SAP SE (SAP) 2021 Q3 法說會逐字稿

Good day, and welcome to the SAP Q3 2021 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 SAP 2021 年第三季度收益電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. Anthony Coletta, Chief Investor Relations Officer. Please go ahead.

此時，我想將會議轉交給首席投資者關係官 Anthony Coletta 先生。請繼續。

Good afternoon -- good morning, everyone. Welcome, and thank you for joining our earnings call to discuss SAP's Q3 results. On a personal note, I'm delighted towards my first earnings for SAP. It is a distinct honor to serve in this capacity.

大家下午好——早上好。歡迎並感謝您加入我們的財報電話會議，討論 SAP 第三季度的業績。就個人而言，我很高興在 SAP 獲得第一筆收入。以這種身份服務是一種獨特的榮譽。

With me on the call today are CEO, Christian Klein; and CFO, Luka Mucic, who will make opening remarks. Joining us today for Q&A from New York City is (inaudible), who leads our customer success organization. Also with us in the room is Stefan Gruber, my predecessor, as we now successfully conclude our handover.

今天和我一起打電話的是首席執行官克里斯蒂安克萊因;首席財務官 Luka Mucic 將致開幕詞。今天從紐約市加入我們進行問答的是（聽不清），他領導著我們的客戶成功組織。我的前任斯特凡·格魯伯 (Stefan Gruber) 也和我們一起在場，因為我們現在已經成功完成了交接。

Welcome, Stefan. Would you like to say a few words before we start?

歡迎，斯特凡。在我們開始之前你想說幾句話嗎？

Thanks, Anthony, and congratulations on your appointment. And thanks also for the great cooperation and the partnership during the last week. I really enjoyed our collaboration. But I just want to say briefly here that it has been a privilege to engage with the financial community over the last 18 years, and now I'm looking forward to my next chapter. And I can do this at east because I know the financial community is in very good hands with you, Anthony. So back to you.

謝謝，安東尼，祝賀你的任命。還要感謝上週的大力合作和夥伴關係。我真的很享受我們的合作。但我只想在這裡簡單地說，過去 18 年來與金融界打交道是我的榮幸，現在我期待著我的下一章。我可以在東部做到這一點，因為我知道金融界對你很好，安東尼。所以回到你身邊。

All right, thank you, Stefan. And now to the safe harbor. 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, forecasts and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's annual report on Form 20-F for 2020.

好的，謝謝你，斯特凡。現在到了安全港。在此次電話會議中，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、預測和假設受到風險和不確定性的影響，可能導致實際結果和結果出現重大差異。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件，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。

On the SAP Investor Relations website, you can find the deck intended to supplement today's call available for download. Unless otherwise stated, all financial numbers on this call are non-IFRS and growth rates and percentage point changes are non-IFRS year-over-year at constant currencies. The non-IFRS financial measures we provide should not be considered as a substitute or superior to the measures of financial performance prepared in accordance with IFRS.

在 SAP 投資者關係網站上，您可以找到旨在補充今天電話會議的可供下載的演示文稿。除非另有說明，否則本次電話會議的所有財務數據均為非 IFRS，增長率和百分比變化均按固定匯率計算的非 IFRS 年同比變化。我們提供的非 IFRS 財務指標不應被視為替代或優於根據 IFRS 編制的財務業績指標。

And with that, I will now turn the call over to Christian.

有了這個，我現在將把電話轉給克里斯蒂安。

Yes. Thank you, Anthony and Stefan, and thanks to all of you for joining us today. I hope everyone is staying safe and healthy. Q3 has been an outstanding quarter. Wacker new cloud business led to 22% growth in Current Cloud Backlog which, for the first time, surpassed EUR 8 billion. Renewal rates are also strong and keep improving, reflecting very high customer satisfaction. It's clear that our approach with customers is resonating. They are facing unprecedented pressure from a combination of factors: the pandemic, supply chain disruptions, the changing workplace and of course, climate change. A year ago, we introduced our new strategy, which directly supports our customers in addressing these challenges. SAP's strategy is based on our unmatched trends in developing deep customer partnerships to drive holistic business transformation. At the heart of our approach is RISE with SAP.

是的。謝謝 Anthony 和 Stefan，也感謝大家今天加入我們。我希望每個人都保持安全和健康。第三季度是一個出色的季度。瓦克新的雲業務導致 Current Cloud Backlog 增長 22%，首次超過 80 億歐元。續訂率也很高，而且還在不斷提高，反映出客戶滿意度非常高。很明顯，我們與客戶的方法產生了共鳴。他們面臨著來自多種因素的前所未有的壓力：大流行病、供應鏈中斷、不斷變化的工作場所，當然還有氣候變化。一年前，我們推出了新戰略，直接支持我們的客戶應對這些挑戰。 SAP 的戰略基於我們在發展深入的客戶合作夥伴關係以推動整體業務轉型方面無與倫比的趨勢。我們方法的核心是 RISE with SAP。

Our offering for business transformation in the cloud, which offers 3 key benefits: First, it helps customers develop, adopt and automate new business models thereby becoming intelligent enterprises; second, with our business network, the largest B2B network in the world, we help our customers create more resilient supply chains by connecting them with a vast community of suppliers and manufacturers; third, we are uniquely positioned to help our customers improve their green line as no one is better placed than SAP to help companies put in place the most energy-efficient business processes. We at SAP are motivated by the role we play to fulfill our mission to help the world run better and ultimately, improve people's lives. A key part of improving people's lives is a strong partnership between the technology sector and government. This critical partnership became crystal clear during the pandemic from contact tracing apps, like our Warn app downloaded nearly 35 million times in Germany to vaccine distribution. Whether it's in Germany or the U.S. or elsewhere, we are encouraged by discussions about new investments in infrastructure, education and health care with digital transformation at the core.

我們的雲業務轉型產品具有 3 個主要優勢：首先，它可以幫助客戶開發、採用和自動化新的業務模型，從而成為智能企業；其次，我們的業務網絡是世界上最大的 B2B 網絡，我們通過將客戶與龐大的供應商和製造商社區聯繫起來，幫助他們創建更具彈性的供應鏈；第三，我們在幫助我們的客戶改善他們的綠色產品線方面具有得天獨厚的優勢，因為在幫助公司實施最節能的業務流程方面，沒有人比 SAP 更適合了。在 SAP，我們所扮演的角色激勵著我們履行我們的使命，幫助世界運轉得更好，並最終改善人們的生活。改善人們生活的一個關鍵部分是技術部門與政府之間建立強有力的伙伴關係。這種重要的合作夥伴關係在大流行期間從接觸者追踪應用程序（例如我們的 Warn 應用程序在德國下載了近 3500 萬次）到疫苗分髮變得非常清楚。無論是在德國、美國還是其他地方，我們都對以數字化轉型為核心的基礎設施、教育和醫療保健新投資的討論感到鼓舞。

Let's now turn to some of the details behind our quarter. We are seeing excellent progress in the cloud and strong growth across our line of business applications. Our cloud revenue growth accelerated sequentially by 3 percentage points to 20%, higher than most of our large competitors. This is the second consecutive quarter of increase in growth, and we expect this to continue in Q4. We have seen Wacker new cloud business in Q3 with the highest Q3 growth in 6 years. In both ERP and Human Experience Management, our new cloud business is growing faster than our largest competitors. Overall, our revenue grew 5% year-over-year, our third consecutive quarter of increasing overall revenue growth. I talked about RISE with SAP at the start of my comments. We introduced this new offering just in January this year, and Q3 has already been another quick quarter. There's an important strategic dynamic behind this. Specifically, strong wise momentum accelerates the move to S/4HANA cloud and even more important, the SAP business technology platform, which in turn leads to strong adoption of our modular cloud ERP, including SAP's line of business and industry applications. RISE with SAP is the enabler. Customers can analyze benchmark and redesign their business models and processes based on best practices collected from over 400,000 customers. This dynamic enables SAP to more effectively cross-sell to our installed base and led to this quarter strong momentum. In Q3, S/4HANA cloud backlog grew by an impressive 58%, up from 48% growth in Q2 and building a strong foundation for future cloud revenue. In Q3, our S/4HANA cloud revenue grew by 46%, up from 39% in Q2. At the same time, we are winning market share with more than 50% of S/4HANA cloud revenue coming from new customers. Asda Stores from the U.K. and Philips Domestic Appliance are among hundreds of new customers choosing RISE with SAP. Thanks to RISE with SAP, we are seeing equally strong momentum with our line of business applications. In Q3, all of our main solutions grow new cloud business by double digits. We saw double-digit cloud backlog growth across our whole portfolio. We are seeing positive cloud wins with S/4HANA against all (inaudible), including wins with Adidas and Globo International. VMware further invested in SAP S/4HANA, showcasing their belief that SAP S/4HANA will continue to transform their business by simplifying their integration of acquisitions and new products, harmonizing their data and lowering overall IT costs. We saw several wins against Workday with our Human Experience Management solutions, including this quarter Moy Park, a large U.K.-based food company. In our CX business, both cloud revenue and Current Cloud backlog grew again by strong double digits.

現在讓我們談談本季度背後的一些細節。我們看到雲計算取得了顯著進步，我們的業務應用程序也實現了強勁增長。我們的雲收入增長連續加速 3 個百分點，達到 20%，高於我們大多數大型競爭對手。這是連續第二個季度增長，我們預計第四季度將繼續增長。我們已經看到瓦克在第三季度的新雲業務取得了 6 年來最高的第三季度增長。在 ERP 和 Human Experience Management 方面，我們新的雲業務的增長速度超過了我們最大的競爭對手。總體而言，我們的收入同比增長 5%，這是我們連續第三個季度實現整體收入增長。我在評論開始時談到了 RISE with SAP。我們在今年 1 月才推出了這項新產品，而第三季度又是一個快速的季度。這背後有一個重要的戰略動力。具體來說，強大的明智勢頭加速了向 S/4HANA 雲的遷移，更重要的是，SAP 業務技術平台的遷移，這反過來又導致我們的模塊化雲 ERP 得到廣泛採用，包括 SAP 的業務線和行業應用程序。 RISE with SAP 是推動者。客戶可以分析基準並根據從超過 400,000 名客戶收集的最佳實踐重新設計他們的業務模型和流程。這種動態使 SAP 能夠更有效地向我們的已安裝基礎進行交叉銷售，並導致本季度的強勁勢頭。在第三季度，S/4HANA 雲積壓訂單增長了 58%，高於第二季度的 48%，為未來的雲收入奠定了堅實的基礎。第三季度，我們的 S/4HANA 雲收入增長了 46%，高於第二季度的 39%。與此同時，我們正在贏得市場份額，超過 50% 的 S/4HANA 雲收入來自新客戶。來自英國的 Asda Stores 和 Philips Domestic Appliance 是數百名選擇 RISE with SAP 的新客戶之一。多虧了 RISE with SAP，我們在業務應用程序方面看到了同樣強勁的勢頭。在第三季度，我們所有的主要解決方案都以兩位數的速度增長了新的雲業務。我們在整個產品組合中看到了兩位數的雲積壓增長。我們看到 S/4HANA 對所有人（聽不清）的積極雲獲勝，包括與阿迪達斯和 Globo International 的勝利。 VMware 進一步投資於 SAP S/4HANA，表明他們相信 SAP S/4HANA 將通過簡化收購和新產品的集成、協調他們的數據和降低整體 IT 成本來繼續轉變他們的業務。我們通過我們的人類體驗管理解決方案見證了 Workday 的幾場胜利，包括本季度英國一家大型食品公司 Moy Park。在我們的 CX 業務中，雲收入和 Current Cloud backlog 再次以強勁的兩位數增長。

Bayer has selected SAP Customer Experience Solutions as part of a core SAP portfolio to streamline the end-to-end business processes. Siemens Energy was a key win for SAP Ariba. We are also very excited about our new multi-year agreement with the U.S. Department of Defense for SAP Concur. We signed a strategic long-term agreement with Reckitt for SAP Analytics Cloud. Our business technology platform, which underpins the strengths across our line of business applications also grew well in both cloud revenue and cloud backlog. Customers this quarter include Robert Bosch, SoftBank Corporation, Yamaha Corporation and nonetheless. For the first time, our overall cloud ERP business spanning our line of business applications exceeded EUR 6 billion of annual revenue runway. As we extend our RISE offering to include modular ERP and new industry solutions, we expect our overall cloud ERP business to continue to grow well.

