SAP SE (SAP) 2019 Q4 法說會逐字稿

Ladies and gentlemen, good day and welcome to the SAP Q4 2019 Earnings Conference Call.

女士們，先生們，美好的一天，歡迎來到 SAP 2019 年第四季度收益電話會議。

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。

Good morning or good afternoon.

早上好或下午好。

This is Stefan Gruber.

這是斯特凡·格魯伯。

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

感謝您加入我們討論我們 2019 年第四季度的業績。

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

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

Also joining us for Q&A is Ryan Smith, the CEO of Qualtrics.

Qualtrics 的首席執行官 Ryan Smith 也加入了我們的問答環節。

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.

本次電話會議期間作出的任何非歷史事實的陳述都是前瞻性陳述，定義見美國 1995 年私人證券訴訟改革法案。

Words such as anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, short outlook and will and similar expressions related to SEC are intended to identify such forward-looking statements.

預期、相信、估計、期望、預測、打算、可能、計劃、項目、預測、短期展望和意願等詞語以及與 SEC 相關的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。

The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission, 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 SAP 向美國證券交易委員會提交的文件中進行了更全面的討論，包括 SAP 於 2019 年 2 月 28 日向美國證券交易委員會提交的 2018 年 Form 20-F 年度報告。

Participants of this call are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

提醒本次電話會議的參與者不要過分依賴這些前瞻性陳述，這些陳述僅代表截至日期。

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

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

Unless otherwise noted, all financial numbers referred to on this conference call are non-IFRS and growth rates and percentage point changes are non-IFRS 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, which 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。

With that, I'd like to turn things over to our Co-CEO, Christian Klein.

有了這個，我想把事情交給我們的聯席首席執行官 Christian Klein。

Thank you, Stefan, and thanks to everyone on the phone and webcast for joining.

謝謝 Stefan，也感謝電話和網絡直播中的每一個人加入。

First of all, I hope everybody had a great start into 2020.

首先，我希望每個人在 2020 年都有一個良好的開端。

SAP certainly had a great finish in 2019.

SAP 在 2019 年取得了不錯的成績。

Q4 was strong finish to yet another record year.

第四季度以強勁的表現結束了又一個創紀錄的年份。

Once again, we have kept the performance and delivered on our raised business outlook.

我們再次保持了業績並實現了我們提高的業務前景。

The 2019 results speak for themselves.

2019 年的結果不言而喻。

Total revenue up 12%, operating profit up 15%, and our operating margin pushing to 30%.

總收入增長 12%，營業利潤增長 15%，我們的營業利潤率達到 30%。

Our on-premise business continues to grow, our cloud business continues to soar.

我們的本地業務繼續增長，我們的雲業務繼續飆升。

With cloud revenue up 40%, we outperformed our major competitors and continue to rapidly gain cloud market share.

隨著雲收入增長 40%，我們超越了主要競爭對手，並繼續快速獲得云市場份額。

We are combining growth with increased profitability harvesting the initial benefits of the Best-run program.

我們將增長與盈利能力的提高相結合，從最佳運營計劃中獲得初步收益。

Operating margin has jumped up by 80 basis points, and we expect to see more of that as we continue with SAP's transformation to drive operational efficiency.

營業利潤率已躍升 80 個基點，隨著我們繼續 SAP 的轉型以提高運營效率，我們預計會看到更多這樣的增長。

An important driver of that success is the cloud gross margin, up more than 5 percentage points.

這一成功的一個重要推動力是雲毛利率，增長超過 5 個百分點。

We are steadily increasing the efficiency of our cloud delivery, and we continue to leverage our hyperscale partners.

我們正在穩步提高雲交付的效率，並繼續利用我們的超大規模合作夥伴。

This also shows in our Capex, down 45%, despite supporting a much bigger cloud business now.

這也顯示在我們的資本支出中，儘管現在支持更大的雲業務，但下降了 45%。

We are proud of these results and energized by the many opportunities ahead.

我們為這些結果感到自豪，並為未來的許多機會而充滿活力。

Customers across all industries turn to SAP to help them master the digital transformation and become intelligent enterprises.

各行各業的客戶都轉向 SAP 來幫助他們掌握數字化轉型並成為智能企業。

Together with us, our customers are driving complete business transformations, embedding the latest technology innovations we deliver using real-time data as a tremendously powerful asset, and we are seeing an increased number of these large transformational deals.

與我們一起，我們的客戶正在推動完整的業務轉型，將我們使用實時數據提供的最新技術創新作為一項極其強大的資產嵌入其中，我們看到這些大型轉型交易的數量越來越多。

Deals greater than EUR 5 million now contribute 1/3 of our total order entry.

超過 500 萬歐元的交易現在占我們總訂單輸入的 1/3。

So our winning product strategy of delivering the intelligent enterprise is in full execution.

因此，我們交付智能企業的製勝產品戰略正在全面執行中。

And it builds upon these key principles: One, integration.

它建立在以下關鍵原則之上：一是整合。

As our customers introduce new business models, they need a seamless customer experience to support their success.

隨著我們的客戶引入新的商業模式，他們需要無縫的客戶體驗來支持他們的成功。

This requires 2 elements; a strong business process integration across the entire value chain and the harmonized data model to provide a 360-degree view of the business using real-time SAP and non-SAP data.

這需要 2 個元素；跨整個價值鏈的強大業務流程集成和統一的數據模型，使用實時 SAP 和非 SAP 數據提供業務的 360 度全方位視圖。

Two, innovation.

二、創新。

New technology such as artificial intelligence, is changing how enterprises work.

人工智能等新技術正在改變企業的運作方式。

SAP has a history of automating business processes across the value chain.

SAP 擁有在整個價值鏈中實現業務流程自動化的歷史。

Now by embedding AI into our applications, we believe we can increase productivity up to 40%.

現在，通過將 AI 嵌入到我們的應用程序中，我們相信我們可以將生產率提高多達 40%。

Three, flexible deployment.

三、靈活部署。

Modern landscapes are hybrid, a combination of cloud and on-premise solutions, depending on customer priorities and performance.

現代環境是混合的，是雲和本地解決方案的組合，具體取決於客戶的優先級和性能。

As you know, our flagship ERP suite, S/4HANA, is an important building block of intelligent enterprise and it had a record year.

如您所知，我們的旗艦 ERP 套件 S/4HANA 是智能企業的重要組成部分，並且創下了創紀錄的一年。

In on-prem, software licenses revenue grew at high single digits and our cloud revenue growth has continued to expand rapidly.

在本地，軟件許可收入以高個位數增長，我們的雲收入增長繼續快速增長。

We are now at more than 13,800 S/4HANA customers across 25 industries, an annual increase of 24%.

我們現在擁有 25 個行業的 13,800 多家 S/4HANA 客戶，年增長率為 24%。

This number includes 86% of the BCG top 50 most innovative companies.

這個數字包括 BCG 最具創新力公司 50 強中的 86%。

In Q4, S/4HANA wins included marquee customers such as Ford, Bristol Myers Squibb, Lockheed Martin, E.ON, Roche, Decathlon, Clemens Group, [Sure], Waberer, KIA and Zalando.

在第四季度，S/4HANA 贏得的客戶包括福特、百時美施貴寶、洛克希德馬丁、E.ON、羅氏、迪卡儂、克萊門斯集團、[Sure]、Waberer、起亞和 Zalando。

Equally important, 65 of our licensed S/4HANA customers are already live or implementing.

同樣重要的是，我們獲得許可的 S/4HANA 客戶中有 65 位已經上線或正在實施。

This is an excellent rate, especially considering most of our customers leverage the migration as an opportunity to achieve business transformation rather than just going for a technical upgrade.

這是一個很好的速度，特別是考慮到我們的大多數客戶都將遷移作為實現業務轉型的機會，而不僅僅是進行技術升級。

Vodafone recently went live on S/4HANA.

Vodafone 最近在 S/4HANA 上線。

This is one of the largest go-lives we have seen.

這是我們見過的最大的上線之一。

And they are now running the global business on S4.

他們現在在 S4 上運行全球業務。

They are, by the way, a perfect example for a hybrid landscape, where customer's license and operate a combination of on-premise and cloud technology, allowing them to gradually transition to cloud at their own speed.

順便說一句，它們是混合環境的完美示例，其中客戶的許可和操作結合了內部部署和雲技術，使他們能夠以自己的速度逐步過渡到雲。

Further S4 go-lives in Q4 included Aareal Bank, BDO, PayPal Giving Fund, Deutsche Telekom, [Be In Stock, Ficola, Centrica,] ARAMEX and BBC.

第四季度進一步上線的 S4 包括 Aareal Bank、BDO、PayPal Giving Fund、Deutsche Telekom、[Be In Stock、Ficola、Centrica、]ARAMEX 和 BBC。

Today, around 40% of the S/4HANA customers are net new and competitive wins for SAP.

如今，大約 40% 的 S/4HANA 客戶是 SAP 的淨新客戶和競爭性客戶。

That's reflected in our increasing ERP market share, which is by now approximately double that of our closest competitor.

這反映在我們不斷增加的 ERP 市場份額上，該份額目前大約是我們最接近的競爭對手的兩倍。

Most of those net new customers are midsized companies.

這些淨新客戶中的大多數是中型公司。

But at the same time, we have also seen a very notable number of large enterprises with no previous SAP presence decide to implement S/4HANA, replacing competitive software at scale, Standard Chartered, British Telecom, Tech Mahindra, Avianca, Kubota, or Ford to just name a few.

但與此同時，我們也看到大量以前沒有 SAP 存在的大型企業決定實施 S/4HANA，大規模取代競爭軟件，渣打銀行、英國電信、Tech Mahindra、Avianca、久保田或福特僅舉幾例。

In Q4, S/4HANA Cloud continued its massive growth.

第四季度，S/4HANA Cloud 繼續保持高速增長。

S/4HANA Cloud is now at more than 2,300 customers and at a cloud revenue run rate of more than EUR 500 million.

S/4HANA Cloud 目前擁有 2,300 多家客戶，雲收入運行率超過 5 億歐元。

I invite you to compare that to the early track record of any other cloud application vendor out there.

我邀請您將其與任何其他雲應用程序供應商的早期記錄進行比較。

We are delighted to see how rapidly we are expanding the reach of S/4HANA cloud.

我們很高興看到我們正在如此迅速地擴展 S/4HANA 雲的範圍。

Customers from more than 20 industries and close to 70 country-specific versions.

來自 20 多個行業的客戶和近 70 個國家/地區的特定版本。

No other cloud ERP solution can match its scope.

沒有其他雲 ERP 解決方案可以匹配其範圍。

U.S. S/4HANA Cloud customers included Kubota, Gate Gourmet, Centaur Holdings and Tom Tailor.

美國 S/4HANA Cloud 客戶包括 Kubota、Gate Gourmet、Centaur Holdings 和 Tom Tailor。

Among many others, ESLGaming and the Mercedes Benz Formula E team have gone live.

其中，ESLGaming 和梅賽德斯奔馳電動方程式車隊已經上線。

At the same time, SAP HANA, our high-performance in memory database, continues to rapidly penetrate our customer base, replacing legacy database solutions.

與此同時，我們的高性能內存數據庫 SAP HANA 繼續快速滲透我們的客戶群，取代傳統的數據庫解決方案。

HANA adoption within key accounts is at close to 60% now, up from less than 30% in 2015.

HANA 在主要客戶中的採用率現在接近 60%，高於 2015 年的不到 30%。

In the cloud, by the end of Q1 this year, all our major cloud solutions will be up already.

在雲端，到今年第一季度末，我們所有主要的雲端解決方案都將啟動。

Let's look ahead now to some of our key priorities for 2020 and beyond.

現在讓我們展望 2020 年及以後的一些關鍵優先事項。

One, integration of acquired cloud assets remains at the top of our list.

第一，收購的雲資產的整合仍然是我們的首要任務。

Integration drives customer satisfaction.

集成提高客戶滿意度。

It increases the value and stickiness of our solutions.

它增加了我們解決方案的價值和粘性。

It drives cross-selling.

它推動交叉銷售。

As explained at the Capital Markets Day, 70% of our ERP customers have yet to adopt to our cloud solutions.

