SAP SE (SAP) 2020 Q1 法說會逐字稿

Good day, and welcome to the SAP Q1 2020 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Stefan Gruber, Head of Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加 SAP 2020 年第一季度收益電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係主管 Stefan Gruber 先生。請繼續，先生。

Good morning or good afternoon. This is Stefan Gruber, Head of Investor Relations of SAP. Thank you for joining us to discuss our results for the first quarter 2020. I'm joined by our CEO, Christian Klein; and CFO, Luka Mucic, who will make both opening remarks on the call today. Also joining us for Q&A is the Executive Board Member Adaire Fox-Martin, President of our Customer Success organization.

早上好或下午好。我是 SAP 投資者關係主管 Stefan Gruber。感謝您加入我們討論我們 2020 年第一季度的業績。我們的首席執行官 Christian Klein 也加入了我的行列；和首席財務官 Luka Mucic，他們將在今天的電話會議上發表開場白。執行委員會成員、我們的客戶成功組織總裁 Adaire Fox-Martin 也加入了我們的問答環節。

Before we get started, as usual, I would like to say a few words about forward-looking statements and our use of non-IFRS financial measures. Any statements made during this call that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, outlook and will and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. And all forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission, the SEC, including SAP's annual report on Form 20-F for 2019 filed with the SEC on February 27, 2020.

在我們開始之前，像往常一樣，我想就前瞻性陳述和我們使用非 IFRS 財務措施說幾句話。在本次電話會議期間作出的任何非歷史事實的陳述均為 1995 年美國私人證券訴訟改革法案所定義的前瞻性陳述。諸如預期、相信、估計、預期、預測、打算、可能、計劃、項目等詞語， predict、should、outlook 和 will 以及與 SAP 相關的類似表述旨在識別此類前瞻性陳述。 SAP 不承擔公開更新或修改任何前瞻性陳述的義務。所有前瞻性陳述都受到各種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期存在重大差異。可能影響 SAP 未來財務業績的因素在 SAP 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 quarterly statement and a financial summary slides deck, which are intended to supplement our prepared remarks today and include a reconciliation for our non-IFRS numbers to IFRS numbers. 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. 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. With that, I'd like to turn things over to our CEO, Christian Klein.

在我們的投資者關係網站上，您可以找到我們的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。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，並且同比報告的增長率和百分點變化均為非 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。有了這個，我想把事情交給我們的首席執行官 Christian Klein。

Thank you, Stefan. As we all know, the world is facing an unprecedented crisis. Some weeks ago, many of us couldn't even begin to imagine the scale of the coronavirus outbreak. On behalf of all of SAP, I want to extend our deepest thanks to all of those who are on the front lines of battling the pandemic. Like all those affected, they are in our thoughts and we owe them a heartfelt debt of gratitude. This crisis shows how quickly things can change and how important agility and speed are. While it is hard to project how long it will continue, it shows that SAP's business is more relevant than ever.

謝謝你，斯特凡。眾所周知，世界正面臨前所未有的危機。幾週前，我們中的許多人甚至無法想像冠狀病毒爆發的規模。我謹代表 SAP 全體員工，向所有奮戰在抗擊疫情前線的人們表示最深切的感謝。像所有受影響的人一樣，他們在我們心中，我們欠他們一份由衷的感激之情。這場危機表明事情變化的速度有多快，敏捷性和速度有多重要。雖然很難預測它會持續多久，但它表明 SAP 的業務比以往任何時候都更加重要。

Since we were founded nearly 50 years ago, SAP has been trusted to one of the world's most mission-critical business and this also holds true today. I want to thank the SAP colleagues who are always fully focused on our customers and go above and beyond to ensure we support them in this challenging time.

自將近 50 年前成立以來，SAP 一直受到世界上任務最關鍵的企業之一的信賴，今天也是如此。我要感謝 SAP 同事，他們始終全神貫注於我們的客戶，並超越自我，確保我們在這個充滿挑戰的時刻為他們提供支持。

You have probably all seen the news, so let me briefly touch upon this leadership change. More than ever, the current environment requires quick and determined action for companies and this needs a very clear leadership structure. Jen realized that our leadership model was not the best fit for these times and mutually agreed with the Supervisory Board that she will depart the company effective April 30 and that we will switch to a sole CEO model. Jen has always been a strong believer in the long-term potential for SAP, no matter which role she was in. And we would not be where we are today without her. As she leaves SAP, she does so with the respect and heartfelt appreciation of all her Board colleagues, our customers, partners, and the entire SAP family. I know SAP will always have a true champion in Jen whatever she decides to do next. Let me now turn to what I see as the 3 relevant points for SAP right now. Our resilience in the current crisis, the balance we now need to strike and why we will emerge stronger than before. If anything, the current crisis shows, that our Intelligent Enterprise strategy is more relevant than ever, both for our customers and SAP. First, it leads to more resilience and enables business continuity. Our more than 400,000 customers worldwide make the world one. We enable them to continue to do so.

你們可能都看到了這個消息，所以讓我簡單地談談這次領導層的變動。當前環境比以往任何時候都更需要公司採取迅速而果斷的行動，而這需要非常清晰的領導結構。 Jen 意識到我們的領導模式並不適合這些時代，並與監事會一致同意她將於 4 月 30 日離開公司，我們將轉為單一 CEO 模式。 Jen 一直堅信 SAP 的長期潛力，無論她擔任哪個職位。如果沒有她，我們就不會取得今天的成就。在她離開 SAP 之際，董事會所有同事、我們的客戶、合作夥伴和整個 SAP 大家庭都對她表示尊重和衷心感謝。我知道，無論 Jen 決定下一步做什麼，SAP 將永遠擁有真正的擁護者。現在讓我談談我現在認為與 SAP 相關的 3 個要點。我們在當前危機中的韌性、我們現在需要取得的平衡以及我們為什麼會變得比以前更強大。如果有的話，當前的危機表明，我們的智能企業戰略比以往任何時候都更重要，無論是對我們的客戶還是對 SAP。首先，它可以提高彈性並實現業務連續性。我們在全球擁有超過 400,000 家客戶，讓世界成為一體。我們使他們能夠繼續這樣做。

Thanks to our transformation into an Intelligent Enterprise, we can continue our operations without any disruption. We have automated many of our processes and made them more intelligent, and remote operations across all functions have been a reality at SAP. With 95% of our employees currently working from home, all of SAP is as close to a virtual organization as it can get, and we can continue to run at nearly 100%. The feedback from many -- from my conversations with CEOs and customers worldwide shows that they are extremely happy with the way SAP is delivering in this crisis. Second, becoming an Intelligent Enterprise enables new business models and accelerates the move to the cloud. This leads to a high top line stability. Luka will provide more details on our Q1 financial performance shortly.

由於我們轉型為智能企業，我們可以繼續運營而不會受到任何干擾。我們已經實現了許多流程的自動化，並使它們更加智能，跨所有職能部門的遠程操作在 SAP 已成為現實。我們 95% 的員工目前在家工作，所有 SAP 都盡可能接近虛擬組織，我們可以繼續以接近 100% 的速度運行。來自許多人的反饋——來自我與世界各地的首席執行官和客戶的談話表明，他們對 SAP 在這場危機中的交付方式非常滿意。其次，成為智能企業可實現新的業務模式並加速向雲的遷移。這導致了較高的頂線穩定性。 Luka 將很快提供有關我們第一季度財務業績的更多詳細信息。

Let me give you a few key highlights. More than 70% of SAP's revenues are what we refer to as more predictable, and underlying SAP resilience also in times of crisis. Support is SAP's largest and most stable revenue stream, as evidenced in the 2008 and 2009 downturn. For most companies, shutting down SAP support would essentially mean shutting down the entire business. We expect cloud revenue to continue its rapid growth in 2020, backed by the 25% expansion of the current cloud backlog.

讓我給你幾個重點。 SAP 超過 70% 的收入是我們所說的更可預測的，並且在危機時期也是潛在的 SAP 彈性。支持是 SAP 最大和最穩定的收入來源，2008 年和 2009 年的低迷就是明證。對於大多數公司而言，關閉 SAP 支持基本上意味著關閉整個業務。我們預計，在當前云積壓訂單增長 25% 的支持下，雲收入將在 2020 年繼續快速增長。

Talking about other revenue streams. Services revenue was up in Q1, and we expect it to be rather stable in 2020, given its backlog and the tailwind provided by the S/4HANA migration.

談論其他收入來源。服務收入在第一季度有所增加，我們預計它在 2020 年將相當穩定，因為它的積壓和 S/4HANA 遷移提供的順風。

As the spread of COVID-19 intensifies, we saw a meaningful amount of new business postponed and purchase decisions put on hold for the time being, especially in our upfront licenses business. Software licenses, which unsurprisingly were most affected, only accounted for around 15% of revenue in 2019. And while at minus 31%, the impact was significant. We have no reason to believe we have lost a lot of business, but assume most of it as well has just been pushed out. I have no doubt that revenue will ultimately come to SAP. Talking about our flagship solution, SAP S/4HANA with Q1 additions like Danone, Dehner, AO Tander and Indorama Ventures, we are continuing to build the customer base amidst this crisis. Indorama Ventures, one of the world's leading chemical companies, went all in with the Intelligent Enterprise with S4 in the core and surrounding applications to enable new business models, artificial intelligence and real-time analytics. We saw around 500 customers go live on S/4HANA in Q1 underscoring our partners and our own remote service delivery capabilities. S/4HANA Cloud continued to grow in the upper double digits. Over the last months, we have significantly simplified migration and massively accelerated time to value. This has helped us to add live customers like Sun Life Financial, Hitachi High Tech and MTU Rolls Royce.

隨著 COVID-19 的傳播加劇，我們看到大量新業務被推遲，採購決定暫時擱置，尤其是在我們的前期許可業務中。不出所料，受影響最大的軟件許可僅佔 2019 年收入的 15% 左右。雖然為負 31%，但影響是巨大的。我們沒有理由相信我們已經失去了很多業務，但假設其中的大部分業務也剛剛被淘汰。我毫不懷疑收入最終會歸於 SAP。談到我們的旗艦解決方案 SAP S/4HANA，第一季度增加了 Danone、Dehner、AO Tander 和 Indorama Ventures，我們將在這場危機中繼續建立客戶群。 Indorama Ventures 是世界領先的化學公司之一，它全力以赴以 S4 為核心和周邊應用程序的智能企業，以實現新的商業模式、人工智能和實時分析。第一季度，我們看到大約 500 家客戶在 S/4HANA 上線，這凸顯了我們的合作夥伴和我們自己的遠程服務交付能力。 S/4HANA Cloud 繼續以兩位數以上的速度增長。在過去的幾個月裡，我們大大簡化了遷移並大大加快了實現價值的時間。這幫助我們增加了 Sun Life Financial、Hitachi High Tech 和 MTU Rolls Royce 等真實客戶。

Third, our transformation enables us to continue to perform strong with regards to the bottom line. Thanks to automated and intelligent processes, we were able to significantly increase our profitability. As an example, we are already running 30% of our transactional volume via the SAP digital store with no-touch downstream processes. We will not make unfavorable trade-offs between 2020 profitability and future growth. Our customers have placed long-term trust in us, and they have every way to expect unchanged high levels of innovation from us. We won't cut innovation in R&D. And while we will slow down hiring, we will continue to hire carefully selected people into carefully selected roles that rapidly contribute to our competitive edge.

