第99.1展示文本
 | 2024年第三季度季度報告 |
SAP宣佈2024年第三季度業績
| · | 當前雲訂單積壓金額爲154億歐元，按固定匯率計算增長25%，按實際匯率計算增長29% |
| · | 雲計算 營業收入增長25%，在恒定貨幣條件下增長27% |
| · | 雲ERP套件營業收入增長34%，在不變貨幣情況下增長36% |
| · | 總營業收入增長9%，在恒定匯率條件下增長10% |
| · | IFRS雲 毛利潤增加26%，非IFRS雲毛利潤增加27%，在固定匯率下增加28% |
| · | IFRS營業利潤增長29%，非IFRS營業利潤增長27%，在不變貨幣條件下增長28% |
| · | SAP提高了其2024年雲和軟件收入、營業利潤以及自由現金流的預期。 |
單位爲百萬歐元，除非另有說明
1/25
| 2024年第三季度季度報告 |
德國，瓦爾多夫 - 2024年10月21日
sap se（紐交所：SAP）今天宣佈了截至2024年9月30日的第三季度財務業績。
克里斯蒂安 · 克萊恩，首席執行官：
第三季度對SAP來說是又一個強勁的季度，我們對2024年的財務展望充滿信心。本季度雲營業收入增長表現出色，尤其是我們的雲ERP套件。更重要的是，我們在業務人工智能方面取得了重大進展，推出了SAP知識圖譜等開創性創新。第三季度我們的雲交易中有很大一部分包含了人工智能的使用情況。
Dominik Asam，財務長：
我們對第三季度的表現感到非常滿意。 2024年的轉型計劃已經開始產生效率改進。 這使我們能夠實現強勁的營業利潤和自由現金流，同時保持我們的業績增長勢頭。 現在，我們將專注於將這種勢頭延續到第四季度，以在高度不穩定的環境下確保實現我們2025年的目標。
財務 業績
一覽群體成果 - 2024年第三季度
| 國際財務報告準則 | 非國際財務報告準則1 | |||||||
| 百萬歐元，除非另有說明 | Q3 2024 | Q3 2023 | 以％爲單位的 | Q3 2024 | Q3 2023 | 以％爲單位的 | 以％爲單位的 常量。curr。 | |
| SaaS/PaaS | 4,234 | 3,291 | 29 | 4,234 | 3,291 | 29 | 30 | |
| 其中雲ERP套件2 | 3,636 | 2,711 | 34 | 3,636 | 2,711 | 34 | 36 | |
| 其中擴展套件3 | 597 | 581 | 3 | 597 | 581 | 3 | 4 | |
| IaaS4 | 117 | 180 | –35 | 117 | 180 | –35 | –34 | |
| 雲收入 | 4,351 | 3,472 | 25 | 4,351 | 3,472 | 25 | 27 | |
| 雲和軟件收入 | 7,429 | 6,679 | 11 | 7,429 | 6,679 | 11 | 12 | |
| 總收入 | 8,470 | 7,744 | 9 | 8,470 | 7,744 | 9 | 10 | |
| 更可預測的收入份額（百分比） | 84 | 82 | 2pp | 84 | 82 | 2pp | ||
| 雲端毛利 | 3,184 | 2,525 | 26 | 3,209 | 2,535 | 27 | 28 | |
| 毛利潤 | 6,212 | 5,637 | 10 | 6,236 | 5,651 | 10 | 11 | |
| 營業利潤（虧損） | 2,214 | 1,723 | 29 | 2,244 | 1,767 | 27 | 28 | |
| 持續經營的稅後利潤（虧損） | 1,441 | 1,272 | 13 | 1,437 | 1,352 | 6 | ||
| 稅後利潤（虧損）5 | 1,441 | 1,272 | 13 | 1,437 | 1,352 | 6 | ||
| 每股收益——持續經營的基本收益（以歐元計） | 1.25 | 1.09 | 15 | 1.23 | 1.16 | 6 | ||
| 每股收益-基本（以歐元計）5 | 1.25 | 1.09 | 15 | 1.23 | 1.16 | 6 | ||
| 來自持續經營業務的經營活動淨現金流 | 1,475 | 1,124 | 31 | |||||
| 自由現金流 | 1,248 | 865 | 44 | |||||
1針對各項調整的詳細情況，請參閱本季度報表中的「功能區域的非IFRS營業費用調整表」。
2 雲ERP套件參考了戰略軟件即服務(saas-雲計算)和平台即服務(paas-雲計算)解決方案組合，這些解決方案與我們的核心ERP解決方案緊密集成，幷包含在關鍵的商用套餐中，例如SAP的RISE。 以下產品爲雲ERP套件的營業收入做出貢獻：SAP S/4HANA Cloud、SAP商業技術平台，以及用於人力資源和工資單、支出管理、商務、客戶數據解決方案、業務流程轉型和營運資金管理的核心解決方案。有關雲ERP套件的更多信息和歷史數據，請參閱SAP的 報告 框架.
3 Extension Suite指的是SAP的剩餘saas-雲計算和paas-雲計算解決方案，它們可以補充和擴展雲ERP套件的功能覆蓋範圍。
4 製造行業作爲一種服務（IaaS）：IaaS的主要部分來自SAP HANA Enterprise Cloud。
5來自繼續和終止的業務。
2/25
| 2024年第三季度季度報告 |
一目瞭然的團隊成果-截至2024年9月的九個月
| 國際財務報告準則 | 非國際財務報告準則1 | |||||||
| 百萬歐元，除非另有說明 | Q1—Q3 2024 |
Q1—Q3 2023 |
以％爲單位的 | Q1—Q3 2024 |
Q1—Q3 2023 |
以％爲單位的 | 以% const. curr 爲單位的。 | |
| SaaS/PaaS | 12,016 | 9,401 | 28 | 12,016 | 9,401 | 28 | 29 | |
| 其中 Cloud ERP 套件收入2 | 10,217 | 7,695 | 33 | 10,217 | 7,695 | 33 | 34 | |
| 其中，擴展套件收入3 | 1,799 | 1,706 | 5 | 1,799 | 1,706 | 5 | 6 | |
| IaaS4 | 417 | 564 | –26 | 417 | 564 | –26 | –25 | |
| 雲收入 | 12,433 | 9,965 | 25 | 12,433 | 9,965 | 25 | 26 | |
| 雲和軟件收入 | 21,563 | 19,542 | 10 | 21,563 | 19,542 | 10 | 11 | |
| 總收入 | 24,798 | 22,739 | 9 | 24,798 | 22,739 | 9 | 10 | |
| 更可預測的收入份額（百分比） | 84 | 82 | 2pp | 84 | 82 | 2pp | ||
| 雲端毛利 | 9,052 | 7,121 | 27 | 9,101 | 7,152 | 27 | 28 | |
| 毛利潤 | 17,990 | 16,330 | 10 | 18,039 | 16,388 | 10 | 11 | |
| 營業利潤（虧損） | 2,648 | 3,897 | –32 | 5,717 | 4,546 | 26 | 27 | |
| 持續經營的稅後利潤（虧損） | 1,534 | 2,399 | –36 | 3,660 | 3,019 | 21 | ||
| 稅後利潤（虧損）5 | 1,534 | 4,763 | –68 | 3,660 | 4,801 | –24 | ||
| 每股收益——持續經營的基本收益（以歐元計） | 1.31 | 2.07 | –37 | 3.13 | 2.59 | 21 | ||
| 每股收益-基本（以歐元計）5 | 1.31 | 4.21 | –69 | 3.13 | 4.39 | –29 | ||
| 來自持續經營業務的經營活動淨現金流 | 5,772 | 4,284 | 35 | |||||
| 自由現金流 | 5,031 | 3,423 | 47 | |||||
1針對各項調整的詳細情況，請參閱本季度報表中的「功能區域的非IFRS營業費用調整表」。
2 雲ERP套件參考了戰略軟件即服務(saas-雲計算)和平台即服務(paas-雲計算)解決方案組合，這些解決方案與我們的核心ERP解決方案緊密集成，幷包含在關鍵的商用套餐中，例如SAP的RISE。 以下產品爲雲ERP套件的營業收入做出貢獻：SAP S/4HANA Cloud、SAP商業技術平台，以及用於人力資源和工資單、支出管理、商務、客戶數據解決方案、業務流程轉型和營運資金管理的核心解決方案。有關雲ERP套件的更多信息和歷史數據，請參閱SAP的 報告 框架.
