SAP SE (SAP) 2020 Q2 法說會逐字稿

Good day, and welcome to the SAP Q2 2020 Earnings Conference Call.

美好的一天，歡迎參加 SAP 2020 年第二季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. Stefan Gruber, Head of Investor Relations.

此時，我想將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。

Good morning or good afternoon.

早上好或下午好。

This is Stefan Gruber.

這是斯特凡·格魯伯。

Thank you for joining us to discuss our results for the second quarter 2020.

感謝您加入我們討論我們 2020 年第二季度的業績。

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

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

Also joining us for Q&A is the Executive Board member, Adaire Fox-Martin, who leads our customer success organization; and Ryan Smith, Founder and CEO of Qualtrics.

執行委員會成員 Adaire Fox-Martin 也加入了我們的問答環節，他領導著我們的客戶成功組織； Qualtrics 的創始人兼首席執行官 Ryan Smith。

We get started.

我們開始吧。

As usual, I would like to say a few words about forward-looking statements and our use of non-IFRS financial measures.

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 publically update or revise any forward-looking statements.

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.

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。

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 2019 filed with the SEC on February 27, 2020.

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 (SEC) 提交的文件中進行了更全面的討論，包括 SAP 於 2020 年 2 月 27 日向美國證券交易委員會提交的 2019 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 our half year report, our quarterly statement and a financial summary slide deck, which are intended to supplement our prepared remarks today and include a reconciliation of our non-IFRS numbers to IFRS numbers.

在我們的投資者關係網站上，您可以找到我們的半年報告、季度報表和財務摘要幻燈片，它們旨在補充我們今天準備好的評論，並包括我們的非 IFRS 數據與 IFRS 數據的對賬。

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 as reported 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 IFRS，增長率和百分比變化均為非 IFRS 同比報告。

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

我們提供的非 IFRS 財務衡量標準不應被視為替代或優於根據 IFRS 衡量的財務業績衡量標準。

And finally, as you have seen in our quarterly statement, we plan to hold a virtual Capital Markets Day in the fourth quarter later this year, where we plan to provide an update on our midterm strategy.

最後，正如您在我們的季度報表中看到的那樣，我們計劃在今年第四季度舉行虛擬資本市場日，屆時我們計劃提供中期戰略的最新信息。

More information will be provided in due time.

更多信息將適時提供。

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。

Thanks, Stefan, and welcome, everyone, to our Q2 earnings call.

謝謝 Stefan，歡迎大家參加我們的第二季度財報電話會議。

I hope that you, your families and friends are safe and manage to keep your spirits up in these challenging times.

我希望您、您的家人和朋友都安全，並在這個充滿挑戰的時刻保持精神振奮。

This is our second quarterly earnings call during the pandemic, but our first full quarter under the COVID impact.

這是我們在大流行期間的第二個季度財報電話會議，但也是我們在 COVID 影響下的第一個完整季度。

And given the situation, it was a fantastic one.

鑑於這種情況，這是一個很棒的事情。

Of course, the crisis is far from over.

當然，危機遠未結束。

But still, our results reflect the progress we have made as a company since the pandemic hit hard in March.

但是，我們的業績仍然反映了自 3 月份大流行病重創以來我們作為一家公司所取得的進步。

We have adapted to the situation by truly transforming into a virtual organization and allowing our customers to continue with their business.

我們通過真正轉變為虛擬組織並允許我們的客戶繼續他們的業務來適應這種情況。

17,000 customer Go-Live, in the past 6 months alone, are showing SAP's resilience in this crisis.

僅在過去 6 個月內，就有 17,000 名客戶上線，顯示了 SAP 在這場危機中的韌性。

Also, Go-Live in the cloud are happening now in weeks rather than months.

此外，雲端上線現在只需數周而不是數月。

This shows how SAP enables our customers to react with agility and speed in this crisis.

這展示了 SAP 如何幫助我們的客戶在這場危機中敏捷、快速地做出反應。

As we have said before, SAP is crucial to the business transformation of our customers, and we are working to emerge stronger out of the crisis.

正如我們之前所說，SAP對我們客戶的業務轉型至關重要，我們正在努力走出危機，變得更加強大。

If customers are in a difficult spot financially-wide now, we will provide commercial relief when needed, because we want to build partnerships for life.

如果客戶現在在財務上陷入困境，我們將在需要時提供商業救濟，因為我們希望建立終身合作夥伴關係。

Inside SAP, we continue to selectively hire into our future growth opportunities, striking a balance between near-term profit and innovation but we also have an obligation towards society.

在 SAP 內部，我們繼續有選擇地招聘未來的增長機會，在短期利潤和創新之間取得平衡，但我們也對社會負有義務。

Our purpose is to help the world run better and improve people's lives.

我們的宗旨是幫助世界運轉得更好，改善人們的生活。

And I'm proud that ever since the crisis probed, we have been supporting the public with projects, financial assistance, donations and technology around the world.

我感到自豪的是，自危機爆發以來，我們一直在全球範圍內通過項目、財政援助、捐贈和技術支持公眾。

Let's move to the quarter now.

現在讓我們轉到季度。

Luka will take us through the numbers in a minute, but let me say, these results show, yet again, well our intelligent enterprise strategy is resonating with customers.

Luka 將在一分鐘內向我們介紹這些數字，但讓我說，這些結果再次表明，我們的智能企業戰略正在與客戶產生共鳴。

They completely understand digitalization is no longer an option, but a must to achieve desired business outcomes, resiliency, profitability and sustainability.

他們完全理解數字化不再是一種選擇，而是實現預期業務成果、彈性、盈利能力和可持續性的必要條件。

And the results prove as well our own progress in that regard.

結果也證明了我們自己在這方面的進步。

In June, we completed our first ever virtual SAPPHIRE NOW, a milestone event with 130,000 participants and close to 600,000 session views in the first week alone.

6 月，我們完成了有史以來的第一個虛擬 SAPPHIRE NOW，這是一個具有里程碑意義的活動，僅在第一周就有 130,000 名參與者和近 600,000 次會議觀看。

And during the crisis, digitalization and remote delivery ensured customer service continued without disruption.

在危機期間，數字化和遠程交付確保了客戶服務持續不間斷。

We have added over 500 S/4HANA customers in Q2, close to 40% of them net new.

我們在第二季度增加了 500 多個 S/4HANA 客戶，其中近 40% 是淨新客戶。

And we have seen a lot of competitive wins, such as Carrefour, which also subscribed to a set of cloud solutions, including Ariba.

我們已經看到了很多競爭的勝利，比如家樂福，它也訂閱了一套雲解決方案，包括 Ariba。

Other S/4HANA wins included Telefónica, Aeon, BNP Pariba, Neptune Energy, Vedanta, Comics and Deutsche Börse, taking the total S/4HANA customer count now to more than 14,600.

S/4HANA 贏得的其他客戶包括 Telefónica、Aeon、BNP Pariba、Neptune Energy、Vedanta、Comics 和 Deutsche Börse，使 S/4HANA 客戶總數現在超過 14,600。

We have also seen more than 700 customers go live on S/4HANA in Q2, including Colgate, Zalando and beeline.

我們還看到超過 700 家客戶在第二季度開始使用 S/4HANA，包括 Colgate、Zalando 和 beeline。

And you have probably seen that IDC just ranked S/4HANA as leader in cloud ERP enterprise applications.

您可能已經看到 IDC 剛剛將 S/4HANA 評為雲 ERP 企業應用程序的領導者。

Looking at sales performance in the second quarter, it is no surprise we saw huge demand for the solutions that increase resiliency while offering work at return.

從第二季度的銷售業績來看，我們看到對提高彈性同時提供工作回報的解決方案的巨大需求也就不足為奇了。

Our portfolio is extremely relevant in the crisis.

我們的投資組合在危機中極為重要。

Commerce, obviously, had an absolute blowout quarter as did digital supply chain management, led by our cloud-native IBP solution, which matches rapidly changing demand to supply.

顯然，在我們的雲原生 IBP 解決方案的引領下，商業和數字供應鏈管理都出現了絕對的井噴式增長，該解決方案可以滿足快速變化的供應需求。

Moderna, a U.S. biotechnology company, pioneering a vaccine candidate against COVID-19, just selected SAP to help with the distribution of the potential vaccine.

美國生物技術公司 Moderna 率先推出了針對 COVID-19 的候選疫苗，該公司剛剛選擇了 SAP 來幫助分發潛在疫苗。

We also saw a very significant number of IBP Go-Live such as Verizon and Renault Brazil and, of course, continue to be ranked #1 in supply chain management by IDC and Gartner.

我們還看到了非常多的 IBP 上線，例如 Verizon 和 Renault Brazil，當然，它們繼續在 IDC 和 Gartner 的供應鏈管理中排名第一。

In addition, our business technology platform showed excellent performance as customers use it to quickly integrate and flexibly extend solution.

此外，我們的業務技術平台在客戶使用它快速集成和靈活擴展解決方案時表現出色。

Gartner has just ranked as leader in their magic quadrant on multi experience development platform and major Q2 deals included L'Oréal and the Australian Department of Defense.

Gartner 剛剛在他們的多體驗開發平台魔力像限中排名領導者，第二季度的主要交易包括歐萊雅和澳大利亞國防部。

Out-of-the-box integration for our SaaS applications remains key for us.

我們的 SaaS 應用程序的開箱即用集成仍然是我們的關鍵。

We are making excellent progress in delivering a seamless business process integration, including key elements like harmonization of SAP's data domain model, user experience, workflow management and real-time steering.

我們在提供無縫業務流程集成方面取得了巨大進展，包括 SAP 數據域模型的協調、用戶體驗、工作流管理和實時指導等關鍵要素。

We are at 50% done with integration, targeting 90% by year end.

我們已完成 50% 的整合工作，目標是到年底完成 90%。

SuccessFactors had a good quarter, including an important competitive replacement and a major competitive win with Bosch Group.

SuccessFactors 有一個不錯的季度，包括重要的競爭性替代和與博世集團的重大競爭性勝利。

At more than 8,000 customers, SuccessFactors continue to lead the global HCM market by a wide margin.

SuccessFactors 擁有 8,000 多家客戶，繼續遙遙領先全球 HCM 市場。

They are also about to reach the 100x 100k milestone, 100 global customers using SuccessFactors to manage more than 100,000 employees each.

他們也即將達到 100x 100k 里程碑，全球 100 家客戶使用 SuccessFactors 管理超過 100,000 名員工。

And we are very happy to report Google has gone live on Ariba.

我們非常高興地報告 Google 已經在 Ariba 上上線。

And finally, Qualtrics had yet another fantastic quarter with strong growth and is helping us to differentiate our core applications by adding experience management.

最後，Qualtrics 又迎來了一個強勁增長的出色季度，並通過增加體驗管理幫助我們區分核心應用程序。

Especially the combination with SuccessFactors, the human experience management suite resonates really well with our customers.

特別是與 SuccessFactors 的結合，人類體驗管理套件與我們的客戶產生了很好的共鳴。

By now, I'm confident you have all seen the news.

到目前為止，我相信你們都已經看到了新聞。

Please allow me a couple of remarks before moving beyond Q2.

在超越第二季度之前，請允許我發表一些評論。

Ryan and I are convinced that the proposed partial IPO marks a win-win situation and creates the best setup for Qualtrics to fully tap the potential of a fast-growing experience management market.

Ryan 和我相信，擬議的部分 IPO 標誌著雙贏局面，並為 Qualtrics 創造了最佳設置，以充分挖掘快速增長的體驗管理市場的潛力。

Under the leadership of Ryan and his outstanding team, Qualtrics will ensure greater autonomy in expanding and leveraging its footprint both within SAP's customer base and beyond.

