SAP SE (SAP) 2022 Q3 法說會逐字稿

Hello, and welcome to the SAP Third Quarter Earnings Call. At our customers' request, this conference will be recorded.

您好，歡迎參加 SAP 第三季度財報電話會議。應客戶要求，本次會議將被錄音。

May I now hand you over to Mr. Anthony Coletta, Chief Investor Relations Officer. The line is yours.

現在請允許我將您轉交給首席投資者關係官 Anthony Coletta 先生。這條線是你的。

Good morning, everyone, and thanks for joining us today. With me on the call are CEO, Christian Klein; CFO, Luka Mucic; and Scott Russell, Head of Customer Success. On this call, we will discuss SAP's third quarter results of 2022. You can find the deck supplementing today's call as well as our quarterly statement on our Investor Relations website.

大家早上好，感謝您今天加入我們。與我通話的是首席執行官 Christian Klein；首席財務官盧卡·穆西奇；和客戶成功負責人 Scott Russell。在這次電話會議上，我們將討論 SAP 2022 年第三季度的業績。您可以在我們的投資者關係網站上找到補充今天電話會議的資料以及我們的季度聲明。

In this call, we'll make forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risk and uncertainties that will cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including, but not limited to, the Risk Factors section of SAP's annual report on Form 20-F for 2021.

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響，這些風險和不確定性將導致實際結果和結果存在重大差異。有關這些風險和不確定性的更多信息，請參見我們提交給美國證券交易委員會的文件，包括但不限於 SAP 2021 年 20-F 表格年度報告中的風險因素部分。

Unless otherwise stated, numbers on this call are non-IFRS, and growth rates and percentage point changes are non-IFRS year-over-year at constant currencies. 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.

除非另有說明，否則本次電話會議中的數字是非國際財務報告準則，增長率和百分點變化是非國際財務報告準則的同比增長，以固定貨幣計算。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 with that, I'd like to turn it over to Christian.

有了這個，我想把它交給克里斯蒂安。

Yes. Thank you, Anthony, and thanks to all of you for spending time with us today.

是的。謝謝你，安東尼，也感謝你們今天花時間和我們在一起。

Businesses everywhere are dealing with a combination of profound challenges including inflation, labor and energy shortages and disrupted supply chains. Despite these challenges, our results demonstrate the relevance of our strategy during these volatile times and reflect how SAP is uniquely positioned to help our customers become stronger for the future.

世界各地的企業都在應對一系列深刻的挑戰，包括通貨膨脹、勞動力和能源短缺以及供應鏈中斷。儘管存在這些挑戰，但我們的結果證明了我們戰略在這些動盪時期的相關性，並反映了 SAP 如何獨特地幫助我們的客戶在未來變得更強大。

The role of technology is clear. SAP solutions are directly helping our customers address their most pressing needs, whether that means redesigning or automating their business processes, helping them with supply chain resiliency or stepping up to meet their sustainability goals and new regulations. Analysts point to the growing IT priority for strategic ERP implementations and that SAP should benefit from our role as a mission-critical partner in these challenging times.

技術的作用是明確的。 SAP 解決方案直接幫助我們的客戶解決他們最緊迫的需求，無論這意味著重新設計或自動化他們的業務流程，幫助他們提高供應鏈彈性，還是加緊實現他們的可持續發展目標和新法規。分析師指出，戰略 ERP 實施的 IT 優先級越來越高，SAP 應該從我們在這些充滿挑戰的時代作為關鍵任務合作夥伴的角色中受益。

Let's take a look at our top line numbers. We've delivered another strong quarter in Q3. We are seeing accelerating momentum across all our key cloud indicators, with cloud revenue now representing our largest revenue stream for 2 sequential quarters. Cloud revenue is up 25%. Current cloud backlog grew by 26% and now exceeds EUR 11 billion.

讓我們來看看我們的頂級行號。我們在第三季度實現了另一個強勁的季度。我們看到我們所有關鍵雲指標的勢頭都在加速，雲收入現在是我們連續兩個季度最大的收入來源。雲收入增長了 25%。當前的雲積壓增長了 26%，現已超過 110 億歐元。

SAP S/4HANA growth accelerates once again, with current cloud backlog growing at 90%, now at EUR 2.7 billion. S/4HANA cloud revenue is growing at 81%. We are clearly expanding our leadership in ERP with net new customers once again representing nearly 60% of our new S/4HANA deals in Q3, together nearly 800 go-lives.

SAP S/4HANA 增長再次加速，當前云積壓增長 90%，目前為 27 億歐元。 S/4HANA 雲收入以 81% 的速度增長。我們顯然正在擴大我們在 ERP 領域的領先地位，淨新客戶再次占我們第三季度新 S/4HANA 交易的近 60%，總共有近 800 次上線。

The SAP Business Technology Platform has become the foundation for our customers' business transformation. The platform offers differentiating data and application services which customers and partners use to integrate their SAP and non-SAP system landscapes.

SAP 業務技術平台已成為我們客戶業務轉型的基礎。該平台提供差異化的數據和應用程序服務，客戶和合作夥伴使用這些服務來集成他們的 SAP 和非 SAP 系統環境。

On top of this, customers are able to develop their own custom apps alongside their SAP apps and benefit from process automation across their integrated landscape. This leads to a powerful flywheel effect from the SAP Business Technology Platform, which now has a run rate exceeding EUR 1.5 billion, contributing to overall past cloud revenue growth of 44% in Q3.

最重要的是，客戶能夠與他們的 SAP 應用程序一起開發他們自己的自定義應用程序，並從整個集成環境中的流程自動化中受益。這導致 SAP 業務技術平台產生了強大的飛輪效應，該平台現在的運行率超過 15 億歐元，對過去第三季度雲收入的整體增長做出了 44% 的貢獻。

Our RISE with SAP offering is the easiest and most flexible way for customers to take advantage of our portfolio. It has cemented its place as the preferred choice for customers as they move their ERP to the cloud. RISE with SAP includes the technology, support and best practices to help customers redesign how their companies work. We are seeing strong year-over-year take-up since we introduced our RISE offering at the beginning of 2021. Overall, there are nearly 2,500 customers running in over 100 SAP and partner data centers around the globe who have selected RISE with SAP to transform their business processes and IT landscapes. This also reflects the increasing demand for independent government cloud solutions from SAP.

我們的 RISE with SAP 產品是客戶利用我們產品組合的最簡單、最靈活的方式。隨著客戶將 ERP 遷移到雲端，它鞏固了其作為客戶首選的地位。 RISE with SAP 包括幫助客戶重新設計公司運作方式的技術、支持和最佳實踐。自從我們在 2021 年初推出 RISE 產品以來，我們看到了強勁的同比增長。總體而言，在全球 100 多個 SAP 和合作夥伴數據中心運行的近 2,500 名客戶選擇 RISE with SAP轉變他們的業務流程和 IT 環境。這也反映了 SAP 對獨立政府雲解決方案的需求不斷增長。

RISE also continues to be a great mechanism for cross-sell and upsell with more than 80% of RISE customers deciding for our Business Technology Platform and 86% of RISE also including additional cloud solutions. Let me give you some examples of this strong customer momentum.

RISE 也繼續成為交叉銷售和追加銷售的絕佳機制，超過 80% 的 RISE 客戶決定使用我們的業務技術平台，86% 的 RISE 還包括額外的雲解決方案。讓我舉一些例子來說明這種強勁的客戶勢頭。

In Q3, RISE with SAP wins included Prada, RICOH, the BBC and Schneider Electric. Prada, one of the most recognizable players in the luxury industry, have selected RISE with SAP to further accelerate their digital transformation and improve outcomes and efficiency from their global network of 635 stores. This expansion includes SAP Ariba and SAP Signavio, enabling them to analyze and transform business processes.

在第三季度，RISE with SAP 獲勝的包括 Prada、RICOH、BBC 和施耐德電氣。 Prada 是奢侈品行業最知名的參與者之一，它選擇了 RISE with SAP 來進一步加速其數字化轉型，並提高其全球 635 家門店網絡的成果和效率。此擴展包括 SAP Ariba 和 SAP Signavio，使他們能夠分析和轉換業務流程。

RICOH of Japan have selected RISE with SAP to accelerate their transformation into a digital services company. This will accelerate standardization and efficiency improvements of their production and service parts management operations and use robotics process automation to automate internal business processes.

日本 RICOH 選擇 RISE with SAP 來加速其向數字服務公司的轉型。這將加速其生產和服務零件管理操作的標準化和效率改進，並使用機器人流程自動化來自動化內部業務流程。

Schneider Electric, a global leader in the digital transformation of energy management and automation, selected SAP S/4HANA public cloud to standardize their end-to-end operations across finance, manufacturing and logistics based on proven industry best practices. Following a comprehensive review, the BBC has selected S/4HANA cloud as the foundation for its future SAP and partner platform.

施耐德電氣是能源管理和自動化數字化轉型的全球領導者，它選擇了 SAP S/4HANA 公有云，以基於經過驗證的行業最佳實踐標準化其在金融、製造和物流領域的端到端運營。經過全面審查，BBC 選擇了 S/4HANA 云作為其未來 SAP 和合作夥伴平台的基礎。

Moving to PTP. In Germany, Center for Pandemic Vaccines is using the SAP Business Technology Platform as its technical foundation especially given the crucial importance of data protection and security. We are proud to host a complete vaccine distribution system in our German data center.

轉移到 PTP。在德國，大流行疫苗中心正在使用 SAP 業務技術平台作為其技術基礎，特別是考慮到數據保護和安全性的重要性。我們很自豪能夠在我們的德國數據中心託管一個完整的疫苗分發系統。

Our sustainability solutions continue to take on increasing importance for our customers as they navigate the energy crisis and align with new regulations. Our customers need to record, report and act, and that's the value our solutions provide. This will become increasingly important as new SEC and EU regulations take effect.