3 Extension Suite指的是SAP的剩餘saas-雲計算和paas-雲計算解決方案，它們可以補充和擴展雲ERP套件的功能覆蓋範圍。
4 製造行業作爲一種服務（IaaS）：IaaS的主要部分來自SAP HANA Enterprise Cloud。
5來自繼續和終止的業務。
財務亮點1
2024年第三季度
第三季度，SAP的強勁業務增勢持續。當前的雲計算積壓訂單增長了25%達到153.8億歐元，在不變的貨幣條件下增長了29%。WalkMe的收購對這一增長率貢獻了約1個百分點。雲計算營業收入增長了25%達到43.5億歐元，在不變的貨幣條件下增長了27%，得益於雲計算ERP套件的營業收入增長了34%達到36.4億歐元，在不變的貨幣條件下增長了36%。
軟件許可證收入下降了15%，達到2.8億歐元，按恒定匯率計算下降了14%。 雲和軟件收入增長了11%，達到74.3億歐元，按恒定匯率計算增長了12%。服務收入下降了2%，達到10.4億歐元，按恒定匯率計算下降了2%。總共營業收入增長了9%，達到84.7億歐元，按恒定匯率計算增長了10%。
更可預測營業收入的份額在第三季度增加了2個百分點，達到84%。
IFRS雲毛利潤增長26%，達到31.8億歐元。非IFRS雲毛利潤增長27%，達到32.1億歐元，按照恒定匯率計算，增長28%。
第三季度IFRS營業利潤增長29%，達到22.1億歐元。非IFRS營業利潤增長27%，達到22.4億歐元，並在不變貨幣下增長28%。營業利潤增長主要受益於強勁的營業收入增長，以及對2024年轉型計劃的執行緊湊。
1 2024年第三季度的結果也受到其他影響。 詳細信息請參閱本文檔第25頁的披露。
3/25
| 2024年第三季度季度報告 |
IFRS每股收益（基本）增加了15%，達到1.25歐元。 非IFRS每股收益（基本）增長了6%，達到1.23歐元。 IFRS有效稅率爲33.0%（2023年第三季度爲27.8%），非IFRS有效稅率爲33.4%（2023年第三季度爲27.1%）。 兩者年度漲幅主要源於2024年由於重組而導致的無法抵扣德國預提稅款的臨時損失。
第三季度的自由現金流增長了44%，達到12.5億歐元。雖然約30億歐元用於重組，但積極的發展主要歸因於盈利能力的提高和較低的稅款。前九個月的自由現金流增長了47%，達到50.3億歐元。
股份回購計劃
2023年5月，SAP宣佈了一個股份回購計劃，總成交量高達€50億，期限至2025年12月31日。截至2024年9月30日，SAP以平均價格€157.09回購了16,709,250股，根據該計劃的購買成交量約爲€26.2億。
2024年轉型計劃：專注於業務的可擴展性 和關鍵戰略增長領域
2024年，SAP進一步加強了對關鍵戰略增長領域的關注，特別是業務人工智能。它正在轉變其運營設置以捕捉組織協同效應和人工智能驅動的效率，併爲高度可擴展的未來營業收入增長做準備。
爲此，正如在一月份宣佈的那樣，SAP正在執行全公司範圍的重組計劃，預計將於2025年初結束。這次重組旨在確保SAP的技能和資源繼續滿足未來的業務需求，目前預計將影響9,000至10,000個職位，其中大部分將由自願離職計劃和內部再培訓措施覆蓋。在對戰略增長領域進行再投資和收購WalkMe後，SAP現預計將於2024年底的員工人數略高於2023年年底。
2024年前九個月記錄的重組費用總額爲28億歐元，與該計劃相關的整體費用估計約爲30億歐元。
2024年第三季度和前9個月的重組支付分別爲 30億歐元和80億歐元。目前預計與該計劃相關的總支付約爲 300億歐元，其中預計有一箇中三位數百萬金額將在2025年發生。
業務亮點
在第三季度，全球客戶繼續選擇「攜手SAP」推動他們的端到端業務轉型。這些客戶包括：B3，CAF - 拉丁美洲和加勒比海發展銀行，Chalhoub集團，Cochlear，Dakota Provisions，E.ON，ebay，Energy Queensland，億滋，FairPrice集團，Gestamp Servicios，日本航空公司，Lands’ End，Mercado Libre，億滋，OLAm Global Agri，羅氏，勞斯萊斯動力系統，施瓦茨集團，西門子醫療，Southern Glazer's Wine & Spirits，SRAm，Tetra Pak，ZEON公司和Zwilling。
高樂氏，CPKC鐵路，J.m. VOITH，KAESER KOMPRESSOREN，英偉達，Panasonic北美能源和VistaPrint在第三季度開始使用SAP S/4HANA雲。
Dawn Foods，dxc technology，Gainsight，歐舒丹集團，Mistral AI，Palmer Candy，The Pool Tile Company和SCHURTER Holding選擇了「與SAP共同成長」，這是一個幫助客戶以速度，可預測性和持續創新採用雲ERP的方案。
SAP解決方案組合的關鍵客戶獲勝包括：AAk，aramark，波司登，百威康，大陸汽車技術，Duni集團，漢堡商業銀行，HR Campus，Kruger Services，曼徹斯特市議會，merck集團，paypal，pfm medical，RWE和VP銀行。
Breakthru Beverage Group，Cox Automotive Australia和Heartland Dental在SAP解決方案上線。
在第三季度，SAP的雲收入表現在APJ和歐洲、中東、非洲地區特別強勁，在美洲地區表現穩健。巴西，智利，德國，意大利，印度，日本和西班牙在雲收入增長方面表現出色，中國，沙特阿拉伯和美國表現特別強勁。
7月30日，SAP宣佈SAP監事會與執行委員會成員Scott Russell和Julia White就離開公司執行委員會達成一致協議，自8月31日起生效。
9月3日，SAP宣佈SAP監事會與首席技術官兼執行委員會成員工程博士Juergen Mueller達成一致協議，自2024年9月30日起生效，離開公司執行委員會。
9月12日，SAP宣佈成功完成其對領先數字採用平台公司WalkMe Ltd.的收購。
4/25
| 2024年第三季度季度報告 |
財務 展望 2024
SAP的2024年財務展望基於SAP更新的非IFRS利潤指標定義，從2024年開始包括基於股份的薪酬費用，同時排除來自股票等權益證券的收益和損失。更多詳情，請查閱我們投資者關係網站的《報告框架》部分。 https://www.sap.com/investors/en/reports/reporting-framework.html.
