SAP SE (SAP) 2022 Q1 法說會逐字稿

Good day, and welcome to the SAP Q1 2022 Earnings Conference Call. Today's conference is being [recording].

美好的一天，歡迎參加 SAP 2022 年第一季度收益電話會議。今天的會議正在[錄音]中。

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

在這個時候，我想把會議交給首席投資者關係官 Anthony Coletta。請繼續，先生。

Thank you, and welcome, everyone. Thanks for joining us today on our earnings call to discuss SAP's Q1 '22 results. On our Investor Relations website, you can find the deck intended to supplement today's call.

謝謝大家，歡迎大家。感謝您今天加入我們的財報電話會議，討論 SAP 22 年第一季度的業績。在我們的投資者關係網站上，您可以找到旨在補充今天電話會議的套牌。

With me today are CEO, Christian Klein; and CFO, Luka Mucic, will make opening remarks. We also have Scott Russell, who leads our customer success organization, joining us for Q&A.

今天和我在一起的是首席執行官 Christian Klein；首席財務官 Luka Mucic 將致開幕詞。我們還有領導我們客戶成功組織的 Scott Russell 加入我們的問答環節。

Now let's do the safe harbor. During this call, we'll make forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations, forecasts and assumptions that are subject to risk and uncertainties that could cause actual results and outcomes to materially differ. Additional Information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's annual report on Form 20-F for 2021.

現在讓我們做安全港。在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。這些陳述基於當前的預期、預測和假設，這些預期、預測和假設受到風險和不確定性的影響，可能導致實際結果和結果存在重大差異。有關這些風險和不確定性的更多信息可以在我們提交給證券交易委員會的文件中找到，包括但不限於 SAP 2021 年 20-F 表格年度報告中的風險因素部分。

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

除非另有說明，本次電話會議中的所有財務數字均非國際財務報告準則。增長率和百分點變化按非國際財務報告準則按固定匯率計算。我們提供的非 IFRS 財務指標不應被視為替代或優於根據 IFRS 編制的財務業績指標。

Before we start, I would like to remind you that we will hold our financial analyst conference as part of our Sapphire program in Orlando, Florida on May 11. The event will also be webcast on our website.

在開始之前，我想提醒您，作為我們藍寶石計劃的一部分，我們將於 5 月 11 日在佛羅里達州奧蘭多舉行金融分析師會議。該活動還將在我們的網站上進行網絡直播。

And with that, I'd like to turn over to Christian.

有了這個，我想交給克里斯蒂安。

Yes. Thank you, Anthony, and thanks to all of you for joining us today. To start, I want to address a topic that has been at the top of everyone's mind for the past 2 months: Russia's ongoing unjustified war in Ukraine. Above all, this is a human tragedy on a massive scale. And our hearts and hopes continue to be with the people of Ukraine.

是的。謝謝你，安東尼，也感謝你們今天加入我們。首先，我想談談過去兩個月來每個人都在關注的一個話題：俄羅斯在烏克蘭正在進行的無端戰爭。最重要的是，這是一場大規模的人類悲劇。我們的心和希望繼續與烏克蘭人民同在。

Like other companies globally, we have been working closely with governments and implementing all sanctions imposed by the international community. We are also going above and beyond those requirements. We were one of the first technology companies to stop sales and shut down cloud operations in Russia. In addition, earlier this week, we announced a structured exit of our direct presence in the country.

與全球其他公司一樣，我們一直與政府密切合作，並執行國際社會實施的所有製裁措施。我們也在超越這些要求。我們是最早在俄羅斯停止銷售和關閉雲業務的科技公司之一。此外，本週早些時候，我們宣布結構化退出我們在該國的直接業務。

These decisions have a financial impact, both on the top and bottom line, which Luka will comment on in more detail. But despite the challenging political and macroeconomic environment, Q1 has been another successful quarter, and we are reiterating our 2022 outlook for revenue, operating profit and free cash flow today.

這些決定對收入和利潤都有財務影響，盧卡將對此進行更詳細的評論。但是，儘管政治和宏觀經濟環境充滿挑戰，但第一季度又是一個成功的季度，我們今天重申我們對 2022 年收入、營業利潤和自由現金流的展望。

The war is undoubtedly leaving its mark on the technology sector. With the risk of cyber attacks rising, we see more customers adopting cloud solutions for their mission-critical systems. Geopolitical realities are highlighting the appeal of sovereign cloud solutions like the one we announced with Arvato in the first quarter for the German government. And with energy diversification top of mind, our sustainability focus takes on new meaning and importance, which I will describe in more detail later in my remarks.

這場戰爭無疑在科技領域留下了印記。隨著網絡攻擊風險的上升，我們看到越來越多的客戶為其關鍵任務系統採用雲解決方案。地緣政治現實凸顯了主權雲解決方案的吸引力，例如我們在第一季度與歐唯特為德國政府宣布的解決方案。考慮到能源多樣化，我們對可持續發展的關注具有新的意義和重要性，我將在後面的發言中更詳細地描述這一點。

But first, with all of that in mind, let's take a look at some of our top line numbers for Q1. Cloud revenue growth further accelerated to 25% as our cloud transition gains further momentum. Current cloud backlog continued its strong growth at 23%. This is despite typically lower Q1 seasonality and despite the impact of our wind down of cloud operations in Russia. Without Russia, CCB growth would be 0.8 percentage points higher. This has led to current cloud backlog now standing at nearly EUR 10 billion.

但首先，考慮到所有這些，讓我們來看看我們第一季度的一些頂級數字。隨著我們的雲轉型獲得進一步動力，雲收入增長進一步加速至 25%。當前的雲積壓繼續以 23% 的速度強勁增長。儘管第一季度的季節性通常較低，並且儘管我們在俄羅斯停止了雲業務，但仍會出現這種情況。如果沒有俄羅斯，建行的增長率將高出 0.8 個百分點。這導致當前的雲積壓現在接近 100 億歐元。

Current cloud backlog for SAP S/4HANA hit a record 79% growth, driven by continued strong adoption of RISE with SAP, our signature offering for business transformation in the cloud. In Q1 alone, we added more than EUR 200 million to our S/4HANA cloud backlog. In addition, S/4HANA Cloud revenue growth increased sequentially by 10 percentage points from 61% to a record 71%.

SAP S/4HANA 當前的雲積壓達到創紀錄的 79%，這得益於 RISE 與 SAP 的持續強勁採用，這是我們在雲中業務轉型的標誌性產品。僅在第一季度，我們就為 S/4HANA 雲積壓增加了 2 億多歐元。此外，S/4HANA Cloud 收入增長環比增長 10 個百分點，從 61% 增至創紀錄的 71%。

Overall, this strong performance sets us up well for ongoing growth in the rest of 2022. In an increasingly volatile world, the unique value of SAP's innovative cloud portfolio continues to be clear. Customers around the world continue to power our growth as they turn to us for solutions to future-proof their business and make them more sustainable, secure and resilient. And their transformations are enabling our own. We expect continued acceleration of cloud revenue with up to 26% growth by the end of 2022, reflected in our guidance.

總體而言，這種強勁的表現為我們在 2022 年剩餘時間的持續增長奠定了良好的基礎。在日益動蕩的世界中，SAP 創新雲產品組合的獨特價值仍然顯而易見。世界各地的客戶繼續為我們的增長提供動力，因為他們向我們尋求解決方案，以使其業務面向未來，並使其更具可持續性、安全性和彈性。他們的轉變正在使我們自己的轉變成為可能。我們預計雲收入將繼續加速增長，到 2022 年底增長高達 26%，這反映在我們的指導中。

Our strong quarterly performance is another proof point for the strategy we introduced in 2020. Since then, we have seen COVID pandemic accelerate cloud-based business transformation around the world. The new geopolitical realities we face amid Russia's ongoing war in Ukraine are also likely to fundamentally reshape the world we live in.

我們強勁的季度業績是我們在 2020 年推出的戰略的另一個證明點。從那時起，我們看到 COVID 大流行加速了全球基於雲的業務轉型。在俄羅斯持續不斷的烏克蘭戰爭中，我們面臨的新地緣政治現實也可能從根本上重塑我們生活的世界。

Even before the conflict began, supply chains were under pressure worldwide. And businesses, from grocery stores to auto manufacturers, were grappling with an exponential level of uncertainty in their operations. The tragedy in Ukraine has amplified this tension, revealing even more clearly the importance of resilient supply chains. Across every industries, companies will need to transition their supply chains to make them more resilient, agile and transparent. Our SAP business network can uniquely help our customers across industries and value chains in deep ways.

甚至在衝突開始之前，供應鏈就已在全球範圍內承受壓力。從雜貨店到汽車製造商，企業都在努力應對其運營中呈指數級增長的不確定性。烏克蘭的悲劇加劇了這種緊張局勢，更清楚地揭示了彈性供應鏈的重要性。在每個行業中，公司都需要轉變其供應鏈，以使其更具彈性、敏捷性和透明度。我們的 SAP 業務網絡能夠以獨特的方式深入地幫助我們跨行業和價值鏈的客戶。

The power of the SAP Business Network has also been evident in our relief efforts to support the humanitarian crisis arising from war. Over 2,700 suppliers have raised their hand to provide humanitarian support to Ukraine, and requests for over EUR 100 million of supplies have already been posted on the network including just recently an acquisition for 300,000 first aid kits.

SAP Business Network 的力量也體現在我們支持戰爭引發的人道主義危機的救援工作中。超過 2,700 家供應商已舉手向烏克蘭提供人道主義支持，網絡上已經發布了超過 1 億歐元的供應請求，其中包括最近購買了 300,000 個急救箱。

Turning to fossil fuels. It's clear that the movement towards renewables must accelerate. Sustainability is now clearly not only an economic opportunity, but a key element of stability, security and even sovereignty. More than any other software company, SAP is in a position to help governments and industry manage these changes. The scale and depth of our industry expertise, the transparency of our solutions to drive sustainable business practices and the ability of the SAP Business Network to create resilient supply chains, showing the increasing relevance of SAP's portfolio.

轉向化石燃料。很明顯，向可再生能源的發展必須加速。可持續性現在顯然不僅是一個經濟機會，而且是穩定、安全甚至主權的關鍵要素。與任何其他軟件公司相比，SAP 能夠幫助政府和行業管理這些變化。我們行業專業知識的規模和深度、我們推動可持續業務實踐的解決方案的透明度以及 SAP Business Network 創建彈性供應鏈的能力，顯示了 SAP 產品組合的相關性日益增強。

Let's turn to an update about RISE with SAP. RISE with SAP is our signature offering for business transformation as a service. Since we launched RISE with SAP in January 2021, we have seen significant increases in customer adoption each quarter.

讓我們來看看關於 RISE with SAP 的更新。 RISE with SAP 是我們的標誌性業務轉型即服務產品。自 2021 年 1 月我們與 SAP 一起推出 RISE 以來，我們看到每個季度的客戶採用率都顯著提高。

Customers are adopting RISE with SAP for 3 key reasons. Firstly, RISE enables them to redesign their end-to-end business processes based on best practices developed from working with hundreds of thousands of SAP customers. Secondly, RISE helps them transition to a new agile ERP in the cloud. And finally, RISE provides a platform to innovate with industry, custom and sustainability solutions.