第三，我們的轉型使我們能夠繼續在底線方面表現強勁。得益於自動化和智能流程，我們能夠顯著提高盈利能力。例如，我們已經通過無接觸下游流程的 SAP 數字商店運行 30% 的交易量。我們不會在 2020 年盈利能力和未來增長之間做出不利的取捨。我們的客戶長期信任我們，他們完全可以期待我們保持不變的高水平創新。我們不會削減研發創新。雖然我們將放慢招聘速度，但我們將繼續聘用經過精心挑選的人員擔任經過精心挑選的職位，這些職位會迅速提升我們的競爭優勢。

With our just completed restructuring program, we approach the current environment from a position of strength, and we want our people to focus on our customers and the task at hand, not to worry about their jobs. We updated our 2020 outlook to reflect the estimated impact of the COVID-19 crisis. The revised outlook assumes the current COVID-19 induced challenging demand environment deteriorates through the second quarter before gradually improving in the third and fourth quarter as economies reopen and population lockdowns.

通過我們剛剛完成的重組計劃，我們從優勢地位應對當前環境，我們希望我們的員工專注於我們的客戶和手頭的任務，而不是擔心他們的工作。我們更新了 2020 年展望，以反映 COVID-19 危機的估計影響。修訂後的展望假設當前 COVID-19 引發的具有挑戰性的需求環境在第二季度惡化，然後隨著經濟重新開放和人口封鎖在第三和第四季度逐漸改善。

That takes me to my third topic. How SAP will emerge even stronger? We will do so by remaining focused on our customers and their success in delivering the Intelligent Enterprise. Companies need intelligence to deal with disrupted supply chains, restricted travel and a new ways of working. In short, only an intelligent enterprise can deal with uncertainty and rapid change. Digital transformation is no longer an option, it is essential. We are perfectly positioned to guide our customers through this journey, and here is why. Only SAP can enable new business models and digitize the entire value chain seamlessly end to end, making companies more resilient to cope with such a crisis. SAP HANA will help customers predict the demand and pipeline every minute, every day to dynamically adjust the supply chain. With Qualtrics, we help customers navigate this fluid reality, gaining real-time insight into which behaviors are trending in a fast-changing environment, where every day brings more uncertainty.

這就引出了我的第三個話題。 SAP 將如何變得更加強大？為此，我們將繼續關注我們的客戶以及他們在交付智能企業方面的成功。公司需要智能來應對中斷的供應鏈、受限的旅行和新的工作方式。簡而言之，只有智慧的企業才能應對不確定性和快速變化。數字化轉型不再是一種選擇，而是必不可少的。我們完全有能力引導我們的客戶完成這一旅程，原因如下。只有 SAP 才能啟用新的業務模式並將整個價值鏈端到端無縫數字化，從而使企業更有彈性地應對此類危機。 SAP HANA 將幫助客戶每分鐘、每天預測需求和管道，以動態調整供應鏈。借助 Qualtrics，我們幫助客戶駕馭這種流動的現實，實時了解在瞬息萬變的環境中哪些行為是趨勢的，每天都會帶來更多的不確定性。

Our strong technology foundation with SAP Cloud Platform and SAP HANA allows us to integrate SAP and non-SAP application, extend existing ones and build new business applications. These are trends we can build upon. I already mentioned that we will double down on innovation. Let me give you some examples. In every industry, processes are affected by the digital transformation. SAP traditionally was strong through vertically differentiating in industries. To run their value chain end to end, our customers want SAP to drive more vertical industry-specific processes in the cloud with seamless integration to SAP core solutions based on the SAP cloud platform. We will respond decisively to that demand.

我們強大的 SAP Cloud Platform 和 SAP HANA 技術基礎使我們能夠集成 SAP 和非 SAP 應用程序，擴展現有應用程序並構建新的業務應用程序。這些是我們可以建立的趨勢。我已經提到我們將加倍創新。讓我舉幾個例子。在每個行業中，流程都會受到數字化轉型的影響。 SAP 傳統上通過在行業中進行垂直差異化而變得強大。為了端到端地運行他們的價值鏈，我們的客戶希望 SAP 通過無縫集成到基於 SAP 雲平台的 SAP 核心解決方案，在雲中推動更多垂直行業特定流程。我們將果斷回應這一要求。

We at SAP have the unique opportunity to build one business network. We will connect our networks beyond our intelligence spend networks and utilize data to help our customers transform their traditional value chain model to enable end-to-end visibility, collaboration, agility and optimization.

在 SAP，我們有獨特的機會來建立一個業務網絡。我們將連接我們的網絡，超越我們的情報支出網絡，並利用數據幫助我們的客戶轉變他們的傳統價值鏈模型，以實現端到端的可見性、協作、敏捷性和優化。

Finally, before closing, there is one more important item on my list. Earlier this month, the SAP Supervisory Board extended Luka's contract to 2026. I don't need to say much. You all know him well. He has been with SAP for nearly 25 years. He knows SAP top to bottom, he's one of the world's top ranking CFOs, and we are very fortunate to have him. I would like to use this opportunity to thank him for all that he has already done for SAP, and we will look forward to writing the next chapter together with him. And so with that, over to you, Luka.

最後，在結束之前，我的清單上還有一個更重要的項目。本月早些時候，SAP監事會將盧卡的合同延長至2026年，不用我多說。你們都很了解他。他在 SAP 工作了將近 25 年。他對 SAP 瞭如指掌，他是世界頂級首席財務官之一，我們很幸運能擁有他。我想藉此機會感謝他為SAP所做的一切，我們期待與他一起譜寫下一個篇章。就這樣，交給你了，盧卡。

Yes. Thank you very much, Christian. And let me add my congratulations to your appointment as sole CEO. Let me start by saying that I'm likewise proud of how we've been able to quickly respond to COVID-19 and support our employees, customers and communities. Nevertheless, COVID-19 had an impact on our Q1 performance, in particular, in the last month of the quarter. Before I give you more detail on this, I wanted to talk briefly about our new disclosure, the current cloud backlog. As we shared last quarter already, the current cloud backlog now replaces the previous disclosure of new cloud bookings. This new metric provides a more holistic view of our cloud progress since renewals of our existing business are also now reflected. You can find more detailed information about this new metric on our IR website. And if you have not already done so, I urge you to take a look on this.

是的。非常感謝你，克里斯蒂安。讓我對您被任命為唯一首席執行官表示祝賀。首先讓我說，我同樣為我們能夠快速響應 COVID-19 並支持我們的員工、客戶和社區而感到自豪。儘管如此，COVID-19 對我們第一季度的業績產生了影響，尤其是在本季度的最後一個月。在我向您提供更多細節之前，我想簡要談談我們的新披露，即當前的雲積壓。正如我們在上個季度分享的那樣，當前的雲積壓現在取代了之前披露的新雲預訂。由於現在也反映了我們現有業務的更新，因此這項新指標可以更全面地了解我們的雲計算進展情況。您可以在我們的 IR 網站上找到有關此新指標的更多詳細信息。如果您還沒有這樣做，我建議您看看這個。

In Q1, our current cloud backlog was strong and grew by 25%, exceeding EUR 6.6 billion. Cloud revenue was up 27%, surpassing EUR 2 billion for the first time in a single quarter. This growth reflects the success of our strong backlog. This strong cloud revenue growth, together with our ever resilient software support revenue stream, helped us to overcome the shortfall in software licenses revenue. A more predictable revenue reached 76% in the first quarter, up 4 percentage points year-over-year. As a result, total revenue still came in with a solid 7% growth.

第一季度，我們當前的雲積壓訂單強勁，增長了 25%，超過 66 億歐元。雲收入增長 27%，單季度首次超過 20 億歐元。這種增長反映了我們大量積壓訂單的成功。這種強勁的雲收入增長，加上我們永遠有彈性的軟件支持收入流，幫助我們克服了軟件許可收入的不足。更可預測的收入在第一季度達到了 76%，同比增長 4 個百分點。結果，總收入仍然以 7% 的穩健增長出現。

Before moving to the bottom line, let me briefly give you some color on our regional software results. After a healthy start to the year, we saw a significant postponement of deals in the last 2 weeks of March, especially in China, most of Europe and the U.S., whereas Latin America grew slightly.

在進入底線之前，讓我簡要介紹一下我們區域軟件的結果。在今年開局良好之後，我們看到 3 月最後兩週的交易顯著推遲，尤其是在中國、歐洲和美國的大部分地區，而拉丁美洲則略有增長。

Now moving on to the bottom line. With the impressive growth of our overall cloud gross margin, we reached 69% in Q1, up 3 percentage points year-over-year. This margin improvement is a meaningful step in achieving our long-term margin ambitions. Again, the strongest contribution to this came from the gross margin of our public cloud or other SaaS/PaaS offerings. Here, we had a significant expansion of 6 percentage points year-over-year and reached 70%. The key factor that drove this result were the benefits from the successful completion of the SuccessFactors migration to HANA at the end of Q1 last year. As we move forward, we will also continue to see benefits from all our cloud assets as they start to scale and increase their efficiency on a common cloud platform. The cloud gross margin for our SaaS/PaaS intelligence spend offerings continued its steady upward course with a 79% gross margin, up 1 percentage point year-over-year, and that was despite the impact on our transactional business from COVID-19.

現在轉到底線。隨著我們整體雲毛利率的驚人增長，我們在第一季度達到了 69%，同比增長 3 個百分點。這種利潤率的提高是實現我們長期利潤率目標的有意義的一步。同樣，對此做出最大貢獻的是我們的公共雲或其他 SaaS/PaaS 產品的毛利率。在這裡，我們同比顯著擴大了 6 個百分點，達到了 70%。推動這一結果的關鍵因素是去年第一季度末成功完成向 HANA 的 SuccessFactors 遷移所帶來的好處。隨著我們的前進，我們還將繼續看到我們所有云資產的好處，因為它們開始在一個通用雲平台上擴展並提高效率。我們的 SaaS/PaaS 智能支出產品的雲毛利率繼續穩步上升，毛利率為 79%，同比增長 1 個百分點，儘管 COVID-19 對我們的交易業務產生了影響。

Our Infrastructure as a Service cloud gross margin remained broadly stable at the low 30% range. But the mix share of this business continues to decrease due to our strategic partnerships with hyperscalers. In Q1, our software and support gross margin was flat year-over-year at 86%. And likewise, our cloud and software gross margin was also flat year-over-year, remaining at 80%. This clearly shows our operating expense discipline, given the sharp decline in software revenue that we experienced.

我們的基礎設施即服務雲毛利率大致穩定在 30% 的低水平。但由於我們與超大規模企業的戰略合作夥伴關係，該業務的混合份額繼續下降。第一季度，我們的軟件和支持毛利率同比持平，為 86%。同樣，我們的雲和軟件毛利率也同比持平，保持在 80%。鑑於我們經歷的軟件收入急劇下降，這清楚地表明了我們的運營費用紀律。

Our services gross margin increased by a stunning 3 percentage points year-over-year and reached 23%. Despite the lower top line performance, our operating profit, hence, grew by 1% to EUR 1.5 billion. Our operating margin was down 1.3 percentage points to 22.7%. Due to costs associated with the early cancellation of our in-person events such as SAPPHIRE NOW, our operating profit in the quarter was impacted by EUR 36 million, that otherwise would have occurred in later quarters, mainly in Q2. This is about 55 basis points of the operating margin decline in Q1 or approximately half of the decline.