正如資本市場日所解釋的那樣，我們 70% 的 ERP 客戶尚未採用我們的雲解決方案。

And these customers expect seamless process integration in one data model.

這些客戶期望在一個數據模型中進行無縫流程集成。

Two, we will increase our focus on vertical cloud solutions.

第二，我們將增加對垂直雲解決方案的關注。

That's a big lever to further accelerate our ERP market share gains.

這是進一步加速我們 ERP 市場份額增長的重要槓桿。

The SAP industry cloud will be jointly driven by SAP, our partners and start ups, building cutting-edge vertical solutions on top of the SAP cloud platform powered by SAP HANA.

SAP 行業雲將由 SAP、我們的合作夥伴和初創企業共同推動，在 SAP HANA 支持的 SAP 雲平台之上構建尖端的垂直解決方案。

We estimate the market size for these solutions to reach more than EUR 150 billion by 2023 and have just signed several partner agreements, including one with Accenture to cover cloud for utilities.

我們估計這些解決方案的市場規模到 2023 年將達到 1500 億歐元以上，並且剛剛簽署了幾項合作夥伴協議，其中包括與埃森哲簽訂的一項涵蓋公用事業雲的協議。

Last but not least, I just returned from Davos, where everyone was focused on sustainability.

最後但同樣重要的是，我剛從達沃斯回來，那裡的每個人都在關注可持續發展。

The world's perspective on company performance continues to rapidly expand beyond financials.

世界對公司業績的看法繼續迅速擴展到財務之外。

From where we are today, the importance of managing aspects such as the carbon footprint will massively increase.

從我們今天的情況來看，管理碳足蹟等方面的重要性將大大增加。

So far, SAP was focused on helping customers optimize business models and processes.

到目前為止，SAP 專注於幫助客戶優化業務模型和流程。

Now we are adding a complete new dimension.

現在我們正在添加一個全新的維度。

We will enable our customers to measure and manage their carbon footprint along their entire value chain, including manufacturing and supply chain operations.

我們將使我們的客戶能夠測量和管理他們在整個價值鏈中的碳足跡，包括製造和供應鏈運營。

Let me put this into perspective.

讓我正確看待這個問題。

We estimate that our top 2,000 customers manage an aggregate carbon footprint of around 10 billion tons.

我們估計我們的前 2,000 家客戶管理著大約 100 億噸的總碳足跡。

That's close to 25% of the global carbon emissions.

這接近全球碳排放量的 25%。

So imagine the impact a reduction of just 10% would have.

因此，想像一下僅減少 10% 會產生的影響。

Finally, and as you know, this is very close to Jen and myself, let me briefly talk about customer success and some of the adjustments we are implementing here.

最後，如您所知，這與 Jen 和我本人非常接近，讓我簡要談談客戶的成功以及我們在這裡實施的一些調整。

Customer success is the #1 priority at SAP.

客戶成功是 SAP 的第一要務。

Customer success drives it all: upselling and cross-selling, sales to peers, renewals and thus, profitability.

客戶的成功推動了一切：追加銷售和交叉銷售、對同行的銷售、續約以及由此帶來的盈利能力。

This is not new.

這不是新的。

Our customers have always been in our focus.

我們的客戶一直是我們關注的焦點。

Customer success matters even more in the cloud.

客戶的成功在雲中更為重要。

And so we are further increasing our focus on building long-term relationships by implementing 2 important changes: one, we will link bonus metrics directly to customer solution consumption rather than purely focusing on deal signature; two, we are adapting our external reporting.

因此，我們通過實施 2 項重要變革進一步加強對建立長期關係的關注：第一，我們將把獎金指標直接與客戶解決方案消費聯繫起來，而不是僅僅關注交易簽署；第二，我們正在調整我們的外部報告。

We are moving from the new cloud bookings to the current cloud backlog which captures our success in contracting new business but as well as renewing existing business.

我們正在從新的雲預訂轉移到當前的雲積壓，這體現了我們在承包新業務以及更新現有業務方面的成功。

Luka will provide some additional background in a minute.

Luka 將在一分鐘內提供一些額外的背景信息。

In closing, our 2019 performance sets us up to achieve not only our 2020 outlook, but also gives us great confidence that we are on track to meet our 2023 goals.

最後，我們 2019 年的業績不僅讓我們實現了 2020 年的展望，而且讓我們充滿信心，相信我們正在實現 2023 年的目標。

We are investing in the wide areas driving growth, and we are improving our operational efficiency, driving profitability, and we will see the benefits of those play out in our favor in the years to come.

我們正在投資推動增長的廣泛領域，我們正在提高運營效率，提高盈利能力，我們將在未來幾年看到這些好處對我們有利。

With that, I'd like to hand it over to Jen.

有了這個，我想把它交給 Jen。

Thank you, Christian.

謝謝你，克里斯蒂安。

In our first 3 months of Co-CEOs, we spent a lot of time listening to our customers, our partners, our employees and our investors.

在擔任聯席首席執行官的頭 3 個月裡，我們花了很多時間傾聽客戶、合作夥伴、員工和投資者的意見。

And we continue to form our views of the business and we'll share more of these perspectives and plans throughout 2020.

我們將繼續形成我們對業務的看法，我們將在整個 2020 年分享更多這些觀點和計劃。

Like any new CEOs, we bring a fresh perspective to our roles, and we see that there are areas where we will be more focused, where we will accelerate and we find unique opportunities for further growth.

與任何新任首席執行官一樣，我們為自己的角色帶來了全新的視角，我們看到我們將更加專注於某些領域，我們將在這些領域加速發展，並找到進一步發展的獨特機會。

Let me highlight some early priorities, which we're executing on.

讓我強調一些我們正在執行的早期優先事項。

Successful and satisfied customers remain front and center for achieving long-term growth and profitability goals.

成功和滿意的客戶仍然是實現長期增長和盈利目標的首要和中心。

This starts with engineering world class products.

這從設計世界一流的產品開始。

We're breaking down the silos and cross-pollinating our engineering teams, removing redundancy, tightening the integration between our cloud solutions and cloud to S4.

我們正在打破孤島並交叉授粉我們的工程團隊，消除冗餘，加強我們的雲解決方案和雲到 S4 之間的集成。

This allows us to focus our R&D resources more effectively and efficiently, disinvesting in long tail solutions that do not serve the broader market to free up an investment and accelerate innovation in high growth priority must-win segments.

這使我們能夠更有效地集中我們的研發資源，減少對不服務於更廣泛市場的長尾解決方案的投資，以釋放投資並加速高增長優先必贏細分市場的創新。

Together with our partners, we will focus on delivering smooth and faster implementations and higher adoption of our solutions.

我們將與我們的合作夥伴一起，專注於提供更順暢、更快速的實施，並提高我們解決方案的採用率。

This ultimately drives higher customer renewals and expansion into additional products across our portfolio.

這最終會推動更高的客戶續訂率，並擴展到我們產品組合中的其他產品。

With our Best-run program and increased focus on operational excellence, we are creating a simpler and more agile SAP for our customers and employees.

通過我們的最佳運行計劃和對卓越運營的更多關注，我們正在為我們的客戶和員工創建一個更簡單、更敏捷的 SAP。

We have an amazing workforce of over 100,000 employees who are committed to our customers' success, and we're off to a fast start in 2020.

我們擁有一支由 100,000 多名員工組成的優秀員工隊伍，他們致力於幫助客戶取得成功，我們將在 2020 年快速開局。

Coming out of our kickoff meetings around the world, our workforce is energized.

我們在世界各地舉行的啟動會議結束後，我們的員工充滿活力。

We've further integrated our sales team to gain scale and create a better experience for our customers as they work with SAP.

我們進一步整合了我們的銷售團隊，以擴大規模並在客戶與 SAP 合作時為他們創造更好的體驗。

Our services and support teams are laser-focused on adoption and customer success.

我們的服務和支持團隊專注於採用和客戶成功。

Our R&D teams have clear road maps with priorities and are accountable to deliver an integrated intelligent enterprise and new innovation that differentiates SAP.

我們的研發團隊擁有明確的路線圖和優先事項，並負責提供集成的智能企業和讓 SAP 脫穎而出的新創新。

Our employee engagement index was a strong 83% for 2019 and above industry benchmarks.

2019 年，我們的員工敬業度指數高達 83%，高於行業基準。

Our employee retention rate also remained high at just over 93%.

我們的員工保留率也保持在 93% 以上的高位。

These metrics are supported by the external feedback given on Glassdoor.

Glassdoor 上提供的外部反饋支持這些指標。

SAP made the best employer list in 7 countries, taking the #1 spot in Argentina and Brazil.

SAP 在 7 個國家/地區躋身最佳雇主榜單，在阿根廷和巴西位居第一。

As we continue to foster a diverse and inclusive culture, we're proud that SAP was at the very top of the Forbes America's Best Employers for Diversity list, reflecting our industry-leading metrics, like roughly 34% women in our workforce today and nearly 27% women in leadership positions.

隨著我們繼續培養多元化和包容性的文化，我們感到自豪的是，SAP 在福布斯美國最佳多元化雇主榜單中名列前茅，這反映了我們行業領先的指標，比如今天我們的員工隊伍中約有 34% 的女性和近27% 的女性擔任領導職務。

We're far from finished on this front.

我們在這方面還遠未完成。

There is much more work to be done, but we're proud of the progress to date.

還有很多工作要做，但我們為迄今為止取得的進展感到自豪。

Let me spend a moment on the macro.

讓我花點時間在宏觀上。

Our strong 2019 performance was achieved amidst macroeconomic and geopolitical uncertainty.

我們在宏觀經濟和地緣政治的不確定性中取得了 2019 年的強勁業績。

Every company today is focused on growth, whether organically via acquisition, through new markets and new industries, and these companies turn to SAP to run their enterprise today, knowing they can scale, change and address macro uncertainties such as regulatory changes or supply chain flexibility in the future.

今天的每家公司都專注於增長，無論是通過收購有機增長，還是通過新市場和新行業，這些公司今天轉向 SAP 來運營他們的企業，因為他們知道他們可以擴展、改變和解決宏觀不確定性，例如監管變化或供應鏈靈活性將來。

And this means a sustainable relevance for SAP.

這意味著 SAP 具有可持續的相關性。

As a result, our global pipeline is robust heading into 2020, and our predictable revenue is approaching 70% of the mix.

因此，我們的全球管道在進入 2020 年時表現強勁，我們的可預測收入接近組合的 70%。

As Christian just mentioned, SAP is proud that we once again delivered double-digit growth across all key revenue lines.

正如 Christian 剛才提到的，SAP 很自豪我們在所有主要收入領域再次實現了兩位數的增長。

Cloud, cloud and software and total revenue.

雲、雲和軟件以及總收入。

And we see clear proof that our operational excellence measures are kicking in with significant increase in both operating profit and margin.

我們看到明確的證據表明，我們的卓越運營措施正在發揮作用，營業利潤和利潤率均顯著增加。

Now for Qualtrics, it's clear our experience management vision is resonating with our customers and prospects and driving enhanced interest in our other solutions.

現在對於 Qualtrics，很明顯，我們的體驗管理願景正在與我們的客戶和潛在客戶產生共鳴，並推動人們對我們其他解決方案產生更大的興趣。

Companies understand that if they are not competing on experience, they're on a race to the bottom.

公司明白，如果他們不在經驗上進行競爭，那麼他們就是在逐底競爭。

Qualtrics continues to successfully drive a land and expand strategy and has expanded to over 11,450 customers.

Qualtrics 繼續成功推動土地擴張戰略，並已擴展到超過 11,450 家客戶。

Add to that, the scale and geographic reach of SAP, and we see rapid growth in both the volume and enterprise segments.

再加上 SAP 的規模和地理覆蓋範圍，我們看到了在數量和企業領域的快速增長。

As we sell Qualtrics to SAP's traditional enterprise base we've helped Qualtrics increase the deal size, deals over EUR 100,000 are up 40%, deals over EUR 1 million are up nearly 60% in 1 year.

當我們將 Qualtrics 出售給 SAP 的傳統企業基礎時，我們幫助 Qualtrics 增加了交易規模，超過 100,000 歐元的交易增長了 40%，超過 100 萬歐元的交易在 1 年內增長了近 60%。

We're also seeing a massive increase in growth in win rates in the customer experience.