在 Ryan 及其傑出團隊的領導下，Qualtrics 將確保在擴大和利用其在 SAP 客戶群內外的足跡方面擁有更大的自主權。

We will remain Qualtrics' majority shareholder.

我們仍將是 Qualtrics 的大股東。

We will also remain its largest and most important go-to-market and R&D partner, while giving Qualtrics the independence to [broaden] its base by partnering and building out the entire experience management ecosystem.

我們還將保持其最大和最重要的上市和研發合作夥伴，同時通過合作和構建整個體驗管理生態系統，賦予 Qualtrics 獨立性以 [擴大] 其基礎。

Against this background, I want to emphasize that Qualtrics is and continues to be a key element of our intelligent enterprise strategy.

在此背景下，我想強調 Qualtrics 是並將繼續是我們智能企業戰略的關鍵要素。

Moving beyond Q2, let me revisit a few key elements of our strategy: number one, a clear focus in our existing markets, doubling down on categories where SAP has a why to win; differentiating via the broadest and deepest suite; end-to-end integration; real time analytics; fully enabled artificial intelligence with concrete outcomes for our customers; a harmonized user experience; and very importantly, our leadership in experience management.

超越第二季度，讓我重新審視我們戰略的幾個關鍵要素：第一，明確關注我們現有的市場，在 SAP 有理由獲勝的類別上加倍下注；通過最廣泛和最深入的套件進行區分；端到端集成；實時分析；全面啟用人工智能，為我們的客戶帶來具體成果；統一的用戶體驗；非常重要的是，我們在體驗管理方面的領導地位。

Our PLM and intelligent asset management partnership with Siemens is a prime example for this new focus, two market leaders coming together to take over the lead in Industry 4.0.

我們與西門子的 PLM 和智能資產管理合作夥伴關係是這一新重點的一個典型例子，兩家市場領導者聯手在工業 4.0 中佔據領先地位。

Number two, accelerate growth by expanding into new markets.

第二，通過開拓新市場來加速增長。

Let me just give you 2 examples.

讓我舉兩個例子。

The industry cloud.

行業雲。

All industries are transforming, and every new business model requires data and a strong integration into the backbone, which, in many cases, is in SAP's core application.

所有行業都在轉型，每個新的業務模型都需要數據和與主幹的強大集成，在許多情況下，主幹是 SAP 的核心應用程序。

This is our why to win.

這就是我們獲勝的原因。

We will build modular industry apps, helping our customers to stay competitive in their industry by adapting to new business models with a fast time to value.

我們將構建模塊化行業應用程序，幫助我們的客戶通過適應新的商業模式并快速實現價值來保持在其行業中的競爭力。

We are co-innovating on our platform with our partners and customers, the biggest brands in the world.

我們正在我們的平台上與我們的合作夥伴和客戶——世界上最大的品牌——共同創新。

This is a EUR 170 billion market.

這是一個 1700 億歐元的市場。

Already this quarter, we closed a significant deal with a large utilities provider.

本季度，我們已經與一家大型公用事業供應商達成了一項重大交易。

Also, we will be doubling down on building the world's largest business network.

此外，我們將加倍努力建設世界上最大的商業網絡。

The crisis shows more than ever.

危機比以往任何時候都更能說明問題。

The world is becoming increasingly complex.

世界變得越來越複雜。

And companies need to react faster and more agile to changing market conditions.

公司需要對不斷變化的市場條件做出更快、更敏捷的反應。

This is why we will change the way enterprise is won by connecting customers, manufacturers, suppliers and logistic providers in one network where they can manage cost dependencies in real time, creating win-win situations for all stakeholders in the network.

這就是為什麼我們將通過在一個網絡中連接客戶、製造商、供應商和物流提供商來改變企業的獲勝方式，他們可以在這個網絡中實時管理成本依賴性，從而為網絡中的所有利益相關者創造雙贏局面。

Number three, sustainability and Climate 21.

第三，可持續性和氣候 21。

We are expanding our solutions to allow customers to measure and reduce carbon emissions along the value chain.

我們正在擴展我們的解決方案，讓客戶能夠測量和減少價值鏈上的碳排放。

Since earlier this year, we are running trials with customers from industries like auto, chemicals, food and engineering.

自今年早些時候以來，我們正在與來自汽車、化工、食品和工程等行業的客戶進行試驗。

With this, SAP takes another important step in turning our customers into sustainable intelligent enterprises, ultimately proving that intelligent enterprises can make sustainability profitable and profitability sustainable.

藉此，SAP 又邁出了重要的一步，將我們的客戶轉變為可持續發展的智能企業，最終證明智能企業可以使可持續盈利和盈利能力可持續。

And finally, number four, provide additional options to move to the cloud.

最後，第四，提供遷移到雲的額外選項。

Customers want to move to the cloud at their own pace and scope based on their individual situation.

客戶希望根據自己的情況以自己的速度和範圍遷移到雲。

We will respond by expanding the options to move, accelerating the cloud migration.

我們將通過擴大移動選項、加速雲遷移來做出回應。

Later this year, we will launch a tightly integrated pre-configured public cloud suite expanding beyond ERP, and we will introduce a new private cloud offering for customers that require high levels of differentiation with an easy-to-consume commercial model.

今年晚些時候，我們將推出一個緊密集成的預配置公共雲套件，擴展到 ERP 之外，我們將為需要高度差異化和易於使用的商業模型的客戶推出新的私有云產品。

For all our cloud offerings, we will continue to leverage hyperscalers and system integrators to manage most of the cloud ERP infrastructure workloads.

對於我們所有的雲產品，我們將繼續利用超大規模和系統集成商來管理大部分雲 ERP 基礎設施工作負載。

Let me now turn to our financial prospects.

現在讓我談談我們的財務前景。

Luka will talk about the 2020 outlook in a minute.

Luka 將在一分鐘內談論 2020 年的展望。

Let me briefly comment on the midterm perspective.

讓我簡要評論一下中期觀點。

Our 2023 ambition remains unchanged from what we announced in Q1 because it continues to reflect our view as of today.

我們的 2023 年目標與我們在第一季度宣布的目標保持不變，因為它繼續反映了我們今天的觀點。

That said, we are in the process of updating our strategy.

也就是說，我們正在更新我們的戰略。

We are refocusing the company, identifying growth areas, evaluating additional business opportunities.

我們正在重新調整公司的重點，確定增長領域，評估更多的商業機會。

We will be ready to give you an update at the Capital Markets Day towards the end of the year.

我們將在年底的資本市場日為您提供最新信息。

We hope and expect that our assessment of the implications of COVID-19 on our midterm ambition will also be clearer then, than it would be today.

我們希望並期望我們對 COVID-19 對我們中期目標的影響的評估也將比今天更加清晰。

Now I know some of you are concerned about SAP might neglect its efficiency focus as part of the process.

現在我知道你們中的一些人擔心 SAP 可能會忽略其作為流程一部分的效率重點。

Let me assure you we will continue to relentlessly execute the best one program as laid out at our Capital Markets Day last November.

我向您保證，我們將繼續堅持不懈地執行去年 11 月資本市場日制定的最佳計劃。

Execution is in full swing.

執行如火如荼。

We moved from a complex metrics organization to a lean functional setup with clear responsibilities.

我們從一個複雜的指標組織轉變為一個職責明確的精益職能設置。

We have removed overlaps and overhead, making it easier to work with and within SAP.

我們消除了重疊和開銷，使使用 SAP 和在 SAP 內部工作變得更加容易。

We are streamlining our portfolio, focusing on areas of strength.

我們正在精簡我們的產品組合，專注於優勢領域。

You have seen the divestiture of digital interconnect in Q2.

您已經在第二季度看到了數字互連業務的剝離。

We are putting customer success first everywhere, including compensation.

我們將客戶的成功放在首位，包括薪酬。

We are consolidating our event schedule and will continue to build out our digital marketing capabilities.

我們正在整合我們的活動日程，並將繼續增強我們的數字營銷能力。

We have continued to work on our cloud delivery efficiency.

我們一直致力於提高雲交付效率。

Bringing the cloud gross margin up by 7 percentage points over the last 18 months.

在過去 18 個月中將雲計算毛利率提高了 7 個百分點。

And if you look at Q2, our operating margin is up almost 2 percentage points.

如果你看看第二季度，我們的營業利潤率上升了近 2 個百分點。

Despite the heavy toll on top line, the crisis has (inaudible)

儘管頂線損失慘重，但危機已經（聽不清）

But let me make one thing clear.

但是讓我澄清一件事。

We will continue to manage this company for value, not short-term margin maximization.

我們將繼續管理這家公司的價值，而不是短期利潤最大化。

If we believe a strategic move is wide, if we think it makes sense to accelerate the cloud migration of our customer base, if we see an opportunity to grow where we have a why to win, we will investigate and not pass by default just because revenue mix shift might have an adverse impact on operating margin and in the short run.

如果我們認為一項戰略舉措是廣泛的，如果我們認為加速客戶群的雲遷移是有意義的，如果我們看到有機會在我們有獲勝理由的地方發展，我們將進行調查，而不是默認通過，僅僅因為收入組合轉變可能會對營業利潤率和短期產生不利影響。

And with that, over to you, Luka.

就這樣，交給你了，盧卡。

Yes.

是的。

Thanks a lot, Christian.

非常感謝，克里斯蒂安。

I'm really proud that our team successfully navigated a very challenging environment to deliver a better-than-anticipated quarter.

我真的很自豪我們的團隊成功地駕馭了一個非常具有挑戰性的環境，交付了一個好於預期的季度。

We were happy to see a strong sequential improvement in software licenses revenue, robust margin expansion and a strong free cash flow development.

我們很高興看到軟件許可收入的連續強勁增長、強勁的利潤增長和強勁的自由現金流發展。

In Q2, our current cloud backlog showed a strong growth of 20%, reaching EUR 6.7 billion with continued high demand for digital supply chain, e-commerce, cloud platform and Qualtrics solutions.

在第二季度，由於對數字供應鏈、電子商務、雲平台和 Qualtrics 解決方案的持續高需求，我們當前的雲積壓訂單強勁增長了 20%，達到 67 億歐元。

Cloud revenue was up 19%, reflecting the strength of our contractually committed cloud business which was partially countered by lower pay as you go transactional revenue due to the COVID-19 crisis.

雲收入增長了 19%，反映了我們合同承諾的雲業務的實力，這在一定程度上被因 COVID-19 危機導致的交易收入降低所抵消。

This cloud revenue growth, together with our consistent software support revenue stream demonstrates the resilience of our business model.

這種雲收入增長以及我們一致的軟件支持收入流證明了我們商業模式的彈性。

Our more predictable revenue expanded by approximately 5 percentage points reaching 73% in the second quarter.

我們更可預測的收入在第二季度增長了約 5 個百分點，達到 73%。

In Q2, our cloud and software revenue grew by 3%.

第二季度，我們的雲和軟件收入增長了 3%。

For the first 6 months, our cloud and software revenue was up 5% or 4% at constant currencies, a very strong showing given the impact of COVID-19.

在前 6 個月，我們的雲和軟件收入按固定匯率計算增長了 5% 或 4%，考慮到 COVID-19 的影響，這是一個非常強勁的表現。

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

在進入底線之前，讓我簡要介紹一下我們區域軟件的結果。

Software licenses revenue, while still below normal levels, recovered more than expected.

