SAP SE (SAP) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP's Fourth Quarter and Full Year 2023 results. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎並感謝您關注 SAP 2023 年第四季和全年業績。 （操作員說明）

I would now like to turn the conference over to Anthony Coletta, Chief Investor Relations Officer. Please go ahead.

我現在想將會議交給首席投資者關係官安東尼·科萊塔 (Anthony Coletta)。請繼續。

Good morning, everyone, and thank you for joining us today to discuss our Q4 and full year results for 2023. We also provide color about our 2024 outlook and 2025 ambition. With me on this call are our CEO, Christian Klein; CFO, Dominik Asam; and Scott Russell who leads customer success.

大家早安，感謝您今天加入我們討論 2023 年第四季度和全年業績。我們還提供了有關 2024 年展望和 2025 年雄心的信息。與我一起參加這次電話會議的是我們的執行長 Christian Klein；財務長多米尼克·阿薩姆；以及帶領客戶成功的史考特·拉塞爾 (Scott Russell)。

You can find the deck supplementing this call as well as our quarterly statement on our Investor Relations website.

您可以在我們的投資者關係網站上找到補充本次電話會議的資料以及我們的季度聲明。

During 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 risks and uncertainties that could 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 2022.

在這次電話會議中，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。這些陳述是基於目前的預期和假設，這些預期和假設存在風險和不確定性，可能導致實際結果和成果有重大差異。有關這些風險和不確定性的更多資訊可以在我們向美國證券交易委員會提交的文件中找到，包括但不限於 SAP 2022 年 20-F 表格年度報告的風險因素部分。

Unless otherwise stated, all 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，本次電話會議中的所有數據均為非國際財務報告準則，增長率和百分點變化均為固定匯率計算的非國際財務報告準則的同比變化。我們提供的非國際財務報告準則財務指標不應被視為替代或優於根據國際財務報告準則編製的財務績效指標。

As a reminder, on December 18, 2023, SAP provided important updates regarding its reporting. These changes are detailed in the presentation on our website and will be reflected starting from Q1 2024 onwards. I would also like to take the opportunity to call your attention to our upcoming financial analyst conference, which will take place on June 5 as part of our Sapphire event in Orlando, Florida. This will be broadcast on our website.

謹此提醒，SAP 於 2023 年 12 月 18 日提供了有關其報告的重要更新。我們網站上的簡報詳細介紹了這些變化，並將從 2024 年第一季起反映出來。我還想藉此機會提請您注意我們即將舉行的金融分析師會議，該會議將於 6 月 5 日舉行，作為我們在佛羅裡達州奧蘭多舉行的 Sapphire 活動的一部分。這將在我們的網站上播出。

And as we have much to cover today, let's drive in without further ado, Christian, please over to you.

由於今天我們要講的內容很多，所以我們不用多說，克里斯蒂安，請交給您。

Thank you, Anthony, and thank you to everyone on the line for joining our call today. Welcome to 2024. 2023 was a great year for SAP. We met or exceeded our outlook in all key metrics. This clearly underlines that the transformation journey we started 3 years ago has now reached a new level. With significant business momentum, including in Q4, SAP is stronger and more relevant than ever as we enter the era of Business AI. At the same time, the tech industry is moving fast. We need to keep leading the way as a top enterprise application company and further advance to become the #1 Business AI company as well. This is why out of a very strong position, we are now accelerating the development of the company with the clear goal to grasp the opportunities of GenAI.

謝謝你，安東尼，也感謝所有在線的人今天加入我們的電話會議。歡迎來到 2024 年。2023 年對 SAP 來說是偉大的一年。我們在所有關鍵指標上都達到或超越了我們的預期。這清楚地表明，我們三年前開始的轉型之旅現在已經達到了一個新的水平。隨著我們進入商業人工智慧時代，SAP 憑藉強勁的業務勢頭（包括第四季度）變得比以往任何時候都更強大、更相關。與此同時，科技業正在快速發展。我們需要繼續成為頂級企業應用公司的領先者，並進一步成為排名第一的商業人工智慧公司。這就是為什麼我們現在處於非常有利的地位，正在加速公司的發展，目標明確，要抓住 GenAI 的機會。

This morning, we are sharing a major set of updates. First, we are announcing our plans to implement a new transformation program. With this program, we are planning to intensify the shift of investments to strategic growth areas above all Business AI and to drive new efficiencies powered by AI across the business. Second, we are sharing our outlook for 2024, including anticipated strong growth in cloud revenue and non-IFRS operating profit. Third, we are providing an update on our 2025 ambition that now includes the financial effects of our new transformation program, resulting in an increase of our profit and free cash flow guidance.

今天早上，我們將分享一組重要的更新。首先，我們宣布實施新的轉型計劃的計劃。透過該計劃，我們計劃加強對策略成長領域（尤其是商業人工智慧）的投資轉移，並在整個企業中推動人工智慧驅動的新效率。其次，我們分享了 2024 年的展望，包括雲端收入和非 IFRS 營業利潤的預期強勁成長。第三，我們提供了 2025 年目標的最新訊息，其中包括新轉型計劃的財務影響，從而導致我們的利潤和自由現金流指導增加。

Let's start by looking at the results for Q4 and the full year. Q4 provided an exceptionally strong finish to 2023, most importantly, in terms of cloud momentum. Current cloud backlog increased by a strong 27%. That's higher growth than ever before. And cloud revenue growth accelerated to 25%. This great success was powered by strong customer momentum. To name just 3 examples. Vodafone is betting on RISE with SAP. They have selected Signavio for their business process management as well as BTP, Datasphere and Business AI from SAP. This will help Vodafone to boost innovation and drive productivity. EMS, a leader in the Brazilian pharma market is migrating its Oracle platform to RISE with SAP. The company is looking to modernize operations, enhance scalability and drive cost predictability for future growth.

讓我們先來看看第四季和全年的業績。第四季為 2023 年畫上了異常強勁的句號，最重要的是，在雲端發展勢頭方面。目前的雲積壓量大幅增加了 27%。這是比以往任何時候都更高的成長。雲端收入成長加速至 25%。這一巨大的成功得益於強大的客戶動力。僅舉 3 個例子。沃達豐正與 SAP 合作押注 RISE。他們選擇了 Signavio 進行業務流程管理以及 SAP 的 BTP、Datasphere 和 Business AI。這將有助於沃達豐促進創新並提高生產力。巴西製藥市場的領導者 EMS 正在透過 SAP 將其 Oracle 平台遷移到 RISE。該公司正在尋求營運現代化、增強可擴展性並提高成本可預測性，以實現未來的成長。

Volkswagen has been implementing the first large-scale cloud project in the human resources function based on SAP SuccessFactors. They will now also use SuccessFactors to digitize all essential HR processes and take the employee HR experience to the next level. In addition to these impressive customer stories, there were further highlights in Q4. We successfully completed the acquisition of LeanIX, another great addition to our business transformation portfolio. SAP and NVIDIA are working together to bring advanced generative AI capabilities into RISE with SAP. Additionally, NVIDIA has selected RISE with SAP to make their supply chain more resilient and scale operations.

大眾汽車已經在人力資源部門實施了第一個基於 SAP SuccessFactors 的大型雲端專案。他們現在還將使用 SuccessFactors 將所有重要的人力資源流程數位化，並將員工的人力資源體驗提升到一個新的水平。除了這些令人印象深刻的客戶故事外，第四季還有更多亮點。我們成功完成了對 LeanIX 的收購，這是我們業務轉型組合的另一個重要補充。 SAP 和 NVIDIA 攜手合作，透過 SAP 將先進的生成式 AI 功能引入 RISE。此外，NVIDIA 還選擇了 RISE 與 SAP 合作，以使其供應鏈更具彈性並擴大營運規模。

And SAP also made a strong showing at COP28. SAP solutions enable more transparent ESG metrics, helping decision-makers to take the right actions to accelerate sustainability.

SAP在COP28上也表現出色。 SAP 解決方案可實現更透明的 ESG 指標，協助決策者採取正確的行動來加速永續發展。

For the full year, we met or exceeded all our outlook KPIs. Current cloud backlog grew 27% to EUR 13.7 billion. Cloud revenue was up 23% to EUR 13.7 billion. Our operating profit exceeded the guidance range by nearly EUR 100 million. What is more? Total cloud backlog increased 39% to EUR 44 billion, giving SAP incredible resilience for the years to come. I'd like to thank all SAP colleagues for these excellent results in a challenging environment. We had promised to quickly turn S&P into a cloud company, a company with double-digit profit growth, and we can comfortably say we delivered.

全年，我們達到或超越了所有展望 KPI。目前的雲積壓訂單成長了 27%，達到 137 億歐元。雲端營收成長 23%，達到 137 億歐元。我們的營業利潤超出指引範圍近 1 億歐元。更？雲積壓總額增加了 39%，達到 440 億歐元，為 SAP 在未來幾年提供了令人難以置信的彈性。我要感謝所有 SAP 同事在充滿挑戰的環境中所取得的優異成績。我們曾承諾迅速將標準普爾轉變為一家雲端公司，一家利潤成長兩位數的公司，我們可以放心地說我們兌現了。

SAP is stronger and more relevant than ever and the figures for 2023 clearly show that the transformation we have been driving for the past 3 years is now entering into a new phase.

SAP 比以往任何時候都更強大、更相關，2023 年的數據清楚地表明，我們過去 3 年一直在推動的轉型現在正進入一個新階段。

Let me now turn to our outlook for 2024 and our 2025 ambition. Starting with the top line. We are guiding EUR 17 billion to EUR 17.3 billion in cloud revenue for 2024, with an implied growth rate of 25.5% at the midpoint. This anticipated growth puts us well on track to hit our 2025 ambition of more than EUR 21.5 billion. Our growth formula is working and will continue to propel us through 2025, with total revenue growth expected to accelerate through 2027. The ingredients are clear. We lead with our RISE and GROW with SAP offerings. On RISE, we are signing up hundreds of net new customers every year. On top, we still have more than EUR 11 billion of support revenue that we can convert to cloud revenue over the long term.