2024年，SAP正在更新其雲和軟件營業收入、營業利潤和自由現金流預期，現在預計：
| · | €29.5 – 298億雲和軟件營業收入按恒定貨幣計算（2023年：€269.2億），按恒定貨幣計算增長10%至11%，中間點上調€40000萬。之前的區間爲€29.0 – 295億按恒定貨幣計算。 |
| · | 在固定匯率下，純淨營業利潤區間爲€7.8億至80億（2023年：€65.1億），在固定匯率下增長20%至23%，將中點提高€15000萬。上一個區間爲€7.6億至79億。 |
| · | 3.5億歐元至40億歐元的自由現金流(2023年：50.9億歐元)。之前的預期約爲35億歐元。 |
SAP繼續預計：
| · | 在不變的貨幣下，17.0億歐元至173億歐元的雲收入(2023年：136.6億歐元)，在不變的貨幣下，增長24%至27%。 |
| · | 約爲32%的有效稅率（非IFRS）（2023年：30.3%）2. |
儘管SAP的2024年財務展望是按照固定貨幣匯率計算的，但隨着公司在全年的進展，實際彙報數字預計將受到貨幣兌換率波動的影響，如下表所示。
假設2024年9月30日匯率適用於2024年
| 以百分點爲單位 | Q4 2024 | FY 2024 |
| 雲營業收入增長 | –3.0pp | –1.0百分點 |
| 雲和軟件營業收入增長 | –2.0pp | –1.0百分點 |
| 非IFRS的營業利潤增長 | –2.0pp | 減少2.0個百分點 |
2024年非金融展望
在2024年，SAP繼續預期：
| · | 員工參與指數將在70%到74%的區間內。 |
| · | 客戶淨推薦值爲9到13。 |
| · | 爲了在相關價值鏈上穩步減少碳排放，以實現我們到2030年達到淨零碳排放的目標。 |
| · | 根據我們在2027年底前實現25%目標的計劃，穩步增加女性在高管職務中的比例。 |
2 生效稅率（非IFRS）是一種非IFRS財務衡量指標，僅供補充信息目的顯示。由於與權益證券相關的收益和損失存在不確定性和潛在波動性，我們不會提供生效稅率（IFRS）的展望，這些收益和損失是兩種生效稅率（非IFRS和IFRS）之間的調節項目。這些項目不能通過不合理的努力提供，但可能對我們未來的生效稅率（IFRS）產生重大影響。
5/25
| Quarterly Statement Q3 2024 |
附加信息
本新聞稿和其中的所有信息均爲初步且未經審計。由於四捨五入，數字可能不會精確相加。
SAP 績效指標
有關我們的關鍵增長指標和績效指標、其計算方法、其用途及其侷限性的更多信息，請參閱我們投資者關係網站上的以下文件： https://www.sap.com/investors/performance-measures
網絡轉播
SAP高級管理人員將於10月21日星期一舉行金融分析師電話會議21世紀醫療改革法案 在歐洲中部夏令時晚上11點/英國夏令時晚上10點/東部夏令時下午5點/太平洋夏令時下午2點。 該會議將在公司網站上進行網絡轉播 https://www.sap.com/investor 並提供回放。 有關第三季度結果的補充財務信息可在該處找到 https://www.sap.com/investor
關於 SAP
作爲全球企業業務和人工智能領軍企業，SAP（紐交所：SAP）站在業務和科技的交匯點。 50多年來，各個機構一直信賴SAP，通過整合跨金融、採購、人力資源、供應鏈和客戶體驗等業務關鍵運營，激發最佳表現。欲了解更多信息，請訪問www.sap.com.
獲取更多信息，請諮詢金融社區：
| 亞歷山德拉 斯泰格 | +49 (6227) 7-767336 | investor@sap.com, 中歐時間 |
關注SAP Investor Relations在Linkedin上 SAP投資者關係部.
有關更多信息，請僅按：
| Joellen Perry | +1 (650) 445-6780 | joellen.perry@sap.com, PT |
| 丹尼爾 萊因哈特 | +49 (6227) 7-40201 | daniel.reinhardt@sap.com， 中歐時間 |
對於對SAP產品感興趣的客戶：
| 全球 客戶中心： | +49 180 534-34-24 |
| 美國專用: | +1 (800) 872-1SAP (+1-800-872-1727) |
注意 編輯們：
要預覽和下載廣播標準的庫存素材和新聞照片，請訪問 www.sap.com/photos。 在這個平台上，您可以找到適合您的媒體渠道的高分辨率素材。
本文件包含前瞻性陳述，即關於未來事件的預測、投射或其他聲明。這些聲明基於目前的預期、預測和假設，受到可能導致實際結果和結果在重大程度上不同的風險和不確定性的影響。有關這些風險和不確定性的其他信息可能在我們向證券交易委員會提交的文件中找到，包括但不限於SAP公司2023年年度報告Form 20-F中的風險因素部分。
© 2024年 sap se。保留所有權利。
sap和其他sap產品及服務的名稱，以及其各自的標識，均爲德國及其他國家的sap se的商標或註冊商標。請見 https://www.sap.com/copyright 有關其他商標信息和聲明。
6/25
| 2024年第三季度季度報告 |
內容
| (A) | 合併利潤表 | 10 | |
| (A.1) | 季度綜合利潤表 | 10 | |
| (A.2) | 截至目前年度綜合利潤表 | 11 | |
| (B) | 財務狀況綜合報表 | 12 | |
| (C) | 合併現金流量表 | 13 | |
| (D) | 非國際財務報告準則表述基礎 | 14 | |
| (E) | 非國際財務報告準則數據與國際財務報告準則數據的調整 | 14 | |
| (E.1) | 季度非國際財務報告準則營業收入對照表 | 14 | |
| (E.2) | 季度非IFRS營業費用對賬 | 15 | |
| (E.3) | 季度非IFRS利潤數據、所得稅和關鍵比率對賬 | 15 | |
| (E.4) | 年初至今非IFRS營業收入對賬 | 16 | |
| (E.5) | 年初至今非IFRS營業費用對賬 | 16 | |
| (E.6) | 年初至今非IFRS利潤數據、所得稅和關鍵比率對賬 | 17 | |
| (E.7) | 自由現金流的調整 | 18 | |
| (F) | 非IFRS調整 – 實際情況和估算 | 19 | |
| (G) | 各功能領域的非IFRS營業費用調整 | 19 | |
| (H) | 《修訂和重新制定的2020年The Aaron's Company, Inc.股權和激勵計劃》，（參考到2024年5月16日提交給美國證券交易委員會的S-8表格附註4.3）。 | 21 | |
| (I) | 地域板塊的營業收入（按照國際財務報告準則和非國際財務報告準則） | 21 | |
| (I.1) | 地域板塊的營業收入（按照國際財務報告準則和非國際財務報告準則）– 季度 | 21 | |
| (I.2) | 地域板塊的營業收入（按照國際財務報告準則和非國際財務報告準則）– 年初至今 | 22 | |
| (J) | 地域板塊和功能領域的員工 | 23 | |
| (K) | 股份支付 | 24 | |
| (L) | 重組 | 24 | |
| (M) | 業務合併 | 25 | |
7/25
| Quarterly Statement Q3 2024 |
Financial and Non-Financial Key Facts
(IFRS and Non-IFRS)
| € millions, unless otherwise stated | Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
TY 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
| Revenues | ||||||||
| Cloud | 3,178 | 3,316 | 3,472 | 3,699 | 13,664 | 3,928 | 4,153 | 4,351 |
| % change – yoy | 24 | 19 | 16 | 20 | 20 | 24 | 25 | 25 |
| % change constant currency – yoy | 22 | 22 | 23 | 25 | 23 | 25 | 25 | 27 |
| Cloud ERP Suite | 2,422 | 2,562 | 2,711 | 2,931 | 10,626 | 3,167 | 3,414 | 3,636 |
| % change – yoy | 35 | 30 | 26 | 28 | 29 | 31 | 33 | 34 |
| % change constant currency – yoy | 33 | 33 | 34 | 33 | 33 | 32 | 33 | 36 |
| Software licenses | 276 | 316 | 335 | 838 | 1,764 | 203 | 229 | 285 |
| % change – yoy | –13 | –26 | –17 | –8 | –14 | –26 | –28 | –15 |
| % change constant currency – yoy | –13 | –24 | –14 | –6 | –12 | –25 | –27 | –14 |
| Software support | 2,905 | 2,873 | 2,872 | 2,846 | 11,496 | 2,829 | 2,792 | 2,793 |
| % change – yoy | –1 | –3 | –5 | –5 | –3 | –3 | –3 | –3 |
| % change constant currency – yoy | –1 | –1 | –1 | –1 | –1 | –1 | –3 | –2 |
| Software licenses and support | 3,180 | 3,189 | 3,208 | 3,683 | 13,261 | 3,031 | 3,021 | 3,078 |
| % change – yoy | –2 | –6 | –6 | –6 | –5 | –5 | –5 | –4 |
| % change constant currency – yoy | –2 | –4 | –2 | –2 | –3 | –4 | –5 | –3 |
| Cloud and software | 6,358 | 6,505 | 6,679 | 7,382 | 26,924 | 6,960 | 7,175 | 7,429 |
| % change – yoy | 10 | 5 | 4 | 6 | 6 | 9 | 10 | 11 |
| % change constant currency – yoy | 8 | 8 | 9 | 10 | 9 | 11 | 10 | 12 |
| Total revenue | 7,441 | 7,554 | 7,744 | 8,468 | 31,207 | 8,041 | 8,288 | 8,470 |
| % change – yoy | 10 | 5 | 4 | 5 | 6 | 8 | 10 | 9 |
| % change constant currency – yoy | 9 | 8 | 9 | 9 | 9 | 9 | 10 | 10 |
| Share of more predictable revenue (in %) | 82 | 82 | 82 | 77 | 81 | 84 | 84 | 84 |