我們的服務毛利率同比增長驚人的 3 個百分點，達到 23%。儘管營業收入較低，但我們的營業利潤增長了 1%，達到 15 億歐元。我們的營業利潤率下降了 1.3 個百分點至 22.7%。由於與提前取消 SAPPHIRE NOW 等面對面活動相關的成本，我們本季度的營業利潤受到 3600 萬歐元的影響，否則這些影響將發生在以後的幾個季度，主要是在第二季度。這大約是第一季度營業利潤率下降的 55 個基點或下降的一半左右。

To ensure our financial flexibility, we have initiated prudent measures such as the slowing of hiring and the reduction in discretionary spending. We also expect to benefit from natural savings like lower travel and virtual rather than physical events. But having said that, and as Christian already mentioned, I can assure you that we will continue to balance this disciplined expense management with a continued bold investment in innovation, where required, to maintain and enhance our competitive advantages. In addition, I wanted to underscore our balance sheet stability and revenue predictability, which allows us to focus on future opportunities for our business and meet our goal of delivering long-term value for our shareholders.

為確保我們的財務靈活性，我們已採取審慎措施，例如放緩招聘和減少可自由支配的支出。我們還希望從自然節省中受益，例如減少差旅和虛擬而非實體活動。但話雖如此，正如克里斯蒂安已經提到的，我可以向你保證，我們將繼續在這種有紀律的費用管理與持續大膽的創新投資之間取得平衡，以保持和增強我們的競爭優勢。此外，我想強調我們資產負債表的穩定性和收入的可預測性，這使我們能夠專注於業務的未來機會，並實現為股東創造長期價值的目標。

Now let me turn to IFRS operating profit and EPS. Q1 IFRS operating profit benefited from both lower restructuring expenses as well as lower share-based compensation expenses. This resulted in a significant increase to EUR 1.2 billion. For the same reason, our IFRS earnings per share increased significantly; whereas under non-IFRS, our EPS decreased by 5% year-over-year.

現在讓我談談 IFRS 營業利潤和每股收益。第一季度 IFRS 營業利潤受益於較低的重組費用以及較低的股權補償費用。這導致顯著增加至 12 億歐元。出於同樣的原因，我們的 IFRS 每股收益顯著增加；而在非國際財務報告準則下，我們的每股收益同比下降 5%。

In the first quarter, our operating cash flow improved by 6% year-over-year to EUR 3 billion. Our free cash flow was up even further and grew by 9% to EUR 2.6 billion. In light of the COVID-19 impact and our revised operating profit outlook, we have reassessed our cash flow expectations for 2020 and now expect an operating cash flow of approximately EUR 5 billion and a free cash flow of approximately EUR 3.5 billion, still a steep increase from last year's levels.

第一季度，我們的經營現金流同比增長 6% 至 30 億歐元。我們的自由現金流進一步上升，增長了 9%，達到 26 億歐元。鑑於 COVID-19 的影響和我們修改後的營業利潤前景，我們重新評估了 2020 年的現金流預期，現在預計營業現金流約為 50 億歐元，自由現金流約為 35 億歐元，仍然是一個陡峭的比去年的水平有所增加。

Let me briefly update you on our capital allocation plans for the first half of 2020. First, we completed our share buyback program of approximately EUR 1.5 billion already by mid-March. We do not plan to conduct further share buybacks in 2020. Additionally, our dividend proposal of EUR 1.58 per share is unchanged and will be put forward to voting at our virtual shareholders' meeting on the 20th of May.

讓我簡要介紹一下我們 2020 年上半年的資本配置計劃。首先，到 3 月中旬，我們已經完成了約 15 億歐元的股票回購計劃。我們不打算在 2020 年進行進一步的股票回購。此外，我們每股 1.58 歐元的股息提議保持不變，並將在 5 月 20 日的虛擬股東大會上提交表決。

Now finally, to our financial guidance. Our current outlook is available in the quarterly statement published earlier today. It basically means the same that we had already put out with our pre-announcement. And as Christian already mentioned, the underlying assumption is that the demand environment will deteriorate through the second quarter, and we then anticipate gradual improvement in the third and fourth quarters.

現在終於到了我們的財務指導。我們當前的展望可在今天早些時候發布的季度聲明中找到。這基本上與我們已經發布的預告相同。正如克里斯蒂安已經提到的，基本假設是需求環境將在第二季度惡化，然後我們預計第三和第四季度將逐漸改善。

So to summarize, over the last decade, we have worked really hard to build a strong base of more predictable revenue. It has made us more resilient than ever. Before COVID-19 arrived, we already had prudent expense management measures in place based on the decisions we made early last year, and we continue to make great progress on the efficiencies of our cloud business, in particular.

總而言之，在過去十年中，我們非常努力地建立了一個更可預測的收入基礎。它使我們比以往任何時候都更有彈性。在 COVID-19 到來之前，我們已經根據去年初做出的決定制定了審慎的費用管理措施，並且我們繼續在雲業務的效率方面取得長足進步，尤其是。

I'm proud of how hard we have worked and without the dedication, innovative spirit and discipline of our people, we wouldn't be where we are today. We remain committed to our long-term strategy, and we absolutely expect to emerge stronger than before as we have done in past downturns. Thank you, and we will now be happy to take your questions.

我為我們的辛勤工作感到自豪，如果沒有我們員工的奉獻精神、創新精神和紀律，我們就不會取得今天的成就。我們仍然致力於我們的長期戰略，我們絕對希望像過去的低迷時期那樣變得比以前更強大。謝謝，我們現在很樂意回答您的問題。

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

謝謝。接線員，我們現在可以開始問答環節了。

(Operator Instructions) We will now take our first question from Michael Briest from UBS.

（操作員說明）我們現在將接受來自瑞銀的 Michael Briest 的第一個問題。

Two from me, if I can. Just firstly, in terms of the free cash flow guidance, I think that was updated today, not at the pre-announcement stage. And Luka, can you just talk us through the moving parts there? Because I think EBIT is coming down by about EUR 600 million to EUR 800 million, but the free cash flow is EUR 1 billion. Are there any one-offs in there? Or is this just maybe more caution around working capital, given a lot of your clients will be looking to sort of keep hold of cash as well? And then another follow-up.

如果可以的話，給我兩個。首先，就自由現金流量指導而言，我認為它是今天更新的，而不是在預公告階段。盧卡，你能談談我們那裡的活動部件嗎？因為我認為息稅前利潤下降了約 6 億歐元至 8 億歐元，但自由現金流為 10 億歐元。裡面有一次性的嗎？還是考慮到您的許多客戶也希望持有現金，這可能只是對營運資金更加謹慎？然後是另一個跟進。

Yes. Thanks for your question, Michael. So first of all, I think we have to look at operating cash flow and then as a derivative at the free cash flow. The operating cash flow has been reduced from EUR 6 billion to EUR 5 billion in our estimates, basically for 2 reasons. One is, as you have rightfully noted, the reduction in our operating profit outlook, at the midpoint, this is the EUR 700 million decline, and that, of course, had to be reflected in the operating cash flow outlook. And the other one is a measure of prudence because we have to assume that especially in the next 2 quarters, some payments by customers may push out, and we might see delays in payments due to working capital management measures of some customers. And we wanted to apply a conservative safety buffer to this. That's the first thing. Nevertheless, if these assumptions hold true on the operating cash flow line, then I certainly see an opportunity to perhaps do slightly better than what we have currently in the free cash flow outlook. You will appreciate that there are substantial uncertainties at this present time. However, it is fair to assume that EUR 1.5 billion for the combination of CapEx as well as lease expenses is providing some room to potentially do slightly better. So I would say the free cash flow will very much depend on whether our assumptions for operating cash flow are correct. And if they are, there is certainly scope to do slightly better.

是的。謝謝你的問題，邁克爾。因此，首先，我認為我們必須查看運營現金流，然後將其作為自由現金流的衍生品。根據我們的估計，經營現金流已從 60 億歐元減少至 50 億歐元，主要有兩個原因。一是，正如您正確指出的那樣，我們的營業利潤前景有所下降，在中點，這是 7 億歐元的下降，當然，這必須反映在經營現金流量前景中。另一個是審慎措施，因為我們必須假設，特別是在接下來的兩個季度，客戶的一些付款可能會推遲，而且由於一些客戶的營運資金管理措施，我們可能會看到付款延遲。我們想對此應用一個保守的安全緩衝區。這是第一件事。儘管如此，如果這些假設在經營現金流線上成立，那麼我肯定會看到一個機會，可能會比我們目前在自由現金流前景中的表現略好一些。您會明白目前存在很大的不確定性。然而，可以公平地假設 15 億歐元用於資本支出和租賃費用的組合提供了一些可能做得更好的空間。所以我想說自由現金流在很大程度上取決於我們對經營現金流的假設是否正確。如果是的話，肯定還有做得更好的餘地。

Okay. And then Christian, as you said, there's a lot of outside factors affecting the business today. I think Jennifer was -- seemingly had more responsibility for the cloud business unit, her background more on sales than you. Can you talk about how you're going to spread yourself more broadly across the organization? And whether perhaps there'll be new appointees to the Executive Board in the coming weeks to help you in dealing with the challenges ahead?

好的。然後克里斯蒂安，正如你所說，有很多外部因素影響著今天的業務。我認為詹妮弗 - 似乎對雲業務部門負有更多責任，她的銷售背景比你更多。你能談談你將如何在整個組織中更廣泛地傳播自己嗎？未來幾周是否會有新任命的執行委員會成員來幫助您應對未來的挑戰？

Yes. Thank you, Michael, for the question. I mean first of all, as the news got out yesterday, I guess, now it's really the time, of course, to think about how we're going to set up SAP going forward. I just want to also outline and make it very clear. When you look at our product strategy, I mean SAP really has to do both. First of all, we want to win the LoBs, especially those LoBs who are close to the core. HR against Workday; procurement against Cooper. Also with Bob Stutz now onboard with C/4HANA, we definitely also making our bets in the front office. And there, of course, we also want to have high competitive solutions. On the other hand, and you know that this was my home turf in the past, we are, of course, also a strong ERP company. And when you are SAP and you're running the world's most mission-critical business processes, clearly, we could also have to put also a lot of emphasis on integration and infusing intelligence in those business processes. And especially in times like this, when I talk now to this -- to many CEOs, but also to the public sector, I mean, they now realize that the ERP is more relevant than ever, when these lockdowns happen, when the supply chains are getting disrupted. Suddenly, you have a different kind of talk. We are not talking anymore about the back end ERP and only automating transactional processes. Now it's about how do you -- can react to fast-changing demands in the front office and pushing this through a supply chain, which is highly resilient. So I also actually expect that going forward, our position will even be stronger as many of these CEOs now realize how important actually a well working ERP really is, especially in times like this.

是的。邁克爾，謝謝你提出這個問題。我的意思是，首先，正如昨天傳出的消息，我想，現在當然是時候考慮我們將如何建立 SAP 了。我只想概述並使其非常清楚。當您查看我們的產品戰略時，我的意思是 SAP 確實必須做到這兩點。首先，我們要拿下LoB，尤其是那些接近核心的LoB。 HR 反對 Workday；針對 Cooper 的採購。此外，隨著 Bob Stutz 現在加入 C/4HANA，我們肯定也會在前台部門下注。當然，我們也希望擁有高競爭力的解決方案。另一方面，你知道這在過去是我的主場，我們當然也是一家強大的 ERP 公司。當你是 SAP 並且你正在運行世界上最關鍵的業務流程時，很明顯，我們還必須非常重視在這些業務流程中的集成和智能注入。尤其是在這樣的時代，當我現在與許多首席執行官以及公共部門交談時，我的意思是，他們現在意識到 ERP 比以往任何時候都更重要，當這些封鎖發生時，當供應鏈正在被打亂。突然間，你有一種不同的談話。我們不再談論後端 ERP，而只是自動化交易流程。現在是關於您如何對前台快速變化的需求做出反應，並通過具有高度彈性的供應鏈推動這一點。因此，我實際上也希望在未來，我們的地位甚至會更強，因為這些 CEO 中的許多人現在已經意識到，一個運行良好的 ERP 實際上是多麼重要，尤其是在這樣的時代。

[In relation] with management appointments or...

