SAP SE (SAP) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome and thank you for joining the SAP Q3 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Alexandra Steiger, Global head of Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。歡迎並感謝您參加 SAP 2024 年第三季財報電話會議。 （操作員指示）我現在想將會議轉交給投資者關係全球主管 Alexandra Steiger。請繼續。

Good evening, everyone and welcome. Thank you for joining us. With me today are CEO, Christian Klein; and CFO, Dominik Asam. On this call, we will discuss SAP's third quarter '24 results. You can find the deck supplementing this call as well as our quarterly statement on our Investor Relations website.

大家晚上好，歡迎光臨。感謝您加入我們。今天和我在一起的有執行長 Christian Klein；財務長多米尼克·阿薩姆。在本次電話會議上，我們將討論 SAP '24 年第三季的業績。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 will 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 differ materially.

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。這些陳述是基於目前的預期和假設，這些預期和假設存在風險和不確定性，可能導致實際結果和成果有重大差異。

Additional information regarding these risks and uncertainties may be found in our filings with the SEC including but not limited to the risk factor section of our annual report on form 20-F or 2023. Unless otherwise stated, all numbers on this call are non-IFRS and growth rates and percentage point changes are non-IFRS year-on-year at constant currencies.

有關這些風險和不確定性的更多資訊可在我們向SEC 提交的文件中找到，包括但不限於20-F 或2023 表格年度報告的風險因素部分。所有數字均非IFRS成長率和百分點變動是按固定匯率計算的非國際財務報告準則的年比變動。

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.

我們提供的非國際財務報告準則財務指標不應被視為替代或優於根據國際財務報告準則編製的財務績效指標。

Christian, now over to you.

克里斯蒂安，現在交給你了。

Thank you, Alexandra and hello to everyone on the line. Welcome to today's earnings call. As we are already getting closer to the end of the year, I'm happy to say we are well ahead of our plans for 2024 and fully on track for our 2025 financial goals. Clearly view was another successful step on SAP's transformation journey.

謝謝你，亞歷山德拉，並向線上的每個人問好。歡迎參加今天的財報電話會議。隨著年底的臨近，我很高興地說，我們遠遠領先 2024 年的計劃，並完全步入實現 2025 年財務目標的軌道。顯然，View 是 SAP 轉型之旅中另一個成功的步驟。

Let me quickly explain to you why again, total and cloud revenue growth accelerated also by winning many net new customers. Operating profit developed better than expected because many underlying measures of our transformation program start to unfold. And at the same time, we continue to deliver innovation focusing on business AI. Our AI strategy plays a key role across our Cloud ERP Suite.

讓我快速向您解釋為什麼總收入和雲端收入成長也透過贏得許多淨新客戶而加速。營業利潤的成長好於預期，因為我們轉型計畫的許多基本措施開始顯現。同時，我們持續提供專注於商業人工智慧的創新。我們的人工智慧策略在我們的雲端 ERP 套件中發揮關鍵作用。

Roughly about 30% of our cloud order and during Q3 were deals that included AI use cases. Finally, we successfully completed the tuck in acquisition of WalkMe which is a perfect fit for our business transformation portfolio. Let me now talk you through the key metrics for you.

第三季度，我們的雲端訂單中大約有 30% 是包含人工智慧用例的交易。最後，我們成功完成了對 WalkMe 的收購，這非常適合我們的業務轉型組合。現在讓我向您介紹一下關鍵指標。

Current cloud backlog increased to 29% and reached EUR15.4 billion. The increase was almost entirely organic with Walkme adding only a slight bit on top. Total revenue growth was once again in double digit territory with best in class renewal rates for cloud and our support business. Cloud revenue growth accelerated to 27% and came in at EUR4.4 billion.

目前的雲積壓增加至 29%，達到 154 億歐元。這種增長幾乎完全是有機的，Walkme 僅增加了一點。總營收成長再次達到兩位數，雲端和支援業務的續訂率堪稱一流。雲端營收成長加速至 27%，達到 44 億歐元。

And even more important, our Cloud ERP Suite was again the main driver of the top line growth with accelerated growth of 36% to EUR3.6 billion. Operating profit increased 28% and reached EUR2.2 billion with an excellent operating margin of 26.5%. The share of more predictable revenue is now at 84%.

更重要的是，我們的雲端 ERP 套件再次成為營收成長的主要驅動力，加速成長 36%，達到 36 億歐元。營業利益成長 28%，達到 22 億歐元，營業利益率高達 26.5%。更可預測的收入份額目前為 84%。

I guess it's fair to say that all the hard work to drive SAP's cloud transformation over the last four years has led to a highly resilient as well as innovative company and offers us a strong foundation for many successful years to come. Behind the impressive results, there are so many exciting customer stories. It's impossible to mention all the McKee wins. But let's have a look for example at the retail industry.

我想可以公平地說，過去四年來推動 SAP 雲端轉型的所有辛勤工作已經造就了一家具有高度彈性和創新性的公司，並為我們未來的許多成功奠定了堅實的基礎。令人印象深刻的業績背後，有許多令人興奮的客戶故事。不可能提及麥基所有的勝利。但讓我們以零售業為例。

In Q3, we signed a wise deal with Schwarzkopf. Schwarz is the parent company of the well-known supermarket change Lidl and Kaufland operating about 14,000 stores with almost 600,000 employees. I was closely involved in the conversation for this partnership.

第三季度，我們與施華蔻簽署了一項明智的協議。 Schwarz 是著名超市變革 Lidl and Kaufland 的母公司，經營約 14,000 家商店，擁有近 60 萬名員工。我密切參與了此次合作的對話。

It was all about wise as a key enabler to redesign the end to end core processes of Schwarz to leverage in the cloud the latest innovations around business Ai and to achieve their long term growth and sustainability grows, for example, with the green ledger.

作為關鍵推動者，重新設計Schwarz 的端到端核心流程，以在雲端中利用圍繞商業人工智慧的最新創新，並實現其長期成長和永續發展（例如，透過綠色帳本），這一切都是明智的。

In addition, Schwartz's Group and SAP will jointly offer we on stack it. Schwarz Group's digital cloud infrastructure which offers a high degree of digital sovereignty wise with SAP is protected by XM Cyber, the Schwarz group's provider of cloud security solutions.

此外，Schwartz's Group 和 SAP 將聯合為我們提供 on stack it。 Schwarz 集團的數位雲端基礎設施透過 SAP 提供高度的數位主權，並受到 Schwarz 集團的雲端安全解決方案供應商 XM Cyber​​ 的保護。

Speaking of world class retailers, Sainsbury's one of the UK's largest supermarket chains decided to become part of the SAP family and selected wise in Q3. And so did MercadoLibre , an e-commerce leader operating in 18 Latin American countries. With revise, we will help MercadoLibre to strengthen decision making through real time data, front office, back office supply chain amongst other things. They are also a business AI customer and have major expansion plans in these areas.

說到世界級零售商，英國最大的連鎖超市之一 Sainsbury's 決定成為 SAP 家族的一員，並在第三季做出了明智的選擇。 MercadoLibre 也是如此，它是一家在 18 個拉丁美洲國家開展業務的電子商務領導者。透過修訂，我們將協助 MercadoLibre 透過即時數據、前台、後台供應鏈等加強決策。他們也是商業人工智慧客戶，並在這些領域有重大擴張計畫。

Also in Q3, Mondelēz closed a wise deal to expand their North America business over to Latin America and to EMEA. It's just great to see quarter-by-quarter, more and more of the world's hottest companies are joining the vice movement. So let's now look at pack.

同樣在第三季度，億滋達成了一項明智的交易，將其北美業務擴展到拉丁美洲和歐洲、中東和非洲。很高興看到越來越多的全球最熱門公司逐季加入惡習運動。現在讓我們看看包包。

In Q3, one of Europe's most exciting tech startups opted for grow with SAP. Our cloud of journey offering for net new customers. Missed well AI is creating some of the world's best large language models. They are growing rapidly and see the need for a complete ERP solution to scale their business on a global level.

第三季度，歐洲最令人興奮的科技新創公司之一選擇與 SAP 一起成長。我們為新客戶提供的旅程雲端服務。錯失良機人工智慧正在創建一些世界上最好的大型語言模型。他們正在快速發展，並看到需要一個完整的 ERP 解決方案來在全球範圍內擴展其業務。

We also have a technology partnership with Missed well. The large language models are available on the gen AI and we are running large to one of Missed well's latest models on SAP infrastructure. Our partners and customers now have access to an excellent LLM alternative hosted on European territory. Staying with tech and VGR went live on wise in Q3 and that was a rapid implementation that took only six months.

我們也與 Missed well 建立了技術合作夥伴關係。大型語言模型可在 gen AI 上使用，我們正在 SAP 基礎設施上運行 Missed Well 的最新模型之一。我們的合作夥伴和客戶現在可以使用在歐洲境內託管的優秀法學碩士替代方案。堅持技術和 VGR 在第三季度明智地投入使用，這是一個快速實施，只花了六個月的時間。

Thanks to our close collaboration. Also in Q3, the software company Gainsight, a specialist in customer success solutions signed a quo with SAP deal. It's just great to see. Quarter-by-quarter, more and more of the world's hottest tech companies are choosing SAP.

感謝我們的密切合作。同樣在第三季度，客戶成功解決方案專家軟體公司 Gainsight 與 SAP 簽署了一份協議。很高興看到。每個季度，越來越多全球最熱門的科技公司選擇 SAP。

They consider our cloud solutions a solid foundation for exponential growth and value creation. They see us as an innovative leader in ERP, business AI, supply chain solutions and more. To say it in short, they trust us to bring out the best in their business and that's something we are very proud of. To close it out, there are many other great wins in Q3. For example, Dawn Foods, DXC Technology and Sol de Janeiro, a subsidiary of Lexitor Group Employees Group.

他們認為我們的雲端解決方案是指數成長和價值創造的堅實基礎。他們將我們視為 ERP、商業人工智慧、供應鏈解決方案等領域的創新領導者。簡而言之，他們相信我們能夠在他們的業務中發揮出最好的水平，這是我們感到非常自豪的事情。最後，第三季還有許多其他偉大的勝利。例如，Dawn Foods、DXC Technology 和 Lexitor Group Members Group 的子公司 Sol de Janeiro。

And for wise, we also want Mondelēz, (technical difficulty) the who is who in their industries. As you can see, SAP is already very successful at reaching and winning customers, but we can do even better. So how will our future go to market model look like?