客戶採用 RISE with SAP 的原因有 3 個。首先，RISE 使他們能夠根據與數十萬 SAP 客戶合作開發的最佳實踐重新設計其端到端業務流程。其次，RISE 幫助他們過渡到雲中的新敏捷 ERP。最後，RISE 提供了一個通過行業、定制和可持續性解決方案進行創新的平台。

This quarter, we have seen notable progress with our RISE with SAP offering. Our business process intelligence offering with cloud revenue almost doubling year-over-year has now fully indicated SAP Signavio. We have seen nearly 80% of RISE customers adopting our Business Technology Platform as part of their RISE solution. Transactional spend on the SAP Business Network has been growing over 95% year-over-year, which will drive further revenue upside.

本季度，我們看到 RISE with SAP 產品取得了顯著進展。我們的業務流程智能產品的雲收入同比幾乎翻了一番，現在已經充分錶明 SAP Signavio。我們已經看到近 80% 的 RISE 客戶採用我們的業務技術平台作為其 RISE 解決方案的一部分。 SAP Business Network 的交易支出同比增長超過 95%，這將進一步推動收入增長。

Overall, RISE with SAP drives strong cost and upsell opportunities with a conversion ratio in 2021 of greater than 2.5. This means we are creating 2.5 the value from a customer after they have adopted RISE. This has led to our revenue run rate for the modular cloud ERP now exceeding EUR 7 billion, up more than EUR 1 billion from Q1 2021. In summary, RISE with SAP enables us to partner even more deeply with our customers. We offer integrated total solutions with single end-to-end accountability, from infrastructure to applications.

總體而言，RISE with SAP 帶來了強勁的成本和追加銷售機會，2021 年的轉化率超過 2.5。這意味著我們在客戶採用 RISE 後創造了 2.5 倍的價值。這導致我們模塊化雲 ERP 的收入運行率現在超過 70 億歐元，比 2021 年第一季度增加了超過 10 億歐元。總而言之，RISE with SAP 使我們能夠與客戶進行更深入的合作。我們提供從基礎架構到應用程序的具有單一端到端問責制的集成整體解決方案。

The success of RISE with SAP in turn drove strong performance across our line of business applications, together with the cloud momentum I mentioned earlier. Let's take a look at our progress. New RISE with SAP customers included: Accenture, Microsoft, Wipro, NEC, Ooredoo and the Citizen Watch Company.

RISE 與 SAP 的成功反過來推動了我們業務應用程序線的強勁表現，以及我之前提到的雲動力。讓我們來看看我們的進展。 SAP 的新 RISE 客戶包括：埃森哲、微軟、Wipro、NEC、Ooredoo 和 Citizen Watch Company。

Accenture announced they will be expanding their SOAR offering to help large enterprises drive greater value from running RISE with SAP. They are able to offer bespoke support by drawing from their own experience of running their core financial operations on a single instance of SAP S/4HANA.

埃森哲宣布他們將擴展其 SOAR 產品，以幫助大型企業通過運行 RISE with SAP 來獲得更大的價值。他們能夠利用自己在單個 SAP S/4HANA 實例上運行核心財務運營的經驗來提供定制支持。

This quarter, Microsoft announced it would become the first public cloud provider to adopt RISE with SAP internally, utilizing SAP S/4HANA to transform its own SAP ERP deployment. This will enable Microsoft to deploy new technologies faster and establish best practices that benefit our joint customers in the market.

本季度，微軟宣布將成為第一家在內部採用 RISE with SAP 的公共雲提供商，利用 SAP S/4HANA 來轉變其自己的 SAP ERP 部署。這將使 Microsoft 能夠更快地部署新技術並建立使我們在市場上的共同客戶受益的最佳實踐。

Accenture and Microsoft, together with Wipro and IBM, are examples of the snowball effect from our partners as they help accelerate the adoption of RISE with SAP around the world.

Accenture 和 Microsoft 以及 Wipro 和 IBM 是我們合作夥伴滾雪球效應的例子，因為它們幫助加速了 RISE with SAP 在全球的採用。

In March, Ooredoo Group chose to partner with SAP to overhaul their business and digitize their end-to-end processes to enhance the experience of the customers, suppliers and employees.

3 月，Ooredoo Group 選擇與 SAP 合作，全面改革其業務並將其端到端流程數字化，以提升客戶、供應商和員工的體驗。

In the increasingly important market for electric vehicles, China's Rising Auto and India's Exide Industries also both chose RISE with SAP.

在日益重要的電動汽車市場，中國的瑞星汽車和印度的Exide Industries也都選擇了RISE with SAP。

Rising Auto is part of one of China's largest auto groups. They selected RISE to support key business processes, including forecasting, collaboration with suppliers and the delivery systems for its electric vehicles.

瑞星汽車是中國最大的汽車集團之一。他們選擇 RISE 來支持關鍵業務流程，包括預測、與供應商的協作以及電動汽車的交付系統。

Exide Industries Limited, one of the world's foremost battery companies, selected RISE to support their growth, including the creation of a large new manufacturing facility. Exide anticipate that their RISE implementation will help them reduce cost by about 10% and support their battery recycling program, a great example of sustainability becoming profitable.

Exide Industries Limited 是世界上最重要的電池公司之一，選擇 RISE 來支持他們的發展，包括建立一個大型的新製造設施。 Exide 預計，他們的 RISE 實施將幫助他們降低約 10% 的成本並支持他們的電池回收計劃，這是可持續發展盈利的一個很好的例子。

Our success with RISE led to great S/4HANA momentum. We now have more than 5,300 S/4HANA cloud customers and our win rate against competitors was 63% for net new deals. 4,700 of these customers are already live, demonstrating the fast time to value of these deployments. Customers this quarter include Heineken and Zero Motorcycles.

我們在 RISE 方面的成功帶來了巨大的 S/4HANA 勢頭。我們現在擁有超過 5,300 個 S/4HANA 雲客戶，我們與競爭對手的淨新交易勝率達到 63%。這些客戶中有 4,700 家已經上線，證明了這些部署的快速實現價值。本季度的客戶包括喜力和零摩托車。

Heineken, Europe's largest beer producer, with over 300 global plants, is transitioning to a new digital core based on SAP S/4HANA. Zero motorcycle, the global leader in high-performance electric motorcycles and powertrains has chosen SAP S/4HANA over Oracle to help them replace their legacy infrastructure and scale their manufacturing operations to meet rising demand.

Heineken 是歐洲最大的啤酒生產商，在全球擁有 300 多家工廠，正在過渡到基於 SAP S/4HANA 的新數字核心。零摩托車是高性能電動摩托車和動力總成領域的全球領導者，它選擇了 SAP S/4HANA 而不是 Oracle，以幫助他們更換傳統基礎設施並擴展製造業務以滿足不斷增長的需求。

Our intelligence spend and business network portfolio had a particularly strong quarter. Britain's National Health Service Shared Business Services group selected SAP Ariba for its new procurement system designed to improve and simplify the engagement with its broad and complex supply chain. Air France KLM was another win for Ariba this quarter. We also saw continued positive indications of a return to business travel with Concur transactional revenue increasing by triple digits year-over-year. L'Oreal, the world leader in beauty, has renewed its contract for SAP Concur for an additional 3 years because they are worth it.

我們的情報支出和業務網絡組合在本季度表現尤為強勁。英國國家健康服務共享業務服務集團選擇 SAP Ariba 為其新的採購系統，該系統旨在改進和簡化與其廣泛而復雜的供應鏈的互動。法航荷航是 Ariba 本季度的又一次勝利。我們還看到商務旅行回歸的持續積極跡象，Concur 交易收入同比增長三位數。世界美容領域的領導者歐萊雅已將其與 SAP Concur 的合同再續簽 3 年，因為它們物有所值。

Turning to our customer engagement portfolio. Selling Group, the largest retailer in Denmark, recently invested in SAP Customer Data platform and SAP MRS. These solutions will help them improve customer lifetime value and the customer experience.

轉向我們的客戶參與組合。丹麥最大的零售商 Selling Group 最近投資了 SAP Customer Data 平台和 SAP MRS。這些解決方案將幫助他們提高客戶終身價值和客戶體驗。

Our SuccessFactors portfolio continues to win significant business over Workday. Grupo DPSP, the leading Brazilian pharmaceutical retailer, expanded its SAP SuccessFactors portfolio to better manage, retain and develop its workforce as part of its overall RISE with SAP for retail implementation.

我們的 SuccessFactors 產品組合繼續贏得 Workday 的重要業務。巴西領先的製藥零售商 Grupo DPSP 擴展了其 SAP SuccessFactors 產品組合，以更好地管理、留住和發展其員工隊伍，作為其與 SAP 一起實施零售的整體 RISE 的一部分。

SAP Business Process Intelligence wins this quarter included Nippon Telegraph Telephone Corporation, TELUS Communications and [ModernaTX]. Moderna's success with their COVID-19 vaccine has transformed the company, and they will be using SAP BPI to redesign their business processes based on the next chapter in their growth.

SAP Business Process Intelligence 本季度贏得的獎項包括 Nippon Telegraph Telephone Corporation、TELUS Communications 和 [ModernaTX]。 Moderna 在 COVID-19 疫苗方面的成功已經改變了公司，他們將使用 SAP BPI 根據其發展的下一章重新設計其業務流程。

Our Business Technology Platform continues to go from strength to strength. As customers adopt BTP as deep backbone to integrate and extend the SAP solutions. We are well on track to establish SAP as a platform company, with this quarter's revenue run rate for BTP exceeding EUR 1 billion. FEMSA, the world's largest bottler for Coca-Cola beverages, is adopting BTP to optimize the value from each of its products and line of business along with billing and cash handling across its Latin American markets.

我們的業務技術平台不斷發展壯大。由於客戶採用 BTP 作為深度骨幹來集成和擴展 SAP 解決方案。我們有望將 SAP 打造為一家平台公司，本季度 BTP 的收入運行率超過 10 億歐元。 FEMSA 是世界上最大的可口可樂飲料裝瓶商，它正在採用 BTP 來優化其每種產品和業務線的價值，以及其拉丁美洲市場的計費和現金處理。

Last quarter, I spoke to you about the introduction of SAP Cloud for sustainable enterprise, part of our sustainability portfolio. This portfolio helps companies manage their green line with as much importance as the top and bottom line by providing radical transparency, insight and data. This quarter, we announced an important partnership with BCG, focused on helping our joint customer base determine strategies for sustainability transformation. Customer adoption of our sustainability portfolio is already strong.

上個季度，我與您討論了為可持續企業引入 SAP Cloud，這是我們可持續發展產品組合的一部分。該產品組合通過提供徹底的透明度、洞察力和數據，幫助公司管理與頂線和底線同等重要的綠線。本季度，我們宣布與 BCG 建立重要合作夥伴關係，重點幫助我們的共同客戶群確定可持續發展轉型戰略。我們的可持續發展產品組合的客戶採用率已經很高。

So let me reiterate that this quarter's strong cloud figures continue to show the strength of our strategy, the relevance of our solutions and the promise of our portfolio. We are powering fundamental business transformation for our customers which in turn is driving our own transformation. We are very confident in our long-term ambition, and we are reiterating our 2022 outlook. We believe SAP can play a crucial role in helping our customers succeed in an increasingly volatile world.

