SAP SE (SAP) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q2 2023 Earnings Conference Call. (Operator Instructions). I would now like to turn the conference over to Anthony Coletta, Chief Investor Relations Officer. Please go ahead.

女士們先生們，感謝你們的支持。歡迎並感謝您參加 SAP 2023 年第二季度收益電話會議。 （操作員說明）。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 day, everyone, and welcome. Thank you for joining us. With me today are CEO, Christian Klein; CFO, Dominik Asam and Scott Russell, who leads Customer Success.

大家好，歡迎光臨。感謝您加入我們。今天和我在一起的有首席執行官 Christian Klein；首席財務官 Dominik Asam 和領導客戶成功的 Scott Russell。

On this call, we will discuss SAP's Q2 and first half 2023 results. You can find the deck supplementing this call as well as our quarterly statement on our Investor Relations website.

在本次電話會議上，我們將討論 SAP 2023 年第二季度和上半年的業績。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。這些陳述基於當前的預期和假設，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存在重大差異。有關這些風險和不確定性的更多信息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, percentage point changes and our 2023 financial outlook are non-IFRS 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、百分點變化和我們 2023 年的財務展望均為非國際財務報告準則（按固定匯率計算）。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制的財務業績指標。

Before we start, I would like to remind you that SAP completed the sale of its stake in Qualtrics in June of this year. Therefore, all figures shared on this call are based on SAP Group results from continuing operations.

在開始之前，我想提醒大家，SAP 已於今年 6 月完成了其 Qualtrics 股份的出售。因此，本次電話會議中共享的所有數據均基於 SAP 集團持續運營的結果。

And with that, I'd like to turn the call over to Christian.

說到這裡，我想把電話轉給克里斯蒂安。

Yes. Thank you, Anthony. And as always, thanks for joining us for our earnings call today. This has been a good Q2. At the halfway point of 2023 SAP continues to perform well despite a macroeconomic environment that remains uncertain. After reaching the turning point in our transformation, our sharpened focus has yielded real momentum, and we are seeing strong demand across our portfolio. Customers are looking to our game-changing solutions to foster sustainable end-to-end business processes across diverse industries on a global scale.

是的。謝謝你，安東尼。一如既往，感謝您參加我們今天的財報電話會議。這是一個很好的第二季度。 2023 年中期，儘管宏觀經濟環境仍存在不確定性，SAP 仍繼續表現良好。在達到轉型的轉折點後，我們的專注產生了真正的動力，我們看到我們的投資組合有強勁的需求。客戶正在尋求我們改變遊戲規則的解決方案，以在全球範圍內跨不同行業促進可持續的端到端業務流程。

It is also worth pausing on the watershed moment we're experiencing with generative AI. It's clear that generative AI will fundamentally change the way businesses run. In the business world, no one is better positioned than SAP to empower businesses to take advantage of this transformational moment, giving them the solutions to harness AI to improve business outcomes. We believe we are uniquely placed to become the leader in business AI. At our most recent Sapphire conference in May, we shared specifics of our AI approach with SAP Business AI. later on in my remarks today, I will talk in more detail about our ambitions on this front.

我們在生成人工智能方面正在經歷的分水嶺時刻也值得暫停一下。顯然，生成式人工智能將從根本上改變企業的運營方式。在商業世界中，沒有人比 SAP 更能幫助企業利用這一轉型時刻，為他們提供利用人工智能改善業務成果的解決方案。我們相信，我們擁有獨特的優勢，能夠成為商業人工智能領域的領導者。在 5 月份最近舉行的 Sapphire 會議上，我們與 SAP Business AI 分享了我們的 AI 方法的具體細節。在今天的講話中，我將更詳細地談論我們在這方面的雄心。

So let's first turn to the summary of our numbers. In Q2, operating profit grew at an impressive 28%, up from 12% in Q1, clearly demonstrating the strength of this new phase in our transformation. This puts us in a strong position as we work towards our goal of double-digit operating profit growth in 2023. Current cloud backlog stands at over EUR 11.5 billion, with continued strong growth, up 25% this quarter. Cloud revenue continues to grow steadily at 22%. And total Q2 revenue grew at 8%. For S/4HANA, specifically, cloud revenue grew 79%, up from 75% in Q1 and current cloud backlog grew 70%.

因此，讓我們首先來看看我們的數據摘要。第二季度，營業利潤從第一季度的 12% 增長了 28%，令人印象深刻，清楚地表明了我們轉型新階段的實力。這使我們在努力實現 2023 年營業利潤兩位數增長的目標時處於有利地位。當前云積壓訂單超過 115 億歐元，持續強勁增長，本季度增長 25%。雲收入繼續以 22% 的速度穩定增長。第二季度總收入增長 8%。具體來說，對於 S/4HANA，雲收入增長了 79%，高於第一季度的 75%，當前的雲積壓增長了 70%。

Our results this quarter demonstrate the strength of our solutions in addressing the specific needs of our customers during challenging times. Customers are choosing SAP to help them transform their business processes, collaborate across their supply chain and operate sustainably.

我們本季度的業績證明了我們的解決方案在充滿挑戰的時期滿足客戶特定需求的實力。客戶選擇 SAP 來幫助他們轉變業務流程、跨供應鏈協作並可持續運營。

RISE with SAP continues to be the preferred choice for customers adopting the SAP portfolio to transform the end-to-end business processes in the cloud. Key new RISE deals this quarter include Bayer AG and Bacardi-Martini. As one of the world's largest pharma and biotech companies, Bayer chose RISE with SAP to facilitate its extensive business transformation program known as Core.

RISE with SAP 仍然是採用 SAP 產品組合來轉變雲中端到端業務流程的客戶的首選。本季度重要的新 RISE 交易包括拜耳公司 (Bayer AG) 和百加得馬提尼 (Bacardi-Martini)。作為全球最大的製藥和生物技術公司之一，拜耳選擇與 SAP 合作的 RISE 來促進其廣泛的業務轉型計劃（稱為 Core）。

While Bacardi is the world's largest privately owned international spirits company with a portfolio of more than 200 brands. They have chosen RISE with SAP to meet their ambitious growth targets. There were also a number of important RISE Go Live this quarter, including HanesBrands, Levi's, Tech Mahindra and Versuni.

百加得是全球最大的私營國際烈酒公司，擁有 200 多個品牌。他們選擇了 RISE 和 SAP 來實現其雄心勃勃的增長目標。本季度還有多家重要的 RISE 上線，包括 HanesBrands、Levi's、Tech Mahindra 和 Versuni。

Tech Mahindra of India deployed RISE with SAP in record time, going live in just 3.5 months. Versuni, a new company formed from Philips Domestic Appliances undertook one of the largest RISE transformations ever, and it was completed in just 18 months.

印度 Tech Mahindra 以創紀錄的速度部署了 RISE 與 SAP，僅用了 3.5 個月就上線了。 Versuni 是飛利浦家用電器旗下的一家新公司，它進行了有史以來最大的 RISE 轉型之一，並且僅用了 18 個月就完成了。

The success of RISE with SAP is clear. This is SAP's signature offering, which helps customers move to the cloud and transform their business processes at the same time. It's also very important to emphasize that SAP's newest innovations and capabilities will only be delivered in SAP public cloud and SAP private cloud using RISE with SAP as the enabler. This is how we will deliver these innovations with speed, agility, quality and efficiency. Our new innovations will not be available for on-premise or hosted on-premise ERP customers on hyperscalers.