對於明智的人來說，我們也希望 Mondeläz（技術難度）是其行業中的名人。正如您所看到的，SAP 在接觸和贏得客戶方面已經非常成功，但我們可以做得更好。那麼我們未來的上市模式會是什麼樣子呢？

Let me start by saying, thank you to Julia White and Scott Russell for their great contributions to our marketing and sales achievements over the past years. Together, we shaped the growth company well positioned to tap into the many opportunities ahead.

首先我要感謝 Julia White 和 Scott Russell 在過去幾年為我們的行銷和銷售成就做出的巨大貢獻。我們共同塑造了這家成長型公司，使其能夠充分利用未來的眾多機會。

Going forward and in the context of our ongoing restructuring, we will send our go to market set up even more strongly around our land and expand strategy with a strong focus on adoption and consumption. First, we are making our operating model clearer and more streamlined, reducing the number of the different job profiles with the goal to improve productivity and our sales ratio.

展望未來，在我們正在進行的重組的背景下，我們將更有力地圍繞我們的土地開展市場推廣，並擴大策略，重點關注採用和消費。首先，我們正在使我們的營運模式更加清晰和精簡，減少不同職位的數量，以提高生產力和銷售比率。

Second, we will empower our partner ecosystem to go big in the mid-market. By that, we are expanding this highly profitable sales channel and pushing our future growth. Third to get even more steam behind our land and expand strategy, we are overhauling our commercials including how we package our solutions. This will go hand in hand with revised incentive structures for our colleagues in sales.

其次，我們將賦能我們的合作夥伴生態系統，使其在中端市場做大。透過這種方式，我們正在擴大這個高利潤的銷售管道並推動我們未來的成長。第三，為了為我們的土地提供更多動力並擴大策略，我們正在徹底修改我們的廣告，包括我們如何包裝解決方案。這將與我們銷售同事修改後的激勵結構同時進行。

Let me tell you Q3 was not only a successful quarter in terms of customers and growth, but also in terms of innovation. This was very evident at TechEd, our technology and developer conference.

讓我告訴您，第三季度不僅在客戶和成長方面是成功的季度，而且在創新方面也是如此。這在我們的技術和開發者大會 TechEd 上表現得非常明顯。

Let me share some highlights with you starting with [two]. Our digital copilot just celebrated its first birthday and we announced a major upgrade. We are supercharging tool with collaborative AI agents. Most AI chains are fit to perform only one type of task in sales in HR, in supply chain. But however many key processes cut across departments. Financial predictions for instance, involve data from sales, supply chain management HR and other functions.

讓我從[二]開始與您分享一些亮點。我們的數位副駕駛剛剛慶祝了它的一歲生日，我們宣布了一項重大升級。我們是具有協作人工智慧代理的增壓工具。大多數人工智慧鏈只適合執行人力資源銷售、供應鏈中的一種類型的任務。但無論如何，許多關鍵流程都是跨部門的。例如，財務預測涉及來自銷售、供應鏈管理、人力資源和其他職能部門的數據。

[Shul] will soon be able to orchestrate several AI agents to carry out such complex processes end to end. That's possible because ACP speaks the language of all corporate functions. We are not trapped in one silo. So while many in the software industry talk about AI agents these days, I can assure you [Shul] will be the champion of them all.

[Shul] 很快就能夠協調多個人工智慧代理來端到端地執行此類複雜的流程。這是可能的，因為 ACP 使用所有公司職能部門的語言。我們並沒有被困在一個筒倉裡。因此，雖然現在軟體產業的許多人都在談論人工智慧代理，但我可以向你保證，[Shul] 將成為其中的冠軍。

So far, we have added over 500 skills to [Shul] and we are well on track to cover 80% of the most frequent business and analytical transactions by the end of this year. And in Q3 alone, several hundred customers license [Shul]. Our progress was also accelerating with regard to the other elements of our AI architecture. Well ahead of time, we reached the goal to embed over 100 AI use cases across our solutions and the gen AI hub consumption by our partners more than tripled from Q2 to Q3 and even better the consumption by our customers more than quadrupled.

到目前為止，我們已向 [Shul] 增加了 500 多種技能，並且預計在今年年底前覆蓋 80% 最頻繁的業務和分析交易。僅在第三季度，就有數百名客戶獲得許可 [Shul]。我們的人工智慧架構的其他元素方面的進展也在加速。我們提前實現了在我們的解決方案中嵌入100 多個AI 用例的目標，從第二季度到第三季度，我們合作夥伴的gen AI 中心消耗量增加了兩倍多，更好的是，我們客戶的消耗量增加了四倍以上。

Finally, there was one more thing attacked with regard to business AI. Something we've worked on since a few years. We announced the SAP knowledge graph. The knowledge graph captures decades of business process knowledge and allows gen AI to deeply understand SAP systems with regard to structure data that tables the connections. That in turn enables gen AI to provide much more relevant, reliable and context sensitive answers.

最後，關於商業人工智慧，還有一件事受到攻擊。這是我們幾年來一直在努力的事情。我們發布了 SAP 知識圖譜。知識圖捕捉了數十年的業務流程知識，並讓 gen AI 深入了解 SAP 系統的連接表結構資料。這反過來又使 gen AI 能夠提供更相關、可靠和情境敏感的答案。

It will allow to, for example, to carry out the complex tasks I just mentioned. The knowledge graph will and is a real game changer in our industry. And we are the first to accomplish it at this scale. We have had a bit of an unfair advantage. Of course, we can rely on decades of domain know how and the wealth of data in the SAP system.

例如，它將允許執行我剛才提到的複雜任務。知識圖譜將並且確實是我們產業中真正的遊戲規則改變者。我們是第一個以這種規模實現這一目標的人。我們有一點不公平的優勢。當然，我們可以依靠數十年的領域專業知識和 SAP 系統中的豐富數據。

So in summary, Q3 was another strong quarter for SAP. Revenue growth accelerated and our profitability continued to develop very positively. Against this background, we are confidently raising our outlook for 2024.

總而言之，第三季是 SAP 的另一個強勁季度。收入成長加速，我們的獲利能力持續非常積極地發展。在此背景下，我們充滿信心地提高了對 2024 年的展望。

We are now expecting an operating profit of EUR7.8 billion to EUR8 billion and we are also happy to confirm that we are on track towards our revised 2025 financial ambitions with continuous double digit total revenue and operating profit growth in the years to come. And with that over to you, Dominic.

我們目前預計營業利潤為 78 億歐元至 80 億歐元，我們也很高興地確認，我們正在實現修訂後的 2025 年財務目標，在未來幾年總收入和營業利潤將持續實現兩位數增長。這件事就交給你了，多明尼克。

Thank you Christian and thank you all for joining us this evening. We have successfully navigated another quarter despite the ongoing complexities of the macroeconomic environment. Demand for our solutions remained solid in Q3, driving steady expansion of our current cloud backlog and strong cloud revenue growth which grew by 29% and 27% year-over-year respectively.

謝謝克里斯蒂安，也謝謝大家今晚加入我們。儘管宏觀經濟環境持續複雜，我們仍成功度過了另一個季度。第三季對我們解決方案的需求依然強勁，推動我們目前的雲端積壓業務穩步擴大，雲端收入強勁成長，年比分別成長 29% 和 27%。

In Q3, deals exceeding EUR5 million accounted for more than 60% of cloud order entry, reflecting continued confidence in our offerings and strategic direction. The continued disciplined execution of our transformation program combined with a slower than anticipated ramp in our hiring activities contributed to exceptional growth in non-averse operating profit and a significant increase in free cash flow.

第三季度，超過 500 萬歐元的交易佔雲端訂單輸入的 60% 以上，反映出對我們的產品和策略方向的持續信心。我們持續嚴格執行轉型計劃，加上招聘活動增速低於預期，促成了非不利營業利潤的顯著增長和自由現金流的顯著增加。

Our investments in business AI are also starting to show positive results creating new opportunities and deepening customer engagement. Now, with the added capabilities of Walkme, we're able to further improve workflow executional user experience, positioning SAP well to deliver unparalleled value to our stakeholders.

我們對商業人工智慧的投資也開始顯示出積極的成果，創造了新的機會並加深了客戶參與。現在，借助 Walkme 的附加功能，我們能夠進一步改善工作流程執行使用者體驗，使 SAP 能夠為我們的利害關係人提供無與倫比的價值。

Let me now go into further details regarding our financial highlights. Current cloud backlog reached EUR15.4 billion up 29%. Absent the first time inclusion of Walkme, CCB growth would have remained virtually flat compared to the prior quarter.

現在讓我進一步詳細介紹我們的財務亮點。目前雲積壓訂單達 154 億歐元，成長 29%。如果沒有首次納入 Walkme，CCB 的成長幾乎與上一季相比持平。

Cloud revenue grew by 27% fuelled by the sustained strength of our Cloud ERP Suite, which saw another impressive quarter with an increase of 36%. This marks the 11 consecutive quarter of Cloud ERP growth in the 30s. Now representing approximately 84% of total cloud revenue.

在我們的雲端 ERP 套件持續強勁的推動下，雲端收入成長了 27%，該季度又成長了 36%，令人印象深刻。這標誌著雲端 ERP 30 年代以來連續 11 個季度成長。目前約佔雲端總收入的 84%。

The maps and the first time inclusion of an approximately EUR50 million revenue contribution of Walkme, Cloud revenue would have accelerated by 1-percentage-points sequentially. Software license revenue showed a remarkable resilience with a decrease of only 14% in the quarter.

地圖和首次納入 Walkme 約 5,000 萬歐元的收入貢獻，雲端收入將連續加速 1 個百分點。軟體授權收入表現出顯著的彈性，本季僅下降 14%。

Finally, total revenue was EUR8.5 billion in Q3 up 10% year-over-year. This performance was primarily driven by the strength in Cloud revenue and demonstrates how the positive revenue mix effect is driving gradual acceleration in our top line.

