Gruber 先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good morning or good afternoon.

早上好或下午好。

This is Stefan Gruber, Head of Investor Relations.

我是投資者關係主管 Stefan Gruber。

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

感謝您加入我們討論我們 2019 年第三季度的業績。

I'm joined by our new Co-CEO, Jennifer Morgan and Christian Klein as well as Luka Mucic, our CFO, who will make opening remarks on the call today.

我們的新聯席首席執行官 Jennifer Morgan 和 Christian Klein 以及我們的首席財務官 Luka Mucic 也加入了我的行列，他們將在今天的電話會議上發表開場白。

Also joining us for Q&A is Executive Board member, Adaire Fox-Martin, President of our Global Customer Operations; and Ryan Smith, CEO of Qualtrics.

加入我們進行問答的還有執行委員會成員、我們全球客戶運營總裁阿黛爾·福克斯-馬丁 (Adaire Fox-Martin)； Qualtrics 首席執行官 Ryan Smith。

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.

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 recent filings with the U.S. Securities and Exchange Commission, including SAP's Annual Report on Form 20-F for 2018, filed with the SEC on February 28, 2019.

在我們最近向美國證券交易委員會提交的文件中，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 表格年度報告中，對可能影響 SAP 未來財務業績的因素進行了更全面的討論。

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 a financial summary slide deck.

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。

Both documents are intended to supplement our prepared remarks today and include a reconciliation from all our non-IFRS numbers to IFRS numbers.

這兩份文件旨在補充我們今天準備好的評論，並包括從我們所有的非 IFRS 數字到 IFRS 數字的調節。

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。

And finally, just a reminder, today's call is focused on our Q3 earnings results.

最後，提醒一下，今天的電話會議的重點是我們第三季度的收益結果。

In 3 weeks on November 12, we will hold our special Capital Markets Day in New York City, where we'll provide more color on our growth strategy and midterm revenue and margin ambitions.

在 11 月 12 日的 3 週內，我們將在紐約市舉辦特別的資本市場日活動，屆時我們將為我們的增長戰略以及中期收入和利潤率目標提供更多色彩。

And with that, I'd like to turn things over to our Co-CEO, Jennifer Morgan.

有了這個，我想把事情交給我們的聯席首席執行官詹妮弗摩根。

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。

First, I'd like to thank Hasso Plattner and the Supervisory Board for their trust and honor of leading this company forward together with Christian Klein, CEO.

首先，我要感謝 Hasso Plattner 和監事會的信任和榮幸，他們與首席執行官克里斯蒂安·克萊因一起帶領這家公司向前發展。

It's an honor to help write SAP's next chapter and follow Bill.

很榮幸能幫助編寫 SAP 的下一章並跟隨 Bill。

Before I begin, I want to start with the news we learned about on Friday regarding the passing of Mark Hurd.

在開始之前，我想先從我們週五了解到的關於馬克赫德去世的消息開始。

Mark has had a profound impact on our industry.

馬克對我們的行業產生了深遠的影響。

And on behalf of all of SAP, I want to extend our deepest sympathies to the entire Oracle community and most specially to Mark's family and friends.

我想代表整個 SAP 向整個 Oracle 社區，尤其是 Mark 的家人和朋友表示最深切的同情。

You are in our thoughts and prayers during this difficult time.

在這個困難時期，您在我們的思念和祈禱中。

Now let me dive into our Q3 performance.

現在讓我深入了解我們第三季度的表現。

Today, we reported strong Q3 and year-to-date results, which Luka will detail shortly.

今天，我們報告了強勁的第三季度和年初至今的業績，Luka 將在稍後詳細介紹。

Clearly, our experienced management vision, powered by Qualtrics, is resonating with customers and is a key differentiator across all aspects of the Intelligent Enterprise.

顯然，我們在 Qualtrics 的支持下經驗豐富的管理願景正在引起客戶的共鳴，並且是智能企業各個方面的關鍵差異化因素。

With top line accelerating and operational excellence initiatives in full swing, we're on track to reach our full year and midterm ambition.

隨著頂線加速和卓越運營計劃的全面展開，我們有望實現我們的全年和中期目標。

Let me spend a minute on the macro.

讓我花一點時間在宏觀上。

Our strong Q3 performance we've achieved despite headlines about a slowing global economy, trade wars and political uncertainty.

儘管全球經濟放緩、貿易戰和政治不確定性成為頭條新聞，但我們在第三季度取得了強勁的業績。

We had some impact due to macro challenges, for example, in Asia and the German auto and manufacturing sector, but even in times of uncertainty, technology investment remains a focus for every company, and our business is resilient due to the breadth of our global coverage.

由於宏觀挑戰，我們產生了一些影響，例如在亞洲和德國的汽車和製造業，但即使在不確定時期，技術投資仍然是每家公司關注的焦點，而且由於我們全球範圍的廣泛性，我們的業務具有彈性報導。

Companies continue to turn to SAP to transform, to accelerate their growth organically and through faster M&A to drive efficiencies, competitiveness and successfully navigate a changing macro and regulatory environment.

公司繼續求助於 SAP 進行轉型，以加速有機增長，並通過更快的併購來提高效率和競爭力，並成功應對不斷變化的宏觀和監管環境。

Our global pipeline is robust, as we head into our seasonally strong Q4.

隨著我們進入季節性強勁的第四季度，我們的全球管道很強勁。

SAP's resilience is further underpinned by more predictable revenue approaching 70% of the mix.

更可預測的收入接近組合的 70%，進一步鞏固了 SAP 的彈性。

Let me now highlight our strategic growth drivers in the cloud.

現在讓我強調一下我們在雲中的戰略增長動力。

We made a bold move with the acquisition of Qualtrics and customers are excited about the holistic Experience Management Platform Qualtrics provides, in addition to what the combination of X- and O-Data can do.

我們通過收購 Qualtrics 採取了大膽的舉措，客戶對 Qualtrics 提供的整體體驗管理平台以及 X-Data 和 O-Data 的組合可以做的事情感到興奮。

We're very pleased with Qualtrics' growth, and we are starting to see the scale of SAP helping drive and close pipelines, especially in the Enterprise segment.

我們對 Qualtrics 的增長感到非常滿意，我們開始看到 SAP 幫助推動和關閉管道的規模，尤其是在企業領域。

Qualtrics had some impressive wins in Q3: Dish Networks, Slack Technologies, SMI, U-Haul, Sharper Image, Stanley Black & Decker, Garmin International and many others selected Qualtrics in Q3 to move beyond systems of record to new systems of action and achieve breakthrough results.

Qualtrics 在第三季度取得了一些令人印象深刻的勝利：Dish Networks、Slack Technologies、SMI、U-Haul、Sharper Image、Stanley Black & Decker、Garmin International 和許多其他公司在第三季度選擇了 Qualtrics，以超越記錄系統轉向新的行動系統，並實現突破性成果。

We continue to beat our competition in both the enterprise and volume parts of our business.

我們繼續在我們業務的企業和批量部分擊敗我們的競爭對手。

Qualtrics' volume engine is helping SAP to expand its footprint into new accounts and is helping us open doors for other SAP cloud solutions.

Qualtrics 的批量引擎正在幫助 SAP 將其足跡擴展到新客戶，並幫助我們打開其他 SAP 雲解決方案的大門。

We're also seeing an acceleration of our win rates against Medallia, as customers are choosing Qualtrics for its technology and analytics capability and the breadth of XM solutions across customer experience, employee experience, product experience and brand experience.

我們還看到我們對 Medallia 的獲勝率正在加速，因為客戶選擇 Qualtrics 是因為其技術和分析能力以及 XM 解決方案在客戶體驗、員工體驗、產品體驗和品牌體驗方面的廣泛性。

With the addition of Qualtrics and SuccessFactors, we've redefined a traditional human capital category to Human Experience Management, or HXM.

隨著 Qualtrics 和 SuccessFactors 的加入，我們將傳統的人力資本類別重新定義為人類體驗管理 (Human Experience Management, HXM)。

Every company needs to understand the factors that impact employee experience to attract and retain their talent.

每家公司都需要了解影響員工體驗的因素，以吸引和留住人才。

And since integrating Qualtrics with SuccessFactors suite, we've seen a tremendous demand in SuccessFactors' customer base for Qualtrics.

自從將 Qualtrics 與 SuccessFactors 套件集成以來，我們已經看到 SuccessFactors 的客戶群對 Qualtrics 的巨大需求。

Since May, we've acquired over 300 customers for the Qualtrics platform.

自 5 月以來，我們已經為 Qualtrics 平台獲得了 300 多家客戶。

And SAP's evolution towards Human Experience Management is proving to be an accelerant for Employees Central, which added more than 150 customers in the quarter and has now more than 3,500 customers globally.

事實證明，SAP 向 Human Experience Management 的發展是 Employees Central 的促進劑，它在本季度增加了 150 多家客戶，目前在全球擁有 3,500 多家客戶。

Competitive wins included British Telecom and Hugo Boss.

競爭勝利包括英國電信和 Hugo Boss。

And our joint sales motions are paying dividends.

我們的聯合銷售動議正在帶來回報。

Qualtrics had its largest employee experience beyond history this quarter, as a direct result of our joint go-to-market motion.

作為我們聯合上市行動的直接結果，Qualtrics 在本季度擁有了歷史上最大的員工體驗。

Some proof points for SuccessFactors.

SuccessFactors 的一些證明點。

We just eclipsed 1,000 SuccessFactors customers in APJ.

我們剛剛在亞太及日本地區吸引了 1,000 名 SuccessFactors 客戶。

And when you add China, that's another 400 customers.

如果加上中國，那就是另外 400 個客戶。

In Latin America, we're approaching 800.

在拉丁美洲，我們接近 800。

Even in mature markets like Europe, we see significant growth to over 2,800 customers.

即使在歐洲這樣的成熟市場，我們也看到了超過 2,800 名客戶的顯著增長。

U.K. and Ireland saw triple-digit new bookings growth in Q3.

英國和愛爾蘭在第三季度的新預訂量增長了三位數。

We're also making great progress aligning Qualtrics empire and our partner ecosystem.

我們也在調整 Qualtrics 帝國和我們的合作夥伴生態系統方面取得了很大進展。

We announced the partnership with Ernst & Young, with EY delivering excellent practices and solutions to its clients through its people advisory services and its workforce of the future solution.

我們宣布與安永建立合作夥伴關係，安永通過其人才諮詢服務和未來解決方案的員工隊伍為其客戶提供卓越的實踐和解決方案。

EY will also become the first Qualtrics' partner network member to adopt Qualtrics experience -- employee experience across their organization of 2,600,000 -- 260,000 employees, and this will combine X-Data and O-Data from SuccessFactors.

安永還將成為第一個採用 Qualtrics 經驗的 Qualtrics 合作夥伴網絡成員——其 2,600,000 - 260,000 名員工組織的員工體驗，這將結合 SuccessFactors 的 X-Data 和 O-Data。

In addition to accelerating SuccessFactors business in HCM, our CX business continues to benefit with the infusion of Qualtrics across our C/4HANA portfolio.

除了加速 HCM 中的 SuccessFactors 業務外，我們的 CX 業務還繼續受益於 Qualtrics 在我們的 C/4HANA 產品組合中的注入。

We introduced a connector between Qualtrics to C/4HANA, the developers and partners to use to build new integration scenarios.

我們在 Qualtrics 和 C/4HANA 之間引入了一個連接器，開發人員和合作夥伴可以使用它來構建新的集成場景。

We're starting to see organizations combining customer feedback and operational data to listen, understand and act.

我們開始看到組織結合客戶反饋和運營數據來傾聽、理解和採取行動。

E.ON and Brazilian retailer, Swift, also chose SAP C/4HANA solutions in Q3 over our competition, based on SAP's unique and compelling vision, while Tetra Pak and Perfumery Douglas went live on C/4.

基於 SAP 獨特而引人注目的願景，E.ON 和巴西零售商 Swift 在第三季度也選擇了 SAP C/4HANA 解決方案而不是我們的競爭對手，而 Tetra Pak 和 Perfumery Douglas 則在 C/4 上線。

We're continuing to invest in our customer experience portfolio.

