SAP SE (SAP) 2022 Q4 法說會逐字稿

Good morning, everyone. I'm Oliver Roll. I'm SAP's Chief Comps Officer. Thank you so much for being with us today, either in the room or for those of you joining via our streaming platform. For those of you in the room, I think some of you were here a few years ago, it's so nice to be in person again. So thank you again for joining us.

大家，早安。我是奧利弗·羅爾。我是 SAP 的首席財務官。非常感謝你們今天和我們在一起，無論是在房間裡還是通過我們的流媒體平台加入。對於在座的各位，我想你們中的一些人幾年前就來過這裡，再次親臨現場真是太好了。再次感謝您加入我們。

In a moment, we'll have comments from our CEO, Christian Klein; from our CFO, Luka Mucic. A couple of things before we start. One, please note that this session is being recorded. And then secondly, please note that all figures are non-IFRS and all growth rates are non-IFRS at constant currency, unless we state otherwise.

稍後，我們的首席執行官 Christian Klein 將發表評論；來自我們的首席財務官 Luka Mucic。在我們開始之前有幾件事。第一，請注意本次會議正在錄製中。其次，請注意，除非我們另有說明，否則所有數據均為非 IFRS，所有增長率均為非 IFRS 固定匯率。

Once we finish the remarks, we'll hand it over to you for questions. (Operator Instructions) So with that, Christian, hello, welcome, and over to you.

完成評論後，我們會將其交給您提問。 （操作員說明）因此，克里斯蒂安，你好，歡迎，然後交給你。

Thank you, Oliver. First of all, I would like to wish everyone a happy and a healthy new year. And indeed, Oliver was this week, 2 times in the canteen and I have to say the canteen was packed and it feels so much better to be back also together and also to have you all here now with us for our annual press conference.

謝謝你，奧利弗。首先，祝大家新年快樂，身體健康。事實上，Oliver 這週在食堂裡去了 2 次，我不得不說食堂裡擠滿了人，回到一起感覺好多了，現在還有你們和我們一起參加我們的年度新聞發布會。

I would like to keep my opening speech pretty short to also allow time for questions. I have 3 buckets, which I would like to outline very quickly about financials, about strategy and portfolio, and of course, to talk also a little bit about our outlook in the years to come. I mean let's start with financials and let the numbers tell the story. And here, I mean, we have a chart prepared which with 2 lines, which actually also tell the story best. I mean we started with a significant relaunch of our strategy 2 years ago. Luka and I also gave our shareholders, our investors a promise give us 2 years to transform SAP into a true cloud company.

我希望我的開場白盡量簡短，以便有時間提問。我有 3 個桶，我想快速概述一下財務、戰略和投資組合，當然，也談談我們未來幾年的展望。我的意思是讓我們從財務開始，讓數字來講述故事。在這裡，我的意思是，我們準備了一張圖表，其中有 2 條線，實際上也最能說明問題。我的意思是我們從 2 年前開始對我們的戰略進行重大重新啟動。盧卡和我還向我們的股東、我們的投資者承諾，我們將在 2 年內將 SAP 轉變為一家真正的雲公司。

And we will sit here then in -- after 2 years and will also deliver strongly then also on the bottom line. Now if someone would have asked Luka and myself, what in the meantime, could happen in the world, we would never ever have expected a terrible war in Russia, followed by the exit of SAP in Russia, we would probably also never have predicted the high inflation environment we are living now in here and, of course, also COVID was still coming up, but of course, not to that extent was not expected.

然後我們將坐在這裡 - 2 年後，也將在底線上實現強勁表現。現在，如果有人問盧卡和我，與此同時，世界上會發生什麼，我們永遠不會預料到俄羅斯會發生一場可怕的戰爭，隨後 SAP 在俄羅斯退出，我們可能也永遠不會預料到我們現在生活在高通脹環境中，當然，COVID 仍在出現，但當然，不會達到預期的程度。

And still, we delivered on our promise. We didn't change our revenue guidance despite all the macroeconomic curve balls we had and we also now guided today for double-digit operating profit. And I can share with you that transforming a company of that size is never easy. You can find easily also examples where maybe the transformation didn't happen. Now SAP reached a very important tipping point showing and proving to all of our employees, first of all, where I'm very proud of that they are supporting this transformation in such a substantial way but also showing to our customers, partners and investors that SAP is now a true cloud company.

儘管如此，我們還是兌現了承諾。儘管我們擁有所有宏觀經濟曲線球，但我們沒有改變我們的收入指導，我們現在也指導了兩位數的營業利潤。我可以與您分享，轉型這樣規模的公司絕非易事。您還可以輕鬆找到可能未發生轉換的示例。現在 SAP 達到了一個非常重要的轉折點，向我們所有的員工展示和證明，首先，我為他們以如此實質性的方式支持這一轉變而感到自豪，同時也向我們的客戶、合作夥伴和投資者展示SAP 現在是一家真正的雲公司。

And when you look at the numbers in Q4 I mean our current cloud backlog, it's EUR 12 billion for today. Also, we're going to report for the first time, our total cloud backlog amounting to EUR 34 billion, which is in the books and giving us a high predictability for the years to come. And out of that, we also then, of course, guiding and accelerating cloud and total revenue for the year 2023, which is not the case for others when you're just looking across the tech industry. And then again, I guess, even more important for Luka, but of course, also with my support, we were very keen, of course, also to transforming our portfolio and to scale and reach also our promise of delivering also solid double-digit operating profit growth, and there was a lot of work going on in 2022 which is now paying off.

當你看第四季度的數字時，我指的是我們目前的雲積壓，今天是 120 億歐元。此外，我們將首次報告，我們的雲積壓總計達 340 億歐元，這在賬面上，讓我們對未來幾年有很高的可預測性。除此之外，我們當然還會指導和加速 2023 年的雲計算和總收入，而當您只關注整個科技行業時，其他人的情況並非如此。然後，我想，這對 Luka 來說更重要，但當然，在我的支持下，我們非常熱衷於改變我們的產品組合，擴大規模並實現我們的承諾，即實現穩定的兩位數增長營業利潤增長，2022 年進行了大量工作，現在正在見效。

If we continue to our strategy and portfolio. Last week, it's like years or months ago, was Davos. And of course, as [Aviato,] CEO I attended a lot of panels and attended a lot of forums and if you believe Davos is solving in 1 week, all the challenges of this world, I guess this is too high of an expectation. But what you can do is to collect ideas into verify is your company on track. And now we're focusing with our technology on the most pressing needs of our customers.

如果我們繼續我們的戰略和投資組合。上週，就像幾年或幾個月前一樣，是達沃斯。當然，作為 [Aviato] 首席執行官，我參加了很多座談會和論壇，如果你相信達沃斯將在 1 週內解決這個世界上的所有挑戰，我想這是過高的期望。但是您可以做的是收集想法以驗證您的公司是否走上正軌。現在，我們正專注於用我們的技術滿足客戶最緊迫的需求。

And yes, we do. And this is why we're also so confident about the year to come because when you look at the first pillar. A few weeks back, I was in Brazil and talked to a chemical company called Unigal. Complete change of their business model as -- we are doing it in the tech industry and replicate it to thousands of our customers, and they want to become one of the largest green hydrogen provider in the world. So they need our solutions to change their upstream and downstream processes in their company. But even more, they said, hey, we want to deliver this green hydrogen to Germany, and Germany wants for me a certificate to show that the hydrogen is green.

是的，我們有。這就是為什麼我們對來年也如此有信心，因為當你看到第一根支柱時。幾週前，我在巴西與一家名為 Unigal 的化學公司交談。徹底改變他們的商業模式——我們正在科技行業這樣做，並將其複制給我們成千上萬的客戶，他們希望成為世界上最大的綠色氫供應商之一。因此，他們需要我們的解決方案來改變他們公司的上下游流程。但更重要的是，他們說，嘿，我們想把這種綠色氫氣運送到德國，德國要我一張證明氫氣是綠色的證書。

So they need our sustainability solutions to deliver transparency across Scope 1 and Scope 2 around carbon footprint and is the hydrogen at the end of the day, really green, and we are doing this together with them. Last week, I met the Ukraine government in Davos, and we announced our partnership where we have to quickly deliver access to our network where we are helping them to build a very resilient medical supply chain for the people in Ukraine who need help, who need medical supply and they're doing this with our business network where we have millions of suppliers and buyers.

因此，他們需要我們的可持續發展解決方案，以圍繞碳足跡在範圍 1 和範圍 2 中提供透明度，最終是氫，真正的綠色能源，我們正在與他們一起做這件事。上週，我在達沃斯會見了烏克蘭政府，我們宣布了我們的合作夥伴關係，我們必須快速提供對我們網絡的訪問，我們正在幫助他們為需要幫助的烏克蘭人民建立一個非常有彈性的醫療供應鏈，他們需要醫療供應，他們正在通過我們擁有數百萬供應商和買家的業務網絡來做到這一點。

And as you also have heard about Catena, we are now doing this to the automotive industry, but also with our Minister Habeck, I talked last week that we want to replicate this now to manufacturing and chemical. And now this is going to be a very big business for SAP. And I call it actually this could become also the Amazon of the B2B world. And these topics, they are really relevant these days for our customers, and they are driving our portfolio. But look at the customer logos here on that slide. And I know SAP is known for running the world's largest enterprises. And yes, we do.

