SAP SE (SAP) 2021 Q4 法說會逐字稿

Good day and welcome to the SAP Quarter 4 2021 Earnings Conference Call. (Operator Instructions)

美好的一天，歡迎參加 SAP 2021 年第 4 季度收益電話會議。 （操作員說明）

Today's conference is being recorded. And at this time I would like to turn the conference over to Anthony Coletta, Chief Investor Relations Officer. Please go ahead sir.

今天的會議正在錄製中。在這個時候，我想把會議交給首席投資者關係官 Anthony Coletta。請先生繼續。

Thank you. Good morning and good afternoon, everyone and a big welcome. Thanks for joining our earnings call today to discuss SAP's Q4 and full year results for 2021.

謝謝你。大家早上好，下午好，熱烈歡迎。感謝您今天參加我們的財報電話會議，討論 SAP 2021 年第四季度和全年業績。

On our Investor Relations website, you can find the deck intended to supplement today's call. It's available for download and a replay will be uploaded there as well.

在我們的投資者關係網站上，您可以找到旨在補充今天電話會議的套牌。它可供下載，重播也將上傳到那裡。

With me today are CEO, Christian Klein; and CFO, Luka Mucic, will make opening remarks. We also have Scott Russell, who leads our customer success organization, joining us for Q&A.

今天和我在一起的是首席執行官 Christian Klein；首席財務官 Luka Mucic 將致開幕詞。我們還有領導我們客戶成功組織的 Scott Russell 加入我們的問答環節。

Now let's do the safe harbor. 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, forecasts and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ.

現在讓我們做安全港。在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。這些陳述基於當前的預期、預測和假設，這些預期、預測和假設受到可能導致實際結果和結果存在重大差異的風險和不確定性的影響。

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 2020.

有關這些風險和不確定性的更多信息，請參閱我們提交給美國證券交易委員會的文件，包括但不限於 SAP 2020 年 20-F 表格年度報告中的風險因素部分。

Unless otherwise stated, all financial numbers on this call are non-IFRS. Growth rates and percentage point changes are non-IFRS year-over-year at constant currencies. Non-IFRS financial measures we provide should not be considered as a substitute for or 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財務數字均非國際財務報告準則。增長率和百分點變化按非國際財務報告準則按固定匯率計算。我們提供的非 IFRS 財務指標不應被視為替代或替代根據 IFRS 編制的財務業績指標。

Now before taking questions, we'll start with a few opening remarks. And with that, I'd like to turn over to Christian.

現在在回答問題之前，我們先來幾句開場白。有了這個，我想交給克里斯蒂安。

Yes. Thank you, Anthony, and thanks to all of you for joining today, and welcome to 2022. We certainly hope this is the year that we will start to move on from the global pandemic and make more progress on additional critical issues, climate change, supply chain disruptions and creating a sustainable future for people everywhere.

是的。謝謝你，安東尼，感謝大家今天的加入，歡迎來到 2022 年。我們當然希望今年是我們開始擺脫全球大流行病並在氣候變化等其他關鍵問題上取得更多進展的一年，供應鏈中斷並為世界各地的人們創造可持續的未來。

Here at SAP, we are very excited about what we have accomplished in 2021. Let's look at our results for Q4. What a quarter, what a year hitting or exceeding the high end of our revised outlook. We have seen 4 quarters of fantastic acceleration in Current Cloud backlog, which grew 26% in Q4, a sequential acceleration of 4 percentage points.

在 SAP，我們對 2021 年取得的成就感到非常興奮。讓我們看看第四季度的業績。什麼季度，什麼年份達到或超過了我們修訂後的展望的高端。我們已經看到 Current Cloud 積壓的 4 個季度出現了驚人的加速，第四季度增長了 26%，環比增長了 4 個百分點。

This has led to Current Cloud Backlog now standing at nearly EUR 9.5 billion. Cloud revenue also accelerated strongly, up 24% in Q4 and up from 20% in Q3. This was supported by S/4HANA cloud revenue which grew an impressive 61% in Q4, the highest growth we have ever reported.

這導致 Current Cloud Backlog 現在接近 95 億歐元。雲收入也強勁增長，第四季度增長 24%，高於第三季度的 20%。這得到了 S/4HANA 雲收入的支持，該收入在第四季度增長了 61%，這是我們報告的最高增長。

Current Cloud Backlog for S/4HANA grew a stellar 76%, driven by tremendous adoption of RISE with SAP, our signature offering for business transformation in the cloud. For a perfect quarter, every solution needs to grow. And that's indeed what happened with double-digit revenue and Cloud Backlog growth across all our major product categories.

S/4HANA 的當前 Cloud Backlog 增長了 76%，這得益於 RISE 與 SAP 的廣泛採用，這是我們在雲中業務轉型的標誌性產品。對於一個完美的季度，每個解決方案都需要增長。這確實是我們所有主要產品類別的兩位數收入和 Cloud Backlog 增長所發生的情況。

This performance sets us up well for 2022. We expect continued acceleration of cloud revenue with up to 26% growth reflected in our guidance. These are very strong results during a challenging time for most businesses. They demonstrate the confidence our customers have in SAP and in the unique value we offer in helping them address an unprecedented set of challenges. We are optimistic about the year ahead, and we are well on track to achieving our 2025 ambitions.

這一表現為我們在 2022 年奠定了良好的基礎。我們預計雲收入將繼續加速增長，我們的指導中反映了高達 26% 的增長。對於大多數企業來說，在充滿挑戰的時期，這些都是非常強勁的結果。它們展示了我們的客戶對 SAP 的信心，以及我們在幫助他們應對前所未有的挑戰方面所提供的獨特價值。我們對來年持樂觀態度，我們正朝著實現 2025 年的雄心邁進。

These results are the outcome of the strategy we introduced 15 months ago. Customers are turning to our platform and solutions to help them become more intelligent network and sustainable and emerge even stronger from this disruptive time. Our RISE with SAP offering is designed to support our customers as they transform their businesses, while at the same time, moving to the cloud.

這些結果是我們在 15 個月前引入的策略的結果。客戶正在轉向我們的平台和解決方案，以幫助他們變得更加智能的網絡和可持續發展，並在這個顛覆性的時代變得更加強大。我們的 RISE with SAP 產品旨在支持我們的客戶實現業務轉型，同時遷移到雲端。

Reflecting this, analysts are upgrading SAP spend forecast for 2022. Just recently, UBS predicted a 4x increase in the SAP IT budget growth for 2022, up to 12% from 3% in previous years. Since we launched RISE with SAP in January 2021, we have seen significant increases in customer adoption each quarter. In Q4, we more than doubled the number of new RISE deals over Q3 with about 3x the number of deals over EUR 5 million.

反映這一點，分析師正在上調 SAP 對 2022 年的支出預測。就在最近，瑞銀預測 2022 年 SAP IT 預算增長將增長 4 倍，從前幾年的 3% 增長到 12%。自 2021 年 1 月我們與 SAP 一起推出 RISE 以來，我們看到每個季度的客戶採用率都顯著提高。在第四季度，我們的新 RISE 交易數量比第三季度增加了一倍多，超過 500 萬歐元的交易數量增加了約 3 倍。

Let me briefly describe the 3 key benefits of the signature offering for business transformation as a service. First, business process redesign. We benchmark our customers' business processes against the best practices we have developed from working with about 400,000 customers.

讓我簡要介紹一下用於業務轉型即服務的簽名產品的 3 個主要優勢。一是業務流程再設計。我們根據與大約 400,000 名客戶合作開發的最佳實踐來對客戶的業務流程進行基準測試。

Second, cloud migration. We do more than a technical migration. We help our customers to move back to standard and to a modular agile ERP in the public cloud. Third, innovation. We also connect our customers to the latest innovations like our industry club, our business network and our cloud for sustainable enterprises.

二是雲遷移。我們做的不僅僅是技術遷移。我們幫助我們的客戶回到標準和公共雲中的模塊化敏捷 ERP。三是創新。我們還將客戶與最新的創新聯繫起來，例如我們的行業俱樂部、我們的業務網絡和我們的可持續企業雲。

This means that RISE with SAP enables us to partner even more deeply with our customers. We offer integrated total solutions with single end-to-end accountability from infrastructure to applications. As a result, our revenue run rate for the modular cloud ERP now approaches EUR 7 billion, up from EUR 6 billion at the beginning of the year. In Q4 alone, we added more than EUR 400 million to our S/4HANA Cloud Backlog.

這意味著 RISE with SAP 使我們能夠與客戶進行更深入的合作。我們提供集成的整體解決方案，從基礎架構到應用程序具有單一的端到端責任。因此，我們模塊化雲 ERP 的收入運行率現在接近 70 億歐元，高於年初的 60 億歐元。僅在第四季度，我們就為 S/4HANA Cloud Backlog 增加了超過 4 億歐元。

Clearly, RISE is a blockbuster success in the market. And we are just getting started. Our massive on-premise installed base of more than 30,000 ERP customers presents a significant opportunity for our RISE with SAP offering as these customers begin their transformation to the cloud.

顯然，RISE 在市場上取得了巨大的成功。我們才剛剛開始。隨著這些客戶開始向雲轉型，我們擁有超過 30,000 名 ERP 客戶的龐大本地安裝基礎為我們的 RISE with SAP 產品提供了重要機會。

At the same time, RISE attracts many new customers. It comes with a significant cross-sell opportunity because of the integrated nature of our modular cloud ERP. For every dollar spent on the core ERP, we have an upsell opportunity of $3 for our platform and for additional line of business solutions.

同時，RISE也吸引了很多新客戶。由於我們模塊化雲 ERP 的集成特性，它帶來了重要的交叉銷售機會。在核心 ERP 上花費的每一美元，我們的平台和其他業務線解決方案都有 3 美元的追加銷售機會。

In Q4, the tremendous momentum for RISE with SAP in terms of momentum across all our line of business applications and delivered the outstanding cloud performance I discussed earlier.

在第 4 季度，RISE with SAP 在我們所有業務線應用程序的勢頭方面表現出巨大的勢頭，並提供了我之前討論過的出色雲性能。

Let's take a look at our key businesses, starting with S/4HANA. Our success with RISE led to create S/4HANA momentum. We now have nearly 5,000 S/4HANA cloud customers, and our win rate against competitors in Q4 was more than 70%. Many large customers are moving to S/4HANA enabled by RISE with SAP. This includes CVS, Panasonic, IBM and Standard Chartered Bank and a number of wins overall, including Siemens, Philippine Airlines, Allianz Technology and Jungheinrich.

讓我們看看我們的主要業務，從 S/4HANA 開始。我們在 RISE 方面的成功促成了 S/4HANA 的發展勢頭。我們現在有近 5,000 個 S/4HANA 雲客戶，我們在第四季度對競爭對手的勝率超過 70%。許多大客戶正在遷移到由 RISE 和 SAP 支持的 S/4HANA。這包括 CVS、松下、IBM 和渣打銀行以及包括西門子、菲律賓航空公司、安聯科技和永恆力在內的多項勝利。

CVS, one of the leading health solution companies is using RISE to support their journey to the cloud and make health care more affordable and more widely available. Panasonic has chosen RISE with SAP to drive a digital transformation effort, which will replace several legacy ERP systems to provide excellent customer value, optimize supply chains and improve operational capabilities.

CVS 是領先的健康解決方案公司之一，它正在使用 RISE 來支持他們的雲之旅，並使醫療保健更實惠、更廣泛可用。 Panasonic 選擇 RISE with SAP 來推動數字化轉型工作，這將取代幾個傳統的 ERP 系統，以提供卓越的客戶價值、優化供應鏈並提高運營能力。

Another example, Standard Chartered Bank has chosen RISE with SAP to expedite their finance transformation across 60 markets and to achieve their commitment to net-zero emissions by 2030. Novartis, one of the largest pharma companies in the world chose SAP S/4HANA to standardize and consolidate their core ERP platform.

另一個例子，渣打銀行選擇 RISE 與 SAP 一起加快其在 60 個市場的財務轉型，並實現到 2030 年實現淨零排放的承諾。諾華，世界上最大的製藥公司之一選擇 SAP S/4HANA 來標準化並鞏固其核心 ERP 平台。

Finally, Petronas has also chosen SAP S/4HANA ERP. SuccessFactors continues to win significant business over Workday, including this quarter, ALDI the discount supermarket chain. They recently selected SAP Success Factors to transform the HR operations and support their workforce of over 80,000 employees. Dr. Martens, the famous British footwear brand recently invested in SAP Commerce Cloud, part of our customer experience portfolio.