我們的可持續發展解決方案對我們的客戶來說越來越重要，因為他們正在應對能源危機並與新法規保持一致。我們的客戶需要記錄、報告和採取行動，這就是我們的解決方案提供的價值。隨著新的 SEC 和歐盟法規的生效，這將變得越來越重要。

Salzgitter AG, one of Europe's leading and most efficient producers of steel, selected a portfolio of SAP sustainability solutions to gain insights into their environmental data, ensure a safe and sustainable operations and take actionable steps towards sustainable business performance.

Salzgitter AG 是歐洲領先和最高效的鋼鐵生產商之一，它選擇了 SAP 可持續發展解決方案組合，以深入了解其環境數據，確保安全和可持續的運營，並採取可行的措施來實現可持續的業務績效。

In Q3, TetraPak, the world's leading food processing and packaging solutions company, started their adoption of SAP responsible design and production, helping them comply with the U.K.'s plastic packaging tax regulations.

在第三季度，全球領先的食品加工和包裝解決方案公司利樂包裝開始採用 SAP 負責任的設計和生產，幫助他們遵守英國的塑料包裝稅收法規。

We have also seen important wins across our lines of business solutions, including many competitive wins against Oracle and Workday with SAP SuccessFactors. Schiphol Nederland, the Dutch airport for European and intercontinental flights, which chose SAP SuccessFactors over Oracle as part of their strategy to in-source their HR data and processes back to Schiphol.

我們還看到我們的業務解決方案線取得了重要的勝利，包括 SAP SuccessFactors 在與 Oracle 和 Workday 的競爭中獲勝。 Schiphol Nederland 是荷蘭的歐洲和洲際航班機場，該機場選擇 SAP SuccessFactors 而不是 Oracle 作為其將 HR 數據和流程內源回 Schiphol 的戰略的一部分。

Deutsche Bahn Schenker, the global logistics provider, part of Deutsche Bahn chose SAP SuccessFactors over both Workday and Oracle. They will be providing an enhanced employee experience with harmonized data, improved self-service offerings and talent management solutions.

全球物流供應商 Deutsche Bahn Schenker 是 Deutsche Bahn 的一部分，選擇 SAP SuccessFactors 而不是 Workday 和 Oracle。他們將通過統一的數據、改進的自助服務和人才管理解決方案來提供增強的員工體驗。

Our intelligence spend and business network is benefiting from a return to business travel combined with the increased focus on managing costs with cloud revenue growth in the mid-teens. Pennsylvania State University in the U.S. has been using SAP Concur Solutions for more than 15 years. They expanded now our partnership in Q3 based on the increase in student, faculty and administrator travel.

我們的情報支出和業務網絡受益於商務旅行的回歸，以及對管理成本的日益關注以及雲收入在青少年中期的增長。美國賓夕法尼亞州立大學使用 SAP Concur 解決方案已超過 15 年。他們現在擴大了我們在第三季度的合作夥伴關係，基於學生、教師和管理人員旅行的增加。

More than ever, customers need to be able to easily adapt and automate their end-to-end business processes and, at the same time, monitor, analyze and understand the data flowing through their systems. This reality is behind our new SAP Signavio growth market, which nearly doubled in cloud revenue since Q3 last year. As an example, Cognizant, the U.S. professional services organization, has chosen SAP Signavio to help its customers identify and process inefficiencies and define improvements.

客戶比以往任何時候都更需要能夠輕鬆調整和自動化其端到端業務流程，同時監控、分析和理解流經其係統的數據。這一現實是我們新的 SAP Signavio 增長市場背後的原因，自去年第三季度以來，該市場的雲收入幾乎翻了一番。例如，美國專業服務組織 Cognizant 選擇了 SAP Signavio 來幫助其客戶識別和處理效率低下的問題並定義改進。

Let me now conclude with some comments about our outlook for the rest of the year and beyond. Our financial outlook for 2022 remains on track both for the top and the bottom line. Overall, our strong cloud momentum has offset the top line impact from exiting Russia. On the bottom line, we anticipate meeting the guidance we provided last quarter. We are expecting our largest Q4 [workup] for overall order entry and new cloud business.

現在讓我對今年剩餘時間及以後的展望發表一些評論。我們對 2022 年的財務展望在頂線和底線方面都保持在正軌上。總體而言，我們強勁的雲動力抵消了退出俄羅斯對收入的影響。歸根結底，我們預計會達到我們上個季度提供的指導。我們期待我們最大的 Q4 [workup] 用於整體訂單輸入和新的雲業務。

SAP's cloud transformation has reached a tipping point, and we had an important inflection point for the company after beginning our transformation 2 years ago. We feel very positive about the resilience we have built into our future business. Predictable revenue now accounts for 80% of revenue, up from 72% in 2020, the starting point of our cloud transformation.

SAP的雲轉型已經到了一個轉折點，我們在2年前開始轉型後，對公司來說有了一個重要的拐點。我們對我們在未來業務中建立的彈性感到非常積極。可預測的收入現在佔收入的 80%，高於 2020 年的 72%，這是我們雲轉型的起點。

Despite the macro challenges, we see strong demand as our SaaS portfolio is especially relevant during these times. And we anticipate that the flywheel effect of our Business Technology Platform together with our partner ecosystem will power strong cloud consumption.

儘管存在宏觀挑戰，但我們認為需求強勁，因為我們的 SaaS 產品組合在這些時期尤為重要。我們預計，我們的業務技術平台和合作夥伴生態系統的飛輪效應將推動強大的雲消費。

We are also excited about our innovation pipeline, and we look forward to announcing new innovations at our annual TechEd event in November. As we mentioned last quarter, we are continuing to simplify and consolidate our portfolio to focus on high growth solution, which may also be complemented by potential future acquisition to strengthen our core. As such, we remain committed to deliver our 2023 commitments including double-digit operating profit growth in 2023. We are also very confident in delivering our 2025 midterm ambitions.

我們也對我們的創新渠道感到興奮，我們期待在 11 月的年度 TechEd 活動中宣布新的創新。正如我們上個季度提到的，我們將繼續簡化和整合我們的產品組合，以專注於高增長解決方案，這也可能通過潛在的未來收購來補充，以加強我們的核心。因此，我們將繼續致力於實現 2023 年的承諾，包括 2023 年實現兩位數的營業利潤增長。我們也對實現 2025 年的中期目標充滿信心。

Thank you again for joining us today. Luka, over to you to cover our results, as always, in more detail.

再次感謝您今天加入我們。 Luka，一如既往地更詳細地介紹我們的結果。

Yes. Thanks a lot, Christian. Yes, indeed, we have again delivered a strong cloud quarter despite the continued macro headwinds. Christian just talked about some of the business highlights. I think it's becoming very clear from that, that SAP solutions are directly helping our customers in their digital transformation journeys.

是的。非常感謝，克里斯蒂安。是的，確實，儘管宏觀逆風持續存在，我們再次交付了強勁的雲季度。 Christian 剛剛談到了一些業務亮點。我認為從中可以清楚地看出，SAP 解決方案正在直接幫助我們的客戶進行數字化轉型之旅。

The third quarter was highlighted by cloud revenue growth of 25% to EUR 3.3 billion. Likewise, current cloud backlog growth continued its upward trajectory driven by strong growth across our SaaS and PaaS portfolio. Large cloud transactions with a volume greater than EUR 5 million contributed again more than 40% to our cloud order entry.

第三季度的亮點是雲收入增長 25% 至 33 億歐元。同樣，在我們的 SaaS 和 PaaS 產品組合強勁增長的推動下，當前的雲積壓增長繼續呈上升趨勢。超過 500 萬歐元的大型雲交易再次為我們的雲訂單輸入貢獻了 40% 以上。

Now let me dive into some more details around our financial highlights, starting with the top line. The current cloud backlog is now at EUR 11.3 billion, accelerating its growth to 26%. Growth here was strong across our solution portfolio with all main solutions, except our infrastructure business, achieving double-digit growth rates. Similar to last quarter, the war in Ukraine had a dampening impact of approximately 1 percentage point on that growth rate.

現在讓我深入探討一下我們的財務亮點的更多細節，從頭條開始。當前的雲積壓現在為 113 億歐元，增長速度加快至 26%。我們解決方案組合的增長強勁，除基礎設施業務外，所有主要解決方案均實現了兩位數的增長率。與上個季度類似，烏克蘭戰爭對該增長率產生了約 1 個百分點的抑制影響。

S/4HANA current cloud backlog growth accelerated to 90% driven by the strong adoption of RISE with SAP. In Q3 alone, we added more than EUR 400 million to our S/4HANA current cloud backlog, leading to a total of EUR 2.7 billion. For cloud revenue, our combined SaaS and PaaS portfolio continued to grow an impressive 28%, with SaaS cloud revenue up 26% and PaaS cloud revenue up 44%. Driven by this cloud performance and augmented by double-digit growth in services revenue, total revenue was up 5%.

由於 RISE 與 SAP 的大力採用，S/4HANA 當前的雲積壓增長加速至 90%。僅在第三季度，我們就為 S/4HANA 當前的雲積壓增加了 4 億多歐元，總計 27 億歐元。在雲收入方面，我們的 SaaS 和 PaaS 組合繼續以驚人的 28% 增長，其中 SaaS 雲收入增長 26%，PaaS 雲收入增長 44%。在這種雲性能的推動下，加上服務收入兩位數的增長，總收入增長了 5%。

Now let's take a brief look at our regional performance, where cloud revenue growth was very strong across all regions. Americas increased by 26%; EMEA, by 23%; and APJ, by 27%. The U.S. and Germany had an outstanding cloud revenue performance, while Brazil, China, India and Switzerland were all particularly strong.