最後，第三季總營收為 85 億歐元，較去年同期成長 10%。這一業績主要是由雲端收入的強勁推動的，並表明積極的收入組合效應如何推動我們的營收逐漸加速。

Now, let's take a brief look at our regional performance. In the third quarter, SAP's cloud revenue performance was particularly strong in APJ and EMEA and robust in the Americas region. Brazil, Chile, Germany, Italy, India, Japan and Spain had outstanding performances in cloud driven growth while China, Saudi Arabia and the US were particularly strong.

現在，讓我們簡要回顧一下我們的區域表現。第三季度，SAP 的雲端營收表現在亞太及日本地區和歐洲、中東和非洲地區尤其強勁，在美洲地區也表現強勁。巴西、智利、德國、義大利、印度、日本和西班牙在雲端驅動成長方面表現出色，而中國、沙烏地阿拉伯和美國表現尤為強勁。

Now moving on to the bottom line. Our non-IFRS cloud gross profit increased by 28%. This was supported by an improvement in cloud gross margin from the year ago period, expanding by 0.6-percentage-points to 73.7%. IFRS operating profit in the third quarter was up 29% to EUR2.2 billion. Finally, non IFRI operating profit rose by 28% to EUR22.2 billion. Operating profit growth was mainly driven by strong revenue growth as well as disciplined execution of the 2024 transformation program.

現在轉向底線。我們的非 IFRS 雲毛利潤成長了 28%。雲毛利率較去年同期提高了 0.6 個百分點，達到 73.7%，也支撐了這一趨勢。第三季 IFRS 營業利潤成長 29%，達到 22 億歐元。最後，非 IFRI 營業利潤成長 28%，達到 222 億歐元。營業利潤成長主要得益於強勁的收入成長以及 2024 年轉型計畫的嚴格執行。

Basic non-IFRS earnings per share in the quarter increased 6% to EUR1.23. The IFRS first effective tax rate for Q3 was 33% and the non-IFRS first tax rate was 33.4%.

本季非 IFRS 基本每股收益成長 6%，達到 1.23 歐元。第三季的 IFRS 第一有效稅率為 33%，非 IFRS 第一有效稅率為 33.4%。

Now on to our cash generation. Free cash flow for Q3 increased in normal terms by 44% to EUR1.2 billion with approximately EUR3 million were paid out for restructuring. The positive development was primarily attributable to the increased profitability and lower tax payments. And for the first nine months, free cash flow was up 47% to EUR5 billion.

現在談談我們的現金產生。第三季的自由現金流正常情況下成長了 44%，達到 12 億歐元，其中約 300 萬歐元用於重組。正面的發展主要歸功於獲利能力的提高和納稅額的降低。前 9 個月，自由現金流成長 47%，達到 50 億歐元。

Now let's move on to our outlook. As you have seen in today's release, we're increasing our 2024 outlook. For cloud and revenue, revenue, cloud and software revenue operating profit and free cash flow which we are adjusting to reflect our updated expectations.

現在讓我們繼續展望。正如您在今天的新聞稿中看到的，我們正在提高 2024 年的展望。對於雲端和收入、收入、雲端和軟體收入、營業利潤和自由現金流，我們正在調整以反映我們更新的預期。

While Q3 was another solid quarter in terms of cloud bookings, we would like to remind everyone that Q4 is typically our largest quarter and performance here will be crucial in achieving our full year targets and our 2025 ambition which remains unchanged for now.

雖然第三季度在雲端預訂方面又是一個穩定的季度，但我們想提醒大家，第四季度通常是我們最大的季度，這裡的業績對於實現我們的全年目標和2025 年的目標至關重要，目前這一目標保持不變。

It's essential that we stay focused on executing our strategic initiatives and managing through evolving market conditions. We've also seen that we now expect to end the year at a slightly higher headcount than last year, including the colleagues joining us from Walkme.

我們必須專注於執行我們的策略計劃並透過不斷變化的市場條件進行管理。我們也看到，我們現在預計今年年底的員工人數將略高於去年，其中包括從 Walkme 加入我們的同事。

This year and headcount will still include a few 1,000 colleagues who will leave the company as part of the transformation program on January 1, 2025. For additional details, please refer to our quarterly statement published earlier today on our investor relations website.

今年的員工人數仍將包括1,000 名同事，他們將作為2025 年1 月1 日轉型計劃的一部分離開公司。 。

So in summary, in Q3, we were yet again able to prove our resilience and strategic execution on all fronts. We continue to help our customers navigate their digital transformation journeys to the cloud. As a result, we are on track to achieve or overachieve all of our financial KPI's guided in our outlook at the beginning of this year and are further solidifying the trajectory towards our ambition 2025, as well as accelerated revenue growth through 2027.

總而言之，在第三季度，我們再次證明了我們在各個方面的韌性和策略執行力。我們繼續幫助客戶引導他們的雲端數位轉型之旅。因此，我們有望實現或超額實現今年年初展望中指導的所有財務 KPI，並進一步鞏固實現 2025 年雄心壯志的軌跡，並在 2027 年之前加速收入成長。

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

謝謝。我們現在很樂意回答您的問題。

Ladies and gentlemen, at this time, we will begin the question and answer session. (Operator Instructions)

女士們、先生們，現在我們將開始問答環節。 （操作員說明）

Michael Briest, UBS.

麥可‧布里斯特，瑞銀集團。

Thank you very much. Good evening. Just to I think Dominik you called out the very strong contribution of large deals this quarter. I think it was over 60% of the order intake is normally about 50% in Q3. Can you say about the total volume of deals? Were they up year-on-year?

非常感謝。晚安.我認為多明尼克您提到了本季大型交易的強勁貢獻。我認為第三季訂單量的比例超過 60%，通常約為 50%。能透露一下交易總量嗎？他們比去年同期上漲了嗎？

And what the pipeline looks like for Q4? And you're messaging around the sort of volatile conditions. Can you characterize whether the environment is the same as it was when you started the quarter or are things getting a bit more challenging? And then just Christian very quickly on the 30% of deals with AI. Can you talk to maybe the price uplift that you're realizing on that? Thank you.

第四季的流程是什麼樣的？你正在圍繞這種不穩定的情況傳遞訊息。您能否描述一下環境是否與本季開始時相同，或者情況是否變得更具挑戰性？然後克里斯蒂安很快就完成了 30% 的人工智慧交易。您能談談您意識到的價格上漲嗎？謝謝。

Maybe we have a first step at the 60%. I mean, what we do observe is really the kind of installed base, large enterprises turning with great momentum. So here we really see the flywheel spinning. So that explains the strong momentum we have there, which gives us of course tremendous stability because that kind of installed base is only partially tapped into and even the ones who are already on the rise journey have not fully converted the installed base on prem, onto cloud.

也許我們已經在 60% 邁出了第一步。我的意思是，我們所觀察到的確實是那種安裝基礎，大型企業正在以強勁的勢頭轉向。所以在這裡我們確實看到了飛輪的旋轉。因此，這解釋了我們在那裡擁有的強勁動力，這當然給我們帶來了巨大的穩定性，因為這種安裝基礎只是部分利用，甚至那些已經踏上崛起之旅的人也沒有完全將本地安裝基礎轉換為雲端。

So I think that's the point we want to make here. I think on the demand environment, I think probably Christian is better suited to comment.

所以我認為這就是我們想要在這裡表達的觀點。我認為就需求環境而言，我認為克里斯蒂安可能更適合發表評論。

I mean, clearly Michael, I mean, of course, we hear a lot about macroeconomic challenges and I mean, look at our whole market in Germany, I mean, definitely the economy has its challenges. But still, I would say after Q4 as well, [X40] company left who is not yet on the move to the cloud with SAP and wise. And especially in Germany, Dominik and I also had today a few customer calls.

我的意思是，顯然邁克爾，我的意思是，當然，我們聽到了很多有關宏觀經濟挑戰的信息，我的意思是，看看我們在德國的整個市場，我的意思是，經濟肯定面臨挑戰。但我仍然想說，在第四季之後，[X40] 公司離開了尚未遷移到 SAP 和 smart 雲端的公司。尤其是在德國，多明尼克和我今天還接到了一些客戶電話。

I mean, when you are in a transformation, no matter if it's in the chemical industry or on the auto industry, actually, we see no slowdown. I mean, they really see our cloudier ERP suite as the only way to restructure that portfolio to transform to new business models and of course, also to drive productivity.

我的意思是，當你處於轉型中時，無論是在化學行業還是在汽車行業，實際上我們都看不到放緩。我的意思是，他們確實將我們的雲端化 ERP 套件視為重組產品組合、轉型為新業務模式以及提高生產力的唯一途徑。

So when I can trust my business AI with regard to the predictive forecast for Q4 and actually we are positive and now still, of course, as every year, there is a huge order entry to close and that's every year the same. So yeah, let's get the execution done in the next 2.5 months. But then I'm confident.

因此，當我可以相信我的業務人工智慧對第四季度的預測時，實際上我們是積極的，現在仍然如此，當然，每年都有大量訂單需要關閉，而且每年都是一樣的。所以，是的，讓我們在接下來的 2.5 個月內完成執行。但後來我有信心了。

And on the 30% of the use cases, yeah, absolutely. I mean, the ones which I'm mentioning, they all come with upside. First of all, with value for the customers. I mean, this is in sourcing and supply chain, in manufacturing. These are the areas where I would say we see with regard to embedded AI, the strongest uptake and all that comes with our premium wise offering or with growth.

對於 30% 的用例，是的，絕對是如此。我的意思是，我提到的那些，它們都有好處。首先，為客戶創造價值。我的意思是，這是在採購和供應鏈、製造方面。我想說的是，我們在嵌入式人工智慧方面看到了最強勁的應用領域，以及我們的優質產品或成長所帶來的一切。

And so yes, there is good upside and but good piece is also there. I mean, in all 30% of the deals, I mean, I mentioned Mercado Libre, they are starting now with some use cases by far not with everyone. So we also see here the land and expand motion in the quarters to come.

所以，是的，有很好的好處，但也有好的部分。我的意思是，在所有 30% 的交易中，我的意思是，我提到了 Mercado Libre，他們現在開始使用一些用例，但到目前為止還沒有涉及到所有人。因此，我們在這裡也看到了未來幾季的土地和擴張運動。

And then when you see that the innovation pipeline is now also accelerating with regard to embedded AI, the gen AI and tool, I mean, by perse, we will also see an expansion of the business AI footprint in the customers where we already land.