最後，Petronas 還選擇了 SAP S/4HANA ERP。 SuccessFactors 繼續贏得 Workday 的重要業務，包括本季度的折扣超市連鎖店 ALDI。他們最近選擇了 SAP Success Factors 來轉變人力資源運營並支持其 80,000 多名員工。英國著名鞋履品牌 Dr. Martens 最近投資了 SAP Commerce Cloud，這是我們客戶體驗產品組合的一部分。

They expect a 60% reduction in TCO for moving to the cloud and simplifying their operations. Intelligent Spend Management, we are seeing positive indications that business is starting to return. One of our customers, Philippine Airlines, is ready to take advantage of the anticipated recovery in travel. They chose SAP for our comprehensive understanding of the airline industry and its key business courses.

他們預計，遷移到雲端並簡化運營可將 TCO 降低 60%。智能支出管理，我們看到了業務開始恢復的積極跡象。我們的客戶之一菲律賓航空公司已準備好利用預期的旅行複蘇。他們選擇 SAP 是因為我們對航空業及其關鍵商業課程的全面了解。

HP Inc. is expanding its investment in SAP's business process intelligent solutions. They will be using SAP Signavio for advanced process analysis to help them quickly identify and act on new opportunities. Hitachi invested in SAP Digital Supply Chain solutions to boost supply chain agility for its medical and industrial solutions. Our business technology platform had an excellent quarter with both cloud revenue and Current Cloud Backlog growing by very strong double digits.

惠普公司正在擴大對 SAP 業務流程智能解決方案的投資。他們將使用 SAP Signavio 進行高級流程分析，以幫助他們快速識別新機會並採取行動。日立投資了 SAP 數字供應鏈解決方案，以提高其醫療和工業解決方案的供應鏈敏捷性。我們的業務技術平台有一個出色的季度，雲收入和 Current Cloud Backlog 都以非常強勁的兩位數增長。

In the cloud, BTP is the foundation to enable the integration and extensibility of our modular cloud offering. Angel has chosen SAP BTP to support various business priorities, including individualized sales and trade promotion management.

在雲中，BTP 是實現我們模塊化雲產品的集成和可擴展性的基礎。 Angel 選擇 SAP BTP 來支持各種業務重點，包括個性化的銷售和貿易促進管理。

Let's turn to some exciting news we announced today. Our intent to acquire Taleo. Taleo is a market-leading fintech company focused on working capital management and supply chain finance. We expect them to be a great addition to our business network and procurement portfolio. Our customers will be able to finance billions of transactions with favorable terms and improve their cash flow. Taleo is already a strong SAP partner with a number of joint customers such as Airbus, Nissan and AstraZeneca.

讓我們來看看我們今天宣布的一些令人興奮的消息。我們打算收購 Taleo。 Taleo 是一家市場領先的金融科技公司，專注於營運資金管理和供應鏈金融。我們希望它們成為我們業務網絡和採購組合的重要補充。我們的客戶將能夠以優惠的條款為數十億筆交易融資並改善他們的現金流。 Taleo 已經是強大的 SAP 合作夥伴，與空中客車、日產和阿斯利康等眾多聯合客戶合作。

Two announcements are better than one. Earlier this week, we announced an extended partnership and investment in Icertis, a provider of contract management solution that offers market-leading contract intelligence powered by AI. Icertis is great and seamless complement to our portfolio, having multiple touch points to SAP systems from ERP to procurement to sales and to HR.

兩個公告總比一個好。本週早些時候，我們宣布擴大合作夥伴關係並投資 Icertis，這是一家合同管理解決方案提供商，提供由人工智能驅動的市場領先的合同智能。 Icertis 是我們產品組合的完美無縫補充，從 ERP 到採購到銷售再到 HR，擁有與 SAP 系統的多個接觸點。

This partnership underscores the strengths of our ecosystem and the massive opportunity from joining forces with market-leading software players. This announcement expand our overall portfolio, the supply chain financing from Taleo and contract management solutions through our enhanced partnership with Icertis. At the same time, we have expanded many of our existing partnerships. One recent example is our partnership with AWS to bring HANA Cloud onto AWS designed (inaudible) processes, which helps us optimize our own operational performance and cloud cost margins as well as support our sustainability goals.

這種夥伴關係強調了我們生態系統的優勢以及與市場領先的軟件參與者聯手的巨大機會。該公告通過我們與 Icertis 加強合作，擴大了我們的整體投資組合、來自 Taleo 的供應鏈融資和合同管理解決方案。與此同時，我們擴大了許多現有的合作夥伴關係。最近的一個例子是我們與 AWS 合作將 HANA Cloud 引入 AWS 設計的（聽不清）流程，這有助於我們優化我們自己的運營績效和云成本利潤率，並支持我們的可持續發展目標。

So let me turn to another strategic priority for SAP, sustainability. There is no question that action on climate change is an imperative for businesses today. It is certainly an imperative for us at SAP. We have just been A-listed by CDP as 1 of just 3 software companies worldwide. Our belief is that sustainability does not represent an added cost to business. It's actually a competitive advantage.

因此，讓我談談 SAP 的另一個戰略重點，即可持續性。毫無疑問，對氣候變化採取行動是當今企業的當務之急。這對我們 SAP 來說無疑是當務之急。我們剛剛被 CDP 列為全球僅有的 3 家軟件公司之一。我們的信念是，可持續性並不代表企業的額外成本。這實際上是一種競爭優勢。

In fact, it may be the greatest economic opportunity of our time. It's also clear that no organization can achieve sustainability in a silo. It requires coordination across the value chain. We have been working and learning on this issue for many years, of customers like Hitachi, Colgate, Anglian Water, Fisker and BMW. We have a unique approach that supports our customers across the full spectrum of sustainability from carbon neutrality to social impact and economic progress. Transparency, insights and data are the foundation. This is the unique advantage we offer to our customers. Their ability to see inside and outside the organization across your warehouses, manufacturing, supply chains and critical business processes such as procurement and business travel.

事實上，這可能是我們這個時代最大的經濟機會。同樣清楚的是，沒有任何組織可以在孤島中實現可持續性。它需要整個價值鏈的協調。多年來，我們一直在研究這個問題，包括日立、高露潔、Anglian Water、Fisker 和 BMW 等客戶。我們有一種獨特的方法，可以在從碳中和到社會影響和經濟進步的全方位可持續發展方面為我們的客戶提供支持。透明度、洞察力和數據是基礎。這是我們為客戶提供的獨特優勢。他們能夠跨倉庫、製造、供應鍊和關鍵業務流程（如採購和商務旅行）查看組織內部和外部。

Our sustainability portfolio directly supports this work and helps businesses run more sustainably. For example, through our recent introduction of SAP Cloud for sustainable enterprises, which makes ESG data transparent to our customers. We recently released our 5 actions for every business to become a sustainable business.

我們的可持續發展產品組合直接支持這項工作並幫助企業更可持續地運營。例如，通過我們最近為可持續企業推出的 SAP Cloud，這使得 ESG 數據對我們的客戶透明。我們最近發布了我們的 5 項行動，讓每個企業成為可持續發展的企業。

This guidance provides concrete steps for any company of any size to accomplish their sustainability goals. Collectively, these efforts are focused on helping our customers manage their green line with as much as importance as the top and bottom line.

本指南為任何規模的公司實現其可持續發展目標提供了具體步驟。總的來說，這些努力都集中在幫助我們的客戶管理他們的綠線，其重要性與頂線和底線一樣重要。

In closing, we have had a record year at SAP and we think this is just the beginning. The future is fine and our strategy for the cloud for business transformation, for sustainability will continue to create opportunities for continued and accelerated growth. We are very confident in our long-term ambition and see greater potential ahead given the strengths of our 2022 guidance.

最後，我們在 SAP 度過了創紀錄的一年，我們認為這僅僅是個開始。未來是美好的，我們為業務轉型和可持續發展而製定的雲戰略將繼續為持續和加速增長創造機會。鑑於我們 2022 年指導方針的優勢，我們對我們的長期抱負充滿信心，並看到了更大的潛力。

Thank you again for joining us today. And let me now hand over to Luka to talk through our results in more detail. Luka?

再次感謝您今天加入我們。現在讓我交給 Luka 更詳細地討論我們的結果。盧卡？

Yes. Thank you very much, Christian. And also from my side, a happy and healthy new year 2022 to all of you. Let me start by saying that I'm also very proud of our outstanding finish to the year. Our team delivered an exceptional year with strong results to far exceeding our own initial expectations and we kept our promises, beat our guidance on both the combined top line and the bottom line after raising it multiple times in 2021.

是的。非常感謝你，克里斯蒂安。也從我這邊，祝大家2022年新年快樂，身體健康。首先讓我說，我也為我們今年的出色成績感到非常自豪。我們的團隊創造了非凡的一年，其強勁的業績遠遠超出了我們最初的預期，我們信守承諾，在 2021 年多次提高總收入和利潤後，超過了我們對綜合頂線和底線的指導。

Let me amplify a couple of the points you heard from Christian. We can clearly see that more and more companies are choosing SAP to help them transform their business, build resilient supply chains and become sustainable enterprises as they move to the cloud. This is reflected in a strong adoption of RISE with SAP in particular, by large companies across all geographies.

讓我放大你從克里斯蒂安那裡聽到的幾點。我們可以清楚地看到，越來越多的公司選擇 SAP 來幫助他們實現業務轉型，建立彈性供應鏈，並在遷移到雲時成為可持續發展的企業。這反映在 RISE 與 SAP 的廣泛採用上，尤其是在所有地區的大公司中。

We clearly exceeded our goal of at least 1,000 customers by the end of the year. But what is way more important in Q4, we saw the number of larger cloud transactions significantly increasing. Orders greater than EUR 5 million contributed around 50% of our cloud order entry, up from just 31% last year. That was also driven by RISE with SAP.

到年底，我們明顯超過了至少 1,000 名客戶的目標。但在第四季度更重要的是，我們看到大型雲交易的數量顯著增加。超過 500 萬歐元的訂單占我們雲訂單輸入的 50% 左右，高於去年的 31%。這也是由 RISE with SAP 推動的。

Now let me cover our results in more detail. Christian already talked about our cloud momentum and S/4HANA's spectacular contribution to it. So let me just add some further data points. Driven by the strength of our entire portfolio, our SaaS/PaaS cloud revenue outside intelligence spend surged to 33% growth in Q4. This is a rate hardly matched at that scale by any other cloud vendor.

現在讓我更詳細地介紹我們的結果。 Christian 已經談到了我們的雲發展勢頭以及 S/4HANA 對它的巨大貢獻。所以讓我添加一些進一步的數據點。在我們整個產品組合實力的推動下，我們的 SaaS/PaaS 雲收入在智能支出之外的收入在第四季度飆升至 33%。這是任何其他雲供應商在這種規模上難以企及的速度。

SaaS/PaaS Intelligence spend cloud revenue also accelerated its growth to 12%. And within this business model, Concur returned to low double-digit growth. From a regional perspective, cloud performance was excellent throughout the year. We had a healthy balance and strong cloud momentum across all geographies accelerating during the year.

SaaS/PaaS 智能支出雲收入也加速增長至 12%。在這種商業模式中，Concur 恢復了兩位數的低增長。從區域來看，全年雲表現都非常出色。在這一年中，我們在所有地區都實現了健康的平衡和強勁的雲增長勢頭。

Cloud revenue in EMEA increased by 27%, in the Americas by 13% and in Asia by 20%. For the remaining top line parameters, please refer to the quarterly statement. Now let me move on to the bottom line, where for the full year, our total gross margin increased by 70 basis points to approximately 74%. This was aided by a nice improvement in both our software and support as well as our services margin.

歐洲、中東和非洲地區的雲收入增長了 27%，美洲增長了 13%，亞洲增長了 20%。其餘頂線參數，請參閱季度報表。現在讓我談談底線，全年，我們的總毛利率增加了 70 個基點，達到約 74%。這得益於我們的軟件和支持以及我們的服務利潤的良好改進。

Conversely, our cloud margin was slightly down year-over-year. This was due to the investment into our next-generation cloud delivery program and the fact that our high-margin Concur business still had a dampening performance throughout the bigger part of 2021. Despite the accelerated shift to cloud, our operating profit expanded by 1% to EUR 8.2 billion for the full year, which was ahead of our updated guidance.

相反，我們的雲利潤率同比略有下降。這是由於對我們下一代云交付計劃的投資，以及我們的高利潤率 Concur 業務在 2021 年大部分時間的表現仍然不佳。儘管加速轉向雲，但我們的營業利潤增長了 1%全年達到 82 億歐元，高於我們更新的指引。

Our operating margin declined 50 basis points to 29.6%, mainly driven by strategic investments into our product innovation, which increased our R&D ratio by 150 basis points to approximately 17%. On an IFRS basis, our operating profit and margin were impacted by significantly higher share-based compensation expenses compared to 2020 mainly due to the Qualtrics IPO and the appreciation of SAP's share price during the year.