| Profits | ||||||||
| Operating profit (loss) (IFRS) | 803 | 1,371 | 1,723 | 1,902 | 5,799 | –787 | 1,222 | 2,214 |
| Operating profit (loss) (non-IFRS) | 1,321 | 1,457 | 1,767 | 1,969 | 6,514 | 1,533 | 1,940 | 2,244 |
| % change - yoy | –15 | 14 | 7 | 1 | 1 | 16 | 33 | 27 |
| % change constant currency - yoy | –15 | 19 | 13 | 5 | 5 | 19 | 35 | 28 |
| Profit (loss) after tax (IFRS) | 403 | 724 | 1,272 | 1,201 | 3,600 | –824 | 918 | 1,441 |
| Profit (loss) after tax (non-IFRS) | 868 | 799 | 1,352 | 1,302 | 4,321 | 944 | 1,278 | 1,437 |
| % change - yoy | –20 | –9 | 13 | –10 | –6 | 9 | 60 | 6 |
| Margins | ||||||||
| Cloud gross margin (IFRS, in %) | 70.5 | 71.1 | 72.7 | 71.9 | 71.6 | 72.2 | 73.0 | 73.2 |
| Cloud gross margin (non-IFRS, in %) | 70.8 | 71.4 | 73.0 | 72.2 | 71.9 | 72.5 | 73.3 | 73.7 |
| Software license and support gross margin (IFRS, in %) | 88.6 | 89.8 | 90.0 | 89.8 | 89.6 | 89.2 | 89.7 | 90.1 |
| Software license and support gross margin (non-IFRS, in %) | 88.9 | 90.2 | 90.1 | 89.8 | 89.8 | 89.2 | 89.7 | 90.1 |
| Cloud and software gross margin (IFRS, in %) | 79.5 | 80.3 | 81.0 | 80.8 | 80.4 | 79.6 | 80.0 | 80.2 |
| Cloud and software gross margin (non-IFRS, in %) | 79.9 | 80.6 | 81.2 | 81.0 | 80.7 | 79.8 | 80.2 | 80.5 |
| Gross margin (IFRS, in %) | 71.0 | 71.6 | 72.8 | 73.3 | 72.2 | 71.7 | 72.6 | 73.3 |
| Gross margin (non-IFRS, in %) | 71.3 | 71.9 | 73.0 | 73.4 | 72.4 | 71.8 | 72.7 | 73.6 |
| Operating margin (IFRS, in %) | 10.8 | 18.2 | 22.2 | 22.5 | 18.6 | –9.8 | 14.7 | 26.1 |
8/25
| Quarterly Statement Q3 2024 |
| € millions, unless otherwise stated | Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
TY 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
| Operating margin (non-IFRS, in %) | 17.8 | 19.3 | 22.8 | 23.3 | 20.9 | 19.1 | 23.4 | 26.5 |
| Key Profit Ratios | ||||||||
| Effective tax rate (IFRS, in %) | 40.5 | 33.8 | 27.8 | 33.6 | 32.6 | 16.0 | 33.8 | 33.0 |
| Effective tax rate (non-IFRS, in %) | 29.1 | 33.0 | 27.1 | 32.5 | 30.3 | 32.4 | 33.6 | 33.4 |
| Earnings per share, basic (IFRS, in €) from continuing operations | 0.35 | 0.62 | 1.09 | 1.05 | 3.11 | –0.71 | 0.76 | 1.25 |
| Earnings per share, basic (non-IFRS, in €) from continuing operations | 0.75 | 0.69 | 1.16 | 1.12 | 3.72 | 0.81 | 1.10 | 1.23 |
| Earnings per share, basic (IFRS, in €)1 | 0.41 | 2.70 | 1.09 | 1.05 | 5.26 | –0.71 | 0.76 | 1.25 |
| Earnings per share, basic (non-IFRS, in €)1 | 0.83 | 2.40 | 1.16 | 1.12 | 5.51 | 0.81 | 1.10 | 1.23 |
| Order Entry and current cloud backlog | ||||||||
| Current cloud backlog | 11,148 | 11,537 | 12,269 | 13,745 | 13,745 | 14,179 | 14,808 | 15,377 |
| % change – yoy | 25 | 21 | 19 | 25 | 25 | 27 | 28 | 25 |
| % change constant currency – yoy | 25 | 25 | 25 | 27 | 27 | 28 | 28 | 29 |
| Share of cloud orders greater than €5 million based on total cloud order entry volume (in %) | 45 | 46 | 49 | 62 | 55 | 52 | 52 | 64 |
| Share of cloud orders smaller than €1 million based on total cloud order entry volume (in %) | 26 | 25 | 21 | 14 | 19 | 21 | 20 | 16 |
| Liquidity and Cash Flow | ||||||||
| Net cash flows from operating activities | 2,311 | 848 | 1,124 | 1,926 | 6,210 | 2,757 | 1,540 | 1,475 |
| Purchase of intangible assets and property, plant, and equipment | –257 | –156 | –182 | –190 | –785 | –187 | –178 | –163 |
| Payments of lease liabilities | –99 | –89 | –78 | –66 | –332 | –78 | –70 | –65 |
| Free cash flow | 1,955 | 604 | 865 | 1,670 | 5,093 | 2,492 | 1,291 | 1,248 |
| % of total revenue | 26 | 8 | 11 | 20 | 16 | 31 | 16 | 15 |
| % of profit after tax (IFRS) | 485 | 83 | 68 | 139 | 141 | NA | 141 | 87 |
| Cash and cash equivalents | 8,766 | 14,142 | 9,378 | 8,124 | 8,124 | 9,295 | 7,870 | 10,005 |
| Group liquidity | 9,700 | 14,326 | 12,122 | 11,275 | 11,275 | 13,411 | 11,449 | 11,856 |
| Financial debt (–) | –10,751 | –10,146 | –8,445 | –7,755 | –7,755 | –7,770 | –7,776 | –8,996 |
| Net liquidity (+) / Net debt(–) | –1,050 | 4,180 | 3,677 | 3,521 | 3,521 | 5,641 | 3,674 | 2,860 |
| Non-Financials | ||||||||
| Number of employees (quarter end)2 | 105,132 | 105,328 | 106,495 | 107,602 | 107,602 | 108,133 | 105,315 | 107,583 |
| Employee retention (in %, rolling 12 months) | 93.8 | 95.1 | 96.0 | 96.4 | 96.4 | 96.6 | 96.6 | 96.7 |
| Women in management (in %, quarter end) | 29.4 | 29.5 | 29.5 | 29.7 | 29.7 | 29.8 | 29.9 | 30.0 |
| Women in executive roles (in %, quarter end) | 21.8 | 21.9 | 22.1 | 22.2 | 22.2 | 21.7 | 21.9 | 22.0 |
|
Gross greenhouse gas emissions (in million tons CO2 equivalents) |
6.9 | 1.8 | 1.8 | 1.8 |
1 From continuing and discontinued operations.
2 In full-time equivalents.
3 Our gross greenhouse gas emissions (GHG) – which cover scope 1, scope 2, and scope 3 (market based) – include the total lifecycle emissions resulting from the use of our on-premise software. The calculation of use of sold products emissions is based on the number of active maintenance contracts at quarter end. Therefore, the emissions for individual quarters will not add up to the total sum of GHG emissions at year end.