然後，當你看到嵌入式人工智慧、新一代人工智慧和工具的創新管道現在也在加速時，我的意思是，就其本身而言，我們還將看到我們已經登陸的客戶中商業人工智慧足跡的擴大。

Adam Wood, Morgan Stanley.

亞當伍德，摩根士丹利。

Hi, good evening. Thanks very much for taking the question. First of all, congrats on the quarter. Very strong again. Can I just ask you alluded to the management changes during the call? And obviously, we've got around 10% of the workforce leaving through the year. And Christian, you also talked about the salesforce reorganization.

嗨，晚上好。非常感謝您提出問題。首先，恭喜本季。又很強了。我可以問你在通話中提到了管理階層的變動嗎？顯然，今年我們有大約 10% 的員工離職。克里斯蒂安，您也談到了銷售隊伍的重組。

Could you just talk a little bit about how you're managing the risks of making sure that the reorganization doesn't cause disruption? As you said, you're going now into fourth quarter, whether there's a lot of business to close, but culturally, what you're doing to make sure things don't slip through the cracks and you're able to close the deals that you need and maybe just quickly on the free cash flow Dominik a very, very strong quarter.

您能否簡單談談您如何管理風險以確保重組不會造成乾擾？正如您所說，您現在將進入第四季度，無論是否有很多業務需要完成，但從文化角度來看，您正在採取哪些措施來確保事情不會漏掉，並且能夠完成交易你需要的，也許只是快速的自由現金流多米尼克一個非常非常強勁的季度。

Could you just talk a little bit about how much of that is structural changes and improvements that we should expect to continue and how much is maybe one off things from working capital that are great to come in, but maybe not repeatable every year. Thank you.

您能否簡單談談其中有多少是我們應該期望繼續進行的結構性變化和改進，有多少可能是來自營運資本的一次性支出，這些支出很好，但可能每年都不會重複。謝謝。

Yeah, I can start with regard to the management changes and also the outlook for the next year on growth, on cloud grows and the execution risk you're mentioning. I mean, first let me clearly again state here, I mean, Scott and Julia did a fabulous job in transforming SAP to the state where we are. And I guess today's results are also a proof of the great job. We as a team have done over the last years.

是的，我可以從管理層變動以及明年的成長前景、雲端成長以及你提到的執行風險開始。我的意思是，首先讓我在這裡再次明確聲明，我的意思是，Scott 和 Julia 在將 SAP 轉變為我們現在的狀態方面做得非常出色。我想今天的結果也是出色工作的證明。我們作為一個團隊在過去幾年裡已經做到了。

Now, Adam, the good piece is when you look into the planning for next year, how we then assemble our bookings close first, what do we have still in the tank for wise? And then you can see out of the [11 billion] of maintenance, I mean 1/4 of the customers have started their transformation journey, but there is a web. So even in the 1/4 of the customers who are on their journey, there is potential left.

現在，亞當，好的部分是當你研究明年的計劃時，我們如何首先收集我們的預訂，我們還有什麼明智的選擇？然後你可以看到在[110億]的維護中，我的意思是1/4的客戶已經開始了他們的轉型之旅，但是有一個網絡。因此，即使在旅途中的 1/4 客戶中，也仍有潛力。

And I mentioned here, some customers in the past who are deeply in the journey and on the journey to the public loud suite like an [axon] and others and they are you know, now ramping up, ramping, ramping, ramping and they are very satisfied with the way how we use this methodology to transform and then over time drive adoption and of course high value for the company.

我在這裡提到，過去的一些客戶深深地處於旅程中，正在通往公共大聲套房的旅程中，例如[軸突]和其他人，他們是你知道的，現在正在加速，加速，加速，加速，他們是我們對使用這種方法進行轉型的方式非常滿意，然後隨著時間的推移推動採用，當然也為公司創造了高價值。

Then second NetU. So this is with a huge uptick and I see that even further potential, I come in a second to that, then the land and expand closer. I mean when you look into a typically ECC system, we were good in finance, procurement, supply chain, manufacturing, but very transactional.

然後是第二個NetU。因此，這是一個巨大的上升，我看到了更大的潛力，我將緊隨其後，然後是土地並進一步擴大。我的意思是，當你研究典型的 ECC 系統時，我們在財務、採購、供應鏈、製造方面表現出色，但交易性很強。

Now in the cloud, I mean, when you look at demand and supply chain planning, workforce planning, skills based, not profile based when you look into omnichannel, order volume, high billing scenarios, these are all things which we didn't even offer at the ECC.

現在在雲端中，我的意思是，當你查看需求和供應鏈規劃、勞動力規劃、基於技能而不是基於個人資料時，當你查看全通路、訂單量、高計費場景時，這些都是我們甚至沒有考慮到的ECC 的報價。

So you also you see there is no question more about value, there is a ton of value and to do this not only the speed and the agility, what you get with the cloud offerings of SAP but also with the capabilities. And so that is also offering is once we landed, for example, on finance, we are now making sure that we land with next EC next and kick some of the best of the pre layers out, then we go to sourcing, then we go to supply chain because sourcing needs to be connected to manufacturing.

因此，您還會看到，毫無疑問，價值更多，存在大量的價值，要做到這一點，不僅需要速度和敏捷性，還需要透過 SAP 的雲端產品獲得什麼，還需要功能。因此，一旦我們落地，例如在金融方面，我們現在確保我們接下來會落地下一個 EC，並踢掉一些最好的預層，然後我們去採購，然後我們去供應鏈，因為採購需要與製造聯繫起來。

Now with regard to the execution risk. Look, I'm -- I have to say I'm very close to of course, some of the large deals. I mean, I'm of course talking to our top customers frequently. I also want to feel the pulse of how our product portfolio works, how we also position the value. And now I just had a team together marketing, the sales leadership and our services leadership in in for some days. And we really talk through about what can we do more?

現在關於執行風險。聽著，我不得不說，我當然非常接近一些大型交易。我的意思是，我當然經常與我們的頂級客戶交談。我還想了解我們的產品組合如何運作以及我們如何定位價值。現在，我剛剛組建了一個團隊，負責行銷、銷售領導和服務領導，已經工作了幾天。我們真的討論了還能做些什麼？

Not in the year now. Next year we are seeing a really good healthy pipeline, but what is about in two or three years? How can we expand the channel? We have a huge mid-market and where we still, where we can massively quote, but not with direct sales. So what can we do better to enable the ecosystem? Let them sell the sweet, give them territories, give them more demand coming from marketing via our digital channels which are way better than two years ago.

現在還不是今年。明年我們將看到一條非常良好、健康的管道，但兩三年後會發生什麼？如何拓展通路？我們有一個巨大的中端市場，我們仍然可以大量報價，但不能直接銷售。那我們可以做些什麼來更好地啟用生態系統呢？讓他們賣糖果，給他們領土，透過我們的數位管道行銷給他們更多的需求，這比兩年前要好得多。

And then second, when you talk about direct pop at the top of the house, what can we do better on value engineering with less roles but better architects even better specialists really to foster the land and expand opportunity I just talked about and then with more targeted incentives as this is something that we all know matters in sales.

其次，當你談論房子頂部的直接流行時，我們可以在價值工程方面做得更好，用更少的角色，但更好的建築師，甚至更好的專家，真正培育土地並擴大我剛才談到的機會，然後用更多的東西有針對性的激勵措施，因為我們都知道這對銷售很重要。

So these are just some examples. So I'm on it and we are on it and I'm very confident the team is strong. The team really sees the massive opportunities in the years ahead. Everyone is excited and for Q4, of course, all hands on deck and we are good, we are confident.

這些只是一些例子。所以我和我們都在努力，我非常有信心球隊很強大。該團隊確實看到了未來幾年的巨大機會。當然，每個人都對第四季感到興奮，所有人都齊心協力，我們很好，我們充滿信心。

Frederic Boulan, BofA.

弗雷德里克·博蘭，美國銀行。

Yeah, thank you. So first of all on the cloud momentum, so cloud a suit accelerated quite significantly in the quarter. I don't know if you can comment on any specific drivers there. And then from CCB perspective, are you trading ahead of your target? Are you still considered and can you share a little bit the scenarios around the 27% guidance for this year? I mean, I know some commentary around the macro, but at the same time, a lot of bullishness. So it'd be good to get you know, some of the different dynamics here at play.

是的，謝謝。首先是雲端動力，所以雲端套裝在本季加速相當顯著。我不知道您是否可以對那裡的任何特定驅動程式發表評論。然後從CCB的角度來看，您的交易是否超出了目標？您是否還在考慮，能否分享今年 27% 指導方針的一些情景？我的意思是，我了解一些有關宏觀經濟的評論，但同時也有很多看漲情緒。因此，最好讓您了解其中的一些不同動態。

And then secondly, around good margin. If you can spend a moment on your outlook here in cloud growth margin in particular, what's the outlook considering public attraction still remains pretty strong but improving mix of statuses infrastructure. So any of that would be great. Thank you.

其次，利潤率很高。如果您能花點時間討論雲端成長利潤率的前景，那麼考慮到公眾吸引力仍然相當強勁，但狀態基礎設施組合不斷改善，前景如何。所以任何一個都很棒。謝謝。

I mean, talking about the cloud ERP where is the strong growth coming from? I mean, of course, as we also mentioned on some of the customer wins, you see some of the largest customers also now making the move to wise, it really depends a little bit on the industry. If the customers prefer to start with the manufacturing, with the shop floor transformation, or if they go with finance and HR first, commerce is obviously a strong area.

我的意思是，談論雲端ERP的強勁成長來自哪裡？我的意思是，當然，正如我們在一些客戶贏得方面也提到的那樣，你會看到一些最大的客戶現在也轉向明智，這確實在一定程度上取決於行業。如果客戶更喜歡從製造開始，從車間改造開始，或者如果他們首先選擇財務和人力資源，那麼商業顯然是一個優勢領域。

And then end to end and then over time, even for the existing customers, we see really healthy upsell, also disc water where we can deliver value and then expand and the footprint over time. Second, the [new] was also very strong, especially in the area of HR, Finance where we typically land also in the first step.

然後端到端，然後隨著時間的推移，即使對於現有客戶，我們也看到了真正健康的追加銷售，也看到了我們可以提供價值的地方，然後隨著時間的推移擴大足跡。其次，[新]也非常強大，特別是在人力資源、財務領域，我們通常也是第一步。

And then last but not least, I mean, let's also not underestimate our platform. I mean, also the ecosystem is much more into this now that we not only integrate our suite, but we also extend our suite developing own IP not customizing the ERP anymore but building extensions, innovative apps for the different verticals of our customers.

