SAP SE (SAP) 2021 Q2 法說會逐字稿

Good day, and welcome to the SAP Q2 2021 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 SAP 2021 年第二季度收益電話會議。今天的會議正在錄製中。

At this time, I will turn the conference over to Mr. Stefan Gruber, Head of Investor Relations. Please go ahead, sir.

此時，我將把會議轉交給投資者關係主管 Stefan Gruber 先生。請繼續，先生。

Thank you. Good morning or good afternoon. This is Stefan Gruber, Head of Investor Relations. Thank you for joining us for our earnings call to discuss our second quarter results. I'm joined by our CEO, Christian Klein; and our CFO, Luka Mucic, who will both make opening remarks on the call today. Also joining us for Q&A from Australia is Scott Russell, who leads our customer success organization.

謝謝。早上好或下午好。我是投資者關係主管 Stefan Gruber。感謝您加入我們的財報電話會議，討論我們的第二季度業績。我們的首席執行官 Christian Klein 也加入了我的行列；和我們的首席財務官 Luka Mucic，他們都將在今天的電話會議上發表開場白。來自澳大利亞的 Scott Russell 也加入了我們的問答環節，他領導著我們的客戶成功組織。

Before we get started, as usual, I would like to say a few words about forward-looking statements and our use of non-IFRS financial measures. Any statements made during this call that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, outlook and will and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements.

在我們開始之前，像往常一樣，我想就前瞻性陳述和我們使用非 IFRS 財務措施說幾句話。在本次電話會議期間作出的任何非歷史事實的陳述均為 1995 年美國私人證券訴訟改革法案所定義的前瞻性陳述。諸如預期、相信、估計、預期、預測、打算、可能、計劃、項目等詞語， predict、should、outlook 和 will 以及與 SAP 相關的類似表述旨在識別此類前瞻性陳述。 SAP 不承擔公開更新或修改任何前瞻性陳述的義務。

All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission, the SEC, including SAP's annual report on Form 20-F for 2020 filed with the SEC on March 4, 2021. Participants of this call are cautioned not to place undue reliance on these forward-looking statements which speak only as of their dates.

所有前瞻性陳述都受到各種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期存在重大差異。可能影響 SAP 未來財務業績的因素在 SAP 提交給美國證券交易委員會 SEC 的文件中進行了更全面的討論，包括 SAP 於 2021 年 3 月 4 日提交給 SEC 的 2020 年 20-F 表年度報告。本次呼籲提醒大家不要過分依賴這些前瞻性陳述，這些陳述僅說明截至日期的情況。

On our Investor Relations website, you can find the slide deck intended to supplement today's call available for download. For those of you following the webcast, the slides will be shown as we proceed through the prepared remarks.

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幻燈片可供下載。對於那些關注網絡廣播的人，幻燈片將在我們進行準備好的評論時顯示。

Unless otherwise noted, all financial numbers referred to on this conference call are non-IFRS and growth rates and percentage point changes are non-IFRS at constant currencies year-over-year. The non-IFRS financial measures we provide should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with IFRS.

除非另有說明，否則本次電話會議中提及的所有財務數據均為非國際財務報告準則，增長率和百分點變化均為非國際財務報告準則，按同比固定匯率計算。我們提供的非 IFRS 財務指標不應被視為替代或優於根據 IFRS 編制的財務業績指標。

With that, I'd like to turn things over to our CEO, Christian Klein.

有了這個，我想把事情交給我們的首席執行官 Christian Klein。

Yes. Thank you. Thanks to all of you for joining today. I hope you're doing well as the pandemic seems to be entering a new phase despite the positive progress in vaccinations. I also want to extend our deepest sympathies to all those affected by the catastrophic floods in parts of Western Europe and China. We are working closely with the affected communities to support their rescue and relief efforts.

是的。謝謝。感謝大家今天的加入。我希望你過得很好，因為儘管疫苗接種取得了積極進展，但大流行病似乎正在進入一個新階段。我還想對所有在西歐和中國部分地區遭受特大洪水影響的人們表示最深切的同情。我們正在與受災社區密切合作，支持他們的救援工作。

Let's now turn to our earnings update. For SAP, Q2 has been another fantastic quarter. It shows that we are executing well against the strategy we introduced last year. This strategy is playing out against the backdrop of every industry transforming digitally and with more urgency than ever before. Our customers are partnering with us as they transform their businesses while, at the same time, modernizing the IT landscape with a move to the cloud. This is reflected in the strong quarterly results we announced today.

現在讓我們談談我們的收益更新。對於 SAP 而言，第二季度又是一個精彩的季度。這表明我們對去年推出的戰略執行得很好。在每個行業都以比以往任何時候都更加緊迫的方式進行數字化轉型的背景下，這一戰略正在發揮作用。我們的客戶在轉型業務時與我們合作，同時通過遷移到雲來實現 IT 環境的現代化。這反映在我們今天公佈的強勁季度業績中。

Our current cloud backlog further accelerated by 20% to EUR 7.8 billion. Our cloud revenue growth accelerated sequentially by 4 percentage points to 17%. SaaS/PaaS cloud revenue grew 25% excluding Intelligent Spend. Most importantly, our customer satisfaction continues to improve and hit an all-time high in our most recent survey. The net key takeaway: our strategy is working, our teams are executing excellently and we are delivering incredible value to our customers.

我們當前的雲積壓訂單進一步增加了 20%，達到 78 億歐元。我們的雲收入增長環比加快 4 個百分點，達到 17%。不包括智能支出在內的 SaaS/PaaS 雲收入增長了 25%。最重要的是，我們的客戶滿意度不斷提高，並在我們最近的調查中創下歷史新高。關鍵要點：我們的戰略正在發揮作用，我們的團隊執行得非常出色，我們正在為客戶提供難以置信的價值。

Let's now take a look at some of the drivers behind our growth this quarter. One of them is clearly RISE with SAP, our leading end-to-end business transformation offering. We see strong demand from both our installed base and from new customers, from companies of all sizes across industries and geographies and especially from our larger customers. AMD, for example, chose RISE to consolidate onto one single enterprise platform. Another example is Coop who chose our RISE offering to move to S/4HANA Cloud and who co-innovate with SAP as part of the industry cloud for retail.

現在讓我們來看看本季度增長背後的一些驅動因素。其中之一顯然是 RISE with SAP，這是我們領先的端到端業務轉型產品。我們看到來自我們的現有客戶群和新客戶的強勁需求，來自不同行業和地區的各種規模的公司，尤其是我們的大客戶。例如，AMD 選擇 RISE 來整合到一個單一的企業平台上。另一個例子是 Coop，他選擇了我們的 RISE 產品以遷移到 S/4HANA Cloud，並作為零售行業雲的一部分與 SAP 共同創新。

There is an important strategic dynamic which I would like to touch on. Strong RISE momentum leads first to strong adoption of S/4HANA Cloud and our business technology platform. And secondly, through our business technology platform, customers then adopt our integrated line of business applications. That's exactly the dynamic we saw play out this quarter.

我想談談一個重要的戰略動態。強勁的 RISE 勢頭首先導致 S/4HANA Cloud 和我們的業務技術平台的廣泛採用。其次，通過我們的業務技術平台，客戶可以採用我們集成的業務應用程序。這正是我們在本季度看到的動態。

Our S/4HANA Cloud backlog growth therefore accelerated to an impressive 48%. This sets us up for significant acceleration of S/4HANA Cloud revenue growth in half year 2. S/4HANA Cloud revenue was up 39% in the quarter and reached a revenue run rate of more than EUR 1 billion. We have, in the meantime, more than 17,000 S/4HANA customers, up 16% year-over-year with 50% of these customers being net new.

因此，我們的 S/4HANA Cloud 待辦訂單增長加速至令人印象深刻的 48%。這讓我們為 S/4HANA Cloud 收入在第二半年的顯著加速增長做好了準備。S/4HANA Cloud 收入在本季度增長了 39%，達到了超過 10 億歐元的收入運行率。與此同時，我們擁有超過 17,000 個 S/4HANA 客戶，同比增長 16%，其中 50% 是全新客戶。

Let's now discuss the shift to our next-generation SAP Business Technology Platform. Over 8,000 live customers and 4,000 partners adopted the platform for business process integration and for developing new line of business and industry-specific applications. Our B2B business had a strong quarter, powered by RISE, with strong double-digit growth and customer wins, including Hilti, Lenovo and Renault.

現在讓我們討論一下向下一代 SAP 業務技術平台的轉變。超過 8,000 名實際客戶和 4,000 名合作夥伴採用該平台進行業務流程集成以及開發新的業務線和行業特定的應用程序。在 RISE 的推動下，我們的 B2B 業務在本季度表現強勁，實現了兩位數的強勁增長，並贏得了包括喜利得、聯想和雷諾在內的客戶。

Let me now cover the impact of RISE with SAP on our line of business and industry applications. With the move of our RISE customers to our next-generation Business Technology Platform, we enable them to run end-to-end business processes based on our LoB and industry applications. This opens up tremendous cross-sell opportunities across our entire cloud portfolio. As a result, latest analyst research confirms that SAP increased its market share in the cloud over our competition. This quarter alone, we have again proven SAP's unique position, winning in over 350 competitive deals, the majority of which were against Oracle. Net-net, we saw a fantastic performance and competitive wins across our whole portfolio.

現在讓我談談 RISE with SAP 對我們的業務線和行業應用程序的影響。隨著我們的 RISE 客戶轉向我們的下一代業務技術平台，我們使他們能夠運行基於我們的 LoB 和行業應用程序的端到端業務流程。這為我們整個雲產品組合帶來了巨大的交叉銷售機會。因此，最新的分析師研究證實，SAP 在我們的競爭對手中增加了其在雲中的市場份額。僅本季度，我們就再次證明了 SAP 的獨特地位，贏得了 350 多筆競爭性交易，其中大部分是針對 Oracle 的。 Net-net，我們在整個產品組合中看到了出色的性能和競爭優勢。

Let me share a few examples. Many companies are looking to our human experience management solutions as they navigate a new normal in the workplace. Clarins selected our full HXM suite, including Employee Central. And we won against Oracle and Workday to transform their HR function and better support their more than 8,000 employees.

讓我分享幾個例子。許多公司在適應工作場所的新常態時都在尋求我們的人性化體驗管理解決方案。嬌韻詩選擇了我們完整的 HXM 套件，包括 Employee Central。我們戰勝了 Oracle 和 Workday，轉變了他們的人力資源職能，更好地支持他們的 8,000 多名員工。

Our CX cloud revenues and current cloud backlog grew by strong double digits. Great customer wins this quarter include Dyson and De'Longhi. We also grew cloud revenue and current cloud backlog in our Ariba and Fieldglass business by double digits year-over-year. [Alcon Vision] chose our procurement solutions as their source-to-pay platform for direct and indirect materials, which no other competitor is able to offer.