9/25
| Quarterly Statement Q3 2024 |
Primary Financial Statements of SAP Group (IFRS)
(A) Consolidated Income Statements
(A.1) Consolidated Income Statements – Quarter
| € millions, unless otherwise stated | Q3 2024 | Q3 2023 | ∆ in % | |
| Cloud | 4,351 | 3,472 | 25 | |
| Software licenses | 285 | 335 | –15 | |
| Software support | 2,793 | 2,872 | –3 | |
| Software licenses and support | 3,078 | 3,208 | –4 | |
| Cloud and software | 7,429 | 6,679 | 11 | |
| Services | 1,041 | 1,065 | –2 | |
| Total revenue | 8,470 | 7,744 | 9 | |
| Cost of cloud | –1,167 | –946 | 23 | |
| Cost of software licenses and support | –306 | –321 | –5 | |
| Cost of cloud and software | –1,472 | –1,268 | 16 | |
| Cost of services | –786 | –840 | –6 | |
| Total cost of revenue | –2,258 | –2,108 | 7 | |
| Gross profit | 6,212 | 5,637 | 10 | |
| Research and development | –1,568 | –1,515 | 4 | |
| Sales and marketing | –2,098 | –2,105 | 0 | |
| General and administration | –361 | –327 | 10 | |
| Restructuring | 52 | 36 | 43 | |
| Other operating income/expense, net | –22 | –3 | >100 | |
| Total operating expenses | –6,256 | –6,022 | 4 | |
| Operating profit (loss) | 2,214 | 1,723 | 29 | |
| Other non-operating income/expense, net | –62 | 113 | N/A | |
| Finance income | 240 | 204 | 18 | |
| Finance costs | –241 | –279 | –14 | |
| Financial income, net | –1 | –75 | –99 | |
| Profit (loss) before tax from continuing operations | 2,151 | 1,761 | 22 | |
| Income tax expense | –710 | –489 | 45 | |
| Profit (loss) after tax from continuing operations | 1,441 | 1,272 | 13 | |
| Attributable to owners of parent | 1,463 | 1,278 | 15 | |
| Attributable to non-controlling interests | –23 | –6 | >100 | |
| Profit (loss) after tax from discontinued operations | 0 | 0 | NA | |
| Profit (loss) after tax1 | 1,441 | 1,272 | 13 | |
| Attributable to owners of parent1 | 1,463 | 1,278 | 15 | |
| Attributable to non-controlling interests1 | –23 | –6 | >100 | |
| Earnings per share, basic (in €)2 from continuing operations | 1.25 | 1.09 | 15 | |
| Earnings per share, basic (in €)1, 2 | 1.25 | 1.09 | 15 | |
| Earnings per share, diluted (in €)2 from continuing operations | 1.24 | 1.08 | 15 | |
| Earnings per share, diluted (in €)1, 2 | 1.24 | 1.08 | 15 |
1 From continuing and discontinued operations
2 For the three months ended September 30, 2024 and 2023, the weighted average number of shares was 1,166 million (diluted 1,178 million) and 1,168 million (diluted: 1,180 million), respectively (treasury stock excluded).
10/25
| Quarterly Statement Q3 2024 |
(A.2) Consolidated Income Statements – Year-to-Date
| € millions, unless otherwise stated | Q1–Q3 2024 | Q1–Q3 2023 | ∆ in % | |
| Cloud | 12,433 | 9,965 | 25 | |
| Software licenses | 716 | 927 | –23 | |
| Software support | 8,414 | 8,651 | –3 | |
| Software licenses and support | 9,130 | 9,577 | –5 | |
| Cloud and software | 21,563 | 19,542 | 10 | |
| Services | 3,236 | 3,197 | 1 | |
| Total revenue | 24,798 | 22,739 | 9 | |
| Cost of cloud | –3,381 | –2,843 | 19 | |
| Cost of software licenses and support | –943 | –1,008 | –6 | |
| Cost of cloud and software | –4,324 | –3,852 | 12 | |
| Cost of services | –2,485 | –2,557 | –3 | |
| Total cost of revenue | –6,808 | –6,409 | 6 | |
| Gross profit | 17,990 | 16,330 | 10 | |
| Research and development | –4,839 | –4,653 | 4 | |
| Sales and marketing | –6,594 | –6,562 | 0 | |
| General and administration | –1,057 | –997 | 6 | |
| Restructuring | –2,821 | –221 | >100 | |
| Other operating income/expense, net | –31 | 0 | NA | |
| Total operating expenses | –22,150 | –18,842 | 18 | |
| Operating profit (loss) | 2,648 | 3,897 | –32 | |
| Other non-operating income/expense, net | –215 | –3 | >100 | |
| Finance income | 850 | 573 | 48 | |
| Finance costs | –726 | –935 | –22 | |
| Financial income, net | 124 | –363 | NA | |
| Profit (loss) before tax from continuing operations | 2,557 | 3,532 | –28 | |
| Income tax expense | –1,023 | –1,132 | –10 | |
| Profit (loss) after tax from continuing operations | 1,534 | 2,399 | –36 | |
| Attributable to owners of parent | 1,523 | 2,413 | –37 | |
| Attributable to non-controlling interests | 11 | –13 | NA | |
| Profit (loss) after tax from discontinued operations | 0 | 2,363 | NA | |
| Profit (loss) after tax1 | 1,534 | 4,763 | –68 | |
| Attributable to owners of parent1 | 1,523 | 4,917 | –69 | |
| Attributable to non-controlling interests1 | 11 | –155 | NA | |
| Earnings per share, basic (in €)2 from continuing operations | 1.31 | 2.07 | –37 | |
| Earnings per share, basic (in €)1, 2 | 1.31 | 4.21 | –69 | |
| Earnings per share, diluted (in €)2 from continuing operations | 1.29 | 2.05 | –37 | |
| Earnings per share, diluted (in €)1, 2 | 1.29 | 4.17 | –69 |
1 From continuing and discontinued operations
2 For the nine months ended September 30, 2024 and 2023, the weighted average number of shares was 1,167 million (diluted: 1,179 million) and 1,168 million (diluted: 1,179 million), respectively (treasury stock excluded).
