SAP SE (SAP) 2021 Q1 法說會逐字稿

Good day, and welcome to the SAP Q1 2021 Earnings Conference call.

美好的一天，歡迎參加 SAP 2021 年第一季度收益電話會議。

Today's conference is being recorded.

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.

此時，我將把會議轉交給投資者關係主管 Stefan Gruber 先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good morning or good afternoon.

早上好或下午好。

This is Stefan Gruber, Head of Investor Relations at SAP.

我是 SAP 投資者關係主管 Stefan Gruber。

Thank you for joining us for our earnings call to discuss our first quarter results 2021.

感謝您加入我們的財報電話會議，討論我們 2021 年第一季度的業績。

I'm joined by our CEO, Christian Klein; and our CFO, Luka Mucic, who will make opening remarks on the call today.

我們的首席執行官 Christian Klein 加入了我的行列；以及我們的首席財務官 Luka Mucic，他將在今天的電話會議上發表開場白。

And also joining us today for Q&A from Australia is Scott Russell, who leads our customer success organization.

今天來自澳大利亞的 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.

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。

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.

本次電話會議期間作出的任何非歷史事實的陳述都是前瞻性陳述，定義見美國 1995 年私人證券訴訟改革法案。

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.

預期、相信、估計、預期、預測、打算、可能、計劃、項目、預測、應該、前景和意願等詞語以及與 SAP 相關的類似表達方式旨在識別此類前瞻性陳述。

SAP undertakes no obligation to publicly update or revise any forward-looking statements, and all forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

SAP 不承擔公開更新或修改任何前瞻性陳述的義務，所有前瞻性陳述均受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。

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, including SAP's annual report on Form 20-F for 2020, filed with the SEC on March 4, 2021.

可能影響 SAP 未來財務業績的因素在 SAP 向美國證券交易委員會提交的文件中進行了更全面的討論，包括 SAP 於 2021 年 3 月 4 日向美國證券交易委員會提交的 2020 年 20-F 表年度報告。

Participants of this call are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

提醒本次電話會議的參與者不要過分依賴這些前瞻性陳述，這些陳述僅代表截至日期。

On our Investor Relations website, you can find the slide deck intended to supplement today's call available for download.

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。

For those of you following the webcast, the slides will be shown as we proceed through the prepared remarks.

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.

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。

The non-IFRS financial measures we provide should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with IFRS.

我們提供的非 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 finally, I'd like to mention that SAP will hold its SAPPHIRE NOW customer conference virtually again this year, kicking off on June 2. In conjunction with SAPPHIRE, we will hold a financial analyst event on June 15.

最後，我想提一下，SAP 將於 6 月 2 日在今年再次以虛擬方式召開 SAPPHIRE NOW 客戶會議。我們將於 6 月 15 日與 SAPPHIRE 一起舉辦金融分析師活動。

We'll post details on our website in the coming weeks.

我們將在未來幾週內在我們的網站上發布詳細信息。

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

說到這裡，我想把事情交給我們的首席執行官 Christian Klein。

Yes.

是的。

Thank you, Stefan, and welcome, everyone, also from my side.

謝謝你，斯特凡，歡迎大家，也來自我身邊。

Before going into the details, let me say this: I couldn't be more proud of what our teams have achieved this quarter.

在進入細節之前，讓我這樣說：我對我們的團隊在本季度取得的成就感到非常自豪。

This was just an amazing start into 2021, and our performance clearly confirms our strategy to drive business transformation in the cloud.

這只是 2021 年的一個驚人開端，我們的表現清楚地證實了我們推動雲業務轉型的戰略。

We saw competitive strengths in our entire cloud business, clearly winning in a growing market with strong order entry across our portfolio, all on top of our rapidly growing platform, serving as the foundation for modular, integrated and innovative application landscape for our customers and partners.

我們在整個雲業務中看到了競爭優勢，在不斷增長的市場中明顯贏得了我們產品組合中強大的訂單輸入，所有這些都在我們快速增長的平台之上，為我們的客戶和合作夥伴提供模塊化、集成和創新的應用程序環境的基礎.

RISE is already a game changer only 2 months after market introduction, the best offering in the market for business transformation.

RISE 在推出市場僅 2 個月後就已經改變了遊戲規則，是市場上業務轉型的最佳產品。

Altogether, on the back of strong new cloud business and an uptick on renewals, current cloud backlog growth reaccelerated sharply.

總而言之，在強勁的新雲業務和續訂增加的支持下，當前的雲積壓增長再次急劇加速。

Looking at the bottom line, we achieved the highest Q1 operating profit in our history.

從底線來看，我們實現了歷史上最高的第一季度營業利潤。

So this quarter was one of the strongest quarters in the history of SAP.

所以這個季度是 SAP 歷史上最強勁的季度之一。

Let me go now into a bit more detail on the most important part of the business, cloud.

現在讓我更詳細地談談業務中最重要的部分——雲。

Q1 was a blowout quarter in the cloud.

第一季度是雲計算的井噴季度。

We saw the fastest growth in new cloud business in 5 years, which boosted our current cloud backlog, up 19%, a sequential acceleration of 5 percentage points.

我們看到了 5 年來最快的新雲業務增長，這使我們當前的雲積壓增長了 19%，環比加速了 5 個百分點。

On cloud revenue, as we all know, cloud revenue trails business performance, and so exactly as expected, cloud revenue growth has bottomed out at 13%.

在雲收入方面，眾所周知，雲收入落後於業務表現，因此正如預期的那樣，雲收入增長已觸底，達到 13%。

It's important to look at the breakdown of this growth across our cloud business.

重要的是要查看我們雲業務中這種增長的細分。

Our SaaS/PaaS cloud solutions outside Intelligent Spend showed tremendous growth of 24%.

我們在 Intelligent Spend 之外的 SaaS/PaaS 雲解決方案實現了 24% 的巨大增長。

That includes a stellar 43% growth of S/4HANA Cloud.

其中包括 S/4HANA Cloud 43% 的驚人增長。

On the other hand, Intelligent Spend performance, which includes Concur, is still muted by COVID across both transactional and committed business.

另一方面，包括 Concur 在內的 Intelligent Spend 性能在交易和承諾業務中仍然受到 COVID 的影響。

However, once travel returns, we expect Concur to rebound significantly, building on its market-leading position.

然而，一旦旅行恢復，我們預計 Concur 將在其市場領先地位的基礎上顯著反彈。

Looking ahead, driven by our strong order entry, cloud revenue growth will accelerate from here, especially since also the strong year-over-year headwinds in transactional revenue are coming to an end in Q2.

展望未來，在我們強勁的訂單輸入的推動下，雲收入增長將從這裡加速，特別是因為交易收入的同比強勁逆風將在第二季度結束。

Rapid cloud growth will continue to drive resilience and predictability of our top line performance.

雲計算的快速增長將繼續推動我們頂線業績的彈性和可預測性。

Already now our share of more predictable revenue is approaching 80%.

現在我們在更可預測的收入中所佔的份額已經接近 80%。

Also for the remainder of the year, please note that we continue to expect the pressure on our software license revenue to increase again, and we anticipate a pronounced decline for the full year, aligned with our cloud-first strategy as growth across our cloud business accelerates and RISE with SAP continues to gain momentum.

同樣在今年剩餘時間裡，請注意，我們繼續預計我們的軟件許可收入的壓力將再次增加，並且我們預計全年將出現明顯下降，這與我們的雲優先戰略一致，因為我們的雲業務正在增長與 SAP 一起加速和 RISE 繼續獲得動力。

Let's move on to customer success, where the strong start into the year is also reflected in approximately 4,800 net new customers.

讓我們轉向客戶成功，今年的強勁開局也反映在大約 4,800 名淨新客戶中。

Together with our partner ecosystem, we delivered more than 6,000 go-lives, and we have now more than 16,400 customers running SAP S/4HANA, our market-leading core ERP solution.

與我們的合作夥伴生態系統一起，我們實現了 6,000 多個上線，現在我們有超過 16,400 名客戶在運行我們市場領先的核心 ERP 解決方案 SAP S/4HANA。

In the first quarter alone, we saw more than 250 wins, replacing competitive solutions, underlining our relentless focus on customer value.

僅在第一季度，我們就贏得了 250 多次勝利，取代了競爭解決方案，突顯了我們對客戶價值的不懈關注。

Let me highlight a few key wins and go-lives this quarter.

讓我重點介紹本季度的一些關鍵勝利和上線。

BioNTech has chosen SAP S/4HANA Cloud as the integrated ERP system for their entire core processes.

BioNTech 選擇 SAP S/4HANA Cloud 作為其整個核心流程的集成 ERP 系統。

Hillrom, a global medical technology leader, is speeding up its business and digital transformation with RISE with SAP.

全球醫療技術領導者 Hillrom 正在通過 RISE with SAP 加速其業務和數字化轉型。

FANUC the world's largest supplier of CNC controls, drives and industrial robots successfully implemented SuccessFactors, replacing Oracle; similar to Adisseo, a world leader in animal nutrition who selected SuccessFactors over Oracle.

全球最大的 CNC 控制、驅動器和工業機器人供應商 FANUC 成功實施 SuccessFactors，取代了 Oracle；類似於選擇 SuccessFactors 而不是 Oracle 的世界動物營養領導者 Adisseo。

It was indeed a strong quarter for SuccessFactors, which was also chosen by IKEA, a world leader in home furnishing.

對於 SuccessFactors 來說，這確實是一個強勁的季度，它也被全球家居領導者宜家選擇。

Let me be clear, we are in the business of customer success.

讓我明確一點，我們從事客戶成功的業務。

That's what we prefer to talk about.

這就是我們更願意談論的。

Still, we cannot let recent unfounded claims made by one of our competitors go entirely uncommented.

儘管如此，我們不能完全不評論我們的競爭對手之一最近提出的毫無根據的說法。

Personally, I see it as a very positive sign that one of our main competitors spend so much time talking about SAP on their own earnings call.

就我個人而言，我認為這是一個非常積極的跡象，我們的主要競爭對手之一在他們自己的財報電話會議上花了大量時間談論 SAP。

Let me tell you we have been through the customer list, and we confidently reject these claims.

讓我告訴你，我們已經查看了客戶名單，我們自信地拒絕了這些說法。

I absolutely encourage you to do your own research, talk to the customers as we did.

我絕對鼓勵你做自己的研究，像我們一樣與客戶交談。

The latest IDC ERP data also helps to put things into perspective.

最新的 IDC ERP 數據也有助於正確看待事情。

It shows that SAP has taken significant ERP market share since launching S/4HANA in 2015.

這表明自 2015 年推出 S/4HANA 以來，SAP 已經佔據了重要的 ERP 市場份額。

And to those who attended the earnings call of one of our competitors, some of the customer names on this slide will sound familiar.

對於那些參加過我們競爭對手之一的財報電話會議的人來說，這張幻燈片上的一些客戶名字聽起來很熟悉。

I leave it at that because what ultimately matters is that so many companies continue to join our journey to the intelligent enterprise, consuming differentiating business capabilities, retiring their own legacy systems.

我就此打住，因為最終重要的是，如此多的公司繼續加入我們的智能企業之旅，使用差異化的業務能力，淘汰他們自己的遺留系統。

And I couldn't be more proud to talk about 2 great customers today, Google and Toshiba, who have done just that and show what is really going on in the market.

今天我非常自豪地談論 2 個偉大的客戶，谷歌和東芝，他們已經做到了這一點並展示了市場上真正發生的事情。

Over the last year, we further strengthened our relationship with Google.

去年，我們進一步加強了與穀歌的關係。

They are migrating their financial systems to S/4HANA.