我們將繼續投資於我們的客戶體驗組合。

We've announced that Bob Stutz, a leader who continued to redefine the CX arena at both Microsoft and most recently Salesforce, has rejoined SAP as President of Engineering in our CX business.

我們宣布 Bob Stutz，一位在 Microsoft 和最近的 Salesforce 繼續重新定義 CX 領域的領導者，已經重新加入 SAP，擔任我們 CX 業務的工程總裁。

Bob's experience and foresight will take us to new places in the future.

鮑勃的經驗和遠見將把我們帶到未來的新地方。

Our Intelligent Spend Solution provides collaborative commerce with SAP Ariba, effortless travel and expense processing with SAP Concur and flexible workforce management with SAP Fieldglass.

我們的智能支出解決方案通過 SAP Ariba 提供協作商務，通過 SAP Concur 輕鬆處理差旅和費用，通過 SAP Fieldglass 提供靈活的勞動力管理。

Together, they represent the largest commerce platform in the world with more than 3.4 trillion in global commerce annually transacted in more than 180 countries.

它們共同代表了世界上最大的商業平台，每年在 180 多個國家/地區進行超過 3.4 萬億的全球商業交易。

This is nearly 8 times the size of Coupa.

這幾乎是 Coupa 大小的 8 倍。

We are making strong progress on delivering integrated spend scenario starting with services procurement across Fieldglass and Ariba.

從跨 Fieldglass 和 Ariba 的服務採購開始，我們在提供集成支出方案方面取得了長足進步。

BT, Sony Music product and many other turned to SAP's Intelligent Spend Solutions in Q3.

英國電信、索尼音樂產品和許多其他產品在第三季度轉向了 SAP 的智能支出解決方案。

Specifically, Concur is starting to gain traction, especially in China, with Xiaomi as one of its marquee customer.

具體來說，Concur 開始受到關注，尤其是在中國，小米是其重要客戶之一。

Another incredibly exciting announcement and key strategic driver of future growth is our expanded relationship with Microsoft, which we call Embrace.

另一個令人難以置信的激動人心的公告和未來增長的關鍵戰略驅動力是我們與 Microsoft 的擴展關係，我們稱之為 Embrace。

We listen to our customers who ask to help them define and accelerate their journey to SAP S/4HANA in the public cloud.

我們聽取了客戶的意見，他們要求幫助他們定義和加速他們在公共雲中的 SAP S/4HANA 之旅。

Many of our enterprise customers have chosen Azure.

我們的許多企業客戶都選擇了 Azure。

In response, SAP and Microsoft have established a partnership to move on-premise SAP ERP and S/4HANA customers to the cloud through industry-specific best practices, our joint reference architecture and SAP cloud delivered services on Azure.

作為回應，SAP 和 Microsoft 建立了合作夥伴關係，通過行業特定的最佳實踐、我們的聯合參考架構和 Azure 上的 SAP 雲交付服務，將內部部署的 SAP ERP 和 S/4HANA 客戶遷移到雲端。

This partnership will both accelerate and simplify customer migration to S/4HANA on Azure.

這種合作夥伴關係將加速並簡化客戶向 Azure 上的 S/4HANA 的遷移。

Microsoft will bundle SAP Cloud Platform services into a bundle we call Embrace and those sell these directly through their field organizations to their customers who will run SAP in the Azure cloud.

微軟將把 SAP Cloud Platform 服務捆綁到一個我們稱之為 Embrace 的捆綁包中，這些服務通過他們的現場組織直接將這些服務銷售給將在 Azure 雲中運行 SAP 的客戶。

By putting the customer first, we've combined SAP innovation with Azure to create the optimized environment for SAP S/4HANA to enable the integration, orchestration and extension of SAP systems in the Azure cloud.

通過將客戶放在首位，我們將 SAP 創新與 Azure 相結合，為 SAP S/4HANA 創建優化的環境，以實現 Azure 雲中 SAP 系統的集成、編排和擴展。

As always, choice will prevail as we recognize that many of our customers also run SAP on AWS and GCP, for example.

一如既往，選擇將佔上風，因為我們認識到，例如，我們的許多客戶也在 AWS 和 GCP 上運行 SAP。

In this case, our customers will still have the benefit of the best run SAP and their public cloud of choice.

在這種情況下，我們的客戶仍將受益於最佳運行的 SAP 和他們選擇的公共雲。

So to summarize, SAP is delivering on its winning strategy and its promises as validated by our strong Q3 and year-to-date results.

總而言之，SAP 正在兌現其製勝戰略和承諾，我們強勁的第三季度和年初至今的業績證實了這一點。

The fundamentals and future of SAP could not be stronger.

SAP 的基礎和未來再強大不過了。

Now I'd like to hand over to my partner and Co-CEO, Christian Klein.

現在我想把工作交給我的合作夥伴兼聯席首席執行官 Christian Klein。

We share similar vision.

我們有著相似的願景。

And with highly complementary skill sets and experiences, we will write the next chapter of SAP's success together.

憑藉高度互補的技能組合和經驗，我們將共同譜寫 SAP 成功的新篇章。

Thank you, again.

再次感謝你。

Christian, over to you.

克里斯蒂安，交給你了。

Thanks, Jen, and thanks to everyone for joining us today.

謝謝 Jen，也感謝大家今天加入我們。

Let me begin with a personal remark.

讓我先談談個人看法。

On Friday, we were saddened by the news about the passing of Mark Hurd.

週五，我們對馬克赫德去世的消息感到悲痛。

Words are never adequate in moments like these.

在這樣的時刻，言語永遠是不夠的。

The whole IT industry lost a visionary leader and a brilliant mind.

整個 IT 行業失去了一個有遠見的領導者和一個聰明的頭腦。

And my thoughts are with his family, his friends and everyone at Oracle.

我的心與他的家人、他的朋友以及 Oracle 的每一個人同在。

Being a CEO is a role marked with responsibility and an honor to all.

成為 CEO 是一個對所有人都充滿責任和榮譽的角色。

I want to express my heartfelt thanks to Hasso Plattner and the SAP Supervisory Board for the trust they put into China and myself.

衷心感謝Hasso Plattner和SAP監事會對中國和我的信任。

Starting off with a quarter like this certainly helps.

從這樣的四分之一開始肯定有幫助。

This is where I also want to thank Bill, not only for his amazing quarter, but also for the unique journey during the past decade.

這也是我要感謝 Bill 的地方，不僅感謝他出色的季度，也感謝他在過去十年中的獨特旅程。

This is an outstanding quarter across all key parameters, cloud and on-premise, order entry, revenue, cloud cost margins, operating margins and cash flow.

這是所有關鍵參數、雲和內部部署、訂單輸入、收入、云成本利潤率、運營利潤率和現金流的出色季度。

Luka will walk us through those in a minute.

Luka 將在一分鐘內向我們介紹這些內容。

Let me add some color from the co-application's perspective.

讓我從聯合應用程序的角度添加一些顏色。

SAP's ERP flagship solution, S/4HANA, continues its success story.

SAP 的 ERP 旗艦解決方案 S/4HANA 繼續其成功故事。

It's the broadest suite in the market, serving over 25 industries and 160 country version.

它是市場上最廣泛的套件，服務於超過 25 個行業和 160 個國家版本。

We are continuing to ramp into artificial intelligence to further increase the business value and help our customers to grow and drive automation in the digital age.

我們將繼續進軍人工智能領域，以進一步提高業務價值，幫助我們的客戶在數字時代發展和推動自動化。

Until the end of this year, we will have 200 use cases and more than 1,800 features, representing a 60% increase in scope.

到今年年底，我們將擁有 200 個用例和 1,800 多個功能，範圍增加 60%。

S/4 is further gaining market share, and we see positive software license growth and high double-digit cloud revenue growth.

S/4 正在進一步獲得市場份額，我們看到積極的軟件許可增長和高兩位數的雲收入增長。

80% of the DAX companies and 65% of the Forbes' Global 2,000 companies already rely on SAP S/4HANA.

80% 的 DAX 公司和 65% 的福布斯全球 2,000 強公司已經依賴 SAP S/4HANA。

We are now at more than 12,000 license customers, representing a 25% year-over-year growth.

我們現在擁有超過 12,000 個許可客戶，同比增長 25%。

We're also very happy with regard to adoption, especially S/4 with more than just a technical migration.

我們也對採用感到非常高興，尤其是 S/4 不僅僅是技術遷移。

It has allowed our customer a complete redesign of their business model and business processes.

它使我們的客戶能夠完全重新設計他們的業務模型和業務流程。

We see 60% of customers live or implementing and the other preparing their approaches.

我們看到 60% 的客戶正在實施或正在實施，而其他客戶則在準備他們的方法。

To name just a few, this quarter, Dow Jones and Callaway Golf in the U.S. and Breitling in Switzerland went live on S/4HANA as did Daewoong Pharma in South Korea.

僅舉幾例，本季度，美國的 Dow Jones 和 Callaway Golf 以及瑞士的 Breitling 和韓國的 Daewoong Pharma 都在 S/4HANA 上線。

In context of that, we are making rapid progress in cloud ERP.

在此背景下，我們正在雲 ERP 方面取得快速進展。

S/4HANA cloud, including supply chain management, we are now at cloud revenue run rate of more than EUR 0.5 billion and close to 2,000 customers.

S/4HANA 雲，包括供應鏈管理，我們現在的雲收入運行率超過 5 億歐元，擁有近 2,000 個客戶。

We have a coverage of 17 industries already in the cloud, and we are investing heavily in the user experience.

我們已經在雲端覆蓋了 17 個行業，我們正在大力投資用戶體驗。

This quarter, we saw subsidiaries of McDonald and Xinjiang Daming Mining in China go live on S/4HANA cloud.

本季度，我們看到麥當勞和新疆大明礦業在中國的子公司在 S/4HANA 雲上線。

I also like to provide you with an update on our platform business, including our in-memory database, SAP HANA, with more than 31,000 customers as of today.

我還想向您介紹我們平台業務的最新情況，包括我們的內存數據庫 SAP HANA，截至今天，我們擁有超過 31,000 名客戶。

One important use case is S/4HANA and other LOP applications, such as SuccessFactors running on top of SAP HANA.

一個重要的用例是 S/4HANA 和其他 LOP 應用程序，例如在 SAP HANA 之上運行的 SuccessFactors。

But over the last 2 years, HANA has rapidly expanded beyond SAP application to third-party application.

但在過去的兩年裡，HANA 已經從 SAP 應用程序迅速擴展到第三方應用程序。

This is reflected in the share of full used licenses.

這反映在完全使用的許可證的份額上。

We have more than 60% already and it continues to expand.

我們已經擁有超過 60%，並且還在繼續擴大。

We are evolving SAP Cloud Platform as a business technology platform with focus on business services and integrating our LOP application.

我們正在將 SAP Cloud Platform 發展為一個業務技術平台，專注於業務服務並集成我們的 LOP 應用程序。

SAP Cloud Platform is also key when we talk about integration, including our master data integration content and cokernel services like security and identity.

當我們談論集成時，SAP Cloud Platform 也是關鍵，包括我們的主數據集成內容和核心服務，如安全和身份。

There is no doubt that cloud is becoming mainstream in the enterprise software market, and so we are happy to record increasing cloud cost margins across all business models.

毫無疑問，雲正在成為企業軟件市場的主流，因此我們很高興地看到所有商業模式的云成本利潤率都在增加。

We are looking hard on further increasing the efficiency of our internal cloud delivery.

我們正在努力進一步提高內部雲交付的效率。

You can see that in the margin trend and I will provide additional color at the Capital Markets Day.

你可以在保證金趨勢中看到這一點，我將在資本市場日提供額外的顏色。

At the same time, we understand some industries with high quality complexity, like manufacturing and automotive, where ERP customization is needed, we'll keep major part of their core on-premise for the foreseeable future.

同時，我們了解到一些質量複雜的行業，如製造業和汽車業，需要 ERP 定制，我們將在可預見的未來將其核心的主要部分保留在本地。

The same is true for companies in countries with high -- with political instability, limited infrastructure or increased data security concern.

對於政治不穩定、基礎設施有限或數據安全問題增加的國家的公司來說也是如此。

Hence, a lot of landscapes will remain hybrid for many years.