因此，讓我重申，本季度強勁的雲數據繼續顯示我們戰略的實力、我們解決方案的相關性以及我們產品組合的承諾。我們正在為我們的客戶推動基本的業務轉型，這反過來又推動了我們自己的轉型。我們對我們的長期抱負非常有信心，我們正在重申我們的 2022 年展望。我們相信 SAP 可以在幫助我們的客戶在日益動蕩的世界中取得成功方面發揮關鍵作用。

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

再次感謝您今天加入我們。現在讓我交給 Luka 更詳細地討論我們的結果。

Yes. Thank you very much, Christian. And before providing you with additional color on our results, let me first also express my deepest solidarity with the people Ukraine. Our support for the people of Ukraine continues, and we have already contributed more than EUR 3.7 million so far to support refugees in the region with more to come in the weeks and months to come. Let me also mention that we have stopped all sales, started to cease cloud operations and have now decided to wind down our direct business activities in Russia and Belarus.

是的。非常感謝你，克里斯蒂安。在為我們的結果提供額外的色彩之前，讓我首先表達我對烏克蘭人民最深切的聲援。我們繼續為烏克蘭人民提供支持，到目前為止，我們已經捐款超過 370 萬歐元來支持該地區的難民，未來幾周和幾個月內還會有更多。我還要提一下，我們已經停止了所有銷售，開始停止雲業務，現在決定結束我們在俄羅斯和白俄羅斯的直接業務活動。

Despite the impact of the challenging geopolitical and macroeconomic environment, we are pleased with the results we delivered in the first quarter. Let me reiterate some of the key messages you just heard from Christian. We are enabling the transformations of our customers around the world as they turn to us for solutions to future-proof their businesses and make them more sustainable, secure and resilient. At the same time, they continue to power our growth and thus enable our own transformation.

儘管受到具有挑戰性的地緣政治和宏觀經濟環境的影響，我們對第一季度的業績感到滿意。讓我重申你剛剛從克里斯蒂安那裡聽到的一些關鍵信息。我們正在幫助世界各地的客戶實現轉型，因為他們向我們尋求解決方案，以使其業務面向未來，並使其更具可持續性、安全性和彈性。同時，它們繼續為我們的增長提供動力，從而實現我們自己的轉型。

In the first quarter, the trend towards larger cloud transactions continued. Deals with volumes greater than EUR 5 million contributed 45% of our cloud order entry. That's up from 27% in Q1 last year. This was again driven by RISE with SAP.

第一季度，雲交易規模更大的趨勢仍在繼續。交易量超過 500 萬歐元的交易占我們雲訂單輸入的 45%。這高於去年第一季度的 27%。這又是由 RISE with SAP 推動的。

Let me now provide you with some background on the key drivers behind this quarter. Christian already talked about our ongoing cloud momentum and S/4HANA's record contribution, but also the impact of the new geopolitical reality. Let me add some color here.

現在讓我向您介紹本季度背後的主要驅動因素的一些背景。 Christian 已經談到了我們持續的雲發展勢頭和 S/4HANA 的創紀錄貢獻，以及新的地緣政治現實的影響。讓我在這裡添加一些顏色。

In the first quarter, our current cloud backlog expanded to nearly EUR 10 billion and was up 23% despite a 0.8 percentage point headwind from our decision to actively shut down cloud operations in Russia. Supported by double-digit growth across our solution portfolio, cloud revenue grew 25%, again accelerated for the fourth consecutive quarter.

在第一季度，儘管我們決定積極關閉俄羅斯的雲業務存在 0.8 個百分點的阻力，但我們目前的雲積壓業務已擴大到近 100 億歐元，增長了 23%。在我們的解決方案組合實現兩位數增長的支持下，雲收入增長了 25%，連續第四個季度再次加速增長。

Our overall SaaS/PaaS cloud revenue was up 28%. Within that, our Intelligent Spend business returned to a healthy 16% growth rate. And our remaining SaaS/PaaS portfolio was up even 34%, driven by outstanding contributions of the Business Technology Platform; Qualtrics; and most notably, the 71% growth of S/4HANA.

我們的整體 SaaS/PaaS 雲收入增長了 28%。其中，我們的智能支出業務恢復了 16% 的健康增長率。在業務技術平台的傑出貢獻的推動下，我們剩餘的 SaaS/PaaS 產品組合甚至增長了 34%；定性；最值得注意的是，S/4HANA 增長了 71%。

Fueled by the growth in our more predictable revenue streams as well as services revenue, our total revenue was up 7%. Our cloud revenue performance was excellent across all regions in the first quarter. EMEA increased by 29%, the Americas by 24% and APJ by 23%. The U.S. and Germany showed particularly outstanding cloud revenue performances, with the fastest growth in the U.S. for 2.5 years.

在我們更可預測的收入流和服務收入增長的推動下，我們的總收入增長了 7%。第一季度，我們所有地區的雲收入表現都非常出色。 EMEA 增長了 29%，美洲增長了 24%，APJ 增長了 23%。美國和德國的雲收入表現尤為突出，2.5年來美國增速最快。

Let's now take a look at the bottom line. Due to revenue mix effects, our total gross margin decreased by 30 basis points to 72%. Our cloud gross margin was up 50 basis points despite increased investments into our next-generation cloud delivery program as compared to Q1 last year. This expansion supported our cloud gross profit growth of 26%.

現在讓我們來看看底線。由於收入組合的影響，我們的總毛利率下降了 30 個基點至 72%。儘管與去年第一季度相比，我們對下一代云交付計劃的投資增加了，但我們的雲毛利率上升了 50 個基點。這一擴張支持了我們 26% 的雲計算毛利潤增長。

Mainly driven by negative impacts amounting to approximately EUR 70 million related to the wind down of our business in Russia as well as accelerated investments into research and development and sales and marketing, our operating profit decreased by 7% to EUR 1.7 billion against a very strong prior year comparable. Our IFRS operating profit was up 10% to EUR 1.05 billion, primarily driven by lower restructuring expenses.

主要受俄羅斯業務關閉帶來的約 7,000 萬歐元負面影響以及對研發、銷售和營銷的加速投資的推動，我們的營業利潤下降了 7%，至 17 億歐元，而此前非常強勁上年可比。我們的 IFRS 營業利潤增長 10% 至 10.5 億歐元，主要是由於重組費用降低。

Let me now turn to EPS and cash flow. The decrease in EPS mainly reflects the contribution to financial income by Sapphire Ventures that was more than EUR 300 million lower than last year, given the current market conditions.

現在讓我談談每股收益和現金流。每股收益的下降主要反映了在當前市場條件下，Sapphire Ventures 對財務收入的貢獻比去年減少了 3 億多歐元。

Our free cash flow came in at EUR 2.16 billion. The year-over-year decrease is mainly attributable to the development of profitability in the quarter and impacts from working capital due to our continuous move to the cloud. The ongoing cloud business transformation provides more balance of cash inflows throughout the year. We are reiterating our full year outlook of above EUR 4.5 billion for free cash flow, accordingly.

我們的自由現金流為 21.6 億歐元。同比下降主要是由於本季度盈利能力的發展以及由於我們不斷遷移到雲端而受到營運資金的影響。持續的雲業務轉型提供了全年現金流入的更多平衡。因此，我們重申我們對自由現金流的全年展望超過 45 億歐元。

Considering the impact of Sapphire Ventures to our financial income, we are updating our effective tax rate guidance for the full year. We now expect an effective tax rate of 28% to 32% in IFRS and 23% to 27% in non-IFRS terms.

考慮到 Sapphire Ventures 對我們財務收入的影響，我們正在更新全年的有效稅率指導。我們現在預計 IFRS 的有效稅率為 28% 至 32%，非 IFRS 的有效稅率為 23% 至 27%。

Let's now turn to the outlook. As you have seen in today's release, we are reiterating our outlook for the full year for cloud revenue, cloud and software revenue as well as operating profit. That means that we are taking steps to absorb the expected impact of approximately EUR 300 million on the top line and EUR 350 million on the bottom line from the war in Ukraine. This is possible because of our increased cloud momentum, the initiation of disciplined expense management measures and the benefits associated with the streamlining of our portfolio that we expect to execute in the coming months as we continue to focus on strategic growth drivers.

現在讓我們轉向前景。正如您在今天的新聞稿中看到的那樣，我們重申了對雲收入、雲和軟件收入以及營業利潤的全年展望。這意味著我們正在採取措施吸收烏克蘭戰爭帶來的大約 3 億歐元收入和 3.5 億歐元利潤的預期影響。這是可能的，因為我們增加了雲發展勢頭，啟動了嚴格的費用管理措施，以及隨著我們繼續專注於戰略增長驅動因素，我們預計在未來幾個月內執行的精簡投資組合帶來的好處。

Finally, a few words on sustainability and some strategic initiatives. Here, I would like to highlight that we published our tenth integrated report on March 3. We expanded disclosure around non-financials, including enhanced representation of Scope 3 emissions as well as EU sustainable finance disclosures. We also disclosed the results of our second pilot of the value balancing alliance methodology, to which we contribute as a founding member.

最後，談談可持續性和一些戰略舉措。在這裡，我想強調一下，我們於 3 月 3 日發布了第十份綜合報告。我們擴大了非財務方面的披露，包括增強範圍 3 排放的代表性以及歐盟可持續金融披露。我們還披露了價值平衡聯盟方法的第二次試點的結果，我們作為創始成員對此做出了貢獻。

To complement our sustainability management solutions, we have also announced some new partnerships to build on the combined power of SAP and its ecosystem. Together with Boston Consulting Group, we have launched a joint transformation offering to identify the business value in sustainability, setting the right climate ambitions and powering an actionable sustainability road map. And we have joined forces with BearingPoint to deliver carbon and environmental footprint solutions, helping accelerate our road map in this solution area.

為了補充我們的可持續發展管理解決方案，我們還宣布了一些新的合作夥伴關係，以利用 SAP 及其生態系統的綜合力量。我們與波士頓諮詢集團一起推出了一項聯合轉型產品，以確定可持續發展的商業價值，設定正確的氣候目標並推動可行的可持續發展路線圖。我們與畢博聯手提供碳和環境足跡解決方案，幫助加快我們在該解決方案領域的路線圖。

So to conclude, the results of the first quarter proved once more that we are on track. Our strategy addresses the needs of our customers to become sustainable intelligent enterprises. We continue to build on our cloud momentum and remain confident in our 2025 ambition.

總而言之，第一季度的業績再次證明我們走上了正軌。我們的戰略滿足了客戶成為可持續智能企業的需求。我們將繼續鞏固我們的雲發展勢頭，並對我們 2025 年的雄心充滿信心。

Before moving to Q&A, we are very much looking forward to welcoming you to our financial analyst conference in conjunction with Sapphire, including, I was assured, a cocktail reception, that will take place on May 11 in Orlando. And we are looking forward to meeting you there in person. Thank you.

在進行問答之前，我們非常期待您與 Sapphire 一起參加我們的金融分析師會議，包括我確信將於 5 月 11 日在奧蘭多舉行的雞尾酒會。我們期待著親自與您見面。謝謝你。

(Operator Instructions) And with that, operator, please open the line.

（操作員說明）然後，操作員，請打開線路。

(Operator Instructions) We will now take our first question from James Goodman from Barclays.