[關於]與管理任命或...

Yes. Michael, please bear with us. I mean this needs to be -- we need some more time. Of course, and at the end, this is also a decision of the Supervisory Board. As you know, also, Stefan Ries will leave the company really soon. And of course, we are looking for a new Chief People Officer. And there will be, of course, news coming, but please have a little bit patience with us and at the end, it's also the decision of the Supervisory board.

是的。邁克爾，請耐心等待。我的意思是這需要——我們需要更多時間。當然，最終，這也是監事會的決定。正如你所知，Stefan Ries 也將很快離開公司。當然，我們正在尋找新的首席人力官。當然，會有消息傳來，但請耐心等待我們，最後，這也是監事會的決定。

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

我們現在將接受來自高盛的 Mohammed Moawalla 的下一個問題。

I had one for Christian, one for Luka. Christian, in your assessment as companies kind of manage the impact of COVID, how do you see the kind of adoption of S/4HANA? Does that pause in the near-term and then sort of accelerate thereafter, given the kind of cost benefits? How do you see this sort of shape of that adoption evolving? And then second one was for Luka. In terms of sort of the gross margin improvement in the cloud, can you just give us an update on where you are on sort of migrating a lot of the kind of competitor databases on some of your acquired products? And how should we think about the kind of phasing of the gross margin improvement over this year?

我有一件給克里斯蒂安，一件給盧卡。 Christian，在您對公司管理 COVID 影響的評估中，您如何看待 S/4HANA 的採用方式？考慮到這種成本效益，這種情況是否會在短期內暫停，然後在某種程度上加速？您如何看待這種採用形式的演變？然後第二個是給盧卡的。就雲中毛利率的提高而言，您能否向我們介紹一下您在某些收購產品上遷移大量競爭對手數據庫的進展情況？我們應該如何考慮今年毛利率改善的階段性？

To your first question, I mean, when you look at our cloud LoB solutions, there we have Go-Live durations of 2 to 3 months, and we can put these customers really live remotely. As we also have seen now in Q1, we have seen many Go-Lives across our cloud LoB solution. In S/4HANA, obviously, for S/4HANA on-premise, for the larger projects, of course, we have seen some postponements of these projects. But also to be very clear, we talk about postponements. I -- we are really sure that nothing of this business is lost. It's postponed. But also there, the good part of our strategy is that we give customers choice. So we have S/4HANA Cloud, where we still have seen double-digit growth in Q1, even in this crisis. And there, we also have celebrated now more than 500 Go-Lives, also by the end of Q1, which also shows in our ability to put this customers live in a remote manner. Adaire, you want to add something to that?

對於您的第一個問題，我的意思是，當您查看我們的雲 LoB 解決方案時，我們的上線時間為 2 到 3 個月，我們可以讓這些客戶真正遠程上線。正如我們現在在第一季度所看到的那樣，我們已經在我們的雲 LoB 解決方案中看到了許多上線。在 S/4HANA 中，顯然，對於 S/4HANA 內部部署，對於更大的項目，當然，我們已經看到這些項目的一些推遲。但也要非常清楚，我們談論的是延期。我——我們真的確信這項業務不會有任何損失。它被推遲了。但也在那裡，我們戰略的重要部分是我們為客戶提供選擇。所以我們有 S/4HANA Cloud，即使在這場危機中，我們在第一季度仍然看到了兩位數的增長。在那裡，我們現在也慶祝了 500 多個上線，也是在第一季度末，這也表明我們有能力讓這些客戶以遠程方式上線。阿黛爾，你想添加一些東西嗎？

Yes. Maybe just a couple of comments. I think that we've assessed our customer base and our opportunity along the different industries and along the different segments that we serve. And so we can certainly see some industries that are using the downturn as the opportunity to accelerate our transformation and other industries who are necessarily more impacted by the economic conditions we see at this point in time. The S/4HANA move program is also one of the programs that we have been able to actually make virtual, moving a lot of our processes into a move and motion scenario. And at the start of this year, we moved the program to my office and introduced some KPIs specific for our leadership team in order to give the move motion, the focus that it deserves from our sales leadership organization.

是的。也許只是一些評論。我認為我們已經評估了我們的客戶群和我們在不同行業和我們所服務的不同細分市場的機會。因此，我們當然可以看到一些行業正在利用經濟低迷的機會來加速我們的轉型，而其他行業必然會更多地受到我們目前看到的經濟狀況的影響。 S/4HANA 移動程序也是我們能夠真正實現虛擬化的程序之一，將我們的許多流程移動到移動和運動場景中。在今年年初，我們將該計劃轉移到了我的辦公室，並引入了一些專門針對我們領導團隊的 KPI，以提供移動動議，這是我們的銷售領導組織應給予的關注。

Yes. Then let me come to the gross margin question, which is a very nice one for me. Thank you on the celebration of my appointment. This is, well, a very bright one, I'm happy to answer. So the -- obviously, you have seen that we continue to make great progress. So with the 69% that we've reached now already 69.3% in Q1. And when you take a look at the subcomponents, in the SaaS/PaaS segment outside of intelligence spend, the steep increase of 6%. That's obviously still due to the big advantage of running SuccessFactors now entirely since 1 year on HANA, and that work in the SaaS/PaaS environment is basically completed. We have in a few niche solutions, very, very few migrations left but they don't really have any meaningful impact from a gross margin perspective.

是的。然後讓我來談談毛利率問題，這對我來說是一個非常好的問題。感謝你們慶祝我的任命。好吧，這是一個非常聰明的問題，我很樂意回答。所以 - 顯然，你已經看到我們繼續取得很大進展。因此，我們現在已經達到 69%，第一季度已經達到 69.3%。當您查看子組件時，在智能支出之外的 SaaS/PaaS 部分，急劇增加了 6%。這顯然仍然是由於在 HANA 上運行 1 年以來完全運行 SuccessFactors 的巨大優勢，並且在 SaaS/PaaS 環境中的工作基本完成。我們有一些利基解決方案，剩下的遷移非常非常少，但從毛利率的角度來看，它們並沒有真正產生任何有意義的影響。

Then we come to intelligent spend. We have also seen a 1 percentage point gross margin improvement. Here, we want to still add at least another percentage point bit more in order to meet our 2020 ambitions. Whereas in SaaS/PaaS, we are already there. And that will be basically achieved through the completion of the migration for Ariba. I'm very happy to report that we are almost done. Actually, as we speak, we prepared a very large schema migrations for the network. The sourcing and procurement applications have already launched -- been migrated to HANA, and that will allow us if everything goes well next weekend, which I have every reason to believe, that we will then see the full benefits of this migration. You will have seen that Concur from our segment reporting is operating at a very, very high gross margin. And fundamentally, Ariba will quickly catch up once we have completed this migration. So that looks very, very good as well. So from that perspective, there's not a lot left for us to do. If we are successful then in basically 2 weeks from now, the job will be completed and the mission accomplished.

然後我們來談談智能消費。我們還看到毛利率提高了 1 個百分點。在這裡，我們還想至少再增加一個百分點，以實現我們 2020 年的目標。而在 SaaS/PaaS 中，我們已經在那裡了。而這將通過 Ariba 的遷移完成來基本實現。我很高興地報告我們快完成了。實際上，正如我們所說，我們為網絡準備了一個非常大的模式遷移。尋源和採購應用程序已經啟動 - 已遷移到 HANA，如果下週末一切順利，這將使我們能夠看到這一遷移的全部好處，我有充分的理由相信。您會從我們的細分報告中看到 Concur 的毛利率非常高。從根本上說，一旦我們完成遷移，Ariba 就會迅速趕上來。所以這看起來也非常非常好。所以從這個角度來看，我們沒有太多事情要做。如果我們成功了，那麼從現在起基本上兩週內，工作就會完成，任務就會完成。

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亞當伍德的下一個問題。

My congratulations to Christian on the CEO appointment and Luka on the extended contract. Maybe also two, just first of all, I guess, on maintenance and nonsubscription, you're going to have customers coming to you and asking you about potentially holidays or definitely cash deferrals. On the maintenance side, there's always been, I understand, quite a strict kind of take it or don't take it policy. Would there be any room for that to change here? And on subscriptions, would there be any room for you to negotiate holidays? Or would it be very much focused on helping companies with cash, but not on the actual amounts they owe you? So that's the first question kind of on revenues in those 2 areas.

我祝賀 Christian 獲得首席執行官任命，並祝賀 Luka 獲得延長合同。也許還有兩個，首先，我想，在維護和非訂閱方面，你會有客戶來找你，問你潛在的假期或現金延期。在維護方面，據我所知，一直有一種非常嚴格的接受或不接受政策。這裡有改變的餘地嗎？在訂閱方面，您是否有任何協商假期的餘地？或者它會非常專注於幫助公司獲得現金，而不是他們欠你的實際金額嗎？所以這是關於這兩個領域收入的第一個問題。

And then maybe secondly, on the cost measures and the cost base of the company. First of all, thanks for the guidance. I think everyone would appreciate that you're trying to help us there. But I assume some people will take different views on the top line. As we look at costs, could you maybe just help us a little bit with what is fixed and what is variable? Should we just look at the gross margin as the variable cost? And then should we look at the cost base that you're implying with your guidance as what is possible to do? Or would you be willing to go further if things became more difficult from here? So kind of what's on and off the table in terms of cost containment measures from here?

然後也許其次，關於公司的成本措施和成本基礎。首先感謝指導。我想每個人都會感激你試圖在這方面幫助我們。但我認為有些人會對頂線持不同看法。當我們查看成本時，您能否幫助我們了解一下什麼是固定的，什麼是可變的？我們是否應該只將毛利率視為可變成本？然後我們是否應該看看您在指導中暗示的成本基礎，因為可以做什麼？或者，如果事情從這裡變得更加困難，您願意走得更遠嗎？那麼，從這裡開始，就成本控制措施而言，有哪些表上和表外的內容？

Yes. Perhaps I can start on the first question. And then for Adaire, perhaps to complement this because her people are basically in the front line of dealing with our customers. Look, I think we will continue to look for striking a healthy balance. We want to be empathetic with our customers. We will look for proper solutions that help them to continue to consume the SAP software solutions and drive for business continuity and benefit from their value. However, we clearly expect that both our maintenance as well as our subscription revenue streams will be very, very resilient in this respect. So to give you a modeling help, obviously, we have taken down the subscription revenue guidance for the company by EUR 350 million. At the midpoint, that is basically subject to our assumption that transactional revenues will come in slightly lower and that we might have some incremental losses of renewals as compared to a business-as-usual approach, but generally speaking, also underpinned by the very healthy backlog development that we have seen. We believe that this is basically quite sufficient.