正如你也聽說過 Catena，我們現在正在對汽車行業這樣做，而且我上週還與我們的哈貝克部長談過，我們現在想將其複製到製造業和化學工業。現在這對 SAP 來說將是一項非常大的業務。我稱它實際上也可能成為 B2B 世界的亞馬遜。而這些主題，如今與我們的客戶非常相關，並且正在推動我們的產品組合。但是看看那張幻燈片上的客戶徽標。我知道 SAP 以運營世界上最大的企業而聞名。是的，我們有。

I mean this morning, BMW announced a strategic partnership with SAP, they are going all in on SAP. And again, our transformation is not only a technical shift to the cloud. I cannot emphasize that often enough. What we are doing with BMW is actually automating the factories, the manufacturing where we are using our AI to really make sure that on the shop floor, also with predictive maintenance, we are giving them the capabilities to offset inflation pressure to increase productivity, we are infusing predictive capabilities into the finance planning scenarios.

我的意思是，今天早上，寶馬宣布與 SAP 建立戰略合作夥伴關係，他們將全力投入 SAP。再一次，我們的轉型不僅僅是向雲的技術轉變。我不能經常強調這一點。我們與 BMW 所做的實際上是使工廠自動化，我們正在使用我們的人工智能真正確保在車間，還有預測性維護，我們正在賦予他們抵消通貨膨脹壓力以提高生產力的能力，我們正在將預測能力融入財務規劃場景中。

We are helping them to build a resilient supply chain. And of course, we are working with Olive and team on also helping them on ESG transparency what I just mentioned before. We have Porsche. We Lockheed, where we are together with Google, building one data layer for Lockheed Martin to steer the business in real time to optimize inventory in seconds and not in months. And just to give you some flavors that this is not only a shift to the cloud, this is much more to that. But also very important is the new SAP is also about that also small and midsized customers come to us in the cloud.

我們正在幫助他們建立一個有彈性的供應鏈。當然，我們正在與 Olive 和團隊合作，幫助他們提高我之前提到的 ESG 透明度。我們有保時捷。我們洛克希德，我們與穀歌一起，為洛克希德馬丁建立一個數據層，以實時指導業務，在幾秒鐘而不是幾個月內優化庫存。只是為了給您一些感覺，這不僅是向雲的轉變，而且遠不止於此。但同樣非常重要的是，新的 SAP 也是關於中小型客戶在雲中來找我們的。

We have go-lives in weeks and months, Doctolib, (inaudible) replacement, we did last quarter is now live, full live -- fully live end-to-end use now our ERP, our S/4HANA cloud solution to scale their business to expand their business in order to also make the next step in their company evaluation. If we then move on why we are further working on optimizing our portfolio. 2 years back, we almost started with 0 cloud business in our core. The business technology platform and we heard the criticism was a platform, which was not built for integration.

我們在數周和數月內上線，Doctolib，（聽不清）替代品，我們上個季度所做的現在已經上線，完全上線——完全上線端到端使用現在我們的 ERP，我們的 S/4HANA 雲解決方案來擴展他們的業務擴展他們的業務也是為了對他們的公司進行下一步評估。如果我們繼續前進，為什麼我們要進一步努力優化我們的投資組合。 2 年前，我們的核心幾乎是 0 雲業務。業務技術平台和我們聽到的批評是一個平台，它不是為集成而構建的。

In the meantime, we put a lot of work, engineering work into this platform. It's the foundation of our portfolio. 80% of our deals are having the business technology platform with it where we not only integrate our modular cloud applications to increase agility, to increase speed for adoption to shorten time to value for our customers. Not like in the on-premise world where it sometimes took years to implement the huge system we are offering, but also to also extend the solution.

與此同時，我們在這個平台上投入了大量的工作和工程工作。這是我們產品組合的基礎。我們 80% 的交易都擁有業務技術平台，我們不僅在其中集成模塊化雲應用程序以提高敏捷性，提高采用速度，從而縮短為客戶實現價值的時間。不像在內部部署的世界中，有時需要數年時間才能實施我們提供的龐大系統，而且還要擴展解決方案。

This is a movement where our ecosystem where Accenture, Deloitte, the IBMs of the world and look at what Microsoft this week announced the 50% growth of the SAP business, they are with us and building side-by-side new innovations on top of this platform because the ERP per se, wants where we mission-critical, but also complex business scenarios. And extension is key and this is why this is such an important pillar. Now we are seeing the win rate in ERP, 90% growth in S/4HANA cloud. Q4, again, an acceleration. We see win rates whenever we connect our lines of businesses, to the core, what SAP does, but -- and this is also a very difficult decision to take.

這是一個運動，我們的生態系統中埃森哲、德勤、世界 IBM 以及微軟本周宣布 SAP 業務增長 50%，他們與我們並肩建立新的創新。這個平台因為ERP本身，要在我們關鍵任務的地方，還要有復雜的業務場景。擴展是關鍵，這就是為什麼這是一個如此重要的支柱。現在我們看到了 ERP 的成功率，S/4HANA 雲增長了 90%。 Q4，再次加速。每當我們將我們的業務線連接到核心時，我們就會看到贏率，就像 SAP 所做的那樣，但是——這也是一個非常難以做出的決定。

We see other areas where we still see optimization. And while we are very confident to deliver on our outlook on 2023, also with the higher recurring revenue share we have in the meantime, sometimes, you also have to make decisions to look beyond 2023. And this is where we said we also going to make the difficult decision to do a restructuring. And I saw a quote this week where Satya said, technology industry is really unforgiving. And we as the Executive Board of SAP, just want to make sure that SAP is never behind in the places where it matters for SAP's future.

我們看到了我們仍然看到優化的其他領域。雖然我們非常有信心實現 2023 年的展望，同時我們擁有更高的經常性收入份額，但有時，您還必須做出展望 2023 年以後的決定。這就是我們所說的我們還將做出重組的艱難決定。本週我看到了 Satya 所說的一句話，科技行業真的是無情的。作為 SAP 的執行委員會，我們只想確保 SAP 在對 SAP 的未來至關重要的領域永遠不會落後。

And this is why we are doing a target restructuring. It's not performance-based. It's targeted restructuring where we are optimizing our portfolio. We are winning in CRM in certain places every time when we connect our CRM capabilities to the supply chain to inventory, where we are coming with our industry expertise. But we have other places where we can still optimize our portfolio in the CRM and the industry portfolio. And this is what we are doing. This has very moderate impact on 2023, but it allows us also in the years to come to deliver further on our commitments on the financial side, but also, of course, allows us to invest into the areas where it matters for SAP to be even more competitive in the future.

這就是我們進行目標重組的原因。它不是基於性能的。它是有針對性的重組，我們正在優化我們的投資組合。每當我們將 CRM 功能與供應鍊和庫存聯繫起來時，我們就會在某些地方贏得 CRM，我們將在這些地方獲得我們的行業專業知識。但我們還有其他地方可以優化我們在 CRM 和行業組合中的組合。這就是我們正在做的。這對 2023 年的影響非常溫和，但它也讓我們能夠在未來幾年進一步兌現我們在財務方面的承諾，當然，也讓我們能夠投資於對 SAP 至關重要的領域，以實現平衡未來更具競爭力。

And with SAP, it's never getting boring, so we have more news to share today. We also announced the intent to explore a sale of our stake in Qualtrics. So why? Look, when we acquired Qualtrics a few years back, we acquired, for sure, the best product in the experience management market. With triple sales since then we actually have a very successful partnership, both on the technology and on the go-to-market side. And with wine and (inaudible) the team there, we definitely also have the best team who actually also is living and pleasing experience management.

有了 SAP，它永遠不會變得無聊，所以我們今天有更多新聞要分享。我們還宣布有意探索出售我們在 Qualtrics 的股份。所以為什麼？看，當我們幾年前收購 Qualtrics 時，我們當然收購了體驗管理市場上最好的產品。從那時起，我們的銷售額翻了三倍，實際上我們在技術和上市方面都建立了非常成功的合作夥伴關係。有了葡萄酒和（聽不清）那裡的團隊，我們肯定也擁有最好的團隊，他們實際上也是生活和令人愉悅的體驗管理。

Now why did we jointly make this decision? On the one hand side, (inaudible) Said, Hey, great partnership with SAP, and we already had this in mind when we did the IPO back then and said, yes, but we want to do even more partnerships like that. We are seeing that we want to invest into our capabilities in the core where we see high win rates where we can further expand our market share. And at the end of the day, we said, hey, we can do what we are doing today, continue our partnership -- but then what we can also do, we can enhance the value for our shareholders, which was the most important factor, which led to this decision.

為什麼我們要共同做出這個決定？一方面，（聽不清）說，嘿，與 SAP 的良好合作夥伴關係，我們在當時進行 IPO 時就已經想到了這一點，並說，是的，但我們希望建立更多這樣的合作夥伴關係。我們看到我們希望在我們看到高贏率的核心領域投資於我們的能力，我們可以進一步擴大我們的市場份額。在一天結束的時候，我們說，嘿，我們可以做我們今天正在做的事情，繼續我們的伙伴關係——但我們還可以做的是，我們可以為我們的股東提高價值，這是最重要的因素，這導致了這個決定。

And this is why we are doing it. To continue to create partnership that we have, but also to do what is right, what we believe is right for our shareholders. So finally, we are the #1 enterprise application company. And when I see the growth rates in the core, when I see the net new names joining us, when I see the partners coming into this, when I see how our products evolve and when I see -- when I look at our leadership team, and we got some new additions to the family over the last 2 or 3 years, I could not be more happy about the state of where we are.

這就是我們這樣做的原因。繼續建立我們現有的合作夥伴關係，同時做正確的事情，我們認為對我們的股東來說是正確的。所以最後，我們是排名第一的企業應用程序公司。當我看到核心業務的增長率時，當我看到新名字加入我們時，當我看到合作夥伴加入進來時，當我看到我們的產品如何發展時，當我看到——當我看到我們的領導團隊時, 在過去的 2 或 3 年裡，我們家裡又添了一些新成員，我對我們現在的處境感到非常高興。

We are confident about 2023 despite the difficult macroeconomic environment. And again, Luka and I both agree that despite a lot of curveballs we had in the last 2 years, we never adjusted our revenue guidance once, and we delivered and we delivered on our promise also on the bottom line. And this is where I would like to thank you our over 100,000 employees worldwide because, again, we are also changing their daily lives. And this is a transformation also is a lot of change. And I'm very, very happy to lead this company and we were happy about the support we are seeing day in and day out. Talking about support. It's a pretty emotional day.