現在讓我談談我們對 2024 年的展望和 2025 年的野心。從頂線開始。我們預期 2024 年雲端收入將達到 170 億歐元至 173 億歐元，中間隱含成長率為 25.5%。這一預期成長使我們預計將實現 2025 年超過 215 億歐元的目標。我們的成長公式正在發揮作用，並將繼續推動我們度過 2025 年，預計總收入成長將在 2027 年加速。其要素很明確。我們以 SAP 產品的 RISE 和 GROW 為主導。在 RISE 上，我們每年都會簽數百位淨新客戶。最重要的是，我們仍然擁有超過 110 億歐元的支援收入，可以長期轉化為雲端收入。

We are rolling out targeted migration incentives and methodologies to accelerate the RISE conversion. At the same time, GROW is gearing up to be a big success with over 700 new customers signing up since our launch. With RISE and GROW becomes the business technology platform. BTP has become a central piece in the architecture of our customers. And our Platform-as-a-Service solutions now stand at a revenue run rate of EUR 2.5 billion, with strong double-digit growth.

我們正在推出有針對性的遷移激勵措施和方法，以加速 RISE 轉換。同時，GROW 正準備取得巨大成功，自推出以來已有 700 多名新客戶註冊。 RISE 和 GROW 成為業務技術平台。 BTP 已成為我們客戶架構中的核心部分。我們的平台即服務解決方案目前的營收運作率為 25 億歐元，強勁的兩位數成長。

The flywheel is just starting to spin as more and more customers and partners move to a clean core on top of BTP. As customers advance on the RISE and GROW transformation journeys, we also see increasing levels of cross-sell based on the integrated suite. Our top 1,000 customers are now on average using 4 SAP cloud solutions, up from 3 last year. For our top 100 customers, we add 5 solutions, up from 4 in 2022. Going forward, we will provide transparency on the increasing strength of our cloud ERP suite through our cloud ERP suite disclosure.

隨著越來越多的客戶和合作夥伴轉向 BTP 之上的清潔核心，飛輪才剛開始旋轉。隨著客戶在 RISE 和 GROW 轉型之旅中不斷前進，我們也看到基於整合套件的交叉銷售水準不斷提高。我們的前 1,000 名客戶現在平均使用 4 個 SAP 雲端解決方案，而去年為 3 個。對於我們的前 100 名客戶，我們增加了 5 個解決方案，而 2022 年為 4 個。展望未來，我們將透過雲端 ERP 套件揭露，提供有關雲端 ERP 套件不斷增強的實力的透明度。

And then there is Business AI. Last week, I had the opportunity to meet with many global leaders and key customers and partners at the World Economic Forum in Davos. My conversations all circled around one topic. Generative AI is the greatest opportunity since the RISE of the cloud, especially for SAP. I also received very positive feedback on our plans and use cases for Business AI. SAP will completely embed AI in our solutions. We will make it readily available for end users and connected with all business processes. This will tremendously boost the capabilities of our solutions. It will also fundamentally change how users interact with our systems.

然後是商業人工智慧。上週，我有機會在達沃斯世界經濟論壇上會見了許多全球領導人以及主要客戶和合作夥伴。我的談話都圍繞著一個話題。生成式人工智慧是自雲端興起以來最大的機遇，尤其是對 SAP 而言。我還收到了有關我們的商業人工智慧計劃和用例的非常積極的回饋。 SAP 將把人工智慧完全嵌入我們的解決方案中。我們將使其易於最終用戶使用並與所有業務流程連接。這將極大地提高我們解決方案的能力。它還將從根本上改變用戶與我們系統互動的方式。

To reflect the central importance of AI for our future, we have updated our ambition to be the #1 enterprise application and Business AI company. The transformation program we are announcing today will shift additional resources to Business AI, in line with the significant growth potential we see for SAP. Over the next 2 years, SAP will invest almost EUR 1 billion to develop powerful AI use cases for our customers. And AI is not our only fast-growing innovation area. SAP Signavio, SAP LeanIX and our sustainability portfolio are all gaining significant traction.

為了體現人工智慧對我們未來的核心重要性，我們更新了我們的目標，即成為排名第一的企業應用程式和商業人工智慧公司。我們今天宣布的轉型計劃將把額外的資源轉移到商業人工智慧上，這與我們看到的 SAP 的巨大成長潛力是一致的。未來 2 年，SAP 將投資近 10 億歐元，為我們的客戶開發強大的人工智慧用例。人工智慧並不是我們唯一快速成長的創新領域。 SAP Signavio、SAP LeanIX 和我們的永續發展產品組合都獲得了巨大的關注。

Finally, M&A, I already mentioned it. SAP has an integrated portfolio with amazing potential. We don't need to buy GROW through acquisitions. But as always, we will keep our eyes open to further complement our portfolio.

最後，併購，我已經提過。 SAP 擁有具有驚人潛力的整合產品組合。我們不需要透過收購來購買GROW。但與往常一樣，我們將密切關注，進一步補充我們的產品組合。

Let's now look at the bottom line. I have already mentioned that we entered a new phase of our transformation. Building on the significant work we have done in the last few years, we see an opportunity to accelerate profitability beyond our initial ambition for 2025. The level supporting this accelerated profit growth are the following, and more cloud and adoption centric go-to-market model with clear roles and responsibilities along the customer value journey. A more focused portfolio, concentrating investments on areas that drive major synergies with our core. This allows us to capitalize on the massive market we can address with our cloud ERP suite, a comprehensive infusion of Business AI across all functions and processes and an accelerated workforce transformation to ensure we have the best skills in the right places.

現在讓我們看看底線。我已經說過，我們進入了轉型的新階段。基於我們過去幾年所做的重要工作，我們看到了加速盈利的機會，超越了我們最初的 2025 年目標。支持這種加速利潤增長的水平如下，以及更多以雲端和採用為中心的市場進入在客戶價值旅程中具有明確角色和職責的模式。更集中的投資組合，將投資集中在能夠與我們的核心產生重大協同效應的領域。這使我們能夠利用我們的雲端 ERP 套件、在所有職能和流程中全面注入商業人工智慧以及加速勞動力轉型來應對的巨大市場，以確保我們在正確的地方擁有最好的技能。

It is important to be clear. This workforce transformation will include a restructuring component. We intend to allocate roughly EUR 2 billion for this. The decision affecting colleagues this way is never easy, but we truly believe it is the right next step. We are setting up SAP for strong competitive future that all stakeholders, including employees, will benefit from. This program is expected to affect 8,000 positions worldwide. We will make every possible effort to focus on reskilling and voluntary exits with the aim to mitigate the social impact of the program. Given the reinvestments into strategic growth areas, we expect to finish 2024 with a head count similar to current levels.

明確這一點很重要。這種勞動力轉型將包括重組部分。我們打算為此分配約 20 億歐元。以這種方式影響同事的決定絕非易事，但我們堅信這是正確的下一步。我們正在建立 SAP，以實現強大的競爭性未來，包括員工在內的所有利害關係人將從中受益。該計劃預計將影響全球 8,000 個職位。我們將盡一切努力專注於再培訓和自願退出，以減輕該計劃的社會影響。鑑於對策略成長領域的再投資，我們預計到 2024 年年底，員工人數將與目前水準相似。

In summary, SAP had a very strong 2023, putting us well on track to achieve our 2025 ambition. On the top line, our growth formula is clearly working, and we are further investing in Business AI and other innovation to drive growth. On the bottom line, we see further opportunities to enhance the scalability of our operating model.

總而言之，SAP 的 2023 年表現非常強勁，使我們有望實現 2025 年的目標。從總體上看，我們的成長模式顯然正在發揮作用，我們正在進一步投資商業人工智慧和其他創新來推動成長。總而言之，我們看到了更多增強營運模式可擴展性的機會。

With that, Dominik, over to you.

多明尼克，接下來就交給你了。

Thank you very much, Christian, and thank you all for joining us this morning, a happy and healthy 2024 to everyone. We once again delivered on our financial targets for the year and are making great progress towards our 2025 ambition. Our financial results demonstrate our commitment to our stated goals, and we have thoroughly executed on the strategy we have outlined. This resulted in a strong finish in Q4, exceeding our own expectation in cloud and software revenue, non-IFRS operating profit and cash flow.

非常感謝克里斯蒂安，感謝大家今天早上加入我們，祝大家 2024 年快樂健康。我們再次實現了今年的財務目標，並在實現 2025 年目標方面取得了巨大進展。我們的財務表現證明了我們對既定目標的承諾，並且我們已經徹底執行了我們概述的策略。這導致第四季度業績強勁，在雲端和軟體收入、非國際財務報告準則營業利潤和現金流方面超出了我們自己的預期。

The strong order intake and resulting current cloud backlog gives us confidence that we'll keep the momentum this year, underpinned by the success we've seen with RISE with SAP, the solution of choice for our customers globally to help drive their end-to-end business transformations. This is evident as large cloud transactions with a volume greater than 5 million contributed 55% to our cloud order entry for the full year and an impressive 62% in Q4.

強勁的訂單量和由此產生的當前雲積壓讓我們有信心今年將保持這一勢頭，這得益於我們在RISE 和SAP 上取得的成功，RISE 是我們全球客戶選擇的解決方案，有助於推動他們的端到端解決方案終端業務轉型。這很明顯，交易量超過 500 萬筆的大型雲端交易占我們全年雲端訂單輸入的 55%，第四季更是達到了令人印象深刻的 62%。

Before we move on to the financial updates, as Christian mentioned earlier, I'd like to remind everyone about the reporting changes announced on December 18, 2023. And give you a brief update on the new cloud ERP suite. Cloud ERP suite is our growth engine, representing 82% of our combined SaaS and PaaS revenues and growing by 33% in fiscal year 2023, up from 32% in the prior year. We expect Cloud ERP suite to sustain very high growth rates, and therefore, to represent a growing share of our cloud business going forward.

在我們繼續進行財務更新之前，正如 Christian 之前提到的，我想提醒大家注意 2023 年 12 月 18 日宣布的報告變更。並向您介紹新的雲端 ERP 套件的簡要更新。雲端 ERP 套件是我們的成長引擎，占我們 SaaS 和 PaaS 總營收的 82%，並在 2023 財年成長 33%，高於前一年的 32%。我們預計雲端 ERP 套件將保持非常高的成長率，因此在我們的雲端業務中所佔的份額將持續成長。

Now let me dive into more details around our financial highlights. Current cloud backlog reached EUR 13.7 billion, continuing its growth at scale to 27%, the fastest pace on record. Total cloud backlog for the year even grew at 39%. Cloud revenue grew 23% year-on-year, underpinned by cloud revenue growth of 25% in Q4 and underlying strong performance across all geographies. This is an uptick of 2 percentage points sequentially for the largest quarter in volume.