拜耳選擇 SAP 客戶體驗解決方案作為核心 SAP 產品組合的一部分，以簡化端到端的業務流程。西門子能源是 SAP Ariba 的關鍵勝利。我們也對我們與美國國防部就 SAP Concur 達成的新的多年協議感到非常興奮。我們與 Reckitt 就 SAP Analytics Cloud 簽署了一項戰略性長期協議。我們的業務技術平台鞏固了我們整個業務應用程序的優勢，在雲收入和雲積壓方面也增長良好。本季度的客戶包括 Robert Bosch、SoftBank Corporation、Yamaha Corporation 等等。我們跨業務應用程序的整體雲 ERP 業務年收入首次超過 60 億歐元。隨著我們將 RISE 產品擴展到包括模塊化 ERP 和新的行業解決方案，我們預計我們的整體雲 ERP 業務將繼續保持良好增長。

In summary, this has been another excellent quarter. Our results demonstrate that our strategy has taken hold and is delivering at an accelerated pace across an expanding set of markets. We are optimistic about the momentum we are seeing, and we are raising our outlook once again. In closing, I want to spotlight a critical imperative that is at the heart of our transformation, sustainability. We are delivering major new advances to help our customers reach their net zero goals. Recently introduced SAP Product Footprint Management is designed to help customers reduce the footprint of their supply chains. Later this year, we will launch SAP responsible design and production, helping companies build sustainable outcomes into product design. Shortly after, we will launch SAP Sustainability Control Tower, providing customers with transparency and insight around their progress to net zero. However, our ambitions go far beyond individual products. The UN Climate Change Conference, COP26, is happening next month, putting a spotlight on the enormity of our climate change challenges. With no single government, multilateral organization or business can solve this problem alone, businesses do play a significant role. The ability to see inside and outside your organization across manufacturing, supply chains and critical business processes is crucial. This is the unique advantage SAP can offer. We enable our customers to manage the green line with as much as importance as the bottom and the top line. You will see us continue to lead significant innovation on this front, in addition to building strong business coalition.

總之，這是又一個出色的季度。我們的結果表明，我們的戰略已經站穩腳跟，並在不斷擴大的市場中加速實施。我們對所看到的勢頭持樂觀態度，並再次提高了前景。最後，我想強調一個關鍵的當務之急，它是我們轉型的核心，即可持續性。我們正在提供重大的新進展，以幫助我們的客戶實現他們的淨零目標。最近推出的 SAP 產品足跡管理旨在幫助客戶減少其供應鏈的足跡。今年晚些時候，我們將推出 SAP 負責任的設計和生產，幫助公司將可持續成果融入產品設計。不久之後，我們將推出 SAP Sustainability Control Tower，為客戶提供關於他們實現淨零的透明度和洞察力。然而，我們的雄心遠不止於單個產品。聯合國氣候變化大會 COP26 將於下月召開，屆時將聚焦我們面臨的氣候變化挑戰的嚴峻性。沒有任何一個政府、多邊組織或企業可以單獨解決這個問題，企業確實發揮著重要作用。跨製造、供應鍊和關鍵業務流程查看組織內外的能力至關重要。這是 SAP 可以提供的獨特優勢。我們使我們的客戶能夠管理與底線和頂線一樣重要的綠線。除了建立強大的業務聯盟之外，您還會看到我們繼續在這方面引領重大創新。

Let me close on a personal note. Thank you, Stefan, for leading Investor Relations for the last 18 years. I can actually still remember when we, the two of us, met for the first time together. It was in New York, and I was an intern and you took me out to a concert at Central Park. And after that, you work with 6 CEOs. Our market cap increased sixfold and due to part, believe it or not, in 75 earning calls. I've enjoyed really working for you, and I'm also very thankful for your personal friendship. And of course, on behalf of SAP, we are really grateful for your dedication, integrity and great work. We all wish you well for the future. At the same time, a warm welcome to you, Anthony Coletta, our new Chief Investor Relations Officer. Anthony has held a number of key leadership positions with SAP, most recently as CFO for North America. We are delighted to have Anthony in this new role, and I'm sure you will all enjoy getting to know him.

讓我以個人筆記結束。 Stefan，謝謝你在過去 18 年裡領導投資者關係。其實我還記得我們兩個第一次見面的時候。那是在紐約，我是一名實習生，你帶我去中央公園聽一場音樂會。之後，您將與 6 位 CEO 共事。不管你信不信，我們的市值增加了六倍，部分原因是 75 次財報電話會議。我真的很享受為你工作，我也非常感謝你的私人友誼。當然，我們代表 SAP 非常感謝您的奉獻精神、誠信和出色的工作。我們都希望你未來一切順利。同時，熱烈歡迎您，我們新任首席投資者關係官 Anthony Coletta。 Anthony 在 SAP 擔任過多個重要領導職位，最近擔任北美首席財務官。我們很高興 Anthony 擔任這個新角色，我相信你們都會喜歡認識他。

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

再次感謝您今天加入我們。現在讓我交給 Luka 來更詳細地討論我們的結果。

Yes. Thank you very much, Christian. But before I get started, I would also like to say a big thank you to you and Stefan for many years of partnership and friendship. I've counted it as well. And we were together for 31 quarters and of course, countless roadshows and investor one-on-one meetings in between. I actually have to say, unlike on the CEO side of the house, he only had to work with two CFOs. I'm not sure whether you consider that a blessing or a curse, but -- and I also hope that I didn't create too many headaches for you as we were going through all of these meetings. But I always genuinely enjoyed working with you, also the sense of humor that even in the wake of more difficult times, I think we were always able to uphold. I should disclose here that Stefan is also an excellent piano player and recently gave a play to me when I was getting 50, a month ago. And so the least that I can expect now as you're having a little bit more time to practice is to get a full recorded concert at least for every quarter that we're ending. So all the best to you, Stefan, and really, once again, a big thank you for all of your dedication to SAP and also to all of the great work with me personally.

是的。非常感謝你，克里斯蒂安。但在開始之前，我還想對你和 Stefan 多年來的伙伴關係和友誼表示衷心的感謝。我也算過。我們一起度過了 31 個季度，當然還有無數路演和投資者一對一會議。我不得不說，與公司的首席執行官不同，他只需要與兩名首席財務官一起工作。我不確定你認為這是一種祝福還是一種詛咒，但是——我也希望在我們進行所有這些會議時我沒有給你帶來太多麻煩。但我一直真誠地喜歡和你一起工作，還有幽默感，即使在更困難的時期之後，我認為我們總是能夠堅持。我應該在這裡透露一下，Stefan 也是一位出色的鋼琴演奏者，最近在我 50 歲時給我演奏了一場戲，那是一個月前。所以我現在至少可以期待，因為你有更多的時間練習，至少在我們結束的每個季度都有完整錄製的音樂會。祝你一切順利，Stefan，真的，再一次，非常感謝你對 SAP 的所有奉獻，以及與我個人所做的所有出色工作。

At the same time, Anthony, I'm also really looking forward to working together with you in this new capacity. We've been working together a long time, and I was the CFO of customer operations, you were the head of FP&A and then became a CFO in both mature and emerging markets in Mexico, Latin America and North America. I think you bring a great understanding of our business on the ground as well as the transformation that we have been going through to the table, and I'm sure investors will come to appreciate this in the personal dialogue with you. So once again, congratulations and looking forward to many more quarters together with you, at least 31. Let's see.

與此同時，安東尼，我也非常期待以這個新的身份與你一起工作。我們一起工作了很長時間，我是客戶運營的首席財務官，你是 FP&A 的負責人，然後成為墨西哥、拉丁美洲和北美成熟市場和新興市場的首席財務官。我認為你對我們的業務以及我們正在經歷的轉型有很好的了解，我相信投資者會在與你的個人對話中欣賞這一點。因此，再次祝賀並期待與您一起度過更多的時光，至少 31 歲。讓我們拭目以待。

So with that out of the way, let me come to my review of the quarter, which indeed was an excellent one across all key financial metrics. Christian just talked about some of the business highlights and customer wins, but at a macro level, what we can clearly see is that our customers are choosing SAP to redefine and optimize their end-to-end business processes. This is reflected in the strong RISE with SAP adoption that continued in Q3, which gives us high confidence to comfortably exceed the 1,000 customers mark by the end of the year. I would now like to give you some more details on how our accelerated momentum translates into our financial results and what we expect to see going forward. In the third quarter, growth of Current Cloud Backlog continued to accelerate, reaching 22%. That's an increase of 2 percentage points over Q2. That acceleration was driven by an even stronger-than-expected bookings and renewals in the third quarter. This pickup was specifically driven by a strong contribution in S/4HANA cloud, Business Technology Platform, Business Process Intelligence, Customer Experience as well as Qualtrics. For the fourth quarter, we expect a further positive development of Current Cloud Backlog growth, similar to what we saw this quarter.

因此，順便說一句，讓我來回顧一下我對本季度的回顧，這在所有關鍵財務指標上確實是一個很好的季度。 Christian 剛剛談到了一些業務亮點和客戶贏得，但在宏觀層面上，我們可以清楚地看到，我們的客戶正在選擇 SAP 來重新定義和優化他們端到端的業務流程。這反映在第三季度持續採用 SAP 的強勁 RISE 中，這讓我們充滿信心地在今年年底輕鬆超過 1,000 個客戶大關。現在，我想向您詳細介紹我們加速發展的勢頭如何轉化為我們的財務業績，以及我們對未來的預期。第三季度，Current Cloud Backlog 的增長繼續加速，達到 22%。這比第二季度增加了 2 個百分點。這種加速是由第三季度比預期更強勁的預訂和續訂推動的。這種回升特別是由 S/4HANA 雲、業務技術平台、業務流程智能、客戶體驗以及 Qualtrics 的強大貢獻推動的。對於第四季度，我們預計 Current Cloud Backlog 增長將進一步積極發展，類似於我們在本季度看到的情況。

While travel volumes are slowly picking up again, Concur's backlog so far remained flat, representing a 3 percentage point drag on overall backlog growth, and it was the only solution in our entire portfolio that was not growing in double digits in the backlog. As travel resumes in the near term, we expect Concur will eventually fuel the momentum further. For the quarter, S/4HANA Current Cloud Backlog grew by 58% to EUR 1.3 billion, building a strong foundation for future cloud revenue. S/4HANA cloud revenue growth accelerated as anticipated and was up 46% to EUR 276 million. Our cloud revenue growth increased sequentially by 3 percentage points to 20%. We are also encouraged to see that our Intelligent Spend category bounced back to double-digit growth, up 3 percentage points sequentially. Concur continued to show signs of recovery, but still at a moderate low rate. Overall, our strong cloud revenue representing now 35% of total revenue is driving up the share of more predictable revenue by 3 percentage points year-over-year to 77%.

雖然差旅量再次緩慢回升，但 Concur 的積壓業務迄今為止保持平穩，拖累了總體積壓業務增長 3 個百分點，並且它是我們整個產品組合中唯一未以兩位數增長的積壓業務解決方案。隨著旅行在短期內恢復，我們預計 Concur 最終將進一步推動這一勢頭。本季度，S/4HANA Current Cloud Backlog 增長了 58%，達到 13 億歐元，為未來的雲收入奠定了堅實的基礎。 S/4HANA 雲收入增長如預期加速，增長 46% 至 2.76 億歐元。我們的雲收入增長環比增長了 3 個百分點，達到 20%。我們也很高興看到我們的智能支出類別反彈至兩位數增長，連續增長 3 個百分點。 Concur 繼續顯示復甦跡象，但仍處於適度低位。總體而言，我們強勁的雲收入目前佔總收入的 35%，推動可預測收入的份額同比增長 3 個百分點至 77%。

As anticipated, software licenses revenue continued to decrease as more customers adopted our holistic subscription offering RISE with SAP. Driven by the strength of our cloud business, our cloud and software revenue grew by 6%. Services revenue in turn was down 6%, mainly attributable to the divestiture of our SAP Digital Interconnect business in November last year. And our total revenue increased by 5% for the quarter, which is the fastest growth rate since the outbreak of the pandemic.