我們的 CX 雲收入和當前的雲積壓業務以強勁的兩位數增長。本季度贏得的大客戶包括戴森和德龍。我們的 Ariba 和 Fieldglass 業務的雲收入和當前云積壓也同比增長了兩位數。 [Alcon Vision] 選擇我們的採購解決方案作為直接和間接材料的採購到付款平台，這是其他競爭對手無法提供的。

Our Digital Supply Chain business also had a strong performance with double-digit cloud revenue and CCB growth. These solutions are key to run resilient supply chains, and customers this quarter included Stanley Black & Decker and [Grupo Lamosa]. This is also the first full quarter that Signavio has been consolidated into our results. It had an outstanding first quarter as part of SAP's Business Process Intelligence segment, which grew in triple digits in current cloud backlog. In all my conversations with customers, one thing is always clear. They are choosing us for our unique value in helping them to transform their business in this ever-changing world.

我們的數字供應鏈業務也表現強勁，雲收入和 CCB 均實現兩位數增長。這些解決方案是運行彈性供應鏈的關鍵，本季度的客戶包括 Stanley Black & Decker 和 [Grupo Lamosa]。這也是 Signavio 合併到我們業績中的第一個完整季度。作為 SAP 業務流程智能部門的一部分，它在第一季度表現出色，該部門在當前云積壓中以三位數的速度增長。在我與客戶的所有談話中，有一件事總是很清楚的。他們選擇我們是因為我們在幫助他們在這個瞬息萬變的世界中實現業務轉型方面的獨特價值。

I'd like to add some comments about our continued growth. We are optimistic about the future, and we have raised our guidance today to reflect the momentum we are seeing in the market. In addition to the progress in our core business, we are investing into new markets. This will expand our total addressable market by $150 billion to a total TAM of $600 billion by 2025.

我想補充一些關於我們持續增長的評論。我們對未來持樂觀態度，我們今天提高了我們的指導以反映我們在市場上看到的勢頭。除了我們的核心業務取得進展外，我們還在投資新市場。這將使我們的總目標市場擴大 1500 億美元，到 2025 年總 TAM 達到 6000 億美元。

Let me highlight 2 future growth areas in more detail. With the SAP Business Network, we have created the world's largest and most comprehensive business network. It provides a powerful way for members to respond in real time to disruptions in their supply chains. This quarter alone, over 350,000 new trading partners have joined.

讓我更詳細地強調 2 個未來的增長領域。通過 SAP Business Network，我們創建了世界上最大、最全面的業務網絡。它為成員提供了一種強大的方式來實時響應其供應鏈中的中斷。僅本季度，就有超過 350,000 個新貿易夥伴加入。

With our sustainability portfolio, SAP is the only partner who can support companies on their entire journey across the full spectrum of sustainability, from carbon neutrality to social impact and economic progress. We are partnering with more than 100 of the world's largest enterprises. Together, we are building solutions that allow customers to consider sustainability right from the design of a product, solutions that allow them to measure carbon emissions across their network and solutions that offer end-to-end transparency and real-time insights into ESG performance in line with leading WEF core metrics.

憑藉我們的可持續發展產品組合，SAP 是唯一能夠在從碳中和到社會影響和經濟進步的全方位可持續發展旅程中為公司提供支持的合作夥伴。我們正在與 100 多家全球最大的企業合作。我們一起構建解決方案，使客戶能夠從產品設計開始就考慮可持續性，解決方案使他們能夠衡量整個網絡的碳排放量，以及提供端到端透明度和實時洞察 ESG 績效的解決方案符合領先的 WEF 核心指標。

In summary, this has been another excellent quarter. Our results demonstrate that our strategy is not just working but creating distinct momentum in the market. We are optimistic about reaching our goal of EUR 22 billion in cloud revenue by 2025 with organic cloud growth of 22% per annum, growing twice the rate of our TAM.

總之，這是又一個出色的季度。我們的結果表明，我們的策略不僅有效，而且在市場上創造了明顯的動力。我們對到 2025 年實現 220 億歐元雲收入的目標持樂觀態度，雲的有機增長率為每年 22%，是 TAM 增長率的兩倍。

Thanks 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. And hello from my side as well. I have to say I completely agree with Christian that customers continue to see SAP as their trusted partner in their business transformation. The strong customer momentum and adoption that we saw in the quarter is very encouraging, which is also clearly reflected in our numbers. After an excellent first quarter, our cloud transition gained even more momentum in the second quarter with growth accelerating across our cloud portfolio.

是的。非常感謝你，克里斯蒂安。我也問好。我不得不說，我完全同意 Christian 的觀點，即客戶繼續將 SAP 視為他們在業務轉型中值得信賴的合作夥伴。我們在本季度看到的強勁客戶勢頭和採用率非常令人鼓舞，這也清楚地反映在我們的數字中。在第一季度表現出色之後，我們的雲轉型在第二季度獲得了更大的動力，我們的雲產品組合的增長速度加快。

Let's now take a look at some of the key drivers behind the performance in this quarter. Our total current cloud backlog continued its growth trend and accelerated sequentially to 20% growth, approaching EUR 8 billion. This was backed by a strong performance in Business Technology Platform, Business Process Intelligence, Qualtrics as well as customer experience.

現在讓我們來看看本季度業績背後的一些關鍵驅動因素。我們當前的總雲積壓訂單繼續保持增長趨勢，並連續加速增長至 20%，接近 80 億歐元。這得到了業務技術平台、業務流程智能、Qualtrics 以及客戶體驗方面的強勁表現的支持。

S/4HANA current cloud backlog grew by 48% to more than EUR 1.1 billion, propelled in particular by our U.S. business. With this strong backlog, we expect S/4HANA Cloud revenue growth to significantly accelerate in the second half of the year. For the quarter, S/4HANA Cloud revenue was up 39%. Only 5 months after the launch of RISE with SAP, it was again an important driver of the S/4HANA Cloud performance. Total cloud revenue showed a strong sequential uptick by 4 percentage points, resulting in 17% growth.

S/4HANA 當前的雲積壓訂單增長了 48%，超過 11 億歐元，這尤其受到我們美國業務的推動。憑藉如此強勁的積壓，我們預計 S/4HANA Cloud 收入增長將在下半年顯著加快。本季度，S/4HANA Cloud 收入增長了 39%。在 RISE with SAP 推出僅 5 個月後，它再次成為 S/4HANA Cloud 性能的重要驅動力。雲計算總收入連續強勁增長 4 個百分點，增長 17%。

Our travel and expense business showed first signs of recovery as global travel restrictions eased, which led to a sequential stabilization for the first time since the pandemic began. We are also pleased to see our Intelligent Spend category returning to growth. The Intelligent Spend cloud revenue growth rate was up 9 percentage points quarter-over-quarter even though it continues to be impacted more than other SaaS/PaaS solutions.

隨著全球旅行限制的放鬆，我們的旅行和費用業務顯示出複甦的初步跡象，這導致自大流行開始以來首次連續穩定。我們也很高興看到我們的智能支出類別恢復增長。 Intelligent Spend 雲收入增長率環比增長了 9 個百分點，儘管它繼續受到比其他 SaaS/PaaS 解決方案更大的影響。

Our share of more predictable revenue expanded by 3 percentage points to 76%. As anticipated, software licenses revenue decreased as more customers transition to the RISE with SAP offering. In the quarter as well as for the first half year, our cloud and software revenue grew strongly by 5%. Our services revenue was down 7%, which was mainly caused by the divestiture of our SAP Digital Interconnect business in November last year. Despite the lower services revenue, our total revenue increased by 3% for the quarter as well as for the first 6 months.

我們在更可預測的收入中所佔的份額增加了 3 個百分點，達到 76%。正如預期的那樣，隨著越來越多的客戶轉向 RISE with SAP 產品，軟件許可收入有所下降。在本季度和上半年，我們的雲和軟件收入強勁增長了 5%。我們的服務收入下降了 7%，這主要是由於去年 11 月剝離了我們的 SAP 數字互連業務。儘管服務收入較低，但本季度以及前 6 個月的總收入增長了 3%。

Now before moving to the bottom line, let me briefly give you some color on our regional results, where we had strong cloud performance across all regions. In the EMEA region, cloud and software revenue increased by 5%. Cloud revenue increased by 23% with Germany and Saudi Arabia being key highlights.

現在，在談到底線之前，讓我簡要介紹一下我們的區域結果，我們在所有區域都有強大的雲性能。在 EMEA 地區，雲和軟件收入增長了 5%。雲收入增長了 23%，其中德國和沙特阿拉伯是主要亮點。

In the Americas region, cloud and software revenue was equally up by 5%. Cloud revenue was up double digits with a robust performance in Brazil and Mexico. And we were also proud to see that in our largest market, the United States, we had a strong sequential acceleration in cloud revenue growth, combined with an even stronger current cloud backlog growth. In the APJ region, cloud and software revenue increased by 6%. Cloud revenue increased by 23% with Japan, Australia and South Korea being particularly strong.

在美洲地區，雲計算和軟件收入同樣增長了 5%。雲收入增長了兩位數，在巴西和墨西哥表現強勁。我們也很自豪地看到，在我們最大的市場美國，我們的雲收入增長出現了強勁的連續加速，加上當前更強勁的雲積壓增長。在 APJ 地區，雲和軟件收入增長了 6%。雲收入增長了 23%，其中日本、澳大利亞和韓國表現尤為強勁。

Let's now look at profitability and gross margins in the second quarter. Our cloud gross margin grew by 40 basis points and reached 70%. The gross margin of SaaS/PaaS outside Intelligent Spend grew by 80 basis points to 70%. This was driven by strong business performance while executing on our next-generation cloud delivery initiative. Our Intelligent Spend margin increased slightly and remains at 80% while our Infrastructure as a Service margin was up to 37%.

現在讓我們看看第二季度的盈利能力和毛利率。我們的雲毛利率增長了 40 個基點，達到 70%。 Intelligent Spend 之外的 SaaS/PaaS 的毛利率增長了 80 個基點，達到 70%。這是在執行我們的下一代云交付計劃時強大的業務績效所推動的。我們的智能支出利潤率略有上升並保持在 80%，而我們的基礎設施即服務利潤率高達 37%。

The gross margin of our on-premise business, software and support grew by 20 basis points to 87%. Overall, our cloud and software gross margin declined by 40 basis points to 80% backed by a better cloud margin and improvements in our support margin, which were overcompensated by an expected drop in software margin. The gross margin of our services business increased to 29%.

我們內部部署業務、軟件和支持的毛利率增長了 20 個基點，達到 87%。總體而言，我們的雲和軟件毛利率下降了 40 個基點，降至 80%，這得益於更好的雲利潤率和我們的支持利潤率的改善，這被軟件利潤率的預期下降過度補償了。我們服務業務的毛利率上升至29%。

In the second quarter, our operating profit expanded by 3% and was up 12% for the first 6 months. Our operating margin showed a slight decline by 20 basis points to 28.8% primarily due to the planned additional investments in R&D. For the first 6 months, it was very strong and grew by 2.3 percentage points to 28.1%. On an IFRS basis, our operating profit was down by 23% to EUR 984 million and our IFRS operating margin was down over 4 percentage points to 14.8%. This decrease was driven by higher share-based compensation expenses primarily related to Qualtrics.