儘管宏觀經濟環境艱難，但我們對 2023 年充滿信心。再一次，盧卡和我都同意，儘管過去兩年我們遇到了很多曲線球，但我們從未調整過一次收入指導，我們兌現了承諾，我們也在底線兌現了承諾。在這裡，我要感謝我們全球超過 100,000 名員工，因為我們也在改變他們的日常生活。這是一個轉變也是一個很大的變化。我非常非常高興領導這家公司，我們很高興看到日復一日的支持。談論支持。這是非常情緒化的一天。

I guess, for Luka even more than I do. We just said, let's -- it's our last stance. And yes, I mean I would like to thank Luka for 37's earnings, this is a lot and but even more so, not only for the partnership, I mean, we know each other for a pretty long time. I also have to thank Luka for his mentorship. And again, being a CFO and supporting such a tremendous shift in our strategy was also not easy.

我想，對盧卡來說比我更喜歡。我們只是說，讓我們——這是我們的最後立場。是的，我的意思是我要感謝 Luka 為 37 帶來的收入，這很多，但更重要的是，不僅是因為合作關係，我的意思是，我們彼此認識了很長時間。還要感謝Luka的指導。再一次，作為首席財務官並支持我們戰略的如此巨大轉變也並不容易。

And -- but we were in this together and Luka. Many, many thanks also for your personal support. And I wish you only the best for everything what is coming. I guess the world tour is coming with your daughter and then where we're happy to hear that. And now, again, many, many things, Luka, and over to you.

而且 - 但我們和 Luka 在一起。非常非常感謝您的個人支持。我希望你對即將到來的一切都最好。我想世界巡演將和你的女兒一起進行，然後我們很高興聽到這個消息。現在，再一次，很多很多事情，盧卡，交給你了。

Yes. Thank you very much, Christian. So at least you saved the last dance for me. That's nice and to also quote another statement from the music industry. The great and late John Lennon once said, in the end, everything will be okay. If it's not okay, it's not the end. This is indeed for me the end, but everything is okay for SAP, and that's the most important thing.

是的。非常感謝你，克里斯蒂安。所以至少你為我留了最後一支舞。這很好，還要引用音樂行業的另一句話。已故的偉大約翰列儂曾說過，到頭來，一切都會好起來的。如果還不好，那還不算結束。這對我來說確實是結束了，但對SAP來說一切都還好，這才是最重要的。

I'm actually proud that I have the chance to leave the company that I owe a lot for at a position where we have come positively out of tremendous transformation and are actually now in a position to reap the fruits from it. And -- that's essentially what you see covered in our numbers. As Christian already highlighted, we hit all of our outlook promises for 2022. On the top line, despite the headwind that we got from our exit of Russia as well as the divestiture that we did in Q4. on the bottom line, again, despite significant headwinds that we also draw from the exit of Russia, which was a very profitable and also cash-generating market for us in the past.

我真的很自豪我有機會離開這家我欠了很多債的公司，我們已經從巨大的轉型中積極地走出來，實際上現在能夠從中收穫成果。而且 - 這基本上就是您在我們的數字中看到的內容。正如克里斯蒂安已經強調的那樣，我們實現了 2022 年的所有前景承諾。最重要的是，儘管我們從俄羅斯退出以及我們在第四季度進行的資產剝離中遇到了不利因素。最重要的是，儘管我們也從俄羅斯的退出中汲取了巨大的阻力，俄羅斯過去對我們來說是一個非常有利可圖且能產生現金的市場。

So despite the fact that due to the exit from Russia, we had to adjust in April, our guidance for operating profit. If you make the math and include the impact that this exit had we would have comfortably met also the original guidance outlook on profit without this event unfolding. But for me, more important is the position that we are in when we look into the future. It's very important to see that we closed a very strong year in terms of our cloud order entry, and we ended the year with 24% constant currency adjusted growth despite the fact that we had a 1.5% roughly headwind from the exit of Russia as well as the divestiture of Litmos that closed in Q4.

因此，儘管由於退出俄羅斯，我們不得不在 4 月份調整我們的營業利潤指導。如果你計算一下並包括這次退出所產生的影響，那麼在沒有發生這一事件的情況下，我們也可以輕鬆地達到最初的利潤指導前景。但對我來說，更重要的是我們在展望未來時所處的位置。很重要的一點是，我們在雲訂單輸入方面結束了非常強勁的一年，儘管我們在俄羅斯退出方面也遇到了 1.5% 的逆風，但我們以 24% 的固定貨幣調整增長結束了這一年作為第四季度結束的 Litmos 資產剝離。

Christian has talked about the strength in the total cloud backlog a multiyear view of that current cloud backlog, which only extends to 12 months, which grew even higher, 35% at nominal rates against a nominal current cloud backlog growth of 27%. So there, you can see the trend towards larger transactions with multiyear ramps of the type of the arrangement that we just closed with BMW.

Christian 談到了雲積壓總量的優勢，這是對當前云積壓的多年看法，僅延長至 12 個月，增長速度甚至更高，名義增長率為 35%，而當前云積壓的名義增長率為 27%。所以在那裡，你可以看到我們剛剛與寶馬達成的那種安排類型的多年斜坡交易的趨勢。

We had many of those large transactions in the fourth quarter and in 2022. Actually, in Q4, for the first time, our share of large orders above EUR 5 million of total cloud order entry reached 50% and that is giving us, of course, a lot of visibility also beyond 2023 and is underpinning the great prospects that we are seeing.

我們在第四季度和 2022 年進行了許多這樣的大額交易。實際上，在第四季度，我們超過 500 萬歐元的大額訂單在雲訂單輸入總量中的份額首次達到 50%，這當然給了我們，2023 年以後還有很多能見度，並且正在支撐我們所看到的廣闊前景。

We also see, of course, continued outsized growth in our core ERP cloud product. As Christian said, of years ago, that was a rounding error in our cloud figures. Now it's already from a backlog performance, the largest of our single cloud business is still growing at very, very high rates, 82% backlog growth at the end of the year. Actually in Q4, even higher revenue growth. So still accelerating to 90% growth, 79% and full year and next year, so in 2023, it will also not only from a backlog, but also on the revenue side be the largest of our cloud businesses.

當然，我們也看到我們的核心 ERP 雲產品持續大幅增長。正如 Christian 所說，多年前，這是我們的雲數據中的捨入誤差。現在已經從積壓表現來看，我們最大的單一云業務仍在以非常非常高的速度增長，年底積壓增長了 82%。實際上在第四季度，收入增長甚至更高。所以仍然加速到 90% 的增長，79% 和全年和明年，所以在 2023 年，它不僅會積壓，而且在收入方面將成為我們最大的雲業務。

And that underpins the success of the business transformation. We also see already now a reacceleration of total revenue growth. We ended up at 5%. And at constant currencies, last year was 3%. This year will be also further better. You see that in our guidance. I will come to that in a second. So now we are entering the second leg of our business transformation in which we will see acceleration, both on the top as well as on the bottom line. And very important, the predictability of our business increases as well.

這為業務轉型的成功奠定了基礎。我們現在也已經看到總收入增長的重新加速。我們最終達到了 5%。按固定匯率計算，去年為 3%。今年也會更好。您在我們的指南中看到了這一點。我會在一秒鐘內談到這一點。因此，現在我們正在進入業務轉型的第二階段，我們將在頂部和底部看到加速。非常重要的是，我們業務的可預測性也在增加。

We increased our share of predictable revenues by 4% during the year. So close to 80% of our revenues are already now highly resilient, highly shielded from macro challenges and very predictable. That will further increase at the same rate to already 83% in 2023. But for us, it has been always very important to also stay focused on the key nonfinancial indicators that we use to drive our business. As you will know, we are considered a leader in the sustainability space in our industry and beyond, and therefore, aspects around supporting the mitigation of climate risk, supporting diversity, supporting the impact that we're having from a social perspective have always been high on our agenda.

我們在這一年中將可預測收入的份額增加了 4%。我們近 80% 的收入現在已經具有高度彈性，高度免受宏觀挑戰的影響並且非常可預測。到 2023 年，這一比例將以同樣的速度進一步增長，達到 83%。但對我們來說，始終關注我們用來推動業務發展的關鍵非財務指標始終非常重要。如您所知，我們被認為是我們行業及其他領域可持續發展領域的領導者，因此，圍繞支持減輕氣候風險、支持多樣性、支持我們從社會角度產生的影響方面一直是在我們的議程中佔據重要位置。

And we have continued to make progress in this respect in driving down our carbon emissions and have also made progress on the diversity front with bringing the Women in Management ratio up to close to 30%. Now which is actually up more than 4 percentage points from where we were just 5 years ago in 2017. You see nevertheless, also on the nonfinancial front that the world is a challenging place these days. There's a lot of volatility and uncertainty economically in the world. And we see that expressed also like many other companies in our employee engagement index, which remains at a very healthy level.

我們在這方面繼續取得進展，降低了我們的碳排放量，並且在多元化方面也取得了進展，將女性管理人員的比例提高到接近 30%。現在，這實際上比 5 年前的 2017 年高出 4 個百分點以上。儘管如此，在非金融領域，當今世界也是一個充滿挑戰的地方。世界經濟存在很多波動性和不確定性。我們看到，與我們的員工敬業度指數中的許多其他公司一樣，該指數也保持在非常健康的水平。

But we continue to be focused on this and on engaging with our employees to make sure they have assurance that SAP is moving into the right direction that we help them also through difficult times, which are sometimes inevitable and the same on the customer front where we also have to have the same focus. Now just very briefly, I wanted to kind of give you a little bit of a view of how powerful, actually, the underlying business transformation is in terms of its prospects for the future.