正如預期的那樣，隨著越來越多的客戶採用我們的整體訂閱服務 RISE with SAP，軟件許可收入繼續下降。在雲業務實力的推動下，我們的雲和軟件收入增長了 6%。服務收入反過來下降了 6%，這主要是由於去年 11 月剝離了我們的 SAP 數字互連業務。我們的總收入在本季度增長了 5%，這是自大流行爆發以來最快的增長速度。

Let me now briefly provide you with some color on our regional performance. We had a strong cloud performance across all regions. In the EMEA region, cloud and software revenue increased by 7%. Cloud revenue increased by 28% with Germany, the U.K. and France being highlights. In the Americas region, cloud and software revenue was up 6%. Cloud revenue was up 14%, with a robust performance in the U.S., Canada, Brazil and Mexico. We were again pleased to see that in our largest market, the U.S., we had another strong sequential acceleration in cloud revenue growth. In the APJ region, cloud and software revenue increased by 6%. Cloud revenue increased by 25% with Japan, Singapore and South Korea being particularly strong.

現在讓我簡要介紹一下我們的區域表現。我們在所有地區都有強大的雲性能。在 EMEA 地區，雲和軟件收入增長了 7%。雲收入增長了 28%，其中德國、英國和法國成為亮點。在美洲地區，雲和軟件收入增長了 6%。雲收入增長了 14%，在美國、加拿大、巴西和墨西哥表現強勁。我們再次高興地看到，在我們最大的市場美國，我們的雲收入增長再次出現強勁的連續加速。在 APJ 地區，雲和軟件收入增長了 6%。雲收入增長了 25%，其中日本、新加坡和韓國表現尤為強勁。

Let's now look at profitability and gross margins in the third quarter. Overall, our total gross margin remained stable at 74%, even with the higher share of cloud revenue. Our cloud gross margin decreased by 40 basis points to 69.4%. However, we were pleased to see that both our Intelligent Spend and Infrastructure as a Service margin increased strongly by approximately 2 percentage points year-over-year. As we further executed on our next-generation cloud delivery initiative, the margin of our SaaS/PaaS business outside Intelligent Spend, where most of the related investments occur, was 69.8%. Our cloud and software gross margin declined by 70 basis points to 80.4% as a result of the revenue mix shift effects from our transition to the cloud. The gross margin of our Services business remained steady at 31%. In the third quarter, our operating profit expanded by 2% and was up 8% for the first 9 months. Our operating margin declined 70 basis points to 30.7%, primarily due to the planned additional investments in R&D, which increased our R&D ratio by approximately 2 percentage points. For the first 9 months, the operating margin was very strong and grew by 1.3 percentage points to 29%. On an IFRS basis, our operating profit was down by 15% to EUR 1.2 billion, and our IFRS operating margin was down over 4 percentage points to 18.2%. This decrease was mainly driven by higher share-based compensation expenses, primarily related to Qualtrics.

現在讓我們看看第三季度的盈利能力和毛利率。總體而言，我們的總毛利率保持穩定在 74%，即使雲收入份額較高。我們的雲毛利率下降 40 個基點至 69.4%。然而，我們很高興地看到我們的智能支出和基礎設施即服務利潤率同比強勁增長了約 2 個百分點。隨著我們進一步執行下一代云交付計劃，我們在 Intelligent Spend 之外的 SaaS/PaaS 業務的利潤率為 69.8%，大部分相關投資都發生在該業務上。我們的雲和軟件毛利率下降了 70 個基點，至 80.4%，這是由於我們向雲過渡帶來的收入組合轉變效應。我們服務業務的毛利率穩定在 31%。第三季度，我們的營業利潤增長了 2%，前 9 個月增長了 8%。我們的營業利潤率下降 70 個基點至 30.7%，這主要是由於計劃增加研發投資，這使我們的研發比率提高了約 2 個百分點。前 9 個月，營業利潤率非常強勁，增長了 1.3 個百分點，達到 29%。在 IFRS 基礎上，我們的營業利潤下降了 15% 至 12 億歐元，我們的 IFRS 營業利潤率下降了 4 個百分點以上至 18.2%。減少的主要原因是與 Qualtrics 相關的股權補償費用增加。

Let me now turn to taxes, EPS and cash flow. In the third quarter, the IFRS effective tax rate was down 1.3 percentage points to 18.9%, and the non-IFRS effective tax rate was down 3.1 percentage points to 18.2%. Therefore, we are again lowering our non-IFRS effective tax rate guidance for the full year to 20% to 21% and to 21% to 22% in IFRS terms. The decrease in comparison to the previous outlook mainly results from changes in tax exempt income. IFRS EPS decreased by 10% to EUR 1.19, while non-IFRS EPS was up 2% to EUR 1.74. This includes another strong contribution from Sapphire Ventures. In addition, our IFRS EPS was impacted by a year-over-year increase in share-based compensation. As expected, our cash flow slightly declined for the first 9 months. Operating cash flow was down 3% to EUR 5 billion. Positive effects from lower share-based compensation and restructuring payments were compensated by higher income taxes paid. Free cash flow was down only 1% to EUR 4.1 billion, supported by a reduction in CapEx. For the full year, our operating cash flow and free cash flow guidance remains unchanged. But based on the strong performance we had in the first 9 months, we are highly confident to have a very solid outcome at the end of the year. Reflecting the strong business performance in the first 9 months, we are again raising our revenue and profit outlook for the full year. For the detailed outlook, please refer to our quarterly statements.

現在讓我談談稅收、每股收益和現金流。第三季度，IFRS 有效稅率下降 1.3 個百分點至 18.9%，non-IFRS 有效稅率下降 3.1 個百分點至 18.2%。因此，我們再次將全年的非 IFRS 有效稅率指導下調至 20% 至 21%，按 IFRS 條款下調至 21% 至 22%。與先前展望相比的減少主要是由於免稅收入的變化。 IFRS EPS 下降 10% 至 1.19 歐元，而非 IFRS EPS 上升 2% 至 1.74 歐元。這包括 Sapphire Ventures 的另一項重大貢獻。此外，我們的 IFRS 每股收益受到基於股份的薪酬同比增長的影響。正如預期的那樣，我們的現金流在前 9 個月略有下降。經營現金流下降 3% 至 50 億歐元。較低的股權補償和重組支付的積極影響被較高的所得稅所抵消。在資本支出減少的支持下，自由現金流僅下降 1% 至 41 億歐元。全年，我們的經營現金流和自由現金流指引保持不變。但基於我們前 9 個月的強勁表現，我們非常有信心在年底取得非常穩固的成果。為反映前 9 個月強勁的業務表現，我們再次上調了全年的收入和利潤預期。有關詳細展望，請參閱我們的季度報表。

Before closing, let me briefly provide you with an update on sustainability, a topic close to our heart. Christian already mentioned what a significant role businesses play to help solve the climate change challenges. With the latest product developments, SAP has other companies become more sustainable. At the same time, however, it is important to remain acting as an exemplar of sustainable business. In Q3, we were able to keep carbon emissions at the same level as the prior year, despite the strong growth in our business and the gradual lifting of some COVID restrictions in many geographies. In addition, our leadership in the environmental and social space was highlighted by receiving the EcoVadis Sustainability Assessment Gold Metal.

在結束之前，讓我簡要地向您介紹一下可持續發展的最新情況，這是一個我們關注的話題。 Christian 已經提到了企業在幫助解決氣候變化挑戰方面發揮的重要作用。憑藉最新的產品開發，SAP 讓其他公司變得更具可持續性。然而，與此同時，重要的是繼續充當可持續業務的典範。在第三季度，儘管我們的業務增長強勁並且許多地區逐漸取消了一些 COVID 限制，但我們能夠將碳排放量保持在與上一年相同的水平。此外，我們獲得 EcoVadis 可持續性評估金獎，突顯了我們在環境和社會領域的領導地位。

So in summary, we had a tremendous third quarter. Our order entry was exceptionally strong. Renewal rates were extremely healthy with a continued focus on efficiency. Therefore, we are confidently raising our full year guidance once again. This puts us in a great position on the path towards our midterm ambition. Thank you, and we will now be happy to take your questions.

所以總而言之，我們有一個非常棒的第三季度。我們的訂單輸入非常強勁。隨著對效率的持續關注，續訂率非常健康。因此，我們有信心再次提高全年指導。這使我們在實現中期目標的道路上處於有利地位。謝謝，我們現在很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Our first question today comes from Kirk Materne of Evercore ISI.

我們今天的第一個問題來自 Evercore ISI 的 Kirk Materne。

And I'll echo the congrats to Stefan on a great run at SAP, and thanks for all your hard work and working with us on the investor side. I guess my question for you, Christian, just to start with the S/4HANA cloud, seeing nice momentum, especially over the last couple of quarters. I was wondering if you could talk about sort of how that breaks out maybe geographically, if you're seeing similar performance across all the geos or some geos in front of others just in terms of the adoption rates.

我將對 Stefan 在 SAP 的出色表現表示祝賀，並感謝您的辛勤工作以及在投資者方面與我們的合作。克里斯蒂安，我想我的問題是從 S/4HANA 雲開始，看到良好的勢頭，尤其是在過去幾個季度。我想知道你是否可以談談它是如何在地理上爆發的，如果你看到所有地理區域或某些地理區域在其他人面前的類似表現只是在採用率方面。

And then Luka, I was wondering if you could sort of peel that back and maybe talk about that relative to sort of the U.S. or the Americas growth, which is lagging a little bit versus Europe and Asia Pac. And I expect a lot of that to Concur, but I was wondering if you could just talk about how you see that the Americas growth sort of accelerating, I assume, over the next couple of quarters?

然後是盧卡，我想知道你是否可以將其剝離，也許可以相對於美國或美洲的增長來談談這一點，美國或美洲的增長與歐洲和亞太地區相比略有滯後。我希望很多人都能同意這一點，但我想知道你是否可以談談你如何看待未來幾個季度美洲增長的加速？

Yes. So thanks a lot, Kirk. And Scott also, please feel free to comment especially on the regional performance. So Look, I mean, what we have seen in the quarter, and I can also remember we had some questions around the deal sizes around S/4HANA cloud. First, I guess you also have seen it in the earnings document, we also have seen some significant large S/4HANA cloud deals, respectively, RISE with SAP deals. And that also signals that we are not only talking small and midsized customers. Actually, we see a move across our customer base. This is clearly also the case when you look at the geographical perspective, but also the industry perspective. And we even in the meantime go one step further. I mean when we launched RISE with SAP, which is really a business transformation as a service offering with S/4HANA cloud and the platform in the core, we, of course, also asked the question, what is the role of the partners. In the meantime, also the ecosystem joins the movement across the bench. Now the partners are coming to us and asking how can we better help to make this move happen..

是的。非常感謝，柯克。還有斯科特，請隨時發表評論，尤其是對區域表現的評論。所以看，我的意思是，我們在本季度看到了什麼，我還記得我們對 S/4HANA 雲的交易規模有一些疑問。首先，我猜你也在收益文件中看到了它，我們也看到了一些重要的大型 S/4HANA 雲交易，分別是 RISE 與 SAP 的交易。這也表明我們不僅在談論中小型客戶。實際上，我們看到我們的客戶群發生了變化。當您從地理角度以及行業角度來看時，顯然也是如此。與此同時，我們甚至更進一步。我的意思是，當我們與 SAP 一起推出 RISE 時，這實際上是一種業務轉型即以 S/4HANA 雲和核心平台為核心的服務產品，我們當然也問了這樣一個問題，即合作夥伴的角色是什麼。與此同時，生態系統也加入了板凳運動。現在合作夥伴來找我們，詢問我們如何才能更好地幫助實現這一舉措。

Just to give you an example, one of our biggest hyperscaler partners just offered now their existing customers to switch existing contracts over to RISE as they see and feel that there is such a high market demand to do more than just a technical migration. And Scott, maybe you can highlight maybe some of the regional wins we have.