因此，許多景觀將在多年內保持混合狀態。

SAP allows companies to combine cloud and on-premise in the landscape tailored to their needs, taking into consideration their business requirements and strategic vendor relationship.

SAP 允許公司在根據他們的需求量身定制的環境中結合雲和內部部署，同時考慮到他們的業務需求和戰略供應商關係。

It's all about customer choice.

這完全取決於客戶的選擇。

This is also reflected in our multi-cloud strategy, allowing both our customers and us to leverage the hyperscale of highly elastic and globally available infrastructure to deliver SAP cloud solutions.

這也反映在我們的多雲戰略中，允許我們的客戶和我們利用高度彈性和全球可用的超大規模基礎設施來交付 SAP 雲解決方案。

Jen discussed earlier the Microsoft partnership and how excited we are about that.

Jen 之前討論了與 Microsoft 的合作夥伴關係以及我們對此感到多麼興奮。

Still rest assured, the customer choice in this context remains unchanged.

仍然放心，客戶在這種情況下的選擇保持不變。

Before I hand it over to Luka, I'd like to point out 3 focus areas that I believe will be critical for our success in the next chapter of SAP.

在我將其交給 Luka 之前，我想指出 3 個重點領域，我認為這對我們在 SAP 下一章的成功至關重要。

One, customer success.

一、客戶成功。

SAP has always been best when we listen to our customers.

當我們傾聽客戶的聲音時，SAP 始終是最好的。

Customers have been vocal about their feedback, which we greatly appreciate and proactively seek.

客戶一直對他們的反饋直言不諱，我們非常感謝並積極尋求這些反饋。

We are listening and taking action, integration, solution adoption and use and upselling is a key directly related to customer success.

我們正在傾聽並採取行動，集成、解決方案的採用和使用以及追加銷售是與客戶成功直接相關的關鍵。

Two, innovation.

二、創新。

SAP is not a software distributor.

SAP 不是軟件分銷商。

SAP is a software engineering powerhouse.

SAP 是一家軟件工程巨頭。

Our continued growth through innovation is based on our ability to leverage on the results as effectively and efficiently.

我們通過創新實現持續增長的基礎是我們有效且高效地利用成果的能力。

We are refueling processes, removing overlaps, focusing resources and accelerating innovation cycle, so we get the most out of our R&D investment, which are critical to our future success.

我們正在為流程加油、消除重疊、集中資源並加速創新周期，以便我們從研發投資中獲得最大收益，這對我們未來的成功至關重要。

Also, we will further strengthen co-innovation with our customers to realize true business value with the help of new technology.

同時，我們將進一步加強與客戶的聯合創新，借助新技術實現真正的商業價值。

Three, our employees.

三、我們的員工。

It is our colleagues that drive innovation, provide value to our customers and consistently promote our growth and profitability.

正是我們的同事推動創新，為我們的客戶提供價值，並不斷促進我們的增長和盈利能力。

We are proud that SAP has been recognized by numerous employee awards worldwide.

我們為 SAP 在全球範圍內獲得眾多員工獎項而感到自豪。

We are the only company to rank on all 5 classes of Best Places to Work country lists.

我們是唯一一家在所有 5 個類別的最佳工作場所國家/地區列表中排名的公司。

Our Employee Engagement Index is near record high, but we don't stop here.

我們的員工敬業度指數接近歷史新高，但我們不會就此止步。

In addition to further simplifying our internal processes, we are currently conducting our annual employee survey.

除了進一步簡化我們的內部流程外，我們目前正在進行年度員工調查。

This year with our own SAP Qualtrics technology, which gives us detailed insights into the good, the best and the ugly.

今年我們使用了我們自己的 SAP Qualtrics 技術，它讓我們能夠詳細了解好的、最好的和醜陋的。

Happy employees are productive and innovative and, therefore, critical to our success.

快樂的員工具有生產力和創新精神，因此對我們的成功至關重要。

With that, I would like to hand it over to Luka.

有了這個，我想把它交給盧卡。

Luka, are you happy with the numbers?

盧卡，你對這些數字滿意嗎？

Yes.

是的。

Thanks, Christian.

謝謝，克里斯蒂安。

As you know, usually, it's hard to get me satisfied, but this time I'm indeed absolutely happy with the results this quarter.

如您所知，通常很難讓我滿意，但這一次我對本季度的結果確實非常滿意。

And I would also like to take the opportunity to congratulate both you and Jen on being named co-CEOs.

我也想藉此機會祝賀你和 Jen 被任命為聯席首席執行官。

Look, in April, we promised a stronger focus on profits and we are clearly delivering.

看，在四月份，我們承諾更加關注利潤，我們顯然正在兌現。

I'm very pleased to say that our operational excellence measures allowed us to achieve double-digit operating profit growth and a substantial operating margin expansion.

我很高興地說，我們的卓越運營措施使我們實現了兩位數的營業利潤增長和營業利潤率的大幅增長。

And just as important, we achieved this result with continued strong top line momentum.

同樣重要的是，我們憑藉持續強勁的營收勢頭取得了這一成果。

Let me now provide you with some background on the key drivers of the third quarter.

現在讓我為您提供有關第三季度主要驅動因素的一些背景信息。

Both cloud and software revenue as well as total revenue grew 13% this quarter.

本季度雲計算和軟件收入以及總收入增長了 13%。

Cloud revenue was, again, a big driver of this growing 37%.

雲收入再次成為這一增長 37% 的重要推動力。

New cloud bookings were up 39% and up 51%, excluding our Infrastructure-as-a-Service business.

新的雲預訂增長了 39% 和 51%，不包括我們的基礎設施即服務業務。

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

這對 SAP 來說是一個好趨勢，對我們雲業務的利潤率構成淨利好。

As mentioned by Jen, we also signed a large partner contract with Microsoft.

正如 Jen 所說，我們還與 Microsoft 簽署了一份大型合作夥伴合同。

This contributed 18 percentage points to new cloud bookings growth this quarter.

這為本季度新的雲預訂增長貢獻了 18 個百分點。

In addition, as Christian said, we saw significant growth in our S/4HANA cloud offering.

此外，正如 Christian 所說，我們看到 S/4HANA 雲產品的顯著增長。

Software license and support revenue grew at a solid 4% in the quarter.

本季度軟件許可和支持收入穩步增長 4%。

Software licenses revenue declined by 1%.

軟件許可收入下降了 1%。

And with this, our software license revenue was actually slightly better than expected despite macro uncertainties.

因此，儘管存在宏觀不確定性，但我們的軟件許可收入實際上略好於預期。

This was primarily driven by continued growth in our S/4HANA flagship solution and our Digital Supply Chain offering.

這主要是由我們的 S/4HANA 旗艦解決方案和數字供應鏈產品的持續增長推動的。

In Q3, the share of more predictable revenue increased to 69%, up 2 percentage points year-over-year.

第三季度，更可預測的收入佔比增至 69%，同比上升 2 個百分點。

Now quickly to the regions where we had a very solid performance in the EMEA region, with cloud and software revenue increasing 10%.

現在快速轉到我們在 EMEA 地區表現非常穩定的地區，雲和軟件收入增長了 10%。

Cloud revenue increased 48%, with Germany and the U.K. being highlights.

雲收入增長了 48%，其中德國和英國成為亮點。

France and the U.K. had exceptional quarters in software license revenue.

法國和英國在軟件許可收入方面表現出色。

We had a strong performance in the Americas region.

我們在美洲地區表現強勁。

Cloud and software revenue increased 16%.

雲和軟件收入增長了 16%。

Cloud revenue increased 32%, with Canada, Brazil and Mexico being highlights.

雲收入增長了 32%，其中加拿大、巴西和墨西哥成為亮點。

In addition, the United States and Brazil both had strong quarters in software license revenue.

此外，美國和巴西的軟件許可收入都表現強勁。

In the APJ region, we had a solid quarter, amidst a challenging market environment.

在充滿挑戰的市場環境中，我們在亞太及日本地區的季度表現穩健。

Cloud and software revenue was up 9%.

雲和軟件收入增長了 9%。

Cloud revenue increased 40%, with Japan and Australia being highlights.

雲收入增長了 40%，其中日本和澳大利亞成為亮點。

Japan had an exceptional quarter in software license revenue as well.

日本在軟件許可收入方面也有出色的表現。

Let's now look at profitability and gross margin in the third quarter.

現在讓我們看看第三季度的盈利能力和毛利率。

Our cloud gross margin rose sharply year-over-year and increased by 5 percentage points to 69%.

我們的雲毛利率同比大幅上升，增長 5 個百分點至 69%。

As Christian already mentioned, we continue to make progress on efficiency gains in our cloud delivery.

正如 Christian 已經提到的，我們在雲交付的效率提升方面繼續取得進展。

This marks the third straight quarter in a row that we have increased our cloud gross margin sequentially.

這標誌著我們連續第三個季度提高了雲計算毛利率。

In our most profitable cloud segment, the Intelligent Spend Group, gross margin remained steady year-over-year at 78%.

在我們利潤最高的雲部門 Intelligent Spend Group，毛利率同比保持穩定在 78%。

The gross margin of our other SaaS parts businesses expanded massively by 10 percentage points year-over-year and reached 70%, which is an acceleration compared to last quarter.

我們其他 SaaS 部件業務的毛利率同比大幅增長 10 個百分點，達到 70%，與上一季度相比有所加速。

Similarly, as in Q2, we benefited from primarily 4 effects: first, SuccessFactors now running solely on our converged cloud platform based on the HANA database; the extended lifetime of hardware; continued high gross margin from Qualtrics; and also benefits from restructuring.

同樣，與第二季度一樣，我們主要受益於 4 個影響：首先，SuccessFactors 現在僅在我們基於 HANA 數據庫的融合雲平台上運行；延長硬件的使用壽命； Qualtrics 的毛利率持續保持高位；也受益於重組。

For our Infrastructure-as-a-Service offerings, the cloud gross margin improved by 9 percentage points year-over-year to 25%.

對於我們的基礎設施即服務產品，雲毛利率同比增長 9 個百分點至 25%。

We see Infrastructure-as-a-Service becoming a smaller share of the cloud mix going forward as hyperscalers continued to expand their capabilities to operate SAP workloads in their data centers.

隨著超大規模企業繼續擴展其在數據中心運行 SAP 工作負載的能力，我們看到基礎架構即服務在未來雲組合中所佔的份額越來越小。

Our cloud and software gross margin increased by 1 percentage point to 82% year-over-year, with a very positive contribution from the cloud margin.

我們的雲和軟件毛利率同比增長 1 個百分點至 82%，雲利潤率做出了非常積極的貢獻。

Our services gross margin was up 5 percentage points to 27%.

我們的服務毛利率上升了 5 個百分點，達到 27%。

The increase of the services margin mainly results from a strong revenue performance paired with the successful execution of operational excellence measures and restructuring benefits.

服務利潤率的增加主要得益於強勁的收入表現以及成功執行卓越運營措施和重組收益。

Overall, operating profit was up 20% year-over-year, driven by a combination of strong top line and further acceleration of our operational excellence and restructuring benefits.

總體而言，營業利潤同比增長 20%，這得益於強勁的收入以及我們卓越運營和重組效益的進一步加速。

This led to a stellar operating margin, which expanded 170 basis points.

這導致了出色的營業利潤率，擴大了 170 個基點。

Year-to-date, we expanded our operating margin by 70 basis points.

年初至今，我們的營業利潤率提高了 70 個基點。

Turning quickly to IFRS operating profit.

快速轉向 IFRS 營業利潤。

This was up 36%, benefiting from lower share-based compensation expenses.

這增長了 36%，這得益於較低的股權激勵費用。

For the first 9 months, though, IFRS operating profit was down 28%.

不過，前 9 個月，IFRS 營業利潤下降了 28%。

Let me just give you a brief recap and update on the effects that led to this result.

讓我簡要回顧一下導致這一結果的影響。

Compared to the first 9 months of 2018, we had close to EUR 100 million higher acquisition-related charges and revenue adjustments, mainly from the acquisition of Qualtrics, close to EUR 500 million higher share-based compensation expenses and approximately EUR 1.1 billion higher restructuring expenses.