RISE 與 SAP 的成功是顯而易見的。這是 SAP 的標誌性產品，可幫助客戶遷移到雲並同時轉變其業務流程。同樣需要強調的是，SAP 的最新創新和功能只能在 SAP 公有云和 SAP 私有云中使用 RISE 並以 SAP 為推動者來交付。這就是我們如何快速、敏捷、優質和高效地交付這些創新。我們的新創新將不適用於超大規模的本地或託管本地 ERP 客戶。

For example, new ERP capabilities as well as sustainability and carbon accounting solutions, and all our new AI innovations will only be available in the cloud and delivered via RISE and GROW with SAP.

例如，新的 ERP 功能以及可持續發展和碳核算解決方案，以及我們所有新的人工智能創新將僅在雲端提供，並通過 SAP 的 RISE 和 GROW 交付。

Last quarter, we introduced the powerful new offering, GROW with SAP, designed for mid-market customers who are new to SAP and likely to be growing quickly as they build their businesses. GROW has quickly become popular just RISE with SAP, for which around half of the customers are net new to the SAP family. The momentum I've described with both RISE and GROW with SAP is underpinned by the SAP business technology platform. This is the foundation for integration and extensibility across our portfolio. We have reached an important milestone this quarter with over 20,000 live BTP cloud customers. This quarter, new wins included Visa, the world leader in digital payments; and Santander, the Spanish financial multinational who are using SAP business technology platform to revolutionize and streamline the banking experience. Increasing adoption of S/4HANA and the SAP business technology platform is also driving significant cross and upsell opportunities across our portfolio.

上個季度，我們推出了功能強大的新產品 GROW with SAP，專為剛接觸 SAP 且可能在業務發展過程中快速增長的中端市場客戶而設計。 GROW 很快就在 SAP 的 RISE 中流行起來，大約一半的客戶對 SAP 系列來說是全新的。我所描述的 SAP RISE 和 GROW 的勢頭是由 SAP 業務技術平台支撐的。這是我們產品組合集成和可擴展性的基礎。本季度我們達到了一個重要的里程碑，擁有超過 20,000 名實時 BTP 雲客戶。本季度的新勝利包括數字支付領域的全球領導者 Visa；西班牙金融跨國公司桑坦德銀行 (Santander) 正在使用 SAP 業務技術平台徹底改變和簡化銀行體驗。 S/4HANA 和 SAP 業務技術平台的日益普及也為我們的產品組合帶來了巨大的交叉銷售和追加銷售機會。

Let's now discuss the latest updates to our approach with SAP Business AI. As I said earlier, we believe we are uniquely placed to become the leader in AI built for business. Customers will benefit from new AI-powered solutions that step change how processes can self-learn and self automate to self-optimize business outcomes. For example, imagine supply chains that automatically initiate a different delivery route based on weather and congestion data. There will be a step change in how employees can interact with solutions in vertically more efficient and personalized ways. For instance, imagine your ERP system using embedded ESG data and business data to decarbonize the supply chain by 5%, simply by asking for it. And there will be a step change in uncovering new insights that lead to better business decisions.

現在讓我們討論 SAP Business AI 方法的最新更新。正如我之前所說，我們相信我們擁有獨特的優勢，能夠成為商業人工智能領域的領導者。客戶將受益於新的人工智能驅動的解決方案，這些解決方案將逐步改變流程的自學習和自自動化方式，以自我優化業務成果。例如，想像一下供應鏈根據天氣和擁堵數據自動啟動不同的交付路線。員工以更高效、更個性化的垂直方式與解決方案交互的方式將發生巨大變化。例如，想像一下您的 ERP 系統使用嵌入式 ESG 數據和業務數據，只需提出要求即可將供應鏈脫碳 5%。在發現新的見解以做出更好的業務決策方面將會發生重大變化。

Imagine one trusted data layer across your entire company that enables AI to pull together the wide data in seconds. This will bring us significant opportunities for market expansion through new AI-based solutions and new premium offerings. Based on external forecasts and our own calculations, we see a potential doubling of our addressable market to $1 trillion by 2028 with AI being a key contributor. We will be introducing new premium RISE offerings with an uplift of up to 30% in the fall. Our approach with SAP Business AI is unmatched in the industry, delivering our customers the most relevant, reliable and responsible AI built for business.

想像一下整個公司有一個可信的數據層，它使人工智能能夠在幾秒鐘內匯集廣泛的數據。這將為我們通過新的基於人工智能的解決方案和新的優質產品帶來市場擴張的重大機會。根據外部預測和我們自己的計算，我們預計到 2028 年，我們的潛在市場可能會翻一番，達到 1 萬億美元，其中人工智能是關鍵貢獻者。我們將在秋季推出新的優質 RISE 產品，漲幅高達 30%。我們的 SAP Business AI 方法在業界是無與倫比的，為我們的客戶提供最相關、最可靠和最負責任的業務人工智能。

Firstly, our AI is relevant because it's embedded into every part of our portfolio. More than 24,000 SAP cloud customers today can already use SAP business AI across hundreds of built-in AI capabilities and partner use cases. To provide a couple of new tangible examples. In SAP Transportation Management, generative AI will save up to 55% of the processing cost of delivery notes. The new intelligent collections in SAP S/4HANA Finance can reduce the time between invoice and payment by up to 10%.

首先，我們的人工智能是相關的，因為它嵌入到我們產品組合的每個部分中。如今，超過 24,000 個 SAP 雲客戶已經可以在數百個內置 AI 功能和合作夥伴用例中使用 SAP 業務 AI。提供幾個新的具體例子。在 SAP 運輸管理中，生成式 AI 將節省高達 55% 的交貨單處理成本。 SAP S/4HANA Finance 中的新智能收款可將發票和付款之間的時間縮短多達 10%。

Secondly, based on unique business data and business process context, we can deliver the most reliable business AI. Reliable AI hinges on applying the wide data to the wide model. By using SAP DataSphere to leverage substantial contact switch industry-specific data, business AI system can drastically improve accuracy, generate more relevant content and minimize AI hallucinations.

其次，基於獨特的業務數據和業務流程上下文，我們可以提供最可靠的業務人工智能。可靠的人工智能取決於將廣泛的數據應用於廣泛的模型。通過使用 SAP DataSphere 充分利用接觸式交換機行業特定的大量數據，業務 AI 系統可以大幅提高準確性、生成更多相關內容並最大限度地減少 AI 幻覺。

Thirdly, responsible AI is not a buzzword for us. Our customers trust us with their most critical data and can confidently deploy our AI offerings, knowing we prioritize the highest levels of security, privacy, compliance and ethics. We comply with the highest standards when it comes to customer consent, security, GDPR regulations. This is what SAP stands for.

第三，負責任的人工智能對我們來說並不是一個流行詞。我們的客戶信任我們提供他們最關鍵的數據，並且可以自信地部署我們的人工智能產品，因為他們知道我們優先考慮最高級別的安全、隱私、合規性和道德。在客戶同意、安全、GDPR 法規方面，我們遵守最高標準。這就是 SAP 的含義。

We will continue to innovate and deliver by creating an AI ecosystem for the future, combining SAP and partner innovation built on the SAP business technology platform. Let me give you some examples of this approach. At SAP Sapphire, we announced a partnership with Microsoft to collaborate on joint generative AI offerings to help customers address the talent gap with new recruitment and development tools. Last week, SAP Sapphire Ventures, the technology-focused we see backed by SAP announced that it will dedicate USD 1 billion to AI-powered enterprise technology start-ups.