我們還看到客戶體驗中贏率的大幅增長。

Customers are realizing there is a much better offering than inflexible legacy customer experience vendors like Medallia and others.

客戶意識到有比 Medallia 等死板的傳統客戶體驗供應商更好的產品。

I have personally been involved in many of these deals and the technology and opportunity for our approach is game changing.

我個人參與了許多此類交易，我們方法的技術和機會正在改變遊戲規則。

We also continue to see amazing success in employee experience with the strength of the SuccessFactors/Qualtrics combination, carrying forward incredible momentum from previous quarters, and we're seeing strong traction in brand experience and product experience.

憑藉 SuccessFactors/Qualtrics 組合的優勢，我們還繼續看到員工體驗取得驚人的成功，延續了前幾個季度令人難以置信的勢頭，我們看到了品牌體驗和產品體驗的強大吸引力。

In each of these areas, we've seen early success selling Qualtrics to our installed base.

在這些領域中的每一個領域，我們都看到了將 Qualtrics 銷售給我們的安裝基礎的早期成功。

In Q4, many of our existing customers, such as Volkswagen Group Australia, JPMorgan Chase, Autodesk, Alliance, Exxon Mobile, Alaska Airlines, Santander, Lazy Boy, the Hertz Corporation and Samsung, all selected Qualtrics to move beyond systems of record to new systems of action and achieve breakthrough results.

在第四季度，我們的許多現有客戶，例如澳大利亞大眾汽車集團、摩根大通、Autodesk、Alliance、埃克森美孚、阿拉斯加航空公司、桑坦德銀行、Lazy Boy、Hertz Corporation 和三星，都選擇了 Qualtrics 以超越記錄系統，轉向新的系統行動體系，取得突破性成果。

Despite high-growth achieved in 2019, the opportunity in front of us is much, much larger as the vast majority of SAP's installed base does not have Qualtrics yet.

儘管 2019 年實現了高增長，但擺在我們面前的機會要大得多，因為 SAP 的絕大多數安裝基礎還沒有 Qualtrics。

We invite you to join us at our Qualtrics X4 Summit on March 10 through 13 in Salt Lake City.

我們邀請您參加 3 月 10 日至 13 日在鹽湖城舉行的 Qualtrics X4 峰會。

Moving to HXM, together with Qualtrics and SuccessFactors, we've redefined traditional human capital management to human experience management.

轉向 HXM，連同 Qualtrics 和 SuccessFactors，我們將傳統的人力資本管理重新定義為人力體驗管理。

Since we launched the SuccessFactors/Qualtrics' Employee Experience micro suite in May, we've acquired over 450 customers who use both solutions.

自從我們在 5 月推出 SuccessFactors/Qualtrics 的員工體驗微型套件以來，我們已經獲得了 450 多個使用這兩種解決方案的客戶。

Our evolution toward human experience management is also proving to be an accelerant for Employee Central, which has ramped to more than 3,700 customers globally, up more than 700 from a year ago.

我們向人性化體驗管理的發展也被證明是 Employee Central 的促進劑，它在全球範圍內已增加到 3,700 多個客戶，比一年前增加了 700 多個。

Our broader suite of SuccessFactors has almost 7,000 customers globally.

我們更廣泛的 SuccessFactors 套件在全球擁有近 7,000 家客戶。

Computer Center, JetBlue, Eurobank and Chalhoub Group went live with SuccessFactors in Q4, while NTT Group, Landesbank Baden-Württemberg, STADA, Genting Hong Kong Universal Beijing Resort, United Launch Alliance were among many other competitive wins.

Computer Center、JetBlue、Eurobank 和 Chalhoub Group 在第四季度與 SuccessFactors 一起上線，而 NTT Group、Landesbank Baden-Württemberg、STADA、雲頂香港環球影城、United Launch Alliance 則是眾多其他競爭勝利中的佼佼者。

And customers are returning to SAP from the competition.

客戶正在從競爭中返回到 SAP。

Klosterfrau Healthcare Group, a leading pharmaceutical product supplier in Europe, have come back to SAP, selecting SuccessFactors, HXM, including Employee Central.

歐洲領先的醫藥產品供應商 Klosterfrau Healthcare Group 重新回到 SAP，選擇了 SuccessFactors、HXM，包括 Employee Central。

Now moving to customer experience, this is the largest and fastest-growing category in enterprise software.

現在轉向客戶體驗，這是企業軟件中規模最大、增長最快的類別。

With Bob Stutz returning to SAP 3 months ago, he is putting his proven track record into action by bringing focus to the largest market opportunities and doubling down on execution in these fast growth segments.

隨著 Bob Stutz 3 個月前重返 SAP，他將重點放在最大的市場機會上，並在這些快速增長的細分市場中加倍執行，從而將他久經考驗的業績付諸實踐。

The fastest-growing areas of CS play directly to SAP's strengths, such as customer data platform, commerce, customer experience management and connecting demand to the supply chain seamlessly in real time.

CS 增長最快的領域直接發揮了 SAP 的優勢，例如客戶數據平台、商務、客戶體驗管理以及將需求實時無縫地連接到供應鏈。

We've accelerated the delivery of our customer data platform.

我們加快了客戶數據平台的交付速度。

Interestingly, the customer data market is a highly fragmented and young market with no leaders.

有趣的是，客戶數據市場是一個高度分散且年輕的市場，沒有領導者。

This is an opportunity to become a new system of engagement, complementing any CRM system of record.

這是一個成為新參與系統的機會，可以補充任何 CRM 記錄系統。

We're recognized market leader in digital commerce by Gartner, and we're innovating every day.

我們是 Gartner 公認的數字商務市場領導者，而且我們每天都在創新。

We built AI into order fulfillment using real-time intelligence to get packages to customers more efficiently.

我們使用實時智能將 AI 構建到訂單履行中，以更高效地將包裹送到客戶手中。

And this is what allows customers to shop and pick up anywhere.

這就是讓客戶可以在任何地方購物和提貨的原因。

We've integrated our sales and service solutions as contact centers are quickly becoming revenue centers in need of better sales tools and by leveraging Qualtrics, we will combine customer feedback and operational data to list and understand and, most importantly, take action in the moment to improve the customer experience.

我們已經整合了我們的銷售和服務解決方案，因為聯絡中心正迅速成為需要更好銷售工具的收入中心，並且通過利用 Qualtrics，我們將結合客戶反饋和運營數據來列出和理解，最重要的是，立即採取行動以改善客戶體驗。

Case in point, one of the largest frustrations for commerce is card abandonment, which amounts to $280 billion a year in lost revenue.

舉個例子，商業中最大的挫折之一是卡放棄，每年損失的收入高達 2800 億美元。

XM is how retailers can manage abandonment and solve issues in real time.

XM 是零售商如何實時管理放棄和解決問題的方法。

We saw many wins across commerce to provide Commerce Everywhere in Q4.

我們在第四季度看到了商業領域的許多勝利，以提供 Commerce Everywhere。

The Nielsen company, Royal Dutch Shell, Chevron, Carhartt, INTERSPORT Deutschland, Tom Tailor, Aldo Group and many other selected our CX solutions in Q4.

Nielsen 公司、Royal Dutch Shell、Chevron、Carhartt、INTERSPORT Deutschland、Tom Tailor、Aldo Group 和許多其他公司在第四季度選擇了我們的 CX 解決方案。

Orexia, Perfumery Douglas are now live on multiple elements of the portfolio.

Orexia 和 Perfumery Douglas 現在在產品組合的多個元素上發揮作用。

In intelligent spend, we deliver truly integrated spend management across the Ariba Field Glass and Concur.

在智能支出方面，我們通過 Ariba Field Glass 和 Concur 提供真正集成的支出管理。

Together, they represent one of the largest commerce platforms in the world with transactions in over 180 countries.

它們共同代表了世界上最大的商業平台之一，交易遍及 180 多個國家/地區。

And we're the only platform addressing global leads compliance and risk across all areas of spend.

我們是唯一一個解決所有支出領域的全球領先合規性和風險的平台。

Christian mentioned Ford Motor Company, one of the largest global automakers.

Christian 提到了福特汽車公司，它是全球最大的汽車製造商之一。

Ford purchased Ariba and SAP digital supply chain, along with S/4HANA to replace many legacy systems.

福特購買了 Ariba 和 SAP 數字供應鏈以及 S/4HANA 來替換許多遺留系統。

As an intelligent enterprise running S/4HANA, Ariba and digital supply chain, Ford's turning insight into action in real time, streamlining global finance and purchasing processes and massively simplifying their overall IT landscape.

作為一家運行 S/4HANA、Ariba 和數字供應鏈的智能企業，福特實時將洞察力轉化為行動，簡化了全球財務和採購流程，並大幅簡化了他們的整體 IT 環境。

Ford sees substantial business benefits, such as the reduction of procurement approval flows from 25,000 by over 95%.

福特看到了巨大的商業利益，例如採購審批流程從 25,000 減少了 95% 以上。

Kärcher, Electrolux, Allegiant Travel Company, Ford, GA Group, Coca-Cola, Hellenic Bottling, Repsol, the New York Yankees, Bristol Myers Squibb and CVS Health are among the many others that selected our intelligent spend solutions in Q4.

Kärcher、Electrolux、Allegiant Travel Company、福特、GA Group、可口可樂、Hellenic Bottling、Repsol、紐約洋基隊、Bristol Myers Squibb 和 CVS Health 等眾多其他公司在第四季度選擇了我們的智能支出解決方案。

And we're also using Qualtrics across intelligence spend.

我們還在情報支出中使用 Qualtrics。

Every Ariba screen will have Qualtrics embedded to enhance experience and create a continuous feedback loop for buyers and suppliers on our network.

每個 Ariba 屏幕都將嵌入 Qualtrics，以增強體驗並為我們網絡上的買家和供應商創建一個持續的反饋循環。

Christian spoke of our strong S4 acceleration, and we see we have a much higher percentage of customers using at least one of our cloud solutions when they've moved to S/4 versus those who have not yet moved in both the enterprise and volume market.

Christian 談到了我們強大的 S4 加速，我們看到在企業和批量市場中，與尚未遷移到 S/4 的客戶相比，我們有更高比例的客戶使用至少一種我們的雲解決方案.

There's a strong tendency for many of these cloud solutions to sell very well together as well as invigorating excitement and acceleration to move to S/4HANA, and we see huge cross-sell opportunities for customers to adopt micro suite such as SuccessFactors and Qualtrics together, commerce and Qualtrics, Ariba and S/4HANA.

許多這些雲解決方案有一種強烈的趨勢，即一起銷售得很好，並激發人們興奮和加速轉向 S/4HANA，我們看到客戶有巨大的交叉銷售機會，可以一起採用 SuccessFactors 和 Qualtrics 等微型套件， commerce 和 Qualtrics、Ariba 和 S/4HANA。

The strength of our ecosystem continues to accelerate and out of flywheel effect to our progress.

我們生態系統的力量繼續加速，飛輪效應對我們的進步產生了影響。

Last quarter, as you know, we announced a strategic partnership with Microsoft to accelerate the move of S4 to the cloud.

上個季度，如您所知，我們宣布與微軟建立戰略合作夥伴關係，以加速 S4 向雲端的遷移。

While we're off to a fast start.

雖然我們要快速開始。

In Q4, one of the largest on-premise customers committed to move most of their SAP landscape to SAP HANA Enterprise Cloud on Microsoft Azure over the next 3 years.

在第 4 季度，最大的內部部署客戶之一承諾在未來 3 年內將其大部分 SAP 環境遷移到 Microsoft Azure 上的 SAP HANA 企業雲。

This is just the beginning.

這僅僅是個開始。

Other partners have developed their own programs to accelerate our customer's S4 transformation to the cloud, such as Deloitte's Reimagine Everything Anywhere program with Google Cloud.

其他合作夥伴已經開發了自己的計劃來加速我們客戶向雲的 S4 轉型，例如 Deloitte 的 Reimagine Everything Anywhere 計劃與 Google Cloud。

Our S4 and SaaS solutions run on GCP and AWS so the hyperscalers are also incentivized to advocate for SAP.