與 2018 年前 9 個月相比，我們的收購相關費用和收入調整增加了近 1 億歐元，主要來自收購 Qualtrics，股權激勵費用增加了近 5 億歐元，重組增加了約 11 億歐元花費。

As mentioned last quarter, these effects are, obviously, much higher than usual this year.

正如上個季度所提到的，今年這些影響顯然比往年要高得多。

We still expect IFRS operating profit to be up significantly next year since we don't expect any meaningful restructuring expenses and acquisition-related charges to likewise decline.

我們仍然預計 IFRS 營業利潤明年將大幅增長，因為我們預計任何有意義的重組費用和收購相關費用不會同樣下降。

Therefore, our IFRS operating profit growth rate in 2020 will be much higher than on a non-IFRS basis.

因此，我們 2020 年的 IFRS 營業利潤增長率將遠高於非 IFRS 基礎。

Moving onto EPS and taxes, where for IFRS EPS, we saw a strong increase of 28% year-over-year, while non-IFRS EPS was up 14%.

轉向每股收益和稅收，對於 IFRS 每股收益，我們看到同比強勁增長 28%，而非 IFRS 每股收益增長 14%。

In the third quarter, our IFRS and non-IFRS effective tax rate each increased close to 2 percentage points year-over-year.

第三季度，我們的 IFRS 和非 IFRS 有效稅率分別同比增長近 2 個百分點。

However, our tax rate guidance for 2019 remains unchanged.

然而，我們對 2019 年的稅率指引保持不變。

In Q3, our operating cash flow was up 28%.

第三季度，我們的經營現金流增長了 28%。

Free cash flow rose sharply and was up 116%, due to strong operating cash flow and a reduction of our CapEx spend by 50%.

由於強勁的經營現金流和資本支出減少 50%，自由現金流大幅上升 116%。

For the first 9 months, our operating cash flow was EUR 3.3 billion, down 5% year-over-year.

前 9 個月，我們的經營現金流為 33 億歐元，同比下降 5%。

Compared to the prior year, operating cash flow was impacted by the following effects: first, the benefit of roughly EUR 290 million from the application of IFRS 16, but then higher restructuring payouts of around EUR 240 million, higher share-based compensation payouts of close to EUR 210 million and higher tax payouts of EUR 490 million.

與上一年相比，經營現金流受到以下影響：首先，應用 IFRS 16 帶來約 2.9 億歐元的收益，然後是約 2.4 億歐元的更高重組支出，更高的基於股份的補償支出接近 2.1 億歐元和 4.9 億歐元的更高稅收支出。

For the full year 2019, we, therefore, still expect operating cash flow to be slightly lower than in 2018.

因此，對於 2019 年全年，我們仍預計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 decrease sharply.

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。

Free cash flow stabilized for the first 9 months and was flat at EUR 2.3 billion.

自由現金流在前 9 個月趨於穩定，持平於 23 億歐元。

This reflects our disciplined CapEx spend, which was EUR 703 million, EUR 443 million lower than the previous year.

這反映了我們嚴格的資本支出支出，為 7.03 億歐元，比上一年減少了 4.43 億歐元。

For the full year 2019, we now expect our CapEx to stay below the EUR 1-billion mark.

對於 2019 年全年，我們現在預計我們的資本支出將保持在 10 億歐元以下。

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

在結束之前，我想向您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。

We are proud to be recognized as the #1 software company in the Dow Jones Sustainability Index for the 13th year in a row.

我們很自豪連續 13 年被公認為道瓊斯可持續發展指數中排名第一的軟件公司。

Developments in the world are leading to increased demand for SAP to enable customers to implement sustainable business models connecting economic, social and environmental objectives.

世界的發展導致對 SAP 的需求增加，使客戶能夠實施連接經濟、社會和環境目標的可持續商業模式。

We want to help ensure that smart integration of impact measurement and valuation will ultimately become standard practice.

我們希望幫助確保影響衡量和評估的智能整合最終成為標準做法。

To this end, SAP is a founding member of the value balancing alliance, a nonprofit organization that has businesses measure their overall societal impact and dependencies.

為此，SAP 是價值平衡聯盟的創始成員，該聯盟是一個讓企業衡量其整體社會影響和依賴性的非營利組織。

We aim to lead by example, continuing to steer sustainable holistically in our own operations.

我們旨在以身作則，繼續在我們自己的運營中全面引導可持續發展。

Employee retention was down slightly to 93.3% in Q3 year-over-year.

第三季度，員工保留率同比小幅下降至 93.3%。

We have made great progress in women in management, which is now at 26.3%, up from 25.9% year-over-year.

我們在女性管理方面取得了很大進步，目前為 26.3%，高於去年同期的 25.9%。

And obviously, with Jen, SAP has named the first female Co-CEO of the DAX company.

顯然，與 Jen 一起，SAP 任命了 DAX 公司的第一位女性聯席首席執行官。

In Q3, our carbon emissions were 65 kilo tons, just slightly higher than we anticipated.

第三季度，我們的碳排放量為 65 噸，略高於我們的預期。

Despite this, we expected our emissions in 2019 will stay stable at a minimum.

儘管如此，我們預計 2019 年的排放量將至少保持穩定。

We remain committed to our goal of becoming carbon neutral by 2025.

我們仍然致力於實現到 2025 年實現碳中和的目標。

So to summarize, we delivered an exceptional quarter across revenue, profit and cash flow.

總而言之，我們在收入、利潤和現金流方面取得了出色的成績。

We achieved double-digit growth in cloud revenue, double-digit growth in cloud and software revenue, double-digit growth in total revenue, double-digit growth in operating profit, substantial operating margin expansion, double-digit growth in earnings per share and triple-digit growth in free cash flow.

我們實現了雲收入兩位數增長、雲和軟件收入兩位數增長、總收入兩位數增長、營業利潤兩位數增長、營業利潤率大幅擴張、每股收益兩位數增長以及自由現金流的三位數增長。

We reiterate our 2019 outlook with great confidence, and we are on track to reach our midterm ambitions.

我們充滿信心地重申我們的 2019 年展望，我們有望實現我們的中期目標。

With that, thank you very much.

有了這個，非常感謝你。

And we will now be happy to take your questions.

我們現在很樂意回答您的問題。

Thank you.

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) Our first question comes from John King from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的約翰·金。

Couple of questions from me.

我有幾個問題。

Firstly, just on the mechanics of the Microsoft deal.

首先，關於微軟交易的機制。

I think you're implying it's about EUR 74 million or EUR 75 million run rate of revenue.

我認為你是在暗示它的營業收入約為 7400 萬歐元或 7500 萬歐元。

Can you just explain to us how quickly we will see that kind of revenue run rate in the numbers, please, perhaps, for Luka, I guess?

您能否向我們解釋一下，我們將在多快的時間內看到這種收入運行率，我想，也許是對於 Luka？

And then just coming back to the cloud bookings, second question.

然後回到雲預訂，第二個問題。

I guess you could look at this in a number of ways, but depending on the mechanics of that Microsoft deal, I guess the implied clouds -- organic cloud bookings growth was still, I would say, maybe a little bit below what you're expecting in terms of cloud revenue growth over the next few years.

我想你可以通過多種方式來看待這個問題，但根據微軟交易的機制，我猜隱含的雲 - 有機雲預訂增長仍然，我會說，可能略低於你的預期預計未來幾年雲收入的增長。

And I guess, the question is, would you agree with that?

我想，問題是，你同意嗎？

And if so, what are the steps that you're looking to take in order to try and improve the run rate on the cloud bookings side?

如果是這樣，您希望採取哪些步驟來嘗試提高雲預訂方面的運行率？

Yes.

是的。

Perhaps, I'll take both of those and then please, Jen and Christian add your color, if you want.

也許，我會接受這兩個，然後請 Jen 和 Christian 添加你的顏色，如果你願意的話。

So on the Microsoft side, it's very simple.

所以在微軟這邊，很簡單。

Revenue recognition will begin in Q4.

收入確認將於第四季度開始。

And then basically, we will have roughly the figures that you are citing on an annualized basis over the course of the next 3 years basically.

然後基本上，在接下來的 3 年中，我們基本上會大致得到您引用的年化數據。

On the new cloud bookings side, look, I mean, first of all, I think nobody should argue with a 39% new cloud bookings growth and 51% without Infrastructure-as-a-Service being a good result.

在新的雲預訂方面，看，我的意思是，首先，我認為沒有人應該爭論 39% 的新雲預訂增長和 51% 的基礎設施即服務不是一個好的結果。

Of course, it was influenced by the Microsoft transaction, but this is representative with the strategic choices that we are making.

當然，它受到了微軟交易的影響，但這代表了我們正在做出的戰略選擇。

We are doubling down on the partnerships with our hyperscalers.

我們正在加倍努力與我們的超大規模企業建立合作夥伴關係。

We'll drive healthy and highly profitable cloud platform and S/4HANA business as a result of those partnerships.

由於這些合作夥伴關係，我們將推動健康且高利潤的雲平台和 S/4HANA 業務。

And we focus our HANA enterprise cloud Infrastructure-as-a-Service business on high-value opportunities.

我們將 HANA 企業雲基礎架構即服務業務專注於高價值機會。

This is exactly the direction that we want our business to take.

這正是我們希望我們的業務採取的方向。

When it comes to the growth rates in new cloud bookings that we need in order to hit our midterm objectives, I think I've been talking about this already on a number of calls previously.

當談到我們為實現中期目標而需要的新雲預訂的增長率時，我想我之前已經在多次電話會議上談到過這個問題。

It's important to note that first of all, the new cloud bookings are not the only source of our revenues and of our growth.

重要的是要注意，首先，新的雲預訂並不是我們收入和增長的唯一來源。

Of course, the renewal performance plays a role.

當然，更新性能也起到了一定的作用。

The rent in TCV contracts plays a role, and we have quite a few of them that actually have a higher number of users or other capacity metrics that are kicking in, in later years of a multi-year contract.

TCV 合同中的租金發揮了作用，我們有相當多的人在多年合同的後期實際上擁有更多的用戶或其他容量指標。

And on the other hand, obviously, the pay-as-you-go revenues that we have primarily in our Intelligent Spend Group are also not captured in new cloud bookings.

另一方面，顯然，我們主要在 Intelligent Spend Group 中擁有的即用即付收入也沒有包含在新的雲預訂中。

When you take a look at our performance across the different cloud segments, you will actually find that we run basically only healthy businesses that are growing exactly the way they should.

當您查看我們在不同雲領域的表現時，您實際上會發現我們基本上只經營健康的業務，這些業務正以應有的方式增長。

In the Intelligent Spend Group, we have been very consistent around the 20% constant currency growth mark now for a number of quarters.

在 Intelligent Spend Group 中，我們在多個季度中一直保持在 20% 的恆定貨幣增長率附近。

And with the stability of our transactional revenues, we expect that this were continuing.

隨著我們交易收入的穩定，我們預計這種情況會持續下去。

And in the high-growth customer in Experience Management segment, we have been growing close to 100%.

在體驗管理領域的高增長客戶中，我們的增長接近 100%。

In ATS, actually many of the cloud assets that are now reaching scale like S/4HANA, analytics cloud have actually had a very, very strong performance.

在 ATS 中，實際上許多現在達到規模的雲資產，如 S/4HANA，分析雲實際上具有非常非常強大的性能。

And as they become a bigger piece of the pie, they will, of course, also influence the revenue performance in a much bigger way.

隨著它們的份額越來越大，它們當然也會以更大的方式影響收入表現。

Cloud ERP is an almost untapped opportunity still for us.

雲 ERP 對我們來說是一個幾乎尚未開發的機會。

Christian has mentioned, the run rate that we have achieved by now, the opportunity in the market is huge.

克里斯蒂安提到，我們現在已經達到的運行率，市場機會是巨大的。

So you shouldn't be concerned at all about our momentum in the cloud.

所以你根本不應該擔心我們在雲中的勢頭。

Please?

請？

Yes.

是的。

I'll just punctuate a couple of different areas of focus for cloud growth.

我將強調幾個不同的雲增長重點領域。

The Microsoft deal is important because it goes beyond a traditional partnership.