舉個例子，我們最大的超大規模合作夥伴之一現在剛剛向他們現有的客戶提供將現有合同轉換為 RISE 的機會，因為他們看到並感覺到市場需求如此之高，需要做的不僅僅是技術遷移。斯科特，也許你可以強調我們取得的一些地區性勝利。

I can do, Christian. So first of all, I think you summarized really well. The move to RISE is both at a net new customer and at a scale of customers. And I think it's really important to highlight that across all of the regions, we've had growth in both. Net new customers coming on board with S/4HANA Cloud, the modular cloud, driving and accelerating their transformation in the cloud. Moving workloads doesn't drive the business change. They need to transform their businesses, and that's why they moved to RISE. But we've also seen, particularly in regions like North America and parts of Europe, where big companies, big customers who have got large complex environments moving to RISE to help simplify and to transform their businesses going forward. And we now expect that this is the third quarter in a row that, that has occurred, and we continue to see that trend going forward.

我能行，克里斯蒂安。所以首先，我覺得你總結得很好。向 RISE 的轉變既針對淨新客戶，也針對一定規模的客戶。而且我認為強調所有地區的這一點非常重要，我們在這兩個地區都有增長。淨新客戶加入 S/4HANA Cloud，模塊化雲，推動並加速他們在雲中的轉型。移動工作負載不會推動業務變化。他們需要轉變業務，這就是他們轉向 RISE 的原因。但我們也看到，特別是在北美和歐洲部分地區，擁有大型複雜環境的大公司、大客戶轉向 RISE 以幫助簡化和轉變他們的業務。我們現在預計這是連續第三個季度發生這種情況，我們將繼續看到這種趨勢向前發展。

Yes. And just to complement this. As you know, we are also disclosing the relative weight of contracts of different sizes against our total order entry growth in the quarter. And there, you can see this as well that in the cloud contracts more than EUR 5 million of annualized contract value, actually represented 40% the total order entry, that's up 9 percentage points from last year. So this clearly makes this very transparent that we are now talking really about all sizes of customers, in particular, larger ones. Now on the Americas growth, first of all, I think even before the pandemic, obviously, the other 2 regions, EMEA and APJ, had grown in terms of the view of the growth rates at a faster pace than the Americas just because of the higher maturity of the market in America, in particular, in the U.S., which is by far the largest market that we have in that region. And as we were entering the pandemic, it's correct that the growth in Americas was overproportionately hampered by the fact that Concur, which obviously was particularly negatively affected, has an overproportionately high share of their revenues in the U.S. Having said that, we have actually seen a very evenly paced recovery and reacceleration of revenues across all regions. They all actually accelerated by 3 percentage points each from Q2 into Q3. The same was also the case from Q1 to Q2. So the Americas is showing at a different scale, of course, the same pace and shape of recovery and a further acceleration. And I would continue to expect that also for the next coming quarters. So we're very happy about the business performance in the region overall, but in particular, also in the U.S.

是的。只是為了補充這一點。如您所知，我們還披露了本季度不同規模合同相對於我們總訂單增長的相對權重。在那裡，你也可以看到，在雲合同中，年化合同價值超過 500 萬歐元，實際上佔總訂單輸入的 40%，比去年上升了 9 個百分點。因此，這顯然使我們現在真正談論的是所有規模的客戶，特別是大客戶。現在關於美洲的增長，首先，我認為即使在大流行之前，顯然其他兩個地區，歐洲、中東和非洲和亞太及日本地區的增長速度比美洲更快，因為美國市場的成熟度更高，尤其是美國，這是迄今為止我們在該地區擁有的最大市場。當我們進入大流行病時，美洲的增長受到嚴重阻礙這一事實是正確的，因為顯然受到特別負面影響的 Concur 在美國的收入中所佔比例過高。話雖如此，我們實際上已經看到所有地區的收入恢復和重新加速非常均勻。從第二季度到第三季度，它們實際上都加速了 3 個百分點。從Q1到Q2也是如此。因此，美洲當然在不同的規模上表現出相同的複蘇速度和形式，而且還在進一步加速。我會繼續期待接下來的幾個季度。因此，我們對整個地區的業務表現感到非常高興，尤其是在美國。

Thank you. Let's now take the next question, please.

謝謝。現在讓我們開始下一個問題。

Our next question today comes from James Goodman.

我們今天的下一個問題來自 James Goodman。

Operator, let's take the next question then. We have -- the line is silent. So maybe you can take the next question.

接線員，那我們接下一個問題。我們有——線路是靜音的。所以也許你可以回答下一個問題。

Our next question comes from Mohammed Moawalla of Goldman Sachs.

我們的下一個問題來自高盛的 Mohammed Moawalla。

Can you hear me?

你能聽到我嗎？

Yes, we can hear you now.

是的，我們現在可以聽到你的聲音了。

Okay. Great. Stefan, wishing you all the best for the future. I had 2 questions. Firstly, as you start to see the cloud growth starting to pick up. Luka, my understanding was that the backlog, given our expectation of the backlog, both acceleration has historically been more pronounced in Q4. I think you made the comment that it's going to be kind of most similar levels. So can you just help us sort of explain that comment? And then more broadly, as we think of the kind of building blocks around the cloud growth acceleration moving into 2022, I mean, obviously, you had a pretty strong discretionary spending environment. What is your kind of expectation? Is this kind of more sustainable trend? And as obviously, Concur comes back, could we see sort of the cloud growth accelerate significantly beyond kind of the current levels?

好的。偉大的。 Stefan，祝你未來一切順利。我有兩個問題。首先，當你開始看到雲增長開始回升時。盧卡，我的理解是積壓，考慮到我們對積壓的預期，這兩種加速在第四季度歷史上都更為明顯。我認為你發表評論說這將是最相似的水平。那麼你能幫我們解釋一下那個評論嗎？然後更廣泛地說，當我們考慮到 2022 年雲增長加速的構建塊時，我的意思是，很明顯，你有一個非常強大的可自由支配支出環境。你的期望是什麼？這是一種更可持續的趨勢嗎？很明顯，Concur 回來了，我們能否看到某種程度的雲增長明顯加速超過當前水平？

And then secondly, just on the OpEx. I noticed that obviously, the OpEx, particularly sales and marketing, is starting to come back. So as you look into next year with some of the spending coming back, what are the kind of key factors? And are you -- would you look to kind of invest more to kind of sustain or accelerate your growth?

其次，僅在 OpEx 上。我注意到，很明顯，運營支出，尤其是銷售和營銷支出，開始回升。因此，當您展望明年的一些支出回歸時，關鍵因素是什麼？你是——你會尋求更多投資來維持或加速你的增長嗎？

Yes. Let me cover those questions. So first of all, on the backlog, obviously, we are coming off the heels of a spectacular quarter that was actually exceeding our expectations as we were walking into the quarter. So we would not have, as in the past quarters, fully expected that scale of growth that we saw and would have expected actually that we would have some of that growth only seeing in Q4. Now are we expecting further growth acceleration in Q4? Absolutely. We see a great strength of our business portfolio. We see that renewal rates continue to trend up and are at a very healthy state already. So no doubt that we will see a further acceleration. However, given the very, very significant achievements that we saw in Q3, I think it is fair and prudent to assume that we should see a similar step up, but not necessarily a dramatic acceleration on top of this. This is also underpinned by the fact that in absolute terms, actually the backlog expansion that we saw in Q3 was exactly at the level that we saw 2 years ago, entirely unaffected by the pandemic. And if you recall, Q3 2019 was probably until now the best quarter in the cloud in many years that we had before. So from that perspective, I think if we weren't able to achieve the same, that will be a terrific result. And it would also set us up actually exactly on where we need to be to also drive 2022 to a great success. We see a number of important supporting drivers that make us confident that in 2022, we will actually see a further continued acceleration of our cloud business compared to this year. One is, as you have highlighted that Concur is already showing a recovery. Still a moderate one, but still, they are up in mid-single digits. On a revenue perspective, they had now a very strong order entry performance in Q3, and this will start to show in the backlog, but also in the revenues. So they will become next year certainly a very positive contributor to our growth.

是的。讓我來回答這些問題。因此，首先，在積壓訂單上，很明顯，我們正在經歷一個壯觀的季度，當我們進入這個季度時，這個季度實際上超出了我們的預期。因此，我們不會像過去幾個季度那樣完全預期我們看到的增長規模，並且實際上預計我們只會在第四季度看到一些增長。現在我們是否期待第四季度的進一步增長加速？絕對地。我們看到了我們業務組合的強大實力。我們看到續訂率繼續呈上升趨勢，並且已經處於非常健康的狀態。所以毫無疑問，我們將看到進一步的加速。然而，鑑於我們在第三季度看到的非常非常重要的成就，我認為假設我們應該看到類似的進步是公平和謹慎的，但不一定是在此之上的急劇加速。這也得到了這樣一個事實的支持，即從絕對值來看，實際上我們在第三季度看到的積壓擴張恰好處於 2 年前的水平，完全沒有受到大流行的影響。如果你還記得的話，2019 年第三季度可能是我們之前多年以來雲計算領域表現最好的一個季度。所以從這個角度來看，我認為如果我們不能實現同樣的目標，那將是一個了不起的結果。這也將使我們準確地確定我們需要到達的位置，以推動 2022 年取得巨大成功。我們看到許多重要的支持驅動因素使我們相信，到 2022 年，與今年相比，我們的雲業務實際上將進一步加速發展。一是，正如您強調的那樣，Concur 已經在復蘇。仍然是一個溫和的，但仍然以中等個位數增長。從收入的角度來看，他們現在在第三季度的訂單輸入表現非常強勁，這將開始體現在積壓訂單上，也會體現在收入上。因此，他們明年肯定會成為我們增長的非常積極的貢獻者。

And secondly, with S/4HANA cloud, we have such a great wealth and breadth of opportunities. We're only starting now to harvest. We are very confident that the revenue growth and the backlog growth in S/4HANA will continue well into next year. And this will, of course, from an ever-increasing base then more and more add to the growth of the overarching business. So from that perspective, yes, we are confident that our cloud business will continue to accelerate not only in Q4, but also going into 2022. In terms of the expectations from an OpEx and profit perspective, I think we were very clear when we communicated our new strategy and our associated midterm ambitions that in 2021 and in 2022, we expect flat to slight declines in profits. This is what we are guiding for now in 2021, and I would say, we have so far executed extremely well against this commitment. Our current guidance is for flat to minus 2% in growth. My expectation for 2022 remains also unchanged that we will also, in 2022, see flat to slight declines in profits, and we will invest properly to continue to fuel our innovation. We will look at an R&D ratio roughly in the same ballpark as we are seeing it now with 17% of revenues, but we will scale from the top line very effectively with accelerating cloud growth, which will also start to show its positive impact on the cloud and software and total revenue line. So things are going exactly in the right direction, and we will look at further investing to make this growth that we are seeing sustainable, quite frankly, for many years beyond 2022. And so from that perspective, that remains our planning ambition.

其次，借助 S/4HANA 雲，我們擁有如此巨大的財富和廣泛的機會。我們現在才開始收穫。我們非常有信心 S/4HANA 的收入增長和積壓增長將持續到明年。當然，這將從一個不斷增加的基礎開始，然後越來越多地增加總體業務的增長。所以從這個角度來看，是的，我們有信心我們的雲業務不僅在第四季度，而且在 2022 年繼續加速。就運營支出和利潤角度的預期而言，我認為我們在溝通時非常清楚我們的新戰略和相關的中期目標是，在 2021 年和 2022 年，我們預計利潤將持平或略有下降。這就是我們現在在 2021 年的指導方針，我想說，到目前為止，我們在兌現這一承諾方面做得非常好。我們目前的指引是持平至負 2% 的增長。我對2022年的預期也保持不變，我們在2022年也將看到利潤持平或略有下降，我們將適當投資以繼續推動我們的創新。我們將看到研發比例與我們現在看到的大致相同，佔收入的 17%，但我們將從頂線非常有效地擴大規模，加速雲增長，這也將開始顯示其對雲和軟件以及總收入線。因此，事情正朝著正確的方向發展，坦率地說，我們將考慮進一步投資，使我們看到的這種增長在 2022 年以後的許多年內可持續。因此，從這個角度來看，這仍然是我們的規劃目標。

Our next question comes from James Goodman of Barclays.