我們的 S4 和 SaaS 解決方案在 GCP 和 AWS 上運行，因此超大規模用戶也受到激勵來倡導 SAP。

In contrast, our traditional competitor has a go-it-alone strategy.

相比之下，我們的傳統競爭對手採用單打獨鬥的策略。

Gartner Peer Insights, we see that SAP customers completed 1,100 new product reviews of SAP, with 87% rating SAP 4-plus stars and a 42% surge in 5-star reviews from 2018.

Gartner Peer Insights，我們看到 SAP 客戶完成了 1,100 條 SAP 新產品評論，其中 87% 的 SAP 4+ 星評價和 5 星評論自 2018 年以來激增了 42%。

When you compare performance, it's clear from the math which strategy is winning.

當您比較績效時，從數學上可以清楚地看出哪種策略獲勝。

To summarize, SAP is evolving a highly differentiated and winning strategy around experience management and the intelligent enterprise with the hyperscalers and ecosystem as a force multiplier.

總而言之，SAP 正在圍繞體驗管理和智能企業製定高度差異化和製勝的戰略，並以超大規模和生態系統作為力量倍增器。

Our approach is validated by our strong full year results, and with our strong top line momentum and operational excellence initiatives in full swing we are positioned to continue to outperform our business software peers.

我們強勁的全年業績證明了我們的方法，並且憑藉我們強勁的頂線勢頭和全面展開的卓越運營計劃，我們有能力繼續超越我們的商業軟件同行。

So with that, Luka, I'll hand it over to you.

因此，Luka，我會把它交給你。

Yes.

是的。

Thanks a lot, Jen.

非常感謝，珍。

Let me start by saying that I'm likewise very proud of our 2019 results.

首先讓我說，我同樣為我們 2019 年的業績感到自豪。

In particular, our strong increase in profits and margins, while continuing our remarkable top line momentum.

特別是，我們的利潤和利潤率強勁增長，同時繼續保持我們卓越的營收勢頭。

So let me cover our results in some more detail.

因此，讓我更詳細地介紹我們的結果。

First, in 2019, we hit all revenue and profit targets.

首先，在2019年，我們實現了所有收入和利潤目標。

In fact, we have kept our promise for half a decade now, successfully hitting or beating all revenue and profit targets in that time frame, even those that we have raised.

事實上，五年來我們一直信守諾言，成功實現或超過了當時的所有收入和利潤目標，甚至是我們已經提出的目標。

I'm very proud that we continue to keep our promise in 2019.

我很自豪我們在 2019 年繼續信守承諾。

For the full year, new cloud bookings was EUR 2.3 billion and grew by 25% and 31%, excluding infrastructure-as-a-service.

全年，新的雲預訂量為 23 億歐元，分別增長 25% 和 31%，不包括基礎設施即服務。

As discussed at our Capital Markets Day, starting with Q1 2020, we will replace the disclosure of future out bookings with a new KPI, the current cloud backlog or CCB for short.

正如我們在資本市場日討論的那樣，從 2020 年第一季度開始，我們將用新的 KPI（當前的雲積壓或簡稱 CCB）取代未來預訂的披露。

This metric gives you the contractually committed cloud revenue that we expect to recognize over the upcoming 12 months.

該指標為您提供了我們預計在未來 12 個月內確認的合同承諾的雲收入。

The CCB starts as a subset of the remaining performance obligations number that we disclosed under IFRS 15.

CCB 作為我們根據 IFRS 15 披露的剩餘履約義務數量的一個子集開始。

It is cloud-only, at 12 months only.

它是純雲的，只有 12 個月。

Its expansion between 2 key days, reflects our success in both contracting new cloud business as well as renewing existing business.

它在關鍵的 2 天之間的擴張，反映了我們在承包新的雲業務以及更新現有業務方面的成功。

So compared to new cloud bookings, it is a more holistic indicator of our cloud success.

因此，與新的雲預訂相比，它是我們云成功的更全面指標。

The cloud revenue has grown by 40% in 2019.

雲收入在 2019 年增長了 40%。

We have now surpassed the EUR 7 billion mark.

我們現在已經超過 70 億歐元大關。

This makes our cloud revenue now more than 50% larger than our software licenses revenue.

這使得我們的雲收入現在比我們的軟件許可收入高出 50% 以上。

We also continued our strong double-digit growth in cloud and software, total revenue and operating profit.

我們還在雲和軟件、總收入和營業利潤方面繼續保持兩位數的強勁增長。

We are seeing really strong growth rates in Qualtrics and a very positive effect in SuccessFactors and Human Experience Management.

我們看到 Qualtrics 的增長率非常強勁，並且在 SuccessFactors 和 Human Experience Management 方面產生了非常積極的影響。

Now I also wanted to underscore what Jen and Christian said about our unique positioning with S4 HANA cloud and our digital supply chain offering.

現在我還想強調 Jen 和 Christian 所說的關於我們在 S4 HANA 雲和我們的數字供應鏈產品方面的獨特定位。

So you see, we are driving strong growth in both our acquired and our organically developed cloud services.

所以你看，我們正在推動收購和有機開發的雲服務的強勁增長。

Now moving to our on-premise performance, which was in line with our expectations.

現在轉向我們的內部部署性能，這符合我們的預期。

Q4 software licenses revenue was solid, especially if you consider a really tough year-over-year comparison.

第 4 季度軟件許可收入穩定，特別是如果你考慮一個非常艱難的同比比較。

With that successful Q4 as a backdrop, we had only a 2% decline in software revenue for the full year 2019.

以第四季度的成功為背景，我們 2019 年全年的軟件收入僅下降了 2%。

Together with our ever resilient maintenance business, which grew by 5%, our software and support business continues to be rock-solid with 3% growth in 2019.

連同我們始終保持彈性的維護業務增長了 5%，我們的軟件和支持業務在 2019 年繼續保持堅如磐石的增長 3%。

Now to the regional results for the full year.

現在是全年的區域結果。

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 decreased 47% with Germany, the Netherlands and the U.K. being highlights.

雲收入下降了 47%，其中德國、荷蘭和英國成為亮點。

Spain and Switzerland had a strong year in software license revenue.

西班牙和瑞士在軟件許可收入方面表現強勁。

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%, cloud revenue increased 35%, with Canada and Brazil being highlighted.

雲和軟件收入增長 16%，雲收入增長 35%，加拿大和巴西尤為突出。

The software licenses revenue, the U.S. had a solid year, while Brazil and Canada's performance was strong.

在軟件許可收入方面，美國表現強勁，而巴西和加拿大表現強勁。

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

最後，在充滿挑戰的市場環境中，我們在 APJ 地區度過了穩健的一年。

Cloud and software revenue was up 10%, while cloud revenue increased 43% for cloud revenue and software licenses revenue alike, both China and Japan were highlights in 2019.

雲和軟件收入增長了 10%，而云收入和軟件許可收入增長了 43%，中國和日本都是 2019 年的亮點。

Now moving on to the bottom line.

現在轉到底線。

Our overall cloud gross margin growing 5 percentage points and operating profit grew 15% year-over-year.

我們的整體雲業務毛利率同比增長 5 個百分點，營業利潤同比增長 15%。

You can imagine that I'm absolutely happy with this result.

你可以想像我對這個結果非常滿意。

Actually, the gross margins of all of our business models were up in both Q4 and for the full year 2019, respectively.

實際上，我們所有商業模式的毛利率分別在第四季度和 2019 年全年都有所上升。

With the impressive growth of our overall cloud gross margin reached 68% for the full year, the Q4 even saw us ending at 70%, which is already within striking distance of our 2020 target of 71%.

隨著我們全年整體雲毛利率的驚人增長達到 68%，第四季度我們甚至達到了 70%，這已經與我們 2020 年 71% 的目標相距甚遠。

And we also have a clear line of sight to get to the 75% by 2023.

我們也清楚地看到到 2023 年達到 75%。

As expected, the strongest contribution to this came from the gross margin of our public cloud or other Saas/PaaS offerings.

正如預期的那樣，對此貢獻最大的是我們的公共雲或其他 SaaS/PaaS 產品的毛利率。

Here, we had a significant expansion of 8 percentage points and reached 68%.

在這裡，我們顯著擴大了 8 個百分點，達到了 68%。

The key factor that drove this result was benefits from the successful completion of the SuccessFactors migration to HANA.

推動這一結果的關鍵因素是成功完成向 HANA 的 SuccessFactors 遷移。

We are also starting to see benefits from our other cloud assets as they start to scale and increase their efficiencies.

我們也開始看到我們其他雲資產的好處，因為它們開始擴展並提高效率。

And of course, we get a benefit from Qualtrics since they are already running at a gross margin around the 90% mark.

當然，我們從 Qualtrics 中受益，因為他們的毛利率已經在 90% 左右。

The gross margin for our intelligence spend group continued its steady course with the full year gross margin in the high 70% range.

我們的情報支出集團的毛利率繼續穩定增長，全年毛利率處於 70% 的高位。

We were happy to keep that momentum going in 2019.

我們很高興在 2019 年保持這種勢頭。

This year, we expect a positive bump, mainly coming from Ariba when it finalizes its migration of third party database onto HANA.

今年，我們預計會出現積極的增長，主要來自 Ariba 完成將第三方數據庫遷移到 HANA 的過程。

Our infrastructure-as-a-service gross margin improved by an impressive 17 percentage points to 29% in 2019.

2019 年，我們的基礎設施即服務毛利率提高了 17 個百分點，達到 29%，令人印象深刻。

This strong result proves that we are making great progress in our renewed strategy within this business.

這一強勁的業績證明，我們在該業務的更新戰略方面取得了長足進步。

We continue to focus on higher-margin infrastructure-as-a-service deals.

我們繼續關注利潤率更高的基礎設施即服務交易。

And at the same time, we continue to expand strategic partnerships with hyperscalers.

與此同時，我們繼續擴大與超大規模企業的戰略合作夥伴關係。

Our software and support gross margin ended the year at a very healthy 87%, increasing by 10 basis points.

我們的軟件和支持毛利率在年底達到非常健康的 87%，增長了 10 個基點。

Overall, our cloud and software gross margin increased to 82% for the full year.

總體而言，我們全年的雲和軟件毛利率增至 82%。

This shows that the hard work from our transition to the cloud has paid off as this metric is now trending upwards despite the continued headwind from the revenue mix.

這表明，儘管收入組合持續不利，但我們向雲過渡的辛勤工作已經得到回報，因為該指標現在呈上升趨勢。

Our services gross margin increased by 2 percentage points and reached 25% for the full year.

我們的服務毛利率提高了 2 個百分點，全年達到 25%。

This was mainly driven by efficiency gains in our projects and surge in engagements.

這主要是由於我們項目效率的提高和參與度的激增。

At this point, I would like to thank my colleague and friend Michael Kleinemeier for the tremendous turnaround that he has achieved in our services organization.

在這一點上，我要感謝我的同事和朋友 Michael Kleinemeier，感謝他在我們的服務組織中實現的巨大轉變。

The combination of strong top line exceptional cloud gross margin improvement and operational discipline led to the double-digit operating profit growth.

強勁的頂線卓越的雲毛利率提高和運營紀律的結合導致了兩位數的營業利潤增長。

We achieved our rate (technical difficulty) position at the expenses from the restructuring program that we had announced a year ago, was also impacted by higher share-based compensation, primarily due to the Qualtrics acquisition and the strong development of our share price.

我們在一年前宣布的重組計劃的費用中實現了我們的費率（技術難度）地位，也受到更高的基於股份的薪酬的影響，這主要是由於 Qualtrics 的收購和我們股價的強勁發展。

This resulted in a decrease in IFRS operating profit of 21% to EUR 4.5 billion.

這導致 IFRS 營業利潤下降 21% 至 45 億歐元。

For the same reason, our IFRS earnings per share decreased by 18%, whereas under non-IFRS, we reported a strong growth of 18% to over EUR 5 per share.

出於同樣的原因，我們的 IFRS 每股收益下降了 18%，而在非 IFRS 下，我們報告了 18% 的強勁增長，達到每股 5 歐元以上。

For the full year 2019, the IFRS effective tax rate decreased by 30 basis points to 26.7% while the non-IFRS effective tax rate decreased by 20 basis points to 26.2%.