最後但並非最不重要的一點是，我們也不要低估我們的平台。我的意思是，現在生態系統也更加深入，我們不僅集成了我們的套件，而且還擴展了我們的套件，開發了自己的IP，不再定制ERP，而是為客戶的不同垂直領域構建擴展和創新應用程式。

And so that is also of course charging the really great growth we have seen in Q3. And then on macro versus pipeline, I mean, look, I mean, without any doubt also when you look at some of the numbers, our peers have delivered. We are actually seeing an ongoing strong momentum, the pipeline again, the cover which is healthy but again before we are now jumping into 2025 let us first deliver Q4.

因此，這當然也推動了我們在第三季看到的真正巨大的成長。然後，在宏觀與管道方面，我的意思是，看，我的意思是，毫無疑問，當你看看我們的同行已經交付的一些數字時。我們實際上看到了持續的強勁勢頭，管道再次出現，封面也很健康，但在我們現在進入 2025 年之前，讓我們先交付第四季度。

It's a big quarter. It's naturally a big quarter. And once we have closed Q4, we will see each other again in January. And then we will give you also a guidance for 2025. On gross margin and maybe one last piece. As I also mentioned before, the cloud transformation, the underlying measures we have taken is now clearly taking off.

這是一個很大的季度。這自然是一個大季度。一旦我們結束了第四季度，我們將在一月再次見面。然後我們還將為您提供 2025 年的指引。正如我之前提到的，雲端轉型，我們採取的基礎措施現在顯然正在起飛。

I mean, it was the right decision to centralize our cloud operations. It's with Thomas, the life cycle management of the apps gets harmonized. We are and rolling out the cloud version of HANA , much more scale, better TCO, better resiliency.

我的意思是，集中我們的雲端運營是正確的決定。在 Thomas 的幫助下，應用程式的生命週期管理得到了協調。我們正在推出 HANA 雲端版本，具有更大的規模、更好的 TCO、更好的彈性。

And of course, we're also working with the hyperscalers, I mean, we have with wise and on the cloud infrastructure, we have really some really strong measures we are trying to further optimize not only performance but again, also the scalability of HANA cloud warning on the hyperscaler infrastructure.

當然，我們也在與超大規模企業合作，我的意思是，我們在雲端基礎架構上有一些非常有力的措施，我們不僅試圖進一步優化效能，而且還進一步優化 HANA 的可擴展性超大規模基礎架構上的雲警告。

But of course, also on the data side, we are doing several things to further improve both performance as well as the scalability of our stack. And so, and that will also lead to a very healthy expansion of our gross margins in 2025 and with the uptake of our suite and the land and expand and really warning all of these solutions on a multitenant infrastructure. And we are actually very confident that we also can expand our gross margin in especially in 2025.

當然，在數據方面，我們正在做一些事情來進一步提高堆疊的效能和可擴展性。因此，隨著我們的套房和土地的使用，這也將導致我們的毛利率在 2025 年實現非常健康的擴張，並在多租戶基礎設施上擴展並真正警告所有這些解決方案。事實上，我們非常有信心能夠擴大我們的毛利率，特別是在 2025 年。

Maybe one comment. And there was, I'm still hoping a question on free cash flow, whether that's a structural topic or just more of a phasing topic, I might say. It appears to be more of a phasing topic. Nevertheless, the underlying performance is quite solid. I mean, you've seen us increase the guidance at the midpoint by a quarter of a billion.

也許有一則評論。我仍然希望有一個關於自由現金流的問題，我可能會說，這是否是一個結構性主題，或者只是一個階段性主題。這似乎更像是分階段的話題。儘管如此，基本的表現還是相當穩健的。我的意思是，您已經看到我們將中點指導增加了 25 億美元。

We have not deliberately, not changed the cash flow outlook for 2025. We've raised it in the last quarterly communication, but of course, the current cash performance helps us further solidify our outlook. We're going to move in the very near future i.e., in January from a kind of ambition 2025 to an outlook 2025. And of course, we want to make sure that we have the typical kind of high quality, high confidence level on whenever we guide the outlook. So I think there is more confidence level than what we usually have in kind of mid to long term ambition.

我們並沒有刻意地、沒有改變2025年的現金流前景。我們將在不久的將來，即 1 月份，從 2025 年的雄心壯志轉向 2025 年的展望。因此，我認為人們對中長期目標的信心比我們通常的信心要高。

Now, on the CCB growth, I want to add that we do still see quite some significant headwind from the transactional business. Actually, our transactional business has if anything declined mid-single digit percentage point. So the macro is very much felt at SAP 2. But on the other side, you see that Cloud ERP growth was roaring at 36% despite that headwind.

現在，關於建設銀行的成長，我想補充一點，我們確實仍然看到來自交易業務的相當大的阻力。事實上，我們的交易業務下降了中個位數百分點。因此，SAP 2 的宏觀效果非常明顯。

And it's also important to keep that in mind for the bridge from CCB into Cloud revenue growth. I mean from the midpoint '25 to our ambition, -- sorry midpoint '24, outlook '24 to the ambition 2025 target of EUR21.5 billion.

對於從 CCB 到雲端收入成長的橋樑，記住這一點也很重要。我的意思是從“25 年中點”到我們的雄心壯志，--抱歉，“24 年中點”，展望“24 年”到 2025 年 215 億歐元的雄心目標。

If you take the Forex into account, we need about a 26.5% Cloud revenue growth, which is almost there yet. There is a very, very minor impact from our WalkMe acquisition on Cloud revenues. And I think if disclosed, it's EUR14 million in the Q3. So it's very, very little. By the way, we've also a little bit of a headwind from losses we absorb in the integration, but that's completely absorbed by other outperformance.

如果考慮到外匯，我們需要大約 26.5% 的雲端收入成長，這幾乎已經實現了。收購 WalkMe 對雲端收入的影響非常非常小。我認為如果披露的話，第三季的收入將達到 1400 萬歐元。所以它非常非常少。順便說一句，我們在整合中吸收的損失也帶來了一些阻力，但這完全被其他優異表現所吸收。

And on the CCB, we have initially said that we will exit the year 2020 -- exit the year 2024 at a similar level as the prior year, which was 27%. And actually, if you want to be at 26.5% and even if you have a very adverse scenario on transaction revenue in your head, which is not necessarily a default assumption and you have probably not more or certainly not more than 1 percentage point dilution, so as soon as you are kind of 27.5%, you're pretty much secured for next year's ambition.

在 CCB 方面，我們最初表示，我們將在 2020 年退出——在 2024 年退出，其水平與前一年類似，即 27%。實際上，如果你想達到 26.5%，即使你腦子裡對交易收入有非常不利的設想，這不一定是默認假設，而且你的稀釋程度可能不會超過或肯定不會超過 1 個百分點，所以一旦你達到了27.5%，明年的目標就基本確定了。

So this is a little bit of framework how to triangulate into next year. So it's just on the right trajectory for hitting our ambition. And also in the cloud growth margin, as already commented by Christian, you can almost take a ruler. If you look at the kind of [rhyming up] in the cloud growth margin, and you cannot almost linearly extrapolate eliminating the noise of any given quarter. You see that the kind of 75% is exactly what's in the card.

這是如何對明年進行三角測量的一些框架。因此，它正處於實現我們雄心壯志的正確軌道上。而且在雲端成長幅度方面，正如 Christian 已經評論的那樣，你幾乎可以拿一把尺。如果你看看雲端成長利潤率的那種[押韻]，你幾乎無法線性推斷消除任何給定季度的噪音。你看那種75%正是卡上寫的。

So I feel that what we've printed, so to speak in Q3 is kind of nicely triangulating with the ambition 2025. So it all fits together very, very nicely.

所以我覺得我們在第三季發布的內容與 2025 年的雄心壯志很好地進行了三角測量。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc 資本市場。

Great. Thanks for taking our questions, guys. First one is on just your current assessment of, I guess the risks or due to some of the investigations that are underway in the US related to the practices with government agencies. And then can you size how large your US federal business is in terms of the mix of the overall business? Thanks.

偉大的。謝謝你們回答我們的問題，夥伴們。第一個是關於您目前對風險的評估，我猜是由於美國正在進行的一些與政府機構的做法有關的調​​查。然後，您能根據整體業務的組合來衡量您的美國聯邦業務有多大嗎？謝謝。

Well, I will have a stab at that. Yeah, first of all, there's actually not really new news on this one but maybe for the benefit of everyone here, the small kind of reminder of what has happened.

好吧，我會嘗試一下。是的，首先，實際上這方面並沒有什麼新消息，但也許是為了這裡每個人的利益，稍微提醒一下已經發生的事情。

First of all, for many years, and I'd say like many other tech companies, we've been serving us governmental entities via the typical reselling partners such as Carahsoft. So that's really common industry practice. Now in August 2022, we received a so-called Civil Investigative Demand, so CID, from the US Department of Justice and that involved us and Carahsoft and others.

首先，多年來，我想說，像許多其他科技公司一樣，我們一直透過 Carahsoft 等典型的轉售合作夥伴為我們的政府實體提供服務。這確實是行業慣例。 2022 年 8 月，我們收到了來自美國司法部的所謂民事調查要求（CID），涉及我們和 Carahsoft 等人。

And since then, we have fully been cooperating with the DOG and we plan to continue to do so of course. Now in September this year, there was a search of the Carahsoft offices by the FBI. And I say by now, we can say that we are really confident that this has nothing to do with our case here.

從那時起，我們就一直與 DOG 充分合作，當然我們計劃繼續這樣做。今年 9 月，FBI 對 Carahsoft 辦公室進行了搜查。我說現在我們可以說我們非常有信心這跟我們這裡的案件無關。

And we have actually gotten assurance in writing by Carahsoft that the FBI search was completely unrelated to Sap and NS2 as well as to the DOJ civil investigative demand from 2022. So this is a different story and of course, we continue to be fully committed to ensuring that our sales practices comply with all applicable regulations. So this is all I can say at this stage. And that's the status we currently have.