（操作員說明）我們現在將向巴克萊的 James Goodman 提出第一個問題。

Maybe I could start with a nearer-term question just around the macro and Russia specifically. We've had a couple of comments clearly from U.S. businesses on weaker European outlook, you made some commentary here. But could you add some context to what you're seeing at the end of the quarter into April?

也許我可以從一個圍繞宏觀和俄羅斯的近期問題開始。我們已經從美國企業那裡得到了一些關於歐洲前景疲軟的明確評論，您在這裡發表了一些評論。但是，您能否為您在四月份的季度末看到的情況添加一些背景信息？

And specifically on Russia, EUR 350 million profit impact on EUR 300 million of sales. Can you explain why the profit impact is so large? And whether there's a one-off element here that comes back in '23.

特別是在俄羅斯，3.5 億歐元的利潤影響了 3 億歐元的銷售額。您能解釋一下為什麼利潤影響如此之大嗎？以及這裡是否有一個一次性的元素會在 23 年回歸。

Do you want to do the financial impact? And then the business impact, the macro, together maybe with Scott.

你想做財務影響嗎？然後是業務影響，宏觀，可能與斯科特一起。

Exactly, that makes sense. So indeed, I mean, the question is fair: Why is there a bigger profit impact than a revenue impact? Obviously, you would normally expect, when you have a revenue impact, some savings in variable expenses flow through, and therefore, you would have a lower impact on profits. However, a significant share of the impacts that we expect on the expense side are actually from a compression of multiple period expenses into the current year 2022.

沒錯，這是有道理的。所以事實上，我的意思是，這個問題是公平的：為什麼利潤影響比收入影響更大？顯然，您通常會期望，當您對收入產生影響時，會產生一些可變費用的節省，因此，您對利潤的影響會較小。然而，我們預計在費用方面的很大一部分影響實際上來自將多個期間的費用壓縮到 2022 年。

To explain. When we, for example, decided to discontinue our cloud data center operations, we had to actually accelerate the amortization of our data center assets because the useful life is obviously much shorter than originally anticipated and recognized this as expenses. So this is the primary expense impact that has contributed to the EUR 70 million that we experienced already in Q1.

解釋。例如，當我們決定停止我們的雲數據中心運營時，我們實際上不得不加速我們數據中心資產的攤銷，因為使用壽命顯然比最初預期的要短得多，並將其確認為費用。因此，這是導致我們在第一季度已經經歷的 7000 萬歐元的主要費用影響。

Now in Q2, we will have a similar impact, but actually at a larger scale, in terms of an accelerated amortization of sales commissions. We capitalize and then amortize our sales commissions for past sales over a period of time depending on the business model. And given that we are also now looking at discontinuing our direct support and maintenance operations in Russia, we will also have to adjust here the useful life of the contracts, and therefore, also the capitalization and amortization period of sales commissions.

現在在第二季度，我們將產生類似的影響，但實際上規模更大，就銷售佣金的加速攤銷而言。我們根據業務模式在一段時間內將過去銷售的銷售佣金資本化然後攤銷。鑑於我們現在也在考慮停止在俄羅斯的直接支持和維護業務，我們還必須在這裡調整合同的使用壽命，因此也需要調整銷售佣金的資本化和攤銷期。

In addition, we have also an impact on bad debt expenses, some of which are coming from prior periods that we will have to recognize, for example, with sanctioned customers. That's the reason why the impact on profit is actually higher than the impact of revenues. And an over-proportional amount of that will actually have to be reflected in Q2.

此外，我們還對壞賬費用產生影響，其中一些來自我們必須確認的前期費用，例如，受制裁的客戶。這就是為什麼對利潤的影響實際上高於對收入的影響的原因。實際上，其中超比例的數量必須反映在第二季度。

Yes. And on the macro side. I mean, of course, there is no headwind coming from Russia, but I mean, we are reiterating our guidance which is actually then, given there is a EUR 350 million hit, actually we are in essence actually raising our guidance to absorb this hit.

是的。在宏觀方面。我的意思是，當然，沒有來自俄羅斯的逆風，但我的意思是，我們正在重申我們的指導，實際上，鑑於有 3.5 億歐元的打擊，實際上我們實際上是在提高指導以吸收這次打擊.

And why do we do this? I mean, first and foremost, what we see also in Europe, there's a high demand still in the market for ongoing business transformations. So customers are now moving more than ever to new business models, selling services. Resilient supply chains is, of course, of high demand. You have seen the transactions in our SAP Business Network went up by 95% year-over-year. The first discussion I have, especially with European CEOs, is all around how can SAP help to make supply chains more resilient like we did with Catena-X in the automotive? And we have now further examples on semiconductor, we have further examples in life science and so on.

我們為什麼要這樣做？我的意思是，首先，我們在歐洲也看到，市場對正在進行的業務轉型仍有很高的需求。因此，客戶現在比以往任何時候都更傾向於新的商業模式，即銷售服務。當然，彈性供應鏈的需求量很大。您已經看到我們 SAP 業務網絡中的交易量同比增長了 95%。我的第一次討論，尤其是與歐洲 CEO 的討論，是圍繞著 SAP 如何幫助提高供應鏈的彈性，就像我們在汽車中使用 Catena-X 所做的那樣？我們現在有更多關於半導體的例子，我們有更多關於生命科學的例子等等。

And then last but not least, of course, when we are now moving in with RISE, you have heard about the conversion rates. And we are seeing more and more an uptick also in our other line of business solutions. Needless to say, Scott, I guess, we can say we are absolutely confident and very bullish about our pipeline for RISE for the rest of the year.

最後但同樣重要的是，當然，當我們現在與 RISE 合作時，您已經聽說過轉換率。而且我們看到我們的其他業務解決方案也越來越多地上升。不用說，斯科特，我想，我們可以說我們對今年剩餘時間 RISE 的管道絕對有信心並且非常看好。

But what we're also seeing is, with the platform underneath and a revenue run rate of EUR 1 billion and an uptick of the ecosystem now building extensions on the platform, this all makes us very, very confident that we can even further accelerate our top line momentum.

但我們也看到的是，有了下面的平台和 10 億歐元的收入運行率，以及現在在平台上構建擴展的生態系統的上升，這一切都讓我們非常非常有信心，我們可以進一步加速我們的頂線勢頭。

Scott, anything to add?

斯科特，有什麼要補充的嗎？

Yes. I think you said it well, Christian. The one thing that I would add in simple terms is businesses and companies in Europe, and in fact, around the world, need a business platform to navigate uncertainty. That's SAP. They leverage SAP because we're able to provide real-time capability to deal with a regulatory change. We're able to deal with the cybersecurity challenges. We're able to deal -- help them deal with their supply chain challenges and other factors of uncertainty that Christian mentioned.

是的。我認為你說得很好，克里斯蒂安。我要簡單補充的一件事是歐洲的企業和公司，事實上，在世界各地，都需要一個商業平台來應對不確定性。那是SAP。他們利用 SAP 是因為我們能夠提供實時能力來應對監管變化。我們能夠應對網絡安全挑戰。我們能夠應對——幫助他們應對供應鏈挑戰和 Christian 提到的其他不確定因素。

And that underpins not only in the move to the cloud, but the move to transform, and that's what RISE with SAP brings. So that's been reflected in our pipeline and our confidence, that despite some of the challenges that we see in the world, companies are actually coming more to SAP because they need a business to be able to help them transform and run in this environment going forward. And that's what we're strong at.

這不僅是向雲遷移的基礎，也是轉型的基礎，這就是 RISE with SAP 所帶來的。所以這反映在我們的管道和我們的信心中，儘管我們在世界上看到了一些挑戰，但公司實際上更多地選擇了 SAP，因為他們需要一個能夠幫助他們在這種環境中轉型和運行的業務.這就是我們的強項。

The next question, from Toby Ogg from Credit Suisse.

下一個問題來自瑞士信貸的 Toby Ogg。

Could you just give us -- Luka, maybe for you. Just give us a sense for the magnitude of the cloud gross margin headwind from the harmonization investment in Q1.

你能不能給我們——Luka，也許是給你的。讓我們了解第一季度統一投資帶來的雲毛利率逆風的幅度。

And then secondly, just as we look a little bit further out into 2023 and the moving parts on the cloud gross margin, can you give us a feel for the size of any potential impact to costs that persist into the first half of 2023? And then just give us a feel for what you think the right cloud gross margin level would be, given those costs, but also the higher portion of single-tenant S/4HANA in the mix.

其次，正如我們進一步展望 2023 年和雲計算毛利率的變動部分一樣，您能否讓我們了解對持續到 2023 年上半年的成本的任何潛在影響的規模？然後讓我們感受一下您認為合適的雲毛利率水平，考慮到這些成本，以及單租戶 S/4HANA 在組合中的較高比例。

Yes. Thanks very much for the questions. So first of all, the cloud margin impact of the harmonization program in Q1 was actually quite sizable. As we said, it increases -- has increased over time, quarter-over-quarter. And it's -- for Q1, it has been 1.4 percentage points. So in other term, in other words, without these expenses, the cloud margin would have been up by close to 2 percentage points in Q1.

是的。非常感謝您的提問。因此，首先，第一季度協調計劃對雲邊際的影響實際上相當大。正如我們所說，它增加了 - 隨著時間的推移，季度環比增加。它是 - 對於第一季度，它是 1.4 個百分點。因此，換句話說，如果沒有這些費用，第一季度雲利潤率將上升近 2 個百分點。

In terms of the go-forward plan. Actually in 2023, of course, a significant part of the cost run rate that we are seeing now in 2022, and 2022 has a higher run rate than 2021 in that respect, will go away, will disappear. I would say we will have less than half of those expenses still in place in 2023 as we run off the program in the first half year with the final retirement of our legacy infrastructures and the decommissioning. So think about a low triple-digit million number as opposed to significantly more than EUR 200 million that we will have in 2022.

在前進計劃方面。當然，實際上在 2023 年，我們現在在 2022 年看到的成本運行率的很大一部分，並且 2022 年在這方面的運行率高於 2021 年，將會消失，將會消失。我想說的是，到 2023 年，我們將在 2023 年保留不到一半的費用，因為我們在上半年結束了該計劃，我們的遺留基礎設施最終退役和退役。因此，請考慮一個低三位數的百萬數字，而不是我們在 2022 年將擁有的遠遠超過 2 億歐元的數字。

And then in the second half of the year in particular, there will be a significant step up also due to the increased efficiency of that cloud infrastructure. So as we had predicted all along, we will see an exit cloud margin rate in 2023, will be significantly above the current levels that we see, where we've always said that in 2022, the cloud margin development will be rather flat.

特別是在下半年，由於雲基礎設施效率的提高，也會有顯著的進步。因此，正如我們一直預測的那樣，我們將在 2023 年看到退出雲利潤率，將大大高於我們所看到的當前水平，我們一直說 2022 年雲利潤率發展將相當平緩。

And so in terms of the further progression, there is no doubt that our profitability in the cloud business will materially increase. At the same time, I have to say we are ahead of the growth curve as well, and that is also predominantly fueled by the great success of RISE with SAP, which comes along with a great uptick in S/4HANA cloud and also private cloud deployments, that's true. But those are quite profitable as well.