他們正在將財務系統遷移到 S/4HANA。

And as you already know, they also selected Qualtrics and went live on Ariba.

正如您所知，他們還選擇了 Qualtrics 並在 Ariba 上直播。

We continue to expand our work with Google Cloud to support joint customers in their transformation to become intelligent enterprises.

我們繼續擴大與穀歌云的合作，以支持共同客戶轉型為智能企業。

Similarly, Toshiba selected SAP as the vendor of choice and saw tremendous value in replacing their legacy financial systems with SAP.

同樣，東芝選擇 SAP 作為首選供應商，並看到了用 SAP 替換其遺留財務系統的巨大價值。

And so SAP is now front and center of Toshiba's global transformation and the all-in replacement of a broad landscape of competitive legacy software within Toshiba.

因此，SAP 現在是東芝全球轉型的前沿和中心，全面取代東芝內部眾多競爭性遺留軟件。

Finally, let me give you an update on the execution of our strategy and our financial disclosure.

最後，讓我向您介紹我們戰略執行和財務披露的最新情況。

As you know, our strategy is to deliver the intelligent enterprise in the cloud, providing customers with an intelligent, integrated modular cloud suite, complemented by solutions built by our widespread and agile ecosystem of partners, all based on our development and integration platform, the BTP.

如您所知，我們的戰略是在雲中交付智能企業，為客戶提供智能、集成的模塊化雲套件，輔之以我們廣泛而敏捷的合作夥伴生態系統構建的解決方案，所有這些都基於我們的開發和集成平台， BTP。

That has a broad range of aspects, but here are the 2 main things we are doing: one, take our customer base to the cloud in core ERP, the most demanding but also most rewarding category in cloud; two, establish the SAP Business Technology Platform as the foundation, allowing customers and partners to run the enterprise based on one semantical data model and securely integrate SAP and non-SAP applications in the cloud.

這涉及廣泛的方面，但我們正在做的主要有兩件事：第一，將我們的客戶群帶到核心 ERP 中的雲中，這是雲中要求最高但回報最高的類別；二、建立SAP Business Technology Platform 為基礎，讓客戶和合作夥伴基於一個語義數據模型來運行企業，並在雲端安全地集成SAP 和非SAP 應用程序。

The Business Technology Platform also provides application and system developers the ability to quickly build new apps and extensions using the same services as our own SAP applications.

業務技術平台還為應用程序和系統開發人員提供了使用與我們自己的 SAP 應用程序相同的服務快速構建新應用程序和擴展的能力。

We are done and finalized our work on integration.

我們已經完成並完成了關於集成的工作。

In fact, the SAP integration suite, an essential part of the BTP, won the Gartner customers choice award 2021 ahead of other third-party platforms like MuleSoft.

事實上，作為 BTP 的重要組成部分的 SAP 集成套件在 MuleSoft 等其他第三方平台之前贏得了 2021 年 Gartner 客戶選擇獎。

The RISE with SAP offering launched in January towards both of these aspects is the answer to the how that customers were waiting for and a perfect match to the business transformation needs exposed by the crisis.

1 月份針對這兩個方面推出的 RISE with SAP 產品解決了客戶的等待方式，並且完美匹配了危機暴露的業務轉型需求。

We take customers by the hand and transform the enterprise with superior business process intelligent capabilities based on our unmatched process expertise for over 25 industries.

基於我們在超過 25 個行業中無與倫比的流程專業知識，我們以卓越的業務流程智能能力牽著客戶的手，改造企業。

And I'm happy to report RISE is off to a great start.

我很高興地報告 RISE 有了一個良好的開端。

We are seeing massive early success, having already closed more than 100 deals in Q1 alone.

我們看到了巨大的早期成功，僅在第一季度就已經完成了 100 多筆交易。

Now I want to provide you with transparency on our progress in taking core ERP to the cloud.

現在，我想向您公開我們在將核心 ERP 遷移到雲端方面取得的進展。

As you know, the overall ERP category is broadly defined.

如您所知，整個 ERP 類別的定義很廣泛。

It spans financial management, HR and procurement capabilities.

它涵蓋財務管理、人力資源和採購能力。

SAP's cloud ERP revenue run rate is now approaching EUR 6 billion.

SAP 的雲 ERP 收入運行率現已接近 60 億歐元。

And if you remove the HR and procurement modules and look at the capabilities offered in S/4HANA cloud, S/4HANA Cloud can be really seen as the kind of core ERP, and that shows we have already seen strong adoption here.

如果你刪除人力資源和採購模塊並查看 S/4HANA 雲中提供的功能，S/4HANA 雲確實可以被視為一種核心 ERP，這表明我們已經在這裡看到了廣泛的採用。

As of Q1, S/4HANA Cloud has achieved current cloud backlog of more than EUR 1 billion.

截至第一季度，S/4HANA Cloud 目前已實現超過 10 億歐元的雲積壓。

It also shows the momentum we are enjoying.

它還顯示了我們正在享受的勢頭。

In Q1, S/4HANA was the cloud category with the largest new business contribution, and amidst the impact of COVID, revenue and current cloud backlog were up 43%.

第一季度，S/4HANA 是新業務貢獻最大的雲類別，在 COVID 的影響下，收入和當前云積壓增長了 43%。

And that's just the beginning of the journey.

而這僅僅是旅程的開始。

Keep in mind, we only launched RISE with SAP end of January.

請記住，我們僅在 1 月底與 SAP 一起推出了 RISE。

Now before handing over to Luka, one of our key competitive advantages is coverage and in-depth understanding of 25 industries.

現在在交給 Luka 之前，我們的主要競爭優勢之一是對 25 個行業的覆蓋和深入了解。

As you know, we are making this an innovation priority, either with our own resources or jointly with partners.

如您所知，我們正在將其作為創新優先事項，無論是利用我們自己的資源還是與合作夥伴共同努力。

That's what the SAP industry cloud is all about.

這就是 SAP 行業雲的全部意義所在。

The recently announced dedicated unit for the financial services industry is a perfect example for this.

最近宣布的金融服務業專用部門就是一個很好的例子。

Over 80% of the top 1,000 financial institutions are already running on SAP S/4HANA.

前 1,000 家金融機構中有超過 80% 已經在運行 SAP S/4HANA。

And now we are accelerating the innovation for our customers on top of our platform by partnering with Dediq.

現在，我們正在通過與 Dediq 合作，在我們的平台上為我們的客戶加速創新。

They are investing more than EUR 0.5 billion into this joint business.

他們正在為這項聯合業務投資超過 5 億歐元。

And so this partnership is a showcase not only for the importance of the platform and the ecosystem but also for our strategy of doubling down cloud innovation in key verticals.

因此，這種夥伴關係不僅展示了平台和生態系統的重要性，也展示了我們在關鍵垂直領域加倍雲創新的戰略。

Let me sum it up.

讓我總結一下。

Last year, we have updated our strategy, completed the realignment of the company to focus SAP on the success of our customers.

去年，我們更新了戰略，完成了公司的重組，讓 SAP 專注於客戶的成功。

Now we are in execution mode and the future for SAP is bright.

現在我們處於執行模式，SAP 的未來一片光明。

Q1 was perfect start and proof point for our strategy.

Q1 是我們戰略的完美起點和證明點。

RISE with SAP already works as accelerator for customers' business transformation in the cloud.

RISE with SAP 已經成為客戶在雲中業務轉型的加速器。

It is also setting up SAP to become the largest B2B solution platform with innovations built for us and our over 22,000 partners.

它還使 SAP 成為最大的 B2B 解決方案平台，為我們和我們的 22,000 多個合作夥伴提供創新。

Last but not least, I'm very much looking forward, together with my dear Board colleagues, to welcoming all of you to our financial analyst conference on June 15.

最後但同樣重要的是，我非常期待與我親愛的董事會同事一起歡迎大家參加 6 月 15 日的金融分析師會議。

Over to you, Luka.

交給你了，盧卡。

Yes.

是的。

Thanks a lot, Christian.

非常感謝，克里斯蒂安。

Hello, everybody, from my side as well.

大家好，我也是。

Yes.

是的。

Indeed, as Christian has said, we had a unique start to the year in many ways.

事實上，正如克里斯蒂安所說，我們在很多方面都有一個獨特的開年。

We had the highest order entry growth across cloud and software in 5 years while posting the strongest increase in non-IFRS operating profit and margin in a decade.

我們在雲計算和軟件領域實現了 5 年來最高的訂單增長，同時實現了 10 年來非 IFRS 營業利潤和利潤率的最強勁增長。

Let me now provide you with some background on the key drivers behind this exceptional quarter.

現在讓我為您提供一些關於這個特殊季度背後的主要驅動因素的背景。

In the first quarter, our total current cloud backlog reaccelerated to EUR 7.6 billion, up 19%.

第一季度，我們當前的雲積壓總額重新加速至 76 億歐元，增長 19%。

This was driven by a sharp acceleration in new cloud business across our portfolio as well as a strong start for RISE with SAP.

這是由我們產品組合中新雲業務的急劇加速以及 RISE with SAP 的強勁開端推動的。

S/4HANA current cloud backlog exceeded EUR 1 billion, up 43%.

S/4HANA 當前的雲積壓訂單超過 10 億歐元，增長 43%。

This was propelled by a triple-digit growth in new cloud bookings for S/4HANA.

這是由 S/4HANA 新雲預訂的三位數增長推動的。

Looking forward, this strong new cloud business performance is expected to reaccelerate cloud revenue growth.

展望未來，這種強勁的新雲業務表現有望重新加速雲收入增長。

In the quarter, cloud revenue was resilient and increased by 13% to more than EUR 2.1 billion despite the continued impact of global travel restrictions on Concur's business.

本季度，儘管全球旅行限制對 Concur 的業務持續產生影響，但云收入仍保持彈性，增長了 13% 至超過 21 億歐元。

In fact, we grew our SaaS/PaaS revenue outside our Intelligent Spend business by 24% in the first quarter.

事實上，第一季度我們在智能支出業務之外的 SaaS/PaaS 收入增長了 24%。

S/4HANA Cloud revenue contributed EUR 227 million, up 43% year-on-year, and is approaching a EUR 1 billion annual run rate already.

S/4HANA Cloud 收入貢獻了 2.27 億歐元，同比增長 43%，並且已經接近 10 億歐元的年運行率。

This cloud revenue growth, together with our steady software support revenue stream is increasing the resilience and sustainability of our business model.

這種雲收入增長，加上我們穩定的軟件支持收入流，正在提高我們商業模式的彈性和可持續性。

Our more predictable revenue share expanded by approximately 2 percentage points to a record high of 78%.

我們更可預測的收入份額擴大了約 2 個百分點，達到 78% 的歷史新高。

Software licenses revenue also saw the fastest growth in 5 years and was up by 11%, reflecting significant competitive wins in both ERP and Digital Supply Chain.

軟件許可收入也實現了 5 年來最快的增長，增長了 11%，反映了 ERP 和數字供應鏈領域的顯著競爭優勢。

For the first 3 months, our cloud and software revenue grew strongly by 6%.

前 3 個月，我們的雲和軟件收入強勁增長了 6%。

Our services revenue was down 14% year-on-year, but this includes the effect of the divestiture of our SAP Digital Interconnect business in November 2020.

我們的服務收入同比下降 14%，但這包括 2020 年 11 月剝離 SAP Digital Interconnect 業務的影響。

Consulting projects continue to be efficiently delivered remotely, and SAP's premium services in particular remain in high demand.

諮詢項目繼續以遠程方式高效交付，尤其是 SAP 的優質服務需求量仍然很大。

However, SAP's training business is impacted due to delays in reopening of global training centers.