是的。也許我可以從第一個問題開始。然後對於 Adaire，也許是為了補充這一點，因為她的員工基本上處於與客戶打交道的第一線。聽著，我認為我們將繼續尋求實現健康的平衡。我們希望對我們的客戶有同理心。我們將尋找合適的解決方案，幫助他們繼續使用 SAP 軟件解決方案，推動業務連續性並從其價值中獲益。但是，我們顯然希望我們的維護和訂閱收入流在這方面都將非常非常有彈性。因此，為了給您建模幫助，顯然，我們已經將公司的訂閱收入指導下調了 3.5 億歐元。在中點，這基本上取決於我們的假設，即交易收入將略有下降，並且與一切照舊的方法相比，我們可能會增加一些續訂損失，但一般來說，也受到非常健康的支撐我們已經看到的積壓開發。我們認為這基本上已經足夠了。

On the maintenance side, we actually have seen in the past that the resilience is extremely high. So we have taken down our assumptions by roughly EUR 100 million that might be necessary from a concession perspective, but this will not be massive and significant. Nevertheless, we are looking at smart combinations of measures to help our customers. We have financing offers available. We can be flexible with them to a certain extent, if they extend the longer-term commitment with us and some other tools in the toolbox. But we will, I think, strike a healthy balance, and we are working in very close lockstep with Adaire's team to make sure we make the right choices there. Adaire?

在維護方面，我們過去實際上已經看到彈性非常高。因此，我們已經將我們的假設降低了大約 1 億歐元，從特許權的角度來看，這可能是必要的，但這不會是巨大和重要的。儘管如此，我們正在尋找巧妙的措施組合來幫助我們的客戶。我們有可用的融資優惠。如果他們延長與我們的長期承諾以及工具箱中的其他一些工具，我們可以在一定程度上靈活對待他們。但我認為，我們會取得健康的平衡，我們正在與 Adaire 的團隊密切合作，以確保我們在那裡做出正確的選擇。阿黛爾？

Yes. Thanks, Luka. Maybe I'll just pass comment on how that's working in practice. The approach that we've taken is a very customer-centric approach. We recognize that all of our customers often have very unique commercial arrangements with SAP, therefore, we are dealing with this case by case. We have given our region some guidance on concessions and related to maintenance, and they are empowered to make those decisions in situ relevant to each customer's context. And as far as subscription, et cetera, is concerned, again, at the closing of Q1, we gave the regions the power to look at things like delayed payment terms, delayed start dates, and as Luka has already mentioned, financing in order to ensure that we can support our customers in their continuity measures.

是的。謝謝，盧卡。也許我會就其在實踐中的運作方式發表評論。我們採取的方法是一種非常以客戶為中心的方法。我們認識到，我們所有的客戶通常都與 SAP 有非常獨特的商業安排，因此，我們會逐案處理。我們已經為我們的地區提供了一些關於特許權和與維護相關的指導，他們有權根據每個客戶的情況就地做出這些決定。就訂閱等而言，在第一季度結束時，我們再次授權各地區考慮延遲付款條件、延遲開始日期等問題，正如 Luka 已經提到的那樣，融資以確保我們能夠支持客戶的連續性措施。

Yes. And perhaps just briefly on the cost question, I think we have been clear also in our prepared remarks that we will not starve the company unduly for profitability optimization in 2020 and thereby sacrifice our future growth opportunities. Having said that, we believe that our top line assumptions are quite reasonable, and we feel comfortable with them. And of course, we have planned both our variable expense characteristics as well as discretionary expenses and savings programs against them in order to reach our financial market commitments on the bottom line. We certainly expect across reduced travel virtual events, other discretionary expense reductions and reduced hiring volumes, a significant savings opportunity roughly in the mid-triple-digit million euro range, and that should suffice in order to carry us through the year and meet our financial commitments.

是的。也許只是簡單地談一下成本問題，我想我們在準備好的發言中也已經明確表示，我們不會在 2020 年過度餓死公司以優化盈利能力，從而犧牲我們未來的增長機會。話雖如此，我們相信我們的頂線假設是相當合理的，我們對它們感到滿意。當然，我們已經計劃了我們的可變費用特徵以及可自由支配的費用和針對它們的儲蓄計劃，以實現我們對金融市場的承諾。我們當然希望通過減少旅行虛擬活動、減少其他可自由支配的費用和減少招聘量，節省大約三位數百萬歐元範圍內的重大節省機會，這足以讓我們度過這一年並滿足我們的財務需求承諾。

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。

Two questions, if you don't mind. The first one is, can you give us a sense of where SAP is in the move of cloud workloads to the hyperscale providers? Do you see the lockdown impacting it? Do you see COVID driving you to move more workloads out of your own data centers to the cloud? Any color there? And then a follow-up for Christian.

兩個問題，如果你不介意的話。第一個是，您能否讓我們了解 SAP 在將雲工作負載轉移到超大規模提供商方面的進展情況？你看到封鎖影響它了嗎？您是否看到 COVID 促使您將更多工作負載從您自己的數據中心轉移到雲端？那裡有什麼顏色？然後是克里斯蒂安的後續行動。

Yes. On the hyperscaler side, I can take this question as well. So in Q1, we have not seen any deviations to the move to the hyperscalers compared to the quarters before. As you know, we have a very agnostic approach. We are having partnerships with Microsoft Azure, with AWS, with GCP and Ali in China. And there was no change in the movement to those hyperscalers. Obviously, we have very strong partnerships in place with all of those, clearly focused on the Infrastructure as a Service level. With regard to our own data centers, we still see also a high share of workloads going to our own data centers in Europe for data security reasons, for data protection reasons, this is still where we, of course, also see high workloads coming towards our own data centers.

是的。在超大規模方面，我也可以回答這個問題。因此，在第一季度，與前幾個季度相比，我們沒有看到向超大規模轉移的任何偏差。如您所知，我們有一種非常不可知的方法。我們在中國與 Microsoft Azure、AWS、GCP 和阿里建立了合作夥伴關係。那些超大規模的運動沒有變化。顯然，我們與所有這些都建立了非常牢固的合作夥伴關係，明確專注於基礎架構即服務級別。關於我們自己的數據中心，出於數據安全原因，我們仍然看到很大一部分工作負載流向我們在歐洲的數據中心，出於數據保護的原因，這仍然是我們當然也看到高工作負載流向的地方我們自己的數據中心。

Excellent. I appreciate it. And a follow-up then for you. Can you give some color on how you see your sales operations could change in a post-lockdown world? Has the world changed for sales? Does it work the same? How do you think you reorganize, if at all? Any color would be appreciated.

出色的。我很感激。然後為您跟進。您能否說明您如何看待您的銷售業務在封鎖後的世界中可能發生的變化？世界因銷售而改變了嗎？效果一樣嗎？你認為你如何重組，如果有的話？任何顏色將不勝感激。

Mark, this is Adaire. Perhaps, I'll answer that and maybe then Christian there can add anything that he wants to. And so first of all, prior to the onslaught of COVID-19, we had already made a significant change in our sales structure here at SAP. We created a new Board area. We call this Board area customer success. One thing the name of the Board area and the mission of the Board area to be one in the same thing. And that Board area contains the customer-facing resources of SAP that focus on sales, on customer-facing support and our consultants in the services organization. So essentially, all of the customer-facing resources in SAP align around the customer success forward area. And this gives us the opportunity to orchestrate ourselves around the customer motion with SAP, and we see that falling into 4 clear areas: land, adopt, consume and expand. So we have set our sales organization up and our customer-facing organization up in order to introduce simplicity and operational simplicity as far as customers and partners engaging with us. So I think organizationally, we have aligned the company around our customer and their objectives.

馬克，這是阿黛爾。或許，我會回答這個問題，然後 Christian 可以添加任何他想添加的內容。因此，首先，在 COVID-19 爆發之前，我們已經對 SAP 的銷售結構進行了重大改變。我們創建了一個新的 Board 區域。我們稱此 Board 區域為客戶成功。董事會區域的名稱和董事會區域的使命是一回事。該董事會區域包含 SAP 面向客戶的資源，專注於銷售、面向客戶的支持以及我們在服務組織中的顧問。因此，從本質上講，SAP 中所有面向客戶的資源都圍繞著客戶成功的前沿領域。這讓我們有機會通過 SAP 圍繞客戶動議來協調自己，我們看到這分為 4 個明確的領域：土地、採用、消費和擴展。因此，我們已經建立了我們的銷售組織和麵向客戶的組織，以便在客戶和合作夥伴與我們互動時引入簡單性和操作簡單性。所以我認為在組織上，我們已經圍繞我們的客戶和他們的目標調整了公司。

Now in terms of COVID-19, I'm very proud of the agility that the team displayed as country after country went into lockdown in Q1. We already have, as you're aware, a very strong commercial sales organization, which is a digital-based sales organization. And we were able to take the tools of that organization and repurpose them for the entirety of the sales force. We also are looking at our demand generation processes. And essentially, migrating those to a digital-first method as opposed to a physical-event strategy. And this will help us to rapidly increase the pipeline for our products even though we are connecting with our customers and with our partners in a virtual way. So I believe that we will see some of the measures that we've put in during the COVID-19 scenario maintain in our business in the long term. Specifically, the use of some of the tools that won't always necessitate a physical presence at the customer, allowing us to scale. And secondly, the opportunity to really generate demand using digital approach and digital technique, giving us much greater reach and hopefully, a larger pipeline for the sales team to execute on.

現在就 COVID-19 而言，我為團隊在第一季度一個又一個國家進入封鎖狀態時表現出的敏捷性感到非常自豪。如您所知，我們已經擁有一個非常強大的商業銷售組織，這是一個基於數字的銷售組織。我們能夠利用該組織的工具並將它們重新用於整個銷售團隊。我們也在研究我們的需求生成過程。從本質上講，將這些遷移到數字優先方法而不是物理事件策略。這將幫助我們快速增加產品渠道，即使我們以虛擬方式與客戶和合作夥伴建立聯繫。因此，我相信我們會看到我們在 COVID-19 情景期間採取的一些措施長期維持在我們的業務中。具體來說，使用一些工具並不總是需要親自到客戶那裡，從而使我們能夠擴展。其次，有機會使用數字方法和數字技術真正產生需求，從而使我們的影響力更大，並有望為銷售團隊提供更大的執行渠道。

And then from operations perspective, and as I also mentioned in the prepared remarks, together with the dev team, we are building out our digital store capabilities. So I find it really quite amazing that already 30% of our SME transactions won via the digital store. And then downstream with no touch, meaning from the point of sale through the provisioning of the customer tenant, we need no human intervention anymore. Plus, we also manage more and more of our renewals business via the store. And now we are just expanding also our pay-as-you-go capabilities where customers can buy more consumption via the store again without any direct sales intervention. And this is the type of automation, this is the type of intelligent enterprise, but we have to continue by our own as this also gives us this more resilience in this crisis, but also actually our customers striving for.