第二季度，我們的營業利潤增長了 3%，前 6 個月增長了 12%。我們的營業利潤率略微下降 20 個基點至 28.8%，這主要是由於計劃增加研發投資。前 6 個月非常強勁，增長了 2.3 個百分點，達到 28.1%。根據 IFRS，我們的營業利潤下降了 23% 至 9.84 億歐元，我們的 IFRS 營業利潤率下降了 4 個百分點以上至 14.8%。這一減少是由主要與 Qualtrics 相關的更高的基於股份的補償費用推動的。

Let me now turn to taxes and EPS, which had another brilliant performance in Q2. In the second quarter, the IFRS effective tax rate saw a substantial reduction to 19.7%, down by 13 percentage points. The non-IFRS effective tax rate likewise saw a significant reduction to 19.2%, down 11 percentage points. As a result, we are lowering our effective tax rate guidance for the full year. The decrease in comparison to the previous outlook mainly results from changes in tax-exempt income.

現在讓我談談稅收和每股收益，它們在第二季度再次表現出色。二季度，國際財務報告準則實際稅率大幅下降至19.7%，下降13個百分點。非 IFRS 有效稅率同樣大幅下降至 19.2%，下降 11 個百分點。因此，我們正在降低全年的有效稅率指導。與先前展望相比的減少主要是由於免稅收入的變化。

IFRS as well as non-IFRS EPS increased significantly by 57% and 50%, respectively. This was again driven by a lower effective tax rate in combination with another outstanding contribution from Sapphire Ventures to our finance income. In the second quarter, we launched our next Sapphire Ventures fund with a total committed volume of USD 1.75 billion. This underscores our continued venture capital support of entrepreneurs that aspire to build industry-leading businesses.

IFRS 和非 IFRS 每股收益分別大幅增長 57% 和 50%。這再次受到較低的有效稅率以及 Sapphire Ventures 對我們財務收入的另一項傑出貢獻的推動。第二季度，我們推出了下一個 Sapphire Ventures 基金，承諾總額為 17.5 億美元。這凸顯了我們對渴望建立行業領先企業的企業家的持續風險投資支持。

Let me continue with our cash flow. For the first 6 months, operating cash flow was EUR 3.8 billion. Positive effects from lower share-based compensation and restructuring payments were compensated by higher income taxes paid. Free cash flow was up by 4% to EUR 3.3 billion, supported by a reduction in CapEx.

讓我繼續我們的現金流。前 6 個月，經營現金流為 38 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，自由現金流增長了 4%，達到 33 億歐元。

For the full year, our operating cash flow and free cash flow guidance remains unchanged. Continuing with our full year outlook, which, reflecting the strong business performance in the first 6 months, we are again raising. For the detailed outlook, please refer to our quarterly statement that we published earlier today.

全年，我們的經營現金流和自由現金流指引保持不變。繼續我們的全年展望，這反映了前 6 個月的強勁業務表現，我們再次提高。有關詳細展望，請參閱我們今天早些時候發布的季度聲明。

And before closing, I want us always to talk about the green line as well. Christian already mentioned how we are enabling our customers to act more sustainably and transition to a circular economy through the innovations in our sustainability portfolio. We have made several public commitments to support sustainability as an integrated part of our business, including joining the World Economic Forum Stakeholder Capitalism Coalition, and we act on our promises. Our software will support WEF reporting metrics among others.

在結束之前，我希望我們也始終討論綠線。 Christian 已經提到我們如何通過我們可持續發展產品組合中的創新讓我們的客戶採取更可持續的行動並過渡到循環經濟。我們已做出多項公開承諾，將支持可持續發展作為我們業務的一個組成部分，包括加入世界經濟論壇利益相關者資本主義聯盟，並且我們兌現了我們的承諾。我們的軟件將支持 WEF 報告指標等。

Looking at our own internal metrics. We continue to make progress towards our goal of becoming carbon neutral by the end of 2023. In the first half of the year, our carbon emissions were 45 kilotons, significantly lower compared to last year. Given the ongoing pandemic in some regions and our pledge to flex initiative, we actually now anticipate the level of remote work to be even higher than previously expected. Therefore, we are decreasing our carbon emissions guidance to a range of 90 to 110 kilotons for the year. And to conclude on the topic of diversity, we continue to increase the number of women in management with nearly 28% at the end of Q2.

看看我們自己的內部指標。我們繼續朝著到 2023 年底實現碳中和的目標取得進展。今年上半年，我們的碳排放量為 45 千噸，與去年相比大幅下降。鑑於某些地區的持續大流行以及我們對靈活舉措的承諾，我們現在實際上預計遠程工作的水平甚至會高於之前的預期。因此，我們將今年的碳排放量指導值減少到 90 至 110 噸。總結一下多樣性這個話題，我們繼續增加管理層中的女性人數，在第二季度末達到近 28%。

So let me sum it up. We are highly encouraged by the strength across our solution portfolio. RISE with SAP is clearly resonating with customers. Our current cloud backlog and cloud revenue are accelerating. The strong momentum in the first half of the year gives us the confidence to once again raise our full year outlook.

所以讓我總結一下。我們對整個解決方案組合的實力感到非常鼓舞。 RISE with SAP 顯然引起了客戶的共鳴。我們當前的雲積壓和雲收入正在加速增長。上半年的強勁勢頭讓我們有信心再次上調全年展望。

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

非常感謝。我們現在很樂意回答您的問題。

Thank you. Operator, we can now start the Q&A session.

謝謝。接線員，我們現在可以開始問答環節了。

(Operator Instructions) Our first question comes from Stefan Slowinski from BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Stefan Slowinski。

I just wanted to follow up on the cross-selling topic that you mentioned in your prepared remarks. It seems like an increasing number of projects have multiple SAP apps as customers upgrade to S/4, yet the current cloud backlog growth ex Qualtrics and ex S/4HANA was probably flat sequentially, maybe even slightly down. So just wondering why, despite that acceleration we're seeing in the S/4HANA backlog growth, we're not seeing that yet feed into other line of business areas. And when do you expect that to become more visible in the current cloud backlog growth?

我只是想跟進您在準備好的發言中提到的交叉銷售主題。隨著客戶升級到 S/4，似乎越來越多的項目擁有多個 SAP 應用程序，但當前從 Qualtrics 和從 S/4HANA 開始的雲積壓增長可能連續持平，甚至可能略有下降。所以只是想知道為什麼，儘管我們在 S/4HANA 積壓增長中看到了加速，但我們還沒有看到它進入其他業務領域。您預計什麼時候這會在當前的雲積壓增長中變得更加明顯？

Yes. This is a more technical question around the current cloud backlog. Perhaps let me start off, and then perhaps Christian and Scott can add some of the -- kind of their views around the momentum that we are seeing in the market.

是的。這是一個圍繞當前云積壓的更具技術性的問題。也許讓我開始，然後也許克里斯蒂安和斯科特可以補充一些他們對我們在市場上看到的勢頭的看法。

First of all, it's very important to note that actually, our current cloud backlog both in Q1 as well as in Q2 was ahead of our internal planning. So we are seeing an excellent momentum actually ahead of our expectations. It's also important to note that the number in itself is obviously significant. And when you take a look at how it is composed, in a business that is scaling fast and is adding, therefore, a bigger impact from new cloud bookings versus already established renewals such as S/4HANA cloud, you can actually make a much more significant impact quarter-over-quarter in terms of the increase that you're seeing.

首先，非常重要的是要注意，實際上，我們當前在第一季度和第二季度的雲積壓都超出了我們的內部計劃。因此，我們看到的勢頭實際上超出了我們的預期。同樣重要的是要注意，數字本身顯然很重要。當您查看它的組成方式時，在一個快速擴展並正在增加的業務中，因此，新的雲預訂與 S/4HANA 雲等已經建立的續訂相比產生更大的影響，您實際上可以做出更多就您所看到的增長而言，季度環比產生重大影響。

It's actually, from an overall perspective, usually the case that you have the highest increase in current cloud backlog in Q4 of any year because that's where you have the highest number of absolute new cloud bookings that you can add to the funnel. And then under normal conditions, outsize of the very -- outside of the very fast growth that we are seeing today, you would have a more kind of even distribution without a big increase during the year in the other quarters.

實際上，從整體角度來看，通常情況下，您在任何一年的第四季度的當前云積壓增加最多，因為這是您可以添加到漏斗中的絕對新雲預訂數量最多的地方。然後在正常情況下，除了我們今天看到的非常快速的增長之外，在其他季度沒有大幅增長的情況下，你會有更均勻的分佈。

You can see this also when you compare our quarter-over-quarter sequential growth in -- from Q1 to Q2 last year versus Q1 to Q2 this year. Last year, we increased sequentially by 1.2 percentage points on a revenue basis. This year, it's actually double that rate at 2.4 percentage points. So there is actually acceleration happening, and we expect this to absolutely steady continue into the future in particular given the growth assets that you are highlighting here. So we are extremely pleased with our momentum and are ahead of what we expected to be at this point in time.

當你比較我們去年第一季度到第二季度與今年第一季度到第二季度的環比連續增長時，你也可以看到這一點。去年，我們在收入基礎上連續增長了 1.2 個百分點。今年，它實際上翻了一番，達到 2.4 個百分點。因此，實際上正在發生加速，我們希望這種情況在未來絕對穩定地持續下去，特別是考慮到您在這裡強調的增長資產。因此，我們對我們的勢頭感到非常滿意，並且領先於我們目前的預期。

And perhaps on the cross-selling opportunities, Christian and Scott?

也許關於交叉銷售機會，Christian 和 Scott？

Stefan, so first of all, as Luka outlined, I guess it's also very important to consider that we have -- in half year 1, we saw the highest order entry in cloud core since many years. And of course, when you put this then on top of your existing cloud revenue of the upcoming renewals, obviously, this has not yet seen this high increase of sequential growth that maybe you have expected. But again, it's a large number, and we have seen high order entry growth, which then will lead to a further acceleration now in cloud revenue in half year 2 and it's safe to say already, a further salvation of cloud revenue in 2022. So the backlog is very strong.

Stefan，首先，正如 Luka 所概述的那樣，我想考慮我們也很重要 - 在第一半年，我們看到了多年來雲核心中最高的訂單條目。當然，當你把它放在即將到來的續約的現有云收入之上時，顯然，這還沒有看到你可能預期的這種連續增長的高增長。但同樣，這是一個很大的數字，我們已經看到高訂單進入增長，這將導致第二半年雲收入進一步加速，可以肯定地說，2022 年雲收入將進一步得到拯救。所以積壓非常多。

And then with regard to the cross-sell opportunities, I mean it's very important to mention with RISE and I see -- I guess you see how big now the impact is already on S/4HANA cloud with the current cloud backlog now up 48% year-over-year. But it's also a move to our next-generation platform, the BTP. And there is now the same data model for all of our solutions. There is one security model.