軟件許可收入雖然仍低於正常水平，但恢復速度超過預期。

In particular, the APJ region had a stellar performance, backed by a very strong recovery driven by Japan, South Korea and Indonesia.

特別是在日本、韓國和印度尼西亞推動的非常強勁的複甦的支持下，APJ 地區表現出色。

In the Americas, we saw a modest recovery, primarily from a strong sequential improvement in the United States.

在美洲，我們看到了溫和的複蘇，這主要來自美國強勁的連續改善。

Now moving on to the bottom line.

現在轉到底線。

Our overall cloud gross margin grew by 2 percentage points to almost 70%.

我們的整體雲毛利率增長了 2 個百分點，達到近 70%。

All cloud business models contributed to this margin expansion.

所有云業務模型都為這種利潤增長做出了貢獻。

Our SaaS/PaaS margin grew by 1 percentage point, our intelligent spend margin grew by 2 percentage points, and our infrastructure-as-a-service margin grew even by 14 percentage points.

我們的 SaaS/PaaS 利潤率增長了 1 個百分點，我們的智能支出利潤率增長了 2 個百分點，我們的基礎設施即服務利潤率甚至增長了 14 個百分點。

In Q2, our cloud and software gross margin was impacted by the decline in software licenses revenue and the mix shift effect from our cloud business.

在第二季度，我們的雲和軟件毛利率受到軟件許可收入下降和我們雲業務的混合轉移效應的影響。

Still, our software license and support gross margin was up by 30 basis points and our cloud and software gross margin only decreased by 20 basis points to 81%.

儘管如此，我們的軟件許可和支持毛利率仍然上升了 30 個基點，而我們的雲和軟件毛利率僅下降了 20 個基點至 81%。

Our services gross margin increased by 2 percentage points and reached 26%.

我們的服務毛利率上升了 2 個百分點，達到 26%。

This is mainly the result of further efficiency gains in our consulting and premium engagement business.

這主要是我們的諮詢和高級參與業務進一步提高效率的結果。

Despite the slower top line growth, our operating profit grew strongly by 8% to almost EUR 2 billion.

儘管收入增長放緩，但我們的營業利潤強勁增長了 8%，達到近 20 億歐元。

Our operating margin expanded by 1.8 percentage points to 29.1%.

我們的營業利潤率增長了 1.8 個百分點，達到 29.1%。

At the beginning of the crisis, we were quick to initiate prudent measures such as a slowing of hiring and a reduction in discretionary spending to ensure our financial flexibility.

在危機開始時，我們迅速採取審慎措施，例如放緩招聘和減少可自由支配的支出，以確保我們的財務靈活性。

Our results speak for themselves, showing that those swift actions have paid off in Q2.

我們的結果不言自明，表明這些迅速的行動在第二季度取得了成效。

We are also benefiting from natural savings, like lower travel expenses, lower facility-related costs and virtual rather than physical events.

我們還受益於自然節省，例如更低的差旅費用、更低的設施相關成本以及虛擬而非實體活動。

Now let me turn to IFRS operating profit, EPS and taxes.

現在讓我談談 IFRS 營業利潤、每股收益和稅收。

In Q2, IFRS operating profit increased by 55% to EUR 1.3 billion, benefiting from lower restructuring expenses.

第二季度，IFRS 營業利潤增長 55% 至 13 億歐元，這得益於較低的重組費用。

For the same reasons, our IFRS earnings per share increased by 54%.

出於同樣的原因，我們的 IFRS 每股收益增長了 54%。

Non-IFRS EPS increased by 7%.

非國際財務報告準則每股收益增長 7%。

We also updated our effective tax rate guidance for the full year.

我們還更新了全年的有效稅率指南。

We now expect these tax rates to be between 28.5% to 29.5% for IFRS and 27.5% to 28.5% for non-IFRS.

我們現在預計 IFRS 的稅率在 28.5% 到 29.5% 之間，非 IFRS 的稅率在 27.5% 到 28.5% 之間。

The increase in comparison to the previous outlook mainly results from a tax ruling in Q2 where the German Federal Fiscal Court partly confirmed SAP's opinion as final decision.

與之前的展望相比，增長的主要原因是第二季度的稅收裁決，德國聯邦財政法院部分確認 SAP 的意見為最終裁決。

While that decision leads to a significant reduction of contingent liabilities for the whole case, the part of the ruling that was decided against SAP leads to additional income tax expenses and in financial income to related interest expenses thereon.

雖然該決定導致整個案件的或有負債顯著減少，但對 SAP 不利的裁決部分導致額外的所得稅費用和相關利息費用的財務收入。

The cash flow, however, will show a positive impact in a future quarter, where SAP is partially reimbursed for previously made tax payments.

然而，現金流將在未來一個季度顯示出積極影響，SAP 將部分償還之前支付的稅款。

This is also a good segue into talking about our cash flow results.

這也是談論我們的現金流結果的一個很好的話題。

In the first 6 months, our operating cash flow was strong and improved by 41% to EUR 3.8 billion.

前 6 個月，我們的經營現金流強勁，增長了 41%，達到 38 億歐元。

This was supported by positive effects from lower restructuring-related payments and lower income tax payments as expected.

這得益於較低的重組相關付款和預期的較低所得稅付款的積極影響。

Our free cash flow was up even further and grew by 59% to EUR 3.1 billion.

我們的自由現金流進一步上升，增長了 59%，達到 31 億歐元。

Free cash flow additionally benefited from lower CapEx spend compared to the previous year.

與上一年相比，自由現金流還得益於較低的資本支出支出。

Now to our financial guidance.

現在是我們的財務指導。

We are reconfirming our 2020 revenue and profit outlook metrics, as detailed in the quarterly statement published earlier today.

我們正在重新確認 2020 年收入和利潤前景指標，詳見今天早些時候發布的季度報表。

In addition, we increased our cash flow guidance for the full year 2020.

此外，我們還提高了 2020 年全年的現金流量指引。

Based on the strong performance that we have seen in the first half year, we now expect an operating cash flow of above EUR 5 billion and a free cash flow of approximately EUR 4 billion.

基於上半年的強勁表現，我們現在預計運營現金流將超過 50 億歐元，自由現金流約為 40 億歐元。

Before closing, I wanted to talk about some of our social and environmental highlights and update you on a few of our key nonfinancial metrics.

在結束之前，我想談談我們的一些社會和環境亮點，並向您介紹一些關鍵的非財務指標。

Christian spoke already about how we are fulfilling our role of an enabler of positive impact from human experience software to Climate 21.

Christian 已經談到了我們如何發揮推動作用，推動從人類體驗軟件到 Climate 21 的積極影響。

I would now like to talk about our role as an exemplar.

我現在想談談我們作為榜樣的作用。

In Q2, our employee retention increased to 93.9%, up 60 basis points since last quarter.

在第二季度，我們的員工保留率增加到 93.9%，比上一季度增加了 60 個基點。

We made further progress increasing the share of women in management by 1.1 percentage points to 27.3%.

我們取得了進一步進展，將女性在管理層中的比例提高了 1.1 個百分點，達到 27.3%。

Driven by a strong decrease in travel due to the COVID-19 crisis, our carbon emissions were 25 kilotons, a decrease of 50 kilotons.

由於 COVID-19 危機導致旅行大幅減少，我們的碳排放量為 25 噸，減少了 50 噸。

For 2020, we have adjusted our Renault gas emissions target from 238 to 210 kilotons.

2020 年，我們將雷諾的氣體排放目標從 238 噸調整為 210 噸。

And finally, last year, we announced the creation of the Value Balancing Alliance.

最後，去年，我們宣布成立價值平衡聯盟。

This alliance aims to create a global standard for the disclosure of positive, and negative impacts of corporate activities across the complete value chain.

該聯盟旨在創建一個全球標準，用於披露整個價值鏈中企業活動的正面和負面影響。

After having worked intensively on the first version of the methodology over the last 9 months, the piloting phase has now started across all participating companies.

在過去 9 個月集中研究該方法的第一版後，所有參與公司的試點階段現已開始。

We are excited to be at the forefront.

我們很高興能站在最前沿。

To summarize, our broad solution portfolio, our unmatched industry and geographic diversification, coupled with our strong base of more predictable revenue, have allowed us to weather the COVID-19 crisis this quarter.

總而言之，我們廣泛的解決方案組合、無與倫比的行業和地域多元化，加上我們更可預測的收入的強大基礎，使我們能夠在本季度度過 COVID-19 危機。

Our quick response to the crisis on the cost side drove strong operating profit and margin expansion.

我們在成本方面對危機的快速反應推動了強勁的營業利潤和利潤率增長。

Disciplined investments in strategic growth areas, we are confident we will not only weather the crisis but can emerge from it even stronger.

在戰略增長領域進行有紀律的投資，我們相信我們不僅會度過危機，而且會更加強大。

I'm proud of all of our employees who have shown remarkable resilience as they continue to collaborate by virtual means and operate effectively through this challenging environment.

我為我們所有的員工感到自豪，他們在這個充滿挑戰的環境中繼續通過虛擬方式進行協作並有效運作時表現出了非凡的韌性。

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。

We can start the Q&A session.

我們可以開始問答環節。

(Operator Instructions) And we take our first question from Charlie Brennan from Crédit Suisse.

（操作員說明）我們從 Crédit Suisse 的 Charlie Brennan 那裡回答我們的第一個問題。

Congratulations on a good quarter.

祝賀一個好的季度。

Can I just start with a question for you, Christian?

我可以先問你一個問題嗎，克里斯蒂安？

I think a lot of the focus today is going to be around your comments around updating the medium-term targets.

我認為今天的很多焦點將圍繞您對更新中期目標的評論。

When you're thinking about investing in the business, can you tell us whether those investments include M&A, or do you just think about organic investments?

當您考慮投資該業務時，您能否告訴我們這些投資是否包括併購，或者您是否只考慮有機投資？

And then no doubt, the market is going to be speculating between the growth and the margin trade-off.

毫無疑問，市場將在增長和保證金之間進行權衡。

Will you only take margins lower if you think you can accelerate top line growth?

如果您認為可以加速收入增長，您是否只會降低利潤率？

Or can you see a scenario where margins need to be lower to support the existing top line growth ambitions?

或者您能看到需要降低利潤率以支持現有的頂線增長雄心的場景嗎？

Yes.

是的。

Thank you for your question.

謝謝你的問題。

On the growth side of the house, first of all, yes, you heard me talking about the new growth opportunities of SAP like industry cloud.

在房子的增長方面，首先，是的，你聽到我在談論像行業雲這樣的 SAP 的新增長機會。

And these growth initiatives are not taking out of the blue, mean these are categories which are, on the one-hand side, showing big growth, but also clearly, where SAP has a why to win with organically built cloud solutions.

這些增長計劃並非突然出現，這意味著這些類別一方面顯示出巨大的增長，但也很明顯，SAP 有理由通過有機構建的雲解決方案取勝。

As a lot of the data and processes you need to verticalize your industry-specific processes are sitting actually in the core of SAP.

由於垂直化行業特定流程所需的大量數據和流程實際上位於 SAP 的核心中。

On top, as you also have seen, our ambition is not to build the industry cloud only by our own reform, now major partnerships with Siemens on the PLM side to scale Industry 4.0, providing even more value to our customers.

最重要的是，正如您所看到的，我們的目標不是僅通過我們自己的改革來構建工業雲，現在我們在 PLM 方面與西門子建立了重要的合作夥伴關係，以擴展工業 4.0，為我們的客戶提供更多價值。

We have closed a partnership with Honeywell to also make the real estate industry and intelligent enterprise.