2019 年全年，IFRS 有效稅率下降 30 個基點至 26.7%，而非 IFRS 有效稅率下降 20 個基點至 26.2%。

Both tax rates were within our guidance ranges.

兩種稅率都在我們的指導範圍內。

As expected and discussed at our Capital Markets Day, our cash flow performance in 2019 was likewise impacted by higher restructuring payments, higher share-based compensation payments and higher tax payments than in 2018.

正如我們在資本市場日預期和討論的那樣，我們 2019 年的現金流量表現同樣受到比 2018 年更高的重組付款、更高的股權補償付款和更高的稅收的影響。

It significantly overcompensated the benefit we received from IFRS 16.

它大大過度補償了我們從 IFRS 16 中獲得的好處。

Our operating cash flow in 2019 hence decreased by 19% to EUR 3.5 billion.

因此，我們 2019 年的經營現金流下降了 19% 至 35 億歐元。

This, of course, also negatively impacted our free cash flow in 2019.

當然，這也對我們 2019 年的自由現金流產生了負面影響。

On the positive side, 2019 was a year where we were really able to dramatically improve our CapEx efficiency.

從積極的方面來看，2019 年是我們真正能夠顯著提高資本支出效率的一年。

Compared to last year, we reduced our CapEx by more than 40% to EUR 800 million as we harvest the benefits of our converged cloud platform and expanding hyperscaler partnerships.

與去年相比，我們的資本支出減少了 40% 以上，達到 8 億歐元，因為我們受益於我們的融合雲平台和擴大超大規模合作夥伴關係。

As we also stated at our Capital Markets Day last November, we expect that both our operating and free cash flow will increase significantly in 2020.

正如我們在去年 11 月的資本市場日上所說，我們預計我們的運營現金流和自由現金流都將在 2020 年大幅增加。

Since we see that our CapEx will remain at a reduced level and the negative impact that we have in 2019 should be much more.

由於我們看到我們的資本支出將保持在較低水平，而我們在 2019 年產生的負面影響應該更多。

For our 2020 outlook and the 2023 ambition, please refer to our quarterly statement published earlier today.

有關我們 2020 年的展望和 2023 年的雄心壯志，請參閱我們今天早些時候發布的季度聲明。

Before closing, I wanted to talk about some of our social and environmental highlights and update you on a few of our nonfinancial metrics.

在結束之前，我想談談我們的一些社會和環境亮點，並向您介紹我們的一些非財務指標。

At SAP, we know that we can have an impact beyond our own operations, as Christian already mentioned, and driving economic, social and environmental impact in a holistic manner continues to be a key priority for us.

在 SAP，我們知道我們可以產生超越我們自身運營的影響，正如 Christian 已經提到的那樣，以整體方式推動經濟、社會和環境影響仍然是我們的首要任務。

We support the UN Sustainable Development Goals.

我們支持聯合國可持續發展目標。

One example is the value balancing alliance, which we are a founding member.

一個例子是價值平衡聯盟，我們是該聯盟的創始成員。

This nonprofit organization aims to change the way companies measure and value performance to create a global standard.

這個非營利組織旨在改變公司衡量和評價績效的方式，以創建全球標準。

Another example of how we can have a positive impact with our products is the plastics cloud.

塑料雲是我們如何對我們的產品產生積極影響的另一個例子。

The global ocean plastic crisis, SAP joins the World Economic Forum's global plastic action partnership.

全球海洋塑料危機，SAP 加入世界經濟論壇的全球塑料行動夥伴關係。

Together, we are launching the next phase of the plastics cloud, which will allow businesses to rapidly shift to single-use alternatives, invest in material collection infrastructure and ensure a better consumer experience.

我們將共同啟動塑料雲的下一階段，這將使企業能夠迅速轉向一次性替代品，投資材料收集基礎設施並確保更好的消費者體驗。

Looking to our nonfinancial metrics, Jen already talked about where we stand with employee retention and women in management.

看看我們的非財務指標，Jen 已經談到了我們在員工保留和管理層女性方面的立場。

I would just like to add that we, again, decreased our CO2 emissions despite our company's strong growth.

我只想補充一點，儘管我們公司增長強勁，但我們再次減少了二氧化碳排放量。

We remain committed to be carbon neutral by 2021.

我們仍然致力於到 2021 年實現碳中和。

So to summarize, we delivered on our full year outlook in 2019, that marks the fifth straight year in a row.

總而言之，我們在 2019 年實現了全年展望，這是連續第五年。

We had an exceptional year with double-digit top line growth in cloud, cloud and software in total revenue, and our operational excellence measures continue to produce results.

我們度過了非凡的一年，雲、雲和軟件總收入實現了兩位數的收入增長，我們的卓越運營措施繼續取得成果。

We finished the year with more than EUR 8 billion operating profit growing at 15%.

我們以 15% 的速度增長了超過 80 億歐元的營業利潤。

That's impressive.

這很讓人佩服。

This success would not have been possible without the dedication, innovative spirit and discipline of our people.

沒有我們員工的奉獻精神、創新精神和紀律，就不可能取得這樣的成功。

SAP will remain fast growth and highly profitable company.

SAP 仍將是快速增長和高利潤的公司。

And I'm very confident that we will continue to keep our promises, starting by delivering on our 2020 guidance, then following through with our 2023 assumptions.

我非常有信心，我們將繼續信守承諾，首先是實現我們的 2020 年指導方針，然後是我們 2023 年的假設。

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

謝謝，我們現在很樂意回答您的問題。

Thank you.

謝謝。

Operator, we can open up the Q&A session.

接線員，我們可以打開問答環節。

(Operator Instructions) And we will take our first question from James Goodman with Barclays.

（操作員說明）我們將從 James Goodman 和 Barclays 提出我們的第一個問題。

I wanted to ask you a couple of things about the cloud business, if I may.

如果可以的話，我想問你一些關於雲業務的事情。

Firstly, you noted the 10 percentage point benefit to new cloud bookings from this major shift from an on-premise customer to the cloud, which is coming under embrace, which is clearly encouraging.

首先，您注意到從本地客戶到雲的重大轉變為新的雲預訂帶來了 10 個百分點的好處，這種轉變正在受到歡迎，這顯然令人鼓舞。

But you're taking, I guess, a benefit already there from Microsoft in terms of revenue in the SAP cloud platform.

但我想，就 SAP 雲平台的收入而言，你已經從微軟那裡獲得了好處。

So my question is, can you expand on what this customer is doing precisely and where additional revenues are coming to you through the cloud business?

所以我的問題是，您能否詳細說明該客戶正在做什麼以及通過雲業務為您帶來額外收入的地方？

And then the follow-up cloud question is just on the ISG business, where we moved to about 14% growth from 20% over the last quarters.

然後後續的雲問題只是關於 ISG 業務，我們在過去幾個季度的增長率從 20% 提高到 14% 左右。

Yes.

是的。

So on this large deal question here, first of all, on this large deal, just to give you some context to it, this is not directly related now to employees.

所以關於這個大問題，首先，關於這個大問題，只是給你一些背景，這現在與員工沒有直接關係。

So what is large multinational customer really decided is to move with existing on-premise landscape to the cloud and to go with the SAP's HANA Enterprise cloud offering in order to not only migrate the landscape to the cloud but do a real business transformation.

因此，大型跨國客戶真正決定的是將現有的內部環境遷移到雲端，並使用 SAP 的 HANA 企業雲產品，以便不僅將環境遷移到雲端，而且進行真正的業務轉型。

I mean, this customer really has certain requirements in adapting new business model, driving automation, and this is why this customer decided to shift its complete landscape to a hyperscaler, plus SAP will work with this customer hand-in-hand to migrate and transform this customer into an intelligent enterprise.

我的意思是，這個客戶在適應新的業務模式、推動自動化方面確實有一定的要求，這就是為什麼這個客戶決定將其整個格局轉移到一個超大規模的人，而且 SAP 將與這個客戶攜手合作進行遷移和轉型這個客戶變成了一個智能企業。

And that's, by the way, also not a one-off deal.

順便說一下，這也不是一次性交易。

I'm actually expecting that more and more customers really focus on their own transformation while shifting more and more of these projects to hyperscalers plus SAP to drive the transformation.

我實際上期望越來越多的客戶真正關注他們自己的轉型，同時將越來越多的這些項目轉移到超大規模應用程序和 SAP 來推動轉型。

And this is Jennifer.

這是詹妮弗。

Maybe let me hit the point on the cloud bookings, because I know that this is a topic.

也許讓我在雲預訂上切中要點，因為我知道這是一個話題。

I want to make a couple of points here.

我想在這裡提出幾點。

You remember earlier in 2019, we made the strategic decision to really focus on our SaaS business and move away from infrastructure as a service because we knew that we could get better focus on what we do well and leverage a lot of the motion to the hyperscalers in our business.

你還記得在 2019 年初，我們做出了真正專注於我們的 SaaS 業務並擺脫基礎架構即服務的戰略決策，因為我們知道我們可以更好地專注於我們擅長的事情，並利用大量動議來推動超大規模應用在我們的業務中。

So that was a strategic decision that we made early in 2019, which did have an impact on the top line revenues.

所以這是我們在 2019 年初做出的一項戰略決策，它確實對收入產生了影響。

When you look at where the growth is coming from, Qualtrics is going to be an incredible growth engine.

當您查看增長的來源時，Qualtrics 將成為一個令人難以置信的增長引擎。

The results we had in 2019 were really specific to Qualtrics continuing to execute within their customer base and the customers that they were growing.

我們在 2019 年取得的成果確實針對 Qualtrics 繼續在他們的客戶群和他們正在增長的客戶中執行。

We did really start to pick up steam towards the second half in terms of expanding and doing some nice large deals in our installed base accounts.

下半年，我們確實開始加速擴張，並在我們的已安裝基礎賬戶中進行一些不錯的大交易。

And what we've also done is, Ryan and I together have learned quite a bit, and we placed one of our most seasoned sales executives from SAP to be the Chief Revenue Officer within Qualtrics.

我們還做的是，Ryan 和我一起學到了很多東西，我們從 SAP 任命了一位經驗最豐富的銷售主管擔任 Qualtrics 的首席營收官。

So we can both bring that really strong sales execution into Qualtrics and also the knowledge of SAP and where we can really focus Qualtrics to drive the large deals and scale across the globe.

因此，我們既可以將真正強大的銷售執行力帶入 Qualtrics，也可以將 SAP 的知識以及我們可以真正專注於 Qualtrics 的地方用於推動大型交易並在全球範圍內擴大規模。

I mentioned our C4 portfolio.

我提到了我們的 C4 產品組合。

Now you all know that Bob came in, bought Stutz in Q3, and this was an area where we needed somebody who brought experience in this market, who understood the differentiation that SAP could bring to focus on that differentiation and, frankly, to execute.

現在你們都知道 Bob 進來了，在第三季度收購了 Stutz，這是一個我們需要在這個市場上帶來經驗的人，他了解 SAP 可以帶來的差異化，以專注於這種差異化，坦率地說，執行。

So we've learned here.

所以我們在這裡學到了。

You're going to see us move and make progress here.

你會看到我們在這裡前進並取得進步。

You're going to see new product development happen this year.

您將在今年看到新產品的開發。

And we're very confident that this portfolio is now more focused and we'll execute.

我們非常有信心這個投資組合現在更加集中，我們會執行。

And I don't want to forget about our organic cloud solutions.

而且我不想忘記我們的有機雲解決方案。

Christian talked about S4 in the cloud.

Christian 談到了雲中的 S4。

We also have analytics, which has really strong growth, digital supply chain.

我們也有分析，它有非常強勁的增長，數字供應鏈。

While these might be smaller in terms of the revenue size the growth and the steam of these are picking up.

雖然就收入規模而言，這些可能較小，但它們的增長和動力正在回升。

And then finally, when you look at how we get the scale of all these solutions in our customer base, we made the decision to move all of our sales resources within the different specialized sales forces under Adaire Fox-Martin, who now owns overall go-to-market responsibility and can get better focus and scale and really get all these businesses humming and get the synergies of the micro suite as we go out and sell the cloud.