11/25
|
Quarterly Statement Q3 2024 |
(B) Consolidated Statements of Financial Position
| as at 09/30/2024 and 12/31/2023 | ||
| € millions | 2024 | 2023 |
| Cash and cash equivalents | 10,005 | 8,124 |
| Other financial assets | 2,067 | 3,344 |
| Trade and other receivables | 5,481 | 6,322 |
| Other non-financial assets | 2,436 | 2,374 |
| Tax assets | 517 | 407 |
| Total current assets | 20,506 | 20,571 |
| Goodwill | 29,487 | 29,088 |
| Intangible assets | 2,708 | 2,505 |
| Property, plant, and equipment | 4,239 | 4,276 |
| Other financial assets | 6,145 | 5,543 |
| Trade and other receivables | 142 | 203 |
| Other non-financial assets | 3,450 | 3,573 |
| Tax assets | 333 | 382 |
| Deferred tax assets | 2,639 | 2,193 |
| Total non-current assets | 49,142 | 47,763 |
| Total assets | 69,648 | 68,335 |
| € millions | 2024 | 2023 |
| Trade and other payables | 1,932 | 1,783 |
| Tax liabilities | 502 | 266 |
| Financial liabilities | 3,864 | 1,735 |
| Other non-financial liabilities | 4,220 | 5,648 |
| Provisions | 2,149 | 235 |
| Contract liabilities | 5,989 | 4,975 |
| Total current liabilities | 18,655 | 14,642 |
| Trade and other payables | 15 | 39 |
| Tax liabilities | 846 | 877 |
| Financial liabilities | 7,039 | 7,941 |
| Other non-financial liabilities | 800 | 698 |
| Provisions | 442 | 433 |
| Deferred tax liabilities | 318 | 265 |
| Contract liabilities | 67 | 33 |
| Total non-current liabilities | 9,526 | 10,286 |
| Total liabilities | 28,181 | 24,928 |
| Issued capital | 1,229 | 1,229 |
| Share premium | 2,420 | 1,845 |
| Retained earnings | 41,424 | 42,457 |
| Other components of equity | 1,931 | 2,368 |
| Treasury shares | –5,793 | –4,741 |
| Equity attributable to owners of parent | 41,212 | 43,157 |
| Non-controlling interests | 255 | 249 |
| Total equity | 41,467 | 43,406 |
| Total equity and liabilities | 69,648 | 68,335 |
12/25
|
Quarterly Statement Q3 2024 |
(C) Consolidated Statements of Cash Flows
| € millions | Q1–Q3 2024 | Q1–Q3 2023 |
| Profit (loss) after tax | 1,534 | 4,671 |
| Adjustments to reconcile profit (loss) after tax to net cash flows from operating activities: | ||
| (Profit) loss after tax from discontinued operations | 0 | –2,272 |
| Depreciation and amortization | 943 | 1,042 |
| Share-based payment expense | 1,815 | 1,677 |
| Income tax expense | 1,023 | 1,132 |
| Financial income, net | –124 | 363 |
| Decrease/increase in allowances on trade receivables | –8 | 12 |
| Other adjustments for non-cash items | 212 | –35 |
| Increase/decrease in trade and other receivables | 943 | 678 |
| Decrease/increase in other assets | 56 | –555 |
| Increase/decrease in trade payables, provisions, and other liabilities | 746 | –470 |
| Increase/decrease in contract liabilities | 1,054 | 552 |
| Share-based payments | –1,064 | –967 |
| Interest paid | –439 | –305 |
| Interest received | 420 | 331 |
| Income taxes paid, net of refunds | –1,341 | –1,570 |
| Net cash flows from operating activities – continuing operations | 5,772 | 4,284 |
| Net cash flows from operating activities – discontinued operations | 0 | 80 |
| Net cash flows from operating activities | 5,772 | 4,364 |
| Business combinations, net of cash and cash equivalents acquired | –1,104 | 0 |
| Cash flows from derivative financial instruments related to the sale of subsidiaries or businesses | 0 | –91 |
| Purchase of intangible assets and property, plant, and equipment | –528 | –595 |
| Proceeds from sales of intangible assets and property, plant, and equipment | 80 | 72 |
| Purchase of equity or debt instruments of other entities | –6,517 | –2,969 |
| Proceeds from sales of equity or debt instruments of other entities | 7,452 | 865 |
| Net cash flows from investing activities – continuing operations | –618 | –2,718 |
| Net cash flows from investing activities – discontinued operations | 0 | 5,625 |
| Net cash flows from investing activities | –618 | 2,907 |
| Dividends paid | –2,565 | –2,395 |
| Dividends paid on non-controlling interests | 0 | –18 |
| Purchase of treasury shares | –1,625 | –718 |
| Proceeds from borrowings | 1,251 | 0 |
| Repayments of borrowings | –14 | –3,442 |
| Payments of lease liabilities | –213 | –266 |
| Transactions with non-controlling interests | –13 | 42 |
| Net cash flows from financing activities – continuing operations | –3,180 | –6,797 |
| Net cash flows from financing activities – discontinued operations | 0 | 24 |
| Net cash flows from financing activities | –3,180 | –6,773 |
| Effect of foreign currency rates on cash and cash equivalents | –94 | –128 |
| Net decrease/increase in cash and cash equivalents | 1,881 | 370 |
| Cash and cash equivalents at the beginning of the period | 8,124 | 9,008 |
| Cash and cash equivalents at the end of the period | 10,005 | 9,378 |
13/25
|
Quarterly Statement Q3 2024 |
Non-IFRS Numbers
(D) Basis of Non-IFRS Presentation
SAP discloses certain financial measures such as expense (non-IFRS) and profit measures (non-IFRS) that are not prepared in accordance with IFRS and are therefore considered non-IFRS financial measures.
For a more detailed description of all of SAP’s non-IFRS measures and their limitations as well as SAP’s constant currency and free cash flow figures, see Explanation of Non-IFRS Measures.
(E) Reconciliation from Non-IFRS Numbers to IFRS Numbers
(E.1) Reconciliation of Non-IFRS Revenue – Quarter
| € millions, unless otherwise stated | Q3 2024 | Q3 2023 | ∆ in % | |||
| IFRS | Currency Impact |
Non-IFRS Constant Currency |
IFRS | IFRS |
Non-IFRS Constant Currency | |
| Revenue Numbers | ||||||
| Cloud | 4,351 | 43 | 4,394 | 3,472 | 25 | 27 |
| Software licenses | 285 | 2 | 287 | 335 | –15 | –14 |
| Software support | 2,793 | 24 | 2,817 | 2,872 | –3 | –2 |
| Software licenses and support | 3,078 | 26 | 3,104 | 3,208 | –4 | –3 |
| Cloud and software | 7,429 | 69 | 7,497 | 6,679 | 11 | 12 |
| Services | 1,041 | 7 | 1,048 | 1,065 | –2 | –2 |
| Total revenue | 8,470 | 76 | 8,546 | 7,744 | 9 | 10 |
14/25
|
Quarterly Statement Q3 2024 |
(E.2) Reconciliation of Non-IFRS Operating Expenses – Quarter
| € millions, unless otherwise stated | Q3 2024 | Q3 2023 | ∆ in % | ||||||||
| IFRS | Adj. | Non-IFRS | Currency Impact |
Non-IFRS Constant Currency |
IFRS | Adj. | Non-IFRS | IFRS | Non-IFRS |
Non-IFRS Constant Currency | |
| Operating Expense Numbers | |||||||||||
| Cost of cloud | –1,167 | 25 | –1,142 | –946 | 10 | –937 | 23 | 22 | |||
| Cost of software licenses and support | –306 | 0 | –306 | –321 | 4 | –318 | –5 | –4 | |||
| Cost of cloud and software | –1,472 | 25 | –1,448 | –1,268 | 14 | –1,254 | 16 | 15 | |||
| Cost of services | –786 | 0 | –785 | –840 | 0 | –840 | –6 | –6 | |||
| Total cost of revenue | –2,258 | 25 | –2,233 | –2,108 | 14 | –2,094 | 7 | 7 | |||
| Gross profit | 6,212 | 25 | 6,236 | 50 | 6,286 | 5,637 | 14 | 5,651 | 10 | 10 | 11 |
| Research and development | –1,568 | 0 | –1,568 | –1,515 | 2 | –1,513 | 4 | 4 | |||
| Sales and marketing | –2,098 | 51 | –2,047 | –2,105 | 64 | –2,041 | 0 | 0 | |||
| General and administration | –361 | 6 | –356 | –327 | 0 | –327 | 10 | 9 | |||
| Restructuring | 52 | –52 | 0 | 36 | –36 | 0 | 43 | NA | |||
| Other operating income/expense, net | –22 | 0 | –22 | –3 | 0 | –3 | >100 | >100 | |||
| Total operating expenses | –6,256 | 30 | –6,226 | –67 | –6,293 | –6,022 | 44 | –5,978 | 4 | 4 | 5 |
(E.3) Reconciliation of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Quarter
| € millions, unless otherwise stated | Q3 2024 | Q3 2023 | ∆ in % | ||||||||
| IFRS | Adj. | Non-IFRS | Currency Impact |
Non-IFRS Constant Currency |
IFRS | Adj. | Non-IFRS | IFRS | Non-IFRS |
Non-IFRS Constant Currency | |
| Profit Numbers | |||||||||||
| Operating profit (loss) | 2,214 | 30 | 2,244 | 9 | 2,253 | 1,723 | 44 | 1,767 | 29 | 27 | 28 |
| Other non-operating income/expense, net | –62 | 0 | –62 | 113 | 0 | 113 | NA | NA | |||
| Finance income | 240 | –87 | 153 | 204 | –53 | 151 | 18 | 1 | |||
| Finance costs | –241 | 63 | –178 | –279 | 103 | –177 | –14 | 1 | |||
| Financial income, net | –1 | –24 | –24 | –75 | 50 | –25 | –99 | –3 | |||
| Profit (loss) before tax from continuing operations | 2,151 | 6 | 2,157 | 1,761 | 94 | 1,855 | 22 | 16 | |||
| Income tax expense | –710 | –10 | –720 | –489 | –13 | –502 | 45 | 43 | |||
| Profit (loss) after tax from continuing operations | 1,441 | –3 | 1,437 | 1,272 | 81 | 1,352 | 13 | 6 | |||
| Attributable to owners of parent | 1,463 | –29 | 1,434 | 1,278 | 72 | 1,350 | 15 | 6 | |||
| Attributable to non-controlling interests | –23 | 26 | 3 | –6 | 9 | 3 | >100 | 18 | |||
| Profit (loss) after tax1 | 1,441 | –3 | 1,437 | 1,272 | 81 | 1,352 | 13 | 6 | |||
| Attributable to owners of parent1 | 1,463 | –29 | 1,434 | 1,278 | 72 | 1,350 | 15 | 6 | |||
| Attributable to non-controlling interests1 | –23 | 26 | 3 | –6 | 9 | 3 | >100 | 18 | |||
| Key Ratios | |||||||||||
| Operating margin (in %) | 26.1 | 26.5 | 26.4 | 22.2 | 22.8 | 3.9pp | 3.7pp | 3.5pp | |||
| Effective tax rate (in %)2 | 33.0 | 33.4 | 27.8 | 27.1 | 5.3pp | 6.3pp | |||||
| Earnings per share, basic (in €) from continuing operations | 1.25 | 1.23 | 1.09 | 1.16 | 15 | 6 | |||||
| Earnings per share, basic (in €)1 | 1.25 | 1.23 | 1.09 | 1.16 | 15 | 6 | |||||
1
From continuing and discontinued operations
2 The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in Q3 2024 and Q3 2023 mainly resulted
from tax effects of acquisition-related charges and restructuring expenses.