事實上，我們已經得到 Carahsoft 的書面保證，FBI 的搜查與 Sap 和 NS2 以及 DOJ 從 2022 年開始的民事調查要求完全無關。銷售行為符合所有適用的法規。這就是我現階段能說的。這就是我們目前的狀態。

And look, also the relationship we have with the US public sector like the DoD and other agencies remain strong intact. And then, as Dominik just said, I mean, the recent investigations have nothing to do with the case started two years ago.

而且我們與國防部和其他機構等美國公共部門的關係也保持著牢固的完好。然後，正如多明尼克剛才所說，我的意思是，最近的調查與兩年前開始的案件無關。

And with regard to the size, I mean, obviously next to Germany, the US, strong in Australia and the UK. Yeah, it's actually so the same size like we see in other countries. But also there, I mean, in all public sectors, I have to say, this was clearly the part of the customer base which took some time with the move to the cloud. But now also with the buildup of [SoEm] clouds, we see strong momentum in many countries in the world.

就規模而言，我的意思是，顯然僅次於德國、美國，澳洲和英國實力強勁。是的，它實際上和我們在其他國家看到的大小一樣。但我不得不說，在所有公共部門，這顯然是客戶群的一部分，他們花了一些時間才遷移到雲端。但現在隨著[SoEm]雲的積累，我們看到世界許多國家的強勁勢頭。

And you recall the US is about a third of our revenue base. And then if you apply a typical kind of government agency ratio, which is certainly a small fraction of that, you see that kind of we talk about low single digit revenue contribution. But again, that's still an extremely appealing market we want to fight for going forward.

您還記得美國約占我們收入基礎的三分之一。然後，如果您應用典型的政府機構比率（這當然只是其中的一小部分），您會看到我們談論的低個位數收入貢獻。但同樣，這仍然是一個極具吸引力的市場，我們希望為此奮鬥。

Mohammed Moawalla, Goldman Sachs.

穆罕默德·莫阿瓦拉，高盛。

Yes. Hi, Christian. Hi, Dominik. And congrats on the quarter. Now two from me, the first one, Christian, you talked a lot about the kind of line of business portfolio and the opportunity kind of cross and up sell into the base even as customers sort of migrate to kind of S1 in the cloud. Can you talk about the specific domains and the kind of run where you have still to go in the install base to kind of drive some of that uplift.

是的。嗨，克里斯蒂安。嗨，多明尼克。恭喜本季。現在是我的兩個人，第一個，Christian，您談到了很多關於業務組合的類型以及交叉和向上銷售到基礎的機會，即使客戶遷移到雲端中的 S1 類型也是如此。您能否談談特定的領域以及您仍需要進入安裝基礎以推動部分提升的運作類型。

And then secondly, Dominik your comments around the transaction revenue outside of the kind of transaction revenue. Have you seen any kind of impact in terms of closing the business around close rates or kind of migrations, perhaps impacting the CCB or being a headwind on CCB or is that going to continue to evolve as you expected? Thank you.

其次，Dominik 您對交易收入以外的交易收入的評論。您是否看到了圍繞接近利率或某種遷移關閉業務方面的任何影響，可能會影響 CCB 或成為 CCB 的阻力，還是會像您預期的那樣繼續發展？謝謝。

Now, with regard to your first question, I mean, look last week with the whole leadership team and we really deep dive into the installed base and into our land and expand strategy. And I have to say it's remarkable that the kind of growth which has gotten us to today's date and the strong Q3 performance. But when you look at the metrics and when you look how we go to market today, I'm so convinced there's much more upside for us and why we land our customers in the cloud. Typically, they start with finance.

現在，關於你的第一個問題，我的意思是，看看上週整個領導團隊的情況，我們確實深入研究了安裝基礎、我們的土地和擴展策略。我必須說，這種成長讓我們走到今天，第三季表現強勁，這是非常了不起的。但是，當您查看這些指標以及我們今天如何進入市場時，我堅信我們還有更多的優勢以及為什麼我們將客戶引入雲端。通常，他們從金融開始。

Today, you have to imagine we have our finance [sellers], we have Ariba, we have [Concer], but they are all serving the finance community. Why not connecting them much better? Why not giving them the cost incentives to break this silence? When you talk about when you land with sourcing, you have to have also the order management and the billing in place, vice versa.

今天，你必須想像我們有我們的金融[賣家]，我們有Ariba，我們有[Concer]，但他們都在為金融界服務。為什麼不更好地連接它們呢？為什麼不給予他們成本誘因來打破這種沉默呢？當您談論何時進行採購時，您還必須進行訂單管理和計費，反之亦然。

If you do dio procurement with our S400 finance solution, why not actually building one procurement platform with Ariba. And so we want to break the silence and we want to connect the dots around the business processes of our customs.

如果您使用我們的 S400 財務解決方案進行 dio 採購，為什麼不實際與 Ariba 建立採購平台。因此，我們希望打破沉默，希望將海關業務流程中的各個點連接起來。

And when we see how many cross sell potential we have in our HR installed base, in finance, in spend, in CX and supply chain, this is massive. And then our resellers always sold the [Swede] in the on premise days. Today, we have resellers for finance, for procurement, for [Conquer], they for sure can do the same like they did in the on premise days, let them capture the mid market by enabling our resellers grows, bring our partner teams together, enable them to sell the suite, to sell business processes, that is for sure upside.

當我們看到我們在人力資源安裝基礎、財務、支出、客戶體驗和供應鏈方面有多少交叉銷售潛力時，這是巨大的。然後我們的經銷商總是在現場銷售[瑞典]。今天，我們有財務、採購、[征服]的經銷商，他們肯定可以像在現場那樣做，讓他們透過使我們的經銷商成長來佔領中端市場，將我們的合作夥伴團隊聚集在一起，使他們能夠銷售套件、銷售業務流程，這肯定是有好處的。

And then last but not least when you look into the installed base and still see the complexity and customers built into the [ear] piece, there is much more upside also with the [TFIs] with regard to certifications enablement and be also a little bit more prescriptive in the way, how we build certain things on the platform, which then also gives us upside in the installed base.

最後但並非最不重要的一點是，當您研究安裝基礎時，仍然會看到 [ear] 部件中內建的複雜性和客戶，[TFI] 在認證支援方面還有更多的優勢，並且也有一點在方式上更具規範性，我們如何在平台上建立某些東西，這也為我們在安裝基礎上帶來了優勢。

And these are just three levers. In the marketing side, we are doing a lot to excite the CIOs but you know, I'm also convinced we can do a bit less and then we can also expand our footprint to the other buying centers and then connect the LOB when we are driving and really show them also the benefits of the suite.

這只是三個槓桿。在行銷方面，我們做了很多事情來激發資訊長的興趣，但你知道，我也相信我們可以少做一點，然後我們還可以將我們的足跡擴展到其他購買中心，然後在我們需要時連接LOB。

When you're looking at the CFO, the CFO should be happy when he sees how Sap can connect the financial planning with the HR planning and the supply chain planning. Just met a CFO of a large US customer. He didn't even know how we can run end to end planning. And today he has a lot of best of feed with a lot of data integration layers on top because you know, everything is stuck in [silos], and this is something that we can even do even much better than what we do today. And this is the upside we are talking about.

當你看到 CFO 時，當 CFO 看到 Sap 如何將財務規劃與人力資源規劃和供應鏈規劃聯繫起來時，他應該感到高興。剛剛見到一家美國大客戶的財務長。他甚至不知道我們如何進行端到端規劃。今天，他有很多最好的提要，上面有很多資料整合層，因為你知道，一切都被困在[筒倉]中，而我們甚至可以做得比今天更好。這就是我們正在談論的好處。

Of course, needless to say that only 1/4 of our customers, you know, started now that transformation and their journey to the cloud. So there's also perse upside, you know, also coming from our on premise installed base, which we are then adding on top to the points I just mentioned.

當然，不用說，您知道，我們的客戶中只有 1/4 現在開始了轉型和雲端之旅。因此，您知道，還有其他方面的好處，也來自我們的本地安裝基礎，然後我們將其添加到我剛才提到的要點之上。

And look, I mean, maybe one last piece, it's -- I know that maybe some of you see this as a risk. I see this as a great opportunity to have the team together for some months. I mean, I know the team and I actually also quite confident that we know how to connect the dots. And so I can make also now fast decisions with the team push the transformation forward.

我的意思是，也許最後一點是——我知道也許你們中的一些人認為這是一種風險。我認為這是讓團隊一起度過幾個月的絕佳機會。我的意思是，我了解這個團隊，而且我實際上也非常有信心我們知道如何將各個點連結起來。因此，我現在也可以與團隊一起快速做出決策，推動轉型向前發展。

And I guess the team also feels now how the different elements of our go to market structure now comes together. So I'm actually really, you know, excited about the work we are currently doing with the team on our transformation. And the kind of upside we are just, you know, building for the years to come

我想團隊現在也感受到了我們進入市場結構的不同元素現在是如何結合在一起的。所以，你知道，我實際上對我們目前與團隊一起進行的轉型工作感到非常興奮。你知道，我們正在為未來幾年打造這種優勢

Equation on transaction revenues and CCB development. I mean, the only thing to call out on CCB Q4 is that it's more difficult comps. We have integrated last year the acquisition of LeanIX. So that makes it a little bit harder to kind of generate the growth in CCP. And then there was a huge booking quarter in Q4. Of course, we try as well as we can this quarter. But this is the only thing I want to call out.

交易收入與 CCB 發展的方程式。我的意思是，CCB 第四季唯一值得指出的是，它的比賽難度更高。我們整合了去年收購的LeanIX。因此，這使得 CCP 的成長變得更加困難。第四季的預訂量很大。當然，我們本季會盡力而為。但這是我唯一想呼籲的。

Otherwise, it's a very normal development I would say. And on transaction revenues, it's the most kind of cyclically sensitive parts of it, in particular, temporary workforce which are suffering most. And it's not surprising in the current macro backdrop. So we would anticipate that as soon as macro is kind of becoming a little bit more conducive that would also recover.

否則，我會說這是一個非常正常的發展。就交易收入而言，這是其中對週期最敏感的部分，尤其是臨時工，受影響最大。在當前的宏觀背景下，這並不奇怪。因此，我們預計，一旦宏觀經濟變得更有利於經濟，經濟也會復甦。

And then let's not forget at the end of the transformation on our business network, there is opportunities to resuscitate growth once we have gone through this phase of transforming the business model. As you know, we have basically waived fees for suppliers and that has been reducing revenue run rates. But now we also see the snapback effect from higher onboarding numbers and that should bode well for resuscitation of growth. So, but again, as I mentioned, we think we are actually prepared for continued pressure on that side if need be by very strong CCP.