然後關於交叉銷售機會，我的意思是提及 RISE 非常重要，我知道——我想你現在已經看到 S/4HANA 雲的影響有多大，當前的雲積壓現在增加了 48%一年又一年。但這也是我們向下一代平台 BTP 的轉變。現在我們所有的解決方案都有相同的數據模型。只有一種安全模型。

And of course, a customer -- an ECC customer who runs today HR on prem and procurement says, "Okay, I do the move to this new platform. I do this move to S/4HANA Cloud. But I still also want to run hire to retire end to end. I still want to -- want procure to pay end to end." And then it's logic that the next buying decision is then, "Okay, I go for Ariba. I go for Fieldglass. I go for SuccessFactors." And that's actually also rationale behind RISE that we should not forget about.

當然，一個客戶——一個 ECC 客戶，他今天在 prem 和採購部門運行 HR從頭到尾僱用退休。我仍然想要——希望採購到頭到尾支付。”然後下一個購買決定是合乎邏輯的，“好吧，我選擇 Ariba。我選擇 Fieldglass。我選擇 SuccessFactors。”這實際上也是我們不應忘記的 RISE 背後的基本原理。

Our next question comes from Adam Wood from Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當伍德。

So maybe it's kind of related to Stefan's question. But I mean, obviously, market's a little disappointed with that acceleration in the cloud subscription growth. We obviously see it's improved but maybe not as much as investors were hoping for. Could you maybe just talk a little bit in more detail around the dynamics of how this plays out in terms of are you happy with where renewal rates are on the business? When these new bookings come in, how long should we be thinking about in terms of delays from the actual signing and then the ability to recognize revenue?

所以這可能與 Stefan 的問題有點相關。但我的意思是，顯然，市場對雲訂閱增長的加速有點失望。我們顯然看到它有所改善，但可能沒有投資者希望的那麼多。您能否更詳細地談談這種情況的動態變化，您對業務的續訂率是否滿意？當這些新預訂出現時，我們應該考慮實際簽約延遲多長時間，然後才能確認收入？

And maybe on that new bookings side, are there any more metrics you can give us? I mean for example, should we be looking at the number of cloud orders and the mix of bigger and smaller deals in that to give us a feel of what's happening on that new order momentum? Any metrics you can give us to kind of reassure that what you're seeing is better than what's implied by that growth?

也許在新的預訂方面，您是否可以提供更多指標？我的意思是，例如，我們是否應該查看雲訂單的數量以及其中大小交易的組合，以便讓我們了解新訂單勢頭正在發生什麼？您可以提供任何指標來讓我們放心，您所看到的比增長所暗示的要好？

And then maybe just secondly around Intelligent Spend. I guess as markets open, I'm thinking particularly around Concur. I guess the U.S. is probably one of the furthest along. Are there big differences? How quickly is the pickup that you see in those markets as customers get back to spending on travel and expense?

然後可能僅次於智能支出。我想隨著市場的開放，我會特別考慮 Concur。我想美國可能是走得最遠的國家之一。有很大的不同嗎？隨著客戶恢復旅行和費用支出，您在這些市場中看到的回升速度有多快？

Yes. Let me start, and then please, colleagues, chime in here. So first of all, in terms of the improvement, I mean, both new cloud bookings as well as renewals are significantly up year-over-year. That's the first statement I want to make. And clearly, we have given additional color commentary around the new cloud bookings performance across various parts of the portfolio.

是的。讓我開始，然後請同事們插話。所以首先，就改進而言，我的意思是，新的雲預訂和續訂都同比顯著增加。這是我要發表的第一個聲明。很明顯，我們已經對投資組合各個部分的新雲預訂性能進行了額外的顏色評論。

Ultimately, it's all coming together in the CCB. And again, the movements there, of course, due to the higher renewal base that we have built already, are not as significant as actually the new order pickup, where I can only assure you that both what we saw in Q1 as well as what we saw in Q2 for every quarter alone is significantly ahead of the CAGR that we need to hit our midterm objectives. So that's why also, on the revenue side, we are ahead of our internal plan.

最終，所有這些都匯集在了 CCB 中。再一次，當然，由於我們已經建立了更高的續訂基礎，那裡的變動並不像實際的新訂單提取那麼重要，我只能向你保證，我們在第一季度看到的以及我們在第二季度看到，僅每個季度就大大領先於我們實現中期目標所需的複合年增長率。所以這就是為什麼在收入方面，我們也領先於我們的內部計劃。

We have cited some of those areas like the fast growth in BTP that we have seen. The fact that we have seen triple-digit bookings growth in S/4HANA perhaps is an additional aspect that we can mention on top. And in Intelligent Spend, not only did Ariba and Fieldglass come back to double-digit growth on the revenue line. But it's actually important to note that in terms of new cloud bookings -- so not the transactional piece and the ongoing revenue run rate but in terms of new cloud bookings, also Concur returned to double-digit growth, which I think was a very strong showing.

我們引用了其中一些領域，例如我們所看到的 BTP 的快速增長。事實上，我們已經看到 S/4HANA 中的三位數預訂量增長，這也許是我們可以在頂部提到的另一個方面。在 Intelligent Spend 方面，Ariba 和 Fieldglass 不僅在收入線上恢復了兩位數的增長。但實際上需要注意的是，就新的雲預訂而言——不是交易部分和持續的收入運行率，而是就新的雲預訂而言，Concur 也恢復了兩位數的增長，我認為這是非常強勁的顯示。

So we start to see that this business is gearing up. As I said, it went from negative growth to 7% in Q2, and it will further accelerate in the second half year and support also the kind of targets that we have set for 2021. But more importantly, this business in particular, through the transactional revenues, will start to significantly contribute to the growth that we expect for next year. So that's for Intelligent Spend.

所以我們開始看到這項業務正在加速發展。正如我所說，它在第二季度從負增長變為 7%，下半年將進一步加速，並支持我們為 2021 年設定的目標。但更重要的是，這項業務尤其是通過交易收入將開始顯著促進我們預計明年的增長。這就是智能支出。

And the pickup there, I would say, is really broad-based. It's not confined to a specific region, even though, as I said before, North America certainly had, based on the size of its business, a very strong performance in terms of new cloud business that they contracted.

我想說，那裡的皮卡真的很廣泛。它並不局限於特定區域，儘管正如我之前所說，根據其業務規模，北美在他們簽約的新雲業務方面肯定有非常強勁的表現。

Yes. And from my side, Adam, look, I mean when you take the CCB and you just have a look at the net new business we are closing, so the new order entry as well as, of course, successfully closing the upcoming renewals, we had the highest growth since many years in half year 1. So we are clearly ahead of the plan, which also allows us to be already now very confident about the cloud revenue, which is a lagging indicator for half year 2 and 2022. So this is very important.

是的。從我這邊，亞當，看，我的意思是當你拿 CCB 的時候，你只是看看我們正在關閉的淨新業務，所以新的訂單輸入，當然還有成功關閉即將到來的續約，我們第 1 半年的增長是多年來最高的。所以我們顯然領先於計劃，這也讓我們現在對雲收入非常有信心，這是第 2 半年和 2022 年的滯後指標。所以這個非常重要。

And then, of course, we have other metrics like, for example, the customer satisfaction. That's on an all-time high now in our recent survey. So all the indicators also showing strong signals that we are not only closing a lot of new business but also that we are building a lot of healthy business, which is equally important for the quarters and years to come. Scott?

然後，當然，我們還有其他指標，例如客戶滿意度。在我們最近的調查中，這是一個歷史新高。因此，所有指標也顯示出強烈的信號，表明我們不僅關閉了很多新業務，而且我們正在建立很多健康的業務，這對未來幾個季度和幾年同樣重要。斯科特？

Yes. I guess you've covered most of it, Christian and Luka, but there'll be 2 additional comments that I guess I would share. The first is back to the earlier question about the cross-sell. What is really pleasing when you look across the order entry in the first half in Q1 and in Q2, yes, it was underpinned by amazing momentum with RISE, but all the categories -- the major categories that we talked about before, our technology platform, customer experience, our Qualtrics Business Process Intelligence, all growing significantly in bookings and in order entry. So it's a portfolio that is proving that strength, rather than being underpinned on only 1 dimension.

是的。 Christian 和 Luka，我想你們已經涵蓋了大部分內容，但我想我會分享另外 2 條評論。首先回到之前關於交叉銷售的問題。當您查看第一季度和第二季度上半年的訂單輸入時，真正令人高興的是，它得到了 RISE 驚人勢頭的支持，但所有類別——我們之前談到的主要類別，我們的技術平台、客戶體驗、我們的 Qualtrics 業務流程智能，所有這些都在預訂和訂單輸入方面顯著增長。因此，這是一個證明這種實力的投資組合，而不是僅在一個維度上得到支持。

And I did want to just secondly reiterate what Luka mentioned, which was our North America business particularly showed strength and above what we're doing across the group in terms of order entry in our cloud business with sequential growth. And that gives us confidence not only in terms of the revenue implication that it will come in the second half that Christian mentioned but also the outlook when I look at our pipeline going forward as well. That gives us confidence, notwithstanding what is a very dynamic market situation with COVID amongst other things.

我確實想再次重申 Luka 提到的內容，即我們的北美業務特別顯示出實力，並且在我們雲業務的訂單輸入方面表現出強勢，並且在連續增長方面高於我們在整個集團所做的事情。這讓我們不僅對克里斯蒂安提到的下半年收入影響有信心，而且當我看到我們的管道向前發展時的前景也讓我們充滿信心。這給了我們信心，儘管 COVID 等因素導致市場形勢非常活躍。

Our next question comes from Kirk Materne from Evercore.

我們的下一個問題來自 Evercore 的 Kirk Materne。

Just 2 questions really on S/4HANA Cloud. I was wondering if you all believe some of the acceleration -- or how much of the acceleration might be more around the broader cycle and investment in back-office software after perhaps a retrenchment last year? I'm just trying to get a sense on -- you all are obviously doing well, but is there some momentum really in rethinking or replatforming back office, some of the legacy back-office software?

關於 S/4HANA Cloud，只有 2 個問題。我想知道你們是否都相信一些加速——或者在去年可能裁員之後，有多少加速可能更多地圍繞更廣泛的周期和對後台軟件的投資？我只是想了解一下——你們顯然都做得很好，但是否真的有一些動力在重新思考或重新設計後台，一些遺留的後台軟件？

And then just on the S/4HANA Cloud competitive dynamics, just maybe who are you all seeing there? And why are you winning? Just a little bit more granularity on that would be great.

然後就 S/4HANA Cloud 競爭動態而言，也許你們都在那裡看到了誰？你為什麼贏？在這方面再細化一點就更好了。

Yes. Let me go first, and then Luka, Scott, please add your perspective. I mean first, the momentum with S/4HANA Cloud, I -- let me pick one customer example. I mentioned Coop. It's a large Swiss retailer, a large SAP customer. And they actually did the move now with RISE for some reasons.

是的。我先發言，然後是 Luka、Scott，請補充您的觀點。我的意思是，首先，S/4HANA Cloud 的發展勢頭，我——讓我選擇一個客戶示例。我提到了 Coop。它是一家大型瑞士零售商，也是 SAP 的大客戶。出於某些原因，他們實際上現在使用 RISE 進行了此操作。

First, they want to move to a new platform. They want to move to the cloud. They want to get better cybersecurity capabilities. They want to move back to the standard, receive regular innovations, regular upgrades on the fly. And they also see this -- why they need to do this now is because we're also offering them new ways of license models.