然後從運營的角度來看，正如我在準備好的評論中也提到的那樣，我們正在與開發團隊一起構建我們的數字商店功能。所以我發現我們已經有 30% 的中小企業交易通過數字商店贏得了，這真的很令人驚訝。然後是無需接觸的下游，即從銷售點到客戶租戶的供應，我們不再需要人工干預。此外，我們還通過商店管理越來越多的續訂業務。現在我們還在擴展我們的現收現付功能，客戶可以在沒有任何直接銷售干預的情況下再次通過商店購買更多消費品。這是自動化的類型，這是智能企業的類型，但我們必須自己繼續，因為這也使我們在這場危機中更具彈性，但實際上也是我們的客戶所追求的。

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。

The current cloud backlog growth was clearly robust in the quarter. I guess, mechanically, that was only slightly affected towards the end of the quarter from lower order intake in the cloud. So I guess, while appreciating that you've moved away from the new cloud bookings measure, could I ask you to provide some commentary on cloud order intake in the last weeks, maybe in contrast to the license trends? And as a follow-up on cloud, the ISG business looked pretty resilient so far in Q1. You mentioned, Luka, earlier the transactional revenue component of that business. Could you comment a little bit more in detail around what the transactional revenues did in Q1? And whether sequentially in Q2, we should anticipate a significant further dropping out of Ariba and Concur transaction revenues?

本季度當前的雲積壓增長明顯強勁。我想，從機械上講，這只是在本季度末受到雲中訂單量減少的輕微影響。所以我想，雖然感謝您已經放棄了新的雲預訂措施，但我能否請您對過去幾週的雲訂單接收情況提供一些評論，也許與許可趨勢形成對比？作為雲的後續行動，ISG 業務在第一季度看起來非常有彈性。 Luka，你之前提到過該業務的交易收入部分。您能否更詳細地評論一下第一季度的交易收入？在第二季度，我們是否應該預計 Ariba 和 Concur 交易收入將進一步大幅下降？

Yes. So let me cover this. First of all, I mean, since we have discontinued our new cloud bookings disclosure, I mean I won't reintroduce it here on the call. What I can give you as qualitative commentary is that while the pipeline and the actual results for cloud order entry have also deteriorated in the last 2 weeks of the month, the ultimate outcome in terms of growth was still substantially above what you have seen on the software license. So there is a difference between cloud on-prem, but nevertheless, the dynamics that we saw in the last 2 weeks were actually not dissimilar from each other. And in terms of the transactional revenue side, actually, it is different. If you look at the different solutions, and it's quite evident why it is different. First, you have Concur. Concur has a relatively minor proportion of transaction-based, overage-based revenues. Still, of course, in this environment due to the travel lockdowns, they have seen reduced performance in those overages. But the majority of their business is subscription based, and that's why you have seen that they still had a healthy 13% growth on the top line. And also the bookings performance was in line with expectations, considering, of course, the slower performance on the variable part.

是的。所以讓我來介紹一下。首先，我的意思是，由於我們已經停止了新的雲預訂披露，我的意思是我不會在電話會議上重新介紹它。我可以給你的定性評論是，雖然雲訂單輸入的管道和實際結果在本月的最後兩周也有所惡化，但最終的增長結果仍然大大高於你在軟件許可證。因此，本地雲之間存在差異，但儘管如此，我們在過去兩週內看到的動態實際上並沒有什麼不同。而就交易收入方面而言，實際上是不同的。如果您查看不同的解決方案，就會很明顯地看出為什麼不同。首先，您擁有 Concur。 Concur 在基於交易、基於超額收入的收入中所佔比例相對較小。當然，在這種由於旅行封鎖的環境下，他們在超額工作中的表現有所下降。但他們的大部分業務都是基於訂閱的，這就是為什麼你看到他們的收入仍然有 13% 的健康增長。而且預訂表現也符合預期，當然，考慮到可變部分的表現較慢。

Then you have Fieldglass, which is a different story. The Fieldglass is a temporary workforce management platform. And temporary workforce, as you might imagine, is very much in demand these days as companies try to flexibilize their capacity and bring in additional resources, in particular, in very challenged areas, such as, for example, the health care sector and others. And so Fieldglass actually did quite well from an order intake perspective and also from a revenue perspective. In Ariba, you have the largest share of transactional revenues and there, you have had a mixed bag. You had industries where the spend clearly was down significantly, as you might imagine. And then you have others like pharma, for example, or also all of the consumer product areas where it was still relatively healthy. But nevertheless, we have seen some level of a downturn there. And that's also together with the overages at Concur, the primary areas where we expect impact from COVID-19. But again, that is as far as we can anticipate, reflected in our guidance.

然後你有 Fieldglass，這是一個不同的故事。 Fieldglass 是一個臨時勞動力管理平台。正如您可能想像的那樣，隨著公司試圖靈活調整其能力並引入額外資源，特別是在醫療保健行業等極具挑戰性的領域，如今臨時勞動力的需求量非常大。因此，從訂單接收的角度和收入的角度來看，Fieldglass 實際上都做得很好。在 Ariba，您擁有最大份額的交易收入，而且您的收入好壞參半。正如您想像的那樣，您所在的行業的支出明顯大幅下降。然後還有其他的，例如製藥，或者所有仍然相對健康的消費品領域。但是，儘管如此，我們還是看到了某種程度的低迷。這還與 Concur 的超支一起，這是我們預計 COVID-19 影響的主要領域。但同樣，這是我們可以預期的，反映在我們的指南中。

We will now take our next question from Kirk Materne from Evercore ISI.

我們現在將接受來自 Evercore ISI 的 Kirk Materne 的下一個問題。

Maybe I'll -- 2 quick ones. One sort of following up on your last comments, Luka. I was just wondering if you could add a little bit more color around Qualtrics, in particular, just how the business fared during the last couple of weeks of March and kind of your assumptions around the business as we go into this period of uncertainty. And then the second question is really around China. You're one of the few software companies that actually has any visibility into that. Hopefully, China is starting to normalize. Maybe that's a good predictor for what might happen in other regions. So I was wondering if you could just maybe comment on what you saw beginning of the year in China and kind of how it's going today.

也許我會——2 個快速的。一種跟進你最後的評論，盧卡。我只是想知道你是否可以在 Qualtrics 周圍添加更多色彩，特別是在 3 月的最後幾周業務表現如何，以及在我們進入這段不確定時期時你對業務的假設。然後第二個問題是關於中國的。您是少數真正了解這一點的軟件公司之一。希望中國開始正常化。也許這可以很好地預測其他地區可能發生的情況。所以我想知道你是否可以評論一下你今年年初在中國看到的情況以及今天的情況。

Why don't I initially pass it over to Adaire. She is obviously greatly and acutely aware of the situation in China. And I can then cover on top comments and also talk a bit about Qualtrics.

我為什麼不先將它傳遞給 Adaire。她顯然對中國的情況瞭如指掌。然後我可以覆蓋熱門評論，也可以談談 Qualtrics。

Okay. Thank you so much, and Kirk, thank you for the question. So China continues to be an important market for SAP. Obviously, during the entirety of Q1, we saw the impact of COVID-19 on our business in China as essentially for almost the entirety of that quarter, the country was under lockdown. And towards the end of Q1, so I'm not really talking about the last week, but literally in the last few days of Q1, we saw China really emerge in terms of actual meetings beginning to happen again, customer engagements beginning to happen again. And although we didn't have far formative budget performance from China, we saw what was the original forecast increase as the last days of the quarter, it came to a close. So as we look forward now and we are looking at China, looking at South Korea, which has also emerged from lockdown and looking at those geographies in terms of the going back to work, not just for our teams, but also the level of engagement in following with our customers. So China continues to be an important part of our strategy. We continue to evolve our role in the economy and look forward to continuing our growth strategy and in that region. And Luka, did you want me to maybe just make a couple of comments on Qualtrics, and then...

好的。非常感謝，柯克，謝謝你提出這個問題。因此，中國仍然是 SAP 的重要市場。顯然，在整個第一季度，我們看到了 COVID-19 對我們在中國業務的影響，因為幾乎整個季度，中國都處於封鎖狀態。在第一季度末，所以我並不是真的在談論上週，而是在第一季度的最後幾天，我們看到中國真正出現在實際會議開始再次發生，客戶參與再次發生.儘管我們沒有從中國獲得太多形成性的預算表現，但我們看到最初的預測在本季度的最後幾天有所增長，它已經結束。因此，當我們現在展望未來時，我們正在關注中國、韓國，它們也已經擺脫了封鎖，並在重返工作崗位方面關注這些地區，不僅是為了我們的團隊，還有參與程度跟隨我們的客戶。因此，中國仍然是我們戰略的重要組成部分。我們繼續發展我們在經濟中的角色，並期待在該地區繼續我們的增長戰略。 Luka，你想讓我對 Qualtrics 做一些評論，然後......

Please.

請。

Pick up from those comments.

從這些評論中挑選。

Yes, by all means.

是的，無論如何。

I think we saw the power of Qualtrics very much during the course of Q1 and particularly as we supported our customers in their fight against COVID-19. We released an offer, a no-strings-attached offer to our customer base around the opportunity to use the Qualtrics platform, to be able to put their employees, particularly as the vast majority of their employees were working remotely. We saw tremendous uptake of that offer. And I think this is an opportunity for people who perhaps were not familiar with politics to become familiar with the breadth and depth of that solution. We also saw in Q1 continuing uptake of our HXM solution, which is the combination of Qualtrics with our SuccessFactors portfolio enabling us at the critical point in an employee's life cycle to be able to gather a sentiment from employee. To integrate that into the SuccessFactors solution and then effectively close the loop between feedback, sentiment and action in the system. Maybe from a revenue perspective, Luka, you might want to comment on that. But certainly, Qualtrics is very important part of our portfolio.

我認為我們在第一季度期間非常了解 Qualtrics 的力量，尤其是在我們支持客戶抗擊 COVID-19 的過程中。我們圍繞使用 Qualtrics 平台的機會向我們的客戶群發布了一個無附加條件的報價，以便能夠安置他們的員工，特別是因為他們的絕大多數員工都在遠程工作。我們看到了對該提議的巨大接受。我認為，對於那些可能不熟悉政治的人來說，這是一個機會，可以讓他們熟悉該解決方案的廣度和深度。我們還在第一季度看到了我們 HXM 解決方案的持續採用，這是 Qualtrics 與我們 SuccessFactors 產品組合的結合，使我們能夠在員工生命週期的關鍵時刻收集員工的情緒。將其集成到 SuccessFactors 解決方案中，然後有效地關閉系統中反饋、情緒和行動之間的循環。也許從收入的角度來看，盧卡，你可能想對此發表評論。但可以肯定的是，Qualtrics 是我們產品組合中非常重要的一部分。

Yes. I'm happy to do so. And I mean, you see, of course, the current quarter revenue results in the segment reporting with 88% cloud revenue growth. They are actually continuing to beat the business case that we had set up. So we are ahead of our expectations. But of course, that is also to a large extent, the success of our really, really great pickup in the first year of integration that we have seen on the booking side. When I take a look now at Q1 from an order intake perspective, Qualtrics continues to grow faster than the average of SAP. So it's clearly, as Adaire has said, a solution that is very responsive to the immediate needs of companies to judge sentiment of their constituents, whether it's their employees or whether it's customers and respond quickly to the same. Nevertheless, I think it's also fair to say that the full potential that Qualtrics has as a business from a growth perspective in the short term, is also going to be impacted to a certain extent by COVID as the entire portfolio, of course, is to a certain extent, dampened in its growth. But nevertheless, as we are significantly ahead of our initial planning on the revenue side, I think Qualtrics will continue to be a very key pillar of our growth story.