我們的下一個問題來自巴克萊銀行的詹姆斯古德曼。

Can you hear me now?

你能聽到我嗎？

Yes.

是的。

Yes. Please gp ahead.

是的。請gp提前。

Excellent. And Stefan, all the best from my side as well. And in terms of the performance at RISE, it's clearly running ahead of your initial expectations. But at the same time, we're simply not seeing the anticipated decline in the core business. I mean license has been outperforming 4 quarters in a row. So the question is, on a 2-year view, even the guidance is implying a very significant weakening in license in Q4. And I'm trying to gauge the extent to which this is really conservatism as we come into the largest quarter versus a far bigger substitution effect that you're anticipating with on-prem customers switching over. So if you could talk a bit more about that, that would be great.

出色的。還有 Stefan，我也祝你一切順利。就 RISE 的表現而言，它顯然超出了您最初的預期。但與此同時，我們根本沒有看到核心業務出現預期的下滑。我的意思是許可證已經連續 4 個季度表現出色。所以問題是，從 2 年的角度來看，即使是指導意見也暗示著第四季度的許可將非常顯著減弱。當我們進入最大的季度時，我正試圖衡量這在多大程度上是真正的保守主義，而不是你預期本地客戶轉換的替代效應要大得多。所以，如果你能多談一點，那就太好了。

And secondly, just -- could I ask for an update on the migration project to the Converged Cloud. Luka, you mentioned briefly the project when you're talking about the cloud gross margins, but how is that progressing? Where are we on the ramp up costs around that project now? And are you still confident that those costs will disappear by the end of next year?

其次，我能否要求更新遷移到融合雲的項目。盧卡，你在談到雲計算毛利率時簡要提到了這個項目，但進展如何？我們現在圍繞該項目的成本增加在哪裡？您是否仍然相信這些成本會在明年年底前消失？

Yes. So let me get started, but please, in particular on the software number, perhaps, Scott, you can give your view as well. So let's be clear. I mean our business forever has been basically back-end loaded where most of the very large software contracts were typically closed in Q4. And therefore, obviously, in a world in which we are now seeing a greater and greater amount also of very large RISE opportunities, it's natural that we can expect that from quarter-to-quarter, there will be a bigger impact on large software transactions in particular. And that's why I think it makes sense to plan for a significant further search on the cloud side, but also to assume that in Q4, the impact of the surge on the software license revenue side should be more pronounced than what we have seen year-to-date.

是的。那麼讓我開始吧，但請特別是關於軟件編號，也許，Scott，你也可以發表你的看法。所以讓我們說清楚。我的意思是我們的業務永遠基本上是後端加載，其中大多數非常大的軟件合同通常在第四季度關閉。因此，很明顯，在一個我們現在看到越來越多的非常大的 RISE 機會的世界裡，我們很自然地可以預期，從一個季度到另一個季度，大型軟件交易將受到更大的影響尤其。這就是為什麼我認為計劃在雲方面進行重大的進一步搜索是有意義的，而且還假設在第四季度，激增對軟件許可收入方面的影響應該比我們去年看到的更為明顯——迄今為止。

In terms of just briefly on the Converged Cloud and then perhaps, Scott can come back to the software comment where we are obviously pleased with the year-to-date performance, in particular, since the cloud was nevertheless scaling very, very fast. But on the Converged Cloud program, we are actually making good progress. We believe that we will be done with most, if not all, migration activities by the beginning of 2023 as expected. And in terms of the investments, they are actually happening as planned with a slightly lower share in 2021 and then a slightly higher share in 2022. In terms of the impact of the program on the cloud margins, let's be clear about this as well. Yes, we had a slightly negative impact in Q3 where margins in the cloud were declining. However, from a year-to-date perspective, the margins are exactly where we have planned them to be. We have actually planned that the cloud harmonization program would have an increasing impact on it in the second half as we are ramping up the investments. So we are up year-to-date by 10 basis points at constant currencies or 20 basis points in nominal currencies, which is exactly in line with the slight improvement that we have planned for 2021.

就 Converged Cloud 而言，也許 Scott 可以回到軟件評論，我們顯然對年初至今的性能感到滿意，特別是因為雲的擴展速度非常非常快。但在 Converged Cloud 計劃上，我們實際上取得了不錯的進展。我們相信，到 2023 年初，我們將按預期完成大部分（如果不是全部）遷移活動。就投資而言，它們實際上正在按計劃進行，2021 年的份額略低，然後在 2022 年的份額略高。就該計劃對雲利潤率的影響而言，我們也要清楚這一點。是的，我們在第三季度產生了輕微的負面影響，雲計算的利潤率正在下降。然而，從年初至今的角度來看，利潤率正是我們計劃的水平。我們實際上已經計劃，隨著我們加大投資，雲協調計劃將在下半年對其產生越來越大的影響。因此，我們年初至今以固定貨幣計算上漲了 10 個基點，以名義貨幣計算上漲了 20 個基點，這與我們計劃在 2021 年實現的小幅改善完全一致。

You should also expect the same for 2022, investments will be slightly higher. But then on the flip side, the very strong growth that we have seen on the order entry side will obviously help the revenue line, and that should level out per our planning. So we remain confident in those planning assumptions. The big step-up will then be as of 2023 when we have completed the program because we have a much higher not only resiliency, but also efficiency in our cloud operations than with higher levels of automation. So nothing has changed in this respect, and we remain absolutely on track also for the slight improvements that we are expecting in this year and next year.

您還應該期望 2022 年也是如此，投資會略高。但另一方面，我們在訂單輸入方面看到的非常強勁的增長顯然將有助於收入線，並且應該按照我們的計劃趨於平穩。因此，我們對這些規劃假設仍然充滿信心。到 2023 年，當我們完成該計劃時，將會有一個大的提升，因為與更高水平的自動化相比，我們的雲操作不僅具有更高的彈性，而且效率更高。因此，在這方面沒有任何改變，我們也完全走上了我們預期今年和明年的輕微改進的軌道。

Scott, perhaps some comments around software from your side.

斯科特，也許你有一些關於軟件的評論。

Yes, sure. Sure. Thanks, Luka. I guess there's 3 things that I would just provide additional commentary to what Luka described on the software and the transition to the cloud. The first is, and it's a really important baseline to remember, is that our customers are moving with S/4 and our digital platform at scale. So there is no doubt that they are resonating to transform their business, having a clean digital core to be able to drive and run mission-critical workloads and primarily, as you saw in the cloud backlog and in the bookings performance in the cloud. The second is a reminder that we're only 9 months into the launch of RISE. And what we've seen is a progression over that 9 months of momentum of continued expansion of our customers to move to the cloud, to understand the offering, to understand how it transforms their business, and it's accelerating. And you'll see that then in the outlook that Luka described on the cloud versus the software. And then the third comment that I would obviously highlight is, as we go forward, and in the transformation of our businesses of both net new customers, existing clients that are small, medium and large, all around the planet, our pipeline reflects and the outlook reflects the customers are choosing to transform in the cloud, and that will continue to accelerate. So the natural effect will be as we've given the outlook on the software. So that gives a bit more context.

是的，當然。當然。謝謝，盧卡。我想我只想對 Luka 在軟件和向雲的過渡方面所描述的內容提供 3 點額外的評論。首先是，這是一個非常重要的基線，要記住，我們的客戶正在大規模地使用 S/4 和我們的數字平台。因此，毫無疑問，他們正在改變他們的業務，擁有一個乾淨的數字核心，能夠驅動和運行關鍵任務工作負載，主要是，正如您在雲積壓和雲中的預訂性能中看到的那樣。第二個提醒我們，RISE 的推出只有 9 個月。我們所看到的是，在過去 9 個月的時間裡，我們的客戶不斷擴展到雲端，了解產品，了解它如何改變他們的業務，並且正在加速發展。然後你會在 Luka 描述的雲與軟件的前景中看到這一點。然後我要強調的第三個評論是，隨著我們的前進，在我們的業務轉型中，無論是淨新客戶，還是現有的小型、中型和大型客戶，遍布全球，我們的管道反映和前景反映出客戶正在選擇在雲中進行轉型，而且這種趨勢將繼續加速。因此，自然效果將與我們對軟件的展望一樣。所以這提供了更多的上下文。

Your next question comes from Frederic Boulan of Bank of America.

你的下一個問題來自美國銀行的 Frederic Boulan。

A couple of follow-ups. First of all, on the margin question into next year. So if you can maybe spend a moment on the different cloud options that you offer, what kind of take-up you're seeing? And how is that impacting margins? And second, going into 2022, if you can -- I mean you mentioned R&D, but any other cost item you can discuss driving your guidance of stable to slightly -- slight reduction in operating profit, in particular in terms of a impact of the migration to single cloud platform, which will be a bit bigger, but anything else in terms of license and cloud mix that you think is relevant.

一些後續行動。首先，關於明年的保證金問題。因此，如果您可以花點時間了解您提供的不同雲選項，您會看到什麼樣的接受度？這對利潤率有何影響？其次，進入 2022 年，如果可以的話——我的意思是你提到了研發，但你可以討論任何其他成本項目來推動你的指導穩定到略微——營業利潤略有下降，特別是在影響方面遷移到單一云平台，這會更大一些，但在許可和雲組合方面，您認為相關的任何其他內容。

And secondly, I'm interested more broadly considering the current disruption in supply chain that we're seeing across many industries, if you've seen increased engagement from the customers on those topics. And more broadly, any update you can provide on the launch of Industry Cloud Solutions, was the initial launches that you flagged back in June?

其次，如果您看到客戶在這些主題上的參與度有所增加，我更感興趣的是考慮到我們目前在許多行業中看到的供應鏈中斷。更廣泛地說，您可以提供有關行業雲解決方案發布的任何更新，是您在 6 月份標記的初始發布嗎？

So let me get started and then on the more business-related questions, perhaps I can hand over to Christian then. Look, on the margins on the cloud side going into next year, I would expect that both in our SaaS/PaaS businesses as well as in our Intelligent Spend businesses. We will look at a pretty stable situation, quite unchanged with perhaps very slight improvements. On our Infrastructure as a Service business, we are already operating at a quite decent level of efficiency for this type of business, but the share of the mix of cloud business will rather trend continuously down of this business because with the advent of RISE with SAP, we are driving for more SaaS/PaaS business, which is positive for the margins. So in the individual lines, there shouldn't be a lot of changes because of the impact of the converged cloud program, but slight mix shift should be helpful to margins overall. When it comes to the composition of the 2022 P&L, just very shortly, what do we expect on the top line, of course, a continued shift towards more cloud business. So cloud revenue further accelerating its growth. Software licenses revenue trending down definitely in a more pronounced fashion than what we have seen in the first 9 months.