我們將通過創建面向未來的人工智能生態系統，結合 SAP 和基於 SAP 業務技術平台的合作夥伴創新，繼續創新和交付。讓我給你舉一些這種方法的例子。在 SAP Sapphire，我們宣布與 Microsoft 建立合作夥伴關係，共同開發聯合生成式 AI 產品，幫助客戶通過新的招聘和開發工具解決人才缺口。上週，我們看到 SAP 支持的專注於技術的 SAP Sapphire Ventures 宣布將向人工智能驅動的企業技術初創企業投入 10 億美元。

Earlier this week, we announced strategic investments in 3 leading generative AI companies, Aleph Alpha, Anthropic, and Cohere. In the fall, we plan to announce new AI solutions and capabilities across our portfolio. All told, we see a huge opportunity with new innovation in AI and believe SAP is uniquely poised to help customers take advantage of this watershed moment.

本週早些時候，我們宣布對 3 家領先的生成式人工智能公司 Aleph Alpha、Anthropic 和 Cohere 進行戰略投資。今年秋天，我們計劃在我們的產品組合中宣布新的人工智能解決方案和功能。總而言之，我們看到了人工智能新創新帶來的巨大機遇，並相信 SAP 能夠以獨特的方式幫助客戶利用這一分水嶺。

As our Q2 results show, SAP continues to deliver. We are optimistic about the future based on SAP's core value, delivering technologies that build stronger companies. As we start the second half of the year, we remain fully committed to delivering on our promise of accelerated revenue and profit growth. This is reflected in our increased guidance for cloud and software revenue and for operating profit.

正如我們第二季度的結果所示，SAP 繼續交付。基於 SAP 的核心價值，我們對未來持樂觀態度，即提供能夠打造更強大公司的技術。在下半年開始時，我們仍然完全致力於兌現加速收入和利潤增長的承諾。這反映在我們對雲和軟件收入以及營業利潤的指導上調。

In closing, let me quickly look back on what we have accomplished in recent years. Our own transformation into a cloud company, our leaner and more agile operating structure, new offerings that bring the power of SAP to more companies, solutions that harness the power of data wherever it resides and tools that create sustainable business processes across the industries.

最後，讓我快速回顧一下我們近年來取得的成就。我們轉型為一家云公司，我們的運營結構更加精簡、更加敏捷，我們的新產品將 SAP 的力量帶給更多公司，我們的解決方案可以利用數據的力量（無論數據位於何處），以及創建跨行業可持續業務流程的工具。

Now is another threshold moment. While nearly every company is working on the AI revolution in some way, no one sits at the nexus of technology and business like SAP. And we think there is enormous opportunity ahead. Dominique, over to you.

現在是另一個門檻時刻。雖然幾乎每家公司都在以某種方式致力於人工智能革命，但沒有一家公司像 SAP 那樣處於技術和業務的結合點。我們認為未來存在巨大的機遇。多米尼克，交給你了。

Thank you, Christian, and good afternoon, everyone. We are very pleased with our second quarter's growth in non-IFRS operating profit, putting some upward pressure on our outlook on that metric for the full fiscal year 2023.

謝謝克里斯蒂安，大家下午好。我們對第二季度非 IFRS 營業利潤的增長感到非常滿意，這給我們對該指標 2023 年整個財年的前景帶來了一些上行壓力。

In Q2, we also maintained a steady growth of our cloud business with current cloud backlog and cloud revenue, again growing by 25% and 22% year-over-year, respectively. The trend towards larger cloud transactions continued with deals greater than EUR 5 million volume contributing to nearly half of our cloud order entry. As a reminder, on June 28, SAP completed the sale of its stake in Qualtrics. Therefore, the following results are for continuing operations.

第二季度，我們的雲業務也保持了穩定增長，當前的雲積壓和雲收入再次分別同比增長 25% 和 22%。更大的雲交易趨勢仍在繼續，交易量超過 500 萬歐元，占我們雲訂單輸入的近一半。提醒一下，6 月 28 日，SAP 完成了其 Qualtrics 股份的出售。因此，以下結果適用於持續經營。

Let me talk you through our financial performance in more detail. Current cloud backlog was EUR 1.5 billion, growing by 25% with S/4HANA, current cloud backlog growing by 70%, driven by the continued strong adoption of RISE with SAP. Our combined SaaS and PaaS portfolio continue to grow by 26%, with SaaS cloud revenue up 22% and PaaS cloud revenue up 45%. The sustained momentum was again fueled by the strong contribution of S/4HANA cloud and the business technology platform.

讓我更詳細地向您介紹我們的財務業績。當前的雲積壓工作量為 15 億歐元，借助 S/4HANA 增長了 25%，在 SAP 持續大力採用 RISE 的推動下，當前的雲積壓工作量增長了 70%。我們的 SaaS 和 PaaS 組合繼續增長 26%，其中 SaaS 雲收入增長 22%，PaaS 雲收入增長 45%。 S/4HANA雲和業務技術平台的強勁貢獻再次推動了這一持續勢頭。

Software licenses revenue saw a decrease by 24%. Total revenue was up 8% year-over-year, demonstrating the great resilience of our overall business in the current macro environment.

軟件許可收入下降了 24%。總收入同比增長8%，展現了我們整體業務在當前宏觀環境下的強大韌性。

Now let's take a brief look at our regional performance. In the second quarter, all regions delivered strong cloud performance. Germany, Brazil and India had outstanding cloud revenue growth, while the United States, the Netherlands, France, China and Chile performed particularly strong.

現在讓我們簡要回顧一下我們的區域表現。第二季度，所有地區都實現了強勁的雲業績。德國、巴西和印度的雲收入增長突出，而美國、荷蘭、法國、中國和智利的表現尤其強勁。

Now moving further down the income statement. Our cloud gross profit grew by 24%, supported by the completion of SAP's next-generation cloud delivery program. This marks a key milestone in terms of portfolio integration and harmonization for our customers. This, in turn, resulted in cloud gross margin improving from the year ago period, expanding by 1.1 percentage points to 72.2%.

現在進一步向下移動損益表。在 SAP 下一代云交付計劃完成的支持下，我們的雲毛利潤增長了 24%。這標誌著我們客戶的產品組合整合和協調方面的一個重要里程碑。這反過來又導致雲毛利率較去年同期有所改善，擴大1.1個百分點至72.2%。

In the second quarter, both IFRS as well as non-IFRS operating profit increased by 28%, mainly driven by sustained high growth in cloud revenue, the completion of the next-gen cloud delivery program, efficiency gains resulting from spending discipline across the entire organization as well as gradual relief from the impacts of the war in Ukraine.

第二季度，IFRS和非IFRS營業利潤均增長28%，主要得益於雲收入持續高增長、下一代云交付計劃的完成、整個組織支出紀律帶來的效率提升以及烏克蘭戰爭影響的逐步緩解。

Additionally, our IFRS operating profit benefited from restructuring expenses in Q2 last year but was negatively affected by higher share-based compensation expenses primarily due to share price development over the quarter.

此外，我們的《國際財務報告準則》營業利潤受益於去年第二季度的重組費用，但受到主要由於本季度股價發展而導致的股權激勵費用增加的負面影響。

Finally, the operating margin landed at 27.2%, a 4.4 percentage point improvement compared to the prior period. Earnings per share in the quarter increased 12% to EUR 1.07. The IFRS effective tax rate for Q2 was 33.8%, and the non-IFRS tax rate was 30.4%. The reduction of the IFRS effective tax rate from Q1 to Q2 mainly resulted from the increase in profit before taxes.

最終，營業利潤率降至 27.2%，較上一期提高 4.4 個百分點。本季度每股收益增長 12% 至 1.07 歐元。第二季度 IFRS 有效稅率為 33.8%，非 IFRS 稅率為 30.4%。第一季度至第二季度國際財務報告準則有效稅率的降低主要是由於稅前利潤的增加。

Now looking to our cash generation. Free cash flow for Q2 significantly increased to EUR 604 million, driven by the strong expansion of operating profit and the reduction of payments, primarily for share-based compensation but also for CapEx and leasing.