是的。我很高興這樣做。我的意思是，你當然會看到，當前季度的收入導致該部門報告的雲收入增長了 88%。他們實際上正在繼續擊敗我們建立的商業案例。所以我們超出了我們的預期。但當然，這在很大程度上也是我們在預訂方面看到的整合第一年的成功。當我現在從訂單接收的角度來看第一季度時，Qualtrics 的增長速度繼續快於 SAP 的平均水平。因此，正如 Adaire 所說，這顯然是一種解決方案，可以非常快速地響應公司判斷其選民情緒的迫切需求，無論是他們的員工還是客戶，并快速響應。儘管如此，我認為也可以公平地說，從短期內的增長角度來看，Qualtrics 作為一家企業的全部潛力，也將在一定程度上受到 COVID 的影響，因為整個投資組合當然是一定程度上阻礙了它的成長。但是儘管如此，由於我們在收入方面大大領先於我們的初步計劃，我認為 Qualtrics 將繼續成為我們增長故事的一個非常關鍵的支柱。

And of course, we'll also have an above-average growth rate from a revenue perspective, all the way through 2020. And for the future, we are extremely confident that we have only scratched the surface of the possibility since the vast majority, more than 90% of our existing installed base customers have not yet made a selection of an experience management platform, and that's a huge opportunity for us to harvest in the coming years.

當然，從收入的角度來看，到 2020 年，我們的增長率也將高於平均水平。對於未來，我們非常有信心，因為絕大多數人，我們只是觸及了可能性的表面，超過 90% 的現有安裝基礎客戶尚未選擇體驗管理平台，這是我們在未來幾年收穫的巨大機會。

We will now take our next question from Stacy Pollard from JPMorgan.

我們現在將接受來自摩根大通的 Stacy Pollard 的下一個問題。

A quick follow-up on Qualtrics and then a second question on operating margins. Say on Qualtrics, you've mentioned that as it attaches to the HCM solution, a couple of things. Does that help you win against Workday? Are there other areas that you're partnering in across your portfolio? And then is Qualtrics driving S/4HANA adoptions as well? And then second question on margins. Really, how do you think about that 34% target in the midterm in terms of timing to get there? Does 2021 sort of bounce back to the curve it would have been on? Or do you see a more progressive 100 points from 2020 up through the next 3 or 4 years?

Qualtrics 的快速跟進，然後是關於營業利潤率的第二個問題。說到 Qualtrics，你已經提到它附加到 HCM 解決方案，有幾件事。這有助於您戰勝 Workday 嗎？您在整個投資組合中是否還有其他合作領域？ Qualtrics 是否也在推動 S/4HANA 的採用？然後是關於邊距的第二個問題。真的，就實現目標的時機而言，您如何看待中期 34% 的目標？ 2021 年是否會反彈到它本來的曲線？還是您認為從 2020 年到接下來的 3 或 4 年會有更進步的 100 點？

Okay. Stacy, maybe I'll take the first question and then pass the second one to Luka. We certainly see the integration of Qualtrics as a competitive differentiator and as a force multiplier for SAP. Certainly, in terms of competing in the HCM market, we believe that with the addition of Qualtrics for SuccessFactors, we've redefined that market to be around human experience management. And the same integration opportunities exist in other products in our portfolio. And not least of which is our CX portfolio suite and how we can integrate the Qualtrics the opportunity to take consumer sentiment and consumer feedback into that loop and likewise, also when you consider our supply chain presence and the dominance of SAP in managing the complex supply chain requirements of our customers. Understanding supplier sentiment is also an important compartment of supply chain success. So we certainly see Qualtrics as a differentiation. The integration continues to pace. We have already worked through that with our HXM portfolio. We're in the tail end of that with our consumer portfolio and looking forward to adding supplier sentiment to the sentiments that we are capturing and enabling the feedback of that sentiment back into the operational systems that support businesses.

好的。 Stacy，也許我會回答第一個問題，然後將第二個問題傳遞給 Luka。我們當然將 Qualtrics 的整合視為競爭優勢和 SAP 的力量倍增器。當然，就 HCM 市場的競爭而言，我們相信隨著 SuccessFactors 的 Qualtrics 的加入，我們已經將該市場重新定義為圍繞人類體驗管理。我們產品組合中的其他產品也存在相同的集成機會。其中最重要的是我們的 CX 產品組合套件，以及我們如何將 Qualtrics 有機會將消費者情緒和消費者反饋納入該循環，同樣，當您考慮我們的供應鏈存在和 SAP 在管理複雜供應方面的主導地位時我們客戶的連鎖要求。了解供應商情緒也是供應鏈成功的重要部分。因此，我們當然將 Qualtrics 視為一種差異化。整合繼續進行。我們已經通過我們的 HXM 產品組合解決了這個問題。我們在我們的消費者組合中處於尾端，並期待將供應商情緒添加到我們正在捕獲的情緒中，並將該情緒反饋回支持業務的操作系統。

Yes. And maybe I can comment on how Qualtrics helped on S/4HANA adoption. I mean since the end of the last year, Qualtrics is already embedded with S/4HANA Cloud. So this gives us a complete new way of coinnovating with our customers because our end users now can give instant order feedback about their experience with S/4HANA Cloud, and our product managers can also then take real-time action on that. So this is a completely new way of coinnovation and definitely also then helps the innovation and adoption cycle of S/4HANA as we can really translate that in our quarterly release cycles of S/4HANA Cloud.

是的。也許我可以評論 Qualtrics 如何幫助採用 S/4HANA。我的意思是自去年年底以來，Qualtrics 已經嵌入了 S/4HANA Cloud。因此，這為我們提供了一種與客戶共同創新的全新方式，因為我們的最終用戶現在可以就他們使用 S/4HANA Cloud 的體驗提供即時訂單反饋，然後我們的產品經理也可以對此採取實時行動。因此，這是一種全新的共同創新方式，而且肯定也有助於 S/4HANA 的創新和採用周期，因為我們可以真正將其轉化為 S/4HANA Cloud 的季度發布週期。

Yes. And just very quickly on the margin, look, I mean, we have made our home network now on the expense base, on the efficiency, on the database platform for our cloud solutions. I've said that this quarter, we are looking at finally completing it and then basically, the only thing which will be variable is the scale of our business and how fast we can scale back on the top line, and that will determine the, let's say, steepness of the margin improvement curve and how much of that we will catch up in 2021 or at a later stage. In terms of the underlying, we had a widely successful best run program where we have laid the foundation for all of the underlying expense drivers and efficiency drivers. In all of the work streams, we are making very good progress. So we will complete this program by the end of this year. That's at least a clear plan even in the virtual times of COVID. And that then means that basically, the top line will be defining the equation. Look, at Q1, for example, right? 55 basis points, the special effect from the expense pull forward. Another 60 basis points is the year-over-year challenge of our divestment that we had in Q1 2019 with the environmental regulatory content business that we sold there with a EUR 40 million positive impact on operating income. If you back out those 2 factors and you apply just a normal software license performance, and you can see how much we would have approved in the underlying business from a margin perspective, and we have no doubt that this will fully shine through as we return to growth in our order entry in 2021.

是的。而且很快就開始了，看，我的意思是，我們現在已經在費用基礎上，在效率上，在我們的雲解決方案的數據庫平台上建立了我們的家庭網絡。我已經說過這個季度，我們正在考慮最終完成它然後基本上，唯一可變的是我們的業務規模以及我們可以多快縮減收入，這將決定，比方說，利潤率改善曲線的陡峭程度，以及我們將在 2021 年或以後的階段趕上多少。在基礎方面，我們有一個廣泛成功的最佳運行計劃，我們為所有潛在的費用驅動因素和效率驅動因素奠定了基礎。在所有的工作流中，我們都取得了很好的進展。所以我們將在今年年底完成這個計劃。即使在 COVID 的虛擬時代，這至少也是一個明確的計劃。這意味著基本上，頂行將定義方程式。例如，看 Q1，對嗎？ 55個基點，從費用中拉出的特殊效果。另外 60 個基點是我們在 2019 年第一季度與我們在那裡出售的環境監管內容業務的剝離所面臨的同比挑戰，對營業收入產生了 4000 萬歐元的積極影響。如果你取消這 2 個因素並且你只應用正常的軟件許可性能，你可以從利潤率的角度看到我們在基礎業務中批准了多少，我們毫不懷疑這將在我們回歸時充分體現出來到 2021 年我們訂單輸入的增長。

And we'll now take our next question from John King.

我們現在將接受 John King 的下一個問題。

Congratulations to Christian on taking up the CEO role. One question for you, Christian. Obviously, it feels like the world has changed quite a lot in a very short space of time. Looks pretty different to even when you set your 2023 ambitions. I guess today is not the right day, but I wonder if you may come to revisit any of those assumptions, perhaps around the M&A, but I think you've more or less said you would part that. Would that potentially change in this environment? Even some of your organic investments, could you revisit those in the current climate to take advantages of if any opportunities that present? I know obviously, you retain your focus around the digital front office, perhaps an area for investment. So maybe you could speak to that.

祝賀 Christian 擔任首席執行官一職。有一個問題要問你，克里斯蒂安。很明顯，感覺世界在極短的時間內發生了很大的變化。即使您設定了 2023 年的雄心壯志，看起來也大不相同。我想今天不是合適的日子，但我想知道你是否可以重新審視這些假設中的任何一個，也許是圍繞併購，但我認為你或多或少說過你會分開。在這種環境下，這可能會發生變化嗎？即使是你的一些有機投資，你能否重新審視當前環境下的那些投資，以利用目前的任何機會？我很清楚，你仍然關注數字前台，這可能是一個投資領域。所以也許你可以談談這個。

Yes. So thanks a lot for your question and also thanks for your kind wishes. I mean first of all, you have seen our updated guidance for 2020. And this is also now our, first and foremost -- a duty to really safeguard Q2. As Luka already mentioned, we see a further deterioration of the business in Q2, but of course, also we see a slight recovery in Q3, Q4, but it's also somehow like looking into a crystal ball. So we really didn't now wanted to change any outlook for 2023, as we have now the full focus on this year and making this year successful. On the M&A front, clearly, what we also said at the beginning of the year, I see a lot of potential to grow our business organically, as we didn't even harvest all of our potential of the past acquisitions, the cross-sell opportunities, not only Qualtrics. When you see still how many HCM on-premise customers have -- we have in the installed base, same for SRM, we have a lot of potential. And I'm sure that with the current road maps we have in place to really drive the integration, to really drive the modular suite plus now also drive the verticalization of our solutions. So to really go deeper into the industries as all of the industries are now changing these days, I'm sure we will see huge organic growth. So M&A is clearly not our priority. But of course, we will watch the market and look for potentials. But currently, our full focus is on organic growth.

是的。非常感謝你的問題，也感謝你的祝福。我的意思是，首先，您已經看到了我們更新的 2020 年指南。現在，這也是我們的首要任務——真正保護第二季度的責任。正如 Luka 已經提到的，我們看到第二季度的業務進一步惡化，但當然，我們也看到第三季度、第四季度略有復蘇，但這在某種程度上也像是在看水晶球。所以我們現在真的不想改變 2023 年的任何展望，因為我們現在完全專注於今年並讓今年取得成功。在併購方面，很明顯，正如我們在年初所說的那樣，我看到了有機發展我們業務的巨大潛力，因為我們甚至沒有收穫過去收購的所有潛力，交叉銷售機會，不僅是Qualtrics。當您看到仍然有多少 HCM 本地客戶時——我們在安裝基礎上有很多，SRM 也一樣，我們有很大的潛力。而且我確信，根據當前的路線圖，我們已經準備好真正推動集成，真正推動模塊化套件，現在還推動我們解決方案的垂直化。因此，要真正深入到這些行業，因為如今所有行業都在發生變化，我相信我們將看到巨大的有機增長。所以併購顯然不是我們的首要任務。但當然，我們會觀察市場並尋找潛力。但目前，我們的全部重點是有機增長。

We have time for 2 more brief questions, please.