我們已經與霍尼韋爾關閉了合作夥伴關係，也使房地產行業和智能企業成為可能。

And of course, on top, we are constantly screening the market for potential tuck-in acquisitions, but only if it really makes sense to fill white spots in our portfolio, which are also close to the core of SAP.

當然，最重要的是，我們不斷篩選市場以尋找潛在的收購機會，但前提是填補我們投資組合中的空白點確實有意義，這些空白點也接近 SAP 的核心。

On the margin side, I mean, clearly, what we see now in this crisis, there is a huge acceleration, with the move to the cloud.

在利潤率方面，我的意思是，很明顯，我們現在在這場危機中看到的是，隨著向雲端的轉移，出現了巨大的加速。

I mean, commerce, supply chain, we are delivering the solutions even more to the cloud.

我的意思是，商業、供應鏈，我們正在向雲端提供更多的解決方案。

When I talk to CEOs these days, they are actually afraid of the resilience of wanting their own data centers.

這些天當我與 CEO 交談時，他們實際上害怕想要擁有自己的數據中心的彈性。

So this is why I also talked about launching a new business model.

所以這就是為什麼我也談到了推出一種新的商業模式。

Because I believe the business transformation is not only happening by moving your workloads to a cloud infrastructure.

因為我相信業務轉型不僅僅是通過將您的工作負載轉移到雲基礎設施來實現的。

And business transformation is happening with the help of SAP with intelligent applications, with partners of the ecosystem helping to transform your business processes, and this is what we are going to launch in half year, too.

在 SAP 的智能應用程序的幫助下，業務轉型正在發生，生態系統的合作夥伴幫助您轉變業務流程，這也是我們將在半年內推出的。

And this will definitely also accelerate our growth in the cloud.

而這肯定也會加速我們在雲端的成長。

Now we still have to see what does this means with regard to the revenue mix, in our P&L.

現在我們仍然需要看看這對我們的損益表中的收入組合意味著什麼。

But you can also be very sure.

但你也可以非常確定。

We will also double down on our efforts to really also managing our bottom line in an extremely tight way.

我們還將加倍努力，以極其嚴格的方式真正管理我們的底線。

We just did one of the biggest reorganizations in SAP now finally gaining also the synergies on the bottom line.

我們剛剛完成了 SAP 中最大的重組之一，現在終於在底線獲得了協同效應。

And this is why we will do both.

這就是為什麼我們將兩者都做。

And later on this year, when we also see how the market will develop in light of COVID, we will also give you then an update on the midterm outlook.

今年晚些時候，當我們還看到市場將如何根據 COVID 發展時，我們也會向您提供有關中期展望的最新信息。

Thank you.

謝謝。

Let's move to next question, please.

請轉到下一個問題。

The next question comes from James Goodman of Barclays.

下一個問題來自巴克萊銀行的詹姆斯古德曼。

Let me come back to the Qualtrics' announcement, please.

請讓我回到 Qualtrics 的公告。

Really, just what's prompted the decision now, especially, I guess, since such a focus at SAPPHIRE around tighter integration?

真的，是什麼促使了現在的決定，特別是，我猜，因為 SAPPHIRE 如此關注更緊密的集成？

And I appreciate your comments that you'll remain very focused on the combined go-to-market and R&D.

我很感謝您的評論，您將繼續非常關注結合的上市和研發。

But is there any effect here in terms of product integration and particularly in the sort of HRM area?

但是在產品集成方面，特別是在人力資源管理領域，這裡有什麼影響嗎？

And then also relating to Qualtrics, can you say anything around either the size of the minority stake you're considering, listing and what you plan to do with the proceeds?

然後也與 Qualtrics 有關，你能說說你正在考慮、上市的少數股權的規模以及你打算如何處理收益嗎？

Yes, thanks for your question.

是的，謝謝你的問題。

Let me go first, and then I will hand over to Ryan, and Luca can talk about the listing later on.

我先走了，然後交給Ryan，Luca可以稍後再談上市的事情。

Yes.

是的。

So first, I guess, in the last 3 months, the person to which I talk the most is definitely Ryan.

所以首先，我想，在過去的 3 個月裡，與我交談最多的人肯定是 Ryan。

Because when I took over the company as sole CEO, of course, a huge focus was on how to also move Qualtrics to the next level.

因為當我作為唯一的首席執行官接管公司時，當然，一個巨大的重點是如何將 Qualtrics 提升到一個新的水平。

I mean when you look back 19 months, Qualtrics came into SAP.

我的意思是當你回顧 19 個月時，Qualtrics 進入了 SAP。

And since then, Qualtrics has beaten all of our expectations, all of the objectives we have set in the initial business case.

從那時起，Qualtrics 超出了我們的所有預期，也超出了我們在初始業務案例中設定的所有目標。

And you see this also in our external segment.

你在我們的外部部分也看到了這一點。

But Ryan and I were actually -- we are never satisfied with the current status quo.

但實際上，瑞安和我——我們從不滿足於當前的現狀。

So we kicked around certain ideas and really with the underlying condition to accelerate the growth of Qualtrics.

因此，我們提出了某些想法，並真正了解了加速 Qualtrics 發展的潛在條件。

And while we have seen big success with the help of their sales force to sell Qualtrics into our installed base, we also have seen that experience management is really a fast growth category out there in the market.

雖然我們在他們的銷售人員的幫助下將 Qualtrics 銷售到我們的安裝基礎上取得了巨大成功，但我們也看到體驗管理確實是市場上一個快速增長的類別。

So then the idea of the IPO came up.

於是就萌生了IPO的念頭。

And actually, we figured out that this is a win-win situation.

實際上，我們發現這是一個雙贏的局面。

And honestly, until today, I'm still figuring out what is actually the downside.

老實說，直到今天，我仍在弄清楚真正的缺點是什麼。

But for me, there is no downside as we will continue to further embed Qualtrics within our intelligent enterprise.

但對我來說，沒有任何不利之處，因為我們將繼續將 Qualtrics 進一步嵌入我們的智能企業。

As part of our product strategy, besides human experience management, we now figured out 4 other categories, which we will launch in the next quarters to come and which we will also sell together.

作為我們產品戰略的一部分，除了人類體驗管理之外，我們現在還想出了另外 4 個類別，我們將在接下來的幾個季度推出這些類別，我們也將一起銷售。

So there is no change because of the partial IPO.

所以沒有因為部分 IPO 而改變。

On top, we give Ryan and the leadership team, the flexibility to also go out in the market for the non-SAP customer base, where there's also huge growth.

最重要的是，我們為 Ryan 和領導團隊提供了進入非 SAP 客戶群市場的靈活性，該市場也有巨大的增長。

And we, of course, also make sure that they have the capitalization to also go after that market and also grow the Qualtrics business outside of the SAP customer base.

當然，我們還要確保他們擁有足夠的資本來追趕該市場，並在 SAP 客戶群之外發展 Qualtrics 業務。

And last but not least, coming back to SAP.

最後但同樣重要的是，回到 SAP。

Another win is, of course, that it also gives us the financial power to also then go after our own growth initiatives, like I just mentioned, the industry cloud.

另一個勝利當然是，它也給了我們財力，讓我們也可以追求我們自己的增長計劃，就像我剛才提到的，行業雲。

And these were, in a nutshell, the main reasons.

簡而言之，這些是主要原因。

And of course, we also want to retain the great leadership team of Ryan and his key executives.

當然，我們也想留住 Ryan 及其主要管理人員的優秀領導團隊。

And with that, over to you, Ryan.

有了這個，就交給你了，Ryan。

Yes.

是的。

So thanks, Christian, and thanks for the question.

所以謝謝，克里斯蒂安，謝謝你提出這個問題。

It's a good one.

這是一個很好的。

Look, I mean I started Qualtrics 20 years ago in my parents' basement.

看，我的意思是我 20 年前在我父母的地下室開始了 Qualtrics。

And from the day 1 that we got into SAP, they have done a phenomenal job.

從我們進入 SAP 的第一天起，他們就做得非常出色。

It's just treating this like a partnership.

它只是把它當作一種夥伴關係。

And it's been probably the most founder-friendly and entrepreneurial-, real-friendly company that a founder could go integrate themselves into because of how it's been treated.

它可能是對創始人最友好、對企業家最友好、真正友好的公司，創始人可以融入其中，因為它受到了怎樣的對待。

So the way this came about was no different than how it's gone the whole time.

所以這一切發生的方式與它一直以來的消失方式沒有什麼不同。

Hey, Ryan, what do you see?

嘿，瑞安，你看到了什麼？

What do we see?

我們看到了什麼？

And how do we actually go do something together?

我們如何真正一起做某事？

And as Christian, when he got into the role, first thing he said was, "Hey, how can we really take advantage of this category?" And we kicked around a bunch of different ideas.

作為克里斯蒂安，當他進入這個角色時，他說的第一句話是，“嘿，我們怎樣才能真正利用這個類別？”我們提出了很多不同的想法。

And by the way, if I take a step back, there's not 1 of the top 5 software companies in the world that hasn't thought about this or wanted to do this at some point with either one or multiple assets because they figured that, hey, we could go bigger with it.

順便說一句，如果我退後一步，世界前 5 大軟件公司中沒有一家沒有考慮過這個問題，或者想在某個時候用一個或多個資產來做這件事，因為他們認為，嘿，我們可以用它做大。

And we could go bigger because of focus and some of that -- some of the benefits of being together, but also the benefits of going after the market, but they don't do it because either they don't have confidence that the business can perform as a stand-alone as well with the integrations or when they pull out the integrated product or at some point, they spin out or uncouple a little bit that it will destroy, or they don't have the founding team that actually built it, so would be a distant cousin of what was there.

我們可以因為專注而變得更大——一些在一起的好處，還有追逐市場的好處，但他們沒有這樣做，因為要么他們對業務沒有信心可以作為一個獨立的集成執行，或者當他們拉出集成產品時，或者在某個時候，他們分拆或解耦一點點它會破壞，或者他們沒有實際構建的創始團隊它，也將是那裡的遠房表親。

And a lot of times, they're not innovated enough to say, hey, we're going to go down that road.

很多時候，他們沒有足夠的創新能力說，嘿，我們要走那條路。

Well, none of those are true in this case.

好吧，在這種情況下，這些都不是真的。

SAP is clearly innovative enough to do this.

SAP 顯然具有足夠的創新能力來做到這一點。

They're willing to have conviction and move.

他們願意有信念和行動。

We get the benefit of being together, which is the true partnership that we have.

我們從在一起中受益，這是我們擁有的真正的伙伴關係。

If anything, we're going to double down on that, and we're starting to get some great, great momentum and the team, they have done a phenomenal job of keeping the team here, which makes all of this possible, and people are super fired up and ready to go.

如果有的話，我們將加倍努力，我們開始獲得一些非常非常好的勢頭和團隊，他們在將團隊留在這裡方面做得非常出色，這使得這一切成為可能，而且人們超級興奮，準備出發。

Now there's another macro trend here, which is experience management and the category that we created is we've seen through COVID.

現在這裡有另一個宏觀趨勢，那就是體驗管理，我們創建的類別是我們通過 COVID 看到的。

There's not one CEO out there that's not trying to understand on -- not an annual basis, but a weekly basis, what's going on and how the customers are feeling that they're serving.

沒有一位首席執行官不試圖了解——不是每年一次，而是每週一次，正在發生的事情以及客戶對他們所服務的感覺如何。

So we're allowing them to have a conversation to scale with their customer base and how their employees are doing, which has never been more important than right now.