然而，由於全球培訓中心重新開放的延遲，SAP 的培訓業務受到了影響。

Our total revenue increased by 2% to EUR 6.3 billion.

我們的總收入增長了 2%，達到 63 億歐元。

Now before moving to the bottom line, let me briefly give you some color on our regional results.

現在，在談到底線之前，讓我簡要介紹一下我們的區域結果。

We had a strong performance across all regions.

我們在所有地區都表現出色。

In the EMEA region, cloud and software revenue increased by 7%.

在 EMEA 地區，雲和軟件收入增長了 7%。

Cloud revenue increased by 24%, with Germany and Switzerland being highlights.

雲收入增長了 24%，德國和瑞士是亮點。

In the Americas region, cloud and software revenue was up 3%.

在美洲地區，雲和軟件收入增長了 3%。

Cloud revenue was up 7% with a robust performance in Canada and Mexico.

雲收入增長了 7%，在加拿大和墨西哥表現強勁。

In the APJ region, cloud and software revenue increased by 11%.

在 APJ 地區，雲和軟件收入增長了 11%。

Cloud revenue increased by 18%, with Japan, Australia and Singapore being particularly strong.

雲收入增長了 18%，其中日本、澳大利亞和新加坡表現尤為強勁。

Let's now look at profitability and gross margins in the first quarter.

現在讓我們看看第一季度的盈利能力和毛利率。

I'm proud to say that the gross margins of all of our business models were again up in the first quarter.

我很自豪地說，我們所有商業模式的毛利率在第一季度再次上升。

Despite the negative top line impact from the COVID-19 crisis, in particular on our transactional business, our overall cloud gross margin was up by almost 20 basis points, reaching 70%.

儘管 COVID-19 危機對收入產生了負面影響，尤其是對我們的交易業務，但我們的整體雲毛利率上升了近 20 個基點，達到 70%。

Again, all cloud business models contributed positively to this trend.

同樣，所有云業務模型都對這一趨勢做出了積極貢獻。

Our SaaS/PaaS margin grew by 50 basis points to 71%.

我們的 SaaS/PaaS 利潤率增長了 50 個基點，達到 71%。

Our Intelligent Spend margin grew by 40 basis points, reaching 79%, and our Infrastructure as a Service margin grew by almost 2 percentage points to 33%.

我們的智能支出利潤率增長了 40 個基點，達到 79%，我們的基礎設施即服務利潤率增長了近 2 個百分點，達到 33%。

Our software and support gross margin grew likewise very healthily by 80 basis points to 86%.

我們的軟件和支持毛利率同樣非常健康地增長了 80 個基點，達到 86%。

Overall, as a result, our cloud and software gross margin increased by 10 basis points to 80%.

總體而言，我們的雲和軟件毛利率增長了 10 個基點，達到 80%。

The gross margin of our services business increased sharply by 6 percentage points to 29%.

我們服務業務的毛利率大幅上升 6 個百分點至 29%。

This was again mainly driven by a larger share of high-margin premium engagement business, which has proven to be very effective in this virtual environment, where the increase in remote delivery led to a reduction in travel spend as well.

這再次主要是由於高利潤率高級參與業務的更大份額所推動，這已被證明在這個虛擬環境中非常有效，遠程交付的增加也導致差旅支出的減少。

In the first quarter, our operating profit expanded significantly by 24% to EUR 1.7 billion.

第一季度，我們的營業利潤大幅增長 24%，達到 17 億歐元。

This reflected the strong top line performance in combination with the cloud gross margin improvement and our disciplined approach to discretionary spend while capturing natural savings such as lower travel, facility-related costs and virtual events.

這反映出強勁的收入表現，加上雲計算毛利率的提高以及我們對可自由支配支出採取嚴格的方法，同時獲得了自然節省，例如較低的差旅、設施相關成本和虛擬活動。

Just as a reminder, the prior year Q1 included a cost of approximately EUR 36 million in relation to the cancellation of our in-person annual SAPPHIRE NOW and other customer events as well as still normal travel behavior.

提醒一下，去年第一季度包括與取消我們的年度 SAPPHIRE NOW 和其他客戶活動以及仍然正常的旅行行為相關的大約 3600 萬歐元的成本。

As a result, our operating margin expanded strongly by almost 5 percentage points to 27.4% in the first quarter.

因此，我們的營業利潤率在第一季度強勁增長了近 5 個百分點，達到 27.4%。

On an IFRS basis, our operating profit was down by 21% to EUR 960 million, and our IFRS operating margin was down over 3 percentage points to 15.1%.

根據 IFRS，我們的營業利潤下降了 21% 至 9.6 億歐元，我們的 IFRS 營業利潤率下降了 3 個百分點以上至 15.1%。

Both IFRS operating profit and margin were negatively impacted by higher share-based compensation expenses primarily related to Qualtrics IPO awards as well as restructuring expenses related to the accelerated harmonization of SAP's cloud delivery infrastructure.

IFRS 營業利潤和利潤率均受到主要與 Qualtrics IPO 獎勵相關的更高的基於股份的補償費用以及與 SAP 雲交付基礎設施的加速協調相關的重組費用的負面影響。

Let me now turn to taxes and EPS.

現在讓我談談稅收和每股收益。

In the first quarter, the IFRS effective tax rate saw a substantial reduction to 20%, down by 7.7 percentage points.

一季度，國際財務報告準則實際稅率大幅下降至20%，下降7.7個百分點。

The non-IFRS effective tax rate likewise saw a significant reduction to 18.7%, down 8.5 percentage points.

非 IFRS 有效稅率同樣大幅下降至 18.7%，下降 8.5 個百分點。

These decreases mainly resulted from tax effects related to changes in tax-exempt income and a onetime change in deferred tax liabilities for taxable temporary differences associated with investments in subsidiaries.

這些減少主要是由於與免稅收入變化相關的稅收影響以及與子公司投資相關的應納稅暫時性差異的遞延所得稅負債的一次性變化。

We are also updating our effective tax rates for the full year.

我們還更新了全年的有效稅率。

We now expect an IFRS effective tax rate in the range of 26% to 27% and a non-IFRS effective tax rate of 22.5% to 23.5%.

我們現在預計 IFRS 有效稅率在 26% 至 27% 之間，非 IFRS 有效稅率在 22.5% 至 23.5% 之間。

IFRS EPS increased by 29% and non-IFRS EPS significantly rose by 63%.

IFRS 每股收益增長 29%，非 IFRS 每股收益大幅增長 63%。

This was mainly driven by another stellar contribution from Sapphire Ventures to our finance income, in combination with the lower effective tax rate and the share count reduction following the share buyback in early 2020.

這主要是由於 Sapphire Ventures 對我們財務收入的另一項重大貢獻，以及較低的有效稅率和 2020 年初股票回購後的股票數量減少。

Let me continue with our cash flow, another highlight.

讓我繼續我們的現金流，這是另一個亮點。

After a record performance in the first quarter of 2020, operating cash flow as well as free cash flow continued to be strong.

在 2020 年第一季度取得創紀錄的業績後，經營現金流和自由現金流繼續保持強勁。

Our operating cash flow increased by 3% to EUR 3.1 billion, being positively impacted by lower share-based compensation and restructuring payments.

我們的經營現金流增長了 3%，達到 31 億歐元，受到較低的股權補償和重組付款的積極影響。

Free cash flow was up by even 10% to EUR 2.8 billion, supported by a year-over-year reduction in CapEx.

在資本支出同比下降的支持下，自由現金流甚至增長了 10%，達到 28 億歐元。

For the full year, we continue to expect operating cash flow of approximately EUR 6 billion and free cash flow is expected to be above EUR 4.5 billion.

對於全年，我們繼續預計運營現金流約為 60 億歐元，自由現金流預計將超過 45 億歐元。

So continuing with our financial guidance.

因此，繼續我們的財務指導。

As you know, we raised our 2021 revenue metrics, reflecting the strong performance of our new cloud business, which is expected to reaccelerate cloud revenue growth.

如您所知，我們上調了 2021 年的收入指標，反映了我們新的雲業務的強勁表現，預計這將重新加速雲收入增長。

We continue to expect the software licenses revenue decline for the full year as more and more customers will turn to the RISE with SAP subscription offering for their mission-critical core processes.

我們繼續預計全年軟件許可收入會下降，因為越來越多的客戶將轉向 RISE with SAP 訂閱產品來處理他們的關鍵任務核心流程。

The outlook also continues to assume that the COVID-19 crisis will begin to recede as vaccine programs roll out globally, leading to a gradually improving global demand environment in the second half of 2021.

展望還繼續假設，隨著疫苗計劃在全球範圍內的推出，COVID-19 危機將開始消退，導致 2021 年下半年全球需求環境逐漸改善。

Before closing, allow me to briefly talk about our nonfinancial objectives as well.

在結束之前，請允許我也簡要談談我們的非財務目標。

In early March, we published our ninth integrated report, another milestone on our holistic steering and reporting journey.

3 月初，我們發布了第 9 份綜合報告，這是我們整體指導和報告之旅的又一個里程碑。

To underscore our role as frontrunner in climate protection, we are accelerating our move towards carbon-neutral operations.

為了強調我們作為氣候保護領跑者的作用，我們正在加速向碳中和運營邁進。

The pandemic has clearly taught businesses how to work with customers and colleagues effectively in a virtual setting.

大流行清楚地教會了企業如何在虛擬環境中有效地與客戶和同事合作。

We anticipate development towards more remote work to continue, and therefore, we aim to become carbon-neutral in our own operations by the end of 2023, 2 years earlier than previously targeted.

我們預計將繼續朝著更偏遠的工作方向發展，因此，我們的目標是到 2023 年底在我們自己的運營中實現碳中和，比之前的目標提前 2 年。

So to conclude, we are highly encouraged by the broad strength across our solution portfolio in first quarter of 2021.

總而言之，我們對 2021 年第一季度解決方案組合的廣泛實力感到非常鼓舞。

In the midterm, SAP's expedited shift to the cloud will accelerate top line growth and significantly increase the resiliency and predictability of our business.

從中期來看，SAP 加速向雲端的轉變將加速收入增長，並顯著提高我們業務的彈性和可預測性。

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

非常感謝您，我們現在很樂意回答您的問題。

Thank you.

謝謝。

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

接線員，您現在可以開始問答環節了。

(Operator Instructions) We will now take our first question from Kirk Materne from Evercore ISI.

（操作員說明）我們現在將接受來自 Evercore ISI 的 Kirk Materne 的第一個問題。

Congrats on the quarter.

祝賀這個季度。

I was wondering if you could just talk a little bit about the Americas region.

我想知道你是否可以談談美洲地區。

I realize revenue is a bit of a lagging indicator, but that was obviously a little bit weaker.

我意識到收入是一個有點滯後的指標，但它顯然有點弱。

Obviously, Qualtrics had an amazing quarter last night.

顯然，Qualtrics 昨晚有一個驚人的季度。

So I was just kind of -- can you just parse out sort of what you're seeing, I guess, from a bookings perspective and then maybe some of the dynamics on more of a product-specific dynamic?

所以我只是有點——我猜你能從預訂的角度分析你所看到的，然後可能是一些關於更多產品特定動態的動態嗎？

Meaning, is a lot of that just sort of the Intelligent Spend side sort of weighing on the Americas?

意思是，其中很多只是智能支出方面對美洲造成的影響嗎？

I was just wondering if you could add some color there or Luka, if you have any thoughts there.

我只是想知道你是否可以在那里或 Luka 添加一些顏色，如果你有任何想法。

Thanks a lot for the question.