現在看看我們的現金生成能力。第二季度的自由現金流大幅增加至 6.04 億歐元，這得益於營業利潤的強勁擴張和付款減少（主要用於基於股份的薪酬，但也用於資本支出和租賃）。

Now let's move on to our financial outlook. As you've seen in today's release, we are updating our revenue and operating profit outlook for the full year for continuing operations. The outlook range for cloud and software revenue is being narrowed by moving the lower end slightly up despite moving the upper end of the range for cloud revenues down. The latter being mainly driven by lower-than-anticipated transactional revenue.

現在讓我們繼續討論我們的財務前景。正如您在今天的新聞稿中所看到的，我們正在更新全年持續運營的收入和營業利潤前景。儘管雲收入範圍的上限有所下降，但云和軟件收入的前景範圍正在收窄，下限略有上調。後者主要是由低於預期的交易收入推動的。

As a result of this slight shift in mix and overall marginally higher midpoint of our cloud and software revenue outlook, the operating profit outlook range has been increased accordingly. Note that this update implicitly leaves the overall margin profile intact for the year and provides confidence in achieving the free cash flow outlook, which is reaffirmed. As you know, our 2023 financial outlook is based on constant currency assumptions, i.e., a prior year's exchange rate of USD 1.05 per euro.

由於這種組合的輕微變化以及我們的雲和軟件收入前景中點整體略高，營業利潤前景範圍也相應提高。請注意，這一更新隱含地保持了今年的整體利潤率狀況不變，並為實現自由現金流前景提供了信心，這一點得到了重申。如您所知，我們 2023 年的財務前景基於不變的貨幣假設，即上一年的匯率為 1.05 美元兌歐元。

Let's now discuss our nonfinancial targets. The nonfinancial outlook for 2023 is reiterated. In Q2, SAP once again achieved net carbon emissions of 0-kilotons. Our focus continues to be on reaching net zero emissions across our value chain by 2030. To get there, we're establishing a multiphase supply chain engagement program with our suppliers to significantly reduce our upstream greenhouse gas emissions. As a first step, we are working with our top 100 suppliers to ensure they report emissions at product level and follow a net zero plan, leveraging our own technology to do so.

現在讓我們討論我們的非財務目標。重申 2023 年非財務前景。第二季度，SAP再次實現淨碳排放量為零千噸。我們的重點仍然是到 2030 年實現整個價值鏈的淨零排放。為了實現這一目標，我們正在與供應商建立多階段供應鏈參與計劃，以大幅減少上游溫室氣體排放。作為第一步，我們正在與排名前 100 的供應商合作，確保他們報告產品層面的排放量並遵循淨零計劃，利用我們自己的技術來實現這一目標。

Our first half results give us confidence that we are heading in the right direction and continue to be well established and positioned to achieve our revenue and profit growth goals for the year. The resilience of our businesses, combined with the focus and cost discipline across the organization are evidenced by strong profit growth.

上半年的業績讓我們相信，我們正朝著正確的方向前進，並繼續做好準備，以實現今年的收入和利潤增長目標。強勁的利潤增長證明了我們業務的彈性，加上整個組織的重點和成本紀律。

Q2 results continue to demonstrate that SAP has entered the second phase of its transformation, characterized by sustained cloud momentum, now turning into significant profit growth. In addition, we are laser-focused on our core and continue to streamline the business as demonstrated by our successful divestiture of Qualtrics in the last quarter.

第二季度業績繼續表明，SAP 已進入轉型的第二階段，其特點是持續的雲動力，現已轉化為顯著的利潤增長。此外，我們專注於我們的核心業務，並繼續簡化業務，上季度成功剝離 Qualtrics 就證明了這一點。

We firmly believe that we offer best-in-class solutions to our customers, serving as a trusted strategic partner in their digital transformation journey. Thank you, and we will now be happy to take your questions.

我們堅信，我們能夠為客戶提供一流的解決方案，成為他們數字化轉型之旅中值得信賴的戰略合作夥伴。謝謝您，我們現在很樂意回答您的問題。

All right. (Operator Instructions). So operator, please open the line.

好的。 （操作員說明）。所以接線員，請開通線路。

(Operator Instructions) And the first question comes from the line of Toby Ogg with JPMorgan Cazenove Limited.

（操作員說明） 第一個問題來自 JPMorgan Cazenove Limited 的 Toby Ogg。

Yes. Perhaps just firstly on the cloud revenue side, Dominik, you mentioned the transactional revenues varies as the driver of the shortfall. Could you just give us a sense for what you're seeing there with respect to those transactional revenues? And whether you're seeing any other macro headwinds across any of the other lines of business applications outside of S/4HANA?

是的。也許首先在雲收入方面，Dominik，您提到交易收入作為短缺的驅動因素而變化。您能否讓我們了解一下您在這些交易收入方面所看到的情況？您是否在 S/4HANA 之外的任何其他業務應用程序中看到了任何其他宏觀阻力？

So I think on the transaction side, you know what types of businesses are in there. It's the kind of travel expense Concur Tool, external workforce, contingent labor, Fieldglass, business network transactions. And where we really took a little bit of hit was on the Fieldglass contingent workforce side. There, indeed, the macro with low flows and reduced levels of contingent workforce was actually slightly shrinking. So that was a little bit of a headwind, which was not expected to that degree. Otherwise, I'd say it's pretty much in line.

所以我認為在交易方面，你知道裡面有哪些類型的業務。這是一種差旅費 Concur Tool、外部勞動力、臨時工、Fieldglass、業務網絡交易。我們真正受到一點打擊的是 Fieldglass 的臨時員工方面。事實上，流動性低且臨時勞動力水平減少的宏觀經濟實際上略有萎縮。所以這有點逆風，這是預料之外的。否則，我會說它幾乎是一致的。

I guess, Toby, maybe just to build on that, and Scott can also give a sentiment on the pipeline. I mean, being out there, we definitely see no slowdown in our SaaS and PaaS business. I mean S/4HANA, the cloud revenue even accelerated once again. The PGP, the platform sees more and more adoption. Now also with the clean core. It's not only very important for the integration but also for building the extensions for new -- building new apps either by our customers, partners or SAP.

我想，托比，也許只是為了在此基礎上發展，斯科特也可以對管道發表看法。我的意思是，我們的 SaaS 和 PaaS 業務絕對沒有放緩。我的意思是S/4HANA，雲收入甚至再次加速。 PGP 平台得到了越來越多的採用。現在也有了乾淨的核心。這不僅對於集成非常重要，對於我們的客戶、合作夥伴或 SAP 構建新應用程序的擴展也非常重要。

And then thirdly, I mean, for half year, too, also, when you look at the geopolitics, I guess, we see really strong demand also still relying on SAP in order to be able to do business in over 130 countries. So just coming back from China, we see a huge demand on software of doing business in China for China. Or when you look at the utilities or retail and auto, I mean, they continue that transformation full speed and you need the ERP supply chain procurement systems in order to run these new businesses. And then last but not least, as we are building already hundreds of UI use cases for machine learning and embedding that with generative AI, we definitely also see now stronger demand on also moving out to the next-generation ERP in the cloud because only there, our customers can consume all these new innovations. So that will help as well to drive further momentum in half year, too.