但我們將繼續專注於此，並與我們的員工合作，以確保他們確信 SAP 正在朝著正確的方向前進，我們也幫助他們度過困難時期，這有時是不可避免的，在我們的客戶方面也是如此也必須有相同的重點。現在非常簡單地，我想給你一點看法，實際上，就其未來前景而言，潛在的業務轉型有多麼強大。

And in order to do so, I've decided to give you here a rolling 4-quarter view, which helps to bring down the volatility of single quarters our key revenue, profit and margin metrics. I've done that here now at nominal rates, but at constant currency, it would not look dramatically different. And what you can clearly see is you look back to the end of 2021, when we had just 1 year after the significant strategy change that we jointly announced Christian and I under the belt. We wanted to achieve 3 things.

為了做到這一點，我決定在這裡給你一個滾動的 4 季度視圖，這有助於降低我們主要收入、利潤和利潤率指標的單個季度的波動性。我現在已經以名義利率在這裡完成了這項工作，但以固定匯率計算，它看起來並沒有太大的不同。你可以清楚地看到，回顧 2021 年底，當時我們與克里斯蒂安和我共同宣布實施重大戰略變革僅過去一年。我們想實現三件事。

First of all, accelerate our move to the cloud, and that will come along with accelerated cloud revenue growth. Secondly, we wanted to invest properly in that growth opportunity, in particular in organic innovation, but also appropriate sales and marketing capacity. And in increased efficiency and resiliency of our cloud infrastructure. And we were clear with the capital markets that this accelerated shift to the cloud would mean more muted revenue growth at the total company level for 2 years and then followed by acceleration. And on the profit side, it would lead to 2 years of flat to slightly declining operating profit. while we were working on the increasing efficiency of the underlying business and hence, gross margin progression to then actually reap the fruit. And when you look back the last 2 years, this is essentially exactly what you're seeing at work now. In the cloud, we continuously increased our growth momentum through the last 2 years coming out of the pandemic impacts.

首先，加快我們向雲的遷移，這將伴隨著雲收入的加速增長。其次，我們希望對該增長機會進行適當的投資，特別是在有機創新方面，以及適當的銷售和營銷能力。以及提高我們的雲基礎設施的效率和彈性。我們對資本市場很清楚，這種加速向雲的轉變將意味著 2 年內整個公司層面的收入增長更加緩慢，然後是加速。而在利潤方面，這將導致 2 年營業利潤持平或略有下降。當我們致力於提高基礎業務的效率並因此提高毛利率，然後實際收穫成果時。當您回顧過去 2 年時，這基本上就是您現在在工作中看到的情況。在雲端，在過去 2 年裡，我們在擺脫大流行影響的情況下不斷增加增長勢頭。

Actually, in the total revenue in cloud and software revenue line, we did better than I would have expected, in particular due to the strong resiliency of our support business that and a very strong cloud revenue growth puts us actually ahead of our midterm ambition. So we're operating despite the volatile times out of a position of strength. But on the profit side, which I know has been subject of a lot of debate and a lot of attention by the media and the capital markets, you can actually see that our cloud business continues to amplify its contribution in terms of gross profits with even higher growth than on the revenue side.

實際上，在雲和軟件收入線的總收入中，我們的表現比我預期的要好，特別是由於我們支持業務的強大彈性以及非常強勁的雲收入增長使我們實際上領先於我們的中期目標。因此，儘管處於強勢地位的動盪時期，我們仍在運營。但在利潤方面，我知道這一直是媒體和資本市場爭論和關注的主題，你實際上可以看到我們的雲業務在毛利潤方面繼續擴大其貢獻，甚至增長高於收入方面。

And that helps the total gross profit of the company also very well. On the operating profit line, yes, the investments in R&D and sales and marketing have dampened the progress. And of course, in 2022, we had the curve ball from our exit of Russia on top of everything else. But now the curve is bending upwards clearly, what we have seen in Q4 2022 in a rolling 4 quarter view looking back to the entire year will actually significantly further accelerate as we move now into 2023. And why is that? Because the underlying health and efficiency of our business lines has further increased all of the gross margins from a 4-rolling-quarter perspective, looking back 2 years out, have increased even the one in our software and support business despite all of the declines that we have seen in this business so far.

這對公司的總毛利也有很大幫助。在營業利潤線上，是的，研發、銷售和營銷方面的投資阻礙了進展。當然，在 2022 年，我們從俄羅斯出口中獲得了曲線球。但現在曲線明顯向上彎曲，隨著我們現在進入 2023 年，我們在 2022 年第四季度的滾動 4 季度視圖中看到的全年回顧實際上將進一步顯著加速。這是為什麼？因為我們業務線的潛在健康和效率從 4 個滾動季度的角度進一步提高了所有毛利率，回顧 2 年，儘管出現了所有下滑，但我們的軟件和支持業務甚至有所增長到目前為止，我們已經在這項業務中看到了。

So as we are now moving to a state where the incremental investments in R&D and sales and marketing capacity are moderating, then we will see the full strength of the underlying efficiency of those business models coming through and ultimately returning the outsized growth in profit while continuing to accelerate on the total revenue and the cloud revenue line for us in the next coming years. And that brings me then as a final point to the outlook, which we have published.

因此，隨著我們現在正進入研發和銷售和營銷能力的增量投資正在放緩的狀態，那麼我們將看到這些商業模式的潛在效率的全部力量通過並最終恢復利潤的超額增長，同時繼續在未來幾年加速我們的總收入和雲收入線。這讓我對我們已經發布的展望提出了最後一點看法。

I think we are keeping the promise, which has been very important for me as well with continued strong growth in the cloud based on our strong backlog performance, up to 25% at the high end at constant currencies, an acceleration on the revenue line. Again, 2022, we closed 4% of cloud software revenue growth at constant currencies, the guide for 2023 is for 6% to 8% and then the double-digit operating profit that we had always committed. But for me, the most important factor is, again, the increased resilience and predictability of the business with an 83% highly predictable revenue share.

我認為我們信守諾言，這對我來說也非常重要，基於我們強勁的積壓表現，雲計算持續強勁增長，按固定匯率計算，高端業務增長高達 25%，收入線加速。同樣，到 2022 年，我們以固定貨幣計算實現了 4% 的雲軟件收入增長，2023 年的指導是 6% 到 8%，然後是我們一直承諾的兩位數營業利潤。但對我來說，最重要的因素再次是業務的彈性和可預測性提高，收入份額為 83% 高度可預測。

Our midterm ambition on that metric for 2025 is for approximately 85%. So we are well ahead, as we have said on other metrics and occasions to reach and perhaps then exceed this metric as well. So with that, let me just close with a view, first of all, on the continued commitment of our nonfinancial metrics. This year will be, and I'm proud of that, the year in which we will reach 0 emissions across SAP in its own operations.

我們對 2025 年該指標的中期目標是大約 85%。所以我們遙遙領先，正如我們在其他指標和場合所說的那樣，達到並可能超過這個指標。因此，讓我首先談談我們對非財務指標的持續承諾。今年將是，我為此感到自豪，我們將在 SAP 自身的運營中實現零排放。

So we are well on our path to achieve the net 0 across our entire value chain by 2030 and we will stay focused on customer satisfaction and employee engagement, but acknowledge that in the current difficult times that will be a job on which we will need to remain focused. Finally, before we hand over to Q&A, I also wanted to express my thanks and appreciation to all of you to the media community for the always constructive and respectful dialogue that we had over the past many years.

因此，我們正朝著到 2030 年在整個價值鏈中實現淨零的目標邁進，我們將繼續專注於客戶滿意度和員工敬業度，但我們承認，在當前的困難時期，這將是一項我們需要做的工作保持專注。最後，在我們進行問答環節之前，我還想對媒體界的各位表示感謝和讚賞，感謝你們在過去多年中始終保持建設性和相互尊重的對話。

I certainly always try to do my best to provide you transparency about where we are going as a company and where our current performance lies and where the strategy is leading us I hope that I've achieved that target despite, of course, all of the volatility that we have seen in the last few years.

我當然總是盡我最大的努力讓你透明地了解我們作為一家公司的發展方向、我們目前的業績所在以及戰略引領我們的方向我希望我已經實現了這個目標，當然，所有的我們在過去幾年看到的波動。

And also the unprecedented transformation of our company in the time but it was always a pleasure and the privilege and thank you for allowing me to really stay close to you throughout all of this time.

還有當時我們公司前所未有的轉型，但這始終是一種榮幸和榮幸，感謝您讓我在這段時間裡真正與您保持親密關係。

And with that, I think we are ready for Q&A, and thank you for your attention.

至此，我想我們已經準備好進行問答了，感謝您的關注。

Thanks, Luka. Thanks, Christian. (Operator Instructions) too. So why don't we start over here -- hello from Reuters. Could you just also state your name and who you're writing for?

謝謝，盧卡。謝謝，克里斯蒂安。 （操作員說明）也是。那麼，為什麼我們不從這裡開始——來自路透社的問候。你能不能也說出你的名字和你為誰寫信？

Hakan Ersen from Reuters. I have 2 questions on the job cuts. First, since when is that job -- as when did you have them the last time? And the second one is you said that you look beyond 2023. What do you see there for your company and the sector as a whole when you're cutting 3,000 jobs? Or did you just over hire like some of the other tech companies?