因此，就進一步發展而言，毫無疑問，我們在雲業務中的盈利能力將大幅提高。同時，我不得不說我們也領先於增長曲線，這也主要得益於 RISE with SAP 的巨大成功，伴隨著 S/4HANA 雲和私有云的大幅增長部署，確實如此。但這些也是相當有利可圖的。

So all of this and the progress in the cloud harmonization initiatives that we have achieved so far make us very confident around our 2025 ambition, in particular, as far as the absolute contribution of cloud profits to our overall operating profit commitment and ambition is concerned. So this is on a very positive path.

因此，所有這一切以及我們迄今為止在雲協調計劃方面取得的進展使我們對 2025 年的目標充滿信心，特別是就雲利潤對我們整體運營利潤承諾和目標的絕對貢獻而言。所以這是一條非常積極的道路。

The next question, from Adam Wood from Morgan Stanley.

下一個問題來自摩根士丹利的亞當伍德。

Just first of all, can I ask on current cloud backlog? I know Luka, you flagged that this would decelerate in Q1. I wonder, first of all, if you could just confirm that you'd still be expecting this to accelerate back similar to or above the fourth quarter levels. Maybe you can give us any kind of background on what gives you the confidence that would happen, that would be really useful.

首先，我可以問一下當前的雲積壓嗎？我知道 Luka，您曾表示這將在第一季度減速。我想知道，首先，您是否可以確認您仍然期望這會加速回到類似於或高於第四季度的水平。也許你可以給我們任何背景，讓你相信會發生什麼，這將非常有用。

And then secondly, just on the outlook through the year. We're obviously nervous about macro and around the geopolitical situation. Could you just talk a little bit about the plans in terms of putting cost into the business if the tech budgets and companies were starting to be a little bit more cautious? Would the focus beyond making sure that the business is in a good place to grow in '23? Or would it be to protect the EBIT guidance for this year?

其次，就全年的前景而言。我們顯然對宏觀和地緣政治局勢感到緊張。如果技術預算和公司開始變得更加謹慎，您能否談談將成本投入業務的計劃？除了確保企業在 23 年處於良好的發展空間之外，重點是否會有所增加？還是為了保護今年的息稅前利潤指引？

Yes. I think that's probably, for the most part, a question to me. But Christian, feel free to chime in.

是的。我認為這在很大程度上可能是對我的一個問題。但是克里斯蒂安，請隨意插話。

So first of all, indeed, I mean, when we think about the trajectory on the current cloud backlog, it's exactly as we had said on Q4 earnings. We expected a slightly slower start in Q1 just due to the fact that the sheer business volume in terms of new bookings that we can move in Q1 is always the smallest. And therefore, we had actually expected a deceleration. Now of course, we did not have the Russia effect, in our cards. But otherwise, this is exactly as expected.

所以首先，事實上，我的意思是，當我們考慮當前云積壓的軌跡時，這與我們在第四季度收益中所說的完全一樣。我們預計第一季度的開局會略微放緩，因為我們在第一季度可以移動的新預訂的絕對業務量始終是最小的。因此，我們實際上預計會出現減速。當然，我們的牌中沒有俄羅斯效應。但除此之外，這完全符合預期。

But on the flip side, we absolutely continue to believe that we will see now, from now on, already starting in Q2, an acceleration again. And we absolutely believe that we will end the year with the similar growth profile. Last year, we had 26% in Q4, and we expect the same actually also for Q4 in 2022.

但另一方面，我們絕對繼續相信，從現在開始，從第二季度開始，我們將再次看到加速。我們絕對相信，我們將以類似的增長方式結束今年。去年，我們在第四季度有 26%，我們預計 2022 年第四季度實際上也是如此。

The reason why that is, it's fairly simple. First of all, in Q1, again, the lower volumes, and we had an absolutely spectacular Q1 2021, driven also by some catch-up effect, quite frankly, from the first phase of the pandemic. Q1 2022 was very good and strong from a bookings perspective. But compared to this very spectacular outcome, we always knew that it would be hard to top this. In Q2 and in Q3 in particular, we face an easier compare. And based on what I see in terms of the pipeline buildup and the strength there, we are very confident that we will see the acceleration. So we are very confident about this.

原因很簡單。首先，在第一季度，銷量再次下降，而我們在 2021 年第一季度的表現絕對令人矚目，坦率地說，這也是由於大流行第一階段的一些追趕效應。從預訂的角度來看，2022 年第一季度非常好且強勁。但是與這個非常壯觀的結果相比，我們一直都知道很難超越這一點。在第二季度，尤其是在第三季度，我們面臨著一個更容易比較的問題。根據我所看到的管道建設和那裡的實力，我們非常有信心看到加速。所以我們對此非常有信心。

In terms of the outlook throughout the year and the cost planning. Look, it's very important for us to make sure that we achieve both objectives. We of course want to make sure that we meet our commitment in terms of the guidance. But at the same time, we certainly don't want to sacrifice our focus on growth in order to do this.

在全年展望和成本規劃方面。看，確保我們實現這兩個目標對我們來說非常重要。我們當然希望確保我們在指導方面履行我們的承諾。但與此同時，我們當然不想為了做到這一點而犧牲對增長的關注。

First of all, we have already significantly invested. You have seen that in Q1, we onboarded another round about 2,400 employees. About 400 came from the acquisition of Taulia. The rest, roughly 2,000, are organic hires with clearly a bias towards R&D and sales and marketing headcount. This will slow down for the remainder of the year. It also makes not a lot of sense in sales and marketing, for example, to back-end load hirings at the middle of the year because you will need to have these folks productive towards the end of the year to drive business.

首先，我們已經進行了大量投資。您已經看到，在第一季度，我們又招募了大約 2,400 名員工。大約 400 來自對 Taulia 的收購。其餘的大約 2,000 人是自然招聘，顯然偏向於研發、銷售和營銷人員。這將在今年剩餘時間內放緩。這在銷售和營銷方面也沒有多大意義，例如，在年中後端加載招聘，因為您需要讓這些人在年底前提高生產力以推動業務發展。

We are of course prudent when it comes to discretionary expenses, no doubt about that. We're also taking a hard look at our portfolio as we always do, as we have done for a number of years now, to identify areas that are -- can be deemphasized because they're not strategic to our growth from a longer-term perspective, and in order to focus our resources on the highest growth potential areas.

毫無疑問，在涉及可自由支配的費用時，我們當然是謹慎的。我們也像往常一樣認真審視我們的投資組合，就像我們多年來所做的那樣，以確定哪些領域——可以不被強調，因為它們對我們的長期增長沒有戰略意義——長期的觀點，並將我們的資源集中在最具增長潛力的領域。

In that context, you have seen us in the past few years doing smaller divestitures. That is something that we are looking into as well. The impact of any such divestiture will not be significant, perhaps in the low triple-digit million euro range. But that is something that is possible to happen in the second half of the year as well.

在這種情況下，您已經看到我們在過去幾年中進行了較小的資產剝離。這也是我們正在研究的問題。任何此類資產剝離的影響都不會很大，可能在三位數的百萬歐元範圍內。但這也是下半年可能發生的事情。

Then perhaps a few words around the profile of the business as we move through the quarters. I think we have also been clear already without the Russia impact, that the first half year in terms of year-over-year profit development would be more challenging than the second half year because, last year, that was a much better performance, so to say, driven by the fact that we have the pandemic still fully in place. Q1 for example at 24% operating profit growth last year. So it isn't a surprise for us that, for example, in Q1 this year, we had negative profit development. Actually, we did better than plan without the Russia effect. So that is good.

然後，當我們在各個季度移動時，可能會圍繞業務概況說幾句話。我認為在沒有俄羅斯影響的情況下，我們也已經很清楚，上半年的利潤同比增長將比下半年更具挑戰性，因為去年的表現要好得多，所以可以說，這是由於我們的流行病仍然完全存在這一事實。例如，去年第一季度的營業利潤增長了 24%。因此，例如，在今年第一季度，我們的利潤出現負增長，這對我們來說並不奇怪。實際上，在沒有俄羅斯效應的情況下，我們做得比計劃好。所以這很好。

For Q2, as I said, I expect an over-proportional amount of the expense impact out of this EUR 350 million will be recognized. We will also recognize a big part, if not the entirety, of the restructuring charge in Q2. So therefore, Q2 will be most affected by the situation around the war.

正如我所說，對於第二季度，我預計這 3.5 億歐元的費用影響中的超比例金額將得到確認。我們還將認識到第二季度的重組費用的很大一部分，如果不是全部的話。因此，第二季度將受到戰爭局勢的最大影響。

And then in the second half year, as first of all, the comparables are getting easier, we are seeing the fruits of the investments that we have made early on in the year. And we continue to harvest the great strength of our cloud business. That's where the profit levels will significantly climb back, and that's why we are confident that we will remain within the guidance.

然後在下半年，首先，可比性變得越來越容易，我們看到了我們在年初進行的投資的成果。我們繼續收穫雲業務的強大力量。這就是利潤水平將顯著回升的地方，這就是為什麼我們有信心保持在指導範圍內。

And on the cloud revenue side. Look, it's also similar to what we said at the beginning of the year. We expect continued acceleration in particular in the second half of the year when the full strength of the great backlog expansion that we have seen in Q4, including the further business that we have booked in the first half of the year is coming to fruition.

在雲收入方面。你看，也和我們年初說的差不多。我們預計今年下半年將繼續加速，屆時我們在第四季度看到的巨大積壓擴張的全部力量，包括我們在上半年預訂的進一步業務即將開花結果。

In Q2, you might see a small blip there in terms of the growth rates because there, for the first time then, the impact from the cloud discontinuation in Russia that you have seen in the current cloud backlog in Q1 will then start to show in the cloud revenue figures. But again, from a second half and full year effect, this will be fully overshadowed by the strength of our business at a global level. And so we absolutely believe we will see continued acceleration in the second half year.

在第二季度，您可能會看到那裡的增長率出現小幅波動，因為屆時您在第一季度當前的雲積壓中看到的俄羅斯雲服務中斷的影響將開始顯現雲收入數據。但同樣，從下半年和全年來看，這將完全被我們在全球範圍內的業務實力所掩蓋。因此，我們絕對相信我們將在下半年看到繼續加速。

Our next question, from Stacy Pollard from JPMorgan.

我們的下一個問題來自摩根大通的 Stacy Pollard。

Really, this is a follow-up a little bit on your comments around the seasonality of the EUR 350 million and the other restructuring and kind of how you think of the operating profits or operating profit impacts through the quarters. But also, is there a continuing impact on the base going into 2023? Or do you catch up and kind of get back on track?

確實，這是對您對 3.5 億歐元的季節性和其他重組以及您如何看待整個季度的營業利潤或營業利潤影響的評論的後續評論。而且，到 2023 年，基地是否會受到持續影響？還是你趕上並回到正軌？

So for example, if the base is a little bit lower, EUR 350 million lower, let's say, in 2022. Should we get even better double-digit growth in operating profit for 2023, than you might have? I guess the growth goes up, but maybe the number stays the same. Is that your thinking?