第三，我的意思是，在半年的時間裡，當你考慮地緣政治時，我想，我們看到真正強勁的需求仍然依賴 SAP，以便能夠在 130 多個國家/地區開展業務。所以剛從中國回來，我們就看到中國對在華做生意的軟件有巨大的需求。或者，當您關注公用事業、零售和汽車行業時，我的意思是，他們全速推進轉型，您需要 ERP 供應鏈採購系統來運營這些新業務。最後但並非最不重要的一點是，由於我們已經為機器學習構建了數百個 UI 用例，並將其嵌入到生成式 AI 中，因此我們現在肯定也看到了遷移到雲端下一代 ERP 的更強勁需求，因為只有在那裡，我們的客戶才能使用所有這些新創新。因此，這也將有助於在半年內推動進一步的勢頭。

Next question is from the line of Frederic Boulan with Bank of America.

下一個問題來自美國銀行的 Frederic Boulan。

A question on the balance sheet now that Qualtrics is now closed. Any further thoughts on what's the optimal leverage for SAP was the right capital allocation? Would you consider increasing the EUR 5 million buyback absent any large M&A opportunities or we want to keep powder dry considering opportunities in AI and elsewhere?

Qualtrics 現已關閉，資產負債表上有一個問題。對於 SAP 的最佳槓桿率是正確的資本配置，還有什麼進一步的想法嗎？在沒有任何大型併購機會的情況下，您是否會考慮增加 500 萬歐元的回購，或者考慮到人工智能和其他領域的機會，我們希望保持乾燥狀態？

Yes. Indeed, our balance sheet right now is very strong. I think we have snapped back to a net cash position of EUR 4.2 billion. We've already announced that the lion's share of the proceeds will be invested in a share repurchase, which will stretch through 2025. And this will be commenced very shortly. So for the time being, let's also look at what opportunities there might be on the M&A side for the time being. I don't want to kind of make more commitments than what we have already said with regards to the EUR 5 million share repurchase, but it is true that we have a very strong balance sheet and are very much able to act.

是的。事實上，我們目前的資產負債表非常強勁。我認為我們的淨現金頭寸已恢復到 42 億歐元。我們已經宣布，大部分收益將用於股票回購，該回購將持續到 2025 年。這將很快開始。那麼我們暫時也看看併購方面暫時可能有哪些機會。我不想對 500 萬歐元的股票回購做出比我們已經說過的更多的承諾，但我們確實擁有非常強大的資產負債表，並且非常有能力採取行動。

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

下一個問題來自亞當·伍德與摩根士丹利的對話。

I wanted to come back to that subject of AI. I wonder if you could talk a little bit about how you're applying AI internally? And what cost benefits you see from that, and how that balances against the need for you to increase R&D investments to deliver on the AI functionality you're talking about putting in apps? And could you talk a little bit about how the time frame of delivering on those 2 things might be different and one might come before the other?

我想回到人工智能這個話題。我想知道您是否可以談談您如何在內部應用人工智能？您從中看到了哪些成本效益，以及如何平衡您增加研發投資以實現您正在談論的應用程序中的人工智能功能的需求？您能否談談實現這兩件事的時間框架可能會有所不同，並且其中一件事可能會先於另一件事？

Yes. So Adam, thanks for the question. I mean to shed further light and give you better insights into the product and tech and the commercials on how we go to market. I mean, first, it's very important to emphasize. I mean, we have today around about 300 AI use cases. And for example, take Lidl and Kaufland, they actually have massive demand forecast data, over 400 input levels going into the demand forecast. We are taking this data, petabytes of data and analyzing it to predict better demand. And now they can actually have optimized their inventory and their supply chain costs by over 10%, which is massive for a company of the size and scale of Kaufland and Lidl and this is here. And so now we have certain scenarios on cash flow automation and where we actually could actually improve the DSO by 10%. We have many of these examples.

是的。亞當，謝謝你的提問。我的意思是進一步闡明並讓您更好地了解產品和技術以及我們如何進入市場的廣告。我的意思是，首先，強調這一點非常重要。我的意思是，我們今天大約有 300 個人工智能用例。以 Lidl 和 Kaufland 為例，他們實際上擁有大量的需求預測數據，需求預測的輸入級別超過 400 個。我們正在獲取這些數據（PB 級數據）並進行分析，以預測更好的需求。現在，他們實際上可以將庫存和供應鏈成本優化超過 10%，這對於 Kaufland 和 Lidl 這樣規模的公司來說是巨大的，而這就是這裡。因此，現在我們有了現金流自動化的某些場景，並且我們實際上可以將 DSO 提高 10%。我們有很多這樣的例子。

Now with generative AI, and I think we really sit on a data of over 400,000 customers and the material flows, the financial flows, employee customer data. And now we are taking this data, not only with Signavio to benchmark and give business process recommendations. I mean we see it in the first prototypes that we are going to be able to not only that the system can self-learn on this data on how to improve all these workflows. No, no, no, the systems itself will also drive further automation of workflows going forward. They can look into the customization of an ERP, which is huge in on-prem. They can help customers to generate code on the platform to build differentiating capabilities to fasten the time to value.

現在有了生成式人工智能，我認為我們確實擁有超過 400,000 名客戶的數據以及物質流、財務流、員工客戶數據。現在，我們不僅利用 Signavio 來獲取這些數據來進行基準測試並提供業務流程建議。我的意思是，我們在第一個原型中看到，我們不僅能夠讓系統能夠根據這些數據自學如何改進所有這些工作流程。不不不，系統本身也將推動工作流程的進一步自動化。他們可以研究 ERP 的定制，這在本地部署中是巨大的。他們可以幫助客戶在平台上生成代碼，以構建差異化功能，從而加快實現價值的速度。

And last but not least, I just did something yesterday where we said, "Hey, when I have a skill gap here in my company and that in that space, from where did I hire the best skills in the past, in which country, from which university, and the system gives you unbelievable smart recommendations. And this is something what SAP can do. And this is where we're going to launch further generative AI use cases. They will come with a 30% premium because we believe in the immense value and we see how customers respond to that. And we are going to embed that in every RISE, in every GROW, in every LoB deal going forward. This will not be like, okay, here's our generative AI portfolio. No, no, this will be embedded because there, we also believe that our sales team and our partners can sell it best when it comes integrated with our application portfolio.

最後但並非最不重要的一點是，我昨天剛剛做了一件事，我們說：“嘿，當我在我的公司和那個領域存在技能差距時，我過去從哪裡僱用了最好的技能，在哪個國家，從哪所大學，系統給你令人難以置信的智能建議。這就是 SAP 可以做的事情。這就是我們將推出更多生成式 AI 用例的地方。它們將提供 30% 的溢價，因為我們相信巨大的價值，並且我們看到客戶對此有何反應。我們正在將把它嵌入到每一個 RISE、每一個 GROW、每一個 LoB 交易中。這不會像，好吧，這是我們的生成式 AI 產品組合。不，不，這將被嵌入，因為我們也相信，當它與我們的應用程序組合集成時，我們的銷售團隊和我們的合作夥伴可以最好地銷售它。

(Operator Instructions) And the next question is from the line of Michael J. Briest with UBS Limited.

（操作員說明）下一個問題來自 UBS Limited 的 Michael J. Briest。

Just on the cash flow, actually, Dominik. I noticed that you cut your CapEx outlook for the year by about EUR 50 million. And obviously, you've raised the profit target by EUR 50 million, less the free cash flow goal for the year unchanged. It still feels like free cash flow is part of the business that needs maybe more work than other parts. What are you actually doing to improve it? And how linear should we think about the progression to the EUR 7.5 billion in 2025 to be?