路透社的哈坎·埃爾森。我有 2 個關於裁員的問題。首先，那份工作是從什麼時候開始的——比如你上次是什麼時候做的？第二個是你說你展望 2023 年以後。當你裁員 3,000 人時，你對你的公司和整個行業有什麼看法？還是您只是像其他一些科技公司一樣過度招聘？

I start, Luka, you build on it. Look, we definitely didn't over hire and you see that our business is over proportionately growing. But as I said, and look, this is never an easy decision to do a restructuring. But for us, it's very important to also set our CRM and industry business up for success.

我開始，盧卡，你在此基礎上繼續努力。看，我們絕對沒有過度招聘，你會看到我們的業務按比例增長。但正如我所說，並且看，這絕不是一個輕鬆的重組決定。但對我們來說，讓我們的 CRM 和行業業務取得成功也非常重要。

And order to allow SAP to be even gaining further market share in the area where it matters to this company. And this led to this decision. And while we are, of course, doing restructuring, we are still continuing to invest, which is the right thing to do because you cannot just freeze the company or you cannot just springle your investments that would be absolutely the wrong thing to do. And that's what led to this. What I'm seeing for the tech sector, it depends. I mean, the tech sector is big. And while in the pandemic, there was a huge focus on digitizing the front office, and we benefited from that also in our commerce business.

並且為了讓 SAP 在對該公司重要的領域獲得更多的市場份額。這導致了這個決定。當然，在我們進行重組的同時，我們仍在繼續投資，這是正確的做法，因為你不能只是凍結公司，或者你不能只是啟動你的投資，這絕對是錯誤的做法。這就是導致這種情況的原因。我對科技行業的看法取決於情況。我的意思是，科技行業很大。在大流行期間，人們非常關注前台的數字化，我們的商業業務也從中受益。

Now it's a lot about automation and the core business processes to offset inflation pressure. I mean, there is huge pressure on many bottom lines. And the guidance you have seen from us today is something, I guess, pretty substantial because we feel the pressure as well. So but our technology helps. And we are betting on our technology, of course, inside, but thousands of other customers are now investing in doing the same on to the further automation increase productivity, supply chain sustainability.

現在有很多關於自動化和核心業務流程來抵消通貨膨脹壓力。我的意思是，許多底線面臨著巨大的壓力。我想您今天從我們這裡看到的指導是相當重要的，因為我們也感受到了壓力。所以，但我們的技術有所幫助。當然，我們在內部押注我們的技術，但現在還有成千上萬的其他客戶正在投資做同樣的事情，以進一步實現自動化，提高生產力，供應鏈的可持續性。

And that's why when you are in this part of the business, I actually see healthy growth rates. And while other parts of the tech industry may be seeing now a more like moderate growth but for us, it's very important that we see we are actually at the heart of what our customers now need and that's what also leads to the confident outlook.

這就是為什麼當你從事這部分業務時，我實際上看到了健康的增長率。雖然科技行業的其他部分現在可能看到更像是溫和的增長，但對我們來說，非常重要的是，我們看到我們實際上處於客戶現在需要的核心，這也導致了自信的前景。

Yes. And just to add on top of this, I think you made a good -- you posed a good question that when was the last bigger restructuring at SAP. It happened in 2019, and it was a very different program. In 2019, we had a company-wide restructuring where we had offered mass early retirement options and also significant voluntary programs.

是的。除此之外，我認為你做得很好——你提出了一個很好的問題，即 SAP 上一次更大規模的重組是什麼時候。它發生在 2019 年，是一個非常不同的項目。 2019 年，我們在全公司範圍內進行了重組，我們提供了大量的提前退休選擇和重要的自願計劃。

We are not doing this time because we don't have a broad restructuring need we have one that is very targeted to specific areas of the company in order to be able to still appropriately invest in our core growth areas and still satisfy the commitments that we, of course, have made to our shareholders, including also for accelerating profit growth as we move beyond 2023, you have asked for the future beyond 2023, SAP is set up in a real sweet spot at the moment.

這次我們沒有這樣做，因為我們沒有廣泛的重組需求，我們有一個非常針對公司特定領域的重組需求，以便能夠繼續適當地投資於我們的核心增長領域，並仍然履行我們的承諾，當然，已經向我們的股東提出，包括在我們超越 2023 年時加速利潤增長，你已經要求 2023 年以後的未來，SAP 目前處於真正的最佳位置。

We've seen the strong growth in our total cloud backlog. We see great momentum entering into 2023. Our visibility in terms of the share of predictable revenues is getting better. And clearly, we have an ambition in the future years to also deliver on the further promise that is actually to see the revenue and profit growth further accelerating also beyond 2023. For that, the program will provide a meaningful benefit will result in run rate savings of EUR 300 million to EUR 350 million as of 2024. But the main purpose is really to continue to invest properly so that the growth stays as positive as it is currently, and we are very confident in that.

我們已經看到了我們的總雲積壓的強勁增長。我們看到進入 2023 年的勢頭強勁。我們在可預測收入份額方面的知名度越來越高。很明顯，我們在未來幾年也有志於兌現進一步的承諾，即在 2023 年之後進一步加速收入和利潤增長。為此，該計劃將帶來有意義的好處，從而節省運行率到 2024 年將達到 3 億歐元至 3.5 億歐元。但主要目的確實是繼續進行適當的投資，以便保持目前的增長勢頭，我們對此非常有信心。

Thank you. I think you have a question. Bottom right -- that's it.

謝謝。我想你有一個問題。右下角——就是這樣。

Okay. Just to follow up. So why is the program so expensive, you mentioned not to pay for early retirement program. So where do the costs come from?

好的。只是為了跟進。那麼為什麼該計劃如此昂貴，您提到不支付提前退休計劃的費用。那麼成本從何而來？

Well, first of all, I don't think that it's expensive. We are calculating with EUR 250 million to EUR 300 million in 2019, where we had I think, a little bit more than 1,000 more. We paid actually over EUR 1 billion. So there you can see already that it's in line with the size of the program. And it consists obviously of severances to those who are subject of the program and also to a certain extent to the acceleration of equity vesting and that sums up to that amount.

好吧，首先，我不認為它很貴。我們正在計算 2019 年的 2.5 億至 3 億歐元，我認為我們有 1,000 多一點。我們實際上支付了超過 10 億歐元。所以你已經可以看到它符合程序的大小。它顯然包括對計劃對象的遣散費，以及在一定程度上加速股權歸屬，總計達到該數額。

Was there another question here at the front, I saw a hand up, Peter?

前面還有其他問題嗎，我看到有人舉手了，彼得？

Sebastien (inaudible). Well, 2 questions. First one, concerning Qualtrics. What did not materialize. I mean you bought the company, they intended to go public. Yes, it grew -- but certainly, there's some things that you expected that didn't come to fruition. And the second question would be when it comes to the restructuring, you're often talking about CRM and not going the way that you actually hope for, is that also a possibility to, well, use the money that you will probably get from selling Qualtrics to invest in M&A and basically find something that will help you more in the -- on the CRM side, then probably Qualtrics did, which was probably something that you also were hoping for.

塞巴斯蒂安（聽不清）。好吧，2個問題。第一個，關於Qualtrics。什麼沒有實現。我的意思是你買了公司，他們打算上市。是的，它在增長——但當然，有些事情你期望沒有實現。第二個問題是，當涉及到重組時，你經常談論 CRM 而不是按照你真正希望的方式進行，這是否也有可能，好吧，使用你可能從銷售中獲得的錢Qualtrics 投資併購，基本上找到可以在 CRM 方面為您提供更多幫助的東西，然後 Qualtrics 可能做了，這可能也是您所希望的。

Look, what led to this decision to now consider a potential sale of Qualtrics. When we did the IPO, back then we already knew that this probably will not be the last step. And I mean the numbers are proving it. Qualtrics reported last night, the earnings, they're making great progress, both on the top and bottom line as well. But we also -- what we actually together actually figured out also over time is that, hey, we can continue exactly what we are doing today we are building integration of Qualtrics data into our products.

看，是什麼導致了現在考慮潛在出售 Qualtrics 的決定。當我們進行 IPO 時，我們已經知道這可能不會是最後一步。我的意思是數字正在證明這一點。 Qualtrics 昨晚報告了收益，他們在收入和利潤方面都取得了很大進展。但我們也——我們實際上一起發現的是，隨著時間的推移，我們可以繼續我們今天正在做的事情，我們正在將 Qualtrics 數據集成到我們的產品中。

We now can real-time ask end users of S/4HANA about the feedback, and it's incredibly important for us to have the sentiment data for many other customers out there as well. And we're also going to continue our go-to-market partnership. Nothing will change. But what you can also see, I mean, we have a lot of ideas to further expand and accelerate our growth in the core. And that will, of course, allow us to double down on our investments into where SAP is currently super strong at and where our customers are also asking us, Hey, do more. When you would ask our product owners these days, they have a lot of ideas on AI, on certain transformation capabilities on the business network.

我們現在可以實時詢問 S/4HANA 的最終用戶有關反饋的信息，而且對於我們來說，擁有許多其他客戶的情緒數據也非常重要。我們還將繼續我們的上市合作夥伴關係。什麼都不會改變。但是你也可以看到，我的意思是，我們有很多想法可以進一步擴展和加速我們在核心領域的增長。當然，這將使我們能夠加倍投資到 SAP 目前超級強大的領域，以及我們的客戶也要求我們的領域，嘿，做更多。這些天當你問我們的產品負責人時，他們對 AI 和業務網絡上的某些轉換功能有很多想法。

I mean we have so much potential there and also think about one thing. Also this discussion around Pioneer. We also have to realize, when you compare our market now to the market 10 years ago, there was a web company, and there was a blue company. And now there are more. And I guess it's super important to have this focus and to see us winning where it really matters to give SAP also a very bright future, and we are on a very good track.