現在讓我們簡要看看我們的區域表現，所有區域的雲收入增長都非常強勁。美洲增長了 26%；歐洲、中東和非洲，23%；和 APJ，增長 27%。美國和德國的雲收入表現出色，而巴西、中國、印度和瑞士的表現尤為強勁。

Now moving on to the bottom line, where I'm really proud to say that all of our main business models, cloud, software licenses and support as well as services increased their gross margins in the quarter. Our cloud gross margin expanded 2.8 percentage points to 71.7%, marking the third consecutive quarter of year-over-year increases. This was driven by a strong increase of the SaaS margin with efficiency gains overcompensating increased investments into the next-generation cloud delivery program. The improvement of the cloud gross margin also contributed nicely to our cloud gross profit growth of 30%.

現在轉向底線，我真的很自豪地說，我們所有的主要商業模式、雲、軟件許可和支持以及服務都在本季度增加了毛利率。我們的雲毛利率增長 2.8 個百分點至 71.7%，連續第三個季度同比增長。這是由 SaaS 利潤率的強勁增長推動的，效率收益超過了對下一代云交付計劃的投資增加。雲毛利率的提高也對我們的雲毛利增長 30% 做出了很好的貢獻。

Non-IFRS operating profit came in at EUR 2.1 billion, reflecting an 8% decline. This was mainly driven by a reduced contribution from software licenses revenue and accelerated investments into research and development and sales and marketing to capture current and future growth opportunities. In addition, let me remind you that prior year third quarter results included a disposal gain of EUR 77 million related to the SAP Fioneer divestiture.

非國際財務報告準則營業利潤為 21 億歐元，下降 8%。這主要是由於軟件許可收入的貢獻減少以及對研發、銷售和營銷的投資加速，以抓住當前和未來的增長機會。此外，讓我提醒您，去年第三季度的業績包括與 SAP Fioneer 剝離相關的 7700 萬歐元的處置收益。

Let me now turn to EPS, taxes and cash flow. Earnings per share was down 36% to EUR 1.12 mainly resulting from the decrease in operating profit and more so a pronounced decline in finance income which was driven by valuation adjustments in the Sapphire Ventures investment portfolio reflecting broader market conditions.

現在讓我談談每股收益、稅收和現金流。每股收益下降 36% 至 1.12 歐元，主要是由於營業利潤下降以及財務收入顯著下降，這是由於 Sapphire Ventures 投資組合的估值調整反映了更廣泛的市場狀況。

The IFRS effective tax rate in the quarter was 35.7%, and the non-IFRS tax rate was 26%. The year-over-year increase mainly resulted from changes in tax exempt income, again, primarily driven by the aforementioned valuation adjustments.

本季度 IFRS 有效稅率為 35.7%，非 IFRS 稅率為 26%。同比增長主要是由於免稅收入的變化，這主要是由上述估值調整推動的。

The current volatility in capital markets also leads to a lower level of predictability regarding the effective tax rate outlook. Based on current estimates, we now expect the full year 2022 effective tax rate for IFRS of around 45%, which was previously 34% to 38%; and for non-IFRS of around 30%, previously 23% to 27%. As the further development strongly depends on the 2022 financial income contribution of Sapphire Ventures, we may face major deviations in either direction given current market conditions.

當前資本市場的波動也導致有效稅率前景的可預測性降低。根據目前的估計，我們現在預計 2022 年全年 IFRS 的有效稅率約為 45%，之前為 34% 至 38%；對於 30% 左右的非國際財務報告準則，之前為 23% 至 27%。由於進一步的發展很大程度上取決於 Sapphire Ventures 對 2022 年財務收入的貢獻，鑑於當前的市場狀況，我們可能會在任一方向上面臨重大偏差。

Free cash flow for the first 9 months came in at EUR 2.5 billion. The year-over-year decline was attributable to the development of profitability and adverse impacts in working capital. In the fourth quarter, we continue to expect a more favorable cash flow development due to a focus on working capital management and lower payouts for cash taxes, share-based compensation and CapEx. However, based on our year-to-date position, we are adjusting our free cash flow outlook for the year slightly to approximately EUR 4.5 billion. As Christian already mentioned, all other parameters of our outlook remain unchanged.

前 9 個月的自由現金流為 25 億歐元。同比下降的原因是盈利能力的發展和營運資金的不利影響。在第四季度，由於專注於營運資金管理以及現金稅、股權激勵和資本支出的較低支出，我們繼續預計現金流將出現更有利的發展。然而，根據我們年初至今的情況，我們將今年的自由現金流前景略微調整至約 45 億歐元。正如克里斯蒂安已經提到的，我們展望的所有其他參數保持不變。

In terms of our nonfinancial targets, our greenhouse gas emissions were 25 kilotons in the quarter due to catch-up effects in business travel as COVID-19 restrictions receded. As a consequence, we will increase our 2022 carbon emissions outlook to a range of 90 to 95 kilotons, down from 110 kilotons in 2021. Reflecting year-to-date customer survey results, we are also adjusting our Net Promoter Score outlook range from plus 3% to plus 8%.

就我們的非財務目標而言，由於隨著 COVID-19 限制的消退，商務旅行產生了追趕效應，本季度我們的溫室氣體排放量為 25 千噸。因此，我們將把 2022 年的碳排放前景從 2021 年的 110 千噸下調至 90 至 95 千噸。為了反映年初至今的客戶調查結果，我們還將淨推薦值展望範圍從加號調整為3% 到加 8%。

Finally, let me just briefly share that we have made great progress with our acquired asset Taulia, adding to our core capabilities in providing our customers and their suppliers with access to liquidity and improving cash flows. This is obviously critical especially in the current economic climate to help avoid supply chain disruptions. Taulia has signed a number of key clients such as [Dole Asia] and Hapag-Lloyd AG and established a new strategic bank partnership with Standard Chartered Bank. Further to this, Taulia has also signed an agreement with Mastercard to provide embedded payment capabilities by integrating with the Mastercard Virtual Card platform.

最後，讓我簡單分享一下，我們在收購資產 Taulia 方面取得了很大進展，增加了我們為客戶及其供應商提供流動性和改善現金流的核心能力。這顯然至關重要，尤其是在當前的經濟環境下，有助於避免供應鏈中斷。 Taulia 已與 [Dole Asia] 和 Hapag-Lloyd AG 等多家重要客戶簽約，並與渣打銀行建立了新的戰略銀行合作夥伴關係。此外，Taulia 還與萬事達卡簽署了一項協議，通過與萬事達卡虛擬卡平台集成來提供嵌入式支付功能。

So in summary, Q3 proved to be another solid quarter highlighted by growth in current cloud backlog and strong cloud revenue performance. Customers continue to prioritize digital transformation, and they put their trust in SAP to guide them on their journeys. Even with the challenges that we are seeing in the world today, we are confident in the opportunity ahead. We are, as Christian has said, at an important inflection point in our transformation road map, which we expect to lead to accelerating revenue and double-digit operating profit growth in 2023.

因此，總而言之，第三季度被證明是另一個穩健的季度，當前云積壓的增長和強勁的雲收入表現突顯了這一點。客戶繼續優先考慮數字化轉型，他們信任 SAP 來指導他們的旅程。即使面對當今世界面臨的挑戰，我們對未來的機遇充滿信心。正如克里斯蒂安所說，我們正處於轉型路線圖中的一個重要轉折點，我們預計這將導致 2023 年收入加速和營業利潤實現兩位數增長。

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

非常感謝您，我們現在很樂意回答您的問題。

All right. Thank you. Operator, please open the line.

好的。謝謝你。接線員，請打開線路。

(Operator Instructions) First question is coming by Mr. Michael Briest from UBS.

（操作員說明）第一個問題來自瑞銀的 Michael Briest 先生。

Yes. Congratulations. Two, if I may. Christian, I think on the last call, you said that the timing that you would probably revisit the 2025 plan would be early next year, so implicitly after the Q4 results. I think with Dominik not arriving until March, does that change your thinking about when you might come back to those plans?

是的。恭喜。二，如果可以的話。克里斯蒂安，我想在最後一次電話會議上，你說過你可能會重新審視 2025 年計劃的時間是明年初，所以在第四季度結果之後隱含地。我認為多米尼克要到 3 月才能到達，這是否會改變您對何時可能回到這些計劃的想法？

And then secondly, just in terms of the visibility you have on the RISE customers, it's obviously great to see the current cloud backlog growing as quickly as it is. But you mentioned 2,500 customers on RISE. Could you maybe say what book of maintenance that represents that might convert even if it's not fully contracted over the next 3 or 4 years, perhaps? Just give us a sense on visibility beyond the current backlog.

其次，就您對 RISE 客戶的可見性而言，很高興看到當前的雲積壓增長如此之快。但你提到 RISE 上有 2,500 名客戶。您能否說一下，即使在未來 3 或 4 年內沒有完全簽約，哪本維護書也可能會轉換？只是讓我們了解當前積壓之外的可見性。

Yes. Thanks for the question, Michael. I would start, and then, Luka, you can build on the maintenance and the conversion factors, which were better than ever before this quarter. But Luka can share more details on that.

是的。謝謝你的問題，邁克爾。我會開始，然後，盧卡，你可以在維護和轉換因素的基礎上再接再厲，這比本季度之前的任何時候都好。但盧卡可以分享更多細節。

Look, on the first part of the question with regard to the midterm guidance, we are now entering Q4. And Scott, who is sitting next to me, and whole team have to deliver a big quarter. Pipeline is looking very good, but I would like to also ask you for some patience to let us deliver this quarter another hopefully successful quarter for SAP. It's looking very good on the cloud. And then as you also have alluded to, Michael, to the current cloud backlog, that gives us, of course, also very high confidence that we're going to also achieve or even overachieve our midterm guidance 2025.