我們的營業利潤率下降 50 個基點至 29.6%，主要是由於對我們的產品創新的戰略投資，使我們的研發比率增加了 150 個基點至約 17%。在 IFRS 的基礎上，我們的營業利潤和利潤率受到與 2020 年相比顯著增加的股票薪酬費用的影響，這主要是由於 Qualtrics 首次公開募股和 SAP 股價在年內升值。

IFRS operating profit decreased by 30% and IFRS operating margin by 7.5 percentage points to 16.7%. Let me now turn to EPS, the true bottom line and cash flow. We had a decent EPS performance in 2021, growing 3% in IFRS and 25% in non-IFRS terms. This was supported by a strong contribution from Sapphire Ventures and the reduced tax rate. As expected, we had another year of strong cash flow as well.

國際財務報告準則營業利潤下降 30%，國際財務報告準則營業利潤率下降 7.5 個百分點至 16.7%。現在讓我談談每股收益，真正的底線和現金流。我們在 2021 年的每股收益表現不錯，按 IFRS 計算增長 3%，按非 IFRS 計算增長 25%。這得益於 Sapphire Ventures 的強勁貢獻和降低的稅率。正如預期的那樣，我們又迎來了強勁的現金流。

Operating cash flow was EUR 6.2 billion, slightly above the outlook of approximately EUR 6 billion and free cash flow came in at EUR 5 billion, exceeding the outlook of above EUR 4.5 billion. So let me now turn to 2022 and beyond. As you have seen in the preannouncement and in today's release, we are very confident of our short- and midterm prospects. We expect to continue our Q4 Current Cloud Backlog growth in 2022 and to significantly accelerate our cloud revenue growth. We see 2022 as another important stepping stone towards our midterm ambition.

經營現金流為 62 億歐元，略高於約 60 億歐元的預期，自由現金流為 50 億歐元，超過 45 億歐元以上的預期。所以現在讓我轉向 2022 年及以後。正如您在預告和今天的新聞稿中看到的那樣，我們對我們的短期和中期前景充滿信心。我們預計將在 2022 年繼續我們的第四季度當前云積壓增長，並顯著加快我們的雲收入增長。我們將 2022 年視為實現中期目標的又一重要踏腳石。

Let me look into the details. Entering 2022, we are now moving into the next leg of our cloud transformation and are approaching an inflection point. We expect to move into double-digit growth territory in 2023. First, for operating profit, closely followed by total revenue. And our growth should accelerate further beyond that.

讓我看看細節。進入 2022 年，我們現在正在進入雲轉型的下一個階段，並且正在接近一個拐點。我們預計 2023 年將進入兩位數的增長領域。首先，營業利潤，緊隨其後的是總收入。我們的增長應該會進一步加速。

At the same time, we become ever more resilient. Our share of more predictable revenue should expand to approximately 85% or more than EUR 30 billion in absolute terms by 2025. Let me just quickly share why our tremendous success of 2021 and the characteristics of our business model transformation are so powerful to deliver extraordinary returns for the years to come.

與此同時，我們變得越來越有彈性。到 2025 年，我們在更可預測的收入中所佔的份額應該會擴大到大約 85%，即絕對值超過 300 億歐元。讓我快速分享一下為什麼我們在 2021 年取得巨大成功以及我們的商業模式轉型的特點如此強大，能夠帶來非凡的回報未來幾年。

In 2021, we observed a strong growth in the total contract value of new cloud deals, far beyond what can be seen in the already impressive search of our Current Cloud Backlog -- next to a sharp increase in demand for our cloud products. This was driven by 2 additional factors. First, slightly increasing contract durations and second, and more importantly, more pronounced steel ramps, which means contracts stepping up in volume over the course of their initial term. We anticipate that both of those factors will help us defy the law of declining growth rates for a while and continue to accelerate our cloud growth even beyond 2022.

2021 年，我們觀察到新雲交易的總合同價值出現了強勁增長，遠遠超出了我們對當前云積壓已經令人印象深刻的搜索所看到的——其次是對我們雲產品的需求急劇增長。這是由另外兩個因素驅動的。首先，合同期限略有增加，其次，更重要的是，鋼材產量增加更為明顯，這意味著合同在初始期限內的數量會增加。我們預計，這兩個因素將幫助我們在一段時間內打破增長率下降的規律，並在 2022 年之後繼續加速我們的雲增長。

At the same time, operating profit should get an extra push as we complete our next-generation cloud delivery program and as our sales expenses benefit from the ever-increasing share of renewal business in our backlog and cloud revenue. That, in a nutshell, is why we expect to see our operating profit growth jump to double digits in 2023 and beyond and why it absolutely makes sense for us to fully focus on maximizing our cloud growth in the short term.

與此同時，隨著我們完成下一代云交付計劃以及我們的銷售費用受益於我們積壓和雲收入中不斷增加的續訂業務份額，營業利潤應該得到額外推動。簡而言之，這就是為什麼我們預計我們的營業利潤增長將在 2023 年及以後躍升至兩位數，以及為什麼我們完全專注於在短期內最大化我們的雲增長絕對是有意義的。

Now I'd like to turn to sustainability and nonfinancials. We have been at the forefront of integrating sustainability into our business strategy, as you know. We truly believe that a holistic approach to strategy and operations leads to better business decisions. And we will publish our 10th integrated report on March 3, reflecting this approach.

現在我想談談可持續性和非金融。如您所知，我們一直處於將可持續發展納入我們業務戰略的最前沿。我們堅信，整體的戰略和運營方法可以帶來更好的業務決策。我們將於 3 月 3 日發布第 10 份綜合報告，以反映這種方法。

Looking at our nonfinancial metrics, in 2021, our customer Net Promoter Score increased significantly, while employee engagement remained at a very high level overall, despite a modest decrease. In the area of CO2 net carbon emissions continue to decrease to 110 kilotons in 2021, which was down 25 kilotons year-over-year. In addition to our goal of being net carbon neutral in our own operations by 2023, we have also announced our goal to achieve net-zero emissions across our entire value chain by 2030, which is 20 years earlier than originally anticipated.

從我們的非財務指標來看，2021 年，我們的客戶淨推薦值顯著增加，而員工敬業度總體上保持在非常高的水平，儘管略有下降。在 CO2 領域，2021 年淨碳排放量繼續下降至 110 千噸，同比下降 25 千噸。除了我們到 2023 年在我們自己的運營中實現淨碳中和的目標外，我們還宣布了到 2030 年在我們的整個價值鏈中實現淨零排放的目標，這比最初預期的提前了 20 年。

So to summarize, 2021 was a year of perfect execution along our strategy of helping our customers become sustainable intelligent enterprises. But most importantly, our cloud order entry was exceptionally strong, renewal rates were extremely healthy with a continued focus on efficiency.

總而言之，2021年是我們幫助客戶成為可持續智能企業戰略完美執行的一年。但最重要的是，我們的雲訂單輸入異常強勁，續訂率非常健康，並持續關注效率。

This success would not have been possible without the dedication, the innovative spirit and the discipline of our people. And I'm confident that we will continue to keep our promises as we enter the year of our 50th anniversary. This confidence is reflected in our accelerated cloud guidance for 2022, making great progress towards our midterm ambition. Thank you very much, and we will now be happy to take your questions.

如果沒有我們員工的奉獻精神、創新精神和紀律，就不可能取得這樣的成功。我相信，在我們進入 50 週年之際，我們將繼續信守承諾。這種信心反映在我們對 2022 年加速雲計算的指導中，朝著我們的中期目標邁進了一大步。非常感謝您，我們現在很樂意回答您的問題。

All right, operator, please open the line.

好的，接線員，請打開線路。

(Operator Instructions) We'll now take the first question from Michael Briest at UBS.

（操作員說明）我們現在將回答瑞銀的 Michael Briest 的第一個問題。

Two from me, if I may. Luka, I can hear your confidence in your voice there around the margin progression and EBIT progression. I think investors would really appreciate understanding on the cloud margin specifically, what are the candidates for investments that are being made this year? Why will they differ in 2023? Is it double running of infrastructure? Is it consulting costs? And just what will get us to the 75% margin?

如果可以的話，我有兩個。盧卡，我可以聽到您對您在利潤增長和息稅前利潤增長方面的聲音的信心。我認為投資者會非常感謝對雲利潤的理解，今年投資的候選對像是什麼？為什麼它們在 2023 年會有所不同？是基礎設施的雙重運行嗎？是諮詢費嗎？什麼能讓我們達到 75% 的利潤率？

And then in terms of cash flow, I think there was some confusion this morning around stock buybacks and stock-based cash settlement of option programs. Can you just say relative to the EUR 1.1 billion that you spent in cash last year, what were the likely charges in 2022 and out to 2025 as presumably some of those programs migrate over to the stock settled.

然後在現金流方面，我認為今天早上圍繞股票回購和期權計劃的基於股票的現金結算存在一些混亂。你能不能說相對於你去年花費的 11 億歐元現金，2022 年和到 2025 年可能的費用是多少，因為其中一些計劃可能會轉移到已結算的股票上。

Yes. Thanks a lot, Michael, for your questions, and those are really very good and important ones. So let me start with the cloud margins first. As we had stated already late in 2020, we are going through a major overhaul of our cloud delivery infrastructure. We are harmonizing it. We're migrating all of our remaining customers who are still on legacy infrastructures across various solutions on this harmonized cloud infrastructure.

是的。邁克爾，非常感謝您提出的問題，這些問題非常好，也很重要。所以讓我先從雲邊距開始。正如我們在 2020 年末所說的那樣，我們正在對我們的雲交付基礎設施進行重大改革。我們正在協調它。我們正在將所有仍在使用舊式基礎架構的剩餘客戶遷移到此統一云基礎架構上的各種解決方案中。

And that results in a cost across 2021 and 2022 of a mid-triple-digit million euro figure. At the outset of the program in the first half year, the spend portion that related to 2021 was more spend in R&D to prepare our solutions for some of the migration aspects and since the second half of the year, it essentially was hitting the cloud margins.

這導致 2021 年和 2022 年的成本達到三位數百萬歐元的中位數。在上半年計劃開始時，與 2021 年相關的支出部分更多用於研發，為一些遷移方面準備我們的解決方案，而從今年下半年開始，它基本上達到了雲利潤.

Just to give you an idea, the moderate decrease that we have seen in 2021 of 20 basis points actually was impacted by close to 1 full percentage point by the cost of this cloud delivery program. And this is a project-related cost, but mainly also double bubble costs where we build up the new landscapes while we're still operating the old. And as you know, we also took a restructuring charge for the accelerated depletion, so to say, of existing legacy infrastructures. So this will also continue in 2022. I'm expecting that in 2022, we will see, as we have seen also in 2021, actually quite noticeable underlying regular operational scale-related efficiency gains which would suggest that we will, at a minimum, remain at a stable cloud gross margin.

只是為了給您一個想法，我們在 2021 年看到的 20 個基點的適度下降實際上受到了該雲交付計劃成本的近 1 個完整百分點的影響。這是與項目相關的成本，但主要也是雙倍的泡沫成本，我們在建立新景觀的同時仍在運營舊景觀。如您所知，我們還為加速耗盡現有遺留基礎設施而承擔了重組費用。因此，這也將在 2022 年繼續。我預計，在 2022 年，我們將看到，正如我們在 2021 年所看到的那樣，實際上與常規運營規模相關的效率提升非常明顯，這表明我們將至少，保持穩定的雲毛利率。

I think we also have the scope to slightly increase it in 2022. But certainly, it's not more than that due to the significant expense that is running against it. When the program dissipates, in 2023. Well, we will have 2 effects. First of all, of course, all of those incremental project-related expenses will be gone, and that should be a relief to 2023 in the range of a couple of hundred million, as I said, certainly more than EUR 200 million.

我認為我們也有空間在 2022 年略微增加它。但當然，由於與之相悖的巨額費用，它肯定不會超過這個。當程序消散時，在 2023 年。好吧，我們將有 2 個效果。首先，當然，所有這些與項目相關的增量費用都將消失，到 2023 年，這應該可以減輕幾億美元的負擔，正如我所說，當然超過 2 億歐元。

And then second, we will see an immediate step up in the efficiency of our cloud operations due to just the greater elasticity and the greater efficiency of this Converged Cloud infrastructure that we have put together. So this will result in a big step-up of the cloud margin than in 2023 from which point on, there will be obviously further progression towards the 2025 target.