我的意思是我們在那裡有很大的潛力，同時也在考慮一件事。這也是圍繞先鋒的討論。我們還必須意識到，當您將我們現在的市場與 10 年前的市場進行比較時，有一家網絡公司，還有一家藍色公司。現在還有更多。而且我認為擁有這種關注並看到我們在真正重要的地方獲胜對 SAP 也有一個非常光明的未來非常重要，而且我們正處於一個非常好的軌道上。

And trust me today, Luka and I would also love to talk to about different things, but sometimes we have to make this very difficult decisions to strengthening where you are super strong at and to let things go while and this is not the end of the world, you can still continue your partnership with Qualtrics and again, we also believe that this is, at the end, also the best for our shareholders, both on the Qualtrics and the SAP side, something we should also, of course, always have in mind when we are doing these decisions.

相信我，盧卡和我今天也很樂意談論不同的事情，但有時我們必須做出這個非常艱難的決定來加強你超強的地方並放手，而這並不是結束世界，你仍然可以繼續與 Qualtrics 的合作夥伴關係，我們也相信，這最終對我們的股東來說也是最好的，無論是在 Qualtrics 還是 SAP 方面，我們當然也應該始終擁有當我們做這些決定時，請牢記在心。

Yes. And I think that's important. I think we see an opportunity to crystallize more value both for Qualtrics shareholders as well as for SAP shareholders because honestly speaking, we are super satisfied with our collaboration and with the momentum that Qualtrics has enjoyed.

是的。我認為這很重要。我認為我們看到了為 Qualtrics 股東和 SAP 股東創造更多價值的機會，因為老實說，我們對我們的合作以及 Qualtrics 所享有的勢頭非常滿意。

We're not sure whether the market is at the moment in this setup, giving the right recognition, both for SAP as well as for Qualtrics for this success. And I think crystallizing this value through a sale might help on both ends while at the same time, giving us the ability to invest in further assets that are close to the core. In general, our M&A philosophy in the future if we decide to invest parts or the whole of any proceeds that we get into an acquisition has evolved over time.

我們不確定市場目前是否處於這種設置中，對 SAP 和 Qualtrics 的成功給予了正確的認可。而且我認為通過出售來明確這種價值可能對兩端都有幫助，同時讓我們能夠投資更多接近核心的資產。總的來說，如果我們決定將我們獲得的任何收益的部分或全部投資於收購，我們未來的併購理念會隨著時間的推移而演變。

It's now way more focused on strengthening our strengths and strengthening the areas in which we have very simple synergies because our sales force is aware of how to sell those products in which we have limited technology legacy that we have to overcome so if we engage in any acquisitions, it is always going to be way more likely to happen in areas that are close to our core. That's important to note.

它現在更加專注於加強我們的優勢和加強我們具有非常簡單的協同作用的領域，因為我們的銷售人員知道如何銷售那些我們必須克服的有限技術遺產的產品，所以如果我們參與任何收購，它總是更有可能發生在靠近我們核心的地區。這一點很重要。

And I guess one final remark. When you compare SAP to our peers, there is no lack of market for us. I mean we are dancing on so many fronts. I mean we are an intelligence brand. We are in ERP. We are in supply chain. We are in CRM in dedicated markets focused where we see the win rates are high, not everywhere, but where it makes sense to win customers like co-op who trust in us to also understand retail and drive customer loyalty and customer retention.

我想最後要說的是。當您將 SAP 與我們的同行進行比較時，我們不乏市場。我的意思是我們在很多方面都在跳舞。我的意思是我們是一個情報品牌。我們在 ERP 中。我們在供應鏈中。我們在專注於 CRM 的專用市場中，我們看到獲勝率很高，但並非無處不在，但有必要贏得像合作社這樣信任我們的客戶，他們也了解零售並提高客戶忠誠度和客戶保留率。

And so there is enough market and it's very important for us to also make sure that in these markets, we have enough investment and that we use partners to help us to expand our portfolio. And that's also so much different. Our ecosystem actually has seen even higher growth in the last year, and that's also a mindset shift where we are constantly reminding our product owners about, hey, the coat can come also from partners what products can come.

因此，有足夠的市場，對我們來說，確保在這些市場上有足夠的投資並利用合作夥伴幫助我們擴大投資組合也非常重要。這也有很大的不同。我們的生態系統實際上在去年實現了更高的增長，這也是一種心態轉變，我們不斷提醒我們的產品所有者，嘿，外套也可以來自合作夥伴什麼產品可以來自。

You can position partner solutions as much as SAP solution, that's going to be beautiful because we are enhancing our value and I guess this is the way to go and to even strengthen our competitiveness in the market.

您可以像 SAP 解決方案一樣定位合作夥伴解決方案，這將是美好的，因為我們正在提升我們的價值，我想這是要走的路，甚至可以加強我們在市場上的競爭力。

So let's take a question that's a few questions are coming in of our streaming platform. If you have questions in the room, just raise your hand. I've got you. So this is a question Luka, probably we'll start with you from of [Hal Kasella, of the Plateau Brief.] And how worried are we about activist investors like Elliott focusing on the software and tech sectors and what factors are protecting us from those kinds of investors?

因此，讓我們提出一個問題，即我們的流媒體平台出現了一些問題。如果您在會議室中有任何問題，請舉手。我有你。所以這是一個問題 Luka，我們可能會從 [Hal Kasella，Plateau Brief 的] 開始。我們對像 Elliott 這樣專注於軟件和技術領域的維權投資者有多擔心，以及哪些因素保護我們免受影響那些類型的投資者？

Well, first of all, I think in general, the best strategy for having a constructive dialogue with investors of whatever taste is actually to keep the promise. To have a clear and consistent articulation of a strategy so that investors have transparency around what to expect the company and then delivering against that.

好吧，首先，我認為總的來說，與任何口味的投資者進行建設性對話的最佳策略實際上是信守諾言。對戰略有清晰一致的闡述，以便投資者對公司的期望具有透明度，然後據此兌現。

And in the last 2.5 years, I would argue that we have exactly followed the playbook of our strategy and we have delivered operationally. And from that perspective, as long as we continue to do this, I think we will have support and we will also have positive engagement with our shareholders as we are enjoying it today. I know that this question is certainly based also in part on the fact that we had actually investment from Elliott in SAP a couple of years ago. And I must say we had a constructive engagement with them then.

在過去的 2.5 年裡，我認為我們完全遵循了我們的戰略劇本，並且我們已經實現了運營。從這個角度來看，只要我們繼續這樣做，我認為我們就會得到支持，我們也會像今天一樣與股東積極接觸。我知道這個問題當然也部分基於這樣一個事實，即幾年前我們實際上從 Elliott 投資了 SAP。我必須說我們當時與他們進行了建設性的接觸。

We seek to have this constructive engagement with any investor. That is part of our shareholder roster. And I think constructive engagement and transparency are the right recipe whoever -- the counterpart is not only on the shareholder side, the same goes with customers or the press for that matter as well.

我們尋求與任何投資者進行這種建設性的接觸。那是我們股東名冊的一部分。而且我認為建設性的參與和透明度是正確的秘訣，不管是誰——對方不僅是股東一方，客戶或媒體在這方面也是如此。

So let's go back to the room [Havila] from DPA.

那麼讓我們回到DPA 的[Havila] 房間。

Yes. Just a short question regarding your customers. Your Net Promoter Score decreased in the last year. So what do you think what was the reason for this? And what are your plans to achieve a better result this year?

是的。只是一個關於您的客戶的簡短問題。您的淨推薦值在去年有所下降。那麼您認為這是什麼原因呢？您今年有什麼計劃要取得更好的成績？

First of all, you have seen our customer NPS increasing in the first half year, and then there was a slight slowdown in the second half. We announced a moderate price increase and price increase never popular. And so -- but I also have to say also there, and we discussed this heavily. We increased prices about 3%. Is this enough to cover our pressure we are getting from inflation. No, it's not enough.

首先，大家看到上半年我們的客戶NPS在增加，然後下半年略有放緩。我們宣布適度漲價，漲價絕非人氣。所以——但我也必須在那裡說，我們對此進行了深入討論。我們將價格提高了約 3%。這足以彌補我們從通貨膨脹中獲得的壓力嗎？不，這還不夠。

Are peers of us doing much more? Oh, yes, they are doing much more. But we are saying, okay, let's do it more in a moderate way. Still, of course, customers are never happy. But we also believe that over the mid and long term, we are doing then the right thing because at the end, we, of course, want to do also more business together, we want to go in a way together. And that's why we took the step and what we are seeing in the results, when you break it 1 level down, it's exactly this impact what we have seen in the half year, too.

我們的同齡人做得更多嗎？哦，是的，他們做得更多。但我們說，好吧，讓我們以適度的方式做更多。當然，客戶永遠不會開心。但我們也相信，從中長期來看，我們正在做正確的事情，因為最後，我們當然也想一起做更多的生意，我們想在某種程度上一起走。這就是我們採取這一步驟的原因以及我們在結果中看到的，當你將它分解為 1 個級別時，這正是我們在半年中看到的影響。

So I have another question coming in online from the register and it's referring to a Gartner comment that 69% of S/4HANA has not been licensed for the ECC clients according to Q3 data. And will we extend the 2027 ECC support deadlines are you able to answer that question?

所以我有另一個問題來自註冊在線，它指的是 Gartner 的評論，根據第三季度的數據，69% 的 S/4HANA 尚未獲得 ECC 客戶的許可。我們會延長 2027 年 ECC 支持截止日期嗎？您能回答這個問題嗎？

No, we will not extend. And look, at the end, why? Customers are asking us to put a lot of R&D dollars into new innovations. And we -- again, there is a long list of what we have in mind to deliver on AI to deliver on user experience, delivering new capabilities around the supply chain and sustainability.