因此，我們允許他們進行對話，以擴大他們的客戶群以及他們員工的表現，這比現在更重要。

And so we're seeing just absolute commitment from every single leader that we talk to, both on the government side, the academic side, in the corporate side, all trying to understand the hearts and minds of their stakeholders.

因此，我們看到與我們交談的每一位領導者的絕對承諾，無論是政府方面、學術方面還是企業方面，都試圖了解利益相關者的內心和想法。

And that's where Qualtrics sits.

這就是 Qualtrics 所在的位置。

And so integrating that into every single one of the major SAP products from commerce to the SuccessFactors platform where they can have the ability to get a pulse at any moment.

因此，將其集成到從商業到 SuccessFactors 平台的每一個主要 SAP 產品中，他們可以在任何時候獲得脈搏。

This is what's also really driving this.

這也是真正推動這一點的原因。

So there's a long ramp on the decision-making process here.

所以這裡的決策過程有很長的坡度。

But like I said, Christian, Luka and the team have been nothing but innovative in this process, so you have to give them a lot of props.

但就像我說的，克里斯蒂安、盧卡和團隊在這個過程中除了創新外什麼都沒有，所以你必須給他們很多支持。

Thanks a lot.

多謝。

So let me then complete the answer just with those 3 aspects that you've asked for from a more technical perspective.

因此，讓我從更技術的角度僅從您要求的那 3 個方面來完成答案。

And indeed, I mean, they are probably one of the most asked questions that I've received since this morning.

事實上，我的意思是，它們可能是今天早上以來我收到的最多的問題之一。

In terms of the IPO sizing, we frankly don't know it exactly yet.

就 IPO 規模而言，坦率地說，我們還不清楚。

I mean if you look at benchmark, U.S. tech IPO is typically -- they float at a rate of somewhere between [10, 15,] perhaps a notch above that.

我的意思是，如果你看一下基準，美國科技公司的 IPO 通常是——它們的浮動速度介於 [10、15] 之間，也許比這個高一個檔次。

And we will not be miles away from that kind of broad size range.

而且我們離那種廣泛的尺寸範圍不遠了。

So it's clear that also after the IPO, SAP will have the clear majority of the shareholding.

所以很明顯，在 IPO 之後，SAP 將擁有絕大部分股權。

In terms of the use of proceeds, we follow 2 primary objectives here.

在募集資金的使用方面，我們遵循兩個主要目標。

First of all, we want to make sure that Qualtrics is probably capitalized so that they can pursue their investment plans and can properly seize the opportunities that exist out in the market.

首先，我們要確保 Qualtrics 可能已經資本化，以便他們能夠實施他們的投資計劃，並能夠適當地抓住市場上存在的機會。

But clearly, we also expect that there will be proceeds after having satisfied this purpose that will go to SAP.

但很明顯，我們也希望在滿足此目的後會有收益進入 SAP。

And on those proceeds, we will clearly use them in order to foster our own strategic growth priorities, whether they be organic or also perhaps selective tuck-in M&A activities.

對於這些收益，我們將明確地使用它們來促進我們自己的戰略增長重點，無論它們是有機的還是選擇性的併購活動。

And in terms of the timing of a listing, that is really something which we cannot comment on it at this point in time.

就上市時間而言，這確實是我們目前無法評論的事情。

Clearly, we need to prepare all of the documentation in the U.S. As you know, this is a quite sophisticated process to go through.

顯然，我們需要在美國準備所有文件。如您所知，這是一個非常複雜的過程。

The good news is that we actually have a pretty good basis to work from because Qualtrics have been going very far there already, but it still will take us couple of months before we are ready.

好消息是，我們實際上有一個很好的工作基礎，因為 Qualtrics 已經在這方面走得很遠了，但我們還需要幾個月的時間才能做好準備。

And then it's really going to be a question of the market conditions that are prevailing at that point in time.

然後，這真的將成為當時普遍存在的市場狀況的問題。

But you will, of course, as the rest of the market then receive updates when we are ready to file.

但是，當然，當我們準備好提交時，您會像市場上的其他人一樣收到更新。

Thank you.

謝謝。

Let's take the next question, please.

請讓我們回答下一個問題。

The next question comes from Mark Moerdler from Bernstein Research.

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

Luka, cash flow was real strong this quarter.

盧卡，本季度現金流量非常強勁。

In the press release, you discussed the main drivers of lower payments to suppliers and tax rates.

在新聞稿中，您討論了降低供應商付款和稅率的主要驅動因素。

Can you give us some more clarification on lower payments to suppliers?

您能否就降低對供應商的付款向我們提供更多說明？

Is this just the T&E?

這只是 T&E 嗎？

Is there the reorganization?

有重組嗎？

How sustainable do you see that?

你認為這有多可持續？

And then quickly for Christian, can you give us some more color on the mix of all the SAP customers you added this quarter?

然後，對於 Christian，您能否給我們更多關於您本季度添加的所有 SAP 客戶的組合的顏色？

I think it surprised people that you added so many.

我認為人們對你添加了這麼多感到驚訝。

Yes.

是的。

Thanks a lot.

多謝。

I'll start with the cash flow question.

我將從現金流量問題開始。

So behind lower supplier payments is really the combined efforts that we have taken to trim down on discretionary expenses, but also some of the natural savings that we have seen in the first half year.

因此，降低供應商付款的背後實際上是我們為削減可自由支配的開支而採取的共同努力，也是我們在上半年看到的一些自然節省。

So it's, of course, things like T&E spend, which has been dramatically down in Q2, as you might guess, but it's also facility-related spendings during the office lockdowns that we have seen.

因此，當然，正如您可能猜到的那樣，T&E 支出在第二季度大幅下降，但它也是我們所看到的辦公室停工期間與設施相關的支出。

It's additional discretionary spending on things like IT hardware and so on and so forth.

這是在 IT 硬件等方面的額外可自由支配支出。

You have seen as well that our CapEx, even against the very low level that we had reached already last year is further down.

你也看到我們的資本支出，即使相對於我們去年已經達到的非常低的水平，也進一步下降。

So we are really double-clicking and challenging any of those expenditures for whether they are truly necessary and that basically shows in this aspect.

因此，我們確實在雙擊並質疑這些支出中的任何一項，看它們是否真的有必要，這基本上體現在這方面。

But also to be clear, the main effect of the significantly improved cash flow is mainly lower restructuring-related cash payouts as well as substantially lower tax payments.

但也需要明確的是，現金流顯著改善的主要影響主要是與重組相關的現金支出減少以及稅款大幅減少。

Because last year, we still had a huge amount of significant onetime effects there.

因為去年，我們在那裡仍然有大量顯著的一次性效應。

And this year, we are not seeing any, as I shared during my prepared remarks.

今年，正如我在準備好的發言中分享的那樣，我們沒有看到任何東西。

We're actually getting cash back from a tax perspective very likely later this year.

我們實際上很可能在今年晚些時候從稅收角度收回現金。

So that's actually not a headwind anymore, but a tailwind to our cash flow progress.

所以這實際上不再是逆風，而是我們現金流進展的順風。

Yes.

是的。

And on the mix of the customers, we onboarded this quarter, I will hand this over to Adaire, maybe just one quick comment.

關於客戶的組合，我們在本季度入職，我會把這個交給阿黛爾，也許只是一個簡短的評論。

I mean, I, of course, was personally very happy to see also again the huge net new customer share for S/4HANA cloud.

我的意思是，當然，我個人也很高興再次看到 S/4HANA 雲的巨大淨新客戶份額。

This clearly demonstrates that we are not only moving our installed base customers to the cloud, but that we are also winning out there, net new, which also proves the value of the solution.

這清楚地表明，我們不僅將已安裝的基礎客戶轉移到雲中，而且我們還在那裡贏得了全新的機會，這也證明了該解決方案的價值。

I'm actually also very excited about the November release coming for S/4HANA public cloud as there will be, again, major improvements in there, like a new business configuration, opening up more features and functions for our customers.

實際上，我對 ​​S/4HANA 公共雲的 11 月發布版本也感到非常興奮，因為那裡將再次進行重大改進，比如新的業務配置，為我們的客戶開放更多的特性和功能。

The integration, then done by 90%, enabling us to cross-sell our LoB cloud applications in a much better way.

集成，然後完成了 90%，使我們能夠以更好的方式交叉銷售我們的 LoB 雲應用程序。

But for now over to Adaire to give you more details about the customer mix.

但現在請 Adaire 為您提供有關客戶組合的更多詳細信息。

Yes.

是的。

Thank you.

謝謝。

Thanks for the question, Mark.

謝謝你的問題，馬克。

Thank you, Christian.

謝謝你，克里斯蒂安。

Net new name acquisition is actually a very important focus for us in the execution of every single quarter.

淨新名收購其實是我們每個季度執行中非常重要的一個重點。

And it was very refreshing in this particular quarter to see net new names added right across our customer segment base.

在這個特定的季度，看到我們的客戶群中增加了淨新名稱，這令人耳目一新。

So in some cases, that would be a competitive win back, particularly, in the enterprise space, and in the general business space, this was the transition of companies to enterprise-grade software as their business is growing.

因此，在某些情況下，這將是一次競爭性的贏回，特別是在企業領域和一般業務領域，這是公司隨著業務增長而向企業級軟件的過渡。

I also think a very important element of our success in net new names, aside from the focus that we put on it directly with our own sales team is the role of our partner ecosystem, particularly in the general business space, where more than 80% of the net new names that are delivered to SAP in this space are delivered by our very vibrant and very active partner ecosystem.

我還認為我們在淨新名稱方面取得成功的一個非常重要的因素，除了我們直接與我們自己的銷售團隊一起關注它之外，是我們合作夥伴生態系統的作用，特別是在一般業務領域，其中超過 80%在這個領域交付給 SAP 的淨新名稱中的 9 是由我們充滿活力和非常活躍的合作夥伴生態系統提供的。

The next question comes from Stefan Slowinski from Exane BNP.

下一個問題來自 Exane BNP 的 Stefan Slowinski。

Maybe just Luka, a question for you on the Qualtrics' potential IPO and the impact on cash flows.

也許只有 Luka，有一個關於 Qualtrics 的潛在 IPO 和對現金流的影響的問題。

I appreciate there's going to be a lot of moving parts, and we'll get a full update later this year.

我很高興會有很多活動部件，我們將在今年晚些時候獲得全面更新。

But on the one hand, (technical difficulty) can you give us any indication as to the stock-based comp at SAP?

但一方面，（技術困難）你能給我們任何關於 SAP 的股票補償的指示嗎？

And what percent maybe is kind of Qualtrics-driven?

Qualtrics 驅動的百分比可能是多少？

Yes, absolutely.

是的，一點沒錯。

So I think you are right on this assumption.

所以我認為你在這個假設上是正確的。

I would argue that actually Qualtrics has even been, before we acquired them actually, quite -- I wouldn't call it frugal, but quite successful in managing to a positive cash flow situation.

我會爭辯說，實際上 Qualtrics 甚至在我們實際收購它們之前，相當——我不會稱之為節儉，但在管理正現金流方面相當成功。

So the business has all of the ingredients to even in a high-growth scenario be a positive cash flow growth, that's primarily because of its very high efficiency in terms of cloud gross margins so the business scales very effectively.

因此，即使在高增長的情況下，該業務也具備現金流正增長的所有要素，這主要是因為其在雲毛利率方面的效率非常高，因此業務規模非常有效。

So I wouldn't bet against them being able to be quite pleasing on -- in terms of cash flow performance also after an IPO.