看，關於中期指導問題的第一部分，我們現在進入第四季度。坐在我旁邊的斯科特和整個團隊都必須完成一個大的四分之一。管道看起來非常好，但我還想請您耐心等待，讓我們在本季度為 SAP 交付另一個有望成功的季度。它在雲上看起來非常好。然後正如你也提到的，邁克爾，對於當前的雲積壓，這當然也讓我們非常有信心，我們也將實現甚至超額實現我們的 2025 年中期指導。

We're also in the middle of a CFO transition. And Luka, myself and Dominik will also touch base and really decide short term when we are going to update our midterm guidance 2025. So it's not so much out there, but please hang on and let us deliver another strong Q4. And then we will also update it sooner than later also our midterm guidance for 2025. Luka?

我們也處於首席財務官過渡期。盧卡、我和多米尼克也將觸底並真正決定短期內何時我們將更新我們的 2025 年中期指導。所以它不是那麼多，但請堅持下去，讓我們再次實現強勁的第四季度。然後我們也將盡快更新我們對 2025 年的中期指導。盧卡？

Yes. Thanks a lot, Michael, for the question. Actually, on the RISE-related conversions, the conversion factors have never been more favorable. I'm actually really pleased with this. So for the first time, we have actually seen a conversion factor that was more than 3x. So this is extremely healthy. We will lose really a very digestible low triple-digit million amount of maintenance in 2022, and it will convert at much higher rates as part of the RISE transactions.

是的。非常感謝邁克爾，提出這個問題。實際上，在與 RISE 相關的轉化中，轉化因子從未如此有利。我對此真的很滿意。因此，我們第一次真正看到了超過 3 倍的轉換係數。所以這是非常健康的。到 2022 年，我們將失去非常容易消化的低三位數百萬維護量，並且作為 RISE 交易的一部分，它將以更高的速率轉換。

Why is that? Not only because the value of the solution is understood, but as Christian has said, we see another increasing share of cross-sell and upsells along with RISE. I mean, almost 90% of the RISE transactions have additional solution areas attached to them. And that is the reason why the conversion factors continue to develop very favorably.

這是為什麼？不僅因為解決方案的價值得到了理解，而且正如 Christian 所說，我們看到交叉銷售和追加銷售的份額隨著 RISE 的增加而增加。我的意思是，幾乎 90% 的 RISE 交易都有附加的解決方案領域。這就是為什麼轉換因子繼續非常有利地發展的原因。

But presumably, the RISE contracts in year 1 are potentially much smaller than at the end state that these are very large customers. Can you give any sense on how much bigger over time the existing book of business would grow to?

但據推測，第 1 年的 RISE 合同可能比最終狀態下的這些非常大的客戶要小得多。你能知道隨著時間的推移現有的商業賬簿會增長到多大嗎？

Yes, it's Scott here, Michael. So maybe I can chime into that. I think Luka mentioned at the beginning that over 40% of our deals were over EUR 5 million. Most of those are 3- to 5-year contracts and on a multiyear basis. And as you rightly point out, they often have a low ramp in the first year and then accelerate as the transition and as they're able to adopt not only RISE but associated solutions. So you can expect that with a large portion of larger customers, on a multiyear basis that, that would increase in the outer years in terms of not only backlog but ultimately resulting in cloud revenues for SAP and great solutions for our customers.

是的，這裡是斯科特，邁克爾。所以也許我可以加入。我認為 Luka 一開始就提到，我們超過 40% 的交易超過 500 萬歐元。其中大部分是 3 到 5 年的合同，並且是多年期的。正如您正確指出的那樣，他們通常在第一年的坡度較低，然後隨著過渡而加速，因為他們不僅能夠採用 RISE，而且能夠採用相關的解決方案。因此，您可以預期，在多年的基礎上，對於大部分較大的客戶而言，這將在未來幾年不僅積壓，而且最終會為 SAP 帶來雲收入，並為我們的客戶帶來出色的解決方案。

Perhaps just a last comment on this, I mean in the last, I would say, 1 year plus, we have seen that our growth in total order entry as a result of the introduction of RISE has always been exceeding our growth in annualized order entry by more than 10% every quarter. And that is, of course, further adding to the predictability of results. And one of the reasons why you have seen the current cloud backlog even on an ever-growing number and continuing to grow fast.

也許只是對此的最後評論，我的意思是在過去一年多的時間裡，我們已經看到，由於引入 RISE，我們在總訂單輸入方面的增長一直超過我們在年度訂單輸入方面的增長每個季度增長超過 10%。當然，這進一步增加了結果的可預測性。這也是您看到當前云積壓的原因之一，即使數量不斷增長並繼續快速增長。

Mr. Adam Wood from Stanley Morgan (sic) [Morgan Stanley].

來自 Stanley Morgan (sic) [Morgan Stanley] 的 Adam Wood 先生。

Congrats on a very good quarter. I've also got 2, please. The first one is just I get a lot of questions from investors around the risks on the macro, and I guess the biggest issue and challenge for you going into Q4 is that licenses, although they've come down a lot, still quite a big number that you need to close in the fourth quarter.

祝賀一個非常好的季度。我也有2個，拜託。第一個是我從投資者那裡收到了很多關於宏觀風險的問題，我想你進入第四季度的最大問題和挑戰是許可證，雖然它們已經下降了很多，但仍然相當大您需要在第四季度關閉的數字。

Could you just talk a little bit about pipeline going in and then the correlation between licenses and EBIT? If we see a kind of minus 25, 30 on licenses, would that get you to the upper end of the EBIT range? Would the kind of minus 40 that we've seen this quarter get you to the bottom? Is that kind of the way we should be thinking about it?

您能否簡單談談即將進入的管道以及許可證和 EBIT 之間的相關性？如果我們在許可證上看到負 25、30，那會讓您達到 EBIT 範圍的上限嗎？我們本季度看到的那種負 40 會讓你跌到谷底嗎？這是我們應該思考的方式嗎？

And then maybe secondly, Christian, you've talked about Signavio quite a few times on the call. I wonder if you could just talk a little bit about the competition you face in that market. When we think about automating business processes, does the app vendors, there's people like ServiceNow, there's the best-of-breed RPA vendors, could you talk a little bit about what customers are doing and how SAP positions in those markets, please?

然後也許其次，克里斯蒂安，你在電話會議上多次談到了西格納維奧。我想知道您能否簡單談談您在該市場面臨的競爭。當我們考慮自動化業務流程時，應用程序供應商，是否有像 ServiceNow 這樣的人，有最好的 RPA 供應商，您能否談談客戶在做什麼以及 SAP 在這些市場中的定位？

Yes. Thanks a lot, Adam, for the question. If you allow me, I would like to start with the second question first. And then together, we can also answer the question around macro and pipeline for Q4.

是的。非常感謝亞當，這個問題。如果您允許，我想先從第二個問題開始。然後，我們還可以一起回答關於第四季度宏觀和管道的問題。

Look, on Signavio. First of all, Signavio was probably one of the most strategic acquisitions we ever did because RISE is not a lift and shift. RISE is about business transformation, it's about business process automation, and we are seeing this. To the question early on for Michael, this is not a lift and shift. Customers are now start adopting. We see huge consumption also especially after the first 6 months when customers did the redesign, did the process standardization.

看，在Signavio上。首先，Signavio 可能是我們做過的最具戰略意義的收購之一，因為 RISE 不是一個提升和轉變。 RISE 是關於業務轉型的，它是關於業務流程自動化的，我們正在看到這一點。對於邁克爾早期的問題，這不是一個提升和轉變。客戶現在開始採用。我們也看到了巨大的消耗，尤其是在客戶進行重新設計、流程標準化的前 6 個月之後。

And there Signavio, it was actually the missing pillar in our portfolio. And compared to other players, there is no data replication. You don't want to replicate very sensitive data from one system to another when you're talking about financial, logistics, production or HR data in the future when we have built the integration also to our CX portfolio.

在 Signavio，它實際上是我們投資組合中缺失的支柱。並且與其他玩家相比，沒有數據複製。當您將來談論財務、物流、生產或人力資源數據時，您不希望將非常敏感的數據從一個系統複製到另一個系統，因為我們也已將集成構建到我們的 CX 產品組合中。

On top, at TechEd, we are going to do an announcement. I don't want to now steal the thunder of the team, but what will clearly differentiate SAP in this market is that you don't need to deal with a lot of best-of-breed solutions to analyze, to actually benchmark and then automate and configure business processes. So the business process automation layer will be delivered by SAP out of the box. Our engineering teams put a lot of work into that technical-wise but also content-wise. And with the Business Technology Platform, where the data layer sits, where all the other services are sitting, the combination of these assets is not something what others can easily match.

最重要的是，在 TechEd，我們將發佈公告。我現在不想搶奪團隊的風頭，但 SAP 在這個市場上的明顯區別在於，您無需處理大量同類最佳的解決方案來分析、實際基準測試然後自動化和配置業務流程。因此，業務流程自動化層將由 SAP 開箱即用地交付。我們的工程團隊在技術方面和內容方面投入了大量工作。借助業務技術平台，數據層所在的位置，所有其他服務所在的位置，這些資產的組合是其他人無法輕鬆匹配的。

To the first part of the question, macro, I mean, of course. I mean, Adam, these times are challenging for every customer in almost every industry. But why is the business case for SAP and especially on the cloud side stacking so much up?

對於問題的第一部分，宏觀，我的意思是，當然。我的意思是，亞當，這些時代對幾乎每個行業的每個客戶來說都是一個挑戰。但為什麼 SAP 的業務案例，尤其是在雲端的業務案例堆積如此之多？

First of all, it's about digital transformation, business transformation. So for example, we're talking about clean energy in Germany, energy crisis. You need new software for -- to deliver, to transport, to produce green energy. And their technology plays a crucial role in ERP, supply chain solution. And that can be replicated to many, many more industries.

首先，它是關於數字化轉型、業務轉型。例如，我們正在談論德國的清潔能源，能源危機。您需要新的軟件來交付、運輸、生產綠色能源。他們的技術在 ERP、供應鏈解決方案中起著至關重要的作用。這可以復製到更多、更多的行業。

Second, the supply chain. This business network is not just a vision, it's there. We have millions of suppliers which we connect to buyers and build resilient supply chains across the globe. It was a major growth driver also now in Q3.