不，我們不會延長。最後，看看為什麼？客戶要求我們將大量研發資金投入到新的創新中。我們 - 再一次，我們有很多想法要通過人工智能來提供用戶體驗，提供圍繞供應鍊和可持續性的新功能。

And for us, it's very important that we convince our customers to move with us with value on good business cases. And SAP is the only software vendor in the ERP space, who still gives a commitment for on-prem until 2040. There is no other one who gives such a commitment and that also cost us money. In a world like that, we are investing over EUR 1 billion in localization, EUR 1 billion. And because there are geopolitical tensions, there are legal requirements coming up here and there everywhere. China, India, I mean there is so much change and -- but we gave the commitment that we are not leaving one customer behind.

對我們來說，說服我們的客戶在良好的商業案例上與我們一起移動是非常重要的。 SAP 是 ERP 領域中唯一一家仍然承諾在 2040 年之前提供內部部署的軟件供應商。沒有其他公司做出這樣的承諾，這也讓我們付出了金錢。在這樣的世界中，我們在本地化方面的投資超過 10 億歐元，10 億歐元。而且由於存在地緣政治緊張局勢，到處都有法律要求。中國、印度，我的意思是變化如此之大——但我們承諾不會讓一個客戶掉隊。

But at a certain point in time, we also have to make sure that we are moving together. And this is why we are working so hard. And when I look at Wise and the success there, I mean, customers are moving with us. And I heard the number, I can share you the -- inofficial the internal numbers there. looking very good because we see a lot of customers now who are making -- or were starting the way with us to move to S/4HANA. And again, there is choice. There is a choice between on-prem are wanting hybrid landscapes, big time.

但在某個時間點，我們還必須確保我們一起前進。這就是我們如此努力工作的原因。當我看到 Wise 和那裡的成功時，我的意思是，客戶正在與我們一起移動。我聽到了這個號碼，我可以和你分享——那裡的非官方內部號碼。看起來非常好，因為我們現在看到很多客戶正在製作 - 或者正在開始與我們一起遷移到 S/4HANA。再一次，有選擇。在本地和想要混合景觀之間有一個選擇，很重要。

But of course, we also move a lot of customers to a much more agile landscape in the cloud. And this is, of course, the commitment what we as SAP also will continue to give.

但當然，我們也將許多客戶轉移到雲中更加敏捷的環境中。當然，這也是我們作為 SAP 也將繼續給予的承諾。

I will take -- I'll come back to those of you on the streaming platform or calls, your question, please.

我會接受 - 我會在流媒體平台或電話上回复你們中的那些人，請問你的問題。

Is it on yes? And I got a question for the -- no, for the restructuring. We all know these early retirement programs we always had. And I know Mr. Mucic, you already said something about that, but I want -- could you make it more clear why you don't do it that way now?

是嗎？我有一個關於——不，關於重組的問題。我們都知道我們一直有這些提前退休計劃。我知道 Mucic 先生，你已經說過一些關於這個的事情，但我想 - 你能更清楚地說明為什麼你現在不那樣做嗎？

Look, the early retirement programs that we have done in the past, they were pursuing a different target and objective in 2019, but also in 2015, we actually had broad-based programs where the main target was actually to reduce headcount. This is not our objective. When you offer an early retirement program, then you have to do it based on objective criteria and you have to offer it in a broad-based fashion.

看，我們過去所做的提前退休計劃，他們在 2019 年追求不同的目標，但在 2015 年，我們實際上有基礎廣泛的計劃，其主要目標實際上是減少員工人數。這不是我們的目標。當您提供提前退休計劃時，您必鬚根據客觀標准進行，並且必須以廣泛的方式提供。

This is a very targeted approach that we are having on single areas of our business. It's not geographically focused. It's really focused on topics and therefore, an early retirement program would not be the right means to go after it. It's really surgical and targeted on the business areas that we have to harmonize and consolidate and get to a more efficient status.

這是我們在業務的單一領域採用的一種非常有針對性的方法。它不以地理為中心。它真正專注於主題，因此，提前退休計劃不是追求它的正確方式。它確實是手術式的，針對的是我們必須協調和整合併達到更高效狀態的業務領域。

And one remark, we talked so much about diversity. And what SAP needs to be successful is diversity. And we talk a lot about talent. Talent doesn't mean they need to be -- have a certain age I mean I give you one example. Our supply chain business is heavily successful these days. On the sales side, led by a gentleman called Burn Brandle. He's here since -- I don't even know, but for a long time, and I need these people like him because he has so much expertise.

還有一點，我們就多樣性談了很多。而 SAP 需要成功的是多樣性。我們經常談論人才。才華並不意味著他們需要——有一定的年齡我的意思是我給你舉個例子。如今，我們的供應鏈業務非常成功。在銷售方面，由一位名叫 Burn Brandle 的先生領導。他在這裡——我什至不知道，但很長一段時間了，我需要像他這樣的人，因為他擁有如此多的專業知識。

When we are selling, we understand this business inside out, and I need him to transfer his message to the next generation and to the next generation. And (inaudible) and these people have an incredible contribution to the success of these companies, and you need new people coming in with new ideas or with new skills. We talked in the morning about cyber, and we are bringing this together but this diversity is at the end, what makes us so successful. And this is why we need all of them young, old, mid-aged young. I don't know. But we need everyone.

當我們銷售時，我們對這項業務瞭如指掌，我需要他將他的信息傳遞給下一代和下一代。而且（聽不清）這些人對這些公司的成功做出了不可思議的貢獻，你需要新的人帶著新想法或新技能進來。我們在早上討論了網絡，我們正在將其整合在一起，但這種多樣性在最後，是什麼讓我們如此成功。這就是為什麼我們需要所有年輕人、老年人、中年年輕人。我不知道。但我們需要每個人。

As this is also a discussion what we have internally, and I want to really emphasize that here, we need everyone.

因為這也是我們內部的討論，我想在這裡真正強調的是，我們需要每個人。

So there's a couple of questions that came in on the tool, and they're very similar. Could you give us a sense of the 3,000 positions that we've been talking about? What are some of the areas being deemphasized?

因此，該工具出現了幾個問題，它們非常相似。您能給我們介紹一下我們一直在談論的 3,000 個職位嗎？哪些領域被忽視了？

Yes. When we talked about CRM and industry and look oftentimes when we are winning, it's with our industry capabilities. When you -- we have here, by the way, if some of you have time, I would welcome to look into our manufacturing showcase here, where you're going to see from the design of a product to the delivery to the logistics, how we can digitize this core process of our customers end-to-end.

是的。當我們談論 CRM 和行業時，我們經常會看到我們獲勝的原因是我們的行業能力。順便說一下，如果你們有時間的話，我很樂意在這裡參觀我們的製造展示櫃，在那裡你們將看到從產品設計到交付再到物流，我們如何端到端地數字化客戶的這一核心流程。

And always when we lead with industry, we are going to win. Same is in the CRM. But then we also have areas where we're actually competing stand-alone, less success. So we want to focus double down on these areas where we see strong win rates in CRM. And there, we're also going to invest is very important. But then we also see overlaps between the industry solutions and the CRM solutions. We cannot always serve 25 industries with our own apps.

當我們引領行業時，我們總是會贏。在 CRM 中也是如此。但我們也有一些領域，我們實際上是在獨立競爭，不太成功。因此，我們希望將重點放在我們在 CRM 中看到高贏率的這些領域。在那裡，我們也將投資非常重要。但隨後我們也看到了行業解決方案和 CRM 解決方案之間的重疊。我們不能總是用我們自己的應用服務於 25 個行業。

And this is where we are now putting the teams together with a clear portfolio in mind, looking at the win rates and going to make sure that we invest more efficiently, invest in the white spots -- and that is one of the areas where we're going to say, hey, and difficult decision to make. We can also rationalize our business there, and that's one main area. And the second area is when you look at our customer success, we brought huge teams together.

這就是我們現在將團隊放在一起的地方，考慮到一個清晰的投資組合，看看獲勝率，並確保我們更有效地投資，投資於白點——這是我們的領域之一會說，嘿，很難做出決定。我們還可以在那里合理化我們的業務，這是一個主要領域。第二個方面是當你看到我們的客戶成功時，我們將龐大的團隊聚集在一起。

And in the transformation, you invest and we invested heavily in the last 2 years. But of course, there are certain things in the operating model of a nonprem business compared to a cloud business, which you also over time need to harmonize and where you need to shift. And we do a lot with free skilling, but also there, we doubled down on and have to say, yes, we can also there be as a company, a bit more efficient, more productive. And this is actually 2 of the main factors, what led into this decision to do a restructuring.

在轉型中，你們在過去 2 年進行了大量投資，我們也進行了大量投資。但是，當然，與雲業務相比，非預置業務的運營模式中有某些東西，隨著時間的推移，你也需要協調這些東西，並且需要轉移到哪裡。我們在自由技能方面做了很多工作，但在那裡，我們加倍努力，不得不說，是的，我們也可以作為一家公司，更有效率、更有生產力。這實際上是導致做出重組決定的兩個主要因素。

Is there another question in the room?

房間裡還有其他問題嗎？

Now it's working. I have a question about artificial intelligence and diverse. There have been many discussions about how a new generation of AI, generative AI can change business. And I would like to hear if there are any internal discussions about how it can change the SAP business? And if so, if there are any projects that you're working on?

現在它正在工作。我有一個關於人工智能和多樣化的問題。關於新一代 AI、生成式 AI 如何改變業務的討論很多。我想听聽是否有關於它如何改變 SAP 業務的內部討論？如果是這樣，您是否正在從事任何項目？

I mean, internally, I mean, definitely, there's a lot of talk about ChatGPT. And I guess I have to give kudos to OpenAI because they actually managed to somehow also create a completely different perspective on what is possible with AI, talking about our business. Now, I don't believe that such technology can code by its own new logistics app or a new supply chain app but I would not go that far.