然後，我們不要忘記，在我們的業務網絡轉型結束時，一旦我們經歷了業務模式轉型的這一階段，就有機會恢復成長。如您所知，我們基本上免除了供應商的費用，這降低了收入運行率。但現在我們也看到了新進員工數量增加帶來的快速反彈效應，這對經濟復甦來說是個好兆頭。因此，正如我所提到的，我們認為，如果需要的話，我們實際上已經準備好接受來自非常強大的中共的持續壓力。

Mark Moerdler, Bernstein.

馬克‧莫德勒，伯恩斯坦。

Thank you so much for taking my question and congratulations on the strong quarter. If you don't mind, I'm going to ask each of you a question. Dominik, can you give us any color on how you think about Gen AI, whether it's going to have any negative impacts on cloud gross margins, especially as it becomes more used in scale.

非常感謝您提出我的問題，並祝賀本季的強勁表現。如果你們不介意的話，我會問你們每個人一個問題。 Dominik，您能否告訴我們您對 Gen AI 的看法，它是否會對雲毛利率產生任何負面影響，特別是當它變得更大規模時。

And then Christian given macro concerns about large complex projects. Can you give any color on how the ECC customers are starting to move to S4 and cloud as the rate in line with prior expectations? Are they planning to directly move to the cloud? Really appreciate. Thanks.

然後克里斯蒂安給出了對大型複雜項目的宏觀擔憂。您能否說明 ECC 客戶如何開始遷移到 S4 和雲，其速度符合先前的預期？他們是否計劃直接遷移到雲端？真的很感激。謝謝。

Yeah, I mean, if you look at ambition 2025, we see a continuous expansion in line with the improvements we've shown in prior years. And I'd say really the more gradual improvement which is more due to economies of scale than the one-off strong improvements we have been reaping by virtue of the Cloud Convergence project, which was a big transformation project.

是的，我的意思是，如果你看看 2025 年的雄心，我們會看到與前幾年所表現出的改進一致的持續擴張。我想說的是，這種更漸進的改進更歸功於規模經濟，而不是我們透過雲端融合專案獲得的一次性強勁改進，這是一個大型轉型專案。

So now, of course, the kind of initial ramp of our AI activities already reflected in that. I think beyond year 2025. So if you look at the '26, '27, it's kind of speculative on where exactly that will move the cross margin. Because frankly, the pricing is still in flux, we have to see how much of that will kind of be a creative versus or part of the normal offering.

當然，現在我們人工智慧活動的初始階段已經反映出來了。我認為 2025 年之後。因為坦白說，定價仍在不斷變化，我們必須看看其中有多少是創造性的，而不是正常產品的一部分。

And but it will definitely add incremental gross profit. I mean, our focus is very much on maximizing the growth on the absolute gross profit we drive because that will ultimately drive free cash flow and the company valuation. So we're not too hung up about the margin itself. But for 2025 there is no kind of risks out of that I would say.

但這肯定會增加增量毛利。我的意思是，我們的重點是最大限度地提高我們所推動的絕對毛利的成長，因為這最終將推動自由現金流和公司估值。所以我們並不太在意利潤本身。但我認為 2025 年不存在任何風險。

And with regard to large enterprises, large projects, [EOP] projects in the context of today's market environment, look Mark, I'm so happy to see that finally, voice is, the kind of methodology offering what I always aspired it has to be.

關於大型企業、大型專案、當今市場環境下的 [EOP] 項目，馬克，我很高興看到最後，聲音是那種提供我一直渴望的方法論是。

Today, large customers like today, the one we had in the morning with Dominik, really asked Sap to really give our best practices from 20,000 customers in the industry to really get the complexity out of their business processes. And so these large customers clearly understood, and really want to transform. It's not about putting my [E] up on the cloud infrastructure, it's about the business processes first.

今天，像今天這樣的大客戶，也就是我們早上與 Dominik 合作的客戶，確實要求 Sap 真正提供來自行業 20,000 名客戶的最佳實踐，以真正消除他們業務流程的複雜性。所以這些大客戶很清楚，也很想轉型。這不是關於將我的 [E] 放在雲端基礎架構上，而是首先關於業務流程。

And actually the cloud is also giving Sap and the customer the discipline to get the complexity out of the business processes and the differentiation with AI with the vertical extensions we build, but we don't customize. We drive discipline, we drive productivity and now when we look at the methodology and then how we can measure the custom code, how we can support these projects and really giving them the productivity numbers before and after and giving them the status. I mean, this is great.

實際上，雲端也為 SAP 和客戶提供了紀律，以消除業務流程的複雜性，並透過我們建構的垂直擴展來實現人工智慧的差異化，但我們不進行客製化。我們推動紀律，我們推動生產力，現在當我們研究方法論，然後我們如何衡量自訂程式碼，我們如何支援這些項目，並真正為他們提供之前和之後的生產力數字並給予他們狀態。我的意思是，這太棒了。

And then obviously it's on the customer, as I said earlier, Mark, I mean, no one goes in and says, hey, I do it all at once. I mean, this would completely overload every IT organization on the planet. But what we're saying is, hey, where is your highest pressure? Is it in the front? Is it in the supply chain? Is it in the the core processes, you know, of your back offices?

顯然，這取決於客戶，正如我之前所說，馬克，我的意思是，沒有人進去說，嘿，我一次完成這一切。我的意思是，這將使地球上每個 IT 組織完全超負荷。但我們要說的是，嘿，你最大的壓力在哪裡？是在前面嗎？是在供應鏈中嗎？你知道，它是在你的後台的核心流程嗎？

And then we go in and then we have the architects, we have our partners with us and we have the customer at the table. And I have to say the methodology now is really proven and customers come to us and ask us, please challenge us, challenge us Sap to really get the complexity out of the business process and give us your best practices when we see that you are running in media, when we see that you're running Amazon, when you see that you're running the largest customers on this planet while also you know, supporting some unicorns to scale around the planet.

然後我們進去，然後我們有建築師，我們有我們的合作夥伴，我們有客戶在桌旁。我必須說，現在的方法論確實得到了驗證，客戶來找我們，請我們挑戰，挑戰我們 Sap 真正消除業務流程的複雜性，並在我們看到您正在運行時向我們提供您的最佳實踐在媒體中，當我們看到你在經營亞馬遜，當你看到你在經營這個星球上最大的客戶，同時你也知道，支持一些獨角獸在全球擴張。

You have this knowledge, what we need to transform. And that is the sentiment, what we are seeing. So despite the macro, we see a very, very high interest to move forward. And this has -- of course, there is an end of maintenance but clearly, clearly, clearly it's the value and the need to transform is clearly the number one driver for our cloud growths.

你擁有我們需要改變的知識。這就是我們所看到的情緒。因此，儘管有宏觀的影響，我們仍然看到了非常非常高的前進興趣。當然，維護已經結束，但很明顯，很明顯，很明顯，這就是價值，而轉型的需求顯然是我們雲端成長的首要驅動力。

[Finn Lurke], Barclays.

[Finn Lurke]，巴克萊銀行。

Good evening. Thank you for taking my questions and congratulations on the great quarter. Maybe first, can you provide us a bit more color on the support revenues? First, why did the support revenues decline less in Q3 than in Q2?

晚安.感謝您回答我的問題並祝賀這個偉大的季度。首先，您能為我們提供更多有關支持收入的資訊嗎？首先，為什麼第三季的支援收入下降幅度小於第二季？

And secondly, how should this trend from here based on what you see in the in the cloud migration pipeline? Should we see a visible acceleration decline of support revenues over the coming quarters? And then it would be also great if you could comment just if there's anything specific we should take maybe into account around the cost for Q4 as the implied Q4 operating profit guidance looks very conservative, especially at the low end. Thank you.

其次，根據您在雲端遷移管道中看到的情況，這種趨勢應該如何發展？我們是否應該看到未來幾季支援收入明顯加速下降？如果您能評論我們是否應該考慮第四季度成本的具體內容，那就太好了，因為隱含的第四季度營業利潤指導看起來非常保守，尤其是在低端。謝謝。

Yeah, I mean on software support, indeed, you're right. Constant currency growth was minus 2%. And I think it's a kind of very gradual decline, obviously. I mean, this is a hugely diversified portfolio across customers regions, even according to the phasing of the transformation that Christian described how they roll over from the on-premise state into the cloud.

是的，我的意思是軟體支持，確實，你是對的。貨幣不變成長率為-2%。我認為這顯然是一種非常漸進的下降。我的意思是，即使根據 Christian 描述的從本地狀態轉移到雲端的轉型分階段，這也是一個跨客戶區域的極其多元化的投資組合。

So if there is a percentage point up or down on any given quarter, it's more noise around the trend line and the trend line will gradually see accelerating decline because more and more growth, which bodes well on the other hand, for the cloud revenues.

因此，如果任何特定季度出現一個百分點的上升或下降，趨勢線周圍的噪音就會更大，並且趨勢線將逐漸加速下降，因為越來越多的增長，這從另一方面來說，對雲收入來說是個好兆頭。

And it's quite intuitive. If you want to kind of continue to sustain the high growth numbers on cloud ERP suite, you need basically to be a bigger and bigger base and for that, you need to convert more and more maintenance base.

而且它非常直觀。如果您想繼續維持雲端 ERP 套件的高成長數量，您基本上需要成為一個越來越大的基礎，為此，您需要轉換越來越多的維護基礎。

And of course, if you have only penetrated so to speak, as Christian had mentioned before a quarter of the installed base and they are now paying both the maintenance of certain instances and on instances, they have already converted the cloud revenues as this basis grows and then the cannibalization will also grow. That's just mathematics. So it will be a very gradual decline.