二是供應鏈。這個商業網絡不僅僅是一個願景，它就在那裡。我們擁有數以百萬計的供應商，我們與買家建立聯繫，並在全球建立彈性供應鏈。它現在也是第三季度的主要增長動力。

And last but not least, sustainability. And this is also an important part of the business case not only on a stand-alone basis. When we are building a business case for S/4HANA, it has a business transformation dimension, it has a cost efficiency dimension, but it also has a sustainability ESG dimension. So while we are making good business in the meantime with our sustainability portfolio, it's also a lever to justify the business case for our core applications.

最後但並非最不重要的一點是可持續性。這也是商業案例的重要組成部分，不僅是獨立的。當我們為 S/4HANA 構建業務案例時，它具有業務轉型維度，具有成本效率維度，但也具有可持續性 ESG 維度。因此，雖然我們同時通過我們的可持續發展產品組合取得了良好的業務，但它也是證明我們核心應用程序的商業案例合理性的一個槓桿。

And of course, it's a different game if you look at software CapEx and if you look into cloud. But for both elements, we see actually, of course, for the cloud a much better pipeline. But with that, Scott, maybe you can also share some more details around how is the pipeline looking in both businesses actually for the quarter.

當然，如果你看看軟件資本支出和雲計算，情況就不同了。但是對於這兩個元素，我們當然看到實際上，對於雲來說，管道要好得多。但是，斯科特，也許您還可以分享更多關於本季度兩個業務的管道實際情況的詳細信息。

Yes, sure. Happy to, Christian. Let me try to use the -- keep it pretty simple.

是的，當然。很高興，克里斯蒂安。讓我嘗試使用 -- 保持非常簡單。

First of all, from a pipeline perspective, whilst the macroeconomic conditions continue to be considered across the world, our pipeline on our core solutions that address the CFO and how they need to help companies navigate these uncertain times have increased significantly. That gives us confidence not only in RISE with SAP but when you consider the spend management portfolio, managing your procurement expenses, your travel expense, your operating expense, managing your working capital, these core assets are in higher demand in helping businesses to navigate.

首先，從管道的角度來看，雖然世界各地的宏觀經濟狀況繼續受到考慮，但我們針對首席財務官的核心解決方案的管道以及他們如何幫助公司度過這些不確定時期的管道已顯著增加。這不僅使我們對 RISE with SAP 充滿信心，而且當您考慮支出管理組合、管理採購費用、差旅費用、運營費用、管理營運資金時，這些核心資產在幫助企業導航方面的需求更高。

Secondly, we're seeing actually an acceleration to the adoption Christian mentioned because speed to consumption in using these solutions is helping us on those multiyear agreements that Christian mentioned in terms of enabling and consuming that capability.

其次，我們實際上看到了 Christian 提到的採用加速，因為使用這些解決方案的消費速度正在幫助我們達成 Christian 在啟用和使用該能力方面提到的那些多年協議。

And then last but not least is the impact that, that has. We did see, obviously, the continuation in software to the negative 40% or thereabout that was indicated. The reality is the market continues to look for its capability in the cloud from SAP. And as a result, we don't see the same pipeline on the software side. But the good news is it's aligned not only to our strategy but their strategy of being able to adopt and consume innovation at all times in the cloud. So it provides a long-term capability, not just a short-term addressing the current business needs.

最後但並非最不重要的是，它所產生的影響。很明顯，我們確實看到了軟件繼續下降到 40% 左右，這表明了這一點。現實情況是，市場繼續從 SAP 那裡尋找其在雲中的功能。結果，我們在軟件方面看不到相同的管道。但好消息是，它不僅符合我們的戰略，而且符合他們能夠隨時在雲中採用和消費創新的戰略。因此，它提供了一種長期能力，而不僅僅是解決當前業務需求的短期能力。

And maybe, Luka, you can talk about the P&L.

也許，Luka，你可以談談損益表。

Yes, let me translate this into the P&L. So I think you can take from Christian's and Scott's comments that we are extremely confident about the underlying momentum of our cloud business and also our order entry projection going into Q4.

是的，讓我把它翻譯成損益表。因此，我認為您可以從 Christian 和 Scott 的評論中了解到，我們對我們的雲業務的潛在動力以及我們進入第四季度的訂單輸入預測非常有信心。

Now as far as it relates to our cloud business. In terms of current cloud backlog and cloud revenue, there are 2 technical aspects that I need to quickly allude to. One is that we expect now in Q4 to complete the divestiture of Litmos. And on top of that, we will see the anniversary of the acquisition of Clarabridge that Qualtrics formed in Q4 last year. So those 2 effects together will have a dampening effect on growth of around about 1.5 percentage points on top of what we have been dealing with already in the entire year with the impact of the war in Ukraine and so on.

現在就它涉及到我們的雲業務而言。就當前的雲積壓和雲收入而言，我需要快速提及兩個技術方面。一是我們現在預計在第四季度完成對 Litmos 的剝離。最重要的是，我們將看到 Qualtrics 在去年第四季度成立的 Clarabridge 收購週年紀念日。因此，這兩種影響加在一起將對增長產生約 1.5 個百分點的抑制影響，而這一影響超過了我們在整個一年中已經處理的問題，包括烏克蘭戰爭等的影響。

So from a prudence perspective, I think it's fair to assume that we will therefore likely see a slightly lower growth rate on both of those metrics in Q4, but the underlying momentum is tremendous and certainly gives us incredible scope and visibility into continued further strong growth in 2023 as well.

因此，從審慎的角度來看，我認為可以公平地假設，我們可能會因此在第四季度看到這兩個指標的增長率略低，但潛在的動力是巨大的，而且肯定為我們提供了令人難以置信的範圍和可見性，以繼續進一步強勁增長2023 年也是如此。

When it comes to software licenses, as Scott has said, we don't expect a turnaround. It's going to be our biggest quarter also for software licenses. That's for sure. But in our planning, we are actually assuming that we will see a similar performance of software licenses in Q4 as we have seen it in Q3 and actually throughout the entire year. And that means if that is the ultimate outcome, that we would rather expect to arrive at the lower end of our combined cloud and software revenue guidance at constant currencies. Of course, currency will be a significant help then on a nominal level.

正如斯科特所說，在軟件許可方面，我們預計不會出現好轉。這也將是我們最大的軟件許可證季度。這是肯定的。但在我們的計劃中，我們實際上假設我們將在第 4 季度看到與我們在第 3 季度以及整個一年中看到的類似的軟件許可證表現。這意味著，如果這是最終結果，我們寧願期望以恆定貨幣計算雲和軟件收入組合指導的低端。當然，在名義水平上，貨幣將是一個重要的幫助。

And ultimately, on the EBIT line, given also the strength in the cloud profits that we are generating, we're actually confident that Q4 we'll see finally a turnaround and a return to positive operating profit growth, we would expect on a nominal level to land somewhere at or above mid-single-digit growth with a flattish development on a constant currency basis. And then as we move into 2023, clearly, our commitment to double-digit growth stands.

最終，在息稅前利潤線上，考慮到我們正在產生的雲利潤的強勢，我們實際上相信第四季度我們最終會看到一個好轉並恢復正的營業利潤增長，我們預計名義上在固定貨幣基礎上發展持平，達到或高於中個位數增長的水平。然後，隨著我們進入 2023 年，很明顯，我們對兩位數增長的承諾仍然存在。

And actually, you wouldn't need to wait for that for long because, obviously, in half year 1, our profit performance was worse than what we expect in half year 2. So the seasonality will lead to us starting to fulfill that commitment already in the first quarter. I hope that's helpful.

實際上，您不需要等待很長時間，因為很明顯，在第 1 年半年，我們的利潤表現比我們在第 2 年半年的預期差。所以季節性將導致我們已經開始履行該承諾在第一季度。我希望這會有所幫助。

Next on to James Goodman from Barclays.

接下來是巴克萊的詹姆斯古德曼。

Yes, great. A couple for me, please, as well then. So firstly, clearly extremely strong on the S/4HANA cloud backlog at 90%. I think you also said double digit in all the main other product areas. I just wondered if we could focus in on these for a second. I calculate something like a low-teens constant FX growth rate in the backlog for the excess portfolio. So could you speak to the sort of growth rate in that business versus the 2025 plan? I think we're originally looking for more of a high teens growth rate in those line of business assets.

對，很好。請給我一對，然後。因此，首先，S/4HANA 雲積壓顯然非常強大，達到 90%。我認為您在所有其他主要產品領域也提到了兩位數。我只是想知道我們是否可以專注於這些。我計算了積壓中超額投資組合的低十幾歲不變的外匯增長率。那麼，您能否談談該業務與 2025 年計劃相比的增長率？我認為我們最初是在這些業務資產中尋找更高的青少年增長率。

And then the second question, just to follow up really on the cost development as it relates to EBIT, I was a little surprised just to see the head count tick up this quarter, I think, by more than we've seen in a few years for Q3. Can you talk about where the head count is going from here? I know you've been doing some restructuring cost containment as well.

然後是第二個問題，只是為了跟進與息稅前利潤相關的成本發展，我有點驚訝地看到本季度的人數增加了，我認為，比我們在幾個第三季度。你能談談這裡的人數嗎？我知道您也一直在進行一些重組成本控制。

Yes. So thanks a lot, James, for the question. Luka can take the question on headcount. I mean to your first part of the question, I guess it's important to mention that when you look at RISE and when customers starting the journey, it's not only about S/4HANA finance. I mean this is a movement when we are then in, we are talking about the business priorities of the customer. And when it's about hire to retire employee experience, we are replacing the old HCM on-premise module or we are going into Ariba. Sometimes even if customers didn't yet have it in place, there are also -- there's even land to also net new customers with RISE. And you have seen our high net new customer share not only in S/4HANA but also in the other lines of businesses.