首先，他們想遷移到一個新平台。他們想遷移到雲端。他們希望獲得更好的網絡安全能力。他們想回到標準，接受定期創新，定期升級。他們也看到了這一點——他們現在需要這樣做的原因是因為我們還為他們提供了新的許可模式。

We're also offering them a significant automation in traditional processes which require today a lot of manual workloads. We're also offering them then with the Business Technology Platform new ways of doing certain industry-specific capabilities for replenishment, for connecting the supply chain to commerce to deliver really a personalized experience to their consumers. So there are a lot of reasons to move the core to the cloud, to also redesign the way how these business processes will run in the digital age and then, of course, also making sure that you have an IT landscape where you can be way more agile and will act much faster to new business requirements coming up.

我們還在傳統流程中為他們提供重要的自動化，而這些流程如今需要大量手動工作量。然後，我們還通過業務技術平台為他們提供新的方式來執行某些行業特定的補貨功能，將供應鏈與商業連接起來，為他們的消費者提供真正個性化的體驗。因此，有很多理由將核心轉移到雲端，重新設計這些業務流程在數字時代的運行方式，當然，還要確保您擁有一個 IT 環境，您可以通過這種方式更敏捷，將更快地響應新的業務需求。

And this is one customer. And there, we have now hundreds of customers and -- with RISE. This is not a new product but it's actually an offering to benefit from our expertise across 25 industries and take the customers by the hand and really doing the business transformation because from a -- with a shift to the cloud alone, you are not going to reinvent any business. And this is actually what is selling really well, what is resonating really well. And this is also, of course, to the benefit of S/4HANA Cloud, the platform and our line of business applications.

這是一位客戶。在那裡，我們現在有數百名客戶，並且 - 與 RISE。這不是一個新產品，但它實際上是一個產品，可以從我們在 25 個行業的專業知識中獲益，並牽著客戶的手，真正地進行業務轉型，因為單單向雲轉移，你不會重塑任何業務。這實際上是賣得很好、引起共鳴的東西。當然，這也有利於 S/4HANA Cloud、平台和我們的業務應用程序。

Yes. Maybe I'll add to that. If I can just pick up on your last point there, Christian, because I think it's a really important one. The customers that we speak to and the momentum that we're making comes from the customer feedback that moving workloads in the cloud to take cost out is not enough. They need to transform. They need to digitize. They need the agility and the flexibility in an uncertain market and be able to innovate and capitalize on opportunities with speed and agility, which means it's not so much about back office. It's about a platform that gives that transformation capability, which is what RISE with SAP brings, which is why you see the growth in S/4 but also in the other portfolio, in all the different cloud businesses that we offer. So that would be the first.

是的。也許我會補充一點。克里斯蒂安，如果我能接受你的最後一點，因為我認為這是一個非常重要的問題。與我們交談的客戶和我們正在創造的勢頭來自於客戶的反饋，即在雲中移動工作負載以降低成本是不夠的。他們需要轉型。他們需要數字化。他們需要在不確定的市場中具有敏捷性和靈活性，並且能夠快速、敏捷地進行創新和利用機會，這意味著後台辦公室並不是那麼重要。它是關於一個提供這種轉換能力的平台，這就是 RISE with SAP 帶來的，這就是為什麼你看到 S/4 以及其他產品組合以及我們提供的所有不同雲業務的增長。所以這將是第一個。

And then the second I would highlight is that customers -- we've got a significant addition of net new customers with RISE in our new order entry that shows that companies, not only existing SAP clients but net new companies, that want that digital transformation and want to do it with speed, they're coming to us. And that's facilitating and driving growth as well. So with that, the pipeline continues to look promising in the second half.

然後我要強調的第二點是客戶——我們在新訂單條目中通過 RISE 增加了大量淨新客戶，這表明公司，不僅是現有的 SAP 客戶，還有淨新公司，都希望進行數字化轉型並想快速完成，他們來找我們了。這也在促進和推動增長。因此，管道在下半年繼續看起來很有希望。

We will now take our next question from Julian Serafini from Jefferies.

我們現在將接受 Jefferies 的 Julian Serafini 的下一個問題。

So my one question I'm going to ask was just on the license revenue specifically. If we look at the license revenue this quarter, it's down 13% or so year-over-year, right, and over 30% versus 2019. Are you able to quantify or give some color? How much of that decline is due to customers opting for cloud solutions? And how much maybe is due to market environment still today? So can you help give us some color on that, please?

所以我要問的一個問題是專門針對許可收入。如果我們看一下本季度的許可收入，它同比下降了 13% 左右，對，與 2019 年相比下降了 30% 以上。你能量化或給出一些顏色嗎？這種下降有多少是由於客戶選擇了雲解決方案？還有多少可能是由於今天的市場環境？那麼，你能幫我們給我們一些顏色嗎？

Yes. So perhaps I can take this. I mean it's -- clearly, it's broadly correlated with the move to the cloud. To give you an example, the 13% decline that you have seen for the total software license portfolio is exactly what we are seeing for S/4 as well. And as you know, S/4 has, for the longest time, been growing in on prem. And the fact that it's declining as a direct consequence of the massive pickup that we see in the cloud is actually really true across the entire portfolio, that the shifts are happening. In Digital Supply Chain, it's happening now as well, and we have a very strong offering there in the cloud with IBP, which is seeing strong growth as well.

是的。所以也許我可以接受這個。我的意思是 - 顯然，它與向雲的遷移廣泛相關。舉個例子，你看到的總軟件許可組合下降 13% 也正是我們看到的 S/4 下降的情況。如您所知，S/4 在最長的時間裡一直在內部部署中增長。事實上，它正在下降，這是我們在雲中看到的大規模回升的直接結果，實際上在整個投資組合中都是如此，這種轉變正在發生。在數字供應鏈中，它現在也在發生，我們在 IBP 的雲中提供了非常強大的產品，它也看到了強勁的增長。

The rest of the portfolio, quite frankly, has anyway already moved for quite some time to the cloud. And there you see just a continuation of those trends. We have across both cloud as well as on prem had a very strong quarter in our SME business in particular. That's perhaps something to note. And there, we have been still growing also in on premise.

坦率地說，投資組合的其餘部分已經遷移到雲端已有一段時間了。在那裡你看到的只是這些趨勢的延續。我們在雲端和本地都有一個非常強勁的季度，尤其是在我們的中小企業業務中。這或許是需要注意的地方。在那裡，我們的內部也在不斷發展。

That's also one of the reasons why you have seen across both on premise as well as cloud quite significant uptick in the number of transactions that we have posted. A lot is coming from the mid-market, and this is actually positive news for us as well as we're clearly expanding our share also into smaller and nimbler companies that hopefully, many of them will translate into very large enterprises in the future, like we have seen with some of the biotech companies who have chosen SAP in recent quarters. They have now become massive companies in their own right.

這也是為什麼您看到我們發布的交易數量在本地和雲中都顯著增加的原因之一。很多來自中端市場，這對我們來說實際上是個好消息，而且我們顯然也在將我們的份額擴大到更小、更靈活的公司，希望其中許多公司將來會轉化為非常大的企業，就像我們在最近幾個季度看到的一些選擇 SAP 的生物技術公司一樣。他們現在已經憑藉自己的實力成為了大型公司。

Yes. And on top -- I mean you also see, based on the decent performance of our support revenues, that we are not buying ourselves the way to the cloud. I mean our conversion rates from support to cloud revenue are much more healthier as initially planned. And then second, it's a move of our installed base to the cloud which is massive. But also, let's not forget, we also had a net new customer share of 50% this quarter.

是的。最重要的是——我的意思是你也看到，基於我們支持收入的良好表現，我們並沒有為自己購買通往雲的道路。我的意思是我們從支持到雲收入的轉化率比最初計劃的要健康得多。其次，這是我們的安裝基礎向龐大的雲遷移。而且，我們不要忘記，本季度我們的淨新客戶份額也達到了 50%。

So it's not only a move of the installed base, we are also winning market share. We are actually entering new territories. We can attract new customers with our industry cloud road maps and with new innovations coming also on the platform.

因此，這不僅是安裝基礎的變化，我們還在贏得市場份額。我們實際上正在進入新的領域。我們可以通過我們的行業雲路線圖和平台上即將推出的新創新來吸引新客戶。

Our next question comes from Johannes Schaller from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Johannes Schaller。

Congratulations on the good progress you're making. I have 2, if I could. First one, maybe for Luka, if we look at the conversion factor of support revenues to cloud subscription revenues, where you have the target of 2x or more, look, I think in Q1, you said you're actually trending a little bit better than that 2x factor. Could you maybe give us a sense of where we stand now in the second quarter and if that positive trend has continued?

祝賀您取得的良好進展。如果可以的話，我有 2 個。第一個，也許對於 Luka，如果我們看一下支持收入到雲訂閱收入的轉換因子，你的目標是 2 倍或更多，看，我認為在第一季度，你說你實際上趨勢好一點比那 2 倍的因素。您能否讓我們了解一下第二季度的現狀，以及這種積極趨勢是否繼續？

And then given we talked a lot about cross-selling already, Scott, I wanted to come back to a comment from you, from SAPPHIRE, where you basically said you see about $3 of upsell potential for every $1 in ERP cloud revenue you're seeing. So maybe Christian and everyone, can you add a little bit more color on kind of how you get to that number? And now you should have seen some evidence since you launched RISE. And also, maybe you could break the $3 a little bit down for us by application. Give us a sense on the timing, kind of when we should see that unfold, that theoretic potential of $3.

然後考慮到我們已經討論了很多關於交叉銷售的問題，Scott，我想回到你的評論，來自 SAPPHIRE，你基本上說你看到每 1 美元的 ERP 雲收入就有 3 美元的追加銷售潛力看到。所以也許克里斯蒂安和每個人，你能為你如何得到這個數字添加更多的顏色嗎？自從您啟動 RISE 以來，現在您應該已經看到了一些證據。而且，也許您可以通過申請為我們降低 3 美元。讓我們了解時機，我們應該什麼時候看到這種情況，即 3 美元的理論潛力。

Yes. Let me take the first one very quickly. Actually, the conversion factors, as Christian already indicated, have even further improved and increased in Q2 over Q1. We're actually much closer to a conversion factor of 3 than to 2 for now. So this is extremely healthy.

是的。讓我很快拿下第一個。實際上，正如克里斯蒂安已經指出的那樣，轉換因子在第二季度比第一季度進一步改善和增加。我們現在實際上更接近 3 的轉換因子而不是 2。所以這是非常健康的。

And it also shows the very resilient support revenue that we are posting. I mean we were up by 1% in Q2. Obviously, that was a factor of the strong license result in Q1, but also goes to show that our churn is extremely limited and the little churn that we have is extremely healthy one because it translates into a much higher number of cloud revenues.

它還顯示了我們發布的非常有彈性的支持收入。我的意思是我們在第二季度增長了 1%。顯然，這是第一季度強勁許可結果的一個因素，但也表明我們的客戶流失非常有限，而且我們擁有的小客戶流失是非常健康的，因為它轉化為更高數量的雲收入。

On the cross-selling, perhaps I can hand over.