現在讓我深入了解我們的財務亮點的更多細節。目前雲積壓金額達 137 億歐元，規模持續成長至 27%，創有紀錄以來最快增速。今年的雲積壓總量甚至成長了 39%。雲端營收年增 23%，這得益於第四季雲端收入成長 25% 以及所有地區的強勁表現。對於成交量最大的季度來說，這比上一季上升了 2 個百分點。

Cloud revenue now surpasses combined software licenses and software support revenue and is effectively our largest and fastest-growing revenue stream. Our combined SaaS and PaaS portfolio for 2023 continue to grow by an impressive 26% with SaaS revenue up 23% and PaaS up 46%. This strong performance was primarily driven by outstanding contribution of Cloud ERP suite, including the business technology platform. Total revenue for the full year was up 9%, supported by cloud and services revenue.

雲端收入現在超過了軟體授權和軟體支援收入的總和，實際上是我們最大且成長最快的收入來源。到 2023 年，我們的 SaaS 和 PaaS 組合組合將持續成長 26%，令人印象深刻，其中 SaaS 營收成長 23%，PaaS 成長 46%。這一強勁業績主要得益於雲端 ERP 套件（包括業務技術平台）的傑出貢獻。在雲端和服務收入的支持下，全年總收入成長了 9%。

Now let's take a brief look at our regional performance. In the fourth quarter, SAP's cloud revenue performance was particularly strong in APJ and EMEA and solid in the Americas region. Now let's move down to the income statement. Our cloud gross margin for the full year continued its upward trend from last year and expanded by 2.4 percentage points to 72.6%, driving cloud gross profit up by 27%. In the fourth quarter, non-IFRS operating profit was up 2%. As a reminder, special effects in Q4, operating profit was negatively impacted by the accelerated amortization of capitalized sales commissions which were related to the on-premise business, higher bonus accruals, simply related to the very strong performance in Q4.

現在讓我們簡要回顧一下我們的區域表現。第四季度，SAP 的雲端營收表現在亞太及日本地區和歐洲、中東和非洲地區尤其強勁，在美洲地區也表現強勁。現在讓我們轉到損益表。全年雲毛利率延續去年的上升趨勢，擴大2.4個百分點至72.6%，帶動雲毛利潤成長27%。第四季度，非國際財務報告準則營業利潤成長了 2%。提醒一下，第四季度的特殊影響是，營業利潤受到資本化銷售佣金加速攤銷的負面影響，這些佣金​​與內部部署業務、較高的應計獎金有關，這與第四季度的強勁業績有關。

Prior year operating profit baseline included a disposal gain of EUR 109 million related to the sale of Litmos business. For the fiscal year, we kept our promise and delivered double-digit operating profit growth of 13% year-on-year, reaching EUR 8.72 billion. I'm particularly pleased that we have snapped back to growth on non-IFRS operating profit, especially as starting in 2024, we will no longer exclude share-based compensation expenses from our non-IFRS results. As announced last month, we will report on this measure going forward, on which we have also turned the corner in 2023.

上一年的營業利潤基準包括與出售 Litmos 業務相關的 1.09 億歐元處置收益。本財年，我們兌現了承諾，營業利潤年增 13%，實現兩位數成長，達到 87.2 億歐元。我特別高興的是，我們的非 IFRS 營業利潤迅速恢復成長，特別是從 2024 年開始，我們將不再將基於股票的薪酬費用從我們的非 IFRS 業績中排除。正如上個月宣布的那樣，我們將在未來報告這項措施，我們也已在 2023 年扭轉了這一局面。

Earnings per share increased by 24% to EUR 5.01. The IFRS effective tax rate for the full year was 32.6%, and the non-IFRS tax rate was 29.3%. Up until the end of 2023, both measures were strongly dependent on the performance of our equity investments, the majority of which are in Sapphire Ventures as gains in that portfolio carried a much lower tax rate than our operational business. There was no significant dilutive impact on the effective tax rate by that mechanism in 2023 as we only had pretax losses of EUR 165 million in 2023. Please note that in our new non-IFRS net income definition, we exclude the earnings impact coming from fair value adjustments of equity investments. So even when snapping back to profits, the newly defined metric will not benefit from any potential dilution of effective tax rate going forward.

每股收益成長 24% 至 5.01 歐元。全年IFRS有效稅率為32.6%，非IFRS稅率為29.3%。截至 2023 年底，這兩項指標都強烈依賴我們股權投資的業績，其中大部分投資位於 Sapphire Ventures，因為該投資組合收益的稅率遠低於我們營運業務的稅率。該機制對 2023 年的有效稅率沒有重大稀釋影響，因為我們 2023 年的稅前虧損僅為 1.65 億歐元。請注意，在我們新的非 IFRS 淨利潤定義中，我們排除了來自公平的收益影響股權投資價值調整。因此，即使利潤大幅回升，新定義的指標也不會受益於未來有效稅率的任何潛在稀釋。

The main reason why we even exceeded this guidance in 2023 is because of nonrecurring effects. SAP expects a mid- to long-term effective tax rate of 28.0% to 32.0% for non-IFRS purposes. For 2024, we expect to be at the higher end of such range due to restructuring expenses, which result in the temporary inability to offset foreign -- withholding taxes in Germany. Free cash flow for the full year was up 16% to EUR 5.1 billion, exceeding the revised outlook of approximately EUR 4.9 billion. While higher payouts for taxes and restructuring weighed on free cash flow in the year, the positive development was primarily driven by profitability, improvements in working capital, and we also had some positive impact on phasing of CapEx and leasing, which was pushed out to 2024.

我們在 2023 年甚至超過這項指導的主要原因是偶發效應。 SAP 預計非 IFRS 的中長期有效稅率為 28.0% 至 32.0%。由於重組費用，我們預計 2024 年將處於該範圍的較高端，這導致暫時無法抵消德國的外國預扣稅。全年自由現金流成長 16%，達到 51 億歐元，超過修訂後的約 49 億歐元的預期。雖然稅收和重組支出的增加對今年的自由現金流造成了壓力，但積極的發展主要是由盈利能力和營運資本的改善所推動的，而且我們對資本支出和租賃的分階段也產生了一些積極影響，該階段被推遲到2024 年。

Overall, we are making good progress on our journey to solidify our free cash flow plans, which is a nice segue into our financial outlook. Restructuring expenses in the context of the planned transformation program, described already by Christian, are projected to be approximately EUR 2 billion, the vast majority of which is expected to be recognized in the first half of 2024. I have to caution you, though, that we are just starting the negotiations with social partners in some countries and need to make assumptions on the specific mix of measures and geographic composition, which might require material adjustments to this number and the related cash out.

總體而言，我們在鞏固自由現金流計畫方面取得了良好進展，這對我們的財務前景來說是一個很好的延續。 Christian 已經描述過的計劃轉型計劃背景下的重組費用預計約為 20 億歐元，其中絕大多數預計將在 2024 年上半年得到確認。不過，我必須提醒您，我們剛開始與一些國家的社會夥伴進行談判，需要對具體措施組合和地理構成做出假設，這可能需要對這一數字和相關現金支出進行重大調整。

Simultaneously, we are stepping up our investment in Business AI to drive automation. As we see significant growth opportunities lying ahead and want to improve our operating leverage. So any savings we can read from restructuring in 2024 already will be largely offset by that investment. The incremental savings will allow us to increase our non-IFRS operating profit ambition for 2025 from EUR 11.5 billion to EUR 12 billion, net of share-based compensation of approximately EUR 2 billion to EUR 10 billion under the new non-IFRS operating profit definition. The benefits of the planned program and from the investments in Business AI will become more apparent in subsequent years as we capitalize on improved operating leverage at an increasing scale.

同時，我們正在加大對商業人工智慧的投資，以推動自動化。因為我們看到了未來的巨大成長機會，並希望提高我們的營運槓桿。因此，我們從 2024 年重組中獲得的任何節省都將在很大程度上被該投資所抵消。增量節省將使我們能夠將2025 年的非國際財務報告準則營業利潤目標從115 億歐元提高到120 億歐元，根據新的非國際財務報告準則營業利潤定義，扣除約20 億歐元到100 億歐元的股權激勵。隨著我們越來越大規模地利用改善的營運槓桿，計劃計劃和商業人工智慧投資的好處將在接下來的幾年中變得更加明顯。

This also allows us to increase the free cash flow ambition for 2025 to EUR 8 billion. This is net of any cash out for restructuring that might spill over into 2025.

這也使我們能夠將 2025 年的自由現金流目標提高至 80 億歐元。這還不包括可能延續到 2025 年的重組現金支出。

As we have to absorb about EUR 0.4 billion of cash out for pre-existing compliance and related matters and the unwinding of the remaining SAP triggered factoring on top of the preliminary estimate of EUR 2 billion cash-out for restructuring, the corresponding underlying free cash flow number, net of these effects for 2024 is forecast to approximately EUR 5.9 billion. This is largely in line with the tax effected projected improvement in our non-IFRS operating profit.

由於我們必須吸收約4 億歐元的現金用於先前存在的合規及相關事項，並且除了初步估計的20 億歐元的重組現金支出之外，剩餘SAP 的解約引發了保理業務，相應的基礎自由現金扣除這些影響後，2024 年的流量預計約為 59 億歐元。這在很大程度上與稅收影響我們的非國際財務報告準則營業利潤的預期改善一致。

When it comes to improvement in cash conversion in 2025, please keep in mind that in that year, we expect to see a significant reduction in cash out related to share-based compensation. The fact that we imply approximately EUR 2 billion of share-based compensation in 2025 and the bridge from nonoperating profit prior versus new definition should also give you assurance that we aim to keep that line in check. We want to further improve the attractiveness of this important compensation tool by strengthening the confidence in this instrument based on strong earnings and free cash flow growth momentum.