其次，我們將看到我們的雲運營效率立即提高，因為我們整合的這種融合雲基礎設施具有更大的彈性和更高的效率。因此，這將導致雲邊際比 2023 年大幅提升，從那時起，顯然會進一步向 2025 年的目標前進。

As an additional element, one of our cloud solutions, I pointed to this obviously has been hard hit during the pandemic and only recently started to recover, that's Concur. Concur has one of the highest cloud margins in our portfolio. The reason why we've seen a slight decline and not a slight increase in 2021 as we had predicted was actually that they were recovering a little later than what we had originally assumed in our planning assumptions.

作為一個額外的元素，我們的雲解決方案之一，我指出這顯然在大流行期間受到了重創，直到最近才開始恢復，這就是 Concur。 Concur 在我們的產品組合中擁有最高的雲利潤率之一。正如我們預測的那樣，我們看到 2021 年出現小幅下降而不是小幅增長的原因實際上是它們的恢復時間比我們最初在計劃假設中假設的要晚一些。

But as we have now returned back to double-digit growth and certainly see the point in time arriving where we are going to move more into a new form of normal, and we are, therefore, expecting that Concur will continue its recovery. That will be an additional point that will support us on the further progression of our cloud margin. So I hope that kind of outlines the major points that we have to consider there. And this is not rocket science.

但是，由於我們現在已經恢復到兩位數的增長，並且肯定會看到我們將更多地進入新常態的時間點，因此我們預計 Concur 將繼續復甦。這將是一個額外的點，將支持我們進一步發展我們的雲邊際。因此，我希望這樣概述了我們必須在那裡考慮的要點。這不是火箭科學。

It basically all depends on the timely completion of the program and then the effects are actually relatively straightforward to see later on. Now on the cash flow side, I think it's also an important point. I want to make sure that the effect of the move to equity settled share-based compensation programs is not over assessed because we are moving to equity settlement for 1 of our share-based compensation programs, which is the so-called Move SAP program, a restricted stock unit program.

這基本上都取決於程序的及時完成，然後效果實際上是相對簡單的，以後可以看到。現在在現金流方面，我認為這也是重要的一點。我想確保轉移到股權結算的基於股份的薪酬計劃的影響不會被高估，因為我們正在為我們的一項基於股份的薪酬計劃轉向股權結算，這就是所謂的 Move SAP 計劃，限制性股票單位計劃。

We still have additional share-based compensation schemes at SAP in place most notably the so-called own SAP program, which is a discounted stock purchase program that we subsidize for our employees who are participating in this program and will continue to be cash settled. So as you have rightfully pointed out in 2021, we had roughly EUR 1.1 billion in share-based compensation-related cash outflows.

我們在 SAP 仍然有額外的基於股票的薪酬計劃，最值得注意的是所謂的自己的 SAP 計劃，這是一項折扣股票購買計劃，我們為參與該計劃的員工提供補貼，並將繼續以現金結算。因此，正如您在 2021 年正確指出的那樣，我們有大約 11 億歐元與股票薪酬相關的現金流出。

We expect that this amount will still slightly go up in 2022 because we are first going to see the impact of the move of the Move program to equity settlement in the course of 2023. Then we will see reductions but we still expect in 2025, which will be the first year where there is no impact from Move SAP on cash anymore to still see more than EUR 500 million in share-based compensation related cash outflows from those other programs and also from the fact that we are not going to be legally able to transform Move SAP to equity settlement in all jurisdictions worldwide.

我們預計該金額在 2022 年仍將略有上升，因為我們將首先在 2023 年看到 Move 計劃轉向股權結算的影響。然後我們會看到減少，但我們仍預計在 2025 年，即將是 Move SAP 不再對現金產生影響的第一年，仍然會看到超過 5 億歐元的股票薪酬相關現金流出來自其他計劃，而且我們將無法在法律上能夠在全球所有司法管轄區將 Move SAP 轉變為股權結算。

In sum, we will have for regulatory constraints still have to do cash settlement. So I hope that puts it into perspective. Of course, we are extremely confident in our EUR 8 billion free cash flow target for 2025. We are actually ahead, as you have seen in 2021 as a starting point from where we thought we would be. So we definitely see scope to review this on a continuous basis and potentially also update it accordingly as we move closer, but you will appreciate that this is 4 years out, and there are also other influencing factors like currency movements, cash taxes and so on that are very difficult to predict such a long time before.

綜上所述，我們將不得不為監管約束仍然要做現金結算。所以我希望能把它放在眼裡。當然，我們對 2025 年 80 億歐元的自由現金流目標充滿信心。我們實際上已經領先，正如您在 2021 年看到的那樣，這是我們認為的起點。因此，我們肯定看到了持續審查的空間，並且隨著我們越來越近，可能還會相應地對其進行更新，但您會意識到這是 4 年之後，還有其他影響因素，如貨幣變動、現金稅等在這麼長時間之前很難預測。

But take it from our prerelease that we are very, very confident in our trajectory. And that certainly, as of next year, also free cash flow will start to significantly go up and increase as well.

但是從我們的預發布中可以看出，我們對自己的發展軌跡非常非常有信心。當然，從明年開始，自由現金流也將開始顯著上升並增加。

(Operator Instructions) We'll now take the next question from Stefan Slowinski at BNP Paribas.

（操作員說明）我們現在將回答法國巴黎銀行的 Stefan Slowinski 的下一個問題。

Yes. Just a follow up on the previous question around the stock compensation. Looking at it on a holistic basis, I think stock comp is guided to be 11% of sales this year, which, of course, is up significantly from where it was a couple of years ago. Do you expect that 11% to kind of be the new normal or will that trend back down over time?

是的。只是對前面關於股票補償的問題的跟進。從整體上看，我認為今年的股票占銷售額的比例為 11%，當然，這比幾年前有了顯著增長。你認為這 11% 會成為新常態，還是會隨著時間的推移而回落？

And then associated with that, just a broader question around the hiring environment. Obviously, we hear about the tightness in the market, companies increasing compensation. Whether it be cash or stock. On the other hand, a lot of companies have option plans that are underwater, so maybe that's working in your favor. So anything you can tell us about what the hiring environment is like and how you're executing would be appreciated.

然後與此相關，只是圍繞招聘環境的一個更廣泛的問題。顯然，我們聽說市場吃緊，公司增加了補償。不管是現金還是股票。另一方面，很多公司都有水下期權計劃，所以也許這對你有利。因此，您可以告訴我們有關招聘環境如何以及您的執行方式的任何信息，我們將不勝感激。

Yes. Perhaps I can take the first question. And then on the hiring environment, I will kind of relay it to my operational colleagues because in finance, we are not doing a whole lot of hiring. So I think Scott is probably better suited to talk about the environment there.

是的。也許我可以回答第一個問題。然後在招聘環境方面，我會將其轉達給我的運營同事，因為在財務方面，我們並沒有進行大量招聘。所以我認為斯科特可能更適合談論那裡的環境。

Now look, on the share-based compensation front and the movement front, you're right, of course, we have seen quite a sizable step-up in terms of percentage of revenues. But with this, we are actually perfectly in line with what we see from our peers. And it's likely that you will see gradual decline of this share, again, because we don't think that from an absolute share-based compensation expense perspective, we will see significant upward movements from now on, whereas obviously on the revenue front, we are planning for significant increases.

現在看，在基於股份的薪酬和流動方面，你是對的，當然，我們已經看到收入百分比有相當大的增長。但有了這個，我們實際上與我們從同行那裡看到的完全一致。您很可能會再次看到這一份額逐漸下降，因為我們認為從絕對的基於股份的薪酬費用的角度來看，我們不會從現在看到顯著的上升趨勢，而顯然在收入方面，我們正在計劃大幅增加。

So why is that? First of all, at the moment, we are still seeing a significant share of our overall share-based compensation expense being tied to the share-based compensation plans at Qualtrics, in particular, the executive management plan that was awarded at the point of the IPO. And this actually will stay with us for 3 years from the IPO because that's the period -- the measurement period of this plan.

那為什麼呢？首先，目前，我們仍然看到我們的整體股票薪酬支出中有很大一部分與 Qualtrics 的股票薪酬計劃相關，特別是在 Qualtrics 授予的執行管理計劃。首次公開募股。從 IPO 開始，這實際上會在我們身邊停留 3 年，因為那是這個時期——這個計劃的衡量時期。

And in equity-based compensation plans, unlike in cash-based compensation plans where you constantly adjust the valuation based on the share price movements, you actually -- until the exercise measure it at the grant value. So it's fixed basically at the $30 IPO price that we had. So from that perspective, actually, more than 1/3 of SAP's total share-based compensation expense planned for 2022 is related to Qualtrics.

在基於股權的薪酬計劃中，與基於現金的薪酬計劃不同，您會根據股價變動不斷調整估值，您實際上 - 直到行使以授予價值衡量它。所以它基本上固定在我們擁有的 30 美元的 IPO 價格。因此，從這個角度來看，實際上，SAP 計劃在 2022 年進行的股權激勵總額中超過 1/3 與 Qualtrics 相關。

This will dissipate over time and go down. Last year, it was actually 50%, right? This year, it goes down to 1/3. So it will gradually decline, but not at the pace that you would assume. And in terms of the other plans and our own organic plans on the SAP side, we are moving our Move program from annual to quarterly vesting in addition to the equity settlement and that results in a onetime incremental expense in 2022 of roughly EUR 200 million which then also will be part of the baseline, so to say, and will not further step up.

這會隨著時間消散並下降。去年，實際上是 50%，對吧？今年，它下降到1/3。所以它會逐漸下降，但不會以你想像的速度下降。就 SAP 方面的其他計劃和我們自己的有機計劃而言，除了股權結算外，我們正在將 Move 計劃從年度歸屬轉移到季度歸屬，這將導致 2022 年的一次性增量支出約為 2 億歐元，其中那麼也將是基線的一部分，可以這麼說，並且不會進一步加強。

So from that perspective, that's why we believe that our expense will be relatively stable over the next coming years, whereas the revenues obviously will increase, and therefore, the ratio will actually gently come down over the course of the next 3 years. So perhaps on the hiring environment, does anyone want to comment, Scott or Christian?

所以從這個角度來看，這就是為什麼我們認為未來幾年我們的費用會相對穩定，而收入顯然會增加，因此，這個比率在未來 3 年實際上會溫和下降。那麼也許在招聘環境方面，有人想發表評論嗎，斯科特還是克里斯蒂安？

Yes, sure. I can comment, and Christian, please add on top. I guess 3 comments on the hiring side. First of all, there's no doubt that it is a competitive market where the technology sector is strong. Businesses are -- would be able to leverage those skills and that means that the market has got a lot of movement. Having said that, we've seen continued success with our programs that we launched and have rolled out over the pandemic in particular, last year with Flex with SAP, the ability to be able to work in the environment that is best suited to you, together with other employee engagement programs that's allowed us to be able to attract and retain our best talent.

是的，當然。我可以發表評論，克里斯蒂安，請在上面添加。我想在招聘方面有 3 條評論。首先，毫無疑問，這是一個技術部門強大的競爭市場。企業將能夠利用這些技能，這意味著市場發生了很大變化。話雖如此，我們已經看到我們啟動並特別是在大流行期間推出的計劃繼續取得成功，特別是去年與 SAP 合作的 Flex，能夠在最適合您的環境中工作，與其他員工敬業度計劃一起，使我們能夠吸引和留住最優秀的人才。

So even within a volatile and an aggressive talent market, we've been very successful to not only retain but actually expand our talent pool. And then the third that I would say is it's a great industry. And so what we see is early talent coming into this sector continues to expand. That's not just in North America but around the world. and that allows us to be able to then bring young talent, early talent into the organization to bring the diversity mix that we aspire to achieve. Christian?

因此，即使在動盪和激進的人才市場中，我們也非常成功地不僅留住了人才，而且實際上擴大了我們的人才庫。然後我要說的第三個是這是一個偉大的行業。因此，我們看到進入該領域的早期人才繼續擴大。這不僅在北美，而且在世界各地。這使我們能夠將年輕人才、早期人才帶入組織，以實現我們渴望實現的多元化組合。基督教？

Yes. Thanks a lot, Scott. And maybe just to close it out on the hiring side. I mean first of all, of course, there are areas like in cyber and data scientists, where, of course, the cost per hire go up. These people are of high demand in the market. But we were actually really well able to offset that. I mean, we have large academies inside SAP. We have a sales academy, we have an engineering academy where we are training educating young talents, especially for these future skills, which we need -- and this is a big success. On top, we are also expanding our university engagements to make sure that we have, of course, the high caliber from outside of the market, but that we supplemented also with strong talent from inside of the company, and we are now also investing in the reskilling of our people.