實際上，只是現金流，多米尼克。我注意到您將今年的資本支出預期下調了約 5000 萬歐元。顯然，您已將利潤目標提高了 5000 萬歐元，減去當年不變的自由現金流目標。仍然感覺自由現金流是業務的一部分，可能比其他部分需要更多的工作。您實際上正在做什麼來改進它？我們應該如何看待 2025 年達到 75 億歐元的線性發展？

I mean the key levers on free cash flow are quite obviously, on the profit side first and then the working capital. And of course, also the CapEx and leasing part of it, which should be kept as low as possible. We are, as we speak, starting to initiate pressure on these metrices to improve the cash conversion. I think for the current fiscal year, and we are on a good trajectory. If you just look at the phasing of H1 versus H2, as we've seen in prior year, you take that kind of receivable sale into account that kind of at the year-end last year into H1, Q1 to be precise. And this year, you see that we're actually a little bit ahead of that kind of completion rate. So for this year, we're fine now. How linear or not, that will be through 2025. I find it challenging to predict because that is really notoriously difficult to predict. But obviously, we have that kind of ambition 2025 very firmly in mind and would need to show some progress between '23 and '25 to give you confidence about that kind of materializing.

我的意思是，自由現金流的關鍵槓桿非常明顯，首先是利潤方面，然後是營運資本。當然，還有資本支出和租賃部分，應保持盡可能低的水平。正如我們所說，我們開始對這些指標施加壓力，以提高現金轉換率。我認為在本財年，我們正處於良好的軌道上。如果你只看一下上半年和下半年的階段，正如我們在去年看到的那樣，你會考慮到去年年底的那種應收賬款銷售，進入上半年，準確地說是第一季度。今年，你會發現我們實際上比這種完成率稍微領先一些。所以今年，我們現在一切都很好。線性與否，到 2025 年都會如此。我發現預測具有挑戰性，因為這確實非常難以預測。但顯然，我們非常堅定地牢記 2025 年的雄心壯志，並且需要在 23 年至 25 年間取得一些進展，以使您對實現這種目標充滿信心。

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)。

Christian, you referred to those 3 strategic investments you made on the AI side, Aleph Alpha, Cohere and Anthropic. Can you maybe talk a little bit more about what each of those really bring to the technology side for you? And where you feel those assets are really uniquely positioned and how they can help you become more competitive on the AI side?

Christian，您提到了您在人工智能方面進行的 3 項戰略投資：Aleph Alpha、Cohere 和 Anthropic。您能否多談談其中每一項真正為您帶來的技術方面的好處？您認為這些資產的獨特定位在哪裡？它們如何幫助您在人工智能方面變得更具競爭力？

Yes. To give you 2 examples, take Aleph Alpha, they have very good technology, not that they can only integrate the large language models with our own but they actually also are able to put their large language models and that technology in the customer's data center. Now you can imagine when you talk to a public sector customer in the European Union, this is actually a unique selling point for them to keep the data in their data center while actually also having access to the SAP data and then really build one model for generative AI.

是的。舉2個例子，以Aleph Alpha為例，他們擁有非常好的技術，並不是說他們只能將大型語言模型與我們自己的集成，而是他們實際上也能夠將他們的大型語言模型和技術放在客戶的數據中心中。現在您可以想像，當您與歐盟的公共部門客戶交談時，這實際上是他們的一個獨特賣點，可以將數據保存在數據中心，同時實際上還可以訪問 SAP 數據，然後真正構建一個生成式 AI 模型。

For these type of customers with Cohere, we are seeing that they have unbelievable good also technology for businesses for B2B. So we are using them in retail and in some others where we already in some concrete customer projects where we are applying our technology and also go to market together.

對於 Cohere 的這類客戶，我們看到他們擁有令人難以置信的 B2B 業務技術。因此，我們正在零售業和其他一些領域使用它們，我們已經在一些具體的客戶項目中應用我們的技術，並一起進入市場。

And of course, you're doing these investments also to have a seat at the table. I mean they -- we want have them as part of our huge ecosystem because while we are sitting on immense valuable data, our offering becomes even stronger if we can also embed non-SAP content and data. And this is what we are also doing with these investments to have them on our side and make our AI offering even more valuable.

當然，您進行這些投資也是為了在談判桌上佔有一席之地。我的意思是它們——我們希望它們成為我們龐大生態系統的一部分，因為雖然我們擁有大量有價值的數據，但如果我們還可以嵌入非 SAP 內容和數據，我們的產品就會變得更加強大。這也是我們對這些投資所做的事情，讓它們站在我們這邊，讓我們的人工智能產品變得更有價值。

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。

I wanted to ask on the EBIT upgrade of EUR 50 million. I think EBIT this quarter was over EUR 100 million, I think it was EUR 50 million last quarter. So really, the question is why not a little bit more generous in terms of the EBIT upgrade. I think the low end of the full year guide now implies a decline year-on-year in the second half. And -- just I guess as part of that, the statement notes that you completed the converged cloud project, I think, early in Q2. Is that right? And if so, why not more of an impact on the cloud gross margin SaaS.

我想詢問 5000 萬歐元的息稅前利潤升級。我認為本季度的息稅前利潤超過 1 億歐元，上季度為 5000 萬歐元。所以實際上，問題是為什麼不在息稅前利潤升級方面更加慷慨一些。我認為全年指引的低端現在意味著下半年同比下降。而且 - 我想作為其中的一部分，該聲明指出您在第二季度初完成了融合雲項目。是對的嗎？如果是這樣，為什麼不對雲 SaaS 的毛利率產生更大的影響。

Maybe on the upgrade, I mean, this was, again, a pretty mechanical update. I mean you've seen that we basically took the midpoint of the cloud revenue guidance down by EUR 100 million. We took the overall software and cloud revenue up by EUR 50 million. So there's EUR 150 million offsetting that. And if you think about the delta in gross margin between cloud and software and a slight increment that gives you exactly that EUR 50 million kind of uptick. So it was quite mechanical. It is true that we are on a very good trajectory in H1 on the cost side. Honestly, we have to also say that on the EBIT side, the comps were quite easy. So Q2 is more difficult if you think about prior year's impacts we had. And yes, indeed, we think we have a high degree of confidence on reaching the new kind of updated guidance on EBIT and IFRS and operating profit be precise.

也許在升級方面，我的意思是，這又是一次相當機械的更新。我的意思是，您已經看到我們基本上將雲收入指導的中值降低了 1 億歐元。我們使整體軟件和雲收入增加了 5000 萬歐元。因此，有 1.5 億歐元可以抵消這一損失。如果你考慮一下云和軟件之間的毛利率增量，再加上一點點增量，那麼你就可以精確地獲得 5000 萬歐元的增長。所以這是相當機械的。確實，我們在上半年的成本方面正處於非常好的軌道上。老實說，我們還必須說，在息稅前利潤方面，比較非常簡單。因此，如果你考慮一下我們去年的影響，第二季度會更加困難。是的，確實，我們認為我們對實現新的息稅前利潤和國際財務報告準則以及準確的營業利潤的更新指引充滿信心。

And on converged Cloud?

那麼在融合雲上呢？

Converged cloud is largely now done. So it is actually benefiting our gross margin. And I think from now on, the kind of increase in gross margin will be a little bit more modest. I think the best way to think about it is you start from Q2, the gross margin we have. And while there will be fluctuations quarter-by-quarter because of some seasonality, we then will kind of gradually go up to reach that overall cloud gross profit target, which we've -- in our ambition for 2025, and I want to reiterate that the main thought for us is really to deliver that absolute new amount of cloud gross profit. We've also highlighted at Sapphire that the private cloud deals have slightly lower margin than public. But on the other hand, they give us a huge boost on volume, and we're really have a good trajectory, we think, to hit that kind of gross profit target for 2025.