當談到 2025 年現金轉換的改善時，請記住，在那一年，我們預計與股權激勵相關的現金支出將大幅減少。事實上，我們暗示 2025 年將有約 20 億歐元的股權激勵，以及先前的非營業利潤與新定義之間的橋樑，這一事實也應該讓您確信我們的目標是控制這一界限。我們希望基於強勁的獲利和自由現金流成長勢頭，增強對此工具的信心，進一步提高這項重要薪酬工具的吸引力。

Finally, I'd like to turn to sustainability in our nonfinancial results. Our investments in the winning sustainability solution portfolio have been very well received by the market. And we now have approximately 1,000 cloud for sustainable enterprise customers. Q4 was particularly successful with a key win in Japan, where MATSUMOTO PRECISION adopted our sustainability footprint management solution to help manage their CO2 emissions. We use sustainability as an additional growth space with the market trends such as the convergence of sustainability and financial standards and increasing disclosure requirements playing to our strength.

最後，我想談談我們非財務績效的可持續性。我們對獲勝的可持續發展解決方案組合的投資受到了市場的廣泛好評。我們現在擁有約 1,000 個面向永續企業客戶的雲端。第四季尤其成功，在日本取得了重大勝利，松本精密在日本採用了我們的永續發展足跡管理解決方案來幫助管理其二氧化碳排放。我們將永續發展作為額外的成長空間，隨著永續發展和財務標準的整合以及不斷增加的揭露要求等市場趨勢發揮了我們的優勢。

In Q4, we released 2 new sustainability solutions including sustainability data exchange, which helps businesses gain transparency on suppliers' CO2 emissions and Green Token, which enables companies to provide traceability and transparency across the supply chain.

在第四季度，我們發布了2 個新的永續發展解決方案，包括永續發展資料交換（幫助企業獲得供應商二氧化碳排放的透明度）和綠色代幣（使企業能夠在整個供應鏈中提供可追溯性和透明度）。

I'm also happy to confirm that we met our 2023 nonfinancial metric targets. Our customer Net Promoter Score, NPS, increased 2 points year-over-year to 9 in 2023 within the outlook range of 8 to 12. SAP's employee engagement index remained stable at 80%, meeting the upper end of the target range and demonstrating a continued high level of engagement. Net carbon emissions were 0 kilotons in 2023, meaning the company was carbon neutral in its own operations.

我還很高興確認我們實現了 2023 年非財務指標目標。 2023 年，我們的客戶淨推薦值 (NPS) 同比增長 2 分，達到 9，展望範圍為 8 至 12。SAP 的員工敬業度指數穩定在 80%，達到了目標範圍的上限，並展示了持續高水平的參與。 2023 年淨碳排放量為 0 千噸，這意味著該公司在自身營運中實現了碳中和。

In summary, we have achieved all key objectives in 2023. Our strategy works and remains consistent. However, we must continue to evolve and stay agile while we continuously adapt to a fast-changing landscape. Our outlook illustrates that we are on the right trajectory to achieve our updated 2025 ambition despite a quite challenging macroeconomic outlook.

總而言之，我們已經實現了 2023 年的所有關鍵目標。我們的策略有效且保持一致。然而，我們必須不斷發展並保持敏捷，同時不斷適應快速變化的環境。我們的前景表明，儘管宏觀經濟前景充滿挑戰，但我們正走在實現 2025 年更新目標的正確軌道上。

In 2024, we will focus on staying the course and putting the right gradient of earnings growth in place to sustain strong revenue and earnings growth well into the second half of the decade. Delivering on that ambition is also a compelling argument to convince our customers to build intelligent, sustainable enterprises and to attract and retain the best talent to master the challenges lying ahead despite some difficult decisions we had to take with regards to restructuring.

2024 年，我們將專注於堅持到底，實現正確的獲利成長梯度，以在本世紀下半葉保持強勁的營收和獲利成長。儘管我們在重組方面必須做出一些艱難的決定，但實現這一雄心壯誌也是一個令人信服的理由，可以說服我們的客戶建立智能、可持續的企業，吸引和留住最優秀的人才來應對未來的挑戰。

We continue to focus on stronger execution and remain confident about SAP's future. So thank you very much for your attention, and we are now happy to take your questions.

我們繼續專注於更強的執行力，並對 SAP 的未來保持信心。非常感謝您的關注，我們現在很樂意回答您的問題。

Thank you. Operator, you can open the line, please.

謝謝。接線員，請接通線路。

(Operator Instructions) And the first question is from the line of Frederic Boulan with Bank of America.

（操作員說明）第一個問題來自美國銀行 Frederic Boulan 的線路。

If we can start, first of all, on the S/4HANA and S/4HANA cloud migration, if you can give us an update, in particular, on the traction you're having with large and complex customers. You created a new board position dedicated to cloud growth headed by Thomas Saueressig. What problem are you trying to solve in terms of accelerating that transition?

首先，我們是否可以開始 S/4HANA 和 S/4HANA 雲遷移，如果您能為我們提供最新信息，特別是您對大型複雜客戶的吸引力。您創建了一個新的董事會職位，專門負責雲端成長，由 Thomas Saueressig 領導。在加速這一轉變方面，您試圖解決什麼問題？

And then secondly, if I can follow up on the Business AI topic, so can you discuss a little bit the traction you've seen with the RISE premium offering? What are the biggest use cases where you see the strongest interest from the customers? Anything you can share around the road map and ability to price up would be great.

其次，如果我可以跟進商業人工智慧主題，那麼您能否討論一下您在 RISE 高級產品中看到的吸引力？您認為客戶最感興趣的最大用例是什麼？任何你能分享路線圖和定價能力的東西都會很棒。

Yes, absolutely happy to do so. So first of all, on large enterprises, I mean, you have seen the logos in our earnings announcement. And customers like NVIDIA or DHL, they really want to use our products to actually scale operations, to drive productivity to also fight inflation and also, of course, to build more resilient supply chains. And actually, when you look at the order entry in Q4, it was actually a significant uptick when you look at the deals we are closing, above EUR 5 million.

是的，我絕對樂意這麼做。首先，對於大型企業，我的意思是，您已經在我們的收益公告中看到了這些標誌。像 NVIDIA 或 DHL 這樣的客戶，他們確實希望使用我們的產品來實際擴展運營，提高生產力，對抗通貨膨脹，當然，還要建立更具彈性的供應鏈。事實上，當你查看第四季度的訂單輸入時，當你查看我們即將完成的交易時，它實際上顯著上升，超過 500 萬歐元。

And then, of course, you also have seen our total cloud backlog of over EUR 44 billion, and that also signals you, I mean, this amount of committed order backlog, which is already sitting in the books is coming especially from large enterprises who are now going into the design phase to remodel their business model to also drive standardization to move to the clean core. And then over the course of the next years, we'll, of course, also adopt our business technology platform. So overall, we are actually very confident and we are very happy with the traction we are seeing in the large enterprise segment. Scott, any further comments?

當然，您也看到了我們的雲積壓總額超過 440 億歐元，這也向您發出信號，我的意思是，已經記錄在案的承諾訂單積壓量尤其來自大型企業，這些企業現在進入設計階段，重塑其業務模式，同時推動標準化，轉向清潔核心。在接下來的幾年裡，我們當然也會採用我們的商業技術平台。總的來說，我們實際上非常有信心，並且對大型企業領域的吸引力感到非常滿意。斯科特，還有什麼評論嗎？

Yes. I think we've spoken about it before, Christian, but I would just reinforce customers around the world are very clear that to be able to navigate the uncertainty of the macroeconomic and other environments, they need operationally efficient processes, they need to access their data and be able to then find ways to monetize and learn from that data using opportunities with Business AI. And the only answer is using cloud with SAP. So the order entry is a reflection of the -- not only the positive sentiment, but frankly, the market demand that we see. And obviously, that has resulted in strong total cloud backlog and current cloud backlog.

是的。我想我們之前已經談過這個問題了，克里斯蒂安，但我想強調的是，世界各地的客戶都非常清楚，為了能夠應對宏觀經濟和其他環境的不確定性，他們需要運營高效的流程，他們需要存取他們的然後能夠利用商業人工智慧的機會找到貨幣化和從數據中學習的方法。唯一的答案是將雲端與 SAP 結合使用。因此，訂單輸入不僅反映了積極情緒，而且坦率地說，反映了我們看到的市場需求。顯然，這導致了強勁的總雲積壓和當前雲積壓。

And with regard to Business AI, we launched 2 commercial models, Indeed, RISE premium, GROW premium. And there we are actually seeing that actually over 50% of our customers actually selecting our premium packages. Also that we are giving our customers the choice of a consumption-based AI offering where they can buy tokens and use them across our portfolio is extremely compelling.

而在商業AI方面，我們推出了2種商業模式，Indeed、RISE premium、GROW premium。我們實際上看到超過 50% 的客戶實際上選擇了我們的高級套餐。此外，我們為客戶提供基於消費的人工智慧產品的選擇，他們可以購買代幣並在我們的投資組合中使用它們，這非常引人注目。

And we, of course, also sign now a ton of new customers. And now it's all about adoption. Now it's all about making them live to show really real use cases and show the value as we are moving, especially in Business AI now from discovery into execution. So it's all about adoption and the start was very promising.

當然，我們現在也簽下了許多新客戶。現在一切都與採用有關。現在，一切都是為了讓它們活起來，展示真正真實的用例，並展示我們正在前進的價值，特別是在商業人工智慧領域，現在從發現到執行。所以這一切都與採用有關，而且一開始就非常有希望。

Thanks, Fred.

謝謝，弗雷德。

The next question is from the line of Johannes Schaller with Deutsche Bank.

下一個問題來自德意志銀行的約翰內斯‧夏勒 (Johannes Schaller)。

Yes. You obviously brought in the new cloud ERP suite definition. I think you said 82% of revenues. Maybe you can help us understand a little bit better what's in the other 18%? And I think, Dominik, you also alluded on the call in December to potentially taking some action on these other 18%, especially the nonperforming parts in the cloud portfolio, if I understood you correctly. So is the current restructuring already targeting some of these areas outside the cloud ERP suite? Or is there maybe more to come? And then as a follow-up, could you maybe give a quick update just on the transactional side of the cloud business and what the dynamics are here right now?