是的。非常感謝，斯科特。也許只是為了在招聘方面結束它。我的意思是，首先，當然，在網絡和數據科學家等領域，每個僱傭的成本當然會上升。這些人在市場上的需求量很大。但我們實際上能夠很好地抵消這一點。我的意思是，我們在 SAP 內部有大型學院。我們有一個銷售學院，我們有一個工程學院，我們在那裡培訓教育年輕人才，尤其是我們需要的這些未來技能——這是一個巨大的成功。最重要的是，我們也在擴大我們的大學參與，以確保我們當然擁有來自市場外部的高素質人才，但我們還補充了來自公司內部的強大人才，我們現在也在投資我們人民的技能再培訓。

We'll take the next question from Adam Wood at Morgan Stanley.

我們將回答摩根士丹利的亞當伍德的下一個問題。

Congratulations on the strong fourth quarter. I've got 2 as well, please. I wonder, first of all, Luka, you were talking about that very strong large order intake in the cloud business and the visibility beyond that, that you have on these cloud projects in out years.

祝賀第四季度的強勁表現。我也有2個，拜託。我想知道，首先，Luka，你在談論云業務中非常強勁的大訂單量以及超出此範圍的可見性，你在這些雲項目中擁有的這些年。

I guess that makes sense as large enterprises, obviously, are not all doing this on a 12-month plan. It's a longer-term project. I wonder if you could go into a little bit more detail around that if there's any metrics you could give us on how these plans scale over 1, 2, 3 year time frames, maybe the products that these companies are adding.

我想這是有道理的，因為大型企業顯然並不是都按照 12 個月的計劃來做這件事的。這是一個長期的項目。我想知道你是否可以更詳細地介紹一下，如果有任何指標可以告訴我們這些計劃如何在 1 年、2 年、3 年的時間範圍內擴展，也許是這些公司正在添加的產品。

If there is a specific example that would be really helpful to give us a better feeling for what you're seeing beyond that Current Cloud Backlog in the business. And then maybe following up on previous questions about stock comp and profitability. And I guess this is a bigger picture way of looking at it.

如果有一個具體的示例真的有助於讓我們更好地了解您在業務中當前云積壓之外看到的內容。然後可能會跟進之前關於股票補償和盈利能力的問題。我想這是一個更大的看待它的方式。

We've talked about talent, but we've seen very large numbers of software IPOs. The hyperscalers are becoming ever more competitive. In terms of your share of voice with customers, what gives you the confidence that when you look out to 2025, there won't be a need for you to continue spending at a higher level to maintain that engagement with customers? And whether that's coming through in stock-based compensation or in actual expenses on the P&L, I'd just be interested to see how you feel about that.

我們談到了人才，但我們已經看到了大量的軟件 IPO。超大規模的競爭者正變得越來越有競爭力。就您在客戶中的話語權而言，是什麼讓您有信心在展望 2025 年時無需繼續在更高水平上進行支出以保持與客戶的互動？無論是基於股票的薪酬還是損益表的實際費用，我都很想看看你對此有何看法。

Yes. Let me start perhaps and then Christian or Scott feel free to build on that. Look, first of all, on the backlog and the visibility, it's obviously very difficult to generalize this because we have seen large RISE contracts, which have, in some cases, up to 7 years transformation horizon when we're talking about landscapes that have dozens of systems to be transformed. And then we have [NIMBL] and shorter ones, even for larger companies that really very much depends on what kind of landscape complexity we are talking about that needs to be transformed.

是的。讓我先開始吧，然後克里斯蒂安或斯科特可以自由地在此基礎上再接再厲。看，首先，關於積壓和可見性，顯然很難概括這一點，因為我們已經看到大型 RISE 合同，在某些情況下，當我們談論具有幾十個系統要改造。然後我們有 [NIMBL] 和更短的，即使對於那些真正非常依賴於我們所談論的需要轉變的景觀複雜性的大公司來說也是如此。

But to give you an idea at least of the magnitude that we are talking about in general, we had a discrepancy between our growth in annualized order entry versus total order entry to the favor of total order entry in the low teens in Q4. It was also double digits in terms of percentage differential for the full year. So this is quite sizable.

但是，至少為了讓您了解我們通常談論的規模，我們在年化訂單輸入與總訂單輸入的增長之間存在差異，與第四季度低青少年的總訂單輸入有利於。就全年的百分比差異而言，這也是兩位數。所以這是相當大的。

And on top of this, you can also point to the fact that the average duration of our contracts in the cloud has increased in Q4 to now 3.9 years. So we have way more multiyear contracts, which, at the same time, have a stronger share of contracts with ramps. You don't see, therefore, the full impact and the full potential of those contracts in the Current Cloud Backlog, but they have a massive backlog volume for outer years that we are carrying with us.

最重要的是，您還可以指出，我們在雲中合同的平均期限在第四季度已經增加到現在的 3.9 年。因此，我們有更多的多年期合同，同時在斜坡合同中所佔的份額更大。因此，您在 Current Cloud Backlog 中看不到這些合同的全部影響和全部潛力，但它們在我們隨身攜帶的外年有大量積壓。

And that's why also the share of net new business that we need to continue the same kind of backlog growth and then revenue growth obviously diminishes over time, and that is giving us increased visibility but that's not to be said that Scott and his team can now lay back and relax. Of course, we have high ambitions.

這就是為什麼我們需要繼續保持同樣的積壓增長然後收入增長隨著時間的推移而明顯減少的淨新業務份額的原因，這讓我們提高了知名度，但這並不是說斯科特和他的團隊現在可以躺下來放鬆。當然，我們有遠大的抱負。

As I said, we have absolutely the confidence that we can accelerate our cloud revenue growth even beyond 2022. And that, of course, still continues to require additional new business, which we are absolutely confident we can drive. Now on the share-based compensation expenses or other expenses.

正如我所說，我們絕對有信心甚至可以在 2022 年之後加速我們的雲收入增長。當然，這仍然需要額外的新業務，我們絕對有信心能夠推動這些業務。現在關於股權補償費用或其他費用。

We have made significant investments already in the last 2 years, in particular, in our innovation capacity first, which you have seen with the step-up in the R&D ratio to 17%, I think that is a ratio that will now remain relatively stable. And as a percentage of the revenues also over time, especially when we get past 2023, should start to gently trend down again. Where we had to step up in 2021 and going into 2022, with obviously on the sales and marketing side of the house.

在過去的兩年裡，我們已經進行了大量投資，特別是在我們的創新能力方面，你已經看到隨著研發比例上升到 17%，我認為這個比例現在將保持相對穩定.而且隨著時間的推移，尤其是當我們超過 2023 年時，收入佔收入的百分比應該會再次開始溫和下降。我們必須在 2021 年和 2022 年加強，顯然是在房子的銷售和營銷方面。

We have a massive pipeline that we are generating in order to drive for this extremely strong order entry growth that we are expecting, and we are investing into this. We have actually invested ahead even in Q4 into this pipeline generation. That's the reason why we have seen in Q4 also step up in the sales and marketing ratio.

我們正在生成一個龐大的管道，以推動我們預期的這種極其強勁的訂單輸入增長，我們正在對此進行投資。實際上，即使在第四季度，我們也已經提前投資了這一代管道。這就是為什麼我們在第四季度看到銷售和營銷比例也有所提高的原因。

And of course, as we are planning for another year of very significant double-digit growth across our portfolio in terms of new orders, we have to invest properly in Scott's team to drive for the required sales capacity, but not only sales, but also post sales adoption resources in order to make sure that we have a full deployment of those solutions quickly and then also drive, of course, as an outcome for a very healthy renewal rates.

當然，由於我們計劃在新訂單方面在我們的產品組合中再實現兩位數的顯著增長，因此我們必須對 Scott 的團隊進行適當投資，以推動所需的銷售能力，不僅是銷售，而且售後採用資源，以確保我們快速全面部署這些解決方案，然後當然也推動非常健康的續訂率。

So those investments have been made now, and we obviously are very confident based on the positive customer feedback based on the increase in customer satisfaction rates that at this investment level, we will now start to see the return on investment, we're fully determined to drive for accelerating double-digit growth as of next year forward. And we don't expect, based on the competitive strength of our portfolio, a need to come up with any unplanned incremental expenses. Our win rates, as Christian has said, are extremely high. The hard work of integration has proceeded extremely well. And that means that we can also shift within the existing capacity to drive for new innovation without having a lot of this tidying up homework, so to say, still to do. And that has been the work of the past 2 years.

所以現在已經進行了這些投資，基於客戶滿意度的提高，我們顯然非常有信心，在這個投資水平上，我們現在將開始看到投資回報，我們完全確定推動明年實現兩位數增長。而且，基於我們投資組合的競爭實力，我們預計不需要提出任何計劃外的增量費用。正如克里斯蒂安所說，我們的勝率非常高。艱苦的整合工作進行得非常順利。這意味著我們也可以在現有能力範圍內轉變以推動新的創新，而無需大量整理作業，也就是說，仍然要做。這就是過去 2 年的工作。

Maybe Adam -- and maybe let's just build on also on 1 of the questions you had around the cross-sell opportunities we also see in our portfolio. And I mean this really depends now from customer to customer, especially in RISE now. We always have a conversation in oil and gas, for example, is about how can we manage the transformation to clean energy? What needs to change in (inaudible).

也許亞當-也許讓我們也基於您對我們在投資組合中也看到的交叉銷售機會提出的問題之一。我的意思是這真的取決於現在的客戶，尤其是現在的 RISE。例如，我們總是在石油和天然氣領域進行對話，討論如何管理向清潔能源的轉型？什麼需要改變（聽不清）。

In High Tech, it's oftentimes a discussion around how can we manage the reskilling of the workforce? What about the total workforce management. In retail, it's a combination oftentimes around changing to move forward with the omnichannel sales. We have high demand in the CX also with regard to some industry-specific cloud capabilities in retail, loyalty management, returns management, where we develop strong and also co-innovate with hundreds of retail customers.

在高科技領域，我們經常討論如何管理勞動力的再培訓？總體勞動力管理怎麼樣。在零售業中，通常是圍繞著改變以推進全渠道銷售的組合。我們對 CX 也有很高的需求，包括零售、忠誠度管理、退貨管理等行業特定的雲功能，我們在這些方面發展強勁，並與數百個零售客戶共同創新。

And then, of course, in all of the other industries, we also see supply chain shocks. We also do search in the business network was evident in 2021. And we are actually also building on that as we are not expecting that. Also, there is -- the supply chain shocks will go away so soon. So you see this is really depends. And then with RISE what we're actually doing.

然後，當然，在所有其他行業中，我們也看到了供應鏈衝擊。我們還在業務網絡中進行搜索，這在 2021 年很明顯。而且我們實際上也在以此為基礎，因為我們沒有預料到這一點。此外，還有——供應鏈衝擊很快就會消失。所以你看這真的取決於。然後通過 RISE 我們實際在做的事情。

I mean it's not only a shift to S/4HANA Cloud. And so very important is you see in all of these scenarios, there are success factors, there's clouds involved, there is CX involved. And even more important is our platform is involved, because with RISE in the second step, we also want to move then our customers, it's a journey to a modular cloud ERP. So what to do with the modification. So our partners are joining us and they meet in the meantime. And that's why is the adoption of the platform, how can we build side by side all the modifications which the customers had in on-prem on the platform.

我的意思是，這不僅僅是向 S/4HANA Cloud 的轉變。所以非常重要的是你在所有這些場景中看到，有成功的因素，有云，有 CX。更重要的是我們的平台也參與其中，因為在第二步中使用 RISE，我們還想移動我們的客戶，這是一個模塊化雲 ERP 的旅程。那麼修改了怎麼辦。所以我們的合作夥伴正在加入我們，他們在此期間會面。這就是採用平台的原因，我們如何才能在平台上同時構建客戶在本地進行的所有修改。

How can we standardize those. We want to increase the penetration of our ecosystem and also why our marketplace. So let's not forget BTP had a very, very strong quarter, but this is not because it's a stand-alone platform anymore. This is -- it's because it's tightly integrated into our modular cloud ERP. And the part of RISE is also a shift to exactly this platform.

我們如何才能標準化這些。我們希望增加我們生態系統的滲透率，以及為什麼我們的市場。所以我們不要忘記 BTP 有一個非常非常強勁的季度，但這並不是因為它不再是一個獨立的平台。這是 - 這是因為它緊密集成到我們的模塊化雲 ERP 中。而RISE的部分也正是向這個平台的轉變。

We'll take the next question from James Goodman of Barclays.

我們將回答巴克萊銀行的詹姆斯古德曼的下一個問題。

So maybe switching over to the core business, which I think so for me was the area where you most significantly outperformed your expectations this year, particularly on the support line, which I think was up 1% versus clearly the anticipated decline. So I appreciate that there was less of a license impact than perhaps you anticipated. But really, there seems to have been less substitution from maintenance to cloud despite the cloud strength.