那麼讓我開始吧，然後是更多與業務相關的問題，也許我可以交給克里斯蒂安。看，在明年雲計算方面的利潤率方面，我預計我們的 SaaS/PaaS 業務以及我們的智能支出業務都會如此。我們將看到一個非常穩定的情況，完全沒有變化，可能只有非常小的改進。在我們的基礎設施即服務業務中，我們已經在此類業務中以相當不錯的效率水平運營，但云業務組合的份額將持續下降，因為隨著 RISE with SAP 的出現，我們正在推動更多 SaaS/PaaS 業務，這對利潤率有利。因此，在各個方面，由於融合雲計劃的影響，應該不會有太多變化，但輕微的混合轉變應該有助於整體利潤率。在談到 2022 年損益表的構成時，很快，我們對頂線的期望是什麼，當然是繼續轉向更多的雲業務。因此云收入進一步加速其增長。與前 9 個月相比，軟件許可收入明顯呈下降趨勢。

To Scott's point that RISE, obviously, will more and more proliferate across our customer base, and that will obviously then result in declines in software license revenues and will also shift an increasing amount of maintenance revenues as part of our cloud extension program to cloud revenues, which is actually great because we are so far driving very healthy multipliers on this. Actually, continuously significantly above the 2x factor that we mentioned at the beginning of our transformation. So this is positive. And then on the investment -- on the expense side, as I said, we will continue to prioritize investments in R&D as well as in sales and marketing because we see the great growth opportunities. We will also add additional feet on the street and go-to-market resources. The current level that we are -- have achieved with around about 23% of revenues, I think, is a reasonable and appropriate one on the sales and marketing line. And in R&D, we have seen a significant step-up in investments over the course of the next -- last 2 years. and, we are looking to sustain that and also plan for round about 17% of revenues on the R&D side.

Scott 指出，RISE 顯然會在我們的客戶群中越來越多地擴散，這顯然會導致軟件許可收入下降，並且還會將越來越多的維護收入作為我們雲擴展計劃的一部分轉移到雲收入中，這實際上很棒，因為到目前為止我們在這方面取得了非常健康的乘數。實際上，持續顯著高於我們在轉型開始時提到的 2 倍因素。所以這是積極的。然後在投資方面——正如我所說，在費用方面，我們將繼續優先投資研發以及銷售和營銷，因為我們看到了巨大的增長機會。我們還將在街道上增加更多的腳和進入市場的資源。我認為，我們目前的水平 - 已經達到約 23% 的收入，在銷售和營銷方面是合理和適當的。在研發方面，我們看到在接下來的過去兩年中投資顯著增加。而且，我們希望維持這一勢頭，併計劃將約 17% 的收入用於研發方面。

For the business question, Christian?

對於業務問題，克里斯蒂安？

Yes, I'm happy to take that question. I mean there are 2 big challenges when we talk to customers these days. The first challenge is clearly about the disrupted supply chains, and I come into a second to that. And actually, when we are talking about the intelligent enterprise, in the meantime, it's not only about growth via new business model productivity via automation, but also about the green line, with everything what we do around carbon and our commitment to net zero. And coming back to the supply chains, indeed, many customers are just reaching out to also join the business network. Just to give you a few examples, semiconductor. There are a lot of enterprises right now who are joining our business network to get more transparency. Where are the shortages in the supply chain? Is it the next year supplier? Is it at the suppliers below? From which kind of region, from which kind of supplier can I get still some supply in the next months, in the next quarter? And really track and trace that real time. That's the business network. Think about Catena-X, we are now delivering the first use case with Catena-X, and it's not only anymore the European car industry and automotive industry. General Motors just joined, what we are doing there is actually it's same thing. We are putting together the OEMs with the manufacturers, with the suppliers to give them the real-time transparency again around -- across the supply chain so that in the future, when the car demand is changing, it took sometimes up to 6 months until the raw material provider realized, hey, the demand has changed and now you have that real time.

是的，我很高興回答這個問題。我的意思是，這些天我們與客戶交談時面臨兩大挑戰。第一個挑戰顯然是關於中斷的供應鏈，我排在第二位。實際上，與此同時，當我們談論智能企業時，它不僅涉及通過自動化的新商業模式生產力實現增長，還涉及綠線，以及我們圍繞碳所做的一切以及我們對淨零排放的承諾。回到供應鏈，事實上，許多客戶只是想加入業務網絡。舉幾個例子，半導體。現在有很多企業加入我們的業務網絡以獲得更高的透明度。供應鏈的短板在哪裡？是明年的供應商嗎？是在下面的供應商處嗎？在接下來的幾個月、下個季度，我還能從哪個地區、哪個供應商那裡獲得一些供應？並真正實時跟踪和追踪。那就是商業網絡。想想 Catena-X，我們現在正在交付第一個使用 Catena-X 的用例，它不再只是歐洲汽車行業和汽車行業。通用汽車剛剛加入，我們在那裡做的實際上是同一件事。我們將原始設備製造商與製造商、供應商放在一起，再次為他們提供整個供應鏈的實時透明度，以便在未來，當汽車需求發生變化時，有時需要長達 6 個月的時間，直到原材料供應商意識到，嘿，需求已經改變，現在你有了那個實時。

With this kind of business scenarios, you are not talking about millions of actually synergies. You're talking billions as we are really transforming the whole industry end-to-end. And this is what we are now doing step by step automotive. We talked about semiconductor, which is impacting many industries, but there are shortages also with regard to other raw materials. So we are doing this now step by step, and the business network is definitely one of the key pillars, which will also drive our future revenue course.

對於這種業務場景，您並不是在談論數以百萬計的實際協同效應。你說的是數十億，因為我們確實在端到端地改變整個行業。這就是我們現在正在一步步做的汽車。我們談到了半導體，它正在影響許多行業，但其他原材料也存在短缺。所以我們現在正在一步一步地做這件事，業務網絡肯定是關鍵支柱之一，這也將推動我們未來的收入進程。

The next question comes from Michael Briest of UBS.

下一個問題來自瑞銀的 Michael Briest。

Also my best -- Stefan, I think I've been on most of the 75 calls with him as well. If I can, just on the guidance, the guidance for the on-premise business. I mean it's sort of mid-single digit to 10% decline in maintenance by the looks of things and double-digit on license. I'm trying to square that with your comments, Luka, about the cloud backlog. If you're converting at 2x or more of support to cloud revenues, surely the backlog would see a big step up in Q4, if you do achieve the expected decline in support. And then just on the RISE customers to date, Scott or Christian, can you talk about their profile? I mean are these mainly customers who are coming from [ET6] for the first time? Are there any who are perhaps S4 already and maybe in a hyperscale that you've decided to come to RISE? And then a question, Luka, on Concur and the business network. Can you just remind us how much below sort of pre-COVID levels we are today? I think you said it was about EUR 200 million to EUR 300 million run rate pre-COVID. So maybe we can think about how it expands next year.

還有我最好的——Stefan，我想我也和他一起參加了 75 次通話中的大部分。如果可以的話，只是關於內部部署業務的指導。我的意思是，從外觀上看，維護費用下降了中等個位數到 10%，許可證數量下降了兩位數。 Luka，我正在嘗試將其與您關於雲積壓的評論進行比較。如果您將 2 倍或更多的支持轉化為雲收入，那麼如果您確實實現了預期的支持下降，那麼積壓工作肯定會在第四季度大幅增加。然後就迄今為止的 RISE 客戶，斯科特或克里斯蒂安，你能談談他們的個人資料嗎？我的意思是這些主要是第一次來自[ET6]的客戶嗎？是否有任何人可能已經是 S4，並且可能處於超大規模，您決定加入 RISE？然後是 Luka，關於 Concur 和業務網絡的問題。您能否提醒我們，我們今天比 COVID 之前的水平低了多少？我想你說過在 COVID 之前大約有 2 億到 3 億歐元的運行率。所以也許我們可以考慮明年如何擴展。

Yes. So first of all, on the guidance, let's just be clear, we don't expect a materially different pattern on support revenues in Q4 than in previous quarters. The main difference in patterns that is baked into the guidance is a different level of declines of software revenues. Let's see to what extent that assumption is correct or not, but I think it made sense for us to be prudent here given that Q4 is obviously by far the largest software quarter. And at Concur, based on the current levels, I would say, we are looking at a reduction in the annual run rate of a bit more than 300 -- probably, EUR 350 million to EUR 400 million from pre-COVID times. And that is starting to recover now, as I said, with a first positive increase in revenues that Concur has posted in a long time in Q3.

是的。所以首先，關於指導，我們要明確一點，我們預計第四季度的支持收入模式不會與前幾個季度有實質性不同。指南中包含的主要模式差異是軟件收入下降的不同程度。讓我們看看這個假設在多大程度上是正確的，但我認為我們在這裡謹慎行事是有道理的，因為第四季度顯然是迄今為止最大的軟件季度。在 Concur，根據目前的水平，我想說，我們正在考慮將年運行率降低 300 多一點——可能比 COVID 之前的時間減少 3.5 億歐元到 4 億歐元。正如我所說，現在開始恢復，Concur 在第三季度很長一段時間內實現了收入的首次正增長。

In terms of RISE, perhaps I can hand over to Scott or Christian.

在 RISE 方面，也許我可以交給 Scott 或 Christian。

Yes, I can start, and then Christian, please add comments. So I guess the question around the makeup of the customers. RISE actually is resonating with all forms of customers. Let me give you a few examples. Of our new -- the customers that have come on RISE, nearly 50% of them are new customers to SAP. So attracting new companies who are running on different legacy technologies coming to RISE, transforming and having that digital platform to run forward. But what we saw in Q3 and a continued trend with an increasing share of overall large customers that make up nearly 40% of our cloud order entry. So it's a record high. And what that means is companies like IMD, Etihad airways, ASDA stores, Philips domestic appliances, Siemens Energy amongst others. So large companies that are moving with RISE in the cloud.

是的，我可以開始了，然後Christian，請添加評論。所以我猜這個問題圍繞著顧客的構成。 RISE實際上正在與所有形式的客戶產生共鳴。讓我舉幾個例子。在我們的新客戶中，近 50% 的客戶是 SAP 的新客戶。因此，吸引使用不同傳統技術運行的新公司加入 RISE，改造並讓該數字平台向前運行。但我們在第三季度看到的情況以及持續增長的趨勢是，總體大客戶的份額不斷增加，占我們雲訂單輸入的近 40%。所以這是歷史新高。這意味著 IMD、阿提哈德航空、阿斯達商店、飛利浦家用電器、西門子能源等公司。所以大公司正在雲中使用 RISE。

And then the third, your question around existing workloads of maybe S/4 in our hyperscaler. What's been interesting is, customers are moving to RISE with SAP with different starting points. Their transformation journey. Some are going from a new customer, some are existing ECC. But yes, some are already in the hyperscaler, but they need the transformation in the cloud, not just the workload in the cloud. And so what we're seeing is demand on all 3 angles that gives us confidence going forward that no matter what your starting point, you've got the ability to transform in the cloud with RISE and hence, the outlook remains strong.

然後是第三個問題，你的問題是關於我們的超大規模器中現有的 S/4 工作負載。有趣的是，客戶正在以不同的起點轉向 RISE with SAP。他們的轉型之旅。有些來自新客戶，有些來自現有 ECC。但是，是的，有些已經在超大規模，但他們需要雲中的轉換，而不僅僅是雲中的工作負載。因此，我們看到的是對所有 3 個角度的需求，這讓我們有信心向前邁進，無論你的起點是什麼，你都有能力通過 RISE 在雲中進行轉型，因此，前景依然強勁。

Christian, I don't know whether you want to add anything more to that.

克里斯蒂安，我不知道你是否想補充更多內容。

Just maybe one more comment, Michael. Also just to give you some sense around why S/4 HANA is so important in the middle of RISE. I mean customers are -- they, in the meantime, completely realize that a technical migration to the cloud is not changing their business model. And in many industries, CEO is coming to me, to the teams here and say, hey, we need to sell everything as a service. We need more personalized experiences. We need pay-as-you-go. We need a revenue -- real-time revenue realization. And the only software vendor who can do that end-to-end at scale real time is SAP. There's no one else out there. And then when you talk about, you want to scale your business across 150 countries, here we go. This is only what SAP can do." Now the crucial question was always, okay, the technology is there, but how can I get there? That's the hardest part. The hardest part in the business transformation is changing the culture and then having someone who knows how these processes run at scale. And this is why even existing customers from hyperscalers are now coming and said, we want to have that. We want to learn from the best customers you have. Show us your best practices, benchmark, analyze these processes and tell us how can I get there. And this is why this offering is extremely well resonating. And then Scott said it well. Installed base, yes, large ones, many modification takes a bit longer. We moved them back to the standard, and over time, they also not only wanting new businesses. They're also having a much more agile IT landscape and then net new. It can be if you have a fit to standard. It can also happen that the go-live comes through in 20, 30 days. That's also the case.