15/25
|
Quarterly Statement Q3 2024 |
(E.4) Reconciliation of Non-IFRS Revenue – Year-to-Date
| € millions, unless otherwise stated | Q1–Q3 2024 | Q1–Q3 2023 | ∆ in % | |||
| IFRS | Currency Impact |
Non-IFRS Constant Currency |
IFRS | IFRS |
Non-IFRS Constant Currency | |
| Revenue Numbers | ||||||
| Cloud | 12,433 | 92 | 12,524 | 9,965 | 25 | 26 |
| Software licenses | 716 | 7 | 723 | 927 | –23 | –22 |
| Software support | 8,414 | 64 | 8,478 | 8,651 | –3 | –2 |
| Software licenses and support | 9,130 | 71 | 9,201 | 9,577 | –5 | –4 |
| Cloud and software | 21,563 | 162 | 21,725 | 19,542 | 10 | 11 |
| Services | 3,236 | 15 | 3,251 | 3,197 | 1 | 2 |
| Total revenue | 24,798 | 178 | 24,976 | 22,739 | 9 | 10 |
(E.5) Reconciliation of Non-IFRS Operating Expenses – Year-to-Date
| € millions, unless otherwise stated | Q1–Q3 2024 | Q1–Q3 2023 | ∆ in % | ||||||||
| IFRS | Adj. | Non-IFRS | Currency Impact |
Non-IFRS Constant Currency |
IFRS | Adj. | Non-IFRS | IFRS | Non-IFRS |
Non-IFRS Constant Currency | |
| Operating Expense Numbers | |||||||||||
| Cost of cloud | –3,381 | 49 | –3,332 | –2,843 | 31 | –2,812 | 19 | 18 | |||
| Cost of software licenses and support | –943 | 0 | –943 | –1,008 | 26 | –982 | –6 | –4 | |||
| Cost of cloud and software | –4,324 | 49 | –4,275 | –3,852 | 57 | –3,795 | 12 | 13 | |||
| Cost of services | –2,485 | 0 | –2,484 | –2,557 | 1 | –2,557 | –3 | –3 | |||
| Total cost of revenue | –6,808 | 50 | –6,759 | –6,409 | 58 | –6,351 | 6 | 6 | |||
| Gross profit | 17,990 | 50 | 18,039 | 147 | 18,187 | 16,330 | 58 | 16,388 | 10 | 10 | 11 |
| Research and development | –4,839 | 3 | –4,835 | –4,653 | 6 | –4,647 | 4 | 4 | |||
| Sales and marketing | –6,594 | 180 | –6,413 | –6,562 | 363 | –6,199 | 0 | 3 | |||
| General and administration | –1,057 | 14 | –1,043 | –997 | 1 | –996 | 6 | 5 | |||
| Restructuring | –2,821 | 2,821 | 0 | –221 | 221 | 0 | >100 | NA | |||
| Other operating income/expense, net | –31 | 0 | –31 | 0 | 0 | 0 | NA | NA | |||
| Total operating expenses | –22,150 | 3,069 | –19,081 | –102 | –19,183 | –18,842 | 649 | –18,193 | 18 | 5 | 5 |
16/25
| Quarterly Statement Q3 2024 |
(E.6) Reconciliation of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Year-to-Date
| € millions, unless otherwise stated | Q1–Q3 2024 | Q1–Q3 2023 | ∆ in % | ||||||||
| IFRS | Adj. | Non-IFRS |
Currency Impact |
Non-IFRS Constant Currency |
IFRS | Adj. | Non-IFRS | IFRS | Non-IFRS |
Non-IFRS Constant Currency | |
| Profit Numbers | |||||||||||
| Operating profit (loss) | 2,648 | 3,069 | 5,717 | 76 | 5,793 | 3,897 | 649 | 4,546 | –32 | 26 | 27 |
| Other non-operating income/expense, net | –215 | 0 | –215 | –3 | 0 | –3 | >100 | >100 | |||
| Finance income | 850 | –369 | 482 | 573 | –238 | 335 | 48 | 44 | |||
| Finance costs | –726 | 222 | –504 | –935 | 329 | –607 | –22 | –17 | |||
| Financial income, net | 124 | –147 | –23 | –363 | 91 | –272 | NA | –92 | |||
| Profit (loss) before tax from continuing operations | 2,557 | 2,922 | 5,479 | 3,532 | 739 | 4,271 | –28 | 28 | |||
| Income tax expense | –1,023 | –796 | –1,819 | –1,132 | –120 | –1,252 | –10 | 45 | |||
| Profit (loss) after tax from continuing operations | 1,534 | 2,126 | 3,660 | 2,399 | 620 | 3,019 | –36 | 21 | |||
| Attributable to owners of parent | 1,523 | 2,134 | 3,657 | 2,413 | 615 | 3,028 | –37 | 21 | |||
| Attributable to non-controlling interests | 11 | –8 | 3 | –13 | 5 | –9 | NA | NA | |||
| Profit (loss) after tax1 | 1,534 | 2,126 | 3,660 | 4,763 | 38 | 4,801 | –68 | –24 | |||
| Attributable to owners of parent1 | 1,523 | 2,134 | 3,657 | 4,917 | 208 | 5,125 | –69 | –29 | |||
| Attributable to non-controlling interests1 | 11 | –8 | 3 | –155 | –170 | –325 | NA | NA | |||
| Key Ratios | |||||||||||
| Operating margin (in %) | 10.7 | 23.1 | 23.2 | 17.1 | 20.0 | –6.5pp | 3.1pp | 3.2pp | |||
| Effective tax rate (in %)2 | 40.0 | 33.2 | 32.1 | 29.3 | 7.9pp | 3.9pp | |||||
| Earnings per share, basic (in €) from continuing operations | 1.31 | 3.13 | 2.07 | 2.59 | –37 | 21 | |||||
| Earnings per share, basic (in €)1 | 1.31 | 3.13 | 4.21 | 4.39 | –69 | –29 | |||||
1 From continuing and discontinued operations
2 The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in the first nine months of 2024 and 2023 mainly resulted from tax effects of restructuring expenses and acquisition-related charges.