最後，當你看到我們如何在我們的客戶群中獲得所有這些解決方案的規模時，我們決定將我們所有的銷售資源轉移到 Adaire Fox-Martin 領導下的不同專業銷售團隊中，他現在擁有整體 go -對市場的責任，可以得到更好的關注和規模，真正讓所有這些業務蓬勃發展，並在我們出去銷售雲時獲得微型套件的協同效應。

That's really the plan for how we're going forward with the growth.

這確實是我們如何推進增長的計劃。

Yes.

是的。

And perhaps just quickly to come back to your precise question.

也許很快就會回到您的確切問題。

So to reiterate, that very large deal was a net new incremental deal and was not cannibalized by any of the Embrace transaction.

因此，重申一下，那筆非常大的交易是一筆淨增量交易，並沒有被任何 Embrace 交易蠶食。

And you have a specific question around ISG and the 14% cloud growth that you saw there in Q4.

你有一個關於 ISG 的具體問題，以及你在第四季度看到的 14% 的雲增長。

On that business, you really have to take a look at the full year results because it is significantly influenced by transaction volume-based pay as you build revenues.

在該業務上，你真的必須看看全年業績，因為它在你建立收入時受到基於交易量的薪酬的顯著影響。

There's a mid- triple-digit million euro amount of revenues in there.

那裡有中等三位數的百萬歐元收入。

And in that business, you have greater variability than in a classic SaaS business.

在該業務中，與傳統的 SaaS 業務相比，您具有更大的可變性。

And that portion actually came in, in Q4, a little bit shorter than in the other quarters, and that basically is the reason why you've seen Q4 revenues being a little bit smaller.

而這部分實際上是在第四季度出現的，比其他季度短一點，這基本上就是為什麼你看到第四季度收入有點小的原因。

But all in all, the 19% that you see in ISG has been actually very consistently a result around the 20% mark, that these businesses, despite their scale, has been posting for a number of years now.

但總而言之，您在 ISG 中看到的 19% 實際上一直是 20% 左右的結果，儘管這些企業規模龐大，但多年來一直如此。

So there is really nothing except for this small seasonality blip on the transaction volume-based revenues that you should read into this.

因此，除了您應該閱讀的基於交易量的收入的這個小季節性波動之外，真的沒有什麼。

We will take our next question from Kirk Materne with Evercore ISI.

我們將接受來自 Evercore ISI 的 Kirk Materne 的下一個問題。

Maybe I have 2 quick ones.

也許我有 2 個快速的。

One, just for Luka.

一，只給盧卡。

Just on this new metric you're going to be giving us in terms of cloud or cloud current backlog.

就這個新指標而言，您將根據云或云當前積壓向我們提供。

I guess some debate this morning would be looking at the cloud bookings growth, it wouldn't necessarily appear to be robust enough to support your longer-term targets, I assume this new metric maybe lines up a little bit better with what you're hoping for over the next few years.

我想今天早上的一些辯論會關注云預訂的增長，它似乎不一定足夠強大以支持您的長期目標，我認為這個新指標可能與您的目標更吻合希望在接下來的幾年裡。

Is that fair?

這公平嗎？

I know you don't want to give us the number exactly right now, but I'm just trying to get a sense on if that's going to be a better metric in your view to gauge, say, ACV growth in the cloud business.

我知道你現在不想給我們確切的數字，但我只是想了解一下你認為這是否是衡量雲業務 ACV 增長的更好指標。

Yes, Kurt.

是的，庫爾特。

Thanks a lot for the question, and it's exactly that.

非常感謝這個問題，就是這樣。

I mean, as you know, I've been preaching this some time now, the correlation between our new cloud bookings performance and our actual revenues has been weakening over time.

我的意思是，如你所知，我一直在宣揚這一點，隨著時間的推移，我們新的雲預訂性能與實際收入之間的相關性一直在減弱。

And that's quite natural because the impact of our renewal business as our baseline growth is, of course, getting heavier and heavier.

這是很自然的，因為我們的續訂業務作為我們的基線增長的影響當然越來越重。

And therefore, moving to current cloud backlog, which gives you the entirety of our success in both driving new order entry, but also successfully renewing what we have and then spending up, the impact that this will have on the next 12 months' revenues, it is going to give you a much better holistic picture of the expected cloud revenues so that you can read much better introduce them by taking only the singular view on the new cloud bookings.

因此，轉移到當前的雲積壓，這讓你在推動新訂單輸入方面取得了全部成功，但也成功地更新了我們擁有的東西，然後支出，這將對未來 12 個月的收入產生影響，它將為您提供有關預期雲收入的更全面的了解，以便您可以通過僅對新的雲預訂採取單一觀點來更好地了解它們。

So it's a qualitatively much more meaningful disclosure that you will see starting from Q1.

因此，從第一季度開始，您將看到質量上更有意義的披露。

Okay.

好的。

Great.

偉大的。

And then just one for Jennifer.

然後只有一個給詹妮弗。

Jennifer, I know you all hosted your sales kick off events over the last couple of weeks.

詹妮弗，我知道你們都在過去幾週舉辦了銷售啟動活動。

And you mentioned having a new Chief Revenue Officer for Qualtrics.

你提到有一位新的 Qualtrics 首席營收官。

Were there any other things you all changed heading in this year that we should be aware of?

今年你們是否有任何其他我們應該注意的改變標題的事情？

I know you always will change something generally going into a fiscal year, but any other sort of call-outs you'd make in terms of either ways you're thinking about going to market a little bit different this year?

我知道你總是會改變一般進入財政年度的東西，但是你會根據你今年考慮進入市場的任何一種方式做出任何其他類型的呼籲？

Or just some general sort of normal procedures around that?

或者只是一些一般的正常程序？

Yes.

是的。

The great thing is that when you look at our leaders across the various geographies and even the leaders within the different cloud businesses, we have really strong stability and experience and that helps, that really helps us to continue to execute and get the synergy and scale that we need, depending where every region is in terms of their cloud growth and where they see the opportunity.

很棒的是，當你看看我們在不同地區的領導者，甚至是不同雲業務中的領導者時，我們擁有非常強大的穩定性和經驗，這有助於我們繼續執行並獲得協同效應和規模我們需要，這取決於每個地區在雲增長方面所處的位置以及他們在哪裡看到機會。

One of the things that we did put a strong focus on is when you look at these leaders in the businesses that they run now, making sure we're putting just as strong of a focus.

我們確實非常關注的一件事是，當您查看他們現在經營的企業中的這些領導者時，請確保我們也同樣關注。

Obviously, the bookings is going to continue to drive and be key to driving our revenue growth but we also want to make sure that our leaders and the people in the field are also just as focused on consumption.

顯然，預訂將繼續推動並成為推動我們收入增長的關鍵，但我們也希望確保我們的領導者和該領域的人們也同樣關註消費。

So we have put accelerators in there for our sales teams to be rewarded for ensuring that our customers are not only just buying our solutions, but they're consuming that.

因此，我們已經為我們的銷售團隊設置了加速器，以確保我們的客戶不僅購買我們的解決方案，而且還在消費我們的解決方案。

So they're incented to help accelerate that consumption and focus on our customers' success.

因此，他們有動力幫助加速消費並專注於我們客戶的成功。

Our next question is from Charlie Brennan with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Charlie Brennan。

I've got 2 actually.

其實我有2個。

Firstly, just a question on core ERP and particularly this deal that you flagged in the statement as moving to the cloud.

首先，只是一個關於核心 ERP 的問題，特別是您在聲明中標記為遷移到雲端的這筆交易。

You have been flagging up S/4HANA on-premise licenses as being a positive factor to license growth.

您一直將 S/4HANA 本地許可證標記為許可證增長的積極因素。

Can you just help us quantify, is the shift of core ERP to the cloud going to be a material driver going forward?

您能幫我們量化一下，核心 ERP 向雲的轉移是否會成為未來的物質驅動力？

And does this start to change your license outlook for the group?

這是否開始改變您對該組織的許可前景？

And then secondly, just around the cloud bookings and backlog metric, there is a fair amount of investor focus on it.

其次，圍繞雲預訂和積壓指標，有相當多的投資者關注它。

We have seen increasing volatility in the cloud bookings number.

我們看到雲預訂數量的波動性越來越大。

As we move to the backlog, does that smooth out the volatility?

當我們轉向積壓時，這是否消除了波動性？

And does it start to give us a much more even pattern of the business going forward?

它是否開始為我們提供更加均衡的業務發展模式？

Okay.

好的。

So let me start.

那麼讓我開始吧。

Christian here.

基督徒在這裡。

On the S/4HANA question, Cloud ERP, so after that quarter, we have now roughly close to 14,000 customers, S/4HANA customers, and we are seeing, of course, that our installed base is moving.

關於 S/4HANA 問題，雲 ERP，在那個季度之後，我們現在大約有接近 14,000 名客戶，S/4HANA 客戶，當然，我們看到我們的安裝基礎正在移動。

And if they are now moving to on-prem and cloud, and by the way, I really feel this is a winning strategy because sometimes, in some industries, with higher process complexity, large customers still decide to choose S/4HANA on prem, where we will also continue to deliver innovations and also functionality for certain kind of industries.

如果他們現在轉向本地和雲端，順便說一句，我真的覺得這是一個成功的策略，因為有時，在一些流程複雜性更高的行業，大客戶仍然決定選擇本地 S/4HANA，我們還將繼續為某些行業提供創新和功能。

Other industries with lower process complexity utilities, professional services, they are more and more moving to the cloud.

其他流程複雜性較低的公用事業、專業服務行業也越來越多地轉向雲端。

And especially also for some LOP's also in the core, like finance, we are seeing this traction now coming.

尤其是對於一些也在核心的 LOP，比如金融，我們現在看到這種牽引力正在到來。

And with having now over 2,000 customers for S/4HANA Cloud in over 20 industries we also now have to prove that our cloud ERP is really also broad enough to really also courage to go for larger customers going forward.

現在，S/4HANA Cloud 在 20 多個行業擁有超過 2,000 名客戶，我們現在還必須證明我們的雲 ERP 確實也足夠廣泛，真的也有勇氣在未來爭取更大的客戶。

So we see actually this hybrid part really pays off.

所以我們實際上看到這個混合部分確實得到了回報。

And also, last but not least, I mean, we have seen that our S/4HANA customers, 40% of them are net new.

而且，最後但同樣重要的是，我的意思是，我們已經看到我們的 S/4HANA 客戶，其中 40% 是全新的。

So that's also a clear signal that we are also attracting new customers that we are winning market share.

所以這也是一個明確的信號，表明我們也在吸引新客戶，我們正在贏得市場份額。

And that doesn't only now mean that we are only moving our installed base, but really also entering new fields, especially on the cloud side of that.

這不僅意味著我們現在只是在移動我們的安裝基礎，而且還真正進入了新領域，尤其是在雲方面。

Yes.

是的。

And therefore, let me just add that, of course, we are anticipating this shift.

因此，讓我補充一點，當然，我們正在期待這種轉變。

It's a gradual one when it comes to the core and therefore, you have seen or not seen, but you've heard us confirming that S/4HANA was again, a major growth engine across both deployment models with high single-digit growth also in on-premise licenses.

當涉及到核心時，這是一個漸進的過程，因此，您已經看到或沒有看到，但您已經聽到我們確認 S/4HANA 再次成為這兩種部署模型的主要增長引擎，並且在本地許可證。

And we continue to expect that S/4HANA in on-premise will post positive growth also in 2020 and beyond.

我們繼續預計內部部署的 S/4HANA 也將在 2020 年及以後實現正增長。

However, at the same time, it's great news, actually, that we start to see the engine going and more customers adopting S/4HANA also in the cloud with the steep increase in customers to 2,300 with the increase on the revenue side where this is becoming a meaningful engine.

然而，與此同時，這是個好消息，實際上，我們開始看到引擎開始運轉，越來越多的客戶也在雲中採用 S/4HANA，隨著收入方面的增加，客戶急劇增加到 2,300成為一個有意義的引擎。

And it is baked into both our assumptions for continued growth in the cloud as well as the implicit assumptions around the development of our on-premise business.