邁克爾，也許再多說一句。也只是為了讓您了解為什麼 S/4 HANA 在 RISE 中如此重要。我的意思是客戶——與此同時，他們完全意識到向雲的技術遷移並沒有改變他們的商業模式。在許多行業，CEO 會來找我，對這裡的團隊說，嘿，我們需要將一切都作為服務來銷售。我們需要更多個性化體驗。我們需要現收現付。我們需要收入——實時收入實現。唯一能夠實時大規模地端到端執行此操作的軟件供應商是 SAP。外面沒有其他人。然後當你談到，你想在 150 個國家/地區擴展你的業務時，我們開始吧。這只是 SAP 可以做的。”現在的關鍵問題始終是，好吧，技術就在那裡，但我怎樣才能到達那裡？這是最困難的部分。業務轉型中最困難的部分是改變文化，然後找人誰知道這些過程是如何大規模運行的。這就是為什麼即使是超大規模的現有客戶現在也來了，說，我們想要這樣。我們想向你們最好的客戶學習。向我們展示你們的最佳實踐、基準、分析這些流程並告訴我們我怎樣才能到達那裡。這就是為什麼這個產品引起了極大的共鳴。然後斯科特說得很好。安裝基礎，是的，大的，很多修改需要更長的時間。我們將它們移回了標準，隨著時間的推移，他們不僅想要新業務。他們還擁有更加敏捷的 IT 環境，然後是全新的。如果你符合標準，這可能是這樣。也可能是上線20、30天就過去了，也是這樣。

Your next question comes from Amit Harchandani of Citi Bank.

你的下一個問題來自花旗銀行的 Amit Harchandani。

Amit Harchandani from Citi. And before I proceed with the questions, thank you, Stefan, for your support and all the best for the future. With regards to my questions, I guess 2, if I may. Firstly, with regards to Human Experience Management, which I guess is your largest solution within the SaaS/PaaS category. Could you give us a sense for the growth profile there, particularly with regards to competition and how it's trending in different parts of the world? And secondly, could you also remind us, please, of your ambitions in customer experience? Again, you've talked about playing to your strength in the past as customers migrate to cloud. What are you seeing on the customer experience side, particularly also with RISE kicking off?

來自花旗的 Amit Harchandani。在我繼續提問之前，謝謝你，Stefan，感謝你的支持，祝你未來一切順利。關於我的問題，如果可以的話，我猜是 2。首先，關於人類體驗管理，我想這是您在 SaaS/PaaS 類別中最大的解決方案。您能否讓我們了解那裡的增長情況，特別是在競爭方面以及它在世界不同地區的趨勢如何？其次，您能否也提醒我們您在客戶體驗方面的雄心壯志？同樣，您曾談到過在客戶遷移到雲時發揮您的優勢。您在客戶體驗方面看到了什麼，尤其是隨著 RISE 的啟動？

Okay. Let me start, Scott, and please feel free then to weigh in. On Human Experience Management, actually, it's pretty interesting. Probably, also have heard about some stock projects from one of our competitors when it comes to massive scale and localizations around the globe. And actually, what we see is actually that the sentiment is changing. More and more customers are now coming to us and want to digitize hire to retire with SAP. And then second with RISE, I mean it's not only, as I said, the move to a new platform and a move to S/4HANA Cloud. I mean when you talk about payroll, when you talk about employee essentials, obviously, an ECC customer has HCM on-prem included. And now it's only the question, how can we digitize hire to retire end-to-end. You have strong interfaces -- important interfaces to finance to other functions inside the corporation. And now with the platform with S/4HANA cloud, we can put it together in a modular way, so the cross-sell also into the installed base is now much better also with RISE as we have the underlying platform now to connect the dots. You are not wanting isolated solutions with SAP anymore. Plus, as I said also in the net new market, we are seeing very positive momentum. And the CX, it's all about focus. So it's not about that we want to compete in every space. There's a huge focus on commerce. There we are clearly leading with our B2B solution in the cloud, and now we just launched our B2C solution. Also there, we have positive momentum. Obviously, CPQ with quote-to-cash is, of course, a very dominant space.

好的。讓我開始吧，斯科特，然後請隨意權衡一下。關於人類體驗管理，實際上，它非常有趣。當涉及到全球範圍內的大規模和本地化時，可能還聽說過我們的一個競爭對手的一些存量項目。事實上，我們看到的是情緒正在發生變化。越來越多的客戶現在來找我們，並希望通過 SAP 數字化僱傭退休。然後是 RISE，我的意思是，正如我所說，這不僅是向新平台的遷移，也是向 S/4HANA Cloud 的遷移。我的意思是，當你談論工資單時，當你談論員工必需品時，很明顯，ECC 客戶已經包含了本地 HCM。現在唯一的問題是，我們如何將招聘數字化以端到端地退休。你有強大的接口——為公司內部其他職能提供資金的重要接口。現在有了帶有 S/4HANA 雲的平台，我們可以以模塊化的方式將它組合在一起，因此現在也可以通過 RISE 更好地交叉銷售到已安裝的基礎上，因為我們現在有了底層平台來連接各個點。您不再需要 SAP 的孤立解決方案。另外，正如我在淨新市場中所說的那樣，我們看到了非常積極的勢頭。而 CX，一切都與專注有關。所以這並不是說我們想在每個領域競爭。人們非常關注商業。我們在雲中的 B2B 解決方案顯然處於領先地位，現在我們剛剛推出了 B2C 解決方案。在那裡，我們也有積極的勢頭。顯然，從報價到收款的 CPQ 當然是一個非常重要的領域。

Scott, anything you want to add?

斯科特，你有什麼要補充的嗎？

Yes. I think you said it really well, Christian. And I guess 2 things that I would just add. The first is with the momentum with RISE and the integration of our technologies under that platform at full swing, we are seeing an acceleration of the cross-sell of our line of business solutions. So not only are we winning in those categories head-to-head with the competition because they stand up and are able to deliver at scale with great capability around the world, as Christian described, but also the cross-sell with RISE to allow that seamless orchestration and experience with the customers. So the estimate of the 3 cross-sell dollars for every core ERP cloud continues to be reflected and that gives us confidence, not only in the standalone, but then in the orchestrated story. Because from a customer, when they're running their processes, they don't look at single line of business type applications. They look at how to deliver a wonderful experience to their employees. or to their customers in those 2 categories. And to do so, you need the orchestration of best-in-class capabilities, which requires RISE plus our HXM or our CX solutions.

是的。我覺得你說得很好，克里斯蒂安。我想我想補充兩件事。首先是隨著 RISE 的發展勢頭以及我們在該平台下的技術整合如火如荼，我們看到我們業務線解決方案的交叉銷售正在加速。因此，正如 Christian 所描述的那樣，我們不僅在這些類別中與競爭對手正面交鋒，因為他們站起來並能夠在全球範圍內以強大的能力大規模交付，而且與 RISE 的交叉銷售允許與客戶的無縫編排和體驗。因此，每個核心 ERP 雲的 3 美元交叉銷售的估計繼續得到反映，這給了我們信心，不僅對獨立的，而且對精心策劃的故事。因為從客戶的角度來看，當他們運行他們的流程時，他們不會查看單一業務類型的應用程序。他們著眼於如何為員工提供美妙的體驗。或他們在這兩個類別中的客戶。為此，您需要一流功能的編排，這需要 RISE 加上我們的 HXM 或我們的 CX 解決方案。

We will take 2 additional questions.

我們將提出 2 個附加問題。

Our next question comes from Mark Moerdler of Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Mark Moerdler。

And let me first say to Stefan, as we've discussed recently, really appreciate all your support and assistance and how you've helped us with understanding the transition. And good luck, and I'm going to miss our interactions. Let me go into a multi-part question. I apologize, on S/4HANA cloud. Christian, Luka, we've discussed the last year the lift in revenue that occurs with workloads shifting to the cloud. One, what are the expectations you have now for what that revenue lift is going to be as workloads move to S/4HANA SaaS? Two, can you give us any sense of what the attach of the other cloud offerings are today? And what you think they could be in terms of dollars or quantity or anything? Any sense would be helpful. And third, are there certain industries adopting quicker RISE with SAP quicker than others?

正如我們最近討論的那樣，首先讓我對 Stefan 說，非常感謝您的所有支持和幫助，以及您如何幫助我們理解過渡。祝你好運，我會想念我們的互動。讓我進入一個由多個部分組成的問題。抱歉，在 S/4HANA 雲上。克里斯蒂安、盧卡，去年我們討論了工作負載轉移到雲端后收入的提升。第一，隨著工作負載轉移到 S/4HANA SaaS，您現在對收入提升的期望是什麼？第二，您能否告訴我們今天其他雲產品的附加值是什麼？你認為它們在美元或數量或其他方面可能是什麼？任何意義都會有所幫助。第三，是否有某些行業比其他行業更快地採用 SAP 的 RISE？

I mean, first, let me start and Luka, you can build on that. I mean, first, with regard to S/4HANA cloud, as you also probably have heard in our earlier statements, I mean we remain extremely confident because with RISE, this is now the way we go and not only to do a technical migration. We do a business transformation. And then, of course, our installed base is huge, and there is high demand. Large companies are also now joining the movement. And when you also look at our total order and when you look at software plus cloud, I guess, Luka, it's fair to say that this was one of the highest growth rates ever as we see in the cloud, especially with large enterprises, these are long contracts. The contract lifetime value is extremely good, extremely high. So from my perspective, also looking now in the quarters ahead, I mean there is no reason not to be optimistic.

我的意思是，首先，讓我開始，Luka，你可以在此基礎上再接再厲。我的意思是，首先，關於 S/4HANA 雲，正如您可能在我們之前的聲明中聽到的那樣，我的意思是我們仍然非常有信心，因為有了 RISE，這就是我們現在要走的路，而不僅僅是進行技術遷移。我們進行業務轉型。然後，當然，我們的安裝基數很大，而且需求量很大。大公司現在也加入了這一運動。當您還查看我們的總訂單以及軟件加雲時，我想，盧卡，可以公平地說，這是我們在雲中看到的最高增長率之一，尤其是對於大型企業，這些是長合同。合同終身價值非常好，非常高。因此，從我的角度來看，現在展望未來幾個季度，我的意思是沒有理由不樂觀。

And then second, also look at the net new customer share. It's not only the installed base, very important. If someone decides to join from [Areglado], we take them and also put them into the public cloud into the standard and help them, again, to transform their business. So I guess there is no reason to be not confident.

其次，還要看淨新客戶份額。這不僅是安裝基礎，非常重要。如果有人決定從 [Areglado] 加入，我們會帶走他們，並將他們放入公共雲中以符合標準，並再次幫助他們轉變業務。所以我想沒有理由不自信。

Perhaps just a few more comments and then Scott, please feel free to add some color commentary here as well. So first of all, Christian is absolutely right. Our TCV growth rate, so in terms of the Total Contract Values, including ramped contracts, is materially up way higher growth rates than on an annualized contract value level. And only, obviously, a first year of that progression is reflected in the current cloud backlog. So this is making us very confident around the growth momentum in the cloud, obviously. And also the average contract duration continues to move upwards because of the increasing number of RISE contracts who are typically very long-term-oriented contracts. So we are getting much closer to the 4-year average contract duration, which is very positive as well. In terms of the attach rate, I think we -- from my perspective, our assumptions still hold. Scott has often talked and including on this call, about the 3-for-1 opportunity. And that's clearly what we can see as well, including in some of our large RISE opportunities that had an attached to different line of business applications. Some very positive ones come to mind that were also mentioned on this call, like Philips Domestic Appliances and others, which are good examples. So I think that assumption still holds from my perspective.