與微軟的交易很重要，因為它超越了傳統的合作夥伴關係。

They've put pretty big skin in the game and their sales teams across the world are now selling SAP solutions.

他們在遊戲中投入了大量資金，他們遍布全球的銷售團隊現在都在銷售 SAP 解決方案。

That's going to help us do 2 things: accelerate the movement of S/4HANA to the cloud and accelerate the sales of SAP's cloud platform services in cloud revenue.

這將幫助我們做兩件事：加速 S/4HANA 向雲端的移動，並加速 SAP 的雲平台服務在雲收入中的銷售。

So the stickiness of that partnership, we believe, will continue to pay broader dividends.

因此，我們相信，這種夥伴關係的粘性將繼續帶來更廣泛的回報。

I'd say 2 other points.

我會說另外兩點。

Qualtrics is another area where we see huge potential from a platform perspective as well as just giving us an opportunity to have new conversations, especially in places like Asia.

從平台的角度來看，Qualtrics 是我們看到巨大潛力的另一個領域，同時也為我們提供了進行新對話的機會，尤其是在亞洲等地。

This is where we can hit the ground running and really drive growth faster.

在這裡，我們可以開始行動並真正推動增長更快。

And then finally, we heard you.

最後，我們聽到了你的聲音。

We know that you want to see more organic innovation in the cloud from SAP.

我們知道您希望看到 SAP 在雲中進行更多有機創新。

It will be something we talk a little bit more on at our Capital Markets Day.

這將是我們在資本市場日更多討論的話題。

But as Luka mentioned, whether it be analytics or the customer-facing solutions or supply chain, this is an engine that we need to get humming even more.

但正如 Luka 所提到的，無論是分析還是面向客戶的解決方案或供應鏈，這都是我們需要更加活躍的引擎。

Our next question comes from Walter Pritchard from Citi.

我們的下一個問題來自花旗銀行的 Walter Pritchard。

I'm wondering between some of the things you talked about on the call with S/4 public ERP ramping up, which -- it looks like the percentage of your S/4 customers that were new actually came down, implying that the installed base might be moving faster.

我想知道你在電話會議上談到的一些事情與 S/4 公共 ERP 的增加，這看起來你的 S/4 新客戶的百分比實際上下降了，這意味著安裝基礎可能會移動得更快。

As well as what you talked about with Microsoft and the Azure relationship, do you expect that you start to see a little bit more of a pickup here in the installed base migration around S/4?

除了您談到的與 Microsoft 和 Azure 的關係之外，您是否希望在圍繞 S/4 的已安裝基礎遷移中開始看到更多的回升？

And I'm just curious, I know investors get a little nervous around cloud versus on-prem, but how do you expect that will influence those 2 revenue streams?

我只是好奇，我知道投資者對雲與本地部署有點緊張，但你認為這將如何影響這兩個收入來源？

If there's any change that you're highlighting here?

如果您在這裡強調了任何變化？

Thank you, Walter, for the question.

沃爾特，謝謝你提出這個問題。

So I'll start and then handing over to Adaire.

所以我會開始，然後交給阿黛爾。

So in Q3, so we have seen actually a really strong quarter for S/4.

所以在第三季度，我們實際上看到了 S/4 非常強勁的季度。

I mean as I mentioned, we have seen positive growth in software on-premise S/4.

我的意思是，正如我所提到的，我們已經看到軟件內部部署 S/4 的積極增長。

And we also have seen high double-digit growth for S/4HANA cloud.

我們還看到了 S/4HANA 雲的高兩位數增長。

And actually, we see both.

實際上，我們都看到了。

I mean we see many industries like automotive or in the public industry, we see a lot of movement, also now customers migrating to S/4 on-premise.

我的意思是我們看到許多行業，如汽車或公共行業，我們看到很多動作，現在客戶也遷移到內部部署的 S/4。

We see also now that we are increasing the business value of S/4.

我們現在還看到我們正在增加 S/4 的商業價值。

We are serving new business models, putting more and more AI into the product, driving more automation, drive a higher intelligence in the processes.

我們正在服務於新的商業模式，將越來越多的 AI 放入產品中，推動更多的自動化，推動流程中的更高智能。

We see now that also the move is really picking up.

我們現在看到，這一舉措也確實在加速。

And then on the cloud side, especially in the finance area, we are seeing major wins now in Q3.

然後在雲方面，尤其是在金融領域，我們現在在第三季度看到了重大勝利。

And as I said, being now close to 2,000 customers, this is now a major business for SAP.

正如我所說，現在有近 2,000 名客戶，這現在是 SAP 的一項主要業務。

Even more important that in the cloud, we see that the adoption is even kicking in faster.

更重要的是，在雲中，我們看到採用速度更快。

So we see go lives within 20 days, which is really strong.

所以我們看到在 20 天內上線，這真的很強大。

And this also shows that not only in the cloud we are growing fast, but also customers adopting really fast.

這也表明，不僅在雲中我們發展迅速，而且客戶採用的速度也非常快。

Yes.

是的。

Maybe I'll just add a little bit to that, Walter.

也許我會補充一點，沃爾特。

Like -- thanks to our colleagues in development who are increasing exponentially the functionality that is in S/4.

比如——感謝我們的開發同事，他們正在以指數方式增加 S/4 中的功能。

It means that as our customers look at the value case for the move, there is a very strong value proposition now around the S/4 environment.

這意味著當我們的客戶查看此舉的價值案例時，現在圍繞 S/4 環境有一個非常強大的價值主張。

We are putting a whole range of different components around facilitating an easy and cost-effective move for our customer base.

我們正在為我們的客戶群提供一系列不同的組件，以促進簡單且具有成本效益的遷移。

We can see very significant focus from the SI community on the S/4 installed base.

我們可以看到 SI 社區非常關注 S/4 安裝基礎。

We have a strong value assurance program, and the implementation partners are doubling down on this.

我們有一個強大的價值保證計劃，實施合作夥伴正在加倍努力。

In the general business space, we now have 27 conversion factories from various different partners supporting our customers in that segment.

在一般業務領域，我們現在擁有來自不同合作夥伴的 27 家改裝工廠，為該領域的客戶提供支持。

With our colleagues in DBS, our model company approach, it means that we are simplifying with preconfigured solutions and content, the implementation of S/4 in a customer's environment.

與我們在 DBS 的同事一起，我們的模型公司方法，這意味著我們正在使用預配置的解決方案和內容簡化 S/4 在客戶環境中的實施。

And so we're working to automate as much as we can of that process to ensure that we can facilitate a cost-effective and high-value transformation for our customers.

因此，我們正在努力盡可能地實現該流程的自動化，以確保我們能夠為我們的客戶促進具有成本效益和高價值的轉型。

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

我們現在將接受 UBS 的 Michael Briest 的提問。

Congratulations, Jen and Christian, on your promotions.

Jen 和 Christian，祝賀你們晉升。

Just following up on the topic of the private cloud, I mean, you're obviously repeating the ambition for 2023 cloud revenues of EUR 15 billion.

只是跟進私有云的話題，我的意思是，你顯然是在重複 2023 年雲收入達到 150 億歐元的雄心。

But looking at this Microsoft relationship in part, that could be cannibalistic to the growth in HEC.

但從某種程度上看這種與微軟的關係，這可能會影響 HEC 的增長。

Do you see any change in the mix in 2023?

您認為 2023 年的組合有什麼變化嗎？

You're expecting the SaaS pass business perhaps to be bigger than previously as a result of this?

您預計 SaaS 通行證業務可能會因此比以前更大嗎？

And then related to that, Luke, on the CapEx side, I think you said you're expecting less than EUR 1 billion this year.

然後與此相關，盧克，在資本支出方面，我想你說過你今年的預期不到 10 億歐元。

6 months ago, it was going to be EUR 1.5 billion.

6 個月前，該數字將達到 15 億歐元。

I'm wondering how much that relates to this change in hyperscaler relationships?

我想知道這與超大規模關係的這種變化有多大關係？

And how much maybe to your -- you have some quite large capital projects like building offices in Munich and suchlike.

對你來說可能有多少——你有一些相當大的資本項目，比如在慕尼黑建造辦公室等等。

Is that contributing to the reduction in CapEx?

這是否有助於減少資本支出？

So maybe I can take the first part of the question.

所以也許我可以回答問題的第一部分。

We don't see this cannibalizing our revenue because we see that customers want choice, right?

我們不認為這會蠶食我們的收入，因為我們看到客戶想要選擇，對嗎？

And so many of our customers absolutely want SAP to manage S/4 in the cloud, whether it be the public cloud or whether it be HANA Enterprise Cloud.

我們的許多客戶絕對希望 SAP 在雲中管理 S/4，無論是公共雲還是 HANA 企業雲。

So we see many of our customers are making broader public cloud enterprise decisions.

因此，我們看到我們的許多客戶正在製定更廣泛的公共雲企業決策。

And for us, we wanted to make sure that we didn't limit our conversations to customers only specific to 1 cloud offering.

對於我們來說，我們希望確保我們不會將我們的對話僅限於特定於一種雲產品的客戶。

And so what we found is that the customer has so many voices around their table right now, whether it be movement to public cloud or S/4 or other innovation.

因此，我們發現客戶現在在他們的餐桌上有很多聲音，無論是轉向公共雲、S/4 還是其他創新。

And we just found that by coming together and giving them prescriptive options depending on what's important to them, what their industry is, et cetera, then we can make sure regardless we're getting a piece of the pie and we can influence that decision.

我們剛剛發現，通過聚在一起並根據對他們來說重要的事情、他們的行業等給他們規定的選擇，我們可以確保無論我們是否分得一杯羹，我們都可以影響這個決定。

So we'll continue to see both of those revenue streams grow, but now we're going to be in far more conversations in impacting the direction.

因此，我們將繼續看到這兩個收入來源的增長，但現在我們將進行更多的對話來影響方向。

Luka?

盧卡？

Yes.

是的。

And first, just the last sentence on this one.

首先，這只是最後一句話。

I think we have been talking for a while now about the fact that we expect indeed Infrastructure-as-a-Service due to our focus on high-value engagements will not further increase as a percentage of cloud revenues.

我想我們已經討論了一段時間了，由於我們專注於高價值的參與，我們預計基礎設施即服務在雲收入中所佔的比例不會進一步增加。

Actually, we believe that there is now an acceleration in SaaS part, but that is very positive for the overall margin and, of course, also for the gross margins in the cloud.

實際上，我們認為 SaaS 部分現在正在加速，但這對整體利潤率非常有利，當然也對雲計算的毛利率有利。

When it comes to CapEx, it's correct.

談到資本支出，這是正確的。

I mean we have made great progress this year in our CapEx efficiency.

我的意思是我們今年在資本支出效率方面取得了很大進步。

Main contributing factors are first of all the progress that we have been making with the hyperscalers and our partnerships in this respect.

主要促成因素首先是我們在這方面與超大規模企業以及我們的合作夥伴關係取得的進展。

They are now really powering a lot of the infrastructure support that we need for our applications and that is, of course, helping us a lot.

他們現在確實為我們的應用程序提供了大量基礎設施支持，當然，這對我們有很大幫助。

But it's also due to the fact that Gary Slater and Christian's organization and the Cloud Infrastructure team have done a terrific job to rationalize the demand for our own data center hardware and consolidating the procurement centrally.

但這也是因為 Gary Slater 和 Christian 的組織以及雲基礎設施團隊在合理化對我們自己的數據中心硬件的需求和集中整合採購方面做得非常出色。

They have also successfully renegotiated the maintenance contracts for our hardware and our data centers in a way that makes it now highly economic to extend the lifetime of the hardware from 4 to 5 years and that helps, of course, also in the CapEx intensity.

他們還成功地重新談判了我們的硬件和數據中心的維護合同，使得現在將硬件的使用壽命從 4 年延長到 5 年非常經濟，當然，這也有助於提高資本支出強度。

And we believe that this will continue to be the case.

我們相信這種情況將繼續存在。

Yes, of course, we also have general CapEx needs through facilities and other CapEx areas, but they are largely planned for and they have not been subject to major changes.

是的，當然，我們也有通過設施和其他資本支出領域的一般資本支出需求，但它們主要是計劃好的，並且沒有發生重大變化。

So it's really mainly the infrastructure efficiency in IT and in our data centers, and we believe that this will continue so also for the next couple of years, we expect no significant increases from the level that we have reached right now.