因此，我不會打賭他們能夠在首次公開募股後的現金流表現方面非常令人滿意。

When it comes to the share-based compensation, you're right, at SAP, obviously, share-based compensation is cash-settled after an IPO, the thesis that this U.S.-listed company will employ U.S. equity-based stock compensation is obviously accurate, so this will be some relief on the cash flow side.

說到股權薪酬，你是對的，在SAP，顯然，股權薪酬是在IPO後以現金結算的，這家美國上市公司將採用美國股權薪酬的論點顯然是準確，因此這將在現金流方面有所緩解。

At the moment, we have a couple hundred million USD of options or RSUs, on the SAP side, outstanding for management and employees from Qualtrics.

目前，我們在 SAP 方面擁有數億美元的期權或 RSU，非常適合 Qualtrics 的管理層和員工。

And obviously, that over time will then go away after an IPO.

顯然，隨著時間的推移，這種情況會在 IPO 後消失。

So on that side, you're very accurate.

所以在這方面，你非常準確。

Great.

偉大的。

If I could just squeeze in one other one for Adaire.

如果我能再擠一個給阿黛爾就好了。

Just wondering if you've seen anything in July that has changed from what you saw in Q2, any ships, anything's opening up, closing back down, that would give us a window on what's going on today.

只是想知道您是否在 7 月看到任何與您在第二季度看到的有所不同的東西，任何船隻，任何東西都在開放，關閉，這會讓我們了解今天發生的事情。

Thanks.

謝謝。

I don't really think that we saw much of a significant difference between July and some of the activities that we saw throughout Q2.

我真的不認為我們在 7 月和我們在整個第二季度看到的一些活動之間看到了很大的不同。

Because I think Q2 has the whole gamut of various different geographies navigating the COVID situation from first lockdowns in some parts of the world to the reoccurrence in others and then the closing of cities or jurisdictions as a result of that.

因為我認為第二季度涵蓋了各個不同地區的整個範圍，從世界某些地區的首次封鎖到其他地區的再次封鎖，然後因此導致城市或司法管轄區關閉，應對 COVID 情況。

So nothing in July that initially gave us any additional cause for concern or movements that differentiate it very significantly in any way from what we experienced during the course of Q2.

因此，7 月份沒有任何事情最初給我們帶來任何額外的擔憂或動向，這些動向在任何方面都與我們在第二季度期間經歷的情況有很大不同。

Thank you.

謝謝。

Let's take the next question, please.

請讓我們回答下一個問題。

The next question comes from John King of Bank of America.

下一個問題來自美國銀行的約翰·金。

Congratulations on the quarter.

祝賀這個季度。

I just want to follow-up on one of the weaker areas in the quarter.

我只想跟進本季度的一個較弱領域。

Concur, obviously, a big slowdown there, and again, the rest of the cloud assets seem pretty robust.

同意，顯然，那裡有很大的放緩，而且，其餘的雲資產似乎非常強勁。

I'm just wondering, I think I got the sense that actually transactional wasn't such a big part of Concur.

我只是想知道，我覺得我覺得實際上交易並不是 Concur 的重要組成部分。

So was that all the transactional business slowing down?

那麼所有的交易業務都在放緩嗎？

Or was there any kind of pausing of subscriptions anywhere there, just given the soft environment, I suppose, that we see for travel?

或者那裡是否有任何形式的訂閱暫停，我想，只是考慮到我們看到的旅行軟環境？

So that would be the first one.

所以這將是第一個。

And then maybe I'm not sure if this is for Luka or Christian, but on the -- second point was around CapEx.

然後我不確定這是給 Luka 還是 Christian，但第二點是關於資本支出的。

Could you just -- I appreciate you've already given us a big insight into your thinking around the Analyst Day coming up, and I know it's not all finalized.

你能不能——我很感激你已經讓我們對你對即將到來的分析師日的想法有了深刻的了解，而且我知道這還沒有全部敲定。

But on the CapEx itself, I think you mentioned that you will continue to partner with hyperscalers.

但就資本支出本身而言，我想你提到過你將繼續與超大規模企業合作。

So does that suggest that CapEx should continue to be constrained?

那麼這是否表明資本支出應該繼續受到限制？

Yes.

是的。

Let me take the first crack at both questions.

讓我首先回答這兩個問題。

So first of all, on the CapEx side, you have seen we had already, at our Capital Markets Day last year, guided to pretty much flat CapEx year-over-year.

因此，首先，在資本支出方面，你已經看到，在去年的資本市場日，我們已經指導資本支出同比持平。

We saw perhaps the potential for a slight increase in line with the growth of the business.

我們可能看到了隨著業務增長而略有增長的潛力。

But this year, actually, we believe that we will not see an increase over last year.

但今年，實際上，我們認為我們不會看到比去年增加。

Given the results in the first half year, I think there is scope to even have a lower CapEx spend in 2020 than in 2019.

鑑於上半年的結果，我認為 2020 年的資本支出甚至有可能低於 2019 年。

And I would expect that also over the course of the next couple of years, CapEx will actually remain pretty flat with the main contributing factor being, obviously, the partnerships with the hyperscalers.

而且我預計在接下來的幾年裡，資本支出實際上將保持相當平穩，主要的貢獻因素顯然是與超大規模的合作夥伴關係。

But beyond that, there are also other sources of CapEx, like facility CapEx, for example, and there with some of the new trends on the future of work that we are seeing now emanating from COVID, more hybrid work models.

但除此之外，還有其他資本支出來源，例如設施資本支出，以及我們現在看到的來自 COVID 的未來工作的一些新趨勢，更多的混合工作模式。

I think the needs for expanded CapEx spend also in this area will be probably more restricted than what we might have planned perhaps 1 or 2 years ago.

我認為在這一領域擴大資本支出的需求可能會比我們 1 或 2 年前的計劃更受限制。

The second point on the transactional revenues.

第二點關於交易收入。

You're right.

你說得對。

Of course, Concur has been most hard hit.

當然，Concur 受到的打擊最大。

Don't underestimate the transactional element of their revenues.

不要低估他們收入的交易部分。

They actually have, on a per annum basis, something like a couple of hundred million.

他們實際上每年有幾億。

So they are the second largest source of transactional revenues after Ariba and that basically has almost disappeared.

因此，它們是僅次於 Ariba 的第二大交易收入來源，而且基本上幾乎消失了。

So usually, they would have a couple hundred, EUR 200 million to EUR 300 million.

所以通常，他們會有幾百，2 億到 3 億歐元。

They posted a low double-digit million figure of transactional values in Q2.

他們在第二季度公佈了低兩位數的交易價值。

And that, of course, has an impact.

當然，這會產生影響。

So these revenues were down more than 80%.

因此，這些收入下降了 80% 以上。

But it's not the only reason we disclose as well in our quarterly reporting, the contribution from the intelligent spend assets in totality.

但這並不是我們在季度報告中披露智能支出資產總體貢獻的唯一原因。

And there, you can also see that their revenue also outside of Concur has been coming down to a single-digit number where usually, those assets would all grow somewhere in the mid-teens.

在那裡，您還可以看到他們在 Concur 之外的收入也一直下降到個位數，而通常情況下，這些資產都會在十幾歲左右的某個地方增長。

And so also in Ariba, transactional revenues were slowing down, albeit not nearly at the same pace as Concur.

同樣，在 Ariba，交易收入也在放緩，儘管與 Concur 的增速不盡相同。

And now of course, the big question is what will happen in the second half year.

當然，現在最大的問題是下半年會發生什麼。

As you know, we assume a gradually improving demand environment in the second half year, that holds for software licenses, but obviously holds for our new cloud order entry as well as transactional revenues as well and that jury is obviously still out there with some of the relaxed restrictions here in Europe and other parts of the world.

如您所知，我們假設下半年需求環境逐漸改善，這適用於軟件許可證，但顯然也適用於我們的新雲訂單輸入以及交易收入，並且陪審團顯然仍然存在一些歐洲和世界其他地區放鬆了限制。

There is certainly some light at the end of the tunnel here.

這裡的隧道盡頭肯定有一些光明。

But clearly, in Q2, the perfect storm was hitting us and Concur.

但顯然，在第二季度，完美風暴襲擊了我們和 Concur。

But you rightfully say as well that the rest of the business are contractually committed business is very resilient.

但你也正確地說，其餘業務都是合同承諾的業務，非常有彈性。

You have seen that our SaaS/PaaS assets have been up in the high 20s and also our infrastructure-as-a-service business is still growing somewhere in the mid-20s.

您已經看到我們的 SaaS/PaaS 資產已經上升到 20 多歲，而我們的基礎設施即服務業務仍在 20 多歲的某個地方增長。

So our business fundamentally is healthy, and the transactional revenues undoubtedly will come back as the restrictions ease and as we see the tail end of the crisis.

因此，我們的業務從根本上是健康的，隨著限制的放鬆和我們看到危機的尾聲，交易收入無疑會恢復。

And John, as usual, our CFO already answered that question in a very professional manner.

和往常一樣，約翰，我們的首席財務官已經以非常專業的方式回答了這個問題。

Tough to maybe one comment from my side, as there's a lot of talk about the hyperscalers and the partnerships we are having.

很難從我這邊發表評論，因為有很多關於 hyperscalers 和我們擁有的合作夥伴關係的討論。

And that will be very clear.

這將非常清楚。

I mean, we, of course, stay were we committed to those partnerships as we don't want to play in the cloud infrastructure market.

我的意思是，我們當然會繼續致力於這些合作夥伴關係，因為我們不想參與雲基礎設施市場。

But what is also very important for me is that our customers also understand that the business transformation is not only happening by moving workloads to a cloud infrastructure.

但對我來說同樣非常重要的是，我們的客戶也明白業務轉型不僅僅是通過將工作負載轉移到雲基礎設施來實現的。

This is only happening if you're transforming business processes if you are adapting to new business models.

如果您要適應新的業務模型並轉換業務流程，這種情況只會發生。

And this is why, together with Adaire and team, we are working also on offering to make sure that our customers really get growth on the one-hand side, the move to the cloud, but also with our SI partners, the transformation of that business.

這就是為什麼我們與 Adaire 和團隊一起致力於提供產品以確保我們的客戶一方面真正獲得增長，即遷移到雲，另一方面也與我們的 SI 合作夥伴一起實現雲的轉型商業。

And this is something what we are working on to really bring the partnership to the next level.

這是我們正在努力真正將合作夥伴關係提升到一個新水平的事情。

Thank you.

謝謝。

We move to the next question, please.

請轉到下一個問題。

Next question comes from Adam Wood of Morgan Stanley.

下一個問題來自摩根士丹利的亞當伍德。

I've also got 2, please.

我也有2個，拜託。

Maybe just first of all, probably for Christian.

也許只是首先，可能是為了克里斯蒂安。

On the integration side, you've spoken about this quite a lot now.

在集成方面，您現在已經談了很多。

Would it be possible to get a little bit of feedback from what the customer response has been, and how much do you think that could accelerate and drive the migration to S/4HANA more quick than would have been the case otherwise?

是否有可能從客戶的反應中得到一些反饋，你認為這可以在多大程度上加速和推動向 S/4HANA 的遷移比其他情況更快？

And then maybe just secondly, you've talked about SAP doubling down in areas that you have the right to win.

然後也許只是其次，你談到了 SAP 在你有權獲勝的領域加倍努力。

Could you talk a little bit in terms of where we are on the reallocation of resources from areas you're deprioritizing to areas you're focusing on?

您能否談談我們在將資源從您降低優先級的領域重新分配到您關注的領域方面的進展情況？

And if you could give any examples of how that's benefited you, that would be really helpful.