非常感謝你的提問。

Christian here.

基督徒在這裡。

And then, Scott, as you did win your very first successful quarter, I would also like to hand it over to you.

然後，斯科特，因為你確實贏得了第一個成功的季度，我也想把它交給你。

Look, I mean, yes, as you are rightfully saying, cloud revenue is a lagging indicator.

看，我的意思是，是的，正如你所說的那樣，雲收入是一個滯後指標。

And I don't want to here now highlight one particular region, but I have to say what DJ Paoni and his team really delivered this quarter was just fantastic from an order entry perspective, both cloud and also in our on-premise business.

我現在不想在這裡強調一個特定的區域，但我不得不說 DJ Paoni 和他的團隊本季度真正交付的產品從訂單輸入的角度來看非常棒，無論是雲還是我們的本地業務。

So we are very happy how the business developed there.

因此，我們對業務在那裡的發展方式感到非常高興。

And especially with RISE with SAP also in conjunction with the hyperscalers, we already closed some very significant deals.

尤其是 RISE with SAP 也與超大規模企業一起，我們已經完成了一些非常重要的交易。

The pipeline is strong.

管道很強。

It's very strong.

它非常堅固。

And also, we are now ramping up further industry cloud capabilities, which also resonates in the market like public sector extremely well.

而且，我們現在正在進一步提升行業雲功能，這在公共部門等市場上也引起了極大的共鳴。

Scott, would you like to add some color to that?

斯科特，你想為它添加一些顏色嗎？

Yes.

是的。

Sure, Christian, and thank you for your kind comment.

當然，克里斯蒂安，謝謝你的友好評論。

Look, I think you said it well.

看，我覺得你說的很好。

They had a very strong quarter obviously in terms of bookings.

他們在預訂方面顯然有一個非常強勁的季度。

I think there's a couple of other factors just to bear in mind.

我認為還有一些其他因素需要牢記。

The first is the comparison on a year-on-year basis was obviously a bit stronger.

首先是同比對比明顯強了一些。

We had other regions that were impacted, Asia and parts of Europe, with COVID in the first quarter.

我們還有其他受到影響的地區，亞洲和歐洲部分地區，第一季度出現了 COVID。

Whereas actually, in our Q1 last year, it was actually very strong for North America.

事實上，在我們去年的第一季度，北美實際上非常強勁。

But more importantly, our bookings, together with the acceleration and the strong sentiment, the customers in North America telling us directly that the RISE with SAP is a clear requirement in how they run their businesses going forward, together with the really strong performance across the cloud portfolio that was mentioned at the beginning of the call.

但更重要的是，我們的預訂，加上加速和強烈的情緒，北美的客戶直接告訴我們，RISE with SAP 是他們未來如何經營業務的明確要求，以及整個北美地區真正強勁的表現電話會議開始時提到的雲產品組合。

And that should reaccelerate the Americas cloud revenue going forward, together with, obviously, the resurgence at Concur as travel restrictions start to ease and businesses are able to move around more going forward.

這應該會重新加速美洲雲收入的增長，顯然，隨著旅行限制開始放寬，Concur 的複蘇，企業能夠更多地向前發展。

That's really helpful.

這真的很有幫助。

Maybe one follow-up -- go ahead, go ahead.

也許一個後續行動——繼續，繼續。

Thank you very much.

非常感謝。

Sorry?

對不起？

I was just getting -- one for Luka.

我剛剛得到——一個給 Luka。

Yes, if I could, just one follow-up for Luka.

是的，如果可以的話，只是對 Luka 進行一次跟進。

Apologies.

道歉。

Luka, if we look -- if we think about sort of the balancing out of obviously license going down but obviously some potential efficiency gains on OpEx as we go to a more sort of hybrid world, how do you think about that?

盧卡，如果我們看一下——如果我們考慮在明顯的許可證下降但顯然在我們進入一個更混合的世界時在運營支出上取得一些潛在的效率收益方面進行某種平衡，你怎麼看？

Meaning, when we get through the other side of COVID, what are some of the learnings you've had from an operational efficiency perspective?

意思是，當我們渡過 COVID 的另一面時，您從運營效率的角度學到了哪些知識？

And is that sort of factored in?

是否考慮了這種因素？

Or do you think there's some upside as we come out the back end of this in terms of sales and marketing and basically just other sort of real estate costs, things like that?

或者你認為有一些好處，因為我們在銷售和營銷方面以及基本上只是其他類型的房地產成本方面出現了後端，諸如此類？

Yes.

是的。

First of all, I would argue that we have really been extremely disciplined when it comes to avoidable costs.

首先，我認為在涉及可避免的成本時，我們確實非常自律。

We have not sacrificed the future of the company.

我們沒有犧牲公司的未來。

We have continued to invest in particular in innovation and R&D.

我們繼續投資，尤其是在創新和研發方面。

I mean we have essentially hired, over the course of the last 2 years, including inorganic growth, around about 2,000 additional employees, and virtually all of them are actually R&D engineers.

我的意思是，在過去 2 年的過程中，包括無機增長在內，我們基本上僱傭了大約 2,000 名額外的員工，而且幾乎所有這些人實際上都是研發工程師。

So in this respect, we continue to invest.

所以在這方面，我們繼續投入。

And you see also that, therefore, rightfully, the R&D ratio goes up.

你還看到，因此，研發比率理所當然地上升了。

But as far as the rest is concerned, of course, we take advantage of the natural savings on the travel front, and we are also running a tight ship in other discretionary expenses.

但就其他方面而言，當然，我們利用了旅行方面的自然節省，而且我們在其他可自由支配的開支方面也很緊張。

And that was the key reason for the significant increase in profitability.

這是盈利能力顯著提高的關鍵原因。

As COVID slowly gets behind us, I'm absolutely certain that we will not return to a full past normal, so to say, because we have seen that many things can be done very efficiently in a virtual and remote environment.

隨著 COVID 慢慢過去，我絕對肯定我們不會完全恢復到過去的正常狀態，可以這麼說，因為我們已經看到很多事情可以在虛擬和遠程環境中非常有效地完成。

Nevertheless, there will be a certain move towards more physical meetings still.

儘管如此，仍然會有一些朝著更多實體會議的方向發展。

I think a hybrid model is a reality that we will see.

我認為混合模型是我們將會看到的現實。

And you're rightfully mentioning as well that on the software front, while Q1 was obviously very positive with the growing adoption of RISE, certainly, we continue to expect downward pressure on software licenses.

你也正確地提到了在軟件方面，雖然第一季度隨著 RISE 的日益普及顯然非常積極，當然，我們繼續預計軟件許可面臨下行壓力。

Having said this, the main factor that contributes to our profitability is really the revenue mix that we expect.

話雖如此，影響我們盈利能力的主要因素實際上是我們預期的收入組合。

And the beauty of this is that, once this mix shift effect has taken full hold, which we expect by the end of next year, we fully anticipate that this will make room to outsized growth in profits and therefore, also profitability.

這樣做的美妙之處在於，一旦這種混合轉變效應完全發揮作用（我們預計到明年年底），我們完全預計這將為利潤的超額增長以及盈利能力的超額增長騰出空間。

Actually, we expect that we will see sizable double-digit growth already starting in 2023 and then a further acceleration in the years to come.

實際上，我們預計我們將在 2023 年開始看到可觀的兩位數增長，然後在未來幾年進一步加速。

So the model shift that we are pursuing and that we're acting upon is actually in SAP's best interest.

因此，我們正在追求並正在採取行動的模式轉變實際上符合 SAP 的最大利益。

We will now take our next question from Mark Moerdler from Bernstein Research.

我們現在將接受來自 Bernstein Research 的 Mark Moerdler 的下一個問題。

Also, I want to congratulate you on the additional information, disclosures you're giving on S/4HANA Cloud.

此外，我要祝賀您在 S/4HANA Cloud 上提供的額外信息和披露。

I think it will be extremely helpful.

我認為這將非常有幫助。

I'd like to ask a question that I've had recently from quite a number of clients.

我想問一個我最近從很多客戶那裡得到的問題。

Can you give us some color on the renewal rates of on-premise ERP?

你能給我們一些關於內部部署 ERP 更新率的顏色嗎？

Are you seeing any meaningful change in revenue over time?

隨著時間的推移，您是否看到收入有任何有意義的變化？

And then I have a quick follow-up.

然後我有一個快速跟進。

Perhaps I can take the question on the support revenues and renewal rates.

也許我可以回答有關支持收入和續訂率的問題。

The underlying support performance is actually quite resilient.

潛在的支持性能實際上非常有彈性。

I know that we have now had a second quarter of flat support revenue growth, but that is obviously due to the quite negative software revenue performance.

我知道我們現在第二季度的支持收入增長持平，但這顯然是由於軟件收入表現相當糟糕。

And then, of course, we have a proportion of support revenues that actually wanted to churn that is converted into cloud subscription as part of cloud extension cases.

然後，當然，我們有一部分實際想要流失的支持收入被轉換為雲訂閱，作為雲擴展案例的一部分。

But there, we also have a very stable development.

但是在那裡，我們也有非常穩定的發展。

In the past few years, we were always comfortably beyond and above a conversion factor of 2, and actually, Q1 was not an exception to this.

在過去的幾年裡，我們總是輕鬆地超過 2 的轉換係數，實際上，Q1 也不例外。

Actually, we had an even higher conversion factor.

實際上，我們有更高的轉換係數。

So all in all, the main factor that is dictating the support revenue development is really the development of licenses.

所以總而言之，決定支持收入發展的主要因素實際上是許可證的發展。

On the rest, we have actually a very robust and resilient performance with continued high renewal rates.

另一方面，我們實際上擁有非常強勁和有彈性的表現以及持續的高續訂率。

Beautiful.

美麗的。

And then a quick follow-up.

然後快速跟進。

As clients are looking at RISE with SAP, are you seeing increased cross-sell demand for the other cloud offerings?

當客戶關注 RISE with SAP 時，您是否看到對其他雲產品的交叉銷售需求增加？

Yes, indeed.

確實是的。

That's a very good question and actually also directly also alludes to our new strategy.

這是一個很好的問題，實際上也直接暗示了我們的新戰略。

I mean now that we have finalized our work on integration, sharing one data model, sharing the same security layer, sharing the same extension layer, obviously, RISE with SAP will also help our other lines of businesses big time.

我的意思是，現在我們已經完成了集成工作，共享一個數據模型，共享相同的安全層，共享相同的擴展層，顯然，RISE with SAP 也將幫助我們的其他業務線大獲成功。

Because when you are, for example, today, an ECC customer, you move to the new platform, you move to a modular landscape, obviously, now we have much better cross-sell opportunities.

因為當你，例如，今天，一個 ECC 客戶，你轉移到新平台，你轉移到一個模塊化的環境，顯然，現在我們有更好的交叉銷售機會。

The migration is much smoother.

遷移要順利得多。

You again get all the benefits of running the enterprise in a really integrated way -- in a modular way but integrated way.

您將再次獲得以真正集成的方式運營企業的所有好處——以模塊化但集成的方式。

And you will also watch out for SAPPHIRE.

你也會留意藍寶石。

We don't stop with RISE.

我們不止於 RISE。

There will be new offerings coming because we listen to our customers.

因為我們傾聽客戶的意見，所以會有新的產品推出。

We will see some industry flavor to that.

我們將看到一些行業風味。

We will also expand a little bit our core.

我們還將稍微擴展我們的核心。

But again, it's all about a customer choosing the right modules for his business requirements.

但同樣，這完全取決於客戶根據其業務需求選擇正確的模塊。

We will now take our next question from Stefan Slowinski from BNP Paribas.