關於交叉銷售，也許我可以交出。

I can cover the first question, and then you can please add on top. So as you say, and I guess we've covered this already in the discussion today, when we look at RISE with SAP and the capabilities to be able to transform, it is obviously underpinned by S/4HANA and its capability, but there are also broader capabilities that are required for a business to truly transform in the cloud. So with RISE, the Business Technology Platform, which has seen significant growth in order entry as a part of that uplift that we talked about, that gives our customers the innovation capability to be able to extend and orchestrate both across SAP and non-SAP hybrid scenarios to be able to innovate vertically and have partner applications built on top.

我可以回答第一個問題，然後你可以在上面添加。正如你所說，我想我們已經在今天的討論中討論了這一點，當我們看 RISE with SAP 和能夠轉換的功能時，它顯然得到了 S/4HANA 及其功能的支持，但是有企業真正在雲中轉型所需的更廣泛的能力。因此，借助 RISE，業務技術平台在訂單輸入方面取得了顯著增長，作為我們談到的提升的一部分，它為我們的客戶提供了創新能力，使其能夠跨 SAP 和非 SAP 混合系統進行擴展和協調能夠垂直創新並在其上構建合作夥伴應用程序的場景。

Secondly, Christian mentioned in his opening about the significant growth of our network -- on our network, 350,000 trading partners added by and trading on the business network, again facilitating that network activity through RISE with SAP, so every company that comes onboard, bringing that network capability and then driving the growth. And so I guess my short answer is we're already seeing the impact of that uplift that we talked about during SAPPHIRE, for every dollar of RISE to the extended -- the $1 to $3. And we expect that, that would continue. Christian, if you want to add?

其次，Christian 在他的開場白中提到了我們網絡的顯著增長——在我們的網絡上，350,000 個貿易夥伴通過業務網絡添加並在業務網絡上進行交易，再次通過 RISE with SAP 促進了網絡活動，所以每一家加入的公司，帶來網絡能力，然後推動增長。因此，我想我的簡短回答是，我們已經看到了我們在 SAPPHIRE 期間談到的那種提升的影響，對於 RISE 的每一美元擴展——1 美元到 3 美元。我們希望這種情況會繼續下去。克里斯蒂安，如果你想補充？

Yes. Thanks a lot, Scott. And then last but not least, I mean, with regard to cross-sell, I mean imagine there's now an ECC customer. And oftentimes, these customers don't not only want finance or logistics, they also want HR. They also want procurement. And this is highly integrated.

是的。非常感謝，斯科特。最後但並非最不重要的一點是，關於交叉銷售，我的意思是想像現在有一個 ECC 客戶。通常，這些客戶不僅需要財務或物流，還需要人力資源。他們還需要採購。這是高度集成的。

And now in the cloud, when they make this move, I mean think about it. Now you move to a new platform. There is certainly, and we did our homework on integration, the same data model for all of our applications, the same security model. And when you are now running finance and you are running core HR, you better make sure that for example, your vacation accruals are 1:1 booked in a compliant way in your P&L.

現在在雲中，當他們採取這一行動時，我的意思是考慮一下。現在你搬到了一個新的平台。當然，我們在集成方面做了功課，我們所有的應用程序都有相同的數據模型，相同的安全模型。當您現在管理財務並管理核心人力資源時，您最好確保例如，您的假期應計費用以合規方式在您的損益表中以 1:1 的比例登記。

Or when you are changing your business model and you have to change your compensation models, again, it's very important, we had that for example, with a very large customer, that everything is also then, at the end, booked compliant in your P&L and finally, in the balance sheet. And this is why so many customers now consider not only to modernize their finance system but do, at the same time, also modernize their HR core system, the whole HXM suite or for example, also moving to our one procurement platform because it also doesn't make so much sense that you do direct procurement or indirect procurement completely decoupled from your finance or production system. And this is why this makes a ton of sense to expand your SAP footprint, again, because the landscape looks much different. It's not so monolithic anymore. It's much more agile. But we offer now the same kind of integration capabilities as our customers were used to in on prem.

或者當你改變你的商業模式並且你必須改變你的薪酬模式時，再次，這非常重要，例如，我們有一個非常大的客戶，那麼最後，一切也都在你的損益表中預訂合規最後，在資產負債表中。這就是為什麼如此多的客戶現在不僅考慮對其財務系統進行現代化改造，而且同時考慮對他們的 HR 核心系統（整個 HXM 套件）進行現代化改造，或者例如，還遷移到我們的一個採購平台，因為它也不會您進行直接採購或間接採購與您的財務或生產系統完全分離是非常有意義的。這就是為什麼擴展您的 SAP 足跡非常有意義，因為情況看起來大不相同。它不再那麼單一了。它更加敏捷。但我們現在提供與我們的客戶在內部部署中習慣的相同類型的集成功能。

Next question comes from Frederic Boulan from Bank of America.

下一個問題來自美國銀行的 Frederic Boulan。

If I can come back on the comments earlier on the current cloud backlog after the small incremental acceleration in Q2. Should we read from your comments a bit earlier that we should expect further acceleration in that metric, considering RISE, industry cloud, et cetera? And can you just articulate the comment you made that the CCB growth you're seeing is actually enough to get to your 2025 cloud revenue CAGR, which is obviously higher? So do you expect that CCB to stabilize at a structurally higher level? Or is it driven by outperformance of the transactional part, Concur, Ariba, et cetera, which is not captured in CCB?

如果我能在第二季度的小增量加速之後更早地回到當前云積壓的評論。考慮到 RISE、行業雲等，我們是否應該更早地從您的評論中了解到我們應該期望該指標進一步加速？您能否闡明您所發表的評論，即您所看到的 CCB 增長實際上足以達到 2025 年的雲收入複合年增長率，這顯然更高？那麼，您是否預計建行將在結構性較高水平企穩？或者它是由交易部分的出色表現驅動的，如 Concur、Ariba 等，而這些在 CCB 中沒有體現出來？

Yes. Let me try to dissect this. So first of all, we absolutely assume that our CCB growth will further accelerate, but it will accelerate in a steady and gentle way during the year. And then in Q4, you should expect a more significant step-up. That's just due to the nature of how the CCB is built up and the fact that moving the needle on the absolute amount of new cloud bookings obviously demands a high absolute volume. And you see that typically in Q4 and not so much in the previous quarters to move the needle. But absolutely, we believe that growth should further come up.

是的。讓我試著剖析一下。所以首先，我們絕對假設我們的 CCB 增長將進一步加速，但它會在年內以穩定和溫和的方式加速。然後在第四季度，您應該期待更顯著的提升。這只是由於 CCB 建立方式的性質，以及在新雲預訂的絕對數量上移動指針顯然需要高絕對數量這一事實。你通常會在第四季度看到這種情況，而在前幾個季度並沒有那麼多來推動針頭。但絕對地，我們相信增長應該會進一步上升。

But again, as you said as well, CCB is not the only source of growth that we are looking at. There are 2 more that are very important. One is obviously the transactional revenues, which are currently sitting at a very low level. We are glad that they have started to stabilize, and certainly, we prudently don't expect for the remainder of this year a significant step-up. If it happens, then great and that's upside. But of course, we absolutely are very confident, based on the momentum that we see, that as we enter the new year and then the coming years, that we will see increases there again, which will add to the pure growth that we are seeing from the CCB.

但同樣，正如您所說，建行並不是我們正在尋找的唯一增長來源。還有2個非常重要。一個顯然是交易收入，目前處於非常低的水平。我們很高興他們已經開始穩定下來，當然，我們謹慎地預計今年剩餘時間不會有顯著的增長。如果它發生了，那就太好了，這是有利的。但是，當然，根據我們所看到的勢頭，我們絕對非常有信心，隨著我們進入新的一年和未來幾年，我們將再次看到那裡的增長，這將增加我們所看到的純增長來自建設銀行。

The other topic is what we are focusing on today in organic innovation in different areas. Just think about industry cloud solutions that we are now starting to bring to market. We see a massive revenue opportunity for those, the new solutions that we have just launched around sustainability, the new solutions around the business network. This is all having a great total addressable market and a great potential for SAP in the years to come of purely organic net new growth opportunities, which will come on top of the current growth that we are seeing from the existing portfolio, which is already accelerating as you see in the CCB. So that is giving us a lot of confidence. As I said, we are actually ahead of our expectations of where we wanted to be at this point in time in 2021.

另一個話題是我們今天關注的不同領域的有機創新。想想我們現在開始推向市場的行業雲解決方案。我們看到了巨大的收入機會，我們剛剛推出的圍繞可持續發展的新解決方案，圍繞業務網絡的新解決方案。這一切都具有巨大的總體潛在市場，並且在未來幾年中 SAP 具有巨大的純有機淨增長機會的潛力，這將在我們從現有產品組合中看到的當前增長之上，而現有產品組合已經在加速正如您在 CCB 中看到的那樣。所以這給了我們很大的信心。正如我所說，我們實際上超出了我們對 2021 年這個時間點的預期。

Okay. And if I can ask just a quick follow-up on the point you made on industry cloud. If you can discuss -- I know it's very fresh, but if you can share with us any data points on reception you've seen of those industry cloud offers. Talk a bit about your pricing to the extent you can talk about that. And what kind of pipeline should we expect for industry cloud offers?

好的。如果我可以就您在行業雲上提出的觀點快速跟進一下。如果你能討論——我知道這很新鮮，但如果你能與我們分享你在接待處看到的那些行業雲服務的任何數據點。在您可以談論的範圍內談論您的定價。對於行業雲產品，我們應該期待什麼樣的管道？

Yes. Good question. And look, oftentimes, we also sell our industry cloud solutions also in conjunction with S/4HANA Cloud as oftentimes, the transformation on the customer side works -- I digitize my core processes and then I went into the verticals. For example, we also now released at SAPPHIRE our industry packages for RISE.

是的。好問題。而且，通常情況下，我們也會與 S/4HANA Cloud 一起銷售我們的行業雲解決方案，因為通常情況下，客戶方面的轉型是有效的——我將我的核心流程數字化，然後我進入了垂直領域。例如，我們現在還在 SAPPHIRE 發布了我們的 RISE 行業包。

And then, for example, in retail, it's just logic when you are moving to S/4HANA Cloud that you also think about new ways of doing replenishment, optimizing supply and demand with our industry cloud capabilities, which naturally integrate back into the core. Or there are new ways of doing claims management, which is another great solution. You can actually save millions, sometimes hundreds of millions of money with our intelligent claims management solution and customer loyalty. And we have that for retail, for utilities, for automotive.

然後，例如，在零售業，當您轉向 S/4HANA Cloud 時，您還需要考慮使用我們的行業雲功能進行補貨、優化供需的新方法，這些功能自然會集成回核心。或者有進行索賠管理的新方法，這是另一個很好的解決方案。借助我們的智能理賠管理解決方案和客戶忠誠度，您實際上可以節省數百萬，有時甚至數億美元。我們有零售業、公用事業業和汽車業。

And then, of course, we have a lot of partner solutions that are also sitting on the platform already. And again, we are selling those stand-alone, Scott, but we oftentimes also just sell it also as a bundle as, again, it's a natural expansion of the core processes we are running in the core.