它融入了我們對雲持續增長的假設以及圍繞我們內部部署業務發展的隱含假設。

So we're not seeing anything that would change our perspective of the business and how it will unfold in the next couple of years.

因此，我們沒有看到任何會改變我們對業務的看法以及未來幾年它將如何展開的事情。

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

我們將接受來自富國銀行的 Phil Winslow 的下一個問題。

Congrats on a great close to the year.

祝賀你接近這一年。

I just wanted to focus on the comments you mentioned about the change in how bonus metrics are calculated for your sales team going to more of a consumption-based model versus purely sales, so I guess, kind of a jump out about Christian and Jen, just sort of how are you sort of rolling that out?

我只是想關注你提到的關於銷售團隊獎金指標計算方式的變化，更多的是基於消費的模型而不是純粹的銷售，所以我想，關於 Christian 和 Jen 有點跳出來，只是你是如何推出的？

Is there sort of differentiation between your cloud deals versus on-premise deals with that?

您的雲交易與本地交易之間是否存在某種差異？

And just how do you sort of expect to roll that out, sort of the impacts from that?

您希望如何推出它，以及它的影響？

Yes, thanks for the question, Phil.

是的，謝謝你的問題，菲爾。

Let me just add some context to this new bonus plan change.

讓我為這個新的獎金計劃變化添加一些背景信息。

First of all, it's very important to highlight that this is not only related to sales.

首先，非常重要的是要強調這不僅與銷售有關。

All of our people in development and service and support in cloud operations will have a cloud consumption metric.

我們所有從事雲運營開發、服務和支持的人員都會有一個雲消費指標。

And why is that?

為什麼是這樣？

Because in the cloud, especially the deal doesn't stop with the point of sale, we have to make sure that we support our customers all the way along on the point-of-sale to onboard, to support to one and really showing their business value, showing our customers the business value out of our cloud solutions.

因為在雲中，尤其是交易並不止於銷售點，我們必須確保我們在銷售點到上船的整個過程中一直支持我們的客戶，支持一個人並真正展示他們的商業價值，向我們的客戶展示我們的雲解決方案的商業價值。

And then at the end, of course, we have to make sure that we have high renewal rates.

最後，當然，我們必須確保我們有很高的續訂率。

And that's a common exercise.

這是一個常見的練習。

This is not only related to sales.

這不僅與銷售有關。

This is also up to development services to operations to really make this a top priority.

這也取決於運營的開發服務，以真正將其作為重中之重。

And Jen and I really a hold the flag high on customer success.

Jen 和我真的高舉客戶成功的旗幟。

And this is one of the measures now we are driving to really make sure that we are going to execute that.

這是我們現在正在採取的措施之一，以真正確保我們將執行該措施。

And that also, of course, our customers feel the benefit of that.

當然，我們的客戶也從中受益。

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

我們將與摩根士丹利一起接受 Adam Wood 的下一個問題。

I've also got 2. Just the first one, maybe for Christian, on the integration of the products.

我還有 2 個。只是第一個，可能是關於 Christian 的，關於產品的集成。

Could you talk a little bit about the time frame of getting all of the cloud products integrated into S/4HANA?

您能談談將所有云產品集成到 S/4HANA 中的時間框架嗎？

And then maybe where you've completed that integration, what benefits have you seen in terms of cross-selling adoption?

然後，也許在您完成集成的地方，您在交叉銷售採用方面看到了哪些好處？

And any metrics you can give would be very helpful for benefit on that side?

您可以提供的任何指標都會對那方面的利益有很大幫助嗎？

And then maybe as a follow-up on the license side of the business and how that evolves as more customers move to cloud, could we also talk about support, traditionally, it's kind of been an all on offering model on support for customers, but as more of those landscapes run on cloud subscriptions rather than on license and support, how does that impact the support business?

然後，也許作為業務許可方面的後續行動，以及隨著更多客戶轉向雲計算，它是如何演變的，我們是否也可以談談支持，傳統上，它是一種為客戶提供支持的全方位服務模式，但是隨著越來越多的環境在雲訂閱而不是許可和支持上運行，這對支持業務有何影響？

And was that a factor behind the lowering of the percentage of predictive revenue looking out to 2023?

這是否是降低 2023 年預測收入百分比的一個因素？

Thank you, Adam.

謝謝你，亞當。

Let me just give you some more details about what we are doing on the integration front.

讓我向您詳細介紹一下我們在整合方面所做的工作。

So first and foremost, it's really important to understand that when customers buy SAP solution, we are talking about a real business policy integration based on one data model.

因此，首先，了解當客戶購買 SAP 解決方案時，我們談論的是基於一個數據模型的真正業務策略集成，這一點非常重要。

So it's not just the technical integration, where you shift data from the left to the right, it's really about making business processes run across the value chain.

因此，這不僅僅是技術集成，您將數據從左側轉移到右側，它實際上是關於讓業務流程在整個價值鏈中運行。

How did we progress?

我們是如何進步的？

So with SuccessFactors, HR and with S4 and Finance, there are of course core mission critical processes that we actually finished on the cloud side, the integration in Q4, so that customers have really waterline data model and all the business services, what you need to run business processes cost, they have been delivered in Q4 last year.

因此，對於 SuccessFactors、HR 以及 S4 和 Finance，當然還有我們實際上在雲端完成的核心任務關鍵流程，即第四季度的集成，以便客戶擁有真正的水線數據模型和所有業務服務，您需要什麼為了運行業務流程成本，它們已於去年第四季度交付。

Now what comes next?

現在接下來會發生什麼？

Ariba Procure-to-pay connects front-office to back-office.

Ariba Procure-to-pay 將前台與後台連接起來。

This will now happen during the course of 2020.

現在，這將在 2020 年期間發生。

So the same is true for Concur.

所以Concur也是一樣。

And we will also actually announce the detailed format for that in a few weeks to come.

我們還將在未來幾週內實際公佈詳細格式。

So that also our customers, and of course, our whole community has more details around when is the integration being delivered.

因此，我們的客戶，當然還有我們的整個社區都有更多關於何時交付集成的詳細信息。

And as I said, everything will happen throughout 2020.

正如我所說，一切都將在整個 2020 年發生。

The engineering teams are already working on that since quite a while.

工程團隊已經為此工作了很長一段時間。

So this will be done in 2020.

所以這將在 2020 年完成。

And let me quickly expand on support because really, there has been no change at all in our assumptions surrounding support revenues.

讓我快速擴大支持，因為實際上，我們對支持收入的假設根本沒有改變。

Actually, we have been even slightly ahead of our own internal planning in terms of our support performance.

實際上，就我們的支持績效而言，我們甚至略微領先於我們自己的內部計劃。

We continue to enjoy extremely high renewal rates.

我們繼續享受極高的續訂率。

We're renewing around about 96% on a revenue basis.

我們在收入的基礎上更新了大約 96%。

So this remains a very, very sticky business for us with very reliable growth profile as well.

因此，這對我們來說仍然是一項非常、非常粘性的業務，而且增長前景也非常可靠。

The fact that we have adjusted -- slightly adjusted the outlook for the percentage of recurring revenues, highly predictable revenues for 2020.

事實上，我們已經調整 - 略微調整了經常性收入百分比的前景，即 2020 年高度可預測的收入。

There's actually nothing to do with our predictable revenue streams, it has to do with the fact that when we devised the original range we were actually having a more conservative assumption for the development of our nonpredictable revenue streams, the software revenues, in particular, as well as our service revenues, but as we have, actually, for a number of years, not seen mid-single-digit declines in software licenses as implicitly assumed in our guidance, but actually have held the software license revenues at a high level, and therefore, we have a higher backline now for those revenues.

這實際上與我們可預測的收入流無關，它與這樣一個事實有關，即當我們設計原始範圍時，我們實際上對我們不可預測的收入流的發展有一個更保守的假設，特別是軟件收入，因為以及我們的服務收入，但實際上，多年來，我們並沒有看到軟件許可證中的中個位數下降，正如我們的指導中隱含的那樣，但實際上將軟件許可證收入保持在較高水平，因此，我們現在對這些收入有更高的支持。

And that is one of the driving reasons that the percentage of highly predictable revenue is around 70% and not at the high end of this range.

這是高度可預測收入的百分比約為 70% 而不是該範圍的高端的驅動原因之一。

And the other reason is that we had not assumed that our services business will bounce back so strongly with our posting double-digit growth quite honestly.

另一個原因是，我們並沒有假設我們的服務業務會隨著我們的兩位數增長而如此強勁地反彈。

And from that perspective, this is the other factor.

從這個角度來看，這是另一個因素。

But in terms of our predictable revenue streams, everything works as expected.

但就我們可預測的收入流而言，一切都按預期進行。

Our next question is from Neil Steer with Redburn.

我們的下一個問題來自 Neil Steer 和 Redburn。

I've just got 2 hopefully quick questions.

我剛剛有 2 個希望快速的問題。

The first is, Luka, would you care, you mentioned, obviously, that you're expecting quite a bounce in the operating cash flow and free cash flow in 2020.

首先，盧卡，你會關心嗎，你顯然提到過，你預計 2020 年的經營現金流和自由現金流會出現相當大的反彈。

Would you hazard a guess to what those levels would be, please?

請您猜猜這些級別是多少？

And secondly, when do you assess the commitment to remove or stop the standard support on ECC in 2025?

其次，您何時評估在 2025 年取消或停止對 ECC 的標準支持的承諾？

Is that to be reviewed at some stage?

是否要在某個階段進行審查？

Or are you sticking by that?

還是你堅持這一點？

Yes.

是的。

Let me start with the free cash flow and operating cash flow figures.

讓我從自由現金流量和經營現金流量數據開始。

I would expect a positive balance here of around about EUR 2.5 billion, so very much in line with what we had discussed at our Capital Markets Day.

我預計這裡的正餘額約為 25 億歐元，這與我們在資本市場日討論的內容非常一致。

About EUR 1.5 billion would come from those increased cash items that we have seen in 2019 dissipating, in particular, the income tax cash payments as well as the restructuring payments, which basically have for the largest part run their course and the rest is basically the positive development of our business and the growth that should then translate into those increased cash flow performance.

大約 15 億歐元將來自我們在 2019 年看到的那些增加的現金項目，特別是所得稅現金支付和重組支付，這基本上大部分已經完成，其餘基本上是我們業務的積極發展和增長應該轉化為那些增加的現金流量表現。

So basically, what I shared in November still is our planning for 2020.

所以基本上，我在 11 月分享的仍然是我們對 2020 年的規劃。

With regard to the maintenance expansion, I mean, we are in constant talks with our customers with the user portal.

關於維護擴展，我的意思是，我們一直在通過用戶門戶與客戶進行對話。

SAP also in the past has left no customer behind.

SAP 過去也沒有留下任何客戶。

And this notion will, of course, continue and you can expect the communication going out where we give more clarity around this topic.

當然，這個概念會繼續下去，你可以期待我們圍繞這個主題進行更清晰的交流。

Our next question is from Alex Zukin with RBC.

我們的下一個問題來自 RBC 的 Alex Zukin。

Two quick ones.

兩個快的。

So first, I want to ask on S/4HANA.

所以首先，我想問一下S/4HANA。

On the positive side, we've observed over the past few quarters kind of steady rate of ads and go-lives.

從積極的方面來看，我們在過去幾個季度觀察到廣告和上線率穩定。

When will we see an acceleration on the go-live portion?

我們什麼時候會看到上線部分的加速？

And what do you expect the impact on the P&L from these go-lives to be?

您預計這些上線對損益的影響是什麼？

I mean, I can take the first one.

我的意思是，我可以拿第一個。

But I guess, Luka can take the second one with the impact on the P&L.

但我想，Luka 可以拿下第二個對 P&L 的影響。

So the go-live actually, as you also have seen now, they went up quite significantly in line with, of course, also the increase we have seen on the license customers.

因此，實際上，正如您現在也看到的那樣，它們的增長非常顯著，當然，這也與我們在許可證客戶上看到的增長一致。

As I also said at the beginning and also knowing this from being the CEO of SAP, oftentimes when you are implementing S/4HANA, the technology is not actually the biggest problem.