是的。顯然，您引入了新的雲端 ERP 套件定義。我想你說的是82%的收入。也許你可以幫助我們更好地理解另外 18% 的內容是什麼？我想，多明尼克，如果我理解正確的話，您在 12 月的電話會議上也提到可能對另外 18% 的部分採取一些行動，特別是雲端投資組合中的不良部分。那麼目前的重組是否已經針對雲端 ERP 套件之外的某些領域？或是還會有更多的事情發生嗎？作為後續行動，您能否快速介紹一下雲端業務的交易方面的最新情況以及目前的動態？

Yes. Thanks for the question, Johannes. I'll start and then handing over to Dominik. Look, the cloud ERP definition, why -- I mean our cloud ERP is now better integrated than any other offering out there in the market. The data model is harmonized between Ariba, SuccessFactors, Concur, our CPQ offering with our core ERP. We are now talking about financials and supply chain. And we have all the identity, the automization management is now coming out of the box. And that, of course, also twice a lot of cross-sell opportunities.

是的。謝謝你的提問，約翰內斯。我先開始，然後交給多明尼克。看，雲端 ERP 的定義，為什麼——我的意思是我們的雲端 ERP 現在比市場上任何其他產品的整合度都更好。資料模型在 Ariba、SuccessFactors、Concur、我們的 CPQ 產品與我們的核心 ERP 之間協調一致。我們現在談論財務和供應鏈。我們擁有所有身份，自動化管理現在開箱即用。當然，這也是交叉銷售機會的兩倍。

I mean, frankly, Ariba and S/4 direct procurement come as one procurement platform. And again, just also highlighting the significant cross-sell potential we have.

坦白說，我的意思是，Ariba 和 S/4 直接採購是一個採購平台。再次強調我們擁有巨大的交叉銷售潛力。

The businesses which are out of the cloud ERP definition like our former Enterprise Cloud business, I mean, you see they are in decline. We are further accelerating the move, and there is no further restructuring required to actually lift and shift these customers over to our RISE with SAP offering. Dominik?

那些不屬於雲端 ERP 定義的業務，例如我們以前的企業雲端業務，我的意思是，你會看到它們正在下降。我們正在進一步加速這項舉措，並且不需要進一步重組來實際提升和轉移這些客戶到我們的 RISE with SAP 產品。多明尼克？

Maybe I just also want to give you some quantitative background on this cloud ERP suite definition. We think it's very important to demonstrate to you the sustained momentum in that. I mentioned in my introductory remarks that we see a slight acceleration actually from 32% to 33% here. Now we have gotten sometimes the question from you. You need to accelerate cloud revenue growth to hit your Ambition 2025. And actually, that's not precisely correct. If you look at the decomposition of our SaaS PaaS revenue in 82% of that representing cloud ERP suite running smoothly at 33%, the rest having been a little bit under pressure in 2023 because we also divested Litmos, so that gave it a little bit of a headwind. And I'd say, on average, that will be more a mid-single-digit grower, the kind of extension suite. And then you look at the decline in the ERS business by minus 16% constant currency later -- next year.

也許我還想為您提供有關雲端 ERP 套件定義的一些定量背景知識。我們認為向您展示這方面的持續動能非常重要。我在介紹性發言中提到，我們看到實際上從 32% 略有加速到 33%。現在我們有時會收到你的問題。您需要加速雲端收入成長才能實現 2025 年雄心壯志。實際上，這並不完全正確。如果你看一下我們 SaaS PaaS 收入的分解，其中 82% 代表雲端 ERP 套件運行平穩，佔 33%，其餘的在 2023 年面臨著一些壓力，因為我們還剝離了 Litmos，所以這給了它一點壓力。逆風。我想說，平均而言，這將是一個中等個位數的種植者，即擴展套件。然後你會看到 ERS ​​業務在明年晚些時候（以固定匯率計算）下降了 -16%。

If you do the math and simply take the same growth rates on all these categories for the next 2 years, you come exactly to our Ambition 2025. So it's not an acceleration. It is simply a continuation of the momentum in these different buckets, i.e., strong growth in our cloud ERP suite, a slightly lower growth or lower growth, frankly, on the extension suite, which Christian mentioned and then a declining ERS business.

如果你計算一下，並簡單地在未來兩年內對所有這些類別採用相同的成長率，你就會準確地得出我們的 2025 年雄心。所以這不是加速。這只是這些不同領域勢頭的延續，即我們的雲端 ERP 套件的強勁增長，坦率地說，克里斯蒂安提到的擴展套件的增長略有放緩或較低，然後是 ERS ​​業務的下降。

On top of that, of course, we have a minor -- very minor uptick from the Litmos -- sorry, the LeanIX integration. So we can really nicely triangulate from that. The revenue growth we've guided for '24. So in addition to jumping off current cloud backlog, you asked about the transactional part of it, you can figure out that I mean we said it's about EUR 800 million of revenues. It's kind of flattish in 2024. If you look at the dilution of the CCB by that, it brings you pretty much to our midpoint of the guidance, so it's all extremely circular triangulation 2024 cloud revenues.

當然，除此之外，我們還有一個與 Litmos 相比非常小的提升——抱歉，是 LeanIX 整合。所以我們可以很好地從中進行三角測量。我們為 24 年制定的營收成長預測。因此，除了擺脫當前的雲積壓之外，您還詢問了其中的交易部分，您可以發現我的意思是我們說它的收入約為 8 億歐元。 2024 年的情況有點平淡。如果你看看 CCB 的稀釋程度，你會發現它幾乎達到了我們指導的中點，所以這都是 2024 年雲端收入的極其循環三角測量。

Yes. And maybe just one comment. I mean because there was also a question around large enterprises moving to RISE. I mean, what we typically see is the customers, especially large enterprise customers. They land with finance and logistics. And then we already embed procurement because now because of the integration everything sitting on BTP, there is no need anymore to buy direct procurement on -- for S/4 and indirect procurement with Ariba. It just comes as 1 procurement platform, which also then avoids that we are going into infights against any best-of-breed players. We are just delivering it out of the box.

是的。也許只是一則評論。我的意思是因為大型企業轉向 RISE 還存在一個問題。我的意思是，我們通常看到的是客戶，尤其是大型企業客戶。他們以金融和物流落地。然後我們已經嵌入了採購，因為現在由於整合了 BTP 上的所有內容，不再需要購買 S/4 的直接採購和 Ariba 的間接採購。它只是作為一個採購平台，這也避免了我們與任何一流的參與者發生內訌。我們只是開箱即用。

And then when you land it, then you can talk about, let's modernize travel and expense. And when you actually have finance and logistics, why do not predict the sales planning and inventory matching with IBP? And this goes on and on and on. And this, of course -- this cross-sell synergies, we want to leverage now in the years to come.

然後當你落地時，你可以談論，讓我們實現旅行和費用的現代化。而當你真正擁有財務和物流時，為什麼不預測與IBP相符的銷售計劃和庫存呢？這種情況一直持續下去。當然，我們希望在未來幾年充分利用這種交叉銷售綜效。

Thank you, Johannes.

謝謝你，約翰內斯。

The next question is from the line of Adam Wood with Morgan Stanley.

下一個問題來自摩根士丹利的亞當伍德。

Congratulations on a strong end to '23. Maybe just first of all, in terms of the restructuring plan, you've obviously given guidance for '25. Could you just help us there are any further benefits that you'd expect in that plan, both on revenue acceleration and cost-wise post 2025?

恭喜 '23 圓滿成功。也許首先，就重組計劃而言，您顯然已經為“25”提供了指導。您能否幫助我們了解您認為該計劃在 2025 年後在收入加速和成本方面還有哪些進一步的好處？

And then secondly, as we talk about Business AI and SAP, obviously, investors have been assessing a lot the benefits of the chip layer, the hyperscalers and for large language models, but it strikes us that there's going to be a big benefit for companies that have access to customer data and customer processes. Could you just a little bit about how that differentiates SAP and how willing customers are to work with you to share those things to benefit the wider installed base?

其次，當我們談論商業人工智慧和 SAP 時，顯然，投資者一直在評估晶片層、超大規模和大型語言模型的許多好處，但讓我們震驚的是，這將為公司帶來巨大的好處可以訪問客戶數據和客戶流程。您能否簡單介紹一下 SAP 的獨特之處以及客戶是否願意與您合作分享這些內容以使更廣泛的安裝基礎受益？

Look, I can start, and then Dominik, please also comment on our growth potential 2025 and beyond. I mean, look, the business model Adam, I mean, when we started this transformation 3 years ago, there was, of course, a much lower recurring revenue show. And now we have built immense resilience, and the total cloud backlog of EUR 44 billion actually signals the immense revenue potential we already have in the books for the years to come. We will now doubling down on landing, expanding, on adoption to really drive that home.

聽著，我可以開始了，然後 Dominik，也請評論一下我們 2025 年及以後的成長潛力。我的意思是，看，商業模式亞當，我的意思是，當我們三年前開始這種轉型時，當然，經常性收入要低得多。現在我們已經建立了巨大的彈性，440 億歐元的雲積壓總額實際上標誌著我們在未來幾年已經擁有的巨大收入潛力。我們現在將加倍努力落地、擴大和採用，以真正推動這一目標。

And then just to give you another figure, RISE, GROW -- RISE actually contributed with 50% net new customers. So 50% installed base, 50% net new. So it's not only about converting the installed base, the support revenue with a higher multiple to cloud, it's also about winning market share.

然後再給你另一個數字，上升、成長——上升實際上貢獻了 50% 的淨新客戶。所以 50% 是安裝基數，50% 是淨新用戶。因此，這不僅涉及將安裝基礎、更高倍數的支援收入轉換為雲，還涉及贏得市場份額。

And then when you look into 2025 and beyond, and Dominik can comment on that, I mean, given now the higher recurring revenue share, given the lower share of license revenue, which will further decline in the years to come. Obviously, it's actually just as a result that we see further total revenue acceleration also 2025 and beyond. And with Business AI and sustainability and in our very strong supply chain portfolio, we have no lack of new solutions of new innovations to further also win market share in the upcoming years.