然後，當然，我們有很多合作夥伴解決方案也已經在平台上了。再一次，我們出售那些獨立的，Scott，但我們通常也只是將其作為捆綁銷售，因為它再次是我們在核心中運行的核心流程的自然擴展。

Yes. It reinforces the cross-sell opportunity and the value our customers gain through the orchestration of the industry cloud with the broader RISE offering.

是的。通過行業雲與更廣泛的 RISE 產品的協調，它加強了交叉銷售機會和我們的客戶獲得的價值。

The next question comes from Michael Briest from UBS.

下一個問題來自瑞銀集團的 Michael Briest。

Two from me as well. First one, I guess, Scott or Christian, could you sort of talk a little bit about the 250 RISE customers, 350 if we talk about H1, in comparison to the 600 to 1,000 S/4 customers, probably half of whom were net new? I appreciate sales cycles take a while so a lot of these S/4 wins would have started discussions before RISE, but what were the RISE customer profiles? How many of them came within those net new S/4 customers? How many maybe came from old S/4 migrations? And when would you expect RISE customers to exceed sort of the net add of S/4?

我也有兩個。第一個，我想，斯科特或克里斯蒂安，你能稍微談談 250 名 RISE 客戶嗎？如果我們談論 H1，則為 350 名，與 600 到 1,000 名 S/4 客戶相比，其中可能有一半是新客戶？我很欣賞銷售週期需要一段時間，所以很多這些 S/4 勝利會在 RISE 之前開始討論，但是 RISE 客戶資料是什麼？其中有多少來自那些淨新的 S/4 客戶？有多少可能來自舊的 S/4 遷移？您預計 RISE 客戶什麼時候會超過 S/4 的淨增？

And then secondly, Luka, just going back on support. It was a very strong performance again. I think just doing the math on your guidance, it implies support is down a couple of percent for the year to get to the 75% recurring, so minus 4% in H2. What do you see today that gives you the confidence that that's going to be the outcome and that we don't see support continuing to stabilize or even grow for the year?

其次，Luka，只是重新獲得支持。這又是一次非常強勁的表現。我認為只是根據您的指導進行數學計算，這意味著今年的支持率下降了幾個百分點，達到 75% 的經常性，因此下半年為負 4%。您今天看到什麼讓您相信這將成為結果，並且我們看不到支持在今年繼續穩定甚至增長？

Scott, would you like to go first on the RISE question?

斯科特，你想先回答 RISE 問題嗎？

I'm happy to, Christian, so please add on any comments. So look, let me try to break it down. First of all, as we had mentioned, the growth in RISE that we've seen in Q1 at over 100 customers and in Q2 at over 250, of which over half are net new, so we're seeing a significant -- I see it in 2 parts. First of all, Luka mentioned this earlier, that we've seen a significant momentum in that net new and in the mid-market, so companies that are looking to transform quickly in the cloud with SAP, and that's providing a large portion.

Christian，我很高興，所以請添加任何評論。所以看，讓我試著把它分解。首先，正如我們所提到的，我們在第一季度看到超過 100 個客戶和第二季度超過 250 個客戶的 RISE 增長，其中一半以上是全新的，所以我們看到了一個重要的 - 我看到它分為兩部分。首先，Luka 之前提到過這一點，我們已經看到了新的網絡和中端市場的巨大勢頭，因此那些希望通過 SAP 在雲中快速轉型的公司，這提供了很大一部分。

But we're also seeing bigger customers. Christian mentioned Coop, AMD, Etihad Airways, amongst others, that are large organizations that have got -- they work in complex markets so they work globally, but they are also looking for the simplicity that RISE brings that obviously is underpinned by S/4. We expect that to continue.

但我們也看到了更大的客戶。 Christian 提到了 Coop、AMD、阿提哈德航空公司等大型組織——他們在復雜的市場中工作，因此他們在全球範圍內開展工作，但他們也在尋找 RISE 帶來的簡單性，這顯然是由 S/4 支持的.我們希望這種情況繼續下去。

So the pipeline for the second half and the outlook with RISE continues to reflect both value and volume, large as well as small and medium organizations. Notwithstanding, as I say, the market conditions -- the ever-changing market conditions with COVID, but notwithstanding that, we see a continued resonance with our customers, both net new and existing installed base, to drive towards that. And that gives confidence with the outlook that we have, that it will not only underpin the S/4 growth being a larger and larger share through RISE but also the cross-sell opportunity that, that brings as well.

因此，下半年的管道和 RISE 的前景繼續反映價值和數量，大型和中小型組織。儘管，正如我所說，市場條件——COVID 不斷變化的市場條件，但儘管如此，我們看到我們的客戶（包括淨新客戶和現有客戶群）持續產生共鳴，以推動實現這一目標。這讓我們對我們的前景充滿信心，它不僅會通過 RISE 支持 S/4 增長越來越大的份額，而且還會帶來交叉銷售機會。

Yes. And quickly on the support revenue, I mean, I will openly concede that kind of implied outlook is probably on the prudent side of things. But nevertheless, there are 2 things that you need to keep in mind. While for half year 1, our support revenue was essentially flat, that was obviously supported, first of all, in the last year by the best performance that we had in Q4 as well as the fact that we had positive software license growth in Q1. We don't expect this for the remainder of the year, and actually Q2, as you have seen, has already turned negative in the double digits. And that will inevitably bring also the growth profile of the support revenue down.

是的。很快就支持收入，我的意思是，我會公開承認這種隱含的前景可能是謹慎的一面。但是，您需要記住兩件事。雖然在第一半年，我們的支持收入基本持平，但這顯然得到了支持，首先是去年我們在第四季度的最佳表現以及我們在第一季度的軟件許可增長。我們預計今年剩餘時間不會出現這種情況，實際上，正如您所見，第二季度已經出現兩位數的負增長。這也將不可避免地降低支持收入的增長狀況。

The second reason is that we are now starting to see larger RISE opportunities of larger installed base customers and therefore, also the conversion of support revenues to cloud, again, very healthy conversion factors, but it will move up. And to what extent this will be distributed across Q3 versus Q4 and therefore, will impact already this year support revenues versus starting to impact them more in 2022, that's a little bit like looking into the crystal ball to a certain extent. It also then depends on the ramp of the corresponding cloud agreements, which, in particular with the very complex ones, can take a while until the full ramp is reached. And therefore also, the software support decrease will be spread out a bit.

第二個原因是，我們現在開始看到更大的安裝基礎客戶有更大的 RISE 機會，因此，支持收入也轉向雲，同樣，非常健康的轉換因素，但它會上升。這將在第三季度和第四季度之間分配到什麼程度，因此，今年已經影響支持收入，而不是在 2022 年開始對它們產生更大影響，這有點像在某種程度上研究水晶球。然後，它還取決於相應云協議的增長，尤其是對於非常複雜的協議，可能需要一段時間才能達到完全增長。因此，軟件支持的減少也會有所分散。

So I would say, taking all of that into consideration, the implied guidance is certainly one that we feel extremely comfortable, with probably risks rather a little bit filtered to the upside than the downside. But given that we are going through a substantial business model transformation, I think it makes sense to kind of err on the side of caution here a bit.

所以我想說，考慮到所有這些因素，隱含的指引肯定是我們感到非常舒服的，可能有風險而不是下行風險。但鑑於我們正在經歷一場實質性的商業模式轉型，我認為在這裡稍微謹慎一點是有道理的。

The next question comes from Mark Moerdler from Bernstein Research.

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

Congratulations on the quarter, especially that strong S/4HANA Cloud booking -- current cloud bookings. We saw this nice acceleration Q-over-Q in the S/4HANA Cloud bookings. Two related questions, if you don't mind. The first is how much of the backlog at this point is coming from RISE with SAP? Obviously, a number would be nice, but even a sense would be appreciated.

祝賀本季度，特別是強勁的 S/4HANA Cloud 預訂——當前的雲預訂。我們在 S/4HANA 雲預訂中看到了這種不錯的 Q-over-Q 加速。兩個相關的問題，如果你不介意的話。首先是此時有多少積壓來自 RISE with SAP？顯然，一個數字會很好，但即使是一種感覺也會受到讚賞。

And then the second is are you seeing RISE with SAP deals that are made up of so many smaller cloud transitions that basically happened one after another over time that it ends up impacting the current S/4HANA Cloud bookings? In other words, do you have these signed deals in which, excluding any upsell, you get an increase, you get this dollar number that comes in -- or euro number that comes into the backlog this year and then it generates additional backlog next year and potentially the year after?

然後第二個是你是否看到 SAP 交易的 RISE 是由許多較小的雲轉換組成的，這些交易基本上隨著時間的推移一個接一個地發生，最終影響了當前的 S/4HANA Cloud 預訂？換句話說，您是否有這些已簽署的交易，在這些交易中，不包括任何追加銷售，您會得到增加，您會得到這個美元數量——或今年進入積壓訂單的歐元數量，然後它會在明年產生額外的積壓訂單可能是後年？

I mean let me take the first question, Mark. And look, with regard to the correlation between RISE and S/4HANA Cloud, obviously, there's a strong correlation as many customers also choose to do their transformation on the Business Technology Platform. They also choose our BPI offering to do a redesign of their business model to come back to the standard. So that resonates actually really well.

我的意思是讓我回答第一個問題，馬克。而且看，關於 RISE 和 S/4HANA Cloud 之間的相關性，很明顯，存在很強的相關性，因為許多客戶也選擇在業務技術平台上進行轉型。他們還選擇我們的 BPI 產品來重新設計他們的業務模型以回到標準。所以這實際上產生了很好的共鳴。

In Q2, it was -- you can say roughly 50% of the S/4HANA Cloud deals were also correlated to RISE. But I also would say, for the upcoming quarters, this share will definitely increase because we also have to consider, I mean, RISE was around since January so we are still in the very early days. And it's actually -- for me, actually quite remarkable that we already closed the first larger deals because you have to work a lot with the customer, not only on the business case for the transformation on the business side but also on the IT side. So we are actually very confident that we even see much more larger transaction also in half year 2 also by looking at the pipeline. Luka?

在第二季度，你可以說大約 50% 的 S/4HANA Cloud 交易也與 RISE 相關。但我還要說，對於接下來的幾個季度，這個份額肯定會增加，因為我們還必須考慮，我的意思是，RISE 自 1 月以來就出現了，所以我們仍處於早期階段。實際上 - 對我來說，我們已經完成了第一筆更大的交易，這實際上非常了不起，因為你必須與客戶進行大量合作，不僅在業務方面的業務案例上，而且在 IT 方面。因此，我們實際上非常有信心，通過查看管道，我們甚至可以在第二年的半年看到更多更大的交易。盧卡？

Yes, I agree. And for now, I mean, I can't really give you an exact number of the RISE contribution to CCB but it's not insignificant. So we are talking already now about a double-digit percent share of the total CCB for S/4HANA which is coming through RISE. I hope that helps.