因此，例如，如果基數稍微低一點，比如在 2022 年減少 3.5 億歐元。我們是否應該在 2023 年獲得比您可能擁有的更好的營業利潤的兩位數增長？我猜增長會上升，但也許這個數字保持不變。這是你的想法嗎？

Yes. So first of all, 2 comments on 2023 because I want to be crystal clear on this. We absolutely are fully behind our commitment that you will see double-digit growth in operating profit again in 2023. That was always our commitment. We said that in October 2020 when we established the new midterm ambition framework and the strategy refresh, that in 2021 and 2022, we would see only a flat to slightly declining profit development and then return to double-digit growth. This absolutely will happen, and that remains our commitment. And that is obviously of the guidance that we have been giving for the flat and slightly declining profit with a flat to minus 5% profit ambition that we had for 2022. And as this is unchanged, also the commitment for 2023 is unchanged.

是的。因此，首先，對 2023 年發表 2 條評論，因為我想對此一清二楚。我們絕對完全支持我們的承諾，即您將在 2023 年看到營業利潤再次實現兩位數增長。這一直是我們的承諾。我們在2020年10月建立新的中期目標框架和戰略更新時說過，在2021年和2022年，我們只會看到利潤發展持平到小幅下滑，然後恢復到兩位數的增長。這絕對會發生，這仍然是我們的承諾。這顯然是我們對 2022 年利潤持平並略有下降的指導，利潤目標持平至負 5%。由於這沒有改變，2023 年的承諾也沒有改變。

Now the one thing that I have noted before and that you should take with you, obviously, is that the impact that we're having in 2022 from extraordinary expenses is partially a pull-forward of expenses that otherwise we would have seen in later periods, not only in 2023, but also in 2024, because of the acceleration of the amortization period for sales commissions. So that is obviously then translating into a help for 2023 and 2024. And that of course even further ignites our confidence in being able to drive to that double-digit growth. So in that sense, this is actually a relief for later years. But we are bearing of course now the expense load in 2022. I hope that helps to display the commitment.

現在，我之前已經註意到並且您應該隨身攜帶的一件事顯然是，我們在 2022 年因非常費用而產生的影響部分是費用的提前，否則我們會在以後看到，不僅在2023年，而且在2024年，因為銷售佣金攤銷期限的加快。因此，這顯然會轉化為對 2023 年和 2024 年的幫助。當然，這甚至進一步點燃了我們能夠推動實現兩位數增長的信心。所以從這個意義上說，這實際上是對晚年的一種解脫。但我們現在當然要承擔 2022 年的費用負擔。我希望這有助於顯示我們的承諾。

And maybe, Stacy, and also just to quickly build on that.

也許，斯泰西，也只是為了快速建立起來。

That's helpful. Yes.

這很有幫助。是的。

I mean, with our business actually also transforming, our revenue streams are becoming more and more predictable. Our overall P&L performance becomes more and more predictable. And the way how we now also model this out is we have strong pipeline multiples in place, which we then gave us the confidence to actually also reiterate our guidance in the cloud with strong acceleration in half year 2.

我的意思是，隨著我們的業務實際上也在轉型，我們的收入流變得越來越可預測。我們的整體損益表現變得越來越可預測。我們現在如何對此進行建模的方式是我們擁有強大的管道倍數，然後我們有信心在第二年半年以強勁的加速重申我們在雲中的指導。

Plus of course also on the profit side. I mean, we know how to manage then our cost base. We have a plan how to offset the Russia impact. And then of course next year going in, we talked about the cloud harmonization program. We know when this effect will kick in. And then for the rest, it's actually a highly predictable revenue, combined of course with good management of our cost base. That actually will lead then to double-digit profit growth in 2023.

當然，還有利潤方面。我的意思是，我們知道如何管理我們的成本基礎。我們有一個如何抵消俄羅斯影響的計劃。然後當然明年開始，我們談到了雲協調計劃。我們知道這種影響何時會開始。然後對於其餘的，這實際上是一個高度可預測的收入，當然還有我們對成本基礎的良好管理。這實際上將導致 2023 年實現兩位數的利潤增長。

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

下一個問題來自美國銀行的 Frederic Boulan。

Two follow-ups, please. One on the revenue guidance. So you're saying you de facto increasing the guidance despite the hit from Russia. And overall color of uncertainties in Europe. So maybe, Christian, you can spend a bit of time on the tone of discussions you have with your main clients. Is it fair to say that you're not seeing any reduction in appetite, discussions to post transitions to cloud and broader projects? And in general, if you can give us a bit more ammunition on what is actually better than expected.

請跟進兩個。一是關於收入的指導。所以你說你實際上增加了指導，儘管受到俄羅斯的打擊。以及歐洲不確定性的整體色彩。所以也許，克里斯蒂安，你可以花一點時間在你與主要客戶討論的語氣上。公平地說，您沒有看到任何食慾下降、討論發佈到雲的過渡和更廣泛的項目嗎？總的來說，如果你能給我們更多關於實際上比預期更好的彈藥。

And then secondly, maybe a question for Christian around -- sorry, it's on -- for Luka around cloud margins. So I think last year, in June, you mentioned a step in cloud gross margins of 75% in 2023, towards 80% in '25. Can you confirm that this is still on the agenda, and the underlying assumptions you're taking on business network and SaaS/PaaS margins?

其次，也許是關於Christian 的一個問題——抱歉，已經開始了——關於雲邊緣的Luka。因此，我認為去年 6 月，您提到 2023 年雲毛利率將達到 75%，到 25 年將達到 80%。您能否確認這仍然在議程上，以及您對業務網絡和 SaaS/PaaS 利潤率的基本假設？

I take the first question. And look, in almost every discussion here in Europe, but actually also at a global scale. And these days, one of the biggest topics, and this is why we are also so confident with our pipeline in the cloud, it's the combination of, first, cybersecurity. We see a huge increase of attacks around the world. And when you look at many customers, I mean, they are not big tech players. They don't have the investments in cyber, what other tech players have. And then with RISE, when you then come and say, "Hey, we're going to protect your stack end-to-end. And there's one party who takes this end-to-end accountability to make sure your data is secure." It's a very strong value proposition.

我回答第一個問題。看，幾乎在歐洲的每一次討論中，但實際上也在全球範圍內。這些天來，最大的話題之一，這就是為什麼我們對我們在雲中的管道如此有信心，它首先是網絡安全的結合。我們看到世界各地的攻擊大幅增加。當您查看許多客戶時，我的意思是，他們不是大型科技公司。他們沒有像其他科技公司那樣在網絡方面進行投資。然後使用 RISE，當你過來說：“嘿，我們將端到端保護你的堆棧。並且有一方負責這種端到端的責任，以確保你的數據是安全的。 "這是一個非常強大的價值主張。

Second, and when you are then dealing with huge supply chain disruptions. And a year ago, we talked about semiconductor, which is still out there. In the meantime, we are talking about wheat. We are talking about shortages of magnesium, of -- in life science, we are having a lot of customers have huge shortages in -- with regard to their raw material. And this is actually which is also then pushing more IT spend.

其次，當您處理巨大的供應鏈中斷時。一年前，我們談到了仍然存在的半導體。與此同時，我們正在談論小麥。我們談論的是鎂的短缺，在生命科學領域，我們有很多客戶在原材料方面存在嚴重短缺。這實際上也推動了更多的 IT 支出。

And then again, we still also see that, when you are not transforming your business model, when you are not offering a more personalized offering for what your customers need in retail, in utilities, when it goes a lot around customer retention, when you are not adapting your pricing, which is all going back to our portfolio, to our technology, then you're going to lose your competitiveness in the market.

再說一遍，我們仍然看到，當你沒有改變你的商業模式時，當你沒有為客戶在零售、公用事業中的需求提供更個性化的產品時，當它與客戶保留有很大關係時，當你沒有調整你的定價，這一切都回到我們的產品組合，我們的技術，那麼你將失去你在市場上的競爭力。

And that's, together in this sequence, I would say, are the conversations we are having. And this is why we're also still so, so confident about our pipeline and our growth momentum.

我想說，這就是我們正在進行的對話。這就是為什麼我們仍然如此，對我們的管道和增長勢頭充滿信心。

Yes. And just quickly on the cloud margin. So absolutely, we still pursue that ambition. I mean, we have actually reconfirmed it today, and that includes of course also the gross margin ambition for 2025.

是的。並且很快就在雲邊緣。所以絕對，我們仍然追求這個雄心壯志。我的意思是，我們今天實際上已經再次確認了這一點，這當然也包括 2025 年的毛利率目標。

In terms of the decomposition of the different solution types here, let's start with the Intelligent Spend Group. I mean, this has already seen a very nice uptick to more than 80%, 80.7% right now, driven by the revenue recovery in particular in Concur. Obviously, that makes a big difference. But again, the growth in ISBN still only, so to say, 16%. So there is a lot of space for an even further recovery. And then those very high-margin businesses will actually further contribute. So post the completion of the cloud harmonization program, in particular for Ariba, we absolutely expect that also this business will see a further step up, probably to the levels of 82% to 83%.

說到這裡對不同解決方案類型的分解，我們先從智能支出組說起。我的意思是，在收入復甦的推動下，尤其是在 Concur，這一比例已經非常好地上升到 80% 以上，目前是 80.7%。顯然，這有很大的不同。但同樣，ISBN 的增長仍然只有 16%。因此，還有很大的空間可以進一步恢復。然後那些利潤非常高的業務實際上會進一步做出貢獻。因此，在雲協調計劃完成後，特別是對於 Ariba，我們絕對希望該業務也將進一步提升，可能達到 82% 到 83% 的水平。

The rest of the SaaS/PaaS portfolio is actually where the biggest step-up will occur. That business is, at the moment, bearing the brunt of the corresponding additional cost of cloud investments for the harmonization program. There are multiple solutions that are affected by this, that's why the gross margin there is only around 70 or very low 70s, dependent on the solution. So there, you should see in the second half year a significant step-up, which is good because this is also the fastest-growing part of the business.

SaaS/PaaS 產品組合的其餘部分實際上是最大提升的地方。目前，該業務首當其沖地承受協調計劃的雲投資相應的額外成本。有多種解決方案受此影響，這就是為什麼那裡的毛利率只有 70 左右或非常低的 70 年代，具體取決於解決方案。因此，您應該在下半年看到顯著的增長，這很好，因為這也是業務增長最快的部分。

And then you have an Infrastructure as a Service business with its natural margin limitations that will not really significantly further improve beyond, let's say, mid-30s. However, we deemphasized this business consciously. As you have seen and as we have already indicated, the growth is coming down. It will actually at some point turn even negative. And so from that perspective, in the mix, that will be reduced.

然後你有一個基礎設施即服務業務，其自然利潤率限制不會真正進一步顯著改善，比方說，30 多歲中期。但是，我們有意識地淡化了這項業務。正如你所看到的，正如我們已經指出的那樣，增長正在下降。它實際上會在某個時候變成負面的。所以從這個角度來看，在混合中，這將減少。

So the one unknown that we continue to have, as I already highlighted on prior occasions, it's just the proportion of S/4HANA private cloud in the mix. And therefore, the great success of RISE that is frankly ahead of our plan. We have been, every single quarter in 2021, ahead of our revenue plan in the cloud. We are again ahead of our revenue plan in the cloud in Q1 2022. And the reason is the tremendous success of RISE.