我們現在將接受來自法國巴黎銀行的 Stefan Slowinski 的下一個問題。

I guess just to start, just wondering if -- the S/4HANA revenue and backlog, if you're seeing any maintenance migration towards subscription contracting.

我想只是開始，只是想知道 S/4HANA 收入和積壓，如果你看到任何維護遷移到訂閱合同。

You just mentioned maintenance, of course, was flat in the quarter.

您剛才提到維護當然在本季度持平。

Should we now expect that to start declining?

我們現在應該期望它開始下降嗎？

And will you break out that conversion if it is happening?

如果發生這種轉變，你會打破這種轉變嗎？

Yes, Stefan.

是的，斯特凡。

So let me quickly answer this.

所以讓我快速回答這個問題。

So, so far, we have not really seen a pronounced migration of maintenance revenues.

因此，到目前為止，我們還沒有真正看到維護收入的明顯遷移。

It was in Q1 actually negligible, some couple of millions of maintenance revenues.

它在第一季度實際上可以忽略不計，大約幾百萬的維護收入。

I mean as we move to larger engagements on the RISE, that certainly should start to increase a bit, but that is factored actually into our planning and our guidance already.

我的意思是，隨著我們在 RISE 上進行更大的參與，這當然應該開始增加一點，但這實際上已經被納入我們的計劃和指導中。

In Q1, certainly, we had a much more modest impact from this than we had originally planned for.

當然，在第一季度，我們受到的影響比我們最初計劃的要小得多。

So it looks actually very healthy and very incremental, what we are able to drive with RISE.

所以它看起來實際上非常健康且非常增量，我們能夠通過 RISE 推動。

Let's see how that plays out over the coming quarters.

讓我們看看這在未來幾個季度會如何發揮作用。

But for now, as I said also on Mark's earlier question, it's business as usual, and the cloud extension multipliers are actually even etching up in Q1 over the last few years.

但就目前而言，正如我在 Mark 之前的問題中所說的那樣，它一切如常，在過去幾年中，雲擴展乘數實際上什至在第一季度出現了增長。

And maybe just to build on that very quickly.

也許只是為了很快地建立它。

I mean you also have heard us saying that we have close to 5,000 net new customers.

我的意思是您也聽說我們有近 5,000 個淨新客戶。

So that clearly also signals it's not only about the installed base.

因此，這也清楚地表明它不僅與已安裝的基礎有關。

And even for RISE, it's a higher net new customer share because when we are replacing, and we are really replacing competitive ERP systems, then, of course, RISE is the ideal offer to make it a smooth migration for the data model, building consisting -- consistent data layer and of course, also redesigning the business processes to truly transform the business.

即使對於 RISE，它的淨新客戶份額也更高，因為當我們更換時，我們真的在更換競爭性 ERP 系統，那麼，當然，RISE 是使數據模型順利遷移的理想選擇，構建包括-- 一致的數據層，當然還有重新設計業務流程以真正轉變業務。

And so it's installed base but it's also a large share of net new customers.

所以它是安裝基礎，但它也是淨新客戶的很大一部分。

Yes.

是的。

Christian is absolutely right.

克里斯蒂安是絕對正確的。

I mean to just give a number to this.

我的意思是只給這個數字。

I mean as we disclosed, we have more than 400 S/4HANA additional customers in Q1, and we had more than 100 RISE deals.

我的意思是，正如我們所披露的那樣，我們在第一季度有超過 400 個 S/4HANA 額外客戶，並且我們有超過 100 個 RISE 交易。

For the first time actually, in this Q1, our share of S/4HANA Cloud customers exceeded the one of S/4HANA on-premise customers.

實際上，在本季度，我們在 S/4HANA Cloud 客戶中的份額首次超過了 S/4HANA 本地客戶。

But that tells you as well that actually more than half of the S/4HANA Cloud customers were not coming through RISE but were actually net new ones.

但這也告訴你，實際上超過一半的 S/4HANA Cloud 客戶不是通過 RISE 獲得的，而是實際上是新客戶。

We will now take our next question from Michael Briest from UBS.

我們現在將接受來自瑞銀的 Michael Briest 的下一個問題。

Sort of following on from that, I guess.

我猜是從那裡開始的。

I mean Christian, I think you said that you expect the licenses to turn more negative as the year progresses.

我的意思是克里斯蒂安，我想你說過你希望隨著時間的推移，許可證會變得更加負面。

Can you talk a bit about the pipeline mix between RISE and on-premise for S/4?

你能談談 RISE 和 S/4 內部部署之間的管道組合嗎？

And I think, Luka, you've said over 60% of licenses 2 years ago was with S/4 and Digital Supply Chain, so I'm assuming it is still a majority.

我想，盧卡，你說過 2 年前超過 60% 的許可證是與 S/4 和數字供應鏈有關的，所以我假設它仍然是大多數。

And it's good that customers want to adopt it any which way, but just from a margin point of view, if you continue to see license outperformance, will you just let that flow through to the bottom line?

客戶希望以任何方式採用它是件好事，但僅從利潤的角度來看，如果您繼續看到許可證的出色表現，您是否會讓它流到底線？

Or would you perhaps accelerate your investments?

或者你會加速你的投資嗎？

And related to that, just on the hiring, it looks, if I exclude Signavio, that you only added about 300 people in the quarter, which seems odd given the margin guidance for the year.

與此相關的是，就招聘而言，如果我排除 Signavio，你在本季度只增加了大約 300 人，考慮到今年的利潤率指導，這似乎很奇怪。

Can you maybe just elaborate on how we should expect head count to grow through the balance of the year?

您能否詳細說明我們應該如何期望員工人數在今年餘下時間增長？

Yes.

是的。

I can get started, Michael.

我可以開始了，邁克爾。

And then for the pipeline question, Scott, also please feel free to chime in.

然後關於管道問題，Scott，也請隨時插話。

I mean look, RISE was launched 2 months ago.

我的意思是，RISE 是 2 個月前推出的。

And obviously, in many, many conversations with CEOs across all industries, they are completely getting it that they now need to move also with their core business processes to the cloud to get better visibility across the supply chain; to get more resilience; to react faster to changing market conditions; to adapt to new, more digital business models, et cetera, et cetera.

顯然，在與各行各業的首席執行官進行的許多次對話中，他們完全明白，他們現在也需要將核心業務流程遷移到雲端，以更好地了解整個供應鏈；獲得更多的韌性；對不斷變化的市場條件做出更快的反應；以適應新的、更加數字化的商業模式等等。

And so this is what we see.

這就是我們所看到的。

Now of course, for -- especially for the large transactions, it takes some time, but all the customers are really now willing to do this move.

當然，現在 - 特別是對於大型交易，這需要一些時間，但現在所有客戶都真的願意採取這一舉措。

And so with that, obviously, we see definitely a shift now -- especially in the next quarters to come, a shift from the on-premise to the RISE with SAP pipeline.

因此，很明顯，我們現在肯定會看到一個轉變——尤其是在接下來的幾個季度，從內部部署到 RISE with SAP 管道的轉變。

Scott, anything to add from your side?

斯科特，你有什麼要補充的嗎？

Yes, just to give it a little bit more color.

是的，只是為了給它多一點顏色。

Thanks, Christian.

謝謝，克里斯蒂安。

So the pipeline growth for RISE, it's been accelerating every week since we launched.

所以 RISE 的管道增長，自我們推出以來每週都在加速。

So as we've been able to share, interact and talk to the customers, the pipeline growth has continued to expand, reflecting the interest in the cloud-based flexible architecture and the transformation as a service.

因此，當我們能夠與客戶分享、互動和交談時，渠道增長繼續擴大，反映出人們對基於雲的靈活架構和轉型即服務的興趣。

We're -- and clearly, the dialogue with the customers who already got existing ECC or SAP ERP landscapes are then validating their strategy.

我們——而且很明顯，與已經擁有現有 ECC 或 SAP ERP 環境的客戶的對話正在驗證他們的戰略。

But the sentiment is a fast, much -- way faster acceleration into the cloud, which is represented into the pipeline as compared to the on-premise, and we expect that to continue.

但是，與內部部署相比，雲中的速度更快，更快地加速進入了管道，我們希望這種情況能夠繼續下去。

And then last but not least certainly, on the hiring, the organic hiring of around about 300 people in Q1, you're right on that, certainly not representative of what we expect to see for the entirety of the year.

最後但並非最不重要的是，在招聘方面，第一季度約 300 人的有機招聘，你是對的，當然不能代表我們預計全年看到的情況。

So hiring volumes will certainly go up in the quarters to come.

因此，未來幾個季度的招聘量肯定會上升。

And so we'll certainly not talk about 300 but perhaps rather something like 3,000 of additional hires throughout the course of the year.

因此，我們當然不會談論 300 人，而是可能會在這一年中增加 3,000 人。

And Luka, just on the tax rate, is that sustainable?

而盧卡，就稅率而言，這是否可持續？

Or is that just a 1-year effect?

或者這只是 1 年的影響？

The cash flow?

現金流？

No, I mean on the cash flow side, I must say...

不，我的意思是在現金流方面，我必須說...

Tax.

稅。

Oh, the tax rate, sorry.

哦，稅率，對不起。

Well, I think 2 points on that.

好吧，我認為有 2 點。

The onetime effect is certainly not sustainable.

一次性的效果肯定是不可持續的。

Just to give some flavor to it.

只是為了給它一些味道。

When we acquired Qualtrics, we recognized a share of deferred tax liabilities in anticipation of a legal entity integration of the Qualtrics subsidiaries into SAP, which would have given rise to additional tax charges.

當我們收購 Qualtrics 時，我們確認了一部分遞延稅負債，因為我們預計 Qualtrics 子公司的法人實體將整合到 SAP 中，這會產生額外的稅費。

Now that Qualtrics has done IPO, obviously, those plans are not valid anymore.

現在 Qualtrics 已經完成 IPO，顯然，這些計劃不再有效。

And that's why we did recognize these DTLs, and that is certainly a onetime effect.

這就是我們識別這些 DTL 的原因，這肯定是一次性的。

The other one around the tax-exempt income, that mainly depends on the contribution of Sapphire Ventures to our overall results because their value appreciations and corresponding gains are, to a large, a tax-exempt income.

另一個圍繞免稅收入，主要看Sapphire Ventures對我們整體業績的貢獻，因為他們的價值增值和相應的收益，很大一部分是免稅收入。

And so as their success kind of proceeds and they contribute more in a given quarter, that part would certainly also be sustainable going forward.

因此，隨著他們的成功在某種程度上取得收益，並且他們在給定的季度中做出更多貢獻，那部分肯定也會在未來可持續發展。

We will now take our next question from Johannes Schaller from Deutsche Bank.

我們現在將接受來自德意志銀行的 Johannes Schaller 的下一個問題。

And also congratulations on the good quarter from my side.

也祝賀我這邊的好季度。

Maybe for my first question, just coming back to the point on the U.S. and the relatively slower growth in cloud revenues here.

也許對於我的第一個問題，只是回到美國的觀點以及這裡雲收入增長相對較慢的問題。

I mean I get what you're saying in terms of the backlog and the order entry, but can you maybe give us a bit more color here for the S/4HANA Cloud backlog and maybe how much of that you see coming from the Americas?

我的意思是我明白你在積壓和訂單輸入方面的說法，但你能不能在這裡給我們更多關於 S/4HANA 雲積壓的顏色，也許你看到有多少來自美洲？

Is there a decent size in there?

裡面有合適的尺寸嗎？

And also maybe for the overall cloud backlog, so -- to give us a bit more comfort that the cloud revenues in the U.S. or in the Americas start to reaccelerate growth as well.