所以也許切換到核心業務，我認為對我來說是今年你最顯著超出預期的領域，特別是在支撐線上，我認為它上升了 1%，而明顯是預期的下降。因此，我很欣賞許可證的影響可能比您預期的要小。但實際上，儘管雲實力強大，但從維護到雲的替代似乎較少。

So I wondered if you could comment around the support resilience and whether you expect actually from here on out the larger cannibalization effect is required really to maintain the current trajectory at the backlog. And maybe you can comment a little bit as well around perhaps the seasonality of any transition effects and as we go through '22. And then just to come back briefly on the cloud outlook and reconcile some of these comments around accelerating cloud growth in '23, still overall double-digit growth in '23 despite the higher pace from the resilient support.

所以我想知道你是否可以評論支持彈性，以及你是否真的期望從這裡開始真正需要更大的蠶食效應來維持當前的積壓軌跡。也許你也可以評論一下任何過渡效應的季節性以及我們經歷 22 年的情況。然後只是簡單地回顧一下云前景，並調和其中一些關於 23 年加速雲增長的評論，儘管彈性支持的速度更快，但 23 年的總體增長仍然是兩位數。

But you seem to be saying that the backlog will really sort of stay at these levels, Luka as we go through this year. So just wondered why we wouldn't see the current backlog continue to still tick up a little bit higher through this year, given particularly that noncurrent backlog strength.

但你似乎是說，在我們今年經歷的 Luka 中，積壓的工作將真的保持在這些水平。所以只是想知道為什麼我們不會看到當前的積壓在今年繼續上升一點點，特別是考慮到非當前的積壓強度。

Yes. No, those are important questions. Let me try to take a first step at them. So first of all, when it comes to support revenues, you're absolutely correct. They remain extremely resilient. There is close to no real churn away from SAP. So the churn that we are seeing is a healthy one as part of the cloud migrations as part of our cloud extension program.

是的。不，這些都是重要的問題。讓我嘗試向他們邁出第一步。所以首先，當談到支持收入時，你是絕對正確的。他們仍然非常有彈性。 SAP 幾乎沒有真正的流失。因此，作為我們雲擴展計劃一部分的雲遷移的一部分，我們所看到的流失是健康的。

The impact of cloud extensions on 2021 support revenues has been going up clearly. It's a triple-digit million euro figure by now. But we are driving for very healthy extension multipliers as we had discussed on previous calls already, and that remains the case. So we are hovering significantly above the 2x factor that we had flagged and we believe that this trend, while it will certainly not remain at this same very, very high level, but it will remain extremely healthy.

雲擴展對 2021 年支持收入的影響明顯上升。到目前為止，這是一個三位數的百萬歐元數字。但是，正如我們在之前的電話會議中已經討論過的那樣，我們正在推動非常健康的擴展乘數，而且情況仍然如此。因此，我們明顯徘徊在我們標記的 2 倍因子之上，我們相信這種趨勢，雖然它肯定不會保持在同樣非常非常高的水平，但它會保持非常健康。

Now when we think about the expectation going forward, I think in 2022, I would still expect there to be only a marginal decline in support revenues because the impact of the RISE transformations as well as of other cloud migrations will remain extremely healthy. That might change over time as more of those big, large RISE contracts are contracted and are then going through their ramp then concomitantly with this, the support revenues are declining.

現在，當我們考慮未來的預期時，我認為在 2022 年，我仍然預計支持收入只會略有下降，因為 RISE 轉型以及其他雲遷移的影響將保持非常健康。這可能會隨著時間的推移而改變，因為更多的大型 RISE 合同被簽訂，然後正在經歷它們的坡道，隨之而來的是，支持收入正在下降。

To give you an idea, when you take our midterm ambition for 2025, we have said that we want to have 85% highly predictable revenues, and we want to have more than EUR 22 billion in cloud revenues that would tell you that we will have around about EUR 8.5 billion of support revenues left by then. Currently, we have around about EUR 11.5 billion. So there will be a sliding path, so to say, of increasing declines in support revenues also, quite frankly, because there will be less new software revenues contracted that would fill up, so to say, the migration impact.

給你一個想法，當你提出我們 2025 年的中期目標時，我們曾說過我們希望擁有 85% 的高度可預測的收入，我們希望擁有超過 220 億歐元的雲收入，這將告訴你我們將擁有到那時還剩下大約 85 億歐元的支持收入。目前，我們擁有大約 115 億歐元。因此，坦率地說，支持收入也會出現下滑，也就是說，支持收入的下降幅度會越來越大，因為簽約的新軟件收入將會減少，也就是說，遷移的影響會越來越少。

In terms of any seasonality expectations in 2022, let me talk about this in 3 different ways. First of all, you have asked about the current cloud backlog. And you're right. I mean, for the full year, we expect a similar trajectory like in Q4 2021. But probably with a different situation for each quarter.

就 2022 年的任何季節性預期而言，讓我從 3 種不同的方式談一談。首先，您詢問了當前的雲積壓。你是對的。我的意思是，對於全年，我們預計會出現與 2021 年第四季度類似的軌跡。但每個季度的情況可能會有所不同。

Undoubtedly, our order entry performance in Q1 and in Q4 was the strongest in 2021, and that creates obviously a tougher compare. So I would assume that in Q1 and in Q4, you might see slightly lower CCB growth rates whereas in Q2 and in Q3, the growth rate should actually be higher than what you've seen in Q4.

毫無疑問，我們在第一季度和第四季度的訂單輸入表現是 2021 年最強勁的，這顯然造成了更艱難的比較。所以我假設在第一季度和第四季度，你可能會看到建行的增長率略低，而在第二季度和第三季度，增長率實際上應該高於你在第四季度看到的。

On the cloud revenue front, I would assume that the growth rates in the first half would be quite similar to what we have seen now in Q4 because it takes a while until this significant surge and growth in order entry that we have seen in finds its way into the cloud revenues. But then in the second half year, we definitely expect a stronger surge in cloud revenue growth. And when you take a look at the profit development, then certainly, we had a very strong Q1, as you will recall, in software revenues as well as in support revenues.

在雲收入方面，我認為上半年的增長率將與我們現在在第四季度看到的非常相似，因為需要一段時間才能看到我們在訂單輸入中看到的這種顯著激增和增長。進入雲收入的途徑。但在下半年，我們肯定預計雲收入增長將出現更強勁的增長。當您查看利潤發展時，您肯定會記得，我們在軟件收入和支持收入方面的第一季度非常強勁。

The software and support was actually up in positive territory. That will, of course, create a tough compare for the Q1 performance, but that will then ease in the coming quarters also because we were leaving the pandemic conditions in terms of the spend environment behind a bit, and we're also increasing a lot of spending in the areas like travel and marketing in the second half year, and that makes the compare then easier. So that's kind of the way how to think about seasonality at the highest level. I hope that's helpful.

軟件和支持實際上是在積極的領域。當然，這會給第一季度的表現帶來一個艱難的比較，但在接下來的幾個季度裡，這種情況會有所緩解，因為我們在支出環境方面稍微落後了大流行的情況，而且我們也在增加很多下半年在旅遊和營銷等領域的支出，這使得比較變得更容易。這就是如何在最高級別考慮季節性的一種方式。我希望這會有所幫助。

Just to build on that, Luka, I mean, we also have to consider that we just launched RISE 12 months ago. And Scott and team did obviously a tremendous job. From 0, we are now to our biggest growth driver now throughout the year 2021. And of course, cooking such large deals which you have seen and you see that the majority of the order entry is now driven by these large deals that took some time but there is no shortage.

只是為了以此為基礎，Luka，我的意思是，我們還必須考慮到我們剛剛在 12 個月前推出了 RISE。斯科特和他的團隊顯然做得很出色。從 0 開始，我們現在成為 2021 年全年最大的增長驅動力。當然，您已經看到瞭如此大的交易，您會看到現在大部分訂單輸入都是由這些需要一些時間的大交易驅動的但也不缺。

We have an installed base of 30,000 customers, plus maybe 1 important factors as well, the renewals. So our renewal base is getting bigger and bigger. It's 1 of the key drivers then also why we will turn back to double-digit profit growth in 2023 on. And there, also, our internal reorganization, they had a change in the bonus plans. I mean with RISE, we are now much closer to the customer. We are using now heavily the telemetry data with RISE. We're having architects at the customer. We work with them, we have price adoption, we get the modifications or -- so we are much, much closer, and we saw this already has a very positive impact on renewals. And this will also then continue now in the current year and as well in the years to come.

我們擁有 30,000 名客戶的安裝基礎，可能還有一個重要因素，即續訂。所以我們的更新基礎越來越大。這是關鍵驅動因素之一，也是我們將在 2023 年恢復兩位數利潤增長的原因。在那裡，我們的內部重組也改變了獎金計劃。我的意思是，有了 RISE，我們現在離客戶更近了。我們現在大量使用 RISE 的遙測數據。我們在客戶那裡有建築師。我們與他們合作，我們採用價格，我們得到修改，或者 - 所以我們更接近了，我們看到這已經對續訂產生了非常積極的影響。這也將在今年和未來幾年繼續。

We'll take the next question from Kirk Materne at Evercore.

我們將回答 Evercore 的 Kirk Materne 的下一個問題。

Christian, I was wondering if you could just talk a little bit about the adoption of RISE across geographies. I was just kind of curious if the adoption and success has been fairly balanced across all the geographies or if there's an opportunity for, say, to make this up the Americas to sort of catch up a little bit if that's the case, it might not be.

克里斯蒂安，我想知道您能否簡單談談跨地區採用 RISE 的情況。我只是有點好奇，是否所有地區的採用和成功都相當平衡，或者如果有機會，比如說，讓美洲趕上一點，如果是這樣的話，它可能不會是。

And then Luka, I assume your commentary around cloud for next year includes the U.S. or the Americas, again, sort of reaccelerating? I assume that was sort of weighed down a little bit by intelligence spend this year. So just a quick 1 for you as well.

然後盧卡，我假設你明年關於雲的評論包括美國或美洲，再次，有點重新加速？我認為今年的情報支出有點拖累了這一點。所以對你來說也只是一個快速的 1。

Yes, I can start to answer the question -- the first question, and Scott, please feel free to build on it. I mean, first, I would say, yes, when I look at the order entry of RISE throughout 2021, especially now in Q4. I mean you have seen from the logos, there is CVS in the U.S. And there are many other large ones in the U.S.

是的，我可以開始回答這個問題了——第一個問題，Scott，請隨時在此基礎上再接再厲。我的意思是，首先，我會說，是的，當我查看 RISE 整個 2021 年的訂單輸入時，尤其是現在在第四季度。我的意思是你從標誌上看到了，美國有CVS，美國還有很多其他的大的。

But also Germany, as we say, okay, where does Germany stand with the digital transformation or the customers are equally on Siemens, (inaudible) we have a few others. They're all now making the move to the cloud all in and not only the technical move, and of course, also the transformation of their business model.

還有德國，正如我們所說，好吧，德國在數字化轉型方面的立場在哪裡，或者客戶同樣在西門子，（聽不清）我們還有其他一些。他們現在都在全力向雲遷移，不僅是技術遷移，當然還有業務模式的轉型。

So we saw equal growth and we also see this in the pipeline for the current year. So actually, RISE was really spanning across the world, and we see an equally strong pipeline for every region, actually, Scott, anything to add from your side?

所以我們看到了同樣的增長，我們也看到了今年的增長。所以實際上，RISE 真的跨越了世界，我們看到每個地區都有同樣強大的管道，實際上，Scott，你有什麼要補充的嗎？

The only thing that I would add to that, Christian, and I think you said it well, is clearly, the mix of our customers differ across regions. So we saw in an acceleration of our small and midsized customers in markets like Asia and in Latin America and other regions. Whereas, obviously, in North America and Christian referred to the large organizations together with Germany and other major markets being a significant uptick in Q4.

克里斯蒂安，我唯一要補充的是，我認為你說得很好，很明顯，我們的客戶組合因地區而異。因此，我們在亞洲、拉丁美洲和其他地區等市場看到了中小型客戶的加速增長。而顯然，在北美，Christian 提到大型組織以及德國和其他主要市場在第四季度顯著上升。

I did just want to add 1 comment on the cross-sell, which I think is important to give you some context of the impact that RISE has. Over half of the bookings that we had of the initial order entry had solutions outside the core S/4. So the intelligent enterprise story, the ability to be able to do that end-to-end process transformation through RISE as being the catalyst was -- but then as the year progressed, we saw up to 80% of those customers then having more than that 1 solution outside of the core areas. So as the customers use expand and get the benefits of RISE as they roll it out, they then look to the expanded opportunity that they get with SAP. And so that gives confidence when we look going forward that not only does RISE in its base proposition provide that transformational opportunity on mission-critical workloads for customers.