因此，正如我在之前的場合已經強調的那樣，我們仍然擁有一個未知數，它只是 S/4HANA 私有云在混合中的比例。因此，RISE 的巨大成功坦率地說超出了我們的計劃。我們在 2021 年的每個季度都領先於我們在雲中的收入計劃。我們再次領先於 2022 年第一季度的雲收入計劃。原因是 RISE 的巨大成功。

So if that continues, and therefore, as far in our private cloud becomes a far greater part of the overall mix than what was contemplated when we revised our plan, we might see a situation where we fall slightly short on the margin side, but then we would overshoot on the absolute cloud profit side. And that's why we have started also to break this out with the tremendous 32% or 26% at constant currency growth that we've seen in Q1, and we will continue to provide visibility.

因此，如果這種情況繼續下去，並且因此，在我們的私有云中成為整體組合的一部分，遠遠超過我們修改計劃時的預期，我們可能會看到我們在邊際方面略微不足的情況，但隨後我們會在絕對雲利潤方面過頭。這就是為什麼我們也開始以我們在第一季度看到的 32% 或 26% 的驚人貨幣增長來打破這一點，我們將繼續提供可見性。

And therefore, from an absolute cloud profit perspective, if we indeed saw this continued outperformance of RISE with SAP, that would be a very nice problem to have because it would actually provide upsides on the operating profit line.

因此，從絕對雲利潤的角度來看，如果我們確實看到 RISE 與 SAP 的持續表現出色，那將是一個非常好的問題，因為它實際上會在運營利潤線上提供上行空間。

Great. And maybe just one clarification. When you talk about H2 step-up, you talk about '23, right?

偉大的。也許只是一個澄清。當您談論 H2 升級時，您談論的是 '23，對嗎？

Absolutely. For 2022, as we indicated all along, we should consider a flattish development of cloud margins, again, because the weight of the investment of the cloud harmonization program is quite significant, 1.4%, as I said, in Q1. And it will actually further increase over the course of the year.

絕對地。正如我們一直指出的那樣，對於 2022 年，我們應該再次考慮雲利潤的平緩發展，因為雲協調計劃的投資權重非常重要，正如我所說，第一季度為 1.4%。它實際上將在一年中進一步增加。

Our next question comes from Michael Briest from UBS.

我們的下一個問題來自瑞銀的 Michael Briest。

Luka and Christian, could you give some context to Luka's planned departure? And I mean, it doesn't seem like it was expected, certainly wasn't expected by me. And in terms of succession, the timing around that and the consideration of internal versus external candidates. And if external, any sort of criteria around software expertise, German nationality, anything like that?

盧卡和克里斯蒂安，你能給盧卡計劃離開的一些背景信息嗎？我的意思是，這似乎不是我所期望的，當然不是我所期望的。在繼任方面，圍繞這一點的時間安排以及內部與外部候選人的考慮。如果是外部的，是否有任何關於軟件專業知識、德國國籍等的標準？

And then Christian, on the Qualtrics call last night, the management did suggest that, in Europe, there was a little bit of slippage in order intake. And I'm just curious why you're seeing something different, especially given that license performance, it felt to me that, that perhaps should have translated into a stronger cloud backlog number if it was moving from one bucket into another rather than slippage. So did you see anything in Europe or elsewhere that would fit with Qualtrics' comments?

然後克里斯蒂安，在昨晚的 Qualtrics 電話會議上，管理層確實暗示，在歐洲，訂單接收有一點下滑。我只是好奇為什麼你會看到一些不同的東西，特別是考慮到許可證的性能，我覺得，如果它從一個存儲桶移動到另一個存儲桶而不是滑點，它可能應該轉化為更強大的雲積壓數量。那麼您在歐洲或其他地方是否看到任何符合 Qualtrics 評論的內容？

Perhaps you can get started with that part and I'll cover my part...

也許你可以從那部分開始，我會介紹我的部分......

I don't know, but let me also cover your part first. Let me share some words here. I mean, there is no doubt that we have always been very happy with having Luka on board. Without any doubt, Luka is doing a great job. And I mean, Luka and I also now worked for some time together. Actually, I worked for Luka few years back. And -- but when you're doing this, I guess, for 9 years, Luka now in the meantime, we're going into the ninth year, I mean, it's fair to say that -- then also Luka said, "Hey, there's also probably also something else, what I can do going forward."

我不知道，但讓我也先介紹一下你的部分。讓我在這里分享一些話。我的意思是，毫無疑問，我們一直對 Luka 的加入感到非常高興。毫無疑問，盧卡做得很好。我的意思是，盧卡和我現在也一起工作了一段時間。實際上，幾年前我曾為 Luka 工作過。而且——但是當你這樣做的時候，我想，9 年了，Luka 現在同時，我們將進入第九個年頭，我的意思是，可以這麼說——然後 Luka 也說，“嘿，也可能還有其他事情，我可以做些什麼。”

What I'm very happy with is that we still have Luka for the next 12 months because we are talking here a lot about the transformation, about increasing our profit by double digit. And I really want to finish, and then of course afterwards, continue this journey with Luka on my side. And this is why I'm very happy to have Luka on board for at least another year.

我很高興的是，我們在接下來的 12 個月裡仍然擁有 Luka，因為我們在這裡談論了很多關於轉型的話題，關於將我們的利潤提高兩位數。我真的很想完成，當然之後，在盧卡的陪伴下繼續這段旅程。這就是為什麼我很高興 Luka 至少再工作一年。

And then actually, yes, the search has now started. The Supervisory Board will make the final call. Luka is involved, I'm involved, so I'm pretty sure that we will also have a smooth transition then.

然後實際上，是的，搜索現在已經開始。監事會將作出最後決定。盧卡參與了，我參與了，所以我很確定屆時我們也會有一個平穩的過渡。

Luka, anything to add from your side?

Luka，你有什麼要補充的嗎？

No, it's right. At the end of the day, I've loved my job. I've loved every opportunity to work at SAP and I will love my last year as well. And it will be very hard to leave SAP. But I have recognized, through all of the work in the last many years working with customers, as well as serving as a Board Sponsor for our businesses in Latin America, in the Middle East and Japan, running our own businesses with Business Process Intelligence. You have heard that this is actually working quite well, also now with Taulia, that I have a passion for this.

不，這是正確的。歸根結底，我熱愛我的工作。我喜歡在 SAP 工作的每一個機會，我也會喜歡我的最後一年。離開 SAP 將非常困難。但我已經認識到，通過過去多年與客戶合作的所有工作，以及擔任我們在拉丁美洲、中東和日本的業務的董事會贊助商，使用業務流程智能運營我們自己的業務。你聽說這實際上工作得很好，現在與 Taulia 也一樣，我對此充滿熱情。

And I would like to expand on this passion and learn something new as well. So it's more likely that my next role will be in general management than necessarily in a pure financial background. And that's just an opportunity that, I think, in a very collaborative fashion, we have discussed that now is the right point in time. Also, because I want to develop BPI into a state where we can release it to the mainstream operations of SAP by the end of the year. And therefore, it then feels just naturally.

我想擴大這種熱情並學習新的東西。因此，我的下一個角色更有可能是一般管理，而不是純粹的財務背景。我認為，這只是一個機會，我們以非常協作的方式討論了現在是正確的時間點。還有，因為我想把BPI發展到年底可以發佈到SAP主流業務的狀態。因此，它感覺很自然。

And that's also the reason why I will stay through March 31. I absolutely want to give you that commitment and fulfill the commitment for the return to double-digit growth on the bottom line in 2023. And that's why I wouldn't miss the opportunity to give the outlook for 2023 as well.

這也是我堅持到 3 月 31 日的原因。我絕對想給你這個承諾，履行承諾，在 2023 年實現利潤恢復兩位數增長。這就是為什麼我不會錯過這個機會同時給出 2023 年的展望。

There's not a lot more to be said about that, other than that we are really doing this in a full friendship. Otherwise, you wouldn't work for another year at the company. And we are going to depart as friends. I will always be a member of the SAP family, and on the best possible terms. So nothing more.

關於這一點沒有什麼可說的，除了我們真的是在完全的友誼中做這件事的。否則，你不會在公司再工作一年。我們將作為朋友離開。我將永遠是 SAP 大家庭的一員，並以最好的條件。所以僅此而已。

And absolutely, the company will stay on course for its 2025 ambition because it has the right strategy, it has the right operational priorities, and it has a great management team, with, but also in the future, without me.

毫無疑問，該公司將繼續朝著 2025 年的目標前進，因為它有正確的戰略，有正確的運營重點，而且它擁有一支優秀的管理團隊，而且在沒有我的情況下，未來也會如此。

And then Michael, on the sentiment in Europe. I would tell you, if I would have heard a CEO say, "We have to scale back our IT budget," or "We have to postpone certain SAP projects." But in reality, what we are talking about, I mean, last week, we -- I was with a huge semiconductor supplier for machines to produce semiconductors at mass scale in Netherlands. And there, we are talking about building a digital twin with Siemens around -- to further scale the production to help to cover the rising demand.

然後是邁克爾，關於歐洲的情緒。如果我聽到一位 CEO 說“我們必須縮減 IT 預算”或“我們必須推遲某些 SAP 項目”，我會告訴你。但實際上，我們所談論的，我的意思是，上週，我們 - 我與一家大型半導體供應商一起在荷蘭大規模生產半導體的機器。在那裡，我們正在討論與西門子建立數字雙胞胎——以進一步擴大生產規模，以幫助滿足不斷增長的需求。

With others, we are talking about cyber and how we can protect the landscape because they see, in their on-premise landscape, rising number of attacks. And they feel better protected when they are giving this into the hands to SAP and other technology partners of SAP with RISE.

與其他人一起，我們正在談論網絡以及我們如何保護環境，因為他們看到，在他們的本地環境中，攻擊數量不斷增加。當他們通過 RISE 將其交給 SAP 和 SAP 的其他技術合作夥伴時，他們會感到更好的保護。

And then again, a lot of customers also just have started with their business transformation. It's not like that every customer now already finished the business transformation, it's actually the other way around. And so -- and there is no CEO who will now say, "Hey, I'm going to slow down the pace of my transformation. I need this as a foundation."

再說一次，很多客戶也剛剛開始他們的業務轉型。並不是說現在每個客戶都已經完成了業務轉型，實際上是相反的。所以——現在沒有 CEO 會說，“嘿，我要放慢轉型的步伐。我需要這個作為基礎。”

And then let's not underestimate the power of our platform that now more and more partners are also start to build on that. And also the business network. I mean, it's almost -- I sometimes feel this is a forgotten asset. But in times like these, there's the Ukrainian example, what we are doing here on the medical supply, there are so many others. And we see such a strong push into this network that we really feel this is also a new way of running businesses and supply chains going forward. And that, net-net, gives us the confidence that there will be no reduced demand in half year 2. It will be the other way around.

然後讓我們不要低估我們平台的力量，現在越來越多的合作夥伴也開始在此基礎上進行構建。還有商業網絡。我的意思是，幾乎——我有時覺得這是一項被遺忘的資產。但在這樣的時代，有烏克蘭的例子，我們在醫療供應方面所做的事情，還有很多其他的。我們看到對這個網絡的大力推動，我們真的覺得這也是一種未來經營企業和供應鏈的新方式。而 net-net 讓我們有信心在第 2 年的半年裡需求不會減少。情況正好相反。

And look forward to seeing you both in person next month.

並期待下個月親自見到你們倆。

Indeed, including at the cocktail reception.