也可能是整體雲積壓，所以 - 讓我們更加欣慰的是，美國或美洲的雲收入也開始重新加速增長。

And then, Luka, as a second question, you mentioned that the conversion rate in Q1 was a bit higher than the normal -- more than 2x that I think you have alluded to before.

然後，盧卡，作為第二個問題，你提到第一季度的轉化率比正常水平高一點——我想你之前提到過的兩倍多。

I understand the numbers are quite small and probably quite volatile, but do you see that there is any kind of structural reason for that?

我知道這些數字很小，而且可能很不穩定，但你認為這有什麼結構性原因嗎？

Or is that just really quarterly volatility you would see here?

還是您在這裡看到的只是真正的季度波動？

Yes.

是的。

Perhaps I can try to cover all of those questions as they are more technical in nature.

也許我可以嘗試涵蓋所有這些問題，因為它們本質上更具技術性。

So first of all, on the backlog composition, clearly, the total current cloud backlog is, to a quite significant extent, still influenced and fueled by the Americas, in particular North America.

因此，首先，在積壓的構成上，很明顯，當前的雲積壓總量在相當大的程度上仍然受到美洲，尤其是北美的影響和推動。

That's just simply due to the fact that a large share of our renewal volume of our existing contracts is there.

這僅僅是因為我們現有合同的續訂量中有很大一部分在那裡。

And therefore, of course, it has also a significant impact on the current cloud backlog.

因此，當然，它對當前的雲積壓也有重大影響。

And as Scott and Christian have said, North America had an absolute blowout quarter in new cloud bookings and also quite resilient renewals performance.

正如 Scott 和 Christian 所說，北美在新的雲預訂方面有一個絕對井噴的季度，而且續訂表現也相當有彈性。

So you will see that number, that's a technical reality, move up again from a growth perspective.

所以你會看到這個數字，這是一個技術現實，從增長的角度來看再次上升。

And then I think this discussion will quickly be behind us.

然後我認為這個討論很快就會結束。

On the S/4 current cloud backlog, it's slightly different because that business was established a few years ago at a point in time where the cloud was already quickly becoming a preferred deployment model for customers on a global basis, whereas it originally started very much in North America.

在 S/4 當前的雲積壓中，它略有不同，因為該業務成立於幾年前，當時雲已經迅速成為全球客戶的首選部署模型，而它最初起步非常快在北美。

And therefore, the current cloud backlog in S/4 is more evenly distributed across the different regions but still, of course, with a quite significant contribution from North America as well.

因此，S/4 中當前的雲積壓在不同地區的分佈更加均勻，但當然，北美也有相當大的貢獻。

And so -- what was the last question again?

那麼——最後一個問題又是什麼？

Just on the conversion rate that you see within S/4 being a bit higher in Q1.

只是您在 S/4 中看到的轉換率在第一季度略高一些。

If there is anything, kind of a structural trend maybe, you're observing or if that is more quarterly volatility.

如果有任何東西，可能是一種結構性趨勢，你正在觀察，或者如果那是更多的季度波動。

No, I think it's mainly quarterly volatility.

不，我認為這主要是季度波動。

As you have seen, we had a slightly higher share of net new customers in Q1 this year than, for the most part, in the last few years' quarters.

正如您所看到的，今年第一季度我們的淨新客戶份額略高於過去幾年的大部分時間。

We were edging up from 40% to 50%.

我們從 40% 上升到 50%。

And by definition, if you have a net new customer, then there is also no conversion churn, so to say, happening, and that probably was the main contributing factor.

根據定義，如果你有一個淨新客戶，那麼也沒有轉換流失，可以說，這可能是主要的影響因素。

But again, it's a rounding error and with the numbers in Q1, really does not play such a significant role.

但同樣，這是一個舍入誤差，對於第一季度的數字，確實沒有起到如此重要的作用。

I'm confident though that the general trend that we have seen in the past few years will hold and that we will certainly continue to see healthy conversion rates from maintenance to cloud.

不過，我相信我們在過去幾年看到的總體趨勢將會持續，而且我們肯定會繼續看到從維護到雲的健康轉換率。

We will now take our next question from Adam Wood from Morgan Stanley.

我們現在將接受來自摩根士丹利的 Adam Wood 的下一個問題。

Congrats from me on the strong start to the year as well.

我也祝賀今年開局強勁。

Can I ask 2, please?

請問2可以嗎？

First on RISE, the feedback we get from customers so far is there's obviously lots of interest in it.

首先是 RISE，到目前為止，我們從客戶那裡得到的反饋顯然對它很感興趣。

We can see that in the backlogs.

我們可以在積壓中看到這一點。

But there's some confusion given the complexity of the offering.

但鑑於產品的複雜性，存在一些混淆。

Could you maybe talk a little bit about the educational side of this, how long it takes to get customers over those hurdles, where the sales force is on achieving that?

您能否談談這方面的教育方面，讓客戶克服這些障礙需要多長時間，銷售人員如何實現這一目標？

And then secondly, one of the other big debates, I think, we have at large is around the public cloud offering that SAP has.

其次，我認為，我們普遍存在的其他重大爭論之一是圍繞 SAP 擁有的公共雲產品。

Could you just give us a quick update on where do you see that in terms of functionality versus competitors and against the on-premise offering?

您能否快速向我們介紹一下您在功能與競爭對手和本地產品方面的看法？

And could you talk a little bit about adoption?

你能談談收養嗎？

Is that now in the market able to be adopted, going well?

那現在在市場上能被採用，進展順利嗎？

And how would that be different from a mid-market customer versus large enterprise in terms of how they think about going public or private cloud?

就中型市場客戶和大型企業對公共雲或私有云的看法而言，這有何不同？

So Adam, thanks a lot, first of all, and I will start.

亞當，首先非常感謝，我將開始。

And then, Scott, you can build on the enablement side of the house.

然後，Scott，你可以在房子的支持方面進行構建。

Look, I mean, why -- and again, it's an offer which is now 2 months old.

看，我的意思是，為什麼——再一次，這是一個現在已經 2 個月大的提議。

I actually get very positive feedback and also about the simplicity of the offer.

實際上，我得到了非常積極的反饋，而且對報價的簡單性也很滿意。

Because -- when you see what happened in the past, a lot of our customers really already did the move to the cloud.

因為——當你看到過去發生的事情時，我們的很多客戶確實已經遷移到雲端。

They moved and did the technical migration to hyperscale.

他們移動並進行了向超大規模的技術遷移。

Then they had an ERP provider.

然後他們有一個 ERP 供應商。

Then they had an operations provider.

然後他們有一個運營提供商。

So there are 3 parties to talk to, which is not very healthy when one issue is coming up.

所以有 3 方要交談，當一個問題出現時，這不是很健康。

Now we take that, put it into one offer and really just do more than only a business case on TCO.

現在我們接受它，將其放入一個報價中，實際上不僅僅是在 TCO 上做一個商業案例。

We are actually moving to the cloud but we are also driving a business transformation.

我們實際上正在遷移到雲端，但我們也在推動業務轉型。

And we do that by taking the hyperscalers with us as our friends, as our partners, and we are also, of course, taking the existing operations part of our customers with us.

我們通過將超大規模用戶作為我們的朋友、合作夥伴來做到這一點，當然，我們也將客戶的現有運營部分與我們聯繫在一起。

We leave the migration part, obviously, up to the customer to decide because the migration is really depending on the size of the customer.

顯然，我們將遷移部分留給客戶來決定，因為遷移實際上取決於客戶的規模。

And again, there, we also go with an ecosystem-first approach.

同樣，我們也採用生態系統優先的方法。

Of course, we also keep a strong focus on the qualification and the enablement of these resources.

當然，我們也非常關注這些資源的資格和啟用。

And that's actually resonating extremely well, as you have seen already in the backlog.

正如您已經在積壓工作中看到的那樣，這實際上產生了非常好的共鳴。

And with regard to the internal enablement, Scott, can you just share some comments, please?

關於內部支持，斯科特，你能分享一些意見嗎？

Yes, sure.

是的，當然。

Happy to.

高興。

So as we mentioned at the beginning, in the last earnings, we were about to embark upon the learning and enablement of all of the sales and field-facing force, nearly 40,000 people.

因此，正如我們在開頭提到的，在上一份收益中，我們即將開始學習和支持所有銷售和麵向現場的人員，近 40,000 人。

What I can say is we've successfully launched that and have completed that for all employees, not only the sales force but also our services, customer success and engagement teams.

我可以說的是，我們已經成功啟動並為所有員工完成了這項工作，不僅是銷售人員，還有我們的服務、客戶成功和參與團隊。

Since the launch, we've then done a second iteration because, as you could expect, as the feedback comes from the customers and we've been working through the questions that they have, we further refined and then iterated again.

自發布以來，我們進行了第二次迭代，因為正如您所料，隨著來自客戶的反饋，我們一直在解決他們提出的問題，我們進一步完善，然後再次迭代。

And we're launching the next release of the internal enablement to be able to further expand.

我們正在啟動內部支持的下一個版本，以便能夠進一步擴展。

I would also add as a point of note that we have had extensive learning and engagement with all of our strategic partners, the systems integration and business partners who have enabled their service teams, their business transformation teams and working in collaboration on the capability of RISE with SAP.

我還要補充一點，我們已經與我們所有的戰略合作夥伴、系統集成和業務合作夥伴進行了廣泛的學習和接觸，他們支持他們的服務團隊、他們的業務轉型團隊，並在 RISE 的能力上進行協作與 SAP。

So you can expect going forward a continued capability with SAP and its partners to be able to answer the vital questions customers ask about the capability of RISE and then the ability to be able to move with speed and agility to be able to adopt and consume the platform.

因此，您可以期待 SAP 及其合作夥伴的持續能力能夠回答客戶提出的有關 RISE 功能的重要問題，然後能夠快速、敏捷地採取行動，從而能夠採用和使用 RISE 的能力。平台。

And Adam, with regard to the question around S/4HANA public cloud, I mean, we have customers like PwC, over 100,000 end users of the system, completely running an S/4HANA public cloud because the customer can adhere to the standard template we are having.

Adam，關於 S/4HANA 公有云的問題，我的意思是，我們有像普華永道這樣的客戶，超過 100,000 個系統的最終用戶，完全運行 S/4HANA 公有云，因為客戶可以遵守我們的標準模板是具有。

And we have many more of those customers, especially in the professional services industry.

我們有更多這樣的客戶，尤其是在專業服務行業。

Now let's talk about manufacturing.

現在讓我們談談製造業。

When you're running 100 production sites, the customer is not always able to go first right away to the public cloud.

當您運行 100 個生產站點時，客戶並不總是能夠首先立即訪問公共雲。

But again, the RISE kicks in.

但是，RISE 再次啟動。

We are giving choices that, "Okay, for procure to pay, you're ready.

我們給出的選擇是，“好的，為了採購付款，你準備好了。

Quote to cash, you're ready.

報價到現金，你準備好了。

Okay, let's go there to the public cloud." And we move the production side at a later point when we have done the homework also on standardizing -- the business process on standardizing the data models.

好吧，讓我們去公共雲。”當我們完成標準化作業後，我們會在稍後移動生產端——標準化數據模型的業務流程。

So we see this also according to different industry.

所以我們也根據不同的行業看到這一點。

And of course, also the size of the customer matters because it's always also a question of how serious is the customer about a greenfield approach.

當然，客戶的規模也很重要，因為客戶對新建方法的重視程度始終是一個問題。

It's their willingness from the top to standardize business processes.