我只是想對交叉銷售添加 1 條評論，我認為這對於讓您了解 RISE 所產生的影響很重要。我們收到的初始訂單輸入的預訂中，有超過一半在核心 S/4 之外提供了解決方案。因此，智能企業故事，能夠通過 RISE 作為催化劑進行端到端流程轉型的能力是——但隨著時間的推移，我們看到高達 80% 的客戶擁有超過核心領域之外的 1 個解決方案。因此，當客戶使用 expand 並在推出 RISE 時獲得好處時，他們會期待通過 SAP 獲得的擴展機會。因此，當我們展望未來時，這讓我們充滿信心，因為 RISE 的基本主張不僅為客戶提供了關鍵任務工作負載的轉型機會。

But our customers then expand the use of SAP solutions across the suite to be able to provide that end-to-end transformation. And we see that in our pipeline going forward.

但我們的客戶隨後會在整個套件中擴展 SAP 解決方案的使用，以便能夠提供端到端的轉換。我們在未來的管道中看到了這一點。

Just quickly on the reacceleration in the Americas, yes, you absolutely should see a continued reacceleration in particular, in the first 3 quarters of the year because of first of all, Concur coming back to growth.

很快就在美洲重新加速，是的，你絕對應該看到持續的重新加速，特別是在今年的前三個季度，因為首先，Concur 恢復增長。

And in general, actually, the surge in the Current Cloud Backlog that we have seen -- in particular, in the U.S., we had a very healthy uptick, 1 of the larger ones, and that will, of course, help the entirety of the Americas.

總的來說，實際上，我們看到的 Current Cloud Backlog 激增 - 特別是在美國，我們有一個非常健康的上升，其中一個較大的上升，當然，這將有助於整個美洲。

We'll take the next question from Mohammed Moawalla at Goldman Sachs.

我們將回答高盛的 Mohammed Moawalla 的下一個問題。

I have 2 questions. Firstly, could you remind us around the installed base as you look to kind of cross-sell multiple products into the base where we are in terms of the kind of remaining runway, particularly of some of your kind of prior acquired products. And as we think of that kind of cloud acceleration aside from just the sort of migration and move to S/4HANA how much more there is to kind of cross-sell and upsell?

我有 2 個問題。首先，您能否提醒我們有關已安裝基礎的信息，因為您希望將多種產品交叉銷售到我們在剩餘跑道類型方面的基礎，特別是您之前購買的一些產品。當我們想到這種雲加速時，除了遷移和遷移到 S/4HANA 之外，還有多少交叉銷售和追加銷售？

And then secondly, just Luka, coming back around your confidence on the operating profit growth acceleration. Obviously, in the pandemic, you were able to kind of make some structural savings on sort of go-to-market as things sort of reopen and we move potentially into a more of a hybrid world. Will there be kind of opportunity to further drive efficiencies on the kind of sales and marketing spend as you do support the growth?

其次，只有盧卡，圍繞著您對營業利潤增長加速的信心回歸。顯然，在大流行中，隨著事情的重新開放，我們可以在進入市場的過程中節省一些結構性的開支，我們可能會進入一個更加混合的世界。在您支持增長的同時，是否有機會進一步提高銷售和營銷支出的效率？

Yes. So perhaps I can take the second part on the installed base and move to S4, I mean, I will invite Christian and Scott to comment on this. But clearly, you're right. I mean we were benefiting in particular in the first part of the pandemic from obvious savings in travel, facilities, car fleet and other areas that were not so much in demand.

是的。所以也許我可以將安裝基礎的第二部分轉移到 S4，我的意思是，我會邀請 Christian 和 Scott 對此發表評論。但很明顯，你是對的。我的意思是，在大流行的第一階段，我們特別受益於旅行、設施、車隊和其他需求不大的領域的明顯節省。

But quite frankly, this is already behind us in the second half year. We have actually already returned to much more normalized spending behavior. So that baseline that we have now is, I would say, the right one for us to then leverage additional efficiencies. And we are working on this, of course, on a continuous basis and are confident that we know where the levers are to get us to where we have to be.

但坦率地說，這在下半年已經過去了。我們實際上已經回到了更加正常化的消費行為。因此，我想說，我們現在擁有的基線是我們利用額外效率的正確基線。當然，我們正在為此不斷努力，並且相信我們知道槓桿在哪裡可以讓我們到達我們必須到達的地方。

Again, the most significant 1 from which a lot of the profit improvement will come is first of all, significant surge in the cloud gross profits. Secondly, over time, then anticipation of the need for incremental sales and marketing investment as the weight of the installed base, existing cloud business increases further and further. And then also the fact that we will not have any more such a significant step-up in R&D expenses as we have seen it in the next -- in the last 2 years to work against. And that, together with the top line momentum that we expect and the fact that the mix shift effect will also decline because of the smaller weight of on-premise should definitely carry us to the targets that we have had. Perhaps over to you, Christian, for the first part.

同樣，最重要的 1 將帶來大量利潤改善，首先是雲計算毛利潤的大幅增長。其次，隨著時間的推移，隨著安裝基數的增加，預計需要增加銷售和營銷投資，現有的雲業務會越來越多。還有一個事實是，我們將不會再像我們在接下來的兩年中看到的那樣大幅增加研發費用 - 在過去的兩年中與之抗衡。而且，再加上我們預期的頂線勢頭，以及由於內部部署權重較小，混合轉移效應也將下降的事實，肯定會讓我們達到我們所擁有的目標。克里斯蒂安，第一部分也許交給你了。

Mohammed. I mean, first of all, the existing CRP on-premise space still about 30,000 customers. And then when you look into this ERP and what is up for the conversion to the cloud, obviously, the situation now looks much better, starting with the office of the CFO.

穆罕默德。我的意思是，首先，現有的 CRP 內部空間仍然有大約 30,000 個客戶。然後，當您查看這個 ERP 以及如何轉換到雲時，顯然，現在情況看起來好多了，從首席財務官辦公室開始。

It's a win, and we're converting 1 customer after another differentiating is, of course, that we are running our ERP in many, many countries. We have localized versions everywhere. We're infusing new technology, AI to automate certain finance processes. We are doing real-time treasury management and much more. So this is really great.

這是一場胜利，我們在一個又一個差異化之後轉換了一個客戶，當然，我們在許多國家運行我們的 ERP。我們到處都有本地化版本。我們正在註入新技術，人工智能來自動化某些財務流程。我們正在做實時資金管理等等。所以這真的很棒。

Now on the HR side, obviously, still most of this 30,000 customers also have Employee Central so which we're also offering now in the cloud, and we just heard about [ALDI]. So we're also there can easily won customers with over 100,000 users, also they're heavily localized. And now that also the equation is there with the BTP. We have the seamless connection to the finance but also to other modules of the ERP.

現在在人力資源方面，顯然，這 30,000 名客戶中的大多數仍然擁有 Employee Central，所以我們現在也在雲中提供，我們剛剛聽說了 [ALDI]。因此，我們也可以輕鬆贏得擁有超過 100,000 名用戶的客戶，而且他們的本地化程度很高。現在，BTP 也存在等式。我們與財務無縫連接，也與 ERP 的其他模塊無縫連接。

We are seeing, of course, not only much higher cross-sell weights, but we're also actually seeing also a few win backs now of customers who may be made different decisions 3 or 4 years ago. So on the SuccessFactors business, we are seeing a huge catch-up and extremely healthy conversion rates.

當然，我們不僅看到了更高的交叉銷售權重，而且實際上我們現在也看到了一些客戶的贏回，這些客戶可能在 3 或 4 年前做出不同的決定。因此，在 SuccessFactors 業務上，我們看到了巨大的追趕和極其健康的轉化率。

And then on the procurement side, it took a while, but now we are there. So we are just also announced in Q4 very proud about the engineering team our one procurement plan, as many of these ERP customers want direct and indirect procurement. And now we can offer that. So no matter if you have on-premise direct procurement with ERP or you have indirect procurement, which then will one in the future with Ariba it's now on 1 platform. And with that, we can also convert the installed base much more easily.

然後在採購方面，花了一段時間，但現在我們在那裡。因此，我們剛剛在第四季度宣布，我們的工程團隊對我們的一項採購計劃感到非常自豪，因為這些 ERP 客戶中的許多人都希望直接和間接採購。現在我們可以提供。因此，無論您是使用 ERP 進行本地直接採購，還是使用間接採購，未來都將使用 Ariba，它現在在 1 個平台上。有了這個，我們還可以更輕鬆地轉換已安裝的基礎。

Travel and expense was a tough one in 2021 because of the pandemic, but also there, we are further investing in the localization of Concur. We're also putting in more innovations. We are doing a lot on the UX side. So also there, once travel is back, and we see the recovery also there, we will see even stronger conversion rates going forward. Scott, anything to add?

由於大流行，2021 年的差旅和費用是一個艱難的時期，但在那裡，我們正在進一步投資於 Concur 的本地化。我們也在進行更多的創新。我們在用戶體驗方面做了很多工作。同樣，一旦旅行回來，我們也看到那裡的複蘇，我們將看到未來更高的轉化率。斯科特，有什麼要補充的嗎？

Yes, maybe just to quantify everything that you described and give it a bit of context. We have an incredibly loyal and long-term customer base, as you say, Christian, and they continue to invest in SAP. But if you look at RISE, as we've described throughout the year and Q4 was no different. While there was a number of large organizations and existing customers, we also had nearly 45% of the order entry of the bookings was net new, some new customers joining.

是的，也許只是為了量化您描述的所有內容並為其提供一些背景信息。正如你所說，Christian，我們擁有極其忠誠和長期的客戶群，他們繼續投資於 SAP。但如果你看看 RISE，正如我們全年所描述的那樣，第四季度也不例外。雖然有許多大型組織和現有客戶，但我們也有近 45% 的預訂訂單條目是全新的，一些新客戶加入。

So the good news is we're not dependent on our existing customer base, although they continue to invest and expand with SAP, but we're also adding new customers to SAP, helping them accelerate and transform their journeys to and in the cloud and that gives confidence in the pipeline going forward as well.

好消息是我們不依賴於現有的客戶群，儘管他們繼續投資和擴展 SAP，但我們也在向 SAP 添加新客戶，幫助他們加速和轉變他們的雲和雲之旅，這也使人們對未來的管道充滿信心。

We'll take the next question from Johannes Schaller at Deutsche Bank.

我們將回答德意志銀行的 Johannes Schaller 的下一個問題。

Congratulations on the good cloud acceleration that you're seeing. If we're thinking about some of the components of your cloud outlook for 2022, I mean I think, Luka, you were already quite bullish on success factors in Q3. And Christian, you just again made the point on competitive wins. I mean, should we think that SuccessFactors could actually grow above the cloud average for 2022?

恭喜您看到了良好的雲加速。如果我們正在考慮您對 2022 年雲前景的某些組成部分，我的意思是，Luka，您已經非常看好第三季度的成功因素。克里斯蒂安，你再次強調了競爭勝利。我的意思是，我們是否應該認為 SuccessFactors 在 2022 年實際上可以增長到高於雲平均水平？

And then another factor would be on Concur. Could you help us maybe understand a little bit better the assumptions you made around that business in terms of travel volumes for 2022 for us to better understand kind of how to think about the upward downside depending on how travel volumes actually develop? And then as a second quick question, just on the cloud extension multiply, Luka, you brought it up.

然後另一個因素將在 Concur 上。您能否幫助我們更好地理解您圍繞該業務所做的關於 2022 年旅行量的假設，以便我們更好地了解如何根據旅行量的實際發展情況來考慮上行不利因素？然後作為第二個快速問題，就雲擴展乘法而言，Luka，你提出來了。

Could you maybe share where we stand here at the moment. And there is obviously a strong upselling component in there. if we take that out and just look at the ERP conversion from licensing to SaaS without upselling where would that be right now?

你能不能分享一下我們現在站在哪裡。那裡顯然有一個強大的向上銷售部分。如果我們把它拿出來，只看一下從許可到 SaaS 的 ERP 轉換，而不是追加銷售，那現在會在哪裡？

So first of all, on the cloud extensions, I cannot really tell this to you because we are not seeing it as separated. As Scott also explained and Christian, we see lots of opportunities when we do these transformations to actually do a more holistic one. And in that respect, then we have an extension case that spans across the portfolio, and we are not segregating it and separating it accordingly.