然後，當你展望 2025 年及以後時，多明尼克可以對此發表評論，我的意思是，考慮到現在經常性收入份額較高，許可收入份額較低，這將在未來幾年進一步下降。顯然，我們看到 2025 年及以後的總收入將進一步加速。憑藉商業人工智慧和永續性以及我們非常強大的供應鏈產品組合，我們不乏新的創新解決方案，可以在未來幾年進一步贏得市場份額。

And maybe then beyond the acceleration on total revenues because of the mix effects that are playing in our favor, yes, the restructuring program, which is frankly, expensive at EUR 2 billion has benefits beyond the pure kind of uplift of EUR 0.5 billion in 2025. I mean there's also the reskilling that we need to do to master business design, to drive the growth. But also from a pure financial model point of view, what we've really tried to do is to decouple the cost growth more on the top line growth. I mean, that was a little bit the Achilles heel, I would say, in our business model. that we have been not very successful to do that in the past. And that was also -- I think there's a good reason for that because we had to invest heavily in the transformation. But now our customers want to see and you, investors want to see that we can drive efficiencies by Business AI.

也許除了由於對我們有利的混合效應而導致總收入加速增長之外，是的，坦率地說，耗資 20 億歐元的重組計劃所帶來的好處超出了 2025 年 5 億歐元的純粹增長。 .我的意思是，我們還需要進行再培訓，以掌握業務設計，推動成長。但從純粹的財務模型的角度來看，我們真正想做的是將成本成長更多地與營收成長脫鉤。我的意思是，我想說，這有點是我們商業模式的致命弱點。過去我們在這方面做得不太成功。我認為這是有充分理由的，因為我們必須在轉型方面投入大量資金。但現在我們的客戶希望看到，而您，投資者也希望看到我們可以透過商業人工智慧來提高效率。

We've done some thorough benchmarking with other cloud companies are doing, and we really want to converge more to best-in-breed kind of fall through, i.e., an operating leverage, i.e., increasing the cost base more slowly and that should give us actually margin expansion beyond 2025.

我們已經與其他雲端公司正在做的事情進行了一些徹底的基準測試，我們確實希望更多地收斂到同類最佳的失敗，即營運槓桿，即更緩慢地增加成本基礎，這應該給實際上，我們的利潤率將在2025 年後繼續擴張。

And Adam, on AI and differentiation for SAP, just to give you a glimpse, we are developing strong organic product, a strong organic AI platform so that our CoPilot tool can speak not only finance but can solve some of the hardest problems our customers facing across the company. We're going to infuse it right into the business processes. I mean when you look at what we already can do in predictive sales and optimizing inventory, it can take out a ton of CapEx and OpEx of the P&L or balance sheet of our customers.

Adam，關於SAP 的人工智慧和差異化，只是讓您了解一下，我們正在開發強大的有機產品，強大的有機人工智慧平台，以便我們的CoPilot 工具不僅可以談論財務，還可以解決我們的客戶面臨的一些最棘手的問題整個公司。我們將把它直接融入業務流程中。我的意思是，當你看看我們在預測銷售和優化庫存方面已經可以做的事情時，它可以消除我們客戶損益表或資產負債表中的大量資本支出和營運支出。

And then when you listen to our partners like Microsoft or NVIDIA, where we just closed another partnership, I mean they are keen actually now to combine their CoPilot with our CoPilot to extend our AI platform. Why? Because when you have consent from over 30,000 customers and access to the most mission-critical data, I mean the algorithms become smarter every day. We can actually solve some problems, which others can't, the accuracy, and also actually to also ensure responsible AI is, of course, a treasure, but only SAP has in the market.

然後，當您聆聽我們的合作夥伴（例如Microsoft 或NVIDIA）的意見時（我們剛剛結束了另一個合作夥伴關係），我的意思是，他們現在實際上熱衷於將他們的CoPilot 與我們的CoPilot 結合起來，以擴展我們的AI 平台。為什麼？因為當您獲得超過 30,000 名客戶的同意並存取最關鍵的任務資料時，我的意思是演算法每天都變得更加聰明。我們實際上可以解決一些其他人無法解決的問題，準確性，而且實際上也可以確保負責任的人工智慧當然是一個寶藏，但市場上只有SAP擁有。

Yes. Thank you, Adam. We'll take the next question, and I will kindly ask you or remind you to please stick to 1 question, if possible. Thank you.

是的。謝謝你，亞當。我們將回答下一個問題，如果可能的話，我會懇請您詢問或提醒您只回答一個問題。謝謝。

The next question comes from the line of Toby Ogg with JPMorgan Cazenove Limited.

下一個問題來自摩根大通嘉誠有限公司的 Toby Ogg。

Just on the CCB growth in Q4, 27% versus the sort of 25% that you've been seeing previously. I know various factors to consider there, obviously, the Litmos divestiture lapping, and I think there was obviously a touch of M&A in there from LeanIX. So could you just break down in a bit more granularity and quantify the core drivers of that CCB growth reacceleration and then also just the reconciliation between the 27% CCB growth and the 24% to 27% cloud revenue guide for 2024? What are you penciling in there on the transactional side?

僅就 CCB 第四季的成長率為 27%，而您之前看到的成長率為 25%。我知道需要考慮的各種因素，顯然，Litmos 剝離研磨，而且我認為其中顯然有來自 LeanIX 的併購。那麼，您能否更詳細地分解並量化 CCB 成長重新加速的核心驅動因素，然後再對 27% CCB 成長與 2024 年 24%​​ 至 27% 雲端收入指南之間的調節進行調整？你在交易方面寫了什麼？

I'm happy to do that I mean, first of all, yes, I mean you've seen -- or you will see in the disclosure in the full report that I think there was a EUR 10 million contribution from LeanIX for the December. So I pick EUR 100 million-ish plus as a revenue uplift. That's, of course, boosting our CCB growth at June.

我很高興這樣做，我的意思是，首先，是的，我的意思是你已經看到——或者你會在完整報告的披露中看到，我認為 LeanIX 在 12 月捐贈了 1000 萬歐元。因此，我選擇 1 億歐元以上作為營收成長。當然，這會推動我們 6 月 CCB 的成長。

The rest was frankly, just having Scott here, a great, great end of the year in bookings. We really did well in terms of putting in a lot of deals and signing them and getting them closed. So it's really solid.

坦白說，剩下的就是斯科特在這裡，今年年底的預訂量非常非常好。我們在達成大量交易、簽署並完成交易方面確實做得很好。所以它真的很堅固。

And now in terms of the translation of that CCB growth into the cloud revenue guidance, I hinted to that before. It is basically the transactional revenue that is the explanation for the delta, with jump of 27%, you have an EUR 800 million-ish transaction revenue, which is pretty much stagnating and has been stagnating '23 and will continue to do so in '24. And I think, Christian, you might want to explain what's happening in our supplier network business, which is actually a strategic investment we do there.

現在，就將 CCB 成長轉化為雲端收入指導而言，我之前曾暗示過這一點。基本上，交易收入是三角洲的解釋，跳躍了 27%，交易收入達到 8 億歐元左右，幾乎停滯不前，並且在 23 年一直停滯不前，並將在 2019 年繼續如此。24.我想，克里斯蒂安，你可能想解釋一下我們的供應商網路業務正在發生的事情，這實際上是我們在那裡所做的策略性投資。

So the good news is that headwind, which is kind of shaving off 1.5 percentage points or so in 2024 will ease over time because the rest of the cloud business is growing fast and because of the benefits we see from that strategic investment on the supplier side, on supply network, we think we'll achieve a more normal growth, I'd say, in 2024. So we're not going to snap back to double-digit yet, but high single digit is possible in 2025.

因此，好消息是，到2024 年，逆風將減少1.5 個百分點左右，隨著時間的推移，這種情況將會緩解，因為雲端業務的其餘部分正在快速增長，而且我們從供應商方面的策略性投資中看到了好處在供應網絡方面，我們認為我們將在 2024 年實現更正常的增長。因此，我們還不會恢復到兩位數，但到 2025 年可能會實現高個位數增長。

So that's the trajectory we see. We frankly, don't need any macroeconomic miracles at all for that. We just have assumed the kind of continued subdued macro for that. So I think that's a very, very solid way to triangulate the guidance on cloud revenues for '24.

這就是我們看到的軌跡。坦白說，我們根本不需要任何宏觀經濟奇蹟。我們只是假設宏觀經濟持續低迷。因此，我認為這是對 24 年雲端收入指引進行三角測量的非常非常可靠的方法。

I gave you that logic also to simply extrapolate the growth buckets we have within cloud from '23 to '24 taking LeanIX into account and you can then play that game also from '24, '25, and you see it super circular and solid to bring these data points together.

我給你的邏輯也是為了簡單地推斷我們在雲中從23 年到24 年的增長桶，考慮到LeanIX，然後你也可以從24 年到25 年玩這個遊戲，你會看到它超級循環和堅實到將這些數據點放在一起。

Yes. Look, I mean, kudos to Scott and the team, it was an extremely successful Q4. And I guess what is also making SAP is so resilient for the years to come, it's, of course, the EUR 44 billion already sitting in our books. But when you are doing business in over 100 countries, I mean, in quarters like that, you have Southeast Asia working. Who is actually saying that Germany is not a cloud market. Germany had an outstanding quarter. North America performed extremely well. Large customers like GM signing up to decarbonize, to build this resilient supply chains.

是的。聽著，我的意思是，向史考特和團隊致敬，這是一個非常成功的第四季。我想是什麼讓 SAP 在未來幾年如此有彈性，當然也是我們帳面上已經存在的 440 億歐元。但當你在 100 多個國家/地區開展業務時，我的意思是，在這樣的地區，東南亞正在發揮作用。誰說德國不是雲端市場？德國本季表現出色。北美表現非常出色。像通用汽車這樣的大客戶簽署了脫碳協議，以建立這個有彈性的供應鏈。

And when you are then sitting in Davos and you're looking at the challenges what business leaders have right now, no matter if it's about automation with Business AI doing things which humans can't do today, which you can do tomorrow with AI or it's about sustainability with the Green Letter, which is now hitting the market and also then get transparency also for Scope 2 and Scope 3. I mean you are touching actually all the relevant topics. And this is why I'm also so proud on our product teams because the innovation coming out of this team is really, really strong and gives us, of course, also a lot of confidence regarding order entry for the years to come.