正如我在開頭所說的那樣，作為 SAP 的首席執行官也知道這一點，通常當你實施 S/4HANA 時，技術實際上並不是最大的問題。

Actually, to technically upgrade to S/4HANA, we have smoothened that a lot with new tools for the data migration and for the upgrade itself.

實際上，為了從技術上升級到 S/4HANA，我們已經通過數據遷移和升級本身的新工具簡化了很多。

Oftentimes, it's really about changing business processes, changing the business model of a company where you have to get the people with you where you have to readapt and redecide business policies which were standing there for a very long time.

通常，這實際上是關於改變業務流程，改變公司的商業模式，你必須讓人們與你一起重新適應和重新決定長期存在的商業政策。

That's, for sure, one of the major reasons why we see a certain delay between the license customers and the go-live customers.

可以肯定的是，這是我們看到許可證客戶和上線客戶之間存在一定延遲的主要原因之一。

Certainly, what we are doing with our partners because they see now this huge demand out there in the market.

當然，我們與合作夥伴正在做的事情是因為他們現在看到了市場上的巨大需求。

And they clearly have, in some parts of the world, a lack of skilled resources.

在世界某些地區，他們顯然缺乏技術資源。

So we are working heavily together with our -- with the largest SSIs to further upscale people because these days the demand is so high that they have to qualify much more resources in the months to come.

因此，我們正在與我們的 - 與最大的 SSI 密切合作，以進一步提升高端人群，因為如今的需求如此之高，以至於他們必須在未來幾個月內獲得更多的資源。

So -- and we are on that.

所以 - 我們正在這樣做。

And then with regard to the P&L, I mean, when we close an S/4HANA deal, we realize the revenue right way.

然後關於損益，我的意思是，當我們完成 S/4HANA 交易時，我們以正確的方式實現收入。

And then also on S/4HANA cloud, we are having the go-live dates after -- when the deal -- 20 days after the deal signature.

然後在 S/4HANA 雲上，我們將在交易簽署後 20 天后——交易時——上線日期。

So there, you have a very fast time to value.

所以在那裡，你有一個非常快的價值時間。

And then when you have access to the system, this is, I guess, also when we start realizing the revenue.

然後當你可以訪問系統時，我想這也是我們開始實現收入的時候。

Luka, correct me if I am wrong.

盧卡，如果我錯了請糾正我。

Christian, I taught you well, correct.

克里斯蒂安，我教你的很好，正確的。

But let me just add on top of that.

但讓我補充一點。

Of course, S/4 go-lives typically have an indirect flywheel effect because we see that a lot of customers that are modernizing their core and transforming it show at the same time an increased demand and ambition to extend this to the edges and are really completely digitize their entire extended value chain, including suppliers, for example, with the ISG solutions.

當然，S/4 的上線通常會產生間接的飛輪效應，因為我們看到許多正在對其核心進行現代化改造的客戶同時表現出越來越大的需求和將其擴展到邊緣的雄心，並且確實例如，使用 ISG 解決方案將他們的整個擴展價值鏈（包括供應商）完全數字化。

Ariba is a very, very common attach, so to say, for an S/4 transformation.

Ariba 是一個非常非常常見的附件，可以這麼說，用於 S/4 轉換。

And the same, of course, goes on the HR side, but then a modernization of the HR system landscape going from on-prem to SuccessFactors is quite frequent combination with an S-4 go-live.

當然，人力資源方面也是如此，但是從內部部署到 SuccessFactors 的人力資源系統景觀現代化與 S-4 上線非常頻繁。

So in that respect, it has a cross fertilizing effect on the rest of the portfolio, but in terms of the direct revenue recognition, Christian, is absolutely correct.

因此，在這方面，它對投資組合的其餘部分具有交叉施肥作用，但就直接收入確認而言，克里斯蒂安是絕對正確的。

But what we saw in Q4, what was interesting is we saw that over 50% of the license revenue from S/4 was actually from existing S/4 customers, right?

但是我們在第四季度看到的，有趣的是，我們看到 S/4 超過 50% 的許可收入實際上來自現有的 S/4 客戶，對吧？

So it's not just the customers who are moving from ECC to S/4, we're seeing customers who -- yes, we've already maybe tracked them as moving to S/4, but they're expanding their deployment.

因此，不僅僅是從 ECC 遷移到 S/4 的客戶，我們看到客戶——是的，我們可能已經跟踪他們遷移到 S/4，但他們正在擴展部署。

So we're going to continue to see the revenue effect from new customers, customers moving from ECC and S/4 customers expanding.

因此，我們將繼續看到新客戶、從 ECC 轉移的客戶和 S/4 客戶擴大對收入的影響。

We will take our next question from Stefan Slowinski with Exane BNP Paribas.

我們將接受來自法國巴黎銀行證券部的 Stefan Slowinski 的下一個問題。

A couple of quick ones.

幾個快速的。

Just on that large deal with the 10% contribution to the cloud bookings, were there any cloud apps as part of that deal?

就雲預訂貢獻 10% 的大筆交易而言，是否有任何云應用程序作為該交易的一部分？

Or was it just HANA Enterprise cloud?

或者它只是 HANA 企業雲？

And if so, is there, therefore, still upsell potential on top of that deal by adding some of your cloud apps to that?

如果是這樣，那麼通過將您的一些雲應用程序添加到該交易中，是否仍然存在追加銷售的潛力？

And then the second question I had was just on Europe, in particular, and especially the cloud growth in Europe, 44% was quite strong.

然後我的第二個問題是關於歐洲，特別是歐洲的雲增長，44% 非常強勁。

And just wondering, obviously, a couple of the names you highlighted BT, Vodafone are in Europe.

只是想知道，很明顯，您突出顯示的幾個名字 BT、Vodafone 都在歐洲。

And are you seeing an accelerating dynamic there in Europe more broadly in terms of cloud adoption?

在雲採用方面，您是否看到歐洲更廣泛的加速動態？

Or is it just kind of execution on your side?

或者這只是你這邊的一種執行？

Yes, perhaps I can quickly answer both questions.

是的，也許我可以快速回答這兩個問題。

So first of all, that large deal also had SaaS cloud apps components attached to them, but not -- no, we are not sold out with them.

所以首先，那筆大交易還附加了 SaaS 雲應用程序組件，但不是——不，我們並沒有和他們一起賣完。

So we clearly have the ambition to come back for more.

因此，我們顯然有雄心壯志回來爭取更多。

And upon the successful migration to the cloud, there is no reason why we should not see further benefits from that one.

在成功遷移到雲端后，我們沒有理由不從中看到更多好處。

And in terms of the proliferation of cloud in Europe, you're absolutely correct.

就歐洲雲的擴散而言，你是絕對正確的。

I mean, the cloud is now prevalent here.

我的意思是，雲現在在這裡很普遍。

The concerns around the cloud have largely vanished.

圍繞雲計算的擔憂已基本消失。

Of course, it's important to European customers that you have a tight handle on data privacy topics that you have options around local data residency that you have the appropriate security certification and quality certifications in place.

當然，對於歐洲客戶來說，重要的是您必須嚴格處理數據隱私主題，您可以選擇本地數據駐留，並且您擁有適當的安全認證和質量認證。

There is a tight amount of inspection among European customers, especially around this.

歐洲客戶的檢查量很緊，尤其是在這方面。

But of course, they know that SAP as the European domiciled company with full data center availability across the region is a trusted partner, and therefore, we can take advantage of this.

但當然，他們知道 SAP 作為歐洲註冊公司，在該地區擁有完整的數據中心可用性，是值得信賴的合作夥伴，因此，我們可以利用這一點。

And of course, we also have a particularly strong account control here in our kind of heritage markets.

當然，我們在傳統市場中也有特別強大的賬戶控制。

That's why also Germany now is really a very, very strong performer across the cloud.

這就是為什麼德國現在在雲計算領域確實是一個非常非常強大的表現者。

A couple of years ago, perhaps it was still lagging behind a little bit.

一兩年前，也許它還落後一點。

Now it has already been for a while, the second largest of our countries when it comes to the cloud revenue performance.

現在，就雲收入表現而言，它已經成為我們國家中第二大的國家已有一段時間了。

We'll take the final question, please.

請回答最後一個問題。

Our question comes from Julian Serafini with Jefferies.

我們的問題來自 Jefferies 的 Julian Serafini。

So I just want to ask one quick question on the guidance, particularly the cloud revenue guidance for 2010.

所以我只想問一個關於指南的快速問題，特別是 2010 年的雲收入指南。

So if you're looking correctly at the numbers, I mean, the new guidance implies 24% to 28% constant currency growth, right?

因此，如果您正確看待這些數字，我的意思是，新指導意味著 24% 至 28% 的貨幣持續增長，對嗎？

Whereas previously, it was 29% constant currency growth.

而此前，這是 29% 的恆定貨幣增長率。

So I guess, I'm trying to understand what led to this reduction in the guidance?

所以我想，我想了解是什麼導致了指導的減少？

I mean, is it really just the deemphasis of the infrastructure business.

我的意思是，這真的只是基礎設施業務的弱化。

Is there something changed in your end market?

您的終端市場有什麼變化嗎？

Or is it just conservatism?

還是只是保守主義？

And any color would be helpful that you could share here?

您可以在這里分享任何顏色嗎？

Yes.

是的。

Perhaps quickly just as a point of note, I mean, our midterm ambitions, while they were, of course, set with an average currency development of the past in mind, they are not strictly constant currency guidance, that's only true for the current year guidance.

也許很快就像一個注意點，我的意思是，我們的中期目標，當然，它們是根據過去的平均貨幣發展情況設定的，但它們並不是嚴格不變的貨幣指導，這僅適用於本年度指導。

So that just as a backdrop for you to take with you.

這樣就可以作為您隨身攜帶的背景。

And indeed, I mean, we -- what we are expecting is that infrastructure-as-a-service will not grow as a proportion of our total cloud revenues any longer.

事實上，我的意思是，我們 - 我們所期望的是，基礎設施即服務將不再作為我們總雲收入的一部分增長。

We have seen, of course, for a long period of time that this business has been growing faster than the rest of the portfolio that has actually already pretty much normalized to around about the same growth rates from a revenue perspective and much lower growth rates from a bookings perspective in 2019.

當然，我們已經看到，很長一段時間以來，這項業務的增長速度一直快於投資組合的其餘部分，從收入的角度來看，實際上已經正常化到大約相同的增長率，而從收入的角度來看，增長率要低得多。 2019 年的預訂情況。

So we expect that it will remain at or below 10% roughly contribution to our total cloud revenues.

因此，我們預計它對我們云總收入的貢獻將保持在或低於 10%。

But the rest of the portfolio is definitely in a strong shape, not only through our acquired assets that for a long time, we're carrying our growth, we see now a great opportunity, especially in the next coming years post-2020 that given the very strong momentum in the core going to the cloud and that this can become a very material business for SAP.

但投資組合的其餘部分肯定處於強勁狀態，不僅是通過我們收購的資產，長期以來，我們一直在實現增長，我們現在看到了一個很好的機會，尤其是在 2020 年後的未來幾年，鑑於核心轉向雲的勢頭非常強勁，這可能成為 SAP 的一項非常重要的業務。

At the moment, it is just reaching scale and growing, of course, much faster than the average.

目前，它剛剛達到規模，並且增長速度當然比平均水平快得多。

But I think if we continue to play our cards well like in those few deals that we have highlighted that this actually can be beyond 2020, a really material contributor that can easily make up for any kind of reduced revenue expectations that we have for the low-margin infrastructure-as-a-service business.

但我認為，如果我們繼續像我們強調的那幾筆交易那樣打好牌，這實際上可能會超過 2020 年，這是一個真正重要的貢獻者，可以輕鬆彌補我們對低收入預期的任何減少。 -利潤基礎設施即服務業務。

Thank you very much.

非常感謝。

This concludes the SAP Q4 2019 earnings call.

SAP 2019 年第四季度財報電話會議到此結束。

Thank you so much for joining, and we look forward to seeing you at one of the SAP events in 2020.

非常感謝您的加入，我們期待在 2020 年的 SAP 活動之一中見到您。

Thanks so much, and goodbye.

非常感謝，再見。

Thank you.

謝謝。

Thanks a lot.

多謝。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation.

女士們，先生們，今天的電話會議到此結束，我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。