也許只是一些評論，然後 Scott，請隨時在這裡添加一些顏色評論。所以首先，克里斯蒂安是絕對正確的。我們的 TCV 增長率，因此就總合同價值（包括增加的合同）而言，增長率遠高於年化合同價值水平。顯然，這一進展的第一年反映在當前的雲積壓中。因此，這顯然使我們對雲計算的增長勢頭非常有信心。而且由於 RISE 合同的數量增加，這些合同通常是非常長期的合同，因此平均合同期限繼續向上移動。所以我們越來越接近 4 年平均合同期限，這也非常積極。就附加率而言，我認為我們 - 從我的角度來看，我們的假設仍然成立。斯科特經常談論（包括在這次電話會議上）關於 3 比 1 的機會。這顯然也是我們可以看到的，包括在我們的一些大型 RISE 機會中，這些機會與不同的業務應用程序相關聯。一些非常積極的公司浮現在腦海中，在這次電話會議中也提到了這些公司，例如飛利浦家用電器等，這些都是很好的例子。所以我認為從我的角度來看，這個假設仍然成立。

And in terms of industries, perhaps, I can hand over to Scott. But for me, it's really a broad-based adoption across all industries. It might just make a difference of which industries tend to more move to S/4 public cloud right away because they have actually less modification legacy, service industries would be probably one of them. Whereas, some others like discrete manufacturing or automotive would rather tend to move to a private cloud setup.

就行業而言，也許我可以交給斯科特。但對我來說，這確實是所有行業的廣泛採用。這可能只會影響哪些行業更傾向於立即遷移到 S/4 公共雲，因為它們實際上具有較少的修改遺留，服務行業可能是其中之一。然而，離散製造或汽車等其他一些企業更願意轉向私有云設置。

Yes, I would add. I think you described the industry situation and the scenario. It is a broad-based, but the scenario that you described, Luka, is correct. I think the only 2 comments that I would make on the multi-tenant and S/4. There's a few things to remember. The first is, many customers, Christian said it well, are going straight to our SaaS multi-tenant S/4 cloud. It's especially true for net new customers or customers coming from Oracle or other landscapes, but they're still coming. But a lot of our existing clients are also looking at hybrid scenarios. We see a lot of large companies that have got a mix of private cloud and public cloud and the beauty of S/4 cloud is, we can support that. We've got the ability to provide not only the hybrid scenario, but a modular S/4 cloud that gives the benefits of not only lower subscription fees to get greater efficiency, but the adoption of innovation for these customers and to do so at scale across their landscape, whilst minimizing customization, best practices, making sure they've got that clean core, which we do across four parts of S/4 cloud through RISE. That makes it very compelling for clients. And I mentioned before, the starting journey of customers, it varies. But the end point of having that agile transform platform that gives them the business agility, that is clear and whether they are on a full SaaS or in a hybrid scenario, they're able to do that with RISE with SAP.

是的，我會補充。我想你描述了行業情況和場景。這是一個廣泛的基礎，但你描述的情景，盧卡，是正確的。我認為我只會對多租戶和 S/4 發表 2 條評論。有幾件事要記住。首先，克里斯蒂安說得好，很多客戶都直接使用我們的 SaaS 多租戶 S/4 雲。對於淨新客戶或來自 Oracle 或其他領域的客戶來說尤其如此，但他們仍然會來。但我們的許多現有客戶也在考慮混合方案。我們看到很多大公司混合了私有云和公共雲，而 S/4 雲的美妙之處在於，我們可以支持它。我們不僅有能力提供混合場景，還有模塊化的 S/4 雲，它的好處不僅在於降低訂閱費用以獲得更高的效率，還在於為這些客戶採用創新並大規模地這樣做在他們的環境中，同時最大限度地減少定制、最佳實踐，確保他們擁有乾淨的核心，我們通過 RISE 在 S/4 雲的四個部分中做到這一點。這使得它對客戶非常有吸引力。我之前提到過，客戶的開始旅程各不相同。但是，擁有能夠為他們提供業務敏捷性的敏捷轉換平台的終點是明確的，無論他們是在完整的 SaaS 中還是在混合場景中，他們都能夠通過 RISE with SAP 來做到這一點。

And today's final question comes from Adam Wood of Morgan Stanley.

今天的最後一個問題來自摩根士丹利的亞當伍德。

And also best wishes from my side to Stefan. Thanks for the support over the years, definitely appreciated. I've got 2, please. Maybe just following up on the comments that you just made, Scott, around the type of cloud adoption that customers are going through. A discussion we get into it with investors quite a lot is the full public cloud version of S/4 and whether it can satisfy the demands of customers. To what extent the customers care about what the cloud they're running in versus just being able to solve the business problems and get an upgradable version of the product that's easy for them to consume. If you could talk a little bit about customer reaction to that and what customers actually care about versus perceptions. That would be helpful.

我也向 Stefan 致以最良好的祝愿。感謝多年來的支持，絕對感謝。我有2個，謝謝。也許只是跟進你剛剛發表的評論，斯科特，圍繞客戶正在經歷的雲採用類型。我們跟投資人討論比較多的一個問題就是S/4的全公有云版本，能不能滿足客戶的需求。客戶在多大程度上關心他們在什麼雲中運行，而不是僅僅能夠解決業務問題並獲得易於他們使用的產品的可升級版本。如果你能談談客戶對此的反應，以及客戶真正關心的是什麼，而不是他們的看法。那會很有幫助。

And maybe secondly, you mentioned Reckitt taking business analytics. I wonder if you could talk a little bit about the views of how that industry evolves to the extent you've been selling separate data warehousing solutions over time. How does the competitive landscape stack up there against the hyperscalers, against people like Snowflake? And then Analytics are more in the application layer for SAP rather than in that area, is that something you can charge for separately? Or is that something that really just helps differentiate the application?

也許其次，你提到 Reckitt 進行業務分析。我想知道您是否可以談談您對這個行業如何發展到您一直在銷售單獨的數據倉庫解決方案的程度的看法。競爭格局如何與超大規模企業、像雪花這樣的人相提並論？然後分析更多地在 SAP 的應用程序層而不是在那個領域，你可以單獨收費嗎？或者這真的只是有助於區分應用程序的東西嗎？

Very good question, Adam, and let me start with your last point as we just talk about these partnerships also internally. Look, on the Analytics space, clearly, Analytics is for us an application where we see even higher attach rates now with our line of business application. Spanning an analytics layer across the company, helps you. When you are not having integrated planning, you have -- if you are not, you can steer your company end-to-end, you have a (inaudible). And this is Analytics cloud. And this is why we also offer that also in many cases and many deals hasn't attached to our existing line of business solutions. Then also on the data warehouse, yes, of course, we still have many, many happy actually BW customers, and we are very proud of this legacy. And now we are in full speed, developing data warehouse cloud. And we see very strong deals already, very strong with customer references to also make that move happen. On the big data side, nevertheless, we are open for partnerships. We are just also in negotiations on how can we really even partner the data, the access to data for our customers. So this is where we partner, data warehouse clouds, we own. And then, of course, on the analytics, yes, clearly, we see this more on the application layer, very successfully. This is where SAP plays, of course, for a very long time.

很好的問題，亞當，讓我從你的最後一點開始，因為我們也在內部討論這些夥伴關係。看，在分析領域，很明顯，分析對我們來說是一個應用程序，我們現在看到我們的業務應用程序的附加率更高。跨越整個公司的分析層，可以幫助您。當你沒有綜合規劃時，你有——如果你沒有，你可以端到端地引導你的公司，你有一個（聽不清）。這是分析雲。這就是為什麼我們在很多情況下也提供這種服務，而且許多交易還沒有附加到我們現有的業務線解決方案上。然後還有數據倉庫，是的，當然，我們仍然有很多很多快樂的 BW 客戶，我們為這一遺產感到非常自豪。現在我們正在全速開發數據倉庫雲。我們已經看到非常強大的交易，非常強大的客戶參考也可以實現這一舉措。然而，在大數據方面，我們對合作持開放態度。我們還在談判我們如何才能真正合作數據，為我們的客戶訪問數據。所以這就是我們合作的地方，數據倉庫雲，我們擁有。然後，當然，在分析上，是的，很明顯，我們在應用層上看到了更多，非常成功。當然，這就是 SAP 長期發揮作用的地方。

And maybe if I can, Christian. I'll just comment on the first question about, do the customers care about the [SaaS] cloud. It's interesting, the customers around the world and in all industries are very clear about needing 3 things: One, they need a clean digital core that is transformed to help their business to navigate. They don't want to just move that workload and move, they really need that ability to be able to then respond to competition, impact on their industry, all of the other factors that we've seen around the supply chain disruption that you've heard and seen before and that requires that agility. And the second is then the platform to be able to innovate and scale from. So not only do you have it for today, but you're able to then extend and adapt and drive your uses going forward and having that flexibility. And then the third is speed, they're looking for the ability to transform at speed. The beauty is, they're not really saying multi-tenant product, they want modularity in those 3 combined. And so as I said before, some will go straight to we can run the entire value chain on our SaaS multi-tenant cloud today, but some will go through a journey where they will have that fiber landscape. It's a modular ERP. And what we focus on is to give them that agility, to give them that scale and to give them that speed, I think then the outcome whether they ultimately land on a full a SaaS or a more modular where they've got a hybrid or a combination. Actually, they're not too concerned about it.

也許我可以的話，克里斯蒂安。我只會評論第一個問題，客戶是否關心 [SaaS] 雲。有趣的是，世界各地和所有行業的客戶都非常清楚需要三件事：第一，他們需要一個乾淨的數字核心，該核心經過轉換以幫助他們的業務導航。他們不想只是移動工作量和移動，他們真的需要這種能力來應對競爭、對他們行業的影響，以及我們在供應鏈中斷方面看到的所有其他因素，你我以前聽過和見過，這需要那種敏捷性。第二個是能夠創新和擴展的平台。因此，您不僅今天擁有它，而且您還能夠擴展、調整和推動您的使用向前發展並具有這種靈活性。然後第三個是速度，他們正在尋找快速轉變的能力。美妙之處在於，他們並不是真正在說多租戶產品，他們希望將這 3 個組合起來進行模塊化。正如我之前所說，有些人會直接轉向我們今天可以在我們的 SaaS 多租戶雲上運行整個價值鏈，但有些人會經歷一段他們將擁有光纖景觀的旅程。它是一個模塊化的 ERP。我們關注的是為他們提供敏捷性、規模和速度，我認為結果是他們最終會採用完整的 SaaS 還是採用混合或更模塊化的方式組合。其實，他們並不太在意。

Yes. And last but not least, just to build on that. RISE with SAP doesn't end with the point of sale, it's very important because a lot of customers, yes, they have a lot of complexity built around their core ERP. And we sent architects in. Partners are now coming in. And we always then have a discussion with the customers how can we remove this modification. Is this a standard, okay, when does it come on the roadmap? How can we also build extensions? How can partners build our extensions on the platform? So we are also just in the process of building a huge ecosystem on our platform, on our business technology platform, which then also is IP, we can monetize or our partners can monetize across the SAP installed base. And this is also very important to not forget the ecosystem, which plays a very important role in RISE with SAP.

是的。最後但並非最不重要的一點是，以此為基礎。 RISE with SAP 不會以銷售點結束，這非常重要，因為很多客戶，是的，他們圍繞核心 ERP 構建了很多複雜性。我們派了架構師進來。合作夥伴現在進來了。然後我們總是與客戶討論如何刪除此修改。這是一個標準嗎，好的，它什麼時候出現在路線圖上？我們還可以如何構建擴展？合作夥伴如何在平台上構建我們的擴展？所以我們也只是在我們的平台上建立一個巨大的生態系統，在我們的業務技術平台上，然後也是 IP，我們可以貨幣化，或者我們的合作夥伴可以在 SAP 安裝基礎上貨幣化。這一點也很重要，不要忘記生態系統，它在 RISE with SAP 中扮演著非常重要的角色。

Well, thank you, Christian, and that concludes our call for today. Thank you.

好吧，謝謝你，克里斯蒂安，我們今天的電話就到此結束。謝謝。