當你坐在達沃斯，你會看到企業領導者現在面臨的挑戰，無論是自動化與商業人工智慧做人類今天無法做的事情，明天你可以用人工智慧做的事情，或者這是關於綠信可持續發展的問題，綠信現已上市，範圍2 和範圍3 也獲得透明度。我的意思是，您實際上正在觸及所有相關主題。這就是為什麼我對我們的產品團隊感到非常自豪，因為這個團隊的創新非常非常強大，當然也給了我們對未來幾年的訂單輸入充滿信心。

Thank you, Toby. We'll take the next question, please.

謝謝你，托比。我們將回答下一個問題。

The next question is from the line of Ben Castillo-Bernaus with Exane BNP Paribas.

下一個問題來自法國巴黎銀行 (Exane BNP Paribas) 的 Ben Castillo-Bernaus。

Congratulations for a strong end of the year. Question, I guess, Dominik, around free cash flow conversion. It looked like '23 was strong. We're seeing some underlying improvement in the 2024 guidance if we exclude the one-offs there, but then some more needed in 2025. And you did mention the cash -- stock-based compensation charge helping there. But I'm curious what other levers are you pulling around working capital, cash collection that can give us some extra confidence in that required trajectory for your 2025 targets.

恭喜您在今年底取得了強勁的業績。我想，多明尼克，關於自由現金流轉換的問題。看起來'23 很強大。如果我們排除一次性的情況，我們會發現 2024 年的指導方針有一些潛在的改善，但 2025 年還需要更多的改善。您確實提到了現金——基於股票的薪酬費用對此有所幫助。但我很好奇你們在營運資金、現金回收方面還有哪些其他手段可以讓我們對你們 2025 年目標所需的軌跡有更多的信心。

Yes. I mean, it's actually quite straightforward. You basically mentioned the lion's share of spreadsheet, simply the uplift in the profit. Net of the tax rate, which we've guided that is falling through into cash flow, of course, this is real improvement on profit. And then you have to always look at kind of the cash conversion on stock-based compensation, what's the P&L and what's the cash out? And there is a big improvement looming from '24 to '25, taking that into account, you have a relatively moderate assumption for working capital gradual grinding on efficiency, collecting money earlier. We've already made quite some progress. I mean, this is also the reason why, in 2023, you've seen an outperformance on free cash flow, and honestly, you've seen in my comments that we have to only digest a couple of hundred million of factoring -- SAP-induced factoring in 2024. So it tells you something that we've already worked off some of the past here.

是的。我的意思是，這實際上非常簡單。您基本上提到了電子表格的大部分，只是利潤的增加。扣除我們引導的稅率，該稅率正在流入現金流，當然，這是利潤的真正改善。然後你必須始終關注股票薪酬的現金轉換，損益表是多少，現金支出是多少？從 24 世紀到 25 世紀，將會有一個巨大的改善，考慮到這一點，你對營運資本逐漸提高效率、更早收款有一個相對溫和的假設。我們已經取得了相當大的進展。我的意思是，這也是為什麼到 2023 年，您會看到自由現金流表現出色，老實說，您在我的評論中看到，我們只需消化幾億保理業務 - SAP - 2024 年的誘導保理。所以它告訴你一些我們已經在這裡解決了過去的一些問題的事情。

And so I think also the logic in terms of how you build the bridges from '23, '24 to '25 and free cash flow I mean any other number would be quite illogical and it doesn't require any miracles. It just requires proper execution. Sort of very -- very moderate improvement still on operations. So it is something that we feel quite strong about that we can achieve that.

因此，我認為從如何建立從「23」、「24」到「25」的橋樑以及自由現金流的邏輯也是如此，我的意思是任何其他數字都是非常不合邏輯的，並且不需要任何奇蹟。它只需要適當的執行。營運方面仍然有非常非常溫和的改進。因此，我們堅信我們能夠實現這一目標。

Thanks, Ben. We'll take the next question, please.

謝謝，本。我們將回答下一個問題。

The next question is from the line of James Goodman with Barclays Capital.

下一個問題來自巴克萊資本的詹姆斯·古德曼。

Just from me, I mean, very strong cloud outlook, I wanted to just dig in a little bit on the 8% to 10% cloud and software revenue growth. I mean it seems in the past, there was perhaps a little bit more confidence that the business would grow total revenue double-digit this year, which clearly is possible at the high end of that range and on my numbers. But just wanted to dig into the sort of implied portion there really on the support and license side. Given license declines seem to be tapering is now very small in any case, it really implies quite a steep acceleration, I think, in the rate of maintenance decline. Is that something specifically you're anticipating this year? And if so, why? Or is there an element of conservatism in there?

就我而言，我的意思是，非常強勁的雲端前景，我想稍微深入了解一下 8% 到 10% 的雲端和軟體收入成長。我的意思是，在過去，人們可能更有信心相信今年的業務將實現兩位數的總收入成長，這在該範圍的高端和我的數據中顯然是可能的。但只是想深入了解支援和許可方面的隱含部分。鑑於許可證的下降似乎正在逐漸減少，無論如何，這實際上意味著維護下降率的急劇加速。這是您今年特別期待的事嗎？如果是這樣，為什麼？還是有保守主義的成分在裡面？

Look, I mean, on total revenue. I mean, first, again, we had also a good Q4 in the license revenue, as you can see from the numbers. Of course, there were also no customers actually who had to still upsell some more users because of their growing business. But of course, over time, you could see a continuous decline, as we always projected. But of course, when you're now having a good license quarter that makes the year-over-year comparison a bit more difficult.

我的意思是，看總收入。我的意思是，首先，我們在第四季度的授權收入方面也取得了不錯的成績，正如您從數字中看到的那樣。當然，實際上也沒有客戶因為業務的成長而必須向更多用戶追加銷售。但當然，隨著時間的推移，您可能會看到持續下降，正如我們一直預測的那樣。但當然，當你現在擁有一個良好的許可證季度時，這使得同比比較變得更加困難。

Now I would also say, looking in -- also in 2024, there is a volatility in this number, in this license revenue number. And with the underlying growing recurring revenue share of SAP, it's just a matter of time when we actually report also total revenue growing double digit. I would say there is a certain likelihood in 2024. But for sure, in 2025 onwards, you see a continuous acceleration of total revenue. As you see our cloud business is working. It's strong. The total cloud backlog looks very good. The transformation is ongoing.

現在我還要說，同樣在 2024 年，這個數字、這個許可證收入數字也會有所波動。隨著 SAP 經常性收入份額的不斷增長，我們實際報告的總收入也將實現兩位數成長只是時間問題。我想說2024年有一定的可能性。但可以肯定的是，從2025年開始，你會看到總收入持續加速。正如您所看到的，我們的雲端業務正在運作。它很強。雲積壓總量看起來非常好。轉型正在進行中。

And also with regard to the maintenance revenue, I mean, I have seen a lot of customers now come back to SAP from third-party support providers. It's actually giving us also there, it shows the resilience.

關於維護收入，我的意思是，我看到很多客戶現在從第三方支援提供者回到 SAP。它實際上也給了我們那裡，它顯示了韌性。

Of course, now it also makes it harder on a year-over-year compare but it's actually a good sign because customers are coming back in a world which is full of geopolitical conflicts to rely on SAP, to provide all the legal updates, to provide all the localization. So I'm actually extremely confident with regard to our total revenue performance just also because there will be another pull-through of our cloud revenue in the years to come.

當然，現在這也使得逐年比較變得更加困難，但這實際上是一個好兆頭，因為客戶正在回到一個充滿地緣政治衝突的世界，依靠 SAP 提供所有法律更新，提供所有本地化。因此，我實際上對我們的總收入表現非常有信心，因為未來幾年我們的雲端收入將再次成長。

Thank you, James. Next question, please.

謝謝你，詹姆斯。請下一個問題。

The next question is from Charles Brennan with Jefferies.

下一個問題是查爾斯·布倫南 (Charles Brennan) 和傑弗里斯 (Jefferies) 提出的。

I just wanted to ask one on execution risk, actually, the scale of the restructuring is obviously quite significant. It involves a number of people. I think you specifically called out restructuring in the go-to-market organization. What are the chances here of disruption to the sales motion? And should we anticipate maybe some volatility in the early parts of '24 that works through by the latter half?

我只是想問一下執行風險，實際上重組的規模顯然是相當大的。它涉及很多人。我認為您特別呼籲對上市組織進行重組。銷售活動受到干擾的可能性有多高？我們是否應該預期 24 世紀初期可能會出現一些波動，下半年會發生？

I mean I will comment on the transformation program of all. Scott, you can comment then on the go-to-market transformation.

我的意思是我將對所有人的轉型計劃發表評論。斯科特，您可以對進入市場的轉型發表評論。

I mean first, you can also already consider, of course, there is a plan. It is mature. We know what we do. And when you actually look at what we are doing is inside SAP, we also announced a few reorganizations, and we're going to drive synergies. And I guess now it's also the time to scale further our operations internally. We're also going to embed more and more AI internally at SAP that will give us more scale, more productivity in development, in sales and marketing in all of the supporting functions. And in the go-to-market, we are not touching our quota carriers who just delivered also this great results but teams around there where we are just harmonizing our roles and responsibilities, but over to you Scott to share further comment.

我的意思是第一，你也可以已經考慮了，當然有計畫。它已經成熟了。我們知道我們在做什麼。當你真正了解我們在 SAP 內部所做的事情時，我們也宣布了一些重組，我們將推動協同效應。我想現在也是進一步擴大我們內部業務規模的時候了。我們還將在 SAP 內部嵌入越來越多的人工智慧，這將使我們在所有支援功能的開發、銷售和行銷方面擁有更大的規模和更高的生產力。在進入市場的過程中，我們不會觸及我們的配額承運商，他們剛剛也取得瞭如此出色的成果，但我們只是協調我們的角色和責任，但請斯科特分享進一步的評論。

Yes. So I think there's a few factors. First of all, execution clearly needs to be strong. But if you look at our core metrics, when we think about pipeline and the market data, clearly, we've not only had strong order entry, but we have optimism that the way forward that demand continues to be strong. And that's underpinned by more of our large customers doing more multi-cloud solutions in the cross-sell that Christian mentioned earlier, but also the net new acquisition. And a lot of the go-to-market transformation is really about accessing and expanding in new markets.