是的。非常感謝詹姆斯提出這個問題。盧卡可以回答關於人數的問題。我的意思是對於您問題的第一部分，我想重要的是要提到當您查看 RISE 以及當客戶開始旅程時，這不僅與 S/4HANA 財務有關。我的意思是，當我們進入時，這是一場運動，我們正在談論客戶的業務優先事項。當涉及到僱傭退休員工體驗時，我們正在替換舊的 HCM 內部部署模塊，或者我們將進入 Ariba。有時即使客戶還沒有到位，也有 - 甚至還有土地也可以通過 RISE 吸引新客戶。您已經看到我們的高淨新客戶份額不僅在 S/4HANA，而且在其他業務領域。

The most important impact for us out of RISE is not even only S/4HANA, it's about the Business Technology Platform because what we are seeing there is standardizing ERPs, building side-by-side, new applications will drive massive consumption for SAP. And now that there is the whole application logic on the platform as high developer productivity on the platform, we are seeing not only customers doing this, we are seeing now our ecosystem moving with us. We had last week our Partner Connect, and the #1 topic was the Business Technology Platform and how great it is in the meantime for developers to building on that platform.

RISE 對我們最重要的影響不僅是 S/4HANA，它還與業務技術平台有關，因為我們所看到的標準化 ERP、並行構建的新應用程序將推動 SAP 的大量使用。現在平台上有整個應用程序邏輯作為平台上的高開發人員生產力，我們不僅看到客戶這樣做，我們現在看到我們的生態系統與我們一起移動。上週我們舉辦了 Partner Connect，排名第一的主題是業務技術平台，同時開發人員在該平台上進行構建是多麼棒。

And that's very, very important because with that comes also the standardization. And with that comes not only the move to the private cloud but also to the public cloud, which then leads also to the gross margin performance we have seen this quarter. Luka?

這非常非常重要，因為隨之而來的是標準化。隨之而來的不僅是私有云，還有公共雲，這也導致了我們本季度看到的毛利率表現。盧卡？

Just a few more (inaudible). First of all, S/4 is not the only solution in our portfolio that enjoys very high current cloud backlog growth rates. Let me just add Signavio. Christian has alluded to this already. The Business Technology Platform, extremely strong also on the current cloud backlog. Qualtrics, you have seen their numbers, they also have a very strong result. So they are actually mainly our Infrastructure as a Service business that is dragging the CCB down. And that's absolutely intended as such because we're driving the deemphasization of this business and the transformation towards RISE. So Infrastructure as a Service has a 3% drag on the CCB.

還有一些（聽不清）。首先，S/4 並不是我們產品組合中目前云積壓增長率非常高的唯一解決方案。讓我添加Signavio。克里斯蒂安已經暗示過這一點。業務技術平台，在當前的雲積壓方面也非常強大。 Qualtrics，你已經看到了他們的數據，他們的成績也非常好。所以他們實際上主要是我們的基礎設施即服務業務，正在拖累建行。這絕對是這樣的，因為我們正在推動這項業務的去強調以及向 RISE 的轉型。因此，基礎設施即服務對 CCB 有 3% 的拖累。

The other solution that used to be a drag, Concur is actually recovering very nicely. They are only representing this quarter 1% drag on the CCB growth. And actually on the transactional revenue side, they are already showing very high growth in the high double digits. So that business will definitely exceeds its pre-pandemic state next year, as we had projected. So we have a lot of very healthy growers. And the other large solutions like intelligence spend is operating at the mid-teens level, as indicated.

另一個曾經是拖累的解決方案，Concur 實際上恢復得非常好。它們僅代表本季度對建行增長的 1% 拖累。實際上，在交易收入方面，它們已經呈現出很高的兩位數增長。因此，正如我們所預測的那樣，該業務明年肯定會超過大流行前的狀態。所以我們有很多非常健康的種植者。如前所述，其他大型解決方案（如情報支出）的運行水平為十幾歲。

From a headcount perspective, yes, we had significantly more incremental heads in Q3 than in Q2, but they were not hired necessarily in the sense in terms of initiated hiring in Q3. That's a spillover effect from deferred hiring that was initiated in Q2. As of July, we have established a very restrictive incremental hiring practices. So that means that in Q4 and also going into next year, you should not expect an incremental growth in the total head count.

從員工人數的角度來看，是的，我們在第三季度的新增員工人數明顯多於第二季度，但從第三季度開始招聘的意義上說，他們不一定被聘用。這是第二季度開始的延期招聘的溢出效應。截至 7 月，我們已經建立了非常嚴格的增量招聘做法。所以這意味著在第四季度和明年，你不應該期望總人數會增加。

But where have we hired in a very disciplined sense basically almost entirely in 2 roles, research and development and in sales and marketing, again, because we are confident about our growth opportunities next year. And we have front-loaded hiring to be ready and productive as we start the new year. And in engineering, we obviously see great scope to further extend the innovation leadership of SAP in our core categories, and we continue to invest in this. But with this addition, we are now at the run rate that we believe is both healthy and necessary but also sufficient to go into the next year.

但是，我們在哪裡僱傭了一個非常有紀律的人，基本上幾乎完全是兩個角色，研發以及銷售和營銷，再次，因為我們對明年的增長機會充滿信心。在新的一年開始時，我們進行了前期招聘以做好準備並提高工作效率。在工程方面，我們顯然看到了進一步擴大 SAP 在我們核心領域的創新領導地位的巨大空間，我們將繼續在這方面進行投資。但有了這個增加，我們現在的運行速度我們認為既健康又必要，但也足以進入明年。

(Operator Instructions)

（操作員說明）

Next question is Mr. Phil Winslow from Credit Suisse Securities.

下一個問題是來自瑞士信貸證券的 Phil Winslow 先生。

Congrats on another strong quarter. I mean, Christian, obviously, SAP is a very broad product portfolio, and you named a lot of wins across different segments: financials, supply chain, HCM. And I think about some of these, these are pretty significant transformation projects, implementation cycles.

祝賀另一個強勁的季度。我的意思是，克里斯蒂安，很明顯，SAP 是一個非常廣泛的產品組合，你提到了許多不同領域的勝利：財務、供應鏈、HCM。我想到了其中一些，這些都是非常重要的轉型項目，實施週期。

But my question to you is, obviously, customers continue to spend and buy from SAP on these. What are you hearing from some of those verticals that maybe are a little bit more cyclical, call it, discrete manufacturing, CPG, why they continue to go through these projects and bet on SAP right now despite the macro uncertainty?

但我要問你的問題是，很明顯，客戶繼續從 SAP 購買這些產品。你從一些可能更具週期性的垂直行業中聽到了什麼，稱之為離散製造、CPG，為什麼儘管存在宏觀不確定性，他們現在仍繼續通過這些項目並押注 SAP？

Yes. Good question, and let me highlight maybe one customer where I'm especially proud about this quarter, which Scott and team closed. I mentioned Schneider Electric, and what I mentioned there is that we did a fit to standard with Schneider Electric. They had clear expectations with regard to process automation and really efficiencies in the business. We went down 5 levels: design to operate, hire to retire, quote to cash, all their financial business processes. And we came out with a fit for over 30 factories for the end-to-end operations.

是的。好問題，讓我強調一下我對本季度特別自豪的一位客戶，Scott 和團隊關閉了該客戶。我提到了施耐德電氣，我提到的是我們與施耐德電氣做了一個符合標準的事情。他們對流程自動化和真正的業務效率有著明確的期望。我們分為 5 個層次：從設計到運營、從僱傭到退休、從報價到現金，以及他們所有的財務業務流程。我們推出了適合 30 多家工廠的端到端運營。

And this is what we are now doing step by step. And we have [Modular], where they can also see along that journey with RISE now every quarter business benefits on the automation side, on the business model change. And we're also co-innovating on sustainability. And that customer actually reflected very well. Our trench is the best of suite in a different way than in the past because as projects take much less time now, and this is actually a good reference for many, many other customers we are closing and working with under the umbrella of RISE.

這就是我們現在正在一步一步做的事情。我們有 [Modular]，他們還可以看到 RISE 現在每個季度在自動化方面的業務收益，業務模式的變化。我們還在可持續發展方面進行共同創新。而那個客戶實際上反映得很好。我們的戰壕是最好的套件，與過去不同，因為現在項目花費的時間要少得多，這實際上是我們在 RISE 的保護傘下關閉和合作的許多其他客戶的一個很好的參考。

And with regard to the portfolio, of course, there is not a lack of market, which is good on the one hand side. But you also have seen Litmos. You also have seen Fioneer. So we are taking also very serious steps to keep the focus, to invest where it really matters, where we see high growth, where we see the mission-critical business process, where we can differentiate. And this is, of course, something what we also take where very serious.

而關於投資組合，當然不缺市場，這在一方面是好的。但你也見過 Litmos。你也見過Fioneer。因此，我們也正在採取非常認真的步驟來保持專注，投資真正重要的地方，我們看到高增長的地方，我們看到關鍵業務流程的地方，以及我們可以與眾不同的地方。當然，這也是我們非常重視的事情。

Next question is coming from Charles Brennan from Jefferies.

下一個問題來自 Jefferies 的 Charles Brennan。

I will keep this very brief. Christian, in your prepared remarks, you called out the possibility of M&A. Are you flagging up the chance that you do something a little bit bigger than a bolt-on? And then in the current market, there's a little bit more focus on profitability. Can you confirm that the double-digit profit growth is going to be on a constant currency and organic basis?