因此，這實際上主要是 IT 和數據中心的基礎設施效率，我們相信這將在未來幾年繼續下去，我們預計我們目前達到的水平不會有顯著提高。

And maybe Michael, just to give you 1 concrete example also how our HANA Enterprise Cloud offering plays together with our hyperscaler strategy.

也許邁克爾，只是給你一個具體的例子，也就是我們的 HANA 企業雲產品如何與我們的超大規模戰略一起發揮作用。

I mean one of our main competitors talked about some SAP ERP replacement and I had actually have no evidence.

我的意思是我們的主要競爭對手之一談到了一些 SAP ERP 的替代品，但我實際上沒有證據。

I didn't find any SAP customer moving over to the competition.

我沒有發現任何 SAP 客戶轉向競爭。

But what we are subsequently doing, there's 1 large ERP customer from the competition, they are now saying, we want to move to S/4HANA.

但我們隨後要做的是，有 1 個來自競爭對手的大型 ERP 客戶，他們現在說，我們想遷移到 S/4HANA。

They have not the skills to get to 1 HANA and to 1 S/4HANA, so they said, put S/4HANA on Azure and we go to the HANA Enterprise Cloud.

他們沒有獲得 1 個 HANA 和 1 個 S/4HANA 的技能，所以他們說，將 S/4HANA 放在 Azure 上，然後我們轉到 HANA 企業雲。

So you help us to first replace the database; second, the ERP; and then, SAP helps with the migration and this is done with the HANA Enterprise Cloud offering class Azure infrastructure.

所以你先幫我們更換數據庫；第二，ERP；然後，SAP 幫助遷移，這是通過 HANA 企業雲產品類 Azure 基礎設施完成的。

So you also can see that both offerings also play really well together and helps us also to win market share going forward.

所以你也可以看到，這兩種產品也能很好地結合在一起，幫助我們贏得未來的市場份額。

Our next question is from Stewart Materne from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Stewart Materne。

I'll add my congrats to Jennifer and Christian on your new appointments.

我將對 Jennifer 和 Christian 的新任命表示祝賀。

I guess the question is probably for Jennifer just on Qualtrics.

我想這個問題可能只是針對 Qualtrics 的 Jennifer。

At Sapphire, you all mentioned that the business had been accelerating versus the pre-IPO growth rates.

在 Sapphire，你們都提到與 IPO 前的增長率相比，業務一直在加速。

And I was just kind of curious where are you in terms of being able to leverage the global distribution capabilities of SAP with Qualtrics?

我只是有點好奇，就能夠利用 SAP 的全球分銷能力和 Qualtrics 而言，你在哪裡？

And then, I guess, secondly, what kind of halo effect is maybe Qualtrics having on some of the other SaaS properties?

然後，我想，其次，Qualtrics 可能對其他一些 SaaS 屬性產生什麼樣的光環效應？

I think you mentioned sort of the change in terminology around SuccessFactors.

我想你提到了圍繞 SuccessFactors 的術語變化。

So I just wondered if you can give us a sort of a broader update there on sort of the ability to leverage the Qualtrics brand across all of SAP.

所以我只是想知道你是否可以向我們提供更廣泛的更新，說明在整個 SAP 中利用 Qualtrics 品牌的能力。

Sure.

當然。

Thanks for the question, Kirk.

謝謝你的問題，柯克。

I'll start and Ryan Smith is actually on the call, and I'll hand it to him to give a little bit more color.

我會開始，Ryan Smith 實際上正在接聽電話，我會把它交給他來增加一點色彩。

So I can look at it from a couple of angles, one is that when you look at SuccessFactors or HR, right, and you look at the traditional category of HR, it's very much an event-driven kind of after the fact solution track -- track driven events it happens in an employee's life cycle.

所以我可以從幾個角度來看它，一個是當你看 SuccessFactors 或 HR 時，你看傳統的 HR 類別，它在很大程度上是一種事件驅動的事後解決方案軌道 - - 跟踪員工生命週期中發生的驅動事件。

When you look at what's happening in the workforce today, the war for talent, employee experience, Qualtrics has really allowed us to really redefine how we're having these conversations, right?

當你看看今天勞動力中發生的事情時，人才爭奪戰、員工體驗，Qualtrics 真的讓我們真正重新定義了我們如何進行這些對話，對吧？

So it's not just about understanding why things are happening or why I do have attrition?

所以這不僅僅是了解事情發生的原因或為什麼我有減員？

It's understanding how to go further upstream and understanding who is going to attrit, what are my issues going to be?

它了解如何進一步上游並了解誰將受到攻擊，我的問題是什麼？

And so being able to have those kind of conversations and take action much further upstream in the business is key.

因此，能夠進行此類對話並在業務上游更遠的地方採取行動是關鍵。

So that's given us a huge kick in SuccessFactors because it really changes the nature of the conversation and it makes it a c-suite discussion because now we're talking to people about how experience actually shows up in the income statement, how it can actually lower your SG&A or it's going to allow you to be more productive in getting employees in retail on the floor and more productive and selling more is one example.

因此，這給了我們 SuccessFactors 巨大的推動力，因為它確實改變了對話的性質，並使其成為高級管理層的討論，因為現在我們正在與人們討論經驗如何實際出現在損益表中，它實際上如何降低您的 SG&A 或它會讓您更有效率地讓零售員工在地板上工作，提高生產力和銷售更多就是一個例子。

So SuccessFactors is one.

所以 SuccessFactors 就是其中之一。

The other one, clearly, is around customer experience.

另一個顯然是圍繞客戶體驗。

When you look at our commerce solution, we see a really strong correlation between bringing together commerce and Qualtrics.

當您查看我們的商務解決方案時，我們會發現將商務與 Qualtrics 結合在一起之間存在非常強的相關性。

But Qualtrics is also allowing us to start conversations in places maybe we wouldn't traditionally go.

但 Qualtrics 還允許我們在傳統上可能不會去的地方開始對話。

So it's allowing us to be, whether you're in customer service or other parts of the enterprise, it's getting us broader conversations and broader audiences, which has been fantastic.

因此，無論您是在客戶服務部門還是企業的其他部門，它都讓我們能夠進行更廣泛的對話和更廣泛的受眾，這真是太棒了。

From a geographic perspective, you look at a region like APJ, the companies and the brands that are in APJ are foundationally based on this concept of experience.

從地理的角度來看，你看看像 APJ 這樣的地區，APJ 的公司和品牌基本上都是基於這種體驗概念。

You look at the airlines in Asia and compare them to any other airlines in the world, these companies already understand experience.

你看看亞洲的航空公司，並將它們與世界上任何其他航空公司進行比較，這些公司已經了解經驗。

Now they very quickly can understand how technology can help them scale that in new and different ways.

現在他們很快就能理解技術如何幫助他們以新的和不同的方式擴大規模。

Ryan and I were in Korea and Japan launching this over the summer, and we had incredible growth in our APJ regions around Qualtrics.

Ryan 和我整個夏天都在韓國和日本推出了這個產品，我們在 APJ 地區圍繞 Qualtrics 取得了令人難以置信的增長。

So we're able to hit the ground much quicker.

所以我們能夠更快地落地。

Our employees are super excited about this solution because they're able to have these conversations and we're really starting to have this enterprise conversation.

我們的員工對這個解決方案感到非常興奮，因為他們能夠進行這些對話，而我們真的開始進行這種企業對話。

Ryan, I'll hand it to you to add any additional color?

Ryan，我會把它交給你添加任何額外的顏色？

Yes.

是的。

I think you said it great, Jen.

我認為你說得很好，珍。

I think the only thing I would add would be if you look back a year ago, we were on the road at this time kind of starting our IPO roadshow, getting ready to go public.

我想我唯一要補充的是，如果你回顧一年前，我們此時正在路上，開始我們的 IPO 路演，準備上市。

And if you would have told me that here we are almost a year later, we've seen a massive increase in our growth rate from what was already out there.

如果你會告訴我，我們在將近一年後來到這裡，我們已經看到我們的增長率比已經存在的增長率大幅提高。

We're also seeing anytime we go in with SAP, our deal size increases 30%-plus.

我們還看到，只要我們與 SAP 合作，我們的交易規模就會增加 30% 以上。

We've already seen massive adoption on the EX product with combination of SuccessFactors.

我們已經看到結合 SuccessFactors 對 EX 產品的廣泛採用。

We've always been known as a company with the best technology in the space by far.

迄今為止，我們一直以擁有該領域最佳技術而著稱。

I think the question was always out there as, hey, can we go from 7-figure deals to -- high 7-figure deals to 8-figure deals?

我認為這個問題一直存在，嘿，我們可以從 7 位數的交易到 - 高 7 位數的交易到 8 位數的交易嗎？

And with the combination of SAP, with the partnership network we just launched, massive partnership with Ernst & Young, we launched our Qualtrics development platform where last week we had 300 partners in Utah.

通過與 SAP 的結合，我們剛剛推出的合作夥伴網絡，與安永會計師事務所的大規模合作，我們推出了我們的 Qualtrics 開發平台，上週我們在猶他州擁有 300 個合作夥伴。

We're starting to answer all of those questions.

我們開始回答所有這些問題。

So like I said, if you would have told me last year at this time that this is where we'd be after the announcement with SAP, with the accelerating growth rate on an already fast-growing company, I would have said, hey, that looks like success to us.

所以就像我說的，如果你去年的這個時候告訴我，這就是我們在與 SAP 宣布之後的情況，隨著一家已經快速發展的公司的加速增長，我會說，嘿，這對我們來說是成功的。

So with this combination, we've done everything we said we were going to do plus some, so I couldn't be happier.

所以有了這個組合，我們已經完成了我們說過要做的一切，再加上一些，所以我再高興不過了。

The next question is from Adam Wood from Morgan Stanley.

下一個問題來自摩根士丹利的亞當伍德。

Also, congratulations from my side both to Jen and to Christian on the new roles.

另外，我要祝賀 Jen 和 Christian 擔任新角色。

I've got 2 questions, if I could.

如果可以的話，我有兩個問題。

I just wanted to come back to Microsoft and the partnership there to start off with and just to understand a little bit better technically exactly what's happening.

我只是想回到微軟和那裡的合作夥伴關係，從技術上更好地了解正在發生的事情。

Has Microsoft bought a volume of software from you, then they can resell on to their customers bundled on Azure.

微軟從你那裡購買了大量軟件，然後他們可以轉售給捆綁在 Azure 上的客戶。

So that in effect, they're acting as a reseller for that and there's a volume of business that you get directly upfront from Microsoft that otherwise you may or may not got, but would have come through over time with customers directly?

因此，實際上，他們充當了經銷商的角色，並且您可以直接從 Microsoft 獲得大量業務，否則您可能會或可能不會獲得，但隨著時間的推移會直接與客戶取得聯繫嗎？

And could you maybe help us understand whether there's upside or downside to those numbers?

你能不能幫助我們了解這些數字是有利還是不利？

And then also, whether you would envisage doing similar deals with other hyperscalers in future?

然後，您是否會設想在未來與其他超大規模企業進行類似的交易？

Or whether there's other products you could also see that type of deal happening for?

或者您是否也可以看到其他產品正在發生這種類型的交易？

So just a little bit more detail around the actual technical details of that Microsoft partnership will be really helpful?

那麼，關於微軟合作夥伴關係的實際技術細節的更多細節真的會有幫助嗎？

And then secondly, probably for Luka on the margins.

其次，可能是為了邊緣的盧卡。

You had a big benefit on -- particularly on the cloud gross margin side from the changes you've made around SuccessFactors and integration of the landscapes there.

您從圍繞 SuccessFactors 所做的更改和那裡的景觀整合中獲得了很大的好處 - 特別是在雲毛利率方面。

Could you maybe just help us around that and the restructuring?

你能幫我們解決這個問題和重組嗎？

Should we expect a slightly slower pace of margin expansion over the next few quarters because we've got that kind of 1 big benefit?

我們是否應該期望未來幾個季度的利潤率擴張步伐略有放緩，因為我們已經獲得了那種 1 大好處？

Or are there still benefits from restructuring, particularly to come through?