如果你能舉例說明這對你有何好處，那將非常有幫助。

Yes.

是的。

I mean 2 points on that.

我的意思是 2 點。

So first, Adam, when we talk about S/4HANA and the integration, by the end of the year, 90% of that will be done.

所以首先，亞當，當我們談論 S/4HANA 和集成時，到今年年底，90% 的工作將完成。

And also, as I said in the past, this will not only be a technical integration.

而且，正如我過去所說，這不僅是技術整合。

I mean we're also harmonizing our data domain model as the semantics of the data have to fit together, when you talk about seamless business processes, when you talk about a 360 steering of the business.

我的意思是，當您談論無縫業務流程時，當您談論業務的 360 度轉向時，我們也在協調我們的數據域模型，因為數據的語義必須結合在一起。

And that, again, can only be done by SAP.

同樣，這只能由 SAP 完成。

And when we then put our data domain model on our platform -- by the way, the platform also becomes more attractive for our ecosystem to build new applications as it's now much more easier to expand and extend our core applications.

當我們將我們的數據域模型放在我們的平台上時——順便說一句，該平台對我們的生態系統構建新應用程序也變得更有吸引力，因為它現在更容易擴展和擴展我們的核心應用程序。

And with that, of course, also comes a much better cross-sell potential.

當然，隨之而來的還有更好的交叉銷售潛力。

In our installed base, mean our ERP customers are used that an HR solution talks to a finance solution that a procurement solution talks to, again, also to a finance solution for procure to pay, and this is what we are now building.

在我們的安裝基礎上，意味著我們的 ERP 客戶使用 HR 解決方案與財務解決方案對話，採購解決方案與財務解決方案對話，再一次，也與採購支付的財務解決方案對話，這就是我們現在正在構建的。

And with that, of course, we see an acceleration, both for S/4HANA cloud, but also, of course, for our Coca-Cola LoB applications as there's still a huge potential also to do cross-sell into our existing ERP customers.

當然，我們看到了 S/4HANA 雲的加速，當然還有我們的可口可樂 LoB 應用程序，因為向我們現有的 ERP 客戶進行交叉銷售仍然有巨大的潛力。

And then last but not least, when we are talking about the new growth initiatives, I mean the industry cloud is, for me, just a natural expansion of our core application portfolio.

最後但並非最不重要的是，當我們談論新的增長計劃時，我的意思是行業雲對我來說只是我們核心應用程序組合的自然擴展。

As I mentioned before, when you talk about Industry 4.0 on digitizing a factory, again, for predictive maintenance, you need data from ERP, from the supply chain.

正如我之前提到的，當你談論工業 4.0 將工廠數字化時，同樣，為了進行預測性維護，你需要來自 ERP 和供應鏈的數據。

And this is what we are now delivering.

這就是我們現在正在提供的。

And there, it's all about focus.

在那裡，一切都與專注有關。

You heard our news with Siemens.

你聽說了我們與西門子的消息。

We are not giving up there a huge existing market of SAP.

我們不會放棄 SAP 現有的巨大市場。

It's not like that we invested a lot of dollars in the last years in PLM.

過去幾年我們並沒有在 PLM 上投入大量資金。

Now we are giving actually our customers a clear road map.

現在，我們實際上是在為我們的客戶提供清晰的路線圖。

We will, of course, bundle now in a seamless way, our supply chain, our ERP solution with Siemens to really make the integration work from the fact that we into the ERP.

當然，我們現在將以無縫方式捆綁我們的供應鏈、我們與西門子的 ERP 解決方案，以真正使集成工作從我們進入 ERP 的事實開始。

Actually, I expect that we can accelerate the sales of our supply chain in ERP solutions with that.

實際上，我希望我們可以藉此加速 ERP 解決方案中供應鏈的銷售。

And the other parts of the portfolio where we, of course, double down on, we had an absolute blowout quarter on commerce.

當然，我們在投資組合的其他部分加倍努力，我們在商業方面有一個絕對井噴的季度。

So we definitely double down on also again there, integrating commerce to the supply chain, integrating commerce to the flexible license models you can win in S/4.

因此，我們肯定會再次加倍努力，將商業整合到供應鏈中，將商業整合到您可以在 S/4 中獲得的靈活許可模型中。

And with that, of course, we want to boost that.

當然，我們希望提升這一點。

And in the product strategy work we did in the last 3 months, we clearly emphasized that, and there will be more news to come where you see that SAP will also increase the focus also for each of the industries as we will also not serve all the 25 industries, we will also use their partner solutions to expand our portfolio.

在我們過去 3 個月所做的產品戰略工作中，我們明確強調了這一點，您會看到更多消息，SAP 也將增加對每個行業的關注，因為我們也不會為所有行業提供服務25 個行業，我們還將使用他們的合作夥伴解決方案來擴展我們的產品組合。

Maybe can I perhaps add to that?

也許我可以補充一下嗎？

Maybe just add a little bit of color to that, Adam.

亞當，也許只是為此添加一點顏色。

When you look at our customer base and our expectation around migration to S/4, integration is absolutely one of those expectations.

當您查看我們的客戶群和我們對遷移到 S/4 的期望時，集成絕對是這些期望之一。

And we can see a very clear road map across 4 clear end-to-end business processes that will be complete by the end of this year.

我們可以看到一個非常清晰的路線圖，涵蓋 4 個清晰的端到端業務流程，將於今年年底完成。

This has an incredible impact on the business case that underpins the migration to S/4.

這對支撐向 S/4 遷移的業務案例產生了不可思議的影響。

And the business case has a series of costs in it.

商業案例中包含一系列成本。

If, of course, the cost of integration is removed from that business case then the total cost of ownership is much lower for the customer.

當然，如果從該業務案例中去除集成成本，那麼客戶的總擁有成本就會低得多。

And aside from the value that S/4 itself delivers as a business transformation piece of software, the cost of ownership becomes much more attractive and much more tangible for our customers.

除了 S/4 本身作為業務轉型軟件所提供的價值外，擁有成本對我們的客戶來說變得更具吸引力且更加切實。

And then I would just like to add, in addition to the double down, which Christian has mentioned in many of our product and engineering teams that is a end-to-end double down.

然後我想補充一點，除了雙降，克里斯蒂安在我們的許多產品和工程團隊中提到的端到端雙降。

So where there is a focus, for instance, on a particular solution, a particular industry, a particular investment, that focus includes the go-to-market engine of SAP to ensure that there is alignment between what our colleagues and product engineering are designing and delivering and the capabilities of the go-to-market team to clearly articulate the value propositions of those solutions to our customers.

因此，例如，在關注特定解決方案、特定行業、特定投資時，該焦點包括 SAP 的上市引擎，以確保我們的同事和產品工程設計的內容保持一致和交付以及進入市場團隊的能力，以向我們的客戶清楚地闡明這些解決方案的價值主張。

We take our next question from Phil Winslow of Wells Fargo.

我們的下一個問題來自富國銀行的菲爾溫斯洛。

Congrats on a great quarter and (technical difficulty) 2 questions.

祝賀一個偉大的季度和（技術難度）2 個問題。

First for (technical difficulty) the conversations discussed.

首先針對（技術難度）討論的對話。

We can't hear you.

我們聽不到你的聲音。

The line is -- to see you breaking up.

台詞是——看你分手。

Maybe operator, can you take the next question, please?

也許接線員，你能回答下一個問題嗎？

And then we switch to Phil Winslow later on.

然後我們稍後切換到 Phil Winslow。

Certainly, the next question comes from Kirk Materne from Evercore ISI.

當然，下一個問題來自 Evercore ISI 的 Kirk Materne。

I'll echo the congrats on the quarter.

我將對本季度表示祝賀。

Actually, my question is for Ryan, if I'll pull them back in as he's going to have to get used to answering analyst questions more often now.

實際上，我的問題是給 Ryan 的，我是否會把他們拉回來，因為他現在將不得不習慣於更頻繁地回答分析師的問題。

But Ryan, I was just wondering, could you just give us an example of how you think the separation is going to help you accelerate the business meaning?

但是瑞安，我只是想知道，你能不能給我們舉個例子，說明你認為分離將如何幫助你加速業務意義？

And Christian, please add on as well.

Christian，也請補充。

But were there partners that you thought you could do more with that maybe were a little bit now nervous about the ownership structure?

但是，是否有您認為您可以做更多事情的合作夥伴現在可能對所有權結構有點緊張？

Or is it just the ability for you to hire salespeople at a more rapid pace?

還是僅僅是您能夠以更快的速度僱用銷售人員？

So I was just kind of curious, obviously, this is all about sort of expanding or accelerating Qualtrics growth and expanding the category.

所以我只是有點好奇，顯然，這都是關於擴大或加速 Qualtrics 的增長和擴大類別。

Can you just give us a couple of examples of your conversations, why you think this is the right way to go?

你能給我們舉幾個你談話的例子嗎，為什麼你認為這是正確的方法？

Yes.

是的。

Yes, it's a great question.

是的，這是一個很好的問題。

So I think, first, when we created this category in 2017, and I remember going on our first road show.

所以我想，首先，當我們在 2017 年創建這個類別時，我記得我們進行了第一次路演。

I don't know how many people can say that, but we're going to be able to say that.

我不知道有多少人可以這麼說，但我們將能夠這麼說。

Going on first roadshow, I think the market was going, hey, what's this experience management, it makes sense, it's intriguing.

進行第一次路演時，我認為市場正在走向，嘿，這是什麼體驗管理，這很有意義，很有趣。

We just see that there's so much more that we can do to help create that category.

我們只是看到我們可以做更多的事情來幫助創建該類別。

That's going to be a lot easier to do with 1 microphone and 1 voice.

使用 1 個麥克風和 1 個聲音會容易得多。

And SAP has been the ultimate amplifier and has the global reach that is unprecedented, and I think that we continue to get that.

SAP 一直是最終的放​​大器，擁有前所未有的全球影響力，我認為我們將繼續做到這一點。

From a strategic standpoint, on 2 fronts, we see massive opportunity.

從戰略的角度來看，我們在兩個方面看到了巨大的機遇。

Number one is, look, there are a bunch of other strategic providers that I think that we could go partner with.

第一，看，我認為我們可以與之合作的還有許多其他戰略供應商。

It's not that they weren't willing to partner, but we want to do big things with them.

不是他們不願意合作，而是我們想和他們一起做大事。

And I think this will help.

我認為這會有所幫助。

And I think we'll try to pattern a little bit after what we're doing with SAP, where experience management is a core part of all products and platform.

而且我認為我們會嘗試在我們對 SAP 所做的事情之後進行一些模式化，其中體驗管理是所有產品和平台的核心部分。

And you start thinking about, hey, every single app on the Internet should have a Qualtrics component built in to be able to have a conversation with the end user, right?

你開始思考，嘿，互聯網上的每個應用程序都應該內置一個 Qualtrics 組件，以便能夠與最終用戶進行對話，對吧？

You think about every product, either back office or front office could have that same integration, you start to see how important the Qualtrics platform is.

你想想每個產品，無論是後台還是前台都可以有相同的集成，你開始看到 Qualtrics 平台的重要性。

But probably most importantly, there's a lot of technology that we like out there.

但可能最重要的是，有很多我們喜歡的技術。

So I think this gives us an opportunity to go make our own acquisitions and be able to truly expand our vision for what experience management can be and really continue to paint what we saw years ago.

所以我認為這給了我們一個機會去進行我們自己的收購，並能夠真正擴展我們對體驗管理的願景，並真正繼續描繪我們多年前看到的東西。

I mean I've been doing this for 20 years, solving the same problem.