我們有時間再回答 2 個簡短的問題。

We will now take our next question from Phil Winslow from Wells Fargo.

我們現在將接受來自富國銀行的 Phil Winslow 的下一個問題。

Glad to hear that you're all well, and best wishes to you and your families and your whole team. A question for Christian and Adaire. You looked and did a great job on packing the transactional business in the cloud sort of the areas that have strengthened, where you've also seen some deferral. When you think about SAP's product portfolio, obviously, very broad, spanning multiple different technology segments, you have financials, HR, CRM, procurement, et cetera. When you look at Q1, particularly license and call it just a new cloud business, are there any segments that sort of stand out to you having seen relative strength in others where you're seeing deferrals? And how do you -- how does that roll into your customer conversations in terms of just the forward road map for the rest of the year?

很高興聽到你一切都好，並向你和你的家人以及你的整個團隊致以最良好的祝愿。克里斯蒂安和阿黛爾的問題。您在雲中打包交易業務方面看起來並做得很好，這些領域已經得到加強，您也看到了一些延期。當你考慮 SAP 的產品組合時，很明顯，它非常廣泛，跨越多個不同的技術領域，你有財務、人力資源、CRM、採購等。當您查看第一季度時，特別是許可並將其稱為新的雲業務時，是否有任何細分市場在您看到延期的其他細分市場中表現突出？你如何 - 就今年剩餘時間的前進路線圖而言，這如何融入你的客戶對話？

I'll start. And then, Christian, if you have anything to add, please feel free to do so. I think we're probably blessed by the actual breadth of our portfolio. There are certainly industries where we saw a much more significant impact on business choice than we saw others -- than in others. But for those industries, for example, in the travel and transportation industry, that only represents about 4% of our total revenue from an industry perspective. So our exposure is not very high. However, if you look at other industries like in the energy and resources sector, if you look at the CPG with the exception of grocery. Those sectors, we have a higher exposure to, and customers did slow down some decisions in those. So absolutely, the industry portfolio, the industry point of view was a point of view that we took as we look forward into the second quarter, taking on board some of the observations and the actualities of the first. Also from a segment perspective, we have a significant general business segment where many SMEs choose to buy SAP in order to run their business. And this segment is obviously a segment that from a cash flow perspective felt the crisis more than others, and that is one that we are actively engaged with, particularly with our channel partners in terms of looking at the support that we can provide there.

我會開始。然後，克里斯蒂安，如果你有什麼要補充的，請隨時補充。我認為我們可能對我們產品組合的實際廣度感到幸運。在某些行業中，我們看到對商業選擇的影響比我們看到的其他行業要大得多 - 比其他行業。但對於那些行業，例如旅遊和運輸行業，從行業角度來看，這只占我們總收入的 4% 左右。所以我們的曝光率不是很高。然而，如果你看看其他行業，比如能源和資源行業，如果你看看除雜貨店以外的 CPG。這些行業，我們有更高的風險敞口，客戶確實放慢了這些行業的一些決策。因此，絕對是，行業組合，行業觀點是我們在展望第二季度時所採取的觀點，考慮了第一季度的一些觀察結果和現實情況。同樣從細分市場的角度來看，我們有一個重要的一般業務細分市場，許多中小企業選擇購買 SAP 來運營他們的業務。從現金流的角度來看，這個細分市場顯然比其他細分市場更能感受到危機，這是我們積極參與的細分市場，特別是與我們的渠道合作夥伴一起研究我們可以在那裡提供的支持。

And then to the breadth of our solutions, I think that we saw some good uptake, already mentioned Qualtrics and the HXM scenario. We launched a program called Ariba Discovery. So certainly helping organizations to procure product during this period of time. So I think procurements and our solutions in procurement, we expect to see some strong uptake and also, very importantly, in supply chain and supporting organizations logistically and with supply chain agility as part of their go-forward scenario. So those are -- I guess, are essentially some of the metrics that we look at the business by, and there are some of the metrics that we set into our processes for our Q2 assessment. Christian, I don't know if there's anything you'd like to add.

然後就我們解決方案的廣度而言，我認為我們看到了一些很好的吸收，已經提到了 Qualtrics 和 HXM 場景。我們啟動了一個名為 Ariba Discovery 的程序。因此，肯定會幫助組織在此期間採購產品。因此，我認為採購和我們在採購方面的解決方案，我們希望看到一些強大的吸收，而且非常重要的是，在供應鍊和支持組織中，物流和供應鏈敏捷性作為他們前進場景的一部分。所以那些 - 我想，基本上是我們看待業務的一些指標，並且我們在我們的 Q2 評估流程中設置了一些指標。 Christian，我不知道你是否還有什麼要補充的。

Yes. No, maybe just one comment with regard to S/4HANA. I mean there, we clearly have seen now that in Q1, as I said, we saw a lot of customers now going for us for S/4HANA Cloud as there we can offer fast time to value. We have Go-Live, which can happen if the business processes are standardized, if the fit to standard works, we can have a Go-Live of -- in 2 to 3 weeks. Plus, we also have seen large corporations who went into an S/4HANA on-premise installation. But now because on-site work is quite difficult these days, they also changed their road maps to go maybe for S/4HANA Cloud, for certain subsidiaries, for certain acquisitions. Again there because there we can also do a lot of work remotely and still, of course, also help them to automate their business, to automate their supply chain. And this is what we have seen in Q1. And there, clearly, it also plays out in our favor that we give customers choice between cloud and on-premise in our core.

是的。不，也許只有一條關於 S/4HANA 的評論。我的意思是，我們現在清楚地看到，正如我所說，在第一季度，我們看到很多客戶現在都在為我們選擇 S/4HANA Cloud，因為我們可以提供快速的價值實現時間。我們已經上線，如果業務流程標準化，這可能會發生，如果符合標準，我們可以在 2 到 3 週內上線。此外，我們還看到大公司進行了 S/4HANA 本地安裝。但是現在因為現在現場工作非常困難，他們也改變了他們的路線圖，可能是為了 S/4HANA Cloud，為了某些子公司，為了某些收購。再次在那裡，因為在那裡我們也可以遠程完成很多工作，當然，還可以幫助他們實現業務自動化，實現供應鏈自動化。這就是我們在第一季度看到的。顯然，這也對我們有利，因為我們讓客戶在我們的核心中選擇雲和內部部署。

We have one final question, please.

我們有最後一個問題，請。

We will now take our final question from Alex Tout from Deutsche Bank.

我們現在將接受來自德意志銀行的 Alex Tout 的最後一個問題。

Congrats, Christian, on the appointment and also Luka for the extension. A couple for me. So firstly, to Christian, I mean, it kind of follows up from the last question a little bit. How do you see the demand for e-commerce and the wider customer experience domain currently? I guess intrinsically, it feels like you might see a near-term pullback there, but perhaps maybe coming back quite strongly in the post-crisis period? Just any color you could give around e-commerce and the wider CEC area? And then for Luka, with the cloud, I know you're not disclosing cloud bookings anymore, but just given the way mechanically that cloud bookings should flow through to revenue, would you expect the lower bookings that you're likely to see there this year to have a larger impact on cloud revenues in FY '21 than in FY '20? So all things being equal, should it be a bigger impact in FY '21 relative to the precrisis situation than in FY '20?

祝賀 Christian 獲得任命，也祝賀 Luka 獲得延期。對我來說一對。所以首先，對於克里斯蒂安，我的意思是，它有點跟進最後一個問題。您如何看待當前對電子商務和更廣泛的客戶體驗領域的需求？我想從本質上講，感覺您可能會在那裡看到近期回調，但也許在後危機時期會強勁反彈？您可以圍繞電子商務和更廣泛的 CEC 領域提供任何顏色嗎？然後對於 Luka，有了雲，我知道你不再披露雲預訂，但只是機械地給出了雲預訂應該流向收入的方式，你會期望你可能會在那裡看到的較低預訂嗎21 財年對雲收入的影響比 20 財年更大？因此，在所有條件相同的情況下，相對於危機前的情況，它對 21 財年的影響是否應該大於 20 財年？

Yes. Then I'll just very quickly answer the second one and then hand over to Christian for the commerce question. Look, I think you are stating the obvious, the new cloud bookings that you post in a given business year will only to a minor extent influence the revenue in that respective year. So there would be a larger impact on '21 than on '20. But that, of course, then also is completely speculative because if you had a major rebound, for example, at the beginning of '21, then you would also have a perhaps larger-than-expected impact from early '21 bookings on the full year '21. But you're absolutely correct. The new cloud bookings performance in the current year is not so decisive for growth rates in the cloud. The more decisive piece there is our success in renewals.

是的。然後我會非常快速地回答第二個問題，然後將商業問題交給克里斯蒂安。你看，我認為你說的很明顯，你在給定業務年度發布的新雲預訂只會在很小程度上影響相應年度的收入。所以對'21'的影響會比對'20'的影響更大。但是，當然，那也完全是推測性的，因為如果你有一個重大反彈，例如，在 21 年初，那麼你也會對整個 21 年初的預訂產生比預期更大的影響。 21 年。但你是絕對正確的。今年新的雲預訂表現對於雲的增長率並不是那麼具有決定性。更具決定性的部分是我們在續約方面的成功。

And coming to your first question, what we have seen in Q1 is actually that the customer buying behavior changed towards these capabilities who helped really to also get more resilient against such a crisis. So in the front office, clearly, our customers have seen that those enterprise now have a competitive advantage, who are already doing more online sales, who really worked on their omnichannel sales experience. But also downstream in the quote to cash, this was, of course, an area where a lot of customers now have chosen S/4HANA Cloud to not only one -- a product license business, but also to change their business model into a pay-as-you-go subscription-based business model as a lot of enterprises these days have to overcome some liquidity challenges. And also then, of course, further, when you go into the supply chain, this is of course an area where we see now huge interest as customers realize that they have to build more intelligent supply chains that Industry 4.0 with the automation of the digital factories is key. And again, to be more resilient in such a crisis. And these are the areas along the value chain where we definitely see also a lot of market potential going forward.

關於您的第一個問題，我們在第一季度看到的實際上是客戶的購買行為轉向了這些功能，這些功能確實有助於增強抵禦此類危機的能力。所以在前台，很明顯，我們的客戶已經看到那些企業現在具有競爭優勢，他們已經在做更多的在線銷售，他們真正致力於他們的全渠道銷售體驗。但在從報價到現金的下游，這當然是許多客戶現在選擇 S/4HANA Cloud 的領域，不僅是產品許可業務，而且還將他們的業務模式轉變為支付現收現付的基於訂閱的商業模式，如今許多企業必須克服一些流動性挑戰。然後，當然，更進一步，當你進入供應鏈時，這當然是一個我們現在看到巨大興趣的領域，因為客戶意識到他們必須建立更智能的供應鏈，而不是工業 4.0 與數字自動化工廠是關鍵。再一次，在這樣的危機中更有彈性。這些是價值鏈上的領域，我們肯定也看到了很多未來的市場潛力。

Good. Thanks a lot. This concludes our Q1 earnings call. Thank you all for joining, and thanks for your questions, and goodbye.

好的。多謝。我們的第一季度財報電話會議到此結束。感謝大家的加入，感謝您的提問，再見。

Thank you.

謝謝。

Thank you. Bye-bye.

謝謝。再見。

Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。