還是重組仍然有好處，特別是要通過重組？

So I'll start.

所以我會開始。

So as it relates to Microsoft, really what this was about is making sure we were being very prescriptive with our customers around what are the cloud services from SAP and what are the different services from Microsoft the customers should be thinking about when they are combining our solutions, right?

因此，當它與 Microsoft 相關時，真正的目的是確保我們對我們的客戶非常規範，圍繞什麼是 SAP 的雲服務以及客戶在結合我們的服務時應該考慮的 Microsoft 的不同服務是什麼解決方案，對嗎？

Today, they're kind of, I'll use this from Microsoft, this from SAP.

今天，他們有點，我將使用 Microsoft 的這個，SAP 的這個。

We've come together and have been very, very clear on.

我們走到了一起，並且非常非常清楚。

So the business platform around SAP, as it relates to the integration of SAP system, as it relates to extensions of SAP or orchestration of SAP system.

所以圍繞SAP的業務平台，因為它涉及到SAP系統的集成，因為它涉及到SAP的擴展或SAP系統的編排。

We have a set of SAP Cloud Platform services that do this.

我們有一組 SAP Cloud Platform 服務可以執行此操作。

We've bundled those together in Embrace.

我們在 Embrace 中將它們捆綁在一起。

Microsoft made a commitment to those and can resell those to customers.

微軟對這些做出了承諾，並且可以將它們轉售給客戶。

So no downside to those numbers, only upside.

所以這些數字沒有缺點，只有優點。

The way that we really went about estimating kind of our initial start of this market was really in a few key areas of the world.

我們真正開始估計我們最初開始這個市場的方式實際上是在世界的幾個關鍵地區。

And we put a very -- a lot of scrutiny around the pipeline, the business, where we saw the customers moving, those who had told us where they plan to move.

我們對管道、業務、我們看到客戶移動的地方以及告訴我們他們計劃移動到哪裡的人進行了非常多的審查。

So we see this as a start.

所以我們認為這是一個開始。

We also want to make sure we're very clear here that we provide our customers choice.

我們還想確保我們在這裡非常清楚，我們為客戶提供選擇。

So let's say, for example, we have lots of customers who maybe run on AWS.

比方說，我們有很多可能在 AWS 上運行的客戶。

They've already chosen to run SAP on AWS.

他們已經選擇在 AWS 上運行 SAP。

Those cloud platform services that I just mentioned around the integration, orchestration and extension, those customers can buy those directly from SAP, right?

我剛才提到的那些圍繞集成、編排和擴展的雲平台服務，那些客戶可以直接從 SAP 購買，對嗎？

So they can still get SAP's reference architecture on AWS or on GCP from SAP.

因此他們仍然可以從 SAP 獲得 SAP 在 AWS 或 GCP 上的參考架構。

The difference here is Microsoft puts the skin in the game.

這裡的不同之處在於微軟在遊戲中加入了皮膚。

They are really teaming with us.

他們真的在和我們合作。

They're doubling down on the innovation and engineering with us and they're going to have their sales people out selling this as well.

他們正在與我們一起在創新和工程方面加倍努力，他們也會讓他們的銷售人員出去銷售這個。

Yes.

是的。

And perhaps just quickly on the margins front.

也許很快就在利潤率方面。

No, we have not yet lost our firepower.

不，我們還沒有失去火力。

We have additional benefits to gain from the platform convergence.

我們可以從平台融合中獲得額外的好處。

I think I have been talking a lot in the past years about this being an opportunity alone in the low triple-digit million euro figure.

我想我在過去的幾年裡一直在談論這只是一個低三位數的百萬歐元數字的機會。

Year-to-date, we have had a benefit of just above EUR 50 million from the replatforming.

年初至今，我們從平台重構中獲得了超過 5000 萬歐元的收益。

That means that at least the same amount is still to come.

這意味著至少還會有同樣數量的資金。

I believe, actually, we will do slightly more than this because the benefits are really significant and now we have paved the way for further efficiency increases for automation in other areas.

我相信，實際上，我們會做的比這多一點，因為好處真的很重要，現在我們已經為進一步提高其他領域的自動化效率鋪平了道路。

And secondly, this is only SuccessFactors.

其次，這只是 SuccessFactors。

We are still to fully complete the job on the Ariba business network.

我們仍然要全面完成 Ariba 業務網絡上的工作。

The application side at Ariba is already done.

Ariba 的應用程序端已經完成。

The business network side will be finished as well come Q1 next year.

業務網絡方面也將在明年第一季度完成。

And with that, you will see also the additional benefits in our Intelligent Spend Group business network cloud margins, which certainly will then help us to further increase the cloud margin also strongly in 2020.

這樣，您還將看到我們的 Intelligent Spend Group 業務網絡雲利潤率的額外好處，這肯定會幫助我們在 2020 年進一步強勁地增加雲利潤率。

By the way, in the SaaS parts business, we are now at 70.4% margin.

順便說一下，在 SaaS 零件業務中，我們現在的利潤率為 70.4%。

This is what we had predicted only for next year.

這是我們只對明年做出的預測。

So we are clearly ahead of our plans, and you can continue to expect us to do very well on the cloud margin.

所以我們顯然領先於我們的計劃，你可以繼續期待我們在雲利潤率方面做得很好。

The next question is from Phil Winslow from Wells Fargo.

下一個問題來自富國銀行的 Phil Winslow。

Congrats, again, on great Q3, and congrats to you, Jennifer and Christian.

再次祝賀 Q3，並祝賀你們，Jennifer 和 Christian。

I'm looking forward to working with you closely going forward.

我期待著與您密切合作。

Thank you.

謝謝。

Just wanted to focus on the manufacturing vertical because I think everybody on this call knows that the manufacturing industry really runs on SAP.

只是想專注於垂直製造，因為我認為這次電話會議的每個人都知道製造業確實在 SAP 上運行。

On the Q2 call, obviously, you flagged some issues with China and then you called out Germany.

顯然，在第二季度的電話會議上，你提出了一些與中國有關的問題，然後又提到了德國。

But you actually continued to put up good results overall.

但你實際上繼續取得了總體上的好成績。

What you're hearing from these manufacturing customers in terms of just their spending intentions because, as you mentioned last call, changes in supply chain might need to drive more spending with you all, but there's obviously some macro issues.

你從這些製造業客戶那裡聽到的只是他們的支出意圖，因為正如你在上次電話會議中提到的那樣，供應鏈的變化可能需要推動你們所有人的更多支出，但顯然存在一些宏觀問題。

Just if you could just double-click on that vertical, that would be great?

如果您可以雙擊該垂直方向，那會很棒嗎？

Yes.

是的。

So I'll start and then handing over to Adaire for some specifics about China.

所以我將開始，然後將有關中國的一些細節交給阿黛爾。

I mean on the manufacturing side, we are doing extremely well.

我的意思是在製造方面，我們做得非常好。

I mean we have folks now who are very competitive offering from the on-prem as well as on the cloud.

我的意思是我們現在有一些人在本地和雲端提供非常有競爭力的產品。

We won the solution on different hyperscalers, so we offer choice.

我們在不同的超大規模上贏得了解決方案，因此我們提供了選擇。

And also, in China now S/4 will also go live now on AliCloud in Q4.

而且，在中國，S/4 也將於第四季度在阿里雲上線。

So also there, we will also have S/4HANA running on Chinese infrastructure starting in Q4 now actually this quarter.

因此，我們也將從第四季度開始在中國基礎設施上運行 S/4HANA，實際上是本季度。

Yes.

是的。

Maybe just on the German side, a little bit of color on that.

也許只是在德國方面，有點色彩。

We had a very strong performance from SAP in Germany in Q2.

SAP 在德國第二季度的表現非常強勁。

And we did enter Q3 with an exceptionally strong pipeline for Germany despite what we saw is an overperformance on their numbers in Q2.

儘管我們看到他們在第二季度的數據表現出色，但我們確實為德國帶來了異常強大的管道進入第三季度。

But we definitely saw, during the course of Q3, some slowdown in execution, particularly for the customers in the discrete manufacturing session -- section -- segment.

但我們確實看到，在第三季度期間，執行速度有所放緩，特別是對於離散製造環節 - 部分 - 部分的客戶。

I would say it was really around business caution from fear of a recession.

我想說的是，這實際上是出於對經濟衰退的恐懼而引起的商業謹慎。

And we enter now Q4 with a very strong pipeline, not just from a seasonal perspective, but also because of an element of some backlog while some of those deals cash flow down a little bit.

我們現在以非常強大的渠道進入第四季度，不僅僅是從季節性的角度來看，而且還因為一些積壓的因素，而其中一些交易的現金流量略有下降。

And we're using and have used the opening weeks of this quarter to really build out those value cases and the validation of those cases and the validation of those funds with our customers in this end segment.

我們正在使用並已經使用本季度的前幾週來真正構建這些價值案例並驗證這些案例以及與我們的客戶在這個終端部分驗證這些資金。

So I remain quite optimistic about our business in MEE, particularly because as I look forward to the Q4 pipeline, it is much broader than the discrete segment.

所以我對我們在 MEE 的業務仍然非常樂觀，特別是因為當我期待第四季度的管道時，它比離散部分更廣泛。

And in China, we have -- I had the privilege of starting businesses in China for over 27 years now and I have a very strong footprint in China with about 70% of the Fortune 2000 are being SAP customers in China.

在中國，我有幸在中國開展業務超過 27 年，我在中國擁有非常強大的影響力，大約 70% 的財富 2000 強企業都是 SAP 在中國的客戶。

Nevertheless, I will tell you that we are seeing a slowdown.

不過，我會告訴你，我們正在看到放緩。

We are seeing customers who are adopting a wait-and-see strategy, specifically focused not so much on the software itself, but on the challenges of business continuity in the event of increasing tension as it relates to some of the macro political and economic scenarios we have seen.

我們看到客戶正在採取觀望策略，特別關注的不是軟件本身，而是在與某些宏觀政治和經濟情景相關的緊張局勢加劇的情況下業務連續性的挑戰我們已經看到。

And there's also a very strong focus from the Chinese governmental website on what they term, indigenous innovation.

中國政府網站也非常關注他們所說的本土創新。

This the ability of companies in China in order to have Chinese components, et cetera, in their supply chain.

這是中國公司在其供應鏈中擁有中國零部件等的能力。

Nevertheless, I would say to you that as a result of some of the work that we have been doing around, work with AliCloud and the ability to land our products environment in China for China, I'm confident that we will be able to address those business continuity issues that were raised and move forward and continuing to grow our business in China at the rate that we've been growing it over the last decade.

儘管如此，我要告訴你的是，由於我們一直在做的一些工作，與阿里雲的合作以及在中國為中國登陸我們的產品環境的能力，我相信我們將能夠解決那些提出並向前推進並繼續以我們在過去十年中一直在增長的速度發展我們在中國的業務的業務連續性問題。

And perhaps just one sentence.

也許只有一句話。

On a global level, believe it or not, our 2 best-performing verticals were actually services and discrete manufacturing.

不管你信不信，在全球範圍內，我們表現最好的兩個垂直行業實際上是服務業和離散製造業。

The next question is from Stefan Slowinski from Exane BNP.

下一個問題來自 Exane BNP 的 Stefan Slowinski。

I was just following up on the previous question.

我只是在跟進上一個問題。

I apologize if you've answered this already, but on the Microsoft deal, I was just wondering if you think you could be able to put similar partnerships in place with some of the other hyperscaler partners you've mentioned.

如果你已經回答了這個問題，我深表歉意，但關於微軟的交易，我只是想知道你是否認為你可以與你提到的其他一些超大規模合作夥伴建立類似的合作夥伴關係。

I mean obviously, you've just talked about Alibaba and AliCloud in China.

我的意思是很明顯，你剛剛談到了中國的阿里巴巴和阿里雲。

I mean is this something that you could potentially see Alibaba doing in terms of helping you sell direct in China?

我的意思是，您可能會看到阿里巴巴在幫助您在中國直接銷售方面做的事情嗎？

Yes.

是的。

So I think that we're open to the future.

所以我認為我們對未來持開放態度。

Obviously, we have a very specific relationship that we define and motion that we define with Microsoft that will be very specific and preferred by the 2 of us.