是的我同意。現在，我的意思是，我不能真正給你 RISE 對 CCB 的貢獻的確切數字，但這並不是微不足道的。所以我們現在已經在談論通過 RISE 獲得的 S/4HANA 總 CCB 的兩位數百分比份額。我希望這有幫助。

On the second question, in terms of the -- I'm sorry, go on.

關於第二個問題，抱歉，請繼續。

No, Mark, please go ahead.

不，馬克，請繼續。

I was just saying on the second question -- in other words, these big deals that are made up of lots of smaller projects that are moving to RISE with SAP, does it all end up creating an increase in the cloud -- current cloud bookings? Or does it end up creating some increase this year and some next year and the year after potentially as these deals start to convert over?

我剛才說的是第二個問題——換句話說，這些由許多小項目組成的大交易，這些項目正在轉向 SAP 的 RISE，最終是否會增加雲——當前的雲預訂？或者隨著這些交易開始轉變，它最終會在今年、明年和後年創造一些增長嗎？

Yes. Maybe I can pick that one up, Christian and Luka. So Mark, the answer is both. So we've seen with the customers so far with RISE -- and as Christian said, since the launch at the beginning -- at the end of January, we've seen amazing response. But customers are on different transformation journeys. There are a number and quite a number that look to use and leverage RISE with the simplicity of the offering to be able to bring that transformation and do it quickly in a holistic way.

是的。克里斯蒂安和盧卡，也許我可以拿起那個。所以馬克，答案是兩者兼而有之。因此，到目前為止，我們已經與客戶一起看到了 RISE——正如 Christian 所說，自從一月底推出以來——在 1 月底，我們看到了驚人的反響。但客戶處於不同的轉型之旅。有很多人希望通過簡單的產品來使用和利用 RISE 來實現這種轉變，並以一種整體的方式快速完成。

But particularly when you get to the larger organizations that have got multi-geo, multi-industry, different landscapes, they look at RISE as being the platform. And then as you indicate, we do expect that it would then continue and they do. There are the opportunities to have phased rollout over a period of time as they embed different parts of their business into the singular offering that RISE brings. What I would say is this -- is that when they choose RISE, they really look at it from an overall transformation of their business even if the transformation journey will differ between organizations, and that's what makes it so compelling, whether you're a small, medium or large organization.

但特別是當你接觸到擁有多地域、多行業、不同景觀的大型組織時，他們將 RISE 視為平台。然後正如您所指出的，我們確實希望它會繼續，他們會這樣做。有機會在一段時間內分階段推出，因為他們將業務的不同部分嵌入到 RISE 帶來的單一產品中。我要說的是——當他們選擇 RISE 時，他們實際上是從業務的整體轉型來看它，即使組織之間的轉型之旅會有所不同，這就是它如此引人注目的原因，無論你是小型、中型或大型組織。

Absolutely right. And Mark, look, also with regard to what Scott said, is -- with regard to the phasing, I mean, we have very small customers who actually live sometimes within 1 or 2 months. So it's 1 project done, and they move to the new platform, they adhere to the standard. So that's actually also -- even in a remote way, we see a lot of these volume projects.

絕對正確。馬克，看，關於斯科特所說的，關於分階段，我的意思是，我們有非常小的客戶，他們實際上有時會在 1 或 2 個月內生活。所以它完成了 1 個項目，他們轉移到新平台，他們遵守標準。所以這實際上也是 - 即使以遠程方式，我們也看到了很多這樣的批量項目。

And then second, of course, with the large customers, as Scott mentioned, they, of course, do this in a step by step to also not overwhelm the organization. So they start with a division, they start with a certain business process. But also there, I have to say, compared to our internal business case, Luka, I see also that we actually assumed a longer duration. Now we see actually that the phasing goes much more towards year 1 and year 2 as initially planned also for the large deals we are closing.

其次，當然，正如 Scott 提到的那樣，對於大客戶，他們當然會逐步執行此操作，以免使組織不堪重負。所以他們從一個部門開始，他們從一個特定的業務流程開始。但我不得不說，與我們的內部業務案例 Luka 相比，我還看到我們實際上假設了更長的持續時間。現在我們實際上看到，對於我們正在關閉的大型交易，正如最初計劃的那樣，分階段更多地朝著第 1 年和第 2 年發展。

Correct.

正確的。

Our next question comes from Mohammed Moawalla from Goldman Sachs.

我們的下一個問題來自高盛的 Mohammed Moawalla。

Just a clarification, Luka, on a comment you made around the progression of the cloud backlog. Are you saying that we should see sort of a significant reacceleration in the sequential growth as we get to Q4? Or is there an element of sort of pull forward in some of the better-than-expected cloud bookings that you saw?

Luka，我只是澄清一下你對雲積壓的進展所做的評論。你是說當我們進入第四季度時，我們應該看到連續增長出現某種顯著的重新加速嗎？或者在您看到的一些好於預期的雲預訂中是否存在某種推動因素？

Yes. To just clarify this very briefly, what I was saying is that under normal conditions, the growth and expansion of current cloud backlog across Q1 to Q3 should be relatively steady and moderate. And then you would see a more significant step-up in Q4.

是的。為了簡單地澄清這一點，我的意思是，在正常情況下，當前第一季度至第三季度的雲積壓的增長和擴張應該是相對穩定和適度的。然後你會在第四季度看到更重要的提升。

It's actually quite remarkable that we have seen a significant and for us also, unexpected acceleration in Q1 and Q2. That's underpinned by the very strong growth in new cloud bookings that we had. Otherwise, the growth rate sequentially would have been expected to be less pronounced than that. And so therefore, what I would expect is for Q3 also a further steady progress and then in Q4, a more significant one.

事實上，我們在第一季度和第二季度看到了顯著的、對我們來說也是意想不到的加速，這實際上是非常了不起的。這得益於我們新的雲預訂的強勁增長。否則，環比增長率預計不會那麼明顯。因此，我希望第三季度也能取得進一步的穩步進展，然後在第四季度取得更重要的進展。

The last question comes from Knut Woller from Baader Bank.

最後一個問題來自 Baader Bank 的 Knut Woller。

Just briefly on the regions. The growth in Asia Pacific slowed a bit sequentially. Is that simply due to the dynamics we saw last year on the back of the pandemic with APAC coming out of the lockdowns faster than Europe and North America? Or are there any other drivers behind the development? And also, some color on the development in China, which you didn't mention in your highlights within the quarter for cloud revenue.

簡單介紹一下地區。亞太地區的增長環比有所放緩。這是否僅僅是由於我們去年在大流行病後看到的動態，即亞太地區比歐洲和北美更快地解除封鎖？或者在發展背後是否還有其他驅動因素？而且，關於中國發展的一些顏色，你在本季度的雲收入亮點中沒有提到。

Yes. So first of all, China actually obviously had at the outset of the pandemic pretty difficult conditions, including for us. Actually in 2021, they have returned to a very substantial growth, and that will in the future also translate into higher cloud revenue growth. What we are seeing today in China is basically an outcome and output of the performance that they had in the first half of the year predominantly, going into Q3.

是的。因此，首先，中國實際上顯然在大流行開始時處於相當困難的條件下，包括對我們而言。實際上在 2021 年，他們已經恢復了非常可觀的增長，這在未來也將轉化為更高的雲收入增長。我們今天在中國看到的基本上是他們在今年上半年主要進入第三季度的表現的結果和輸出。

But in general, in Asia, I think we have a pretty strong momentum in a number of markets. In particular, when I take a look at the largest market in Asia, Japan, it's for me a little bit a Siamese twin to Germany, very large, very solid, very mature markets but with great teams that have a lot of customer intimacy and strong trust in the market and therefore are driving very steady and quite significant growth overall for SAP.

但總的來說，在亞洲，我認為我們在許多市場都有強勁的勢頭。特別是，當我審視亞洲最大的市場日本時，對我來說它有點像德國的連體雙胞胎，非常大、非常穩固、非常成熟的市場，但擁有優秀的團隊，擁有很多客戶親密度和對市場的強烈信任，因此正在推動 SAP 的整體增長非常穩定和顯著。

And then you have really absolutely stunning performances in some markets where you would expect significant difficulties. I think India in terms of the order entry performance, for me, comes to mind. It was just amazing what the team has done there in the darkest days of the pandemic. To post the kind of stellar growth rates that they were able to do, I think that's a testament to how relevant those solutions are to the wider market. And others that we have mentioned like Australia and South Korea are in a similar camp.

然後你在一些你預計會遇到重大困難的市場上有真正絕對驚人的表現。我認為就訂單輸入性能而言，印度會浮現在腦海中。在大流行最黑暗的日子裡，團隊在那裡所做的事情真是令人驚訝。為了公佈他們能夠做到的那種驚人的增長率，我認為這證明了這些解決方案與更廣泛的市場的相關性。我們提到的其他國家，如澳大利亞和韓國，也屬於類似的陣營。

But I would say, nevertheless, when I take a look at the new order entry, that I wouldn't really pick out a specific region as being superior. Again, from a revenue perspective, you see the story of the past. When you take a look at the present, I mean, MEE, North America, as we mentioned before, all had a stellar performance in terms of new cloud bookings. And from that perspective, it's really hard to differentiate across the different regions because there would just be some that we won't do appropriate justice because they all have been doing very well. Scott, anything that you would like to add?

但我要說的是，儘管如此，當我查看新訂單條目時，我不會真正挑選出一個特定的區域作為優勢區域。同樣，從收入的角度來看，您會看到過去的故事。看看現在，我的意思是，正如我們之前提到的，北美的 MEE 在新的雲預訂方面都表現出色。從這個角度來看，很難區分不同地區，因為有些地區我們不會公正對待，因為他們都做得很好。斯科特，你有什麼想補充的嗎？

I think you summarized it really well, Luka. I think the bookings performance, it's great because we're not relying on any particular region to underpin the growth. And the business performance, it really is consistent across the world, including some amazing performances in markets like India, as you mentioned. But also it reinforces the strength of some of our bigger markets like in Germany and in the United States and others, which obviously have a large customer base but are also driving huge momentum into the cloud, which is, obviously, very heartening for us as we move forward.

我認為你總結得很好，盧卡。我認為預訂表現非常好，因為我們不依賴任何特定地區來支撐增長。正如您提到的，業務表現在全球範圍內確實是一致的，包括在印度等市場的一些驚人表現。但它也加強了我們一些較大市場的實力，如德國、美國和其他國家，這些市場顯然擁有龐大的客戶群，但也在推動巨大的雲計算發展勢頭，這顯然讓我們感到非常振奮，因為我們前進。

Thank you very much. This concludes the Q2 earnings call. Thank you so much for joining. The replay will be available very soon in our Investor Relations website. Thank you very much, and goodbye.

非常感謝。第二季度財報電話會議到此結束。非常感謝您的加入。重播將很快在我們的投資者關係網站上提供。非常感謝，再見。

Yes. Thanks, everyone, for joining.

是的。謝謝大家的加入。

Thank you, everybody.

謝謝大家。

Take care. Bye-bye.

小心。再見。