我將保持簡短。克里斯蒂安，在你準備好的發言中，你提到了併購的可能性。您是否正在標記您做一些比螺栓固定更大的事情的機會？然後在當前的市場中，更多地關注盈利能力。您能否確認兩位數的利潤增長將在恆定貨幣和有機基礎上進行？

Yes, for sure. And Luka can talk about that. I'm not sure if I wanted to flag something, but look, actually, the way how we also manage our portfolio as SAP and also together with the teams on the ground is we're always looking in build, partner, buy. And this is what we are doing every quarter. And look, we now did, from my perspective, a great job. We reduced the technical depth of our portfolio by a lot. You see this in the cloud gross margins, and this will elevate even into next year. So we are doing our homework there.

是肯定的。盧卡可以談論這一點。我不確定我是否想標記一些東西，但實際上，看看我們作為 SAP 以及與實地團隊一起管理我們的產品組合的方式是我們一直在尋找構建、合作夥伴和購買。這就是我們每個季度都在做的事情。看，從我的角度來看，我們現在做得很好。我們大大降低了投資組合的技術深度。你可以在雲計算毛利率中看到這一點，甚至會在明年上升。所以我們在那裡做功課。

But it's, of course, also a good position to be in to look at white spots of our portfolio. We are very happy with partnerships like we do with (inaudible). So it doesn't need to always be an acquisition. But of course, when we see white spots, where customers are telling us this is high value, this should come integrated and in a very strong way it should come out of the box, with SAP also leading on the go-to-market, I would never rule out also the acquisition. But the good piece is also there is not an urgent need now to buy revenue. We only do it if we see the value for our customers.

但是，當然，這也是一個很好的位置來查看我們投資組合的白點。我們對與（聽不清）這樣的合作夥伴關係非常滿意。所以它不需要總是收購。但是，當然，當我們看到客戶告訴我們這是高價值的白點時，它應該被集成，並且應該以一種非常強大的方式開箱即用，SAP 在上市方面也處於領先地位，我永遠不會排除收購。但好在現在也沒有急需購買收入。只有當我們看到客戶的價值時，我們才會這樣做。

And I can keep my answer very short. Yes, our profit commitment for 2023 is on a constant currency basis and organic.

我可以保持我的回答非常簡短。是的，我們對 2023 年的利潤承諾是基於固定貨幣和有機的。

Mr. Toby Ogg from JPMorgan. (Operator Instructions)

摩根大通的 Toby Ogg 先生。 （操作員說明）

I just wanted to touch on the development of EBIT into the fourth quarter. Now clearly, we touched on the license aspect to consider, but there's obviously the disposal, there's the easier component EBIT from Q4 '21. Now Luka, you've just said you expect mid-single digit on a nominal basis and flat in constant currency. Could you just walk us through the specific building blocks that give you the confidence and the ability to achieve that level of growth in the fourth quarter?

我只是想談談第四季度息稅前利潤的發展。現在很明顯，我們談到了要考慮的許可方面，但顯然有處置，21 年第四季度的息稅前利潤更容易。現在盧卡，你剛剛說過你期望名義上的中位數和固定貨幣持平。您能否簡單介紹一下讓您有信心並有能力在第四季度實現這一增長水平的具體構建模塊？

Yes. Well, first of all, I have no other reference point for the development of nominal versus constant currency growth rates than what we are observing today, so that's all that I can say about this.

是的。嗯，首先，除了我們今天觀察到的情況外，對於名義貨幣增長率與恆定貨幣增長率的發展，我沒有其他參考點，所以我能說的就是這些了。

I don't think that in the short term the euro will bounce massively back. But of course, I don't have a crystal ball about that, so I can only concentrate on what we are focused on. What we are focused on is continuing to drive a very healthy, high renewal, low churn recurring revenue business with support revenues which are very resilient; with cloud, which has been very resilient; with the services business, that is doing very well, has actually increased its margins year-over-year despite the fact that it's probably already the highest margin services business that you can find in our industry. So we will continue to be focused on that.

我認為短期內歐元不會大幅反彈。但是，當然，我對此沒有一個水晶球，所以我只能專注於我們所關注的事情。我們關注的是繼續推動非常健康、高更新、低流失的經常性收入業務，支持收入非常有彈性；使用雲，它一直非常有彈性；服務業務做得很好，實際上它的利潤率逐年增加，儘管它可能已經是我們行業中利潤率最高的服務業務。因此，我們將繼續關注這一點。

And then on the expense front, look, we are getting to the final stretch of our cloud delivery harmonization program. I think you have seen the progress that we have made on the cloud margin side. In Q4, we will have a last quarter of similarly significant investment as we have seen it in the last 2 quarters. So of course, we will have to account for that. But on the flip side, we see that the efficiency gains in the cloud are actually already now higher, let alone what we will see next year once the program is finished. So that is actually not going to be a drag. But in the cloud, I think we have a very stable and strong profit performance.

然後在費用方面，看，我們正在進入雲交付協調計劃的最後階段。我想你已經看到了我們在雲邊緣方面取得的進展。在第四季度，我們將在最後一個季度進行與過去兩個季度類似的重大投資。所以當然，我們必須考慮到這一點。但另一方面，我們看到雲中的效率提昇實際上已經更高了，更不用說明年項目完成後我們會看到什麼了。所以這實際上不會成為拖累。但在雲端，我認為我們有非常穩定和強勁的盈利表現。

And then we are focused since July actually significant expense measures to make sure that we don't have any discretionary spend that is not absolutely necessary happening in the organization. I'm hosting weekly spend council meetings that are the favorite meeting in the curriculum probably for our senior leaders, where I'm scrutinizing personally every expense above EUR 500,000. We're doing the same at the Board area level with my colleagues and their COOs and Chief Controlling Officers. So we'll make sure that those discretionary expenses stay in check. And as I said, we've closed the doors essentially for incremental hiring, so we will keep also headcount growth in check. And that in combination with the resilience and recurring revenues should allow us to counter the impact from declining software licenses and deliver to our ambition.

然後，自 7 月以來，我們專注於實際重大支出措施，以確保我們沒有任何在組織中並非絕對必要的可自由支配支出。我正在主持每週的支出委員會會議，這可能是我們的高級領導人最喜歡的課程會議，我親自審查每筆超過 500,000 歐元的費用。在董事會層面，我們與我的同事、他們的首席運營官和首席控制官也在做同樣的事情。因此，我們將確保這些可自由支配的費用得到控制。正如我所說，我們基本上已經關閉了增量招聘的大門，因此我們還將控制員工人數的增長。再加上彈性和經常性收入，我們應該能夠應對軟件許可證下降的影響並實現我們的雄心壯志。

Next question is from Frederic Boulan from Bank of America.

下一個問題來自美國銀行的 Frederic Boulan。

I'll keep it brief. Can you give us an update on your adoption of cloud solution (inaudible) on S/4HANA base? And if you can share a bit of an update on where the take-up is in terms of private versus public go-lives and what you can see in terms of margin differential between the 2 solutions.

我會保持簡短。您能否向我們介紹您在 S/4HANA 基礎上採用雲解決方案（聽不清）的最新情況？如果您可以分享一些關於私人與公共上線的使用情況的最新信息，以及您可以看到的兩種解決方案之間的保證金差異。

Look, I can start, then the team can build on it. So first, S/4HANA in the cloud, extremely high retention rates. You are not shifting around ERPs. It's a very sticky business. Especially then when you're building side-by-side new extensions on the platform, it becomes also an extremely sticky business together with the Business Technology Platform.

看，我可以開始，然後團隊可以在此基礎上再接再厲。首先，雲中的 S/4HANA，極高的保留率。你沒有在 ERP 周圍轉移。這是一個非常棘手的業務。尤其是當您在平台上構建並排的新擴展時，它與業務技術平台一起也成為一項極具粘性的業務。

Second, on the adoption, high adoption on S/4HANA public cloud, I assume that many, many of our net new customers, greenfield go immediately to S/4HANA public cloud. Even some large enterprises now like Schneider Electric decide to go to the public cloud. And of course, it's a longer journey sometimes because standardizing business processes, changing business models, it's not something what you do easily on the customer side. And these journeys take sometimes also 1 to 2 years. But on this journey, we are replacing the old stack also with public cloud solutions, so you are seeing also immediate business value there. So while, of course, such a transition can take time, the modular architecture will make sure that you see also immediate benefits.

其次，關於 S/4HANA 公有云的採用率和高度採用率，我假設我們的許多新客戶，即新客戶立即轉向 S/4HANA 公有云。甚至像施耐德電氣這樣的一些大型企業現在也決定轉向公共雲。當然，有時這是一個較長的旅程，因為標準化業務流程，改變業務模式，這不是您在客戶方面容易做到的事情。這些旅程有時也需要 1 到 2 年。但在此過程中，我們也在用公共雲解決方案替換舊堆棧，因此您也可以看到直接的商業價值。因此，當然，這種轉變可能需要時間，但模塊化架構將確保您也看到直接的好處。

So these are 2 different businesses, private and public. The large ones, who are the private, but again, you see also the maturity of the public cloud, also now serving some larger enterprises. But of course, the bulk of the net new going to S/4HANA public cloud.

所以這是兩個不同的企業，私人的和公共的。大型的，他們是私有的，但同樣，你也看到了公共雲的成熟，現在也為一些更大的企業服務。但是，當然，大部分新網絡都進入了 S/4HANA 公有云。

Yes, maybe I'll add in, Christian, just a bit more of a nuance on what we're also seeing. So in addition to what we're seeing in terms of the overall sentiment that Christian described, we're also seeing many large customers with multiple public and private deployments. As they look at scaling their business, they've got assets around the world and companies that they want the agility and the flexibility of the public cloud. But we're also able to drive that, and we can support that architecture.