顯然，我們與 Microsoft 定義了一種非常具體的關係和我們定義的動作，這將非常具體並且是我們兩個人的首選。

So in looking at other partnerships, first of all, we already have pretty strong partnerships with both GCP and AWS.

因此，在考慮其他合作夥伴關係時，首先，我們已經與 GCP 和 AWS 建立了非常牢固的合作夥伴關係。

We're users of their technology and we will continue to be.

我們是他們技術的用戶，我們將繼續如此。

And so there's always possibilities for the future, but today it's really just about Microsoft.

因此，未來總是充滿可能性，但今天它真的只關乎微軟。

Maybe I can comment on the Ali side because...

也許我可以評論阿里方面，因為...

Please, thank you.

求求你了，謝謝你。

You're very welcome.

不客氣。

In China, as I'm sure, everybody is aware, there's a unique set of licensing laws around Software-as-a-Service and Platform-as-a-Service as well as the unique set of cybersecurity laws.

在中國，我敢肯定，每個人都知道，圍繞軟件即服務和平台即服務有一套獨特的許可法，以及一套獨特的網絡安全法。

So therefore, with Ali, we have physically landed the cloud platform on to the Ali infrastructure in China.

因此，因此，與阿里，我們已經物理地將雲平台落地到中國的阿里基礎設施上。

And we will typically land S/4 on to the Ali infrastructure in China.

我們通常會將 S/4 登陸中國的阿里基礎設施。

And that means then we have the opportunity with the AliCloud team to take those 2 solutions directly to the market -- a very large-scale market of small, medium enterprises in China.

這意味著我們有機會與阿里雲團隊一起將這兩個解決方案直接推向市場——中國一個非常大規模的中小企業市場。

Thanks, Adaire.

謝謝，阿黛爾。

The next question is from Charles Brennan from Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Charles Brennan。

Can I just ask one about the competitive landscape?

我可以問一個關於競爭格局的問題嗎？

In your prepared remarks, you made reference to both Medallia and Coupa.

在您準備好的發言稿中，您提到了 Medallia 和 Coupa。

Can you talk about your win rates against some of the larger, more conventional competitors in Workday and Salesforce?

你能談談你在 Workday 和 Salesforce 中與一些更大、更傳統的競爭對手的勝率嗎？

And I guess, the driving force behind the question is the recent comments from Workday that they're now penetrated in 40% of the Fortune 500.

我想，這個問題背後的驅動力是 Workday 最近的評論，他們現在已經滲透到 40% 的財富 500 強中。

That sounds like they're making some reasonable progress.

聽起來他們正在取得一些合理的進展。

I can add on to the comments that I made before.

我可以補充我之前發表的評論。

I think one of the things that I wanted to stress in my remarks is just the size and scale from an Ariba perspective of the networks that we do have, right, and the work that we've done.

我想我想在我的發言中強調的一件事就是從 Ariba 的角度來看我們確實擁有的網絡的規模和規模，對，以及我們已經完成的工作。

And we've had several wins over our competition in the enterprise space last quarter.

上個季度，我們在企業領域的競爭中取得了多項勝利。

So we feel very good about our win rates and what's happening there.

所以我們對我們的勝率和那裡發生的事情感覺非常好。

As it relates to SuccessFactors, we have our large SuccessFactors customer event in Q3.

由於它與 SuccessFactors 相關，我們在第三季度舉辦了大型 SuccessFactors 客戶活動。

And again, the conversations that we're having, they're moving beyond just talking about HR, the traditional HR processes.

再一次，我們正在進行的對話，他們正在超越僅僅談論人力資源，傳統的人力資源流程。

So we've actually seen some really great wins using Qualtrics within North America.

所以我們實際上已經看到在北美使用 Qualtrics 取得了一些非常偉大的勝利。

But I think more importantly, the advantage that we have is just the ability to scale broadly outside the United States.

但我認為更重要的是，我們擁有的優勢只是能夠在美國以外廣泛擴展。

We're not a German company.

我們不是德國公司。

We're not an American company.

我們不是一家美國公司。

We're a global company.

我們是一家全球性公司。

And we've got feet on the street everywhere.

我們到處都在街上站著腳。

So when you look over in Asia, when you look over in Latin America and you look at some of the customers that we're adding, we have a head start.

因此，當您查看亞洲，查看拉丁美洲並查看我們正在添加的一些客戶時，我們會領先一步。

Now when you're bringing Qualtrics and you start to differentiate solutions like SuccessFactors, that allows us to accelerate even further.

現在，當您引入 Qualtrics 並開始區分 SuccessFactors 等解決方案時，這使我們能夠進一步加速。

So we feel really good about where we are right now with the wins.

所以我們對我們現在取得的勝利感到非常滿意。

The thing I like about Qualtrics, if you think about Qualtrics, right, Qualtrics is not about surveys.

我喜歡 Qualtrics 的一點是，如果您考慮 Qualtrics，對，Qualtrics 與調查無關。

It's not just about surveys and sentiments.

這不僅僅是關於調查和情緒。

When you think about what SAP did with ERP, back -- decades ago, we saw silo systems, supply chain manufacturing, financial running the operations of a company.

當你回想 SAP 對 ERP 所做的事情時，回到幾十年前，我們看到了筒倉系統、供應鏈製造、財務運行公司的運營。

We saw an opportunity to bring those interdependent functions together, have better insights into the business and be more efficient.

我們看到了將這些相互依賴的職能整合在一起、更好地了解業務並提高效率的機會。

That was back when the data was in the 4 walls of the company and that became the operational data platform.

那是在數據位於公司的 4 面牆中並成為運營數據平台的時候。

Qualtrics takes a very similar analogy to that.

Qualtrics 對此進行了非常相似的類比。

Most data about your consumers and even your employees is not just inside the company but outside the company.

關於您的消費者甚至您的員工的大部分數據不僅在公司內部，而且在公司外部。

Businesses are gathering sentiment and engaging with customers, employees across multiple functions of a company, outside the company, et cetera.

企業正在收集情緒並與客戶、公司多個職能部門的員工、公司外部等進行互動。

Lots of companies do surveys, lots of functions within companies take employee sentiment or customer sentiment.

許多公司都進行調查，公司內部的許多職能部門都在考慮員工情緒或客戶情緒。

The differentiator with Qualtrics is they figured out how all that's interdependent and they created a platform.

Qualtrics 的不同之處在於他們弄清楚了所有這些是如何相互依賴的，並且他們創建了一個平台。

So this platform approach and technology that Ryan talked about earlier, this is what differentiates SAP.

因此，Ryan 之前談到的這種平台方法和技術，就是讓 SAP 與眾不同的地方。

This is what our sales force knows how to talk about and this is where we're really starting to see the uptick in getting those big deals that Ryan mentioned earlier.

這是我們的銷售人員知道如何談論的內容，也是我們真正開始看到 Ryan 之前提到的那些大交易的增長的地方。

It's an enterprise discussion.

這是一個企業討論。

It's on the agenda of every CEO today.

這是當今每位首席執行官的議程。

So those are just a couple of things I'm seeing.

所以這些只是我所看到的幾件事。

And this question is from Mohammed Moawalla from Goldman Sachs.

這個問題來自高盛的 Mohammed Moawalla。

Jennifer and Christian, my congratulations as well on your new roles.

詹妮弗和克里斯蒂安，我也祝賀你們擔任新角色。

I had a couple.

我有一對。

And firstly, Luke, you, obviously, have some pretty strong gross margin tailwinds continuing into next year, but also some of the big OpEx benefits kicking in.

首先，盧克，你顯然有一些相當強勁的毛利率順風持續到明年，但也有一些巨大的運營支出收益。

You've also talked about sort of reinvestments back in the business.

您還談到了對業務的再投資。

Can you talk about sort of the flexibility you have around delivering the margin and perhaps the shape of the margin expansion over the next couple of years in the event that the top line potentially faces risk, be it a macro or anything else?

您能否談談您在交付利潤率方面的靈活性，以及未來幾年利潤率擴張的形式，以防頂線可能面臨風險，無論是宏觀風險還是其他任何風險？

Yes.

是的。

Sure.

當然。

We can do so.

我們可以這樣做。

So first of all, obviously, the benefits from the restructuring program this year has not been significant because it takes a while for the program to take effect, so the bigger impact will come next year.

所以首先，很明顯，今年的重組計劃帶來的好處並不顯著，因為該計劃需要一段時間才能生效，所以明年會產生更大的影響。

What you see this year in terms of progress on the gross margin side is really around the replatforming and increased operational efficiency and through consolidation of data center operations and infrastructure operations.

你今年在毛利率方面看到的進展實際上是圍繞重新平台和提高運營效率以及通過數據中心運營和基礎設施運營的整合。

And therefore, I'm very, very confident that we can continue to scale this business with increasing gross margin contributions also next year and even beyond next year.

因此，我非常非常有信心，我們可以在明年甚至明年以後繼續擴大這項業務，增加毛利率貢獻。

We've always said that in 2019 against our target of -- on an average 1 percentage point of margin increase, the market should not expect a full percentage point already this year because we have the dilutive impact from our acquisitions that we have to digest.

我們一直說，在 2019 年，我們的目標是——平均利潤率增長 1 個百分點，市場不應該期望今年已經達到一個完整的百分點，因為我們必須消化收購帶來的稀釋影響.

And given that this is a 40 basis points dilutive headwind, I think you can see how the underlying is already performing against the average 1% that we have in mind.

考慮到這是一個 40 個基點的稀釋逆風，我認為你可以看到標的物已經表現如何與我們想到的平均 1% 相比。

That in turn means that we will plan to do slightly more than that 1% next year to catch up because next year, we have the full run rate benefit from the restructuring.

這反過來意味著我們將計劃在明年做略高於 1% 的工作以趕上，因為明年我們將從重組中獲得全部運行率收益。

But it's clear, the restructuring is not a cost-cutting exercise, and I want to be very, very clear about that.

但很明顯，重組不是削減成本的活動，我想非常非常清楚這一點。

We have done the restructuring in order to tailor our investments and our capacity to those areas where we have the biggest growth opportunities, and we are putting actually our actions to where our plans work.

我們已經進行了重組，以便根據我們擁有最大增長機會的那些領域調整我們的投資和我們的能力，並且我們正在將我們的行動實際放在我們計劃有效的地方。

We are seeing tremendous investment in Qualtrics.

我們看到了對 Qualtrics 的巨大投資。

We are seeing a tremendous investment in our different cloud constituents.

我們看到了對不同云成分的巨大投資。

We are adding additional capacity only in the productive areas in research and development, in sales and in services, and that will continue to be the case to propel our growth.

我們僅在研發、銷售和服務等生產領域增加產能，這將繼續推動我們的增長。

In terms of optionality, our business model has become way more resilient.

在可選性方面，我們的商業模式變得更有彈性。

We have now close to 70% of our revenues in highly predictable revenue sources.

我們現在有近 70% 的收入來自高度可預測的收入來源。

Contrast that to only 1/3 when we hit the financial crisis in 2008 and that gives you a good perspective on how resilient our business model has become.

相比之下，我們在 2008 年遭遇金融危機時只有 1/3，這讓您可以很好地了解我們的商業模式變得多麼有彈性。

And therefore, if we have to optimize our level of investments against only 30% variability in the top line, that would be much easier than in the past.

因此，如果我們必須針對收入只有 30% 的可變性來優化我們的投資水平，那將比過去容易得多。

So you should take a lot of confidence out of this that we can and will hit our midterm ambitions as we have announced them.

因此，您應該對此充滿信心，因為我們能夠並且將會實現我們宣布的中期目標。

And Mo, did you have a follow-up or -- if that's the case, well, this concludes our Q3 earnings call for today.

莫，你有沒有跟進，或者——如果是這樣的話，那麼，我們今天的第三季度財報電話會議就此結束。

Thank you so much for joining, and we look forward to speaking to you again at our CMD on November 12 in New York City.

非常感謝您的加入，我們期待 11 月 12 日在紐約市的 CMD 再次與您交談。

Thank you very much, and goodbye.

非常感謝，再見。

Thank you.

謝謝。

Ladies and gentlemen, that now concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。