所以首先，關於雲擴展，我不能真正告訴你，因為我們沒有將它視為分離的。正如斯科特和克里斯蒂安所解釋的那樣，當我們進行這些轉變以實際進行更全面的轉變時，我們會看到很多機會。在這方面，我們有一個跨越投資組合的擴展案例，我們不會將它隔離並相應地分離它。

And it would also not make sense to do so. So as I said, I mean, we are definitely far above a 2x conversion factor, and we expect that this will remain the case -- and that's also due to the fact that every 1 of those like-for-like conversions has a great opportunity for us to actually upsell and that's good.

這樣做也沒有意義。所以正如我所說，我的意思是，我們肯定遠遠高於 2 倍的轉換係數，我們預計這種情況將保持不變——這也是因為每一次類似的轉換都有一個很好的我們有機會實際追加銷售，這很好。

In terms of the assumptions for Concur, we are still not expecting Concur's business volume to be fully back to where it was pre-pandemic in 2022. We are hopeful and also cautiously optimistic that this might be the case in 2023. We obviously expect that there will be a continued recovery. So we are expecting that the growth rates for Concur will continue to moderately climb up from where they were from the low double digits that we are seeing right now, but not in the sense that there would be a dramatic increase far above the growth rates that we are expecting at the group level, we are actually still planning for growth that might be slightly below, but not as dilutive anymore as it used to be in 2021.

在對 Concur 的假設方面，我們仍然不期望 Concur 的業務量在 2022 年完全恢復到大流行前的水平。我們對 2023 年可能會出現這種情況充滿希望並謹慎樂觀。我們顯然預計將會有持續的複蘇。因此，我們預計 Concur 的增長率將繼續從我們現在看到的兩位數低位繼續溫和攀升，但在某種意義上說，增長率不會遠高於之前的增長率。我們預計在集團層面，我們實際上仍在計劃增長可能會略低於 2021 年，但不會像過去那樣稀釋。

And look for SuccessFactors in terms of the forward-looking growth on the order entry, I think we are -- we believe that we have strengthened our competitive momentum. The solution certainly benefits greatly from innovation such as, for example, our invention of the human experience management category, which is a clear differentiator and has resulted in many competitive wins to us because there is nothing comparable that our competition can offer.

並在訂單條目的前瞻性增長方面尋找 SuccessFactors，我認為我們是 - 我們相信我們已經加強了我們的競爭勢頭。該解決方案無疑從創新中受益匪淺，例如我們發明了人類體驗管理類別，這是一個明顯的差異化因素，並為我們帶來了許多競爭勝利，因為我們的競爭對手無法提供任何可比的東西。

For what kind of growth rates that ultimately then translates that remains to be seen. Let's not forget that SuccessFactors remains our largest cloud categories, some law of diminishing numbers on a very high base is something that you will need to bake into it. But clearly, we see accelerating momentum and SuccessFactors. The order entry has been sequentially up. Cloud Backlog is sequentially up. Revenues are sequentially up and that is something that we certainly expect to continue in 2022.

對於最終轉化為什麼樣的增長率還有待觀察。我們不要忘記 SuccessFactors 仍然是我們最大的雲類別，一些在非常高的基數上遞減的規律是您需要融入其中的東西。但很明顯，我們看到了加速發展的勢頭和 SuccessFactors。訂單條目已按順序向上。 Cloud Backlog 依次向上。收入連續上升，我們當然希望在 2022 年繼續這種情況。

Okay. We have time for 1 final quick question, please.

好的。請有時間回答 1 個最後的快速問題。

We'll now take the last question from Frederic Boulan at Bank of America.

我們現在將回答美國銀行的 Frederic Boulan 的最後一個問題。

Maybe a first question to Christian around your cloud momentum. So if you can share an update on a number of S/4HANA customers on the cloud. And where we expect the migration of where are we on the core ERP migration. So if you can share any numbers around percentage of businesses that have been migrated for now or are in the pipeline and what we can expect in the couple of years?

也許是關於你的雲動力的第一個問題。因此，如果您可以在雲上分享一些 S/4HANA 客戶的更新。以及我們期望在哪裡遷移我們在哪裡進行核心 ERP 遷移。因此，如果您可以分享目前已遷移或正在遷移的業務百分比的任何數字，以及我們在幾年內可以期待什麼？

And then second question, coming back on the free cash flow discussion. If you can help us understand -- I mean, you gave that number slightly more than EUR 500 million still cash as we see in 2025. I mean, how does that compare to where we were in October 2020 when you gave your long-term outlook, assuming that's a lower number.

然後是第二個問題，回到自由現金流的討論。如果你能幫助我們理解——我的意思是，正如我們在 2025 年看到的那樣，你給了這個數字略多於 5 億歐元的現金。我的意思是，這與 2020 年 10 月你提供長期資金時的情況相比如何展望，假設這是一個較低的數字。

Everything else being equal, should we expect that free cash flow guidance to be increased by a similar number? Or there are some other free cash flow items that have moved the other way, which prevent you from moving your guidance today?

在其他條件相同的情況下，我們是否應該期望自由現金流指導會增加類似的數字？或者還有其他一些自由現金流項目已經向另一個方向移動，從而阻止您今天移動您的指導？

Yes. So let me start with your first question. I mean, first, we have, in the meantime, over 5,000 S/4HANA cloud customers, the majority of the increase of S/4HANA customers in 2021 was obviously wide way moving to the cloud.

是的。所以讓我從你的第一個問題開始。我的意思是，首先，我們同時擁有超過 5,000 個 S/4HANA 雲客戶，2021 年 S/4HANA 客戶的大部分增長顯然是向雲遷移的廣泛途徑。

What is the remaining potential? I mean, first, we have still an on-premise space of 30,000 customers and actually, the movement of the cloud will further accelerate because of 2 factors. No customer can actually afford no matter which industry you are that you are falling behind the innovation curve. So in S/4, you find all the capabilities to want these new business models. Now if you want to switch license models, we have pay as you go. We want an Apple, we want this commerce -- so we can do real-time billing.

剩下的潛力是多少？我的意思是，首先，我們仍然有 30,000 個客戶的本地空間，實際上，由於兩個因素，雲的移動將進一步加速。無論您身處哪個行業，都沒有客戶能夠真正負擔得起您落後於創新曲線的費用。因此，在 S/4 中，您會發現需要這些新業務模型的所有功能。現在，如果您想切換許可模式，我們可以按需付費。我們想要一個蘋果，我們想要這種商業——這樣我們就可以進行實時計費。

And then second, also let's not forget all the -- everything that is happening around site a lot of customers with the local IT team cannot cope with the evolution, what is happening on the cyber and really making sure that the data is protected. So that actually also, in the meantime, really accelerates our growth. And then with, of course, the economies of scale we are getting. We also can still without conversion rates.

其次，我們也不要忘記所有 - 現場發生的一切，當地 IT 團隊的許多客戶無法應對演變，網絡上發生的事情以及真正確保數據受到保護。因此，與此同時，這實際上也確實加速了我們的成長。然後，當然，我們正在獲得規模經濟。我們也可以仍然沒有轉換率。

But obviously, we are very competitive in the meantime also on how we can offer RISE. So this will all twirl into -- that we further accelerate the move of our 30,000 remaining [I-based] customers to the cloud. And plus, even if someone is now on S/4HANA on-prem, that doesn't mean that they are not really also then coming to the cloud sooner or later because they need this agility. They want to get rid of these modifications. They need this innovation what we are delivering, and this is why there are a lot of sources for -- also now in this year and in the years to come.

但顯然，與此同時，我們在如何提供 RISE 方面也很有競爭力。因此，這一切都將轉變為——我們進一步加速將我們剩餘的 30,000 名 [基於 I 的] 客戶遷移到雲端。此外，即使有人現在在本地使用 S/4HANA，這並不意味著他們遲早不會真正進入雲端，因為他們需要這種敏捷性。他們想擺脫這些修改。他們需要我們提供的這種創新，這就是為什麼有很多資源的原因——現在和未來幾年也是如此。

Okay. Then let me close it out with the favorite topic of the day with the free cash flow. Look, in October 2020, obviously, we were looking at the cash flow impact of our share-based compensation plans in 2020, which was higher than in 2021. Actually, it was above EUR 1.3 billion.

好的。然後讓我以當天最喜歡的主題與自由現金流結束它。看，在 2020 年 10 月，很明顯，我們正在研究 2020 年基於股票的薪酬計劃對現金流的影響，這高於 2021 年。實際上，它超過了 13 億歐元。

However, we knew already back then that Qualtrics would go through its IPO and that, therefore, their share-based compensation plans would switch to equity settlement, which is also basically the reason why our cash impact of 2021 is EUR 200 million less than in 2020.

但是，我們當時就已經知道 Qualtrics 將通過其 IPO，因此，他們的基於股份的薪酬計劃將轉向股權結算，這也是我們 2021 年的現金影響比 2000 年減少 2 億歐元的根本原因。 2020 年。

So if you would follow your logic, then you would have to bridge from the EUR 1.1 billion that we have -- had expected for 2021 to essentially an impact of more than EUR 500 million that we still expect in 2025. But again, there are so many additional factors to take into account on a metric that is anyway not the easiest to plan for, and it's 4 years out just simply the currency movements.

因此，如果您遵循您的邏輯，那麼您將不得不從我們預計 2021 年的 11 億歐元到我們仍然預計在 2025 年產生的超過 5 億歐元的影響。但同樣，有在一個無論如何都不是最容易計劃的指標上要考慮這麼多額外的因素，而且僅僅只是貨幣走勢，它已經過了 4 年。

If we have a $0.10 increase or decrease of the U.S. dollar against the euro or back again, this has such a significant impact on the cash flow that this is just a very significant factor that is completely outside of this as is, of course, the unpredictability of when, for example, deferred taxes will lead to actual cash tax payouts, which is also important -- very difficult to forecast at least such a long period of time out.

如果美元兌歐元匯率上漲或下跌 0.10 美元或再次上漲，這會對現金流產生如此重大的影響，以至於這只是一個非常重要的因素，完全不在此範圍內，當然，例如，遞延稅款何時會導致實際的現金稅款支付的不可預測性，這也很重要——至少很難預測如此長的一段時間。

So that's why I said at the beginning as well. Indeed, the move of move SAP to equity cell, of course is only further our confidence into our midterm ambition. That's why we have confidently reiterated it when already with our pre-release -- and of course, if we deliver on our planned trajectory of profit increases, then we absolutely are confident that we can also, as we move closer, revisit all elements of our midterm ambition, including the free cash flow guidance but again, bear with us as we work through another as we believe, very successful year 2022.

所以這也是我一開始說的原因。事實上，將 SAP 轉移到股權單元當然只會進一步增強我們對中期雄心的信心。這就是為什麼我們在預發佈時自信地重申了這一點——當然，如果我們實現了我們計劃的利潤增長軌跡，那麼我們絕對有信心，隨著我們越來越近，我們也可以重新審視所有元素我們的中期雄心，包括自由現金流指導，但再次支持我們，因為我們相信，2022 年非常成功。

And then we'll take a hard additional look at this as we move forward into next year. The same is actually true for 2022 as well. You have seen that we guided at the beginning of 2021 for above EUR 4.5 billion in free cash flow, and we ended up at slightly more than EUR 5 billion. What was the reason? Not that we were far off in terms of extraordinary impacts, such as restructuring, cash outflows or income taxes or employee-based compensation.

然後，隨著我們進入明年，我們將對此進行更深入的研究。 2022 年實際上也是如此。您已經看到，我們在 2021 年初指導的自由現金流超過 45 億歐元，最終達到略高於 50 億歐元。原因是什麼？並不是說我們在重組、現金流出或所得稅或基於員工的薪酬等非同尋常的影響方面相距甚遠。

No, it was the fact that we were coming in better than expected on the profits. We have, again, a range from flat to slightly declining profits for 2021. If we come in at the high end, it's also evidently will be the case that we will also have a result in free cash flow that will be similar to what you have seen in 2021.

不，事實上我們的利潤比預期的要好。同樣，我們 2021 年的利潤從持平到略有下降。如果我們進入高端市場，顯然我們也會產生與您類似的自由現金流2021年見過。

And therefore, as of next year, you will see definitely significantly increasing free cash flow generation up to our midterm ambition. And let's see perhaps a little bit above.

因此，從明年開始，您肯定會看到自由現金流的產生顯著增加，達到我們的中期目標。讓我們看看上面的一點點。

All right. Thank you, Luka, and this concludes our call for today. Thanks again for joining.

好的。謝謝你，Luka，今天的電話到此結束。再次感謝您的加入。

Thanks, everyone. Bye-bye.

謝謝大家。再見。

Thank you. Bye-bye.

謝謝你。再見。