當然，如果您只是滲透，正如克里斯蒂安之前提到的四分之一的安裝基礎，他們現在支付某些實例和實例的維護費用，那麼隨著這個基礎的增長，他們已經轉換了雲端收入然後蠶食也會增長。這只是數學。所以這將會是一個非常漸進的下降。

Now, a good question on the Q4, you said cost development, I would put it a little bit larger. It's kind of the operating profit development and the biggest factor in there is actually what we have been kind of embedding on software and you recall that we were a little bit kind of careful in software for the full year guidance. Now, especially Q3 was, as I mentioned in my introductory comments, extremely resilient and we had only as little as last year's decline of was 14% I think, constant currencies.

現在，關於第四季的一個好問題，你說成本開發，我會把它說得更大一點。這是營業利潤的發展，其中最大的因素實際上是我們嵌入軟體的內容，您還記得我們在全年指導中對軟體有點謹慎。現在，特別是第三季度，正如我在介紹性評論中提到的那樣，具有極強的彈性，我認為，固定匯率的跌幅只有去年的 14%。

And that's way below what we think is a kind of normal rate there. And so we have made the assumption that's more of a phasing topic. Also, we really want to be well protected in terms of making sure that any distraction from the transformation that Christian describes is not hitting our cloud business. But if anything, the software business because, you know, this is where we most vulnerable. If we close a deal by the end of the year or not, so we have been really prudent on that and said, okay, it's not clear if we will be able to have such a back and loaded software business as last year.

這遠低於我們認為的正常利率。因此，我們假設這更像是一個分階段的主題。此外，我們確實希望得到良好的保護，以確保對克里斯蒂安所描述的轉型的任何干擾不會影響我們的雲端業務。但如果有的話，那就是軟體業務，因為，你知道，這是我們最脆弱的地方。如果我們在年底前完成交易，那麼我們對此非常謹慎，並表示，好吧，目前還不清楚我們是否能夠像去年那樣擁有如此可回溯和加載的軟體業務。

Last year with 48% of the total license income in Q4. This year, we have kind of dial it down to about 42% or so. So that's still a significant number, but we also wanted to keep it manageable. Given all the disruption we are currently going through in the transformation. So that's a quarter of a billion-ish ticket. How do I calculate that? I look at last year's 6% decline. And then I look at how much gross margin loss you have if you decline by 6%.

去年第四季佔總授權收入的 48%。今年，我們將其調低至 42% 左右。所以這仍然是一個很大的數字，但我們也希望保持它的可控性。鑑於我們目前在轉型過程中經歷的所有乾擾。所以這是十億左右的四分之一。我該如何計算呢？我看看去年下降了 6%。然後我看看如果你下降6%，你的毛利率會損失多少。

And then I look at the kind of implied, much higher decline in Q4 this year, which shaves off much more profit frankly. And then the other topic is frankly, some phasing topics on cost. We have a little bit of a back and loaded employee bonus programs. We've also decided to increase the matching share for Q4 for the program which is called Own Sap where our employees get a kind of a subsidy to buy shares. We really wanted to use the strong momentum in the business to make more of them participate while also avoiding that stock-based compensation goes through the roof and contain that.

然後我看看今年第四季隱含的、更高的跌幅，坦白說，這削減了更多的利潤。坦白說，另一個主題是一些關於成本的分階段話題。我們有一些後退和加載的員工獎金計劃。我們還決定增加第四季度該計劃的匹配份額，該計劃稱為 Own Sap，我們的員工可以獲得某種購買股票的補貼。我們確實希望利用業務的強勁勢頭讓更多人參與進來，同時避免股票薪酬過高並遏制這種情況。

And we also have the inclusion of the WalkMe Business. Now, you've seen that in Q3 that was dilutive at the tune of EUR14 million losses because of the losses. They have an integration cost, that's post stock-based compensation again. And then there is the delayed ramp where we're going to ramp. So if you put it all together, it gets you actually a number kind of around EUR400 million, which is kind of explaining the bridge from Q3 to Q4, the deceleration on the year on year growth.

我們也納入了 WalkMe 業務。現在，您已經看到，在第三季度，由於虧損，攤薄了 1400 萬歐元的損失。他們有一個整合成本，這又是基於股票的補償。然後是我們要進行的延遲坡道。因此，如果你把所有這些放在一起，你實際上會得到大約 4 億歐元的數字，這可以解釋從第三季度到第四季度的橋樑，即同比增長的減速。

And what it all means for next year is we're not going to change or touch the EUR10.2 billion [non-IFRS] operating profit guidance for next year because we think that's not the right thing to do. Right now, we are really solidly on track on delivering that. And as I mentioned, we really want to now convert that kind of ambition into something really solid with an outlook we are going to give in January.

這對明年意味著我們不會改變或觸及明年 102 億歐元的[非國際財務報告準則]營業利潤指引，因為我們認為這不是正確的做法。現在，我們確實正在穩步實現這一目標。正如我所提到的，我們現在真的希望將這種雄心壯志轉化為真正堅實的東西，我們將在一月份給出展望。

Toby Ogg, JP Morgan.

托比‧奧格，摩根大通。

Yes, hi, thanks. Thanks for squeezing me in. Couple questions. Just on the backlog growth of '29. Just wanted to double check the contribution to the year over year growth there from WalkMe. And whether there was actually any slight organic acceleration in the backlog there versus the '28 in Q2.

是的，嗨，謝謝。謝謝你讓我插話。僅就 29 年的積壓成長而言。只是想仔細檢視 WalkMe 對年成長的貢獻。與第二季的 28 年相比，那裡的積壓實際上是否有輕微的有機加速。

And then just on the on the go to market transformation, Christian, you mentioned a number of factors earlier on in the call, what changes have already been made and already been implemented? And what changes are still to come and out of those changes, you know, which ones do you think are the biggest needle movers and the most important ones? Thank you

然後，就在市場轉型方面，克里斯蒂安，您之前在電話會議中提到了一些因素，已經做出並已經實施了哪些改變？您知道，這些變化中還將出現哪些變化，您認為哪些是最大的推動者和最重要的變化？謝謝

With CCB. No. So I said in my introductory comments that the CCB growth excluding. So absent the first time inclusion of WalkMe was virtually flat. So it is indeed the 1 percentage point increase is largely stemming from the inclusion of WalkMe. By the way, I already want to mention at this point that we're not going to be able to really comment quarter by quarter on how that will evolve going forward. Why?

與建行。不。因此，第一次沒有加入 WalkMe 的情況幾乎是持平的。所以這1個百分點的成長確實很大程度源自於WalkMe的加入。順便說一句，我現在已經想提一下，我們將無法逐季度地真正評論未來將如何發展。為什麼？

Because we also have a cannibalization effect on a business which is called Enable Now, which is doing very much what WalkMe is doing. But given that Walkme is a much broader and better offering, we're kind of phasing that out and displacing it with WalkMe.

因為我們也對名為「Enable Now」的業務產生了蠶食效應，該業務的作用與 WalkMe 的作用非常相似。但鑑於 Walkme 是一個更廣泛、更好的產品，我們正在逐步淘汰它並用 WalkMe 取代它。

So this is why it's a little bit blurry. We also had some [soleX] business on WalkMe which is cannibalizing the revenues to some degree. So we'll see a counter effect, so to speak in the transformation phase when we integrate WalkMe.

所以這就是為什麼它有點模糊。我們在 WalkMe 上也有一些 [soleX] 業務，這在一定程度上蠶食了收入。因此，當我們整合 WalkMe 時，我們會看到一個相反的效果，可以說是在轉型階段。

And look on the go to market, I mean, again, after a very strong Q3 order entry and a very healthy pipeline for Q4. Obviously, I don't want to now change the operating model of our go to market in Q4. But starting January, what you're going to see is first of all, the massive expansion of our volume business, starting with marketing on the digital connecting this to territories which are partner owned and then fully, you know, automated, no touch.

我的意思是，在第三季的訂單輸入非常強勁和第四季度的管道非常健康之後，再看看上市情況。顯然，我現在不想改變我們第四季上市的營運模式。但從一月份開始，您將首先看到我們批量業務的大規模擴張，首先是數位行銷，將其與合作夥伴擁有的領域連接起來，然後完全自動化，無接觸。

I mean, something what we never had at this scale. And of course, we also then expecting the partners to invest more into Sap, which they all signal they will do, there's a very great momentum in the ecosystem because we don't want to go too deep to with our direct sales team into this meat market territories anymore.

我的意思是，我們從未有過如此規模的事情。當然，我們也期望合作夥伴對 SAP 進行更多投資，他們都表示他們會這樣做，生態系統中有一個非常強大的勢頭，因為我們不想讓我們的直銷團隊深入到這個領域肉類市場領域不再存在。

Second, what I also mentioned around the land and expand, we will change a little bit the line of business set up. We are having today finance spend. Let's combine that, let's also have to cross sell incentives and the cross enablement in place to really harvest that we have thousands of employees and customers. So why can they not, do you know next step, finance and connect the teams to joint account planning to various measures, to really expand the footprint in our installed base with regard to the cloud suite of Sap.

其次，我也提到圍繞著土地和擴張，我們會稍微改變業務線的設定。我們今天有財務支出。讓我們結合起來，我們還必須採取交叉銷售激勵措施和交叉支持，才能真正收穫我們擁有數千名員工和客戶的成果。那麼，他們為什麼不能，你知道下一步，為團隊提供融資並將其與聯合帳戶規劃聯繫起來，採取各種措施，以真正擴大我們在 SAP 雲端套件方面的安裝基礎。

And then last but not least what we are then also going to see is we will on all fronts also, you know, driving some further measures on, you know, getting more productivity, you know, out of our go to market module, there are very measures, various measures in place. But again, this will kick off in January after we hopefully closed another strong quarter for Sap in the cloud.

最後但並非最不重要的一點是，我們還將看到，我們還將在各個方面推動一些進一步的措施，你知道，從我們的市場進入模組中獲得更高的生產力，那裡措施非常多，各種措施都很到位。但同樣，這將在 1 月開始，此前我們希望 SAP 在雲端領域又迎來一個強勁的季度。

Thank you very much, Christian and Dominik. And this concludes our call for today. Thank you very much for joining.

非常感謝克里斯蒂安和多明尼克。我們今天的呼籲到此結束。非常感謝您的加入。

Thank you.

謝謝。

Bye.

再見。

Ladies and gentlemen, the conference is now concluded and you may disconnect your telephone. Thank you for joining and have a pleasant day. Goodbye.

女士們、先生們，會議現已結束，請掛斷電話。感謝您的加入並祝您有個愉快的一天。再見。