是的。所以我認為有幾個因素。首先，執行力顯然要強。但如果你看看我們的核心指標，當我們考慮管道和市場數據時，顯然，我們不僅有強勁的訂單輸入，而且我們對需求繼續強勁的未來發展持樂觀態度。這是由我們更多的大客戶在克里斯蒂安之前提到的交叉銷售中提供更多的多雲解決方案以及淨新收購所支持的。許多進入市場的轉型其實是為了進入和拓展新市場。

You consider the potential for SAP to expand across geographies to be able to run supply chains and operations in different industries and especially with GROW with SAP in the mid-market. The ability for us to be able to expand in the transformation, there really does allow us to access those markets. So whilst, yes, there is an execution element this year, the ability for us to be able to manage that and then access new markets, use digital modalities, use Business AI and the way we go to market as well, clearly, the potential is strong.

您考慮了 SAP 跨地域擴張的潛力，以便能夠在不同行業中運行供應鏈和運營，尤其是在中端市場透過 SAP 實現 GROW。我們能夠在轉型中擴展的能力確實使我們能夠進入這些市場。因此，是的，今年有一個執行要素，我們有能力管理它，然後進入新市場，使用數位模式，使用商業人工智慧以及我們進入市場的方式，顯然，潛力強。

Thank you Charlie. We will take the next question, please and this will be more -- 2 questions more. So this one and then another one.

謝謝你查理。我們將回答下一個問題，這將是更多問題——還有 2 個問題。所以這是一個，然後是另一個。

Yes. The next question is from the line of Michael J. Briest with UBS Limited.

是的。下一個問題來自瑞銀集團 (UBS Limited) 的 Michael J. Briest。

Yes. Just a question around profitability in Q4 in 2023. I mean you started the year guiding for 23% to 26% cloud growth at (inaudible), so you came in at the low end, but from my understanding, licenses don't retire much closer. So you talked about higher bonuses, but is there any other accruals or anything else that affected profitability. I mean, licenses were EUR 200 million ahead of consensus, and in Q1 and Q3, we saw that flowed through to the bottom line very nicely.

是的。只是關於2023 年第四季度盈利能力的問題。我的意思是，您在今年開始時指導雲增長23% 至26%（聽不清），所以您處於低端，但根據我的理解，許可證不會退休太多更近了。所以你談到了更高的獎金，但是是否還有其他應計費用或其他影響獲利能力的因素。我的意思是，許可費用比共識提前了 2 億歐元，在第一季和第三季度，我們看到這很好地流向了利潤。

Yes. I mean, we called out already some impacts you mentioned the kind of back-end loaded strong performance on the go-to-market which resulted in bonus accruals. We also had continued charges for that amortization on the commissions that was accelerated because we reduced the periods for the amortization periods for on-prem related commissions that has already impacted Q3 but also continued at a similar EUR 260 million-ish in Q4. Some of you might have seen the precise settlement on the DOJ, SEC and the Brazilian compliance cases. We accrued EUR 170 million in March. We actually then had the provision move to EUR 155 million end of the year.

是的。我的意思是，我們已經指出了您提到的一些影響，即後端在進入市場時的強勁表現，這導致了獎金的增加。我們也繼續對佣金攤銷收取費用，這種費用之所以加速，是因為我們縮短了本地相關佣金的攤銷期限，這已經影響了第三季度，但在第四季度也繼續以類似的2.6 億歐元左右的速度收費。你們中的一些人可能已經看到了美國司法部、美國證券交易委員會和巴西合規案件的具體和解。 3 月我們累計了 1.7 億歐元。實際上，我們在年底將準備金增加到了 1.55 億歐元。

And on the other hand, you've seen about EUR 200 million of settlement, and the delta of that is more related to the civil part of it, which is actually not in the adjustment, but we kept that within the non-IFRS operating profit. So that was another mid-double-digit million to bridge the gaps between EUR 155 million and EUR 200 million, but these are the factors. And if you kind of depollute Q4 for these factors, including, of course, the strong comparables from the Litmos divestiture last year, you see that we are actually continuing to run at a very similar level as the overall kind of growth level, it's not any abnormal quarter in that sense.

另一方面，您已經看到了大約 2 億歐元的結算，其增量與民事部分更相關，這實際上不在調整中，但我們將其保留在非 IFRS 運營範圍內利潤。因此，這又是一個中兩位數的百萬美元，用於彌補 1.55 億歐元和 2 億歐元之間的差距，但這些就是因素。如果你對第四季度的這些因素進行去污染，當然包括去年 Litmos 剝離的強大可比性，你會發現我們實際上繼續以與整體增長水平非常相似的水平運行，這不是從這個意義上講，任何異常的季度。

And then given the license beat, I mean do you think that we should see it go back on track to your original plan, which implies, I know 30%, 33% decline per annum from here?

然後考慮到許可證的失敗，我的意思是，您認為我們應該看到它回到原來的計劃嗎？這意味著，我知道每年會下降 30%、33%？

I mean I always highlighted that license revenues are notoriously difficult to predict, this is also why I would like a lot the move to the cloud also from that aspect. It gives us much better predictability. I mean let's see how much of what we have seen in Q4 was phasing versus real kind of longer-term sustained demand. I always try to be prudent on that because it's hard to plan and we want to be robust in our guidance. So I mean this is exactly why we have also some ranges in the outcomes. That's a little bit the kind of swing factor, I might say. So on the revenue side on cloud, it's more the transaction business, how strong is it really coming. And then on the bottom line, we have also the question of, can we add some more software revenues. But I think it's prudent to assume a continued decline there because of the structural transition to cloud.

我的意思是，我總是強調許可證收入是出了名的難以預測，這也是為什麼我也希望從這個方面轉向雲端。它為我們提供了更好的可預測性。我的意思是，讓我們看看我們在第四季度看到的有多少是分階段的，而不是真正的長期持續需求。我總是在這方面保持謹慎，因為很難計劃，而且我們希望提供強有力的指導。所以我的意思是，這正是我們的結果也有一定範圍的原因。我可能會說，這有點像是搖擺因素。因此，在雲端的收入方面，更多的是交易業務，它到底有多強大。最後，我們還有一個問題，我們能否增加更多的軟體收入。但我認為，由於向雲的結構性轉變，假設該領域將繼續下降是謹慎的做法。

Thank you, Michael. And we will now take the final question.

謝謝你，麥可。現在我們將回答最後一個問題。

And the final question is from the line of Mohammed Moawalla with Goldman Sachs International.

最後一個問題來自高盛國際公司的穆罕默德·莫阿瓦拉。

Great. And congratulations on the quarter again. My main question is really around the kind of S/4 product cycle. Obviously, we've seen the robust TCB and CCB. In terms of kind of the key constraints you see on converting that backlog into revenue, we've heard about system integrated constraints in the system, how confident are you around that kind of -- as you get to the sweet spot of this product cycle in kind of converting that? And are there any other kind of bottlenecks beyond sort of integrated capacity that you see in realizing the kind of value of that product cycle?

偉大的。再次恭喜本季的業績。我的主要問題實際上是圍繞 S/4 產品週期的類型。顯然，我們已經看到了穩健的TCB和CCB。就您所看到的將積壓訂單轉化為收入的關鍵限製而言，我們聽說過系統中的系統整合限制，當您達到該產品週期的最佳點時，您對這種限制有多大信心以某種方式轉換？除了您在實現該產品週期的價值時看到的綜合能力之外，是否還有其他類型的瓶頸？

Yes, Mohammed , thanks for the question. I mean, Davos is very helpful to also meet all of our partners actually in only 3 days. And there was 1 consistent feedback. I mean, of course, they in 2023, they saw strong momentum. The SAP practice was growing faster than anything else in their portfolio. While we were already working with them in 2023 to ramp up capacity. And that will continue in 2024. We will give them access to our academies, we will also launch further enablement programs, we will also onboard further partners for RISE. We just today shared a few announcements on who is joining also here our RISE movement. So there's a lot of traction in the ecosystem.

是的，穆罕默德，謝謝你的提問。我的意思是，達沃斯非常有幫助，讓我們在短短 3 天的時間裡見到了我們所有的合作夥伴。並且有 1 個一致的回饋。我的意思是，當然，他們在 2023 年看到了強勁的勢頭。 SAP 實踐的成長速度比其產品組合中的其他任何項目都快。雖然我們已經在 2023 年與他們合作以提高產能。這種情況將在 2024 年繼續下去。我們將讓他們進入我們的學院，我們還將推出進一步的支援計劃，我們還將為 RISE 招募更多合作夥伴。今天我們剛剛發布了一些關於誰也加入我們的 RISE 運動的公告。因此，生態系統有很大的吸引力。

Now for 2024, indeed, we are actually reviewing especially for the large enterprise customers, we are reviewing the transformation, the fit to standard BTP adoption. And also where we're promising all our partners are also ramping up on our AI practices, as they are seeing what is coming on development for Business AI, which now also needs to come to adoption. So they're investing into SAP as they also remain very confident for the years to come, also looking at the pipeline we are driving together. So yes, there were some capacity challenges, but we are working heavily with our partners to ramp up further capacity.

事實上，現在到 2024 年，我們實際上正在審查，特別是針對大型企業客戶，我們正在審查轉型，以及是否適合標準 BTP 採用。此外，我們向所有合作夥伴承諾，他們也會加強我們的人工智慧實踐，因為他們看到了商業人工智慧的發展前景，而商業人工智慧現在也需要被採用。因此，他們正在投資 SAP，因為他們對未來幾年仍然充滿信心，同時也關注我們共同推動的管道。所以，是的，確實存在一些產能挑戰，但我們正在與合作夥伴大力合作，以進一步提高產能。

Right. Thank you, and this concludes our call for today. Thanks for joining.

正確的。謝謝大家，我們今天的電話會議到此結束。感謝您的加入。

Thanks a lot.

多謝。

Ladies and gentlemen, the conference is now concluded.

女士們、先生們，會議現在結束了。