是的，也許我會補充一點，克里斯蒂安，只是對我們所看到的內容有更多的細微差別。因此，除了我們所看到的 Christian 所描述的整體情緒之外，我們還看到了許多擁有多個公共和私有部署的大客戶。當他們考慮擴展業務時，他們在世界各地擁有資產和公司，他們想要公共雲的敏捷性和靈活性。但我們也能夠推動這一點，我們可以支持這種架構。

And the other thing is, irrespective of whether it's public or private cloud, the SAP approach of being able to have a clean core, to be able to have a digital platform that you can innovate, you can scale, you can grow around with the Business Technology Platform, fast adoption is consistent in all of the deployment, which means it's a lower TCO, faster time to value, lower subscription fees and, ultimately, an architecture that they will get the benefits from the innovation. So we see the benefits no matter which route.

另一件事是，無論是公共雲還是私有云，SAP 方法能夠擁有一個乾淨的核心，能夠擁有一個可以創新、可以擴展、可以隨著業務技術平台，快速採用在所有部署中都是一致的，這意味著它具有更低的總體擁有成本、更快的價值實現時間、更低的訂閱費用，並且最終是他們將從創新中受益的架構。因此，無論選擇哪條路線，我們都能看到好處。

Yes. And just briefly, first of all, it's actually very encouraging to see that the trend in terms of profitability of RISE engagement is on the rise as well. So I think after we have proven the model and our early engagement in the first half of 2021, you see that the engagements are getting healthier and healthier from a margin perspective as we frankly also have better learnings about how to efficiently deploy those customers. So that's on a positive trend for sure.

是的。簡而言之，首先，看到 RISE 參與的盈利能力趨勢也在上升，這實際上是非常令人鼓舞的。因此，我認為在我們證明了該模型以及我們在 2021 年上半年的早期參與之後，您會看到從利潤率的角度來看，參與變得越來越健康，因為坦率地說，我們也對如何有效地部署這些客戶有了更好的了解。所以這肯定是一個積極的趨勢。

And just as an additional data point, the cloud delivery harmonization program in Q3 had actually a 1.8 percentage point negative impact on the cloud margin. Without those expenses and they will leave the P&L next year, actually, our cloud margin already this quarter would have been already 73.5%. So this, I think, shows you that we're on a very positive path.

作為一個額外的數據點，第三季度的雲交付協調計劃實際上對雲利潤率產生了 1.8 個百分點的負面影響。如果沒有這些費用，他們將在明年離開損益表，實際上，我們本季度的雲利潤率已經達到 73.5%。所以，我認為，這表明我們正走在一條非常積極的道路上。

And in terms of absolute cloud profit, which is anyway what we are focused on very strongly, we are tracking very, very nicely against the derivatives that you would derive from the 2025 cloud margin target. So there is really nothing to be concerned about here, rather the opposite.

就絕對雲利潤而言，無論如何我們都非常關注這一點，我們正在非常非常好地跟踪您從 2025 年雲利潤目標中獲得的衍生品。所以這裡真的沒什麼好擔心的，相反。

Now we take one final question.

現在我們提出最後一個問題。

Okay. The final question is from Mohammed Moawalla from Goldman Sachs.

好的。最後一個問題來自高盛的 Mohammed Moawalla。

Christian, Scott and Luka, I had 2. Luka, just a clarification on your comments on the cloud backlog growth evolution. Can you clarify that excluding some of those onetime factors, the cloud backlog should still sort of accelerate in Q4 as it normally does? Or should it be more flattish?

Christian、Scott 和 Luka，我有 2 個。Luka，只是澄清你對雲積壓增長演變的評論。您能否澄清一下，排除其中一些一次性因素，雲積壓在第四季度仍應像往常一樣加速？還是應該更平坦？

And then secondly, I just wanted to come back to this kind of broader point on the portfolio. In sort of more challenging times, we've often seen the pendulum switch back to sort of best of suite from best of breed. You talked a lot about the kind of the breadth of the portfolio. I'm just curious to sort of touch base again on the kind of runway you have within just the installed base as customers move to S/4 and if you can remind us on the kind of penetration opportunities still to go and how that can drive the strength you talk about over and above the macro.

其次，我只是想回到投資組合的這種更廣泛的觀點。在更具挑戰性的時代，我們經常看到鐘擺從最好的品種切換回最好的套件。你談了很多關於投資組合的廣度。我只是很好奇，隨著客戶遷移到 S/4，您在已安裝基礎中的跑道類型再次接觸基礎，如果您能提醒我們仍然存在的滲透機會以及如何推動你所說的超越宏觀的力量。

Let me just quickly get the first question out of the way because I thought that I had answered this already earlier. So our current cloud backlog growth in Q3 was 26%. That's also ex the special factors what we would have seen as a Q4 factor. But as we have now the impact from the Litmos divestiture, we should land slightly below that. Of course, you rightfully note the significance of the order entry performance in Q4, but it's a safe assumption that this is something that will slightly bring the growth rate down in Q4. And the rest we will see based on the actual performance.

讓我快速解決第一個問題，因為我認為我之前已經回答了這個問題。因此，我們當前第三季度的雲積壓增長為 26%。這也是我們所認為的第四季度因素的特殊因素。但是，由於我們現在受到了 Litmos 剝離的影響，我們應該略低於這個水平。當然，您正確地註意到了第四季度訂單輸入性能的重要性，但可以肯定的是，這會略微降低第四季度的增長率。其餘的我們將根據實際性能看到。

And in terms of the -- I guess, the question regarding the multi solutions, I guess there's a couple of data points, Scott, here that I would add. First of all, we don't see customers buying necessarily that best of breed and best of suite, which we would argue that we are actually competing strongly on both parameters.

就--我想，關於多解決方案的問題，我想有幾個數據點，Scott，我想在這裡補充一下。首先，我們認為客戶不一定會購買最好的品種和最好的套件，我們認為我們實際上在這兩個參數上都在激烈競爭。

What we do see though is customers are looking for end-to-end outcomes to solve their challenges. To solve, for example, their supplier visibility and resilience, they need supply chain solution. They need spend management to manage their suppliers. They need their core ERP to be efficient. And they needed data, process and working workflow architecture that is end to end. So it's more about the end-to-end capabilities that they're looking for rather than necessarily trying to buy best of suite versus best of breed.

但我們確實看到的是，客戶正在尋找端到端的結果來解決他們的挑戰。例如，為了解決他們的供應商可見性和彈性，他們需要供應鏈解決方案。他們需要支出管理來管理他們的供應商。他們需要核心 ERP 高效。他們需要端到端的數據、流程和工作流程架構。因此，更多的是他們正在尋找的端到端功能，而不是必須嘗試購買最佳套件而不是同類最佳。

That is resulting in the outcome where which only we can offer the opportunity to be able to have an integrated solution end-to-end that drives transformation, and that results in more solutions being acquired together. But I would highlight this.

這將導致結果，只有我們可以提供機會，能夠擁有一個端到端的集成解決方案來推動轉型，並導致更多的解決方案被一起收購。但我要強調這一點。

In today's market, they are very focused on time to value, so the speed of execution and deployment continues to improve. So irrespective of whether they buy it once and then the next and the next they buy together, their deployment models are accelerated, and that helps us from a time to revenue. It helps them from a time to value.

在今天的市場上，他們非常關注價值實現時間，因此執行和部署的速度不斷提高。因此，無論他們是否一次購買，然後下一次購買，他們一起購買，他們的部署模型都在加速，這有助於我們從一段時間內獲得收入。它幫助他們從一個時間價值。

Christian, maybe you can comment.

克里斯蒂安，也許你可以評論一下。

Yes. And Scott, I had a few clients now. And when I compare the situation right now compared to 3 years ago, let's take a [repo] what Scott just mentioned. Not only that we can offer direct and indirect procurement on one platform with intelligent sources, with embedded AI, with one user experience. Once you have landed that, you can connect it to supply chain planning. You can make demand and supply checks, which is very important when it comes to the supply chain disruptions we are seeing today.

是的。斯科特，我現在有幾個客戶。當我將現在的情況與 3 年前進行比較時，讓我們來看看 Scott 剛剛提到的 [repo]。我們不僅可以在一個平台上提供直接和間接採購，該平台具有智能資源、嵌入式 AI 和一種用戶體驗。一旦你得到它，你就可以將它連接到供應鏈計劃。您可以進行需求和供應檢查，這對於我們今天看到的供應鏈中斷非常重要。

We couple this to financial planning, then the CFO is happy because you have really an integrated planning also from financial planning towards the supply chain into the verticals. We have HR planning connected to that. So you see we land, but then we continue the business conversation. And sometimes I felt this integration is something what we have to do, it's a necessary thing. It's not only a necessary thing. This is how companies won, and this is how you land and expand. And when there is a data model underneath, when there are workflow underneath, who talk to each other, I mean, this is how large enterprises, not only large, also midsized enterprises work. And this is now what we have to play out in the next years and the years to come.

我們將此與財務規劃相結合，然後首席財務官很高興，因為您確實擁有從財務規劃到供應鏈到垂直領域的綜合規劃。我們有與之相關的人力資源規劃。所以你看到我們著陸了，但隨後我們繼續進行業務對話。有時我覺得這種整合是我們必須做的事情，這是必要的事情。這不僅是必要的事情。這就是公司獲勝的方式，這就是你登陸和擴張的方式。當下面有數據模型時，當下面有工作流時，誰互相交談，我的意思是，這就是大型企業的工作方式，不僅是大型企業，還有中型企業。這就是我們在未來幾年和未來幾年必鬚髮揮的作用。

And Christian, I just need to correct you on one statement. CFOs by definition are never happy, (inaudible). Thank you.

克里斯蒂安，我只需要糾正你的一個說法。根據定義，首席財務官永遠不會快樂，（聽不清）。謝謝你。

All right. Thanks, Scott, Christian and Luka. And this concludes our call for today. Thanks for joining.

好的。謝謝，斯科特、克里斯蒂安和盧卡。我們今天的呼籲到此結束。感謝您的加入。

Thanks, everyone. Have a great day. Bye-bye.

感謝大家。祝你有美好的一天。再見。

Thank you. Bye-bye.

謝謝你。再見。

We want to thank you all.

我們要感謝大家。