融合雲現已基本完成。所以這實際上有利於我們的毛利率。而且我認為從現在開始，毛利率的增長將會更加溫和一些。我認為最好的思考方式是從第二季度開始，即我們的毛利率。雖然由於某些季節性因素，每個季度都會出現波動，但我們將逐漸達到總體雲毛利潤目標，這是我們在 2025 年的雄心壯誌中實現的目標，我想重申，我們的主要想法實際上是實現絕對新的雲毛利潤。我們還在 Sapphire 上強調，私有云交易的利潤率略低於公共雲交易。但另一方面，它們給我們的銷量帶來了巨大的提升，我們認為，我們確實有一個良好的軌跡，可以實現 2025 年的毛利潤目標。

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。

My question is on the embedding and the selling of the generative AI and the uplift that you mentioned, Christian, the 30% uplift, I think, in the fall. My question here is you're embedding this in every new RISE project or migration rather than being sold as a sort of opt-in bolt-on? Is this a choice for customers? Or is this kind of mandatory part of the package? And I guess following that, customers who have already begun their RISE road map if you think go back to them and add this on retrospectively given the options? I'm just curious how the sort of go-to-market and the rollout of that happens in the time frame.

我的問題是關於生成式人工智能的嵌入和銷售，以及你提到的提升，克里斯蒂安，我認為秋季會提升 30%。我的問題是，您是否要將其嵌入到每個新的 RISE 項目或遷移中，而不是作為一種選擇加入的附加產品進行出售？這是給顧客的選擇嗎？或者說這是軟件包中的強制部分？我想接下來，已經開始 RISE 路線圖的客戶，如果您想回到他們身邊並在給定選項的情況下回顧性地添加此路線圖？我只是好奇這種上市和推出是如何在時間範圍內發生的。

I can start, and then Scott, please feel free to comment. I mean first, it's very important also as I shared in my opening remarks, and this is also quite a bit of a change of our strategy. We are not offering AI -- generative AI sustainability, capabilities and also quite differentiating capabilities in our LoB products in on-prem. And also when a customer decides to go to a hyperscaler and get hosted with still customizations and not aligned data models and doing this outside of RISE, then this offering is not available. And because we cannot apply AI with high quality -- with high data quality in a hugely customized ERP on-premise system as AI is anyway only available in the cloud. That's very important.

我可以開始了，然後斯科特，請隨意發表評論。我的意思是，首先，正如我在開場白中所分享的那樣，這也非常重要，這也是我們戰略的一個很大的改變。我們不提供人工智能——生成式人工智能的可持續性、能力，以及我們本地LoB產品中相當差異化的能力。此外，當客戶決定使用超大規模服務並通過仍自定義且未對齊的數據模型進行託管並在 RISE 之外執行此操作時，該產品將不可用。因為我們無法在大規模定制的 ERP 本地系統中應用高質量的人工智能——高數據質量，因為人工智能無論如何只能在雲中使用。這非常重要。

Now on RISE, the customers have choice. We give them our standard offering with RISE and the methodology on standardizing and simplifying business policies with using the customer code, building this one data layer, which is important. Otherwise, AI, the quality and the accuracy will fail. And then we actually then say, hey, you can get the premium offering as part of RISE where we're then going to embed generative AI capabilities. And so to really, for example, improve decision-making or to improve also automation or to improve transportation management. So -- and that actually comes on top to the existing customers, they, of course, also can now decide to buy the premium and actually consume it out of the box. And this is also something where we actually also expect, of course, also an uptick on the existing RISE installed base.

現在在 RISE 上，客戶有了選擇。我們為他們提供了 RISE 的標準產品以及通過使用客戶代碼來標準化和簡化業務策略的方法，構建這一數據層，這一點很重要。否則，人工智能的質量和準確性都會失敗。然後我們實際上會說，嘿，作為 RISE 的一部分，您可以獲得優質產品，然後我們將嵌入生成式 AI 功能。例如，真正改善決策或改善自動化或改善運輸管理。因此，這實際上對現有客戶來說是最重要的，他們當然現在也可以決定購買高級版並實際開箱即用。當然，這也是我們實際上也期望現有 RISE 安裝基礎的增長。

Yes. Maybe let me add a little bit more at the macro context and then how that will apply for the customers. So I guess I just want to reiterate what Christian had mentioned in the beginning, digital transformation and the demand for the digital change in their core businesses for customers around the world continues unchanged. Demand level is very high. And we definitely see across that -- all parts of the world in the regional performance. Customers are also seeing with RISE. We've now got a large set of customers that were the early movers that have now successfully transformed and are operating in our proof points in that success journey.

是的。也許讓我在宏觀背景下添加更多內容，然後再介紹一下這將如何適用於客戶。所以我想我只是想重申克里斯蒂安一開始提到的，數字化轉型以及全球客戶對核心業務數字化變革的需求仍然沒有改變。需求水平非常高。我們確實看到了這一點——世界各地的區域表現。客戶也看到了 RISE。我們現在擁有一大批客戶，他們是先行者，現在已經成功轉型，並在我們成功之旅的證明點中運營。

Part of that digital transformation is to be able to drive value and early return on that investment, and that's where the AI becomes an accelerator. So if you're a new customer, the embedding of that into RISE, into GROW with SAP to accelerate value in the use cases that were described is a reason to move forward quickly. And for our large number of customers have already moved across, as Christian mentioned, they've got the ability to not only have the transformation, the cloud existing, but they then have a premium uplift and the ease of innovation adoption is one of the beauties of this program.

數字化轉型的一部分是能夠推動投資的價值和早期回報，而這正是人工智能成為加速器的地方。因此，如果您是新客戶，那麼將其嵌入到 RISE 中，嵌入到 GROW with SAP 中以加速所描述的用例中的價值，這是快速前進的一個原因。對於我們大量的客戶來說，正如克里斯蒂安提到的，他們不僅有能力進行轉型，雲已經存在，而且他們的溢價也得到了提升，而創新採用的便捷性是該計劃的優點之一。

So whilst there is definitely markets, there's a level of prudence out there in terms of the return on investment and making sure these digital programs are delivering the outcomes, the use of AI embedded into our processes and technology is one of the factors that is driving the strong demand that we continue to see.

因此，雖然肯定存在市場，但在投資回報方面存在一定程度的謹慎，並確保這些數字計劃能夠交付成果，但將人工智能嵌入到我們的流程和技術中的使用是推動我們繼續看到的強勁需求的因素之一。

The next question is from the line of Charles Brennan with Jefferies.

下一個問題來自查爾斯·布倫南 (Charles Brennan) 和杰弗里斯 (Jefferies)。

Great. I just wanted to ask one actually on the interplay between the CCB growth and the cloud growth. When I think about assets like Concur and Fieldglass, even in normal economic conditions, I wouldn't expect them to be doing mid-20s growth. Is it likely that cloud growth will always remain below the CCB growth? And in the context of your updated cloud revenue guidance, can you just give us some insight on how you expect the CCB to evolve in the second half of the year?