我的意思是我已經這樣做了 20 年，解決了同樣的問題。

And we have this vision of where this can go and to have SAP behind us and then be able to go run and go get the best talent in the world to go do this and get people on board.

我們有這樣的願景，即它可以去哪裡，讓 SAP 支持我們，然後能夠繼續運行，讓世界上最優秀的人才去做這件事，並讓人們參與進來。

It's, as Christian said, we just can't see any downsides to this.

正如克里斯蒂安所說，我們看不到這有任何缺點。

And I think that as we've slept on this for quite a few weeks now, we're saying, "Hey, we still feel more excited than we did when we first came up with it." So that's a pretty good sign.

而且我認為我們已經在這個問題上睡了好幾個星期了，我們在說，“嘿，我們仍然比我們第一次想到它時更興奮。”所以這是一個很好的跡象。

And just from my side, I mean, talking about the SAP side of the house, I mean, look, I mean, even in the new model going then forward once we went IPO for SAP and Qualtrics, it will be even more important than to build out continuous revenue streams.

就我而言，我的意思是，談論房子的 SAP 方面，我的意思是，看，我的意思是，即使在我們為 SAP 和 Qualtrics 進行首次公開募股後，即使在未來的新模式中，它也將比建立持續的收入來源。

And we did a lot of work in the last 3 months on the product strategy side.

在過去的 3 個月裡，我們在產品策略方面做了很多工作。

Adaire and team together with Qualtrics build out a sales engagement model, which really perfectly works.

Adaire 及其團隊與 Qualtrics 一起構建了一個非常完美的銷售參與模型。

Today, we won some very large transformational deals in Q2 with the help of the SAP sales force, and that will just continue in the future.

今天，在 SAP 銷售團隊的幫助下，我們在第二季度贏得了一些非常大的轉型交易，並且這種情況將在未來繼續下去。

The next question comes from Phil Winslow from Wells Fargo.

下一個問題來自富國銀行的 Phil Winslow。

I think my IP (technical difficulty) congratulations on a great quarter and (technical difficulty) maybe Adaire can chime in, too (technical difficulty) changes in customer conversation in terms of -- (inaudible)

我認為我的 IP（技術困難）祝賀一個偉大的季度，（技術困難）也許 Adaire 也可以插話（技術困難）客戶對話的變化——（聽不清）

The line breaks up again.

線路再次中斷。

So we probably give you a question on the next earnings call.

所以我們可能會在下一次財報電話會議上給你一個問題。

I think, operator, we need to switch to the next question, please.

我想，接線員，我們需要切換到下一個問題。

The next question comes from Julian Serafini from Jefferies.

下一個問題來自 Jefferies 的 Julian Serafini。

About a EUR 300 million safety cushion being baked into the free cash flow guidance.

自由現金流指引中包含約 3 億歐元的安全緩衝。

Luka, in terms of free cash flow guidance for 2020, you talked about a EUR 300 million safety cushion being baked into the guidance.

盧卡，就 2020 年的自由現金流量指導而言，您談到指導中包含 3 億歐元的安全緩衝。

Is that still included in your guidance today?

這仍然包含在您今天的指導中嗎？

Or has that been removed?

或者已經被刪除了？

And then second of all, just in terms of new business.

其次，就新業務而言。

Are you able to provide any color just in terms of the new cloud bookings in terms of how that has performed in the quarter?

就本季度的表現而言，您能否僅根據新的雲預訂提供任何顏色？

I know you don't disclose the metric anymore.

我知道你不再公開指標了。

Yes.

是的。

So on the second one, that is really the answer.

所以在第二個問題上，這才是真正的答案。

We have replaced it by the current cloud backlog, and you have seen that those numbers were very healthy.

我們已將其替換為當前的雲積壓，您已經看到這些數字非常健康。

And we've given some individual color commentary.

我們已經給出了一些單獨的顏色評論。

So very well developing solutions in the quarter where commerce -- where digital supply chain management was obviously Qualtrics, and so from that perspective, that's about all that we can do here.

在商業領域開發解決方案非常好——數字供應鏈管理顯然是 Qualtrics，所以從這個角度來看，這就是我們在這裡所能做的。

But in terms of the free cash flow guidance, so we have basically increased it by EUR 500 million.

但就自由現金流量指導而言，我們基本上增加了 5 億歐元。

There may still be scoped, to be quite honest, to do more, but that depends very much also on how the payment behavior of customers will develop in the second half year.

老實說，可能還有做更多的事情，但這在很大程度上也取決於下半年客戶的支付行為將如何發展。

I must say that in the first half year, we have seen a pretty good development in this respect to our initial concerns that we had as we enter the crisis, we're not coming through.

我必須說，在上半年，我們在進入危機時的最初擔憂方面看到了相當好的發展，我們沒有度過危機。

But still, of course, we want to cater to this risk and therefore, have still left ourselves a bit of a cushion, in particular, given that our CapEx assumptions for the second half year probably still quite conservative.

但是，當然，我們仍然想應對這種風險，因此，我們仍然給自己留了一些緩衝，特別是考慮到我們對下半年的資本支出假設可能仍然相當保守。

So if everything goes well, and we don't see a major deterioration on the customer front in H2, I think there is scope to do a little bit more.

因此，如果一切順利，並且我們沒有看到下半年客戶方面出現重大惡化，我認為還有做更多的餘地。

Thank you.

謝謝。

We've time for one final question.

我們有時間問最後一個問題。

The final question comes from Mohammed Moawalla from Goldman Sachs.

最後一個問題來自高盛的 Mohammed Moawalla。

Great.

偉大的。

Just a quick one.

只是一個快速的。

I mean your unchanged guidance for 2020, essentially assumes no meaningful acceleration in the second half.

我的意思是您對 2020 年的指導不變，基本上假設下半年沒有有意義的加速。

And I know you had said that you anticipated the environment to sort of progressively improve.

我知道您曾說過您預計環境會逐步改善。

So is it just you being conservative?

那隻是你保守嗎？

And maybe can you give us a sense, aside from the strength you saw in Asia, how the other geographies are sort of coming back, particularly in North America and the European market and sort of how the pipeline is and how you kind of expect second half seasonality to develop?

也許你能告訴我們，除了你在亞洲看到的實力之外，其他地區是如何回歸的，特別是在北美和歐洲市場，以及管道的情況以及你對第二個市場的期望半季節性發展？

Yes.

是的。

So on the regional color, I will hand over to Adaire in a second, but on the guidance, let's be real here.

所以關於區域顏色，我會在一秒鐘內交給阿黛爾，但關於指導，讓我們在這裡真實。

I think we are very confident now based on how we have ended the first half year.

我認為，根據上半年結束的情況，我們現在非常有信心。

But this is not yet the time to frolic or break any champagne [corks] or anything like that.

但現在還不是嬉戲或打破任何香檳 [軟木塞] 或類似東西的時候。

Let's not forget while the guidance assumes a continued improvement of the demand environment, we cannot take this for granted necessarily.

我們不要忘記，雖然指南假設需求環境持續改善，但我們不能認為這是理所當然的。

There is still substantial uncertainty in the system.

該系統仍存在很大的不確定性。

What about the development of infection rates?

感染率的發展情況如何？

Is there a risk of a segment lockdown?

是否存在段鎖定的風險？

I think nobody can rule this out at this present time, even though everybody is hoping, of course, that it will not occur.

我認為目前沒有人可以排除這種情況，儘管每個人當然都希望它不會發生。

And let's also not forget that the seasonality for software licenses is becoming much larger in the second half year with the Q4, in particular, that has a much higher weight on software licenses.

我們也不要忘記，軟件許可證的季節性在下半年隨著第四季度變得越來越大，特別是軟件許可證的權重更高。

And given that uncertainty, I think it is absolutely understandable that we don't want to get ahead of ourselves.

鑑於這種不確定性，我認為我們不想超前是完全可以理解的。

We are glad that we did well in Q2, better than we expected ourselves but that is not a guarantee for success in the second half year.

我們很高興我們在第二季度表現出色，比我們預期的要好，但這並不能保證下半年取得成功。

We need to have our value story right for the customers.

我們需要讓我們的價值故事適合客戶。

We need to rely on our collective efforts to achieve customer success across all functions of the company.

我們需要依靠我們的集體努力，在公司的所有職能部門實現客戶成功。

And then we are able to demonstrate the transformational value that our solutions can bring to our customers and even in difficult times rightfully asked for an order.

然後我們能夠展示我們的解決方案可以為我們的客戶帶來的變革價值，甚至在困難時期也可以正確地要求訂單。

But in that sequence, and we need to first prove that out.

但在那個序列中，我們需要首先證明這一點。

Perhaps Moawalla, I'll just maybe add a little bit of regional color.

也許是 Moawalla，我可能會添加一點區域色彩。

And then just a little bit of the sentiment of the team looking forward into the second half to conclude.

然後是球隊期待下半場結束的一點點情緒。

As you saw from our Q2 results, we had a very strong showing in Asia, and this was certainly related to the emergence of certain geographies from the lockdown environment.

正如您從我們第二季度的業績中看到的那樣，我們在亞洲的表現非常強勁，這當然與某些地區擺脫封鎖環境有關。

But of course, we also saw a resurgence in China and specifically in Beijing, right at the tail end of our quarter, in fact.

但當然，我們也看到了中國的複蘇，特別是在北京，實際上就在本季度末。

And for us, 45% of our sales force are located in that particular office in that jurisdiction.

對我們來說，45% 的銷售人員位於該司法管轄區的特定辦公室。

So these are the unknowns that we are going to have to navigate as we go into the second half.

因此，這些是我們進入下半場時必須應對的未知數。

The team have taken, as Luka has already indicated, a value-based and a customer-orientated and empathetic approach towards the business in the second half.

正如 Luka 已經指出的那樣，該團隊在下半年對業務採取了一種基於價值、以客戶為導向和同理心的方法。

We have come out of a large digital SAPPHIRE, the first time that we ran a digital event.

我們從大型數字藍寶石中走出來，這是我們第一次舉辦數字活動。

Whilst there are different nuances about an event of that scale at a digital level.

雖然在數字層面上這種規模的事件存在不同的細微差別。

One of the benefits for us was our ability to deliver that event in 5 languages in the time zones of our customers across the world.

對我們來說，其中一項好處是我們能夠在全球客戶的時區以 5 種語言舉辦該活動。

And so we were able to reach a much broader audience.

因此，我們能夠接觸到更廣泛的受眾。

We're also really focusing very much in the second half as we did in Q2 on the ability to control the controllable.

就像我們在第二季度所做的那樣，我們在下半場也非常關注控制可控的能力。

So those things that are within our control, the execution of our engagement with our customers, our creativity and engaging with our customers and the value propositions that we present.

因此，那些在我們控制範圍內的事情，我們與客戶互動的執行，我們的創造力和與客戶的互動以及我們提出的價值主張。

And I think as long as the team executes well, controlling the controllable, that's pretty much all that we can ask from them going into the second half.

而且我認為只要球隊執行得好，控制可控，這幾乎就是我們進入下半場時對他們的要求。

Well, this concludes the Second Quarter 2020 SAP Earnings Call.

好了，2020 年第二季度 SAP 財報電話會議到此結束。

Thanks so much for joining, and you can now disconnect.

非常感謝您的加入，您現在可以斷開連接了。

Thank you.

謝謝。

Thanks a lot.

多謝。

Take care.

小心。

Thank you so much.

太感謝了。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。