標準化業務流程是他們自上而下的意願。

So very often, it's about the customer because the technology is -- we have some very large ones already.

所以很多時候，它是關於客戶的，因為技術是——我們已經有一些非常大的技術。

Technology is there and also the best practices are there.

技術在那裡，最佳實踐也在那裡。

It's all about the customer and their willingness, of course, then also to standardize and move forward.

這完全取決於客戶和他們的意願，當然，還有標準化和向前發展的意願。

And Christian, if I can just add because I think there was a question about the move of the -- with RISE with SAP.

克里斯蒂安，如果我可以補充一下，因為我認為有一個關於 RISE 和 SAP 的移動的問題。

It is important to note, as we've announced, we have over 100 customers moving to RISE with SAP even within a 2-month window.

值得注意的是，正如我們所宣布的那樣，即使在 2 個月的窗口內，我們也有超過 100 家客戶轉向 RISE with SAP。

So despite -- between the period of launch to when we closed the quarter, we've had fast acceleration and adoption and move to RISE with SAP, which does show that particularly for customers in that small and medium markets that are able to move quickly, they're doing so.

因此，儘管 - 從發佈到我們關閉季度之間，我們已經快速加速和採用並轉向 RISE with SAP，這確實表明特別是對於能夠快速移動的中小型市場的客戶，他們正在這樣做。

Clearly, the large and very complex customers may take more discussions given their landscapes, but we're very confident that we can help them navigate that.

顯然，鑑於他們的情況，大型且非常複雜的客戶可能會進行更多討論，但我們非常有信心可以幫助他們解決這個問題。

We will now take our next question from James Goodman from Barclays.

我們現在將接受來自巴克萊銀行的 James Goodman 的下一個問題。

On the cloud revenue growth, encouraging to see that cloud growth holds the Q4 level and the backlog stepped up materially, I mean, given all the comments on this call around the success of RISE so far, I mean, the transactional revenues coming back in H2, Qualtrics is outperforming its stand-alone guidance.

在雲收入增長方面，令人鼓舞的是看到雲增長保持在第四季度的水平並且積壓顯著增加，我的意思是，考慮到迄今為止關於 RISE 成功的所有評論，我的意思是，交易收入在H2，Qualtrics 的表現優於其獨立指導。

I mean you nudged up the low end of the cloud guidance, but I'm wondering if you can talk to your confidence in exiting the year at a growth rate above the guidance range or maybe talk to what it would take in terms of RISE adoption to push to the top end of the range for the current year.

我的意思是你提高了雲指導的低端，但我想知道你是否可以談談你對以高於指導範圍的增長率退出今年的信心，或者談談在採用 RISE 方面需要什麼推到當年範圍的頂端。

And secondly, on the cloud gross margin, which held up across all 3 segments in the quarter.

其次，雲計算毛利率在本季度的所有 3 個細分市場均保持穩定。

I was under the impression that the proportion of the investments that you spoke to back in October to accelerate the migration of customers off legacy infrastructures would weigh somewhat on the cloud gross margin.

我的印像是，您在 10 月份談到的加速客戶從遺留基礎設施遷移的投資比例會在一定程度上影響雲毛利率。

Luka, you mentioned, I think, some effect of that this quarter on the OpEx, but I was wondering if you could clarify that and the extent to which you anticipate cloud gross margin to be weighed down at all over the coming quarters by those investments.

Luka，我認為你提到了本季度對運營支出的一些影響，但我想知道你是否可以澄清這一點，以及你預計未來幾個季度雲毛利率將在多大程度上受到這些投資的拖累.

Yes.

是的。

Thanks a lot, James.

非常感謝，詹姆斯。

I'll take both questions, if I may.

如果可以的話，我會回答這兩個問題。

So first of all, on the cloud revenue guidance, look, after Q1 is now out of our way with a great performance on new cloud bookings, there are actually only 2 variables left for us.

所以首先，關於雲收入指導，看，在第一季度在新的雲預訂方面表現出色之後，我們實際上只剩下 2 個變量。

And I think on both of them, we will have a much better view after Q2.

我認為，在第二季度之後，我們會對兩者都有更好的看法。

One is obviously our Q2 new cloud bookings performance because, frankly, everything that comes afterwards will not significantly move the needle on the cloud revenue side anymore.

一個顯然是我們第二季度新的雲預訂表現，因為坦率地說，之後發生的一切都不會再對雲收入方面產生重大影響。

And the second one is obviously the transactional revenues.

第二個顯然是交易收入。

I think on both of those, we will have quite a good handle after Q2.

我認為在這兩個方面，我們在第二季度之後都會有很好的處理。

For now, it obviously feels very good on the momentum side in terms of new cloud bookings.

目前，就新的雲預訂而言，勢頭方面顯然感覺非常好。

Again, transactional revenues is a little bit depending on the external circumstances, but we will certainly be in a position then to have a very precise view on where we will end in -- after our Q2.

同樣，交易收入有點取決於外部環境，但我們肯定能夠非常準確地了解我們將在第二季度結束後的位置。

And for now, it looks very positive.

就目前而言，它看起來非常積極。

On the gross margin side in the cloud, I think I said this already when we talked about our Q4 earnings.

在雲的毛利率方面，我想我在談論第四季度收益時已經說過了。

Despite the investments that we take in the harmonization of our cloud infrastructure, we still expect that the cloud margins in the different business models will continue to edge up.

儘管我們在協調雲基礎設施方面進行了投資，但我們仍然預計不同商業模式的雲利潤率將繼續上升。

It will be slightly, of course, brought down by the investments that we are taking but not to the point that it would completely overshadow the efficiency increases that we are continuing to drive.

當然，我們正在進行的投資會略微降低它，但不會完全掩蓋我們正在繼續推動的效率提高。

Actually, for us, in the short term, the -- it's more the combination of this element with the revenue mix shift effect.

實際上，對我們來說，在短期內，更多的是這個元素與收入組合轉變效應的結合。

The Intelligent Spend solutions, as you know, have the highest gross margin.

如您所知，Intelligent Spend 解決方案的毛利率最高。

And under normal circumstances, if they had been a, let's say, normal to-be-anticipated proportion of the entirety of our cloud business, that would have been driving our cloud gross margins already today up to a more material level.

在正常情況下，如果它們是我們整個雲業務的正常預期比例，那麼今天已經將我們的雲毛利率推高至更高的物質水平。

With the transactional revenues bottoming out and then coming back as of next year, there is certainly potential also in 2022, even though we will step up the additional investments in the cloud harmonization in 2022, to continue to see the cloud margin expanding slightly because all of the other components continue to grow.

隨著交易收入觸底反彈並在明年回升，2022 年肯定也有潛力，儘管我們將在 2022 年加大對雲協調的額外投資，繼續看到雲利潤率略有擴大，因為所有其他組件繼續增長。

So it's really mainly a factor of the mix between the 3 business models.

所以這實際上主要是三種商業模式混合的一個因素。

And then as of 2023, when we have these harmonization investments behind us, then for sure, we will see a much more significant step-up similar to the levels of increases that we have seen when we were finalizing the migration of third-party databases at SuccessFactors, for example.

然後到 2023 年，當我們完成這些協調投資時，可以肯定的是，我們將看到更顯著的提升，類似於我們在完成第三方數據庫遷移時看到的提升水平例如，在 SuccessFactors。

We will now take our next question from Neil Steer from Redburn.

我們現在將接受 Redburn 的 Neil Steer 的下一個問題。

Just a quick sort of technical question and digging into the success of RISE with HANA (sic) [RISE with SAP] . I think Luka, you mentioned that you've had 100 RISE deals go through in the quarter.

只是一個快速的技術問題，並深入探討 RISE with HANA (sic) [RISE with SAP] 的成功之處。我想 Luka，你提到你在本季度完成了 100 筆 RISE 交易。

My understanding is, as the customers embark on the RISE program, the first thing they need to do is sort of assess the code base that they've got and at that point, make a decision as to whether they can either go immediately via the public cloud route or then go to the private cloud path, which is effectively moving to the subscription model but using the underlying on-premise technology.

我的理解是，當客戶開始 RISE 計劃時，他們需要做的第一件事就是評估他們擁有的代碼庫，然後決定是否可以立即通過公共雲路線或然後轉到私有云路徑，這實際上正在轉向訂閱模型，但使用底層的內部部署技術。

Of the 100 you've signed in the first couple of months, is it fair to assume that the vast majority have gone down the second path?

在前幾個月你簽下的 100 人中，假設絕大多數人走第二條路是否公平？

No, we have actually -- I mean, it depends on what you are talking about.

不，我們實際上 - 我的意思是，這取決於你在說什麼。

From a number of transactions perspective, it's actually quite balanced.

從一些交易的角度來看，它實際上是相當平衡的。

From a revenue contribution perspective, certainly, the private cloud-related portions would be contributing more just because of the volume that the customers bring.

當然，從收入貢獻的角度來看，與私有云相關的部分會因為客戶帶來的數量而貢獻更多。

And maybe just to build on that.

也許只是以此為基礎。

I mean you have to realize that RISE with SAP, there's always the business technology platform embedded.

我的意思是你必須意識到 RISE with SAP，總是嵌入了業務技術平台。

And with that, we are also then moving our customers to a new platform because all the application logic now sits on the business technology platform.

有了這個，我們也將我們的客戶轉移到一個新平台，因為所有應用程序邏輯現在都位於業務技術平台上。

So also, the extensions will not in anyway be done on-prem and modifying the core ERP.

因此，無論如何，擴展都不會在本地完成並修改核心 ERP。

They're going to be built now on the platform.

它們現在將在平台上構建。

We actually saw a massive uptick on the BTP adoption in Q1 because now also the ecosystem moves.

實際上，我們在第一季度看到 BTP 採用率大幅上升，因為現在生態系統也在移動。

And of course, the customers want to keep the standard now clean.

當然，客戶現在希望保持標準清潔。

And this is why we are not only shifting our workloads to the cloud, also the ecosystem is with us.

這就是為什麼我們不僅將工作負載轉移到雲端，而且生態系統也與我們同在。

And again, for some customers, it will take time until they get fully standardized business processes and make the move to the public cloud.

同樣，對於一些客戶來說，他們需要時間才能獲得完全標準化的業務流程並遷移到公共雲。

If they can, they are doing it already now.

如果可以的話，他們現在已經在做了。

But for some of the largest, it will take time.

但對於一些最大的公司來說，這需要時間。

But also already there, the extensions will be built more and more on our cloud platform and less and less as modifications in the on-premise world.

但同樣已經存在的是，擴展將越來越多地構建在我們的雲平台上，而越來越少地作為內部部署世界中的修改。

Okay.

好的。

And just a quick follow-on from that.

只是一個快速的後續行動。

As we look out to your strategy and the margin and the profit improvement expected to come through '23 through to '25, do you have in mind what level of your customer workloads need to be on specifically public cloud platforms as we go into '24 and '25?

當我們關注您的戰略以及預期從 23 到 25 年實現的利潤率和利潤改善時，您是否知道在我們進入 24 年時您的客戶工作負載需要在特定的公共雲平台上達到什麼水平？和 25 歲？

Yes.

是的。

So I can take that as well.

所以我也可以接受。

I mean when you look at the TCO calculation, you also -- for single instance or multi-tenancy instance, what you have to see is a customer at a certain size.

我的意思是，當您查看 TCO 計算時，對於單實例或多租戶實例，您必須看到的是一定規模的客戶。

And there, you can also go to our competitors like Salesforce and Workday.

在那裡，您還可以訪問我們的競爭對手，例如 Salesforce 和 Workday。

At a certain size, you also -- it doesn't really matter because you don't put more customers on one tenant because it just scales, the whole hardware scales, the platform scales, the whole technical landscape scales.