事實上，包括在雞尾酒會上。

The next question, from Kirk Materne from Evercore.

下一個問題來自 Evercore 的 Kirk Materne。

Christian, I was wondering if you could add just a little bit more color around the S/4HANA cloud backlog growth this quarter. Just what are you seeing in terms of new customers versus sort of transitions from existing customers? And any color, I guess, geographically would be helpful.

克里斯蒂安，我想知道你是否可以在本季度的 S/4HANA 雲積壓增長中添加更多顏色。就新客戶與現有客戶的轉換而言，您看到了什麼？我想，任何顏色在地理上都會有所幫助。

On the geographic, if you, Scott, please also then support me. I can give you my global view first. It's great to see that we are winning also a lot of net new deals. I guess, only in Q1, it was roughly over 1,500 net new customers which we brought on board. So 1,500. This is what other companies maybe do in a year.

在地理上，如果你，斯科特，也請支持我。我可以先給你我的全球視野。很高興看到我們也贏得了很多淨新交易。我想，僅在第一季度，我們就帶來了大約 1,500 多個淨新客戶。所以1,500。這是其他公司一年內可能會做的事情。

And then of course with the conversion, when we designed RISE, of course, it was always our intention to speed up and accelerate the adoption of S/4HANA Cloud. But even more important is the platform, it's the Business Technology Platform. And now we are seeing in the next wave that we are suddenly winning huge deals against Workday and SuccessFactors because we can provide this integrated view, this modular ERP, which then provides capabilities like total workforce management, management measure productivity on the real time, simulate attrition rates and have the impact on the P&L.

當然，隨著轉換，當我們設計 RISE 時，當然，我們始終打算加快和加速 S/4HANA Cloud 的採用。但更重要的是平台，它是業務技術平台。現在我們看到，在下一波浪潮中，我們突然贏得了與 Workday 和 SuccessFactors 的巨額交易，因為我們可以提供這種集成視圖、這種模塊化 ERP，然後提供全面勞動力管理、管理實時測量生產力、模擬流失率並對損益產生影響。

And now we talk. And this is why RISE provide such a great conversion factor and also allows us to increase our footprint over time and come back in fields which maybe don't have supported so well in the last 2 years. And this is why, also on Ariba, I mean, procure to pay now sitting on 1 procurement platform, where you can tailor the needs for direct and for indirect procurement, connected to the network, having supplier risk management for new legal requirements, which we have to secure human right, that there are no human right violations in your supply chain.

現在我們談談。這就是為什麼 RISE 提供瞭如此出色的轉換係數，並且還允許我們隨著時間的推移增加我們的足跡並回到過去 2 年可能沒有得到很好支持的領域。這就是為什麼在 Ariba 上，我的意思是，現在就在 1 個採購平台上進行採購，在那裡您可以定制直接和間接採購的需求，連接到網絡，針對新的法律要求進行供應商風險管理，這我們必須確保人權，確保您的供應鏈中沒有侵犯人權的行為。

This is what SAP can do, and this is what we are doing with RISE. This is where we, putting them or enable them to adopt to this new capabilities, what customers need going forward. And this is actually net new and the installed base shift. So both is really coming in very well, and we are clearly ahead of plan when I look at our initial RISE plan.

這就是 SAP 可以做的，這也是我們使用 RISE 所做的。這就是我們將它們放置或使它們能夠採用這種新功能的地方，這是客戶前進的需要。這實際上是全新的和安裝基數的變化。所以兩者都非常順利，當我查看我們最初的 RISE 計劃時，我們顯然領先於計劃。

Scott?

斯科特?

Yes. So 2 additional comments to add a bit of color on what Christian said. First of all, just on the solutions side. So as mentioned, the S/4HANA Cloud just continues to propel not only the growth of that platform, driving the resiliency and the growth and the process transformation that companies need around the world. But it also then brings in the portfolio. Christian mentioned earlier that 80% of our S/4HANA Cloud brings the technology platform.

是的。因此，還有 2 條額外的評論為克里斯蒂安所說的增添了一些色彩。首先，只是在解決方案方面。如前所述，S/4HANA 云不僅繼續推動該平台的發展，還推動了全球公司所需的彈性、增長和流程轉型。但它也帶來了投資組合。 Christian 前面提到，我們 80% 的 S/4HANA Cloud 帶來了技術平台。

Businesses, whether they're in Europe, U.S. or in Asia, are looking for scale and innovation, and RISE brings both. It brings the transformation capability of S/4 Cloud, but they also get the innovation with the Business Technology Platform, which means they can extend and be able to innovate on that. And that's why it's been such a strong growth driver, together with Signavio being a key element as well.

企業，無論是在歐洲、美國還是在亞洲，都在尋求規模和創新，而 RISE 兩者兼而有之。它帶來了 S/4 Cloud 的轉換能力，但他們也通過業務技術平台獲得了創新，這意味著他們可以擴展並能夠在此基礎上進行創新。這就是為什麼它成為如此強勁的增長動力，而 Signavio 也是一個關鍵因素。

On the regional side, I guess the way I would describe it is it's a good position to be in when you're not dependent on a particular region or business. All of them are growing strongly. You can see it in the Q1 cloud revenue that all of them are growing strongly, in mid-20s or better. And in particular, the Americas, given the size of that market, is particularly pleasing. And it's impressive in the growth rates, and including the order entry in Q1 was really strong, considering the market dynamics. But around Europe and EMEA and in Asia, our pipeline reflects that consistency.

在區域方面，我想我會描述它的方式是，當您不依賴特定區域或業務時，這是一個很好的位置。他們都在強勁增長。您可以在第一季度的雲收入中看到，所有這些收入都在強勁增長，在 20 年代中期或更長時間。尤其是美洲，鑑於該市場的規模，尤其令人愉悅。考慮到市場動態，它的增長率令人印象深刻，包括第一季度的訂單進入真的很強勁。但在歐洲、歐洲、中東和非洲以及亞洲，我們的管道反映了這種一致性。

So whilst we have some solutions that will be up or down in a particular quarter or particular market, overall, the pipeline continues to grow strongly in line with the revenue outlook that we've described. And that's consistent across the world, which probably gives us a level of confidence that our capability and the solutions are more in demand than ever, considering the market dynamics. And that gives us confidence going forward.

因此，儘管我們有一些解決方案在特定季度或特定市場會上升或下降，但總體而言，管道繼續強勁增長，與我們描述的收入前景一致。這在全球範圍內都是一致的，考慮到市場動態，這可能讓我們相信我們的能力和解決方案比以往任何時候都更受歡迎。這給了我們前進的信心。

And now we will take one final question, please.

現在我們要回答最後一個問題，拜託。

Our final question comes from Johannes Schaller from Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Johannes Schaller。

Look, quite a few economists seem to see a risk of a kind of broader recession next year on a global basis. Obviously, we don't have a crystal ball, but Christian, you talked to the resilience of the business and the predictability. I think we know how a good part of SAP behaves in the recession from the past, and we also know how the licensing ERP business will behave. But how should we think about the new S/4HANA Cloud business, the RISE business from your perspective?

看，不少經濟學家似乎認為明年全球範圍內可能出現更廣泛的衰退。顯然，我們沒有水晶球，但克里斯蒂安，你談到了業務的彈性和可預測性。我認為我們知道 SAP 的很大一部分在過去的經濟衰退中表現如何，我們也知道許可 ERP 業務將如何表現。但是我們應該如何看待新的 S/4HANA Cloud 業務，即從您的角度來看的 RISE 業務？

I mean, maybe you can talk a little bit, a, from an operational side. Do you think customers can even pause or slow these transformational multiyear projects? Is that possible?

我的意思是，也許你可以從運營方面談談。您認為客戶甚至可以暫停或放慢這些轉型多年的項目嗎？那可能嗎？

And then secondly, just from a financial perspective. How would you expect to be impacted on that part of the business, should we really go into a recession?

其次，僅從財務角度來看。如果我們真的陷入衰退，您預計這部分業務會受到怎樣的影響？

Yes. So look, of course in the conversations, concerns come up about the rising inflation and can customers really put this inflation and then the increase in their cost base always on top on the pricing side. But then, the next part of the conversation is, can you help me on cash flow optimization? And then we come into the play where we say, "Hey, yes, okay. We connect you with the platform, with RISE, to our network to give you access to more suppliers. We have now Taulia connected to it, where we can hopefully also get better financing conditions. We have actually good ways with S/4HANA Cloud on offering -- making sure you can offer much faster new services with new license models, which also can help you to drive higher customer retention and hopefully higher prices."

是的。所以，當然，在談話中，人們對通脹上升的擔憂出現了，客戶真的能把這種通脹和成本基礎的增加放在定價方面的首位。但是，接下來的對話是，你能幫我優化現金流嗎？然後我們進入遊戲，我們說，“嘿，是的，好的。我們將您與平台、RISE 連接到我們的網絡，讓您可以訪問更多供應商。我們現在已經連接到 Taulia，我們可以希望也能獲得更好的融資條件。我們實際上在提供 S/4HANA Cloud 方面有很好的方法——確保您可以使用新的許可證模型提供更快的新服務，這也可以幫助您提高客戶保留率並有望提高價格。 "

And so these are the conversations that we're having to offset this increasing pressure, which clearly is out. I mean, there's no debate about that. But technology can really, really help. And again, this is so important. We are not only talking here about the technical migration in the cloud, and this is where SAP comes into play.

因此，我們必須通過這些對話來抵消這種日益增加的壓力，而這種壓力顯然已經過時了。我的意思是，沒有關於這一點的辯論。但是技術確實可以提供幫助。再說一次，這非常重要。我們在這裡討論的不僅僅是雲中的技術遷移，這也是 SAP 發揮作用的地方。

And you can look back when Brexit happened or when other things happened in the past, always, that was always there, was strong demand for better business software to offset some of these challenges, what customers see out there in the market. And even with the geopolitical tensions, customers are now turning to SAP, and that's why, also the Russia situation. This is not easy for us. I mean, we have large multinationals wanting businesses all over the world, and they need solutions and they need solutions now, which actually also drives our business.

你可以回顧一下英國脫歐發生的時間或過去發生的其他事情，總是，總是存在，對更好的商業軟件的強烈需求來抵消這些挑戰，客戶在市場上看到的。即使在地緣政治緊張的情況下，客戶現在也轉向 SAP，這也是俄羅斯局勢的原因。這對我們來說並不容易。我的意思是，我們有大型跨國公司想要在世界各地開展業務，他們需要解決方案，他們現在需要解決方案，這實際上也推動了我們的業務。

So while the world becomes more complex, software is needed to overcome this complexity. And this is why we definitely don't see a hit on our pipeline. It's the other way around. We actually see strong multiples. And we will remain very confident also about the further acceleration of our cloud business.

因此，當世界變得更加複雜時，需要軟件來克服這種複雜性。這就是為什麼我們絕對看不到我們的管道受到打擊的原因。這是相反的方式。我們實際上看到了強大的倍數。我們對雲業務的進一步加速也將保持非常有信心。

Thank you. And this concludes our call for today. Thanks for joining.

謝謝你。我們今天的呼籲到此結束。感謝您的加入。

Thank you very much. Bye-bye.

非常感謝你。再見。

Thanks a lot, everyone.

非常感謝大家。

Thank you.

謝謝你。