偉大的。我只是想問一個關於 CCB 增長和雲增長之間的相互作用的問題。當我想到像 Concur 和 Fieldglass 這樣的資產時，即使在正常的經濟條件下，我也不認為它們會實現 20 年代中期的增長。雲增長是否有可能始終低於 CCB 增長？在更新的雲收入指導的背景下，您能否給我們一些關於您預計 CCB 在下半年如何發展的見解？

Actually, if you look at historic data, for instance, now we have guided basically what's happening on cloud revenues for the year, we've updated that and narrowed the guidance and compare that to the CCB growth a year ago, it's fitting actually quite nicely. Indeed, as we mentioned, the transactional volume was a little bit of a headwind in this context. And it usually is because as you say, the growth in that business has not been as frothy as overall. But don't forget, the other thing that's driving our cloud revenue is the ramp embedded in the RISE deal. So -- and that is the bigger thing -- and where you still have a good traction. And we do believe that the 25% current cloud backlog growth is actually a meaningful indicator. So I don't think we've guided second half numbers for current cloud backlog. So I would like to stick to the methodology of what we guided, not kind of add another KPI guidance beyond what we have, but it should be good enough to get to the numbers we have updated today.

事實上，如果你看一下歷史數據，例如，現在我們基本上已經指導了今年雲收入的變化，我們已經更新了這一數據並縮小了指導範圍，並將其與一年前的 CCB 增長進行比較，它實際上非常合適。事實上，正如我們提到的，在這種情況下，交易量有點不利。這通常是因為正如你所說，該業務的增長並不像整體那樣泡沫化。但不要忘記，推動我們雲收入的另一件事是 RISE 交易中嵌入的增長。所以——這是更重要的事情——而且你仍然有很好的吸引力。我們確實相信當前 25% 的雲積壓增長實際上是一個有意義的指標。因此，我認為我們沒有為當前云積壓的下半年數據提供指導。因此，我想堅持我們所指導的方法，而不是在我們現有的基礎上添加另一個 KPI 指導，但它應該足以達到我們今天更新的數字。

(Operator Instructions) And the next question is from the line of Mohammed Moawalla with Goldman Sachs International.

（操作員說明）下一個問題來自高盛國際公司的穆罕默德·莫阿瓦拉（Mohammed Moawalla）。

My question was really focused on the non-S4 side. Dominik, you talked about Fieldglass on the transaction revenue side. Was there any softness you've seen under Rebar or Concur? And thinking about the kind of rest of the line of business portfolio, what sort of impact have you seen there? Obviously, S4 remains pretty strong, but curious to get any color on sort of success factors and some of the other line of business products?

我的問題主要集中在非 S4 方面。 Dominik，您談到了交易收入方面的 Fieldglass。您在 Rebar 或 Concur 下是否看到過任何軟弱？考慮一下業務組合的其餘部分，您在那裡看到了什麼樣的影響？顯然，S4 仍然相當強大，但想了解一些成功因素和其他一些業務產品的信息嗎？

I mean we don't guide that now by line of business and line of business. But what you can do is, of course, decompose and look at SaaS and what's impacted in terms of S/4HANA growth in there. And then you get some indication, but don't forget to also adjust for the infrastructure as a service piece of it, which is declining, and that's by intention, by design. So within the transactional part, indeed, Fieldglass was a little bit of an outlier to the downside with really significant negative numbers in growth terms because of the macro on that front. Otherwise, I'd say it was pretty much in line and was maybe a little bit decelerated but not much.

我的意思是，我們現在不按業務線和業務線來指導這一點。但當然，您可以做的是分解並查看 SaaS 以及 S/4HANA 增長受到的影響。然後你會得到一些指示，但不要忘記將基礎設施作為其中的一個服務部分進行調整，它正在下降，這是故意的，是設計的。因此，在交易部分，事實上，Fieldglass 的下行趨勢有點異常，由於這方面的宏觀因素，增長方面確實出現了顯著的負數。否則，我會說它幾乎是一致的，並且可能有點減速，但不多。

The next question comes from the line of Patrick Walravens with JMP Security LLC.

下一個問題來自 JMP Security LLC 的 Patrick Walravens。

Christian, do you feel that SAP needs more PhD level data scientists to do advanced research in all the AI topics that are relevant to SAP?

Christian，您是否認為 SAP 需要更多博士級別的數據科學家來對與 SAP 相關的所有人工智能主題進行深入研究？

Oh, my God. I mean, look, first of all, I don't have a PhD in data scientists, but in my time in leading S/4HANA actually, I learned a lot about our data model, and you could almost need a PhD as we are sitting on a ton of data. But seriously spoken, look, we have actually someone with a PhD leading our AI organization. He's one of our best engineers. And when I see what we are doing here as a team, I mean, actually almost every day, and we are going through all the use cases which are not only exist on PowerPoint, but we are looking into the prototypes. We are measuring the business value, aligning on the commercials, talking about the go-to-market, and of course, we have lined up our vision very well. .

我的天啊。我的意思是，首先，我沒有數據科學家博士學位，但實際上，在領導 S/4HANA 的時間裡，我學到了很多關於我們的數據模型的知識，而且你幾乎需要博士學位，因為我們擁有大量數據。但認真地說，你看，我們實際上有一個擁有博士學位的人來領導我們的人工智能組織。他是我們最好的工程師之一。當我看到我們作為一個團隊在這裡所做的事情時，我的意思是，實際上幾乎每天，我們都在研究所有用例，這些用例不僅存在於 PowerPoint 上，而且我們正在研究原型。我們正在衡量商業價值，調整廣告，討論進入市場，當然，我們已經很好地調整了我們的願景。 。

Now did we have to lift and shift some R&D capacity to AI? Absolutely. And we really well equipped on the leadership level with great data scientists? Absolutely. I have high confidence. And look, even our line of business leaders, take Muhammad Alam, responsible for ISBN. When you take Jan Gilg responsible for S/4HANA, I mean they are deep on AI. They know their stuff. And so this is really a team effort. And again, what we did is we lifted and shifted some capacity because now we've generative AI, we see further powerful use cases. So we deprioritize some other things on features and functions while we put more capacity on AI.

現在我們是否必須將一些研發能力提升並轉移到人工智能上？絕對地。我們真的具備出色的數據科學家的領導水平嗎？絕對地。我有很高的信心。看，即使是我們的業務線領導者，也以負責 ISBN 的穆罕默德·阿拉姆 (Muhammad Alam) 為例。當你讓 Jan Gilg 負責 S/4HANA 時，我的意思是他們對人工智能有著深入的了解。他們知道自己的事情。所以這確實是團隊的努力。再說一遍，我們所做的是提升和轉移一些能力，因為現在我們有了生成式人工智能，我們看到了更強大的用例。因此，我們在特性和功能上降低了其他一些事情的優先級，同時在人工智能上投入了更多的能力。

And one thing is also you learn a lot, by the way -- this is also very important. You learn a lot by all these AI start-ups. And you actually -- we're exchanging a lot of knowledge and best practices. I mean, the reason why we are doing these investments is to team up technology-wise and go to market wise, but we're, of course, also exchanging a lot of thoughts, a lot of insights on how to build best this LLM model. So we are also gaining a lot of knowledge and insights by these investments, what we are doing, not to forget.

順便說一句，你還可以學到很多東西——這也非常重要。你可以從所有這些人工智能初創公司中學到很多東西。實際上，我們正​​在交換大量知識和最佳實踐。我的意思是，我們進行這些投資的原因是在技術方面進行合作並進入市場，但當然，我們也在就如何構建最好的法學碩士模型交換了很多想法和見解。因此，我們也通過這些投資獲得了很多知識和見解，我們正在做的事情，不要忘記。

All right. Thank you. And I think this will conclude our call for today. Thanks for joining. Operator, you can close the call. Thank you.

好的。謝謝。我認為我們今天的呼籲就到此結束。感謝您的加入。接線員，您可以結束通話了。謝謝。

Thanks a lot, everyone.

非常感謝大家。

Goodbye.

再見。

Thank you.

謝謝。

Thank you. Bye-bye.

謝謝。再見。