在一定規模下，你也——這並不重要，因為你不會把更多的客戶放在一個租戶身上，因為它只是在擴展，整個硬件規模、平台規模、整個技術領域規模。

Of course, for a customer with smaller T-shirt sizes, with less data, actually, there, we, of course, apply the multi-tenant.

當然，對於 T 卹尺碼較小、數據較少的客戶，實際上，我們當然會應用多租戶。

We are doing this today.

我們今天正在這樣做。

And they are already today the bulk of the customers that actually go into the public cloud.

如今，他們已經成為實際進入公共雲的大部分客戶。

So already today, we hit the ratio, and there's no doubt that we are going to hit the ratio also going forward.

所以今天，我們已經達到了這個比例，毫無疑問，我們也會在未來達到這個比例。

So we will now take our next question from Mohammed Moawalla from Goldman Sachs.

因此，我們現在將接受來自高盛的穆罕默德·莫瓦拉的下一個問題。

Congratulations on the quarter.

祝賀這個季度。

I had 2 quick ones.

我有兩個快速的。

One, you talked a lot about sort of new bookings momentum.

第一，你談到了很多關於新預訂勢頭的問題。

I was wondering if you could give us some sort of quantitative color around that.

我想知道你是否可以給我們一些量化的顏色。

I know you don't give that out anymore, but just to get a sense of how fast that is running relative to the overall cloud backlog.

我知道你不再給出它了，只是為了了解它相對於整個雲積壓的運行速度有多快。

And then secondly, just in terms of the RISE, can you give us a sense of the split today?

其次，就 RISE 而言，您能給我們介紹一下今天的分裂嗎？

Because -- a lot of the logo names seem to be more mid-market customers, but of either the 100 that you have already signed up or the pipeline, what is the mix between your kind of more enterprise-scale customers versus mid-market?

因為 - 許多徽標名稱似乎更多的是中端市場客戶，但是在您已經註冊的 100 個或管道中，您的企業級客戶與中端市場之間的組合是什麼？

And related to that, as you move customers, what is the sort of up-sell in terms of additional product that you're getting in those discussions?

與此相關的是，當您轉移客戶時，您在這些討論中獲得的額外產品的追加銷售是什麼？

I will take the first one as I'm the hobby historian here on the table.

我將選擇第一個，因為我是桌上的愛好歷史學家。

And then on the RISE one, I will refer to Scott and Christian.

然後在 RISE 上，我會提到 Scott 和 Christian。

Yes, you're right, I mean, we are not disclosing new cloud bookings separately anymore.

是的，你是對的，我的意思是，我們不再單獨披露新的雲預訂。

But we have said that this was the highest growth that we have seen in our new cloud business in the last 5 years.

但我們說過，這是過去 5 年我們在新雲業務中看到的最高增長。

And as a reference, in the last 5 years, the second best quarter that we had where we still disclosed new cloud bookings was in Q3 2019, where we had 39% constant-currency growth.

作為參考，在過去 5 年中，我們仍然披露新雲預訂的第二好的季度是在 2019 年第三季度，我們的固定貨幣增長率為 39%。

The best quarter, in 2015, so more than 5 years ago.

最好的季度是 2015 年，距今已有 5 年多了。

In Q4 2015, it was actually at 63% constant-currency growth.

2015 年第四季度，它實際上以 63% 的固定匯率增長。

So that tells you that our growth in Q1 2021 will have been somewhere in between.

所以這告訴你我們在 2021 年第一季度的增長將介於兩者之間。

And I would think that it was not too far from the golden middle.

而且我認為它離黃金中間不遠。

And with regard to the order entry mix between large enterprises and our SME business, actually for RISE, it's not any different than for the rest of our business.

關於大型企業和我們的中小企業業務之間的訂單輸入組合，實際上對於 RISE，它與我們其他業務沒有什麼不同。

We see, of course -- in terms of bookings dollars there, we see a higher share coming out of the large enterprises.

我們當然看到 - 就那裡的預訂美元而言，我們看到大型企業的份額更高。

When you look at the number of transactions, the bulk of the transactions, of course, comes also out of the SME business.

當您查看交易數量時，當然，大部分交易也來自中小企業業務。

Actually, I project that even the -- also that one will now move a bit more, a bit more to the large enterprise segment because -- also with regard to number of transactions.

實際上，我預計，即使是 - 現在也將更多地轉移到大型企業領域，因為 - 也涉及交易數量。

Scott already alluded to that.

斯科特已經提到了這一點。

This takes a bit more time.

這需要更多時間。

The deal cycles are a bit longer.

交易週期有點長。

And this is why we actually expect that also on the number of transactions, the shift will a bit more then also lean towards the large enterprise segment.

這就是為什麼我們實際上預計，在交易數量上，這種轉變也會更多一點，然後也傾向於大型企業部門。

And there was one more with regard to the cross-sell.

還有一個關於交叉銷售的問題。

I mean that's actually now also the big competitive advantage of finally having our business technology platform there.

我的意思是，這實際上也是最終擁有我們的業務技術平台的巨大競爭優勢。

And again, when our applications are using the same application logic, the same data model, first of all, they become more sticky, which is very good for the renewal rates in the years to come.

同樣，當我們的應用程序使用相同的應用程序邏輯、相同的數據模型時，首先，它們變得更粘，這對未來幾年的續訂率非常有利。

And second, obviously, customers are forgiving.

其次，顯然，客戶是寬容的。

When there is a best-of-breed vendor who has maybe 2 or 3 more cool features but don't share the same data model, doesn't share the same security model, especially for very mission-critical applications with sensitive data, the reason to then go with SAP is, of course, much higher going forward than when you are just competing best of breed.

當同類最佳的供應商可能擁有 2 或 3 個更酷的功能但不共享相同的數據模型時，不共享相同的安全模型，尤其是對於具有敏感數據的關鍵任務應用程序，當然，選擇 SAP 的理由比你只參加同類最佳競爭要好得多。

And this is why we definitely also expect a higher share of cross-sell opportunities going forward.

這就是為什麼我們當然也期望未來有更高份額的交叉銷售機會。

And we will also launch a few more bundles for RISE, where we also definitely also now expose the core because we can now also deliver it out of the box.

我們還將為 RISE 推出更多捆綁包，我們現在也肯定會公開核心，因為我們現在也可以開箱即用。

We will now take our final question from Knut Woller from Baader Bank.

我們現在將接受來自 Baader Bank 的 Knut Woller 的最後一個問題。

Just a quick one.

只是一個快速的。

We talked a lot about the Americas.

我們談了很多關於美洲的事情。

And I think it was quite remarkable to see the rebound of EMEA despite the ongoing headwind of the pandemic in the first quarter.

我認為，儘管第一季度大流行病持續逆風，但看到歐洲、中東和非洲地區的反彈是非常了不起的。

So can you give us some ideas what were the drivers here from a product perspective that drove an acceleration of growth?

那麼，您能否從產品的角度告訴我們一些想法，這些驅動因素是推動增長加速的？

And also, do you see here an increasing willingness of customers, again, looking through the pandemic, to return to do transformational projects?

而且，您是否在這裡看到越來越多的客戶願意再次通過大流行病返回進行轉型項目？

Scott, would you like to take that question?

斯科特，你願意回答這個問題嗎？

Yes, sure.

是的，當然。

So I think as you saw in the Europe region and also in the Americas as well as APJ, we saw a couple of consistent themes which definitely came about.

因此，我認為正如您在歐洲地區、美洲以及 APJ 所看到的那樣，我們看到了一些肯定會出現的一致主題。

The first is the cloud portfolio across all of the different areas, human experience management, customer experience, Christian mentioned before the business technology platform with incredible growth, our Qualtrics portfolio, so we saw a significant lift in terms of their net new order entry in the EMEA and other regions across the portfolio, notwithstanding also the commentary that we've made about RISE and also with S/4HANA.

首先是跨越所有不同領域的雲產品組合，人類體驗管理，客戶體驗，Christian 之前提到的業務技術平台具有令人難以置信的增長，我們的 Qualtrics 產品組合，因此我們看到他們在新訂單淨輸入方面有了顯著提升EMEA 和投資組合中的其他地區，儘管我們也對 RISE 和 S/4HANA 發表了評論。

The second is there is a clear indication in the feedback that we're getting from the customers that the prioritization of digitizing their businesses as they start to look coming out of the pandemic and looking at the future of their business means that digitization to be able to transform, having an agile platform to run their business is now at the very top of the agenda.

第二個是我們從客戶那裡得到的反饋中清楚地表明，當他們開始考慮從大流行病中走出來並著眼於他們業務的未來時，將他們的業務數字化作為優先事項意味著數字化能夠轉型，擁有一個敏捷的平台來運行他們的業務現在是最重要的議程。

And as they look at the opportunity cost and the competing investments that they're looking at, the digitization, being able to run their agile business to run flexible and resilient supply chain to be able to make sure that they can compete with new business models, that's driving so much of that demand.

當他們審視機會成本和他們正在尋找的競爭性投資時，數字化，能夠運行他們的敏捷業務以運行靈活和有彈性的供應鏈，從而能夠確保他們能夠與新的商業模式競爭，這推動瞭如此多的需求。

So we do expect -- and a lot of the initiatives that have been kicked off in Q1 are there to transform their businesses, whether it be around hiring and retaining the best talent or to operationalize their mission-critical ERP processes in the cloud going forward or in many other areas such as customer experience.

因此，我們確實期望 - 並且在第一季度啟動的許多計劃都是為了改變他們的業務，無論是圍繞招聘和留住最優秀的人才，還是在未來的雲中實施他們的關鍵任務 ERP 流程或在許多其他領域，例如客戶體驗。

So I guess the answer is yes, we see that -- the indicators and we expect that to continue going forward.

所以我想答案是肯定的，我們看到了——指標，我們希望它繼續向前發展。

And also, let's not forget the verticals.

而且，我們不要忘記垂直領域。

I mean when I see SAP at its best -- there was last week a CEO council where we talked about the automotive alliance.

我的意思是，當我看到 SAP 處於最佳狀態時——上周有一個 CEO 委員會，我們在那裡討論了汽車聯盟。

And when I see then the SAP industry people talking on eye level around supply chain traceability, around making the carbon footprint more transparent, around how can we really optimize the inventory across the OEMs, the suppliers, really down to the raw material, this is where I feel, "Who else can do that in the software industry?" And this is also for us the key trend to not only play on the horizontal layer but go from there, use the data, use the platform and build some world-class vertical industry solutions.

當我看到 SAP 行業的人在談論供應鏈可追溯性，圍繞使碳足跡更加透明，圍繞我們如何真正優化原始設備製造商、供應商、真正到原材料的庫存時，這是我覺得，“在軟件行業還有誰能做到這一點？”這也是我們的關鍵趨勢，不僅要在水平層面上發揮作用，還要從那裡出發，使用數據，使用平台並構建一些世界級的垂直行業解決方案。

And this is where also our expertise is and where our why to win is.

這也是我們的專長所在，也是我們獲勝的原因所在。

This concludes our Q1 earnings call for today.

我們今天的第一季度財報電話會議到此結束。

Thank you very much for joining, and we look forward to seeing you at our SAPPHIRE NOW conference in June.

非常感謝您的加入，我們期待在 6 月的 SAPPHIRE NOW 會議上見到您。

Thank you very much.

非常感謝。

Take care, everyone.

大家保重。

Thank you.

謝謝。

Bye.

再見。

Bye-bye.

再見。

Thank you.

謝謝。