我的意思是，在內部，我的意思是，肯定有很多關於 ChatGPT 的討論。而且我想我必須讚揚 OpenAI，因為他們實際上設法以某種方式也創造了一個完全不同的視角來看待 AI 的可能性，談論我們的業務。現在，我不相信這種技術可以通過自己的新物流應用程序或新供應鏈應用程序進行編碼，但我不會走那麼遠。

But where it can help, we get millions of tickets about how to questions. And we're definitely going to see that AI is capable and this kind of technology is capable to automate a lot to drive efficiency, productivity there by a huge factor. We are translating our software into over 100 languages, much more than that. Are we actually partnering and using such technology to drive further automation there? Absolutely. We are growing our business, but we are not growing the amount of the people in -- for such an activity for such localization activities.

但在它可以提供幫助的地方，我們獲得了數百萬張關於如何提問的票。我們肯定會看到人工智能有能力，這種技術能夠實現很多自動化，從而大大提高效率和生產力。我們正在將我們的軟件翻譯成 100 多種語言，遠不止於此。我們真的在合作並使用這種技術來推動那裡的進一步自動化嗎？絕對地。我們正在發展我們的業務，但我們並沒有增加參與此類本地化活動的人數。

And so these are only 2 examples, but we can also foresee some examples on of course, digital assistants are very important questions and search. It's very key also in the SAP world. So there are multiple scenarios where we are doing a lot of research but of course, we're also now implementing more and more practical use cases as part of our portfolio.

所以這些只是 2 個例子，但我們當然也可以預見一些例子，數字助理是非常重要的問題和搜索。它在 SAP 世界中也非常重要。因此，我們正在對多種場景進行大量研究，但當然，我們現在也在實施越來越多的實際用例，作為我們產品組合的一部分。

Anything else in the room? We're getting to? Okay. So there's a -- can you just give us a sense because you did comment on this briefly in your comments. But at the macro level, talk to us a little bit about the demand of tech and kind of the different perspectives we're seeing in terms of the general customer demand for tech in this environment that we're currently in.?

房間裡還有別的嗎？我們要到了嗎？好的。所以有一個 - 你能不能給我們一個感覺，因為你在你的評論中做了簡短的評論。但在宏觀層面上，請與我們談談技術需求，以及我們在目前所處環境中對技術的一般客戶需求方面所看到的不同觀點。

When we look into Q4, and I guess, Luka, it's fair to say, when SAP would have been the company, it was 2.5 years ago, we would be in trouble because to justify an on-premise business case with a lot of CapEx investment is not easy these days. And a lot of CFOs clearly watching the spend and which is also going into IT. So it's definitely not an easy place out there.

當我們研究第四季度時，我想，盧卡，可以公平地說，當 SAP 成為公司時，那是 2.5 年前，我們會遇到麻煩，因為要證明具有大量資本支出的內部部署業務案例是合理的現在投資不容易。許多首席財務官清楚地關注著支出，以及哪些也進入了 IT 領域。所以這絕對不是一個容易的地方。

But in the cloud, first of all, it's a different way. We are changing the license model. But on top, as I said, for me, it's just very important. You can talk about AI day in and day out but at the end, it's very important that our product owners can explain us, what does it do to the business? What does it do? And this is, for us, very important that we have technology, which is not nice to have, but relevant, very relevant. And this is what we have in the areas which I already outlined a few times.

但在雲中，首先，它是一種不同的方式。我們正在更改許可模型。但最重要的是，正如我所說，對我來說，這非常重要。你可以日復一日地談論人工智能，但最後，我們的產品負責人可以向我們解釋它對業務有什麼作用，這一點非常重要。它有什麼作用？對我們來說，擁有技術非常重要，擁有技術並不好，但相關，非常相關。這就是我們在我已經概述過幾次的領域中所擁有的。

And then, of course, we see when you talk to other decision-makers CEOs these days, I mean, will be the industries where the growth will go down? Absolutely will be the other industries where digitization is at the forefront, and they will grow their business, absolutely. So this is not something where you can say everything will develop in the same linear way, but I'm actually cautiously optimistic because -- look at the Inflation Reduction There. Now we can complain all day about, hey, why is the U.S. doing that?

然後，當然，這些天當你與其他決策者 CEO 交談時，我的意思是，增長會下降的行業是什麼？絕對會是數字化處於最前沿的其他行業，他們絕對會發展自己的業務。所以這不是你可以說一切都會以相同的線性方式發展的東西，但我實際上持謹慎樂觀的態度，因為 - 看看那裡的通貨膨脹減少。現在我們可以整天抱怨，嘿，美國為什麼要這樣做？

What they are doing is they are investing into the energy transition, which is, from my perspective, the right thing to do, if you pump money into the economy, do it for the right things, do it to fight the climate change, they do it. They -- as also part of the U.S. business roundtable, I mean they are pumping a lot of money into tech. Now given the size, I mean, we're in Europe, there's SAP, and there are a few more, but they understand the public sector can be way more efficient if they digitize in a consequent manner.

他們正在做的是他們正在投資能源轉型，在我看來，這是正確的事情，如果你向經濟注入資金，為正確的事情做，為應對氣候變化而做，他們做吧。他們——作為美國商業圓桌會議的一部分，我的意思是他們正在向科技領域投入大量資金。現在考慮到規模，我的意思是，我們在歐洲，有 SAP，還有更多，但他們明白，如果他們以相應的方式進行數字化，公共部門的效率會更高。

So they are doing this. Now I have to say, looking at Europe in the last months, there were clearly some good decisions as well. And this is not going to mean to go into a trade war, that would be bad for everyone. We have enough of that. when you look at U.S. and China, but it's about fighting this environment of very high inflation and helping, especially those companies in the mid-market, the German Mittelstand, for example, who really need it when you look at the energy prices.

所以他們正在這樣做。現在我不得不說，看看過去幾個月的歐洲，顯然也有一些好的決定。這並不意味著要打一場貿易戰，那對每個人都不利。我們受夠了。當你看美國和中國時，但它是關於與這種高通脹環境作鬥爭和幫助，特別是那些中端市場的公司，例如德國中小型企業，當你看能源價格時，他們確實需要它。

And so I would say there is a lot of action also now coming from the public sector from government, which is good. They should do it together, build bridges is very important these days because especially as Germany is an export nation, we should really be keen on keeping this. And so I'm cautiously optimistic, but of course, it's depending on which industry you are in, depending on which part in the tech sector you are in, it's a very, very different situation out there.

所以我想說政府的公共部門現在也採取了很多行動，這很好。他們應該一起做，如今建立橋樑非常重要，因為特別是德國是一個出口國，我們真的應該熱衷於保持這一點。所以我持謹慎樂觀的態度，但當然，這取決於你所處的行業，取決於你所處的科技行業的哪個部分，這是一個非常非常不同的情況。

Thanks, Christian. Thanks, Luka. Thank you to all -- go on, (inaudible), you've got the last word.

謝謝，克里斯蒂安。謝謝，盧卡。謝謝大家——繼續，（聽不清），你說了算。

After the third quarter figures, you said you would give an adjusted outlook for midterm outlook for 2025 because of the strong cloud transition. Now you postpone this outlook, is that a sign the macroeconomic lows are larger? Or what is it?

在第三季度數據公佈後，您表示由於強勁的雲過渡，您將對 2025 年的中期前景進行調整。現在你推遲這個前景，這是宏觀經濟低點更大的跡象嗎？或者它是什麼？

Absolutely not. What we also said is it's -- our last earnings today, there is a new CFO coming in. And what we always said, we want to also wait for the new CFO, for Dominic I guess, Luka already mentioned it, when you see the recurring revenue share. When you -- I mean, our midterm guidance is based on a 22% growth CAGR in the cloud. When you look at what we delivered last year and what we are going to deliver this year, we are ahead of plan, and we are very confident to also overachieve this plan.

絕對不。我們還說的是——我們今天的最後一次收益，有一位新的首席財務官上任。我們一直說，我們也想等待新的首席財務官，我猜是多米尼克，盧卡已經提到了，當你看到經常性收入份額。當你——我的意思是，我們的中期指導是基於雲中 22% 的複合年增長率。當您查看我們去年交付的內容和今年將要交付的內容時，我們超前於計劃，我們也非常有信心超額完成該計劃。

But now we also announced the intent to sell Qualtrics. And so we said, hey, let's put this together. And by Sapphire, you have my commitment. We are going to update and also our outlook together then with Dominic, and this is now the accrete plan we had. Also with the buy-in from Luka and that's.

但現在我們也宣布了出售 Qualtrics 的意向。所以我們說，嘿，讓我們把它放在一起。藍寶石，你有我的承諾。我們將與多米尼克一起更新我們的前景，這是我們現在的具體計劃。還有來自 Luka 的買入等等。

There is just a very easy answer. Generously agreed to give Dominic a great start at SAP.

只有一個非常簡單的答案。慷慨地同意讓 Dominic 在 SAP 有一個良好的開端。

Okay, thanks for the questions. So thank you all for joining us. Hey, wherever you are in the world. Thank you for streaming in for those of you here in Walldorf, we'd love you to join us for about to and a drink, and we'll all be meeting in the building that's right next to this one. So thank you. Have a great rest of your day.

好的，謝謝你的問題。感謝大家加入我們。嘿，無論你在世界的哪個角落。感謝您為在瓦爾多夫的這些人流媒體直播，我們希望您能加入我們一起喝一杯，我們都將在這棟大樓旁邊的大樓見面。所以謝謝。祝您度過愉快的一天。

Thank you.

謝謝。