17/25
| Quarterly Statement Q3 2024 |
(E.7) Reconciliation of Free Cash Flow
| € millions, unless otherwise stated | Q1–Q3 2024 | Q1–Q3 2023 |
| Net cash flows from operating activities – continuing operations | 5,772 | 4,284 |
| Purchase of intangible assets and property, plant, and equipment | –528 | –595 |
| Payments of lease liabilities | –213 | –266 |
| Free cash flow | 5,031 | 3,423 |
| Net cash flows from investing activities – continuing operations | –618 | –2,718 |
| Net cash flows from financing activities – continuing operations | –3,180 | –6,797 |
18/25
| Quarterly Statement Q3 2024 |
(F) Non-IFRS Adjustments – Actuals and Estimates
| € millions, unless otherwise stated |
Estimated Amounts for Full Year 2024 |
Q3 2024 | Q1–Q3 2024 | Q3 2023 | Q1–Q3 2023 |
| Profit (loss) before tax from continuing operations (IFRS) | 2,151 | 2,557 | 1,761 | 3,532 | |
| Adjustment for acquisition-related charges | 320–400 | 90 | 256 | 80 | 257 |
| Adjustment for restructuring | approximately €3 bn | –52 | 2,821 | –36 | 221 |
| Adjustment for regulatory compliance matter expenses | -8 | –8 | –8 | 0 | 170 |
| Adjustment for gains and losses from equity securities, net | N/A1 | –24 | –147 | 50 | 91 |
| Profit (loss) before tax from continuing operations (non-IFRS) | 2,157 | 5,479 | 1,855 | 4,271 |
1 Due to the uncertainty and potential variability of gains and losses from equity securities, we cannot provide an estimate for the full year without unreasonable efforts. This item could however have a material impact on our non-IFRS measures below operating profit.
(G) Non-IFRS Operating Expense Adjustments by Functional Areas
| € millions | Q3 2024 | Q3 2023 | ||||||||
| IFRS | Acquisition- Related |
Restructuring | RCM1 | Non-IFRS | IFRS | Acquisition-Related | Restructuring | RCM1 | Non-IFRS | |
| Cost of cloud | –1,167 | 25 | 0 | 0 | –1,142 | –946 | 10 | 0 | 0 | –937 |
| Cost of software licenses and support | –306 | 0 | 0 | 0 | –306 | –321 | 4 | 0 | 0 | –318 |
| Cost of services | –786 | 0 | 0 | 0 | –785 | –840 | 0 | 0 | 0 | –840 |
| Research and development | –1,568 | 0 | 0 | 0 | –1,568 | –1,515 | 2 | 0 | 0 | –1,513 |
| Sales and marketing | –2,098 | 59 | 0 | –8 | –2,047 | –2,105 | 64 | 0 | 0 | –2,041 |
| General and administration | –361 | 6 | 0 | 0 | –356 | –327 | 0 | 0 | 0 | –327 |
| Restructuring | 52 | 0 | –52 | 0 | 0 | 36 | 0 | –36 | 0 | 0 |
| Other operating income/expense, net | –22 | 0 | 0 | 0 | –22 | –3 | 0 | 0 | 0 | –3 |
| Total operating expenses | –6,256 | 90 | –52 | –8 | –6,226 | –6,022 | 80 | –36 | 0 | –5,978 |
1 Regulatory Compliance Matters
| € millions | Q1–Q3 2024 | Q1–Q3 2023 | ||||||||
| IFRS | Acquisition- Related |
Restructuring | RCM1 | Non-IFRS | IFRS | Acquisition-Related | Restructuring | RCM1 | Non-IFRS | |
| Cost of cloud | –3,381 | 49 | 0 | 0 | –3,332 | –2,843 | 31 | 0 | 0 | –2,812 |
| Cost of software licenses and support | –943 | 0 | 0 | 0 | –943 | –1,008 | 26 | 0 | 0 | –982 |
| Cost of services | –2,485 | 0 | 0 | 0 | –2,484 | –2,557 | 1 | 0 | 0 | –2,557 |
| Research and development | –4,839 | 3 | 0 | 0 | –4,835 | –4,653 | 6 | 0 | 0 | –4,647 |
| Sales and marketing | –6,594 | 189 | 0 | –8 | –6,413 | –6,562 | 193 | 0 | 170 | –6,199 |
| General and administration | –1,057 | 14 | 0 | 0 | –1,043 | –997 | 1 | 0 | 0 | –996 |
| Restructuring | –2,821 | 0 | 2,821 | 0 | 0 | –221 | 0 | 221 | 0 | 0 |
| Other operating income/expense, net | –31 | 0 | 0 | 0 | –31 | 0 | 0 | 0 | 0 | 0 |
| Total operating expenses | –22,150 | 256 | 2,821 | –8 | –19,081 | –18,842 | 257 | 221 | 170 | –18,193 |
1 Regulatory Compliance Matters
19/25
| Quarterly Statement Q3 2024 |
If not presented in a separate line item in our income statement, the restructuring expenses would break down as follows:
| € millions | Q3 2024 | Q1–Q3 2024 | Q3 2023 | Q1–Q3 2023 |
| Cost of cloud | 1 | –94 | 9 | 2 |
| Cost of software licenses and support | 0 | –80 | 2 | –9 |
| Cost of services | 8 | –525 | 8 | –26 |
| Research and development | 12 | –1,088 | –4 | –44 |
| Sales and marketing | 12 | –894 | 22 | –128 |
| General and administration | 18 | –141 | –1 | –16 |
| Restructuring expenses | 52 | –2,821 | 36 | –221 |
20/25
| Quarterly Statement Q3 2024 |
Disaggregations
(H) Segment Reporting
SAP operates on a consolidated basis as one operating segment. For further details, see Note (C.1) “Results of Segments” of our Consolidated Half-Year Financial Statements 2024.
For more information about SAP’s operating performance, see the Reconciliation from Non-IFRS Numbers to IFRS Numbers section.
(I) Revenue by Region (IFRS and Non-IFRS)
(I.1) Revenue by Region (IFRS and Non-IFRS) – Quarter
| € millions | Q3 2024 | Q3 2023 | ∆ in % | |||
| Actual currency | Currency Impact |
Constant Currency |
Actual currency | Actual currency |
Constant Currency | |
| Cloud Revenue by Region | ||||||
| EMEA | 1,742 | –2 | 1,740 | 1,352 | 29 | 29 |
| Americas | 1,989 | 35 | 2,024 | 1,678 | 19 | 21 |
| APJ | 620 | 10 | 630 | 442 | 40 | 43 |
| Cloud revenue | 4,351 | 43 | 4,394 | 3,472 | 25 | 27 |
| Cloud and Software Revenue by Region | ||||||
| EMEA | 3,370 | –4 | 3,366 | 3,010 | 12 | 12 |
| Americas | 2,982 | 55 | 3,037 | 2,696 | 11 | 13 |
| APJ | 1,077 | 18 | 1,094 | 973 | 11 | 12 |
| Cloud and software revenue | 7,429 | 69 | 7,497 | 6,679 | 11 | 12 |
| Total Revenue by Region | ||||||
| Germany | 1,282 | 0 | 1,283 | 1,212 | 6 | 6 |
| Rest of EMEA | 2,574 | –4 | 2,569 | 2,280 | 13 | 13 |
| Total EMEA | 3,856 | –4 | 3,852 | 3,492 | 10 | 10 |
| United States | 2,739 | 27 | 2,766 | 2,506 | 9 | 10 |
| Rest of Americas | 679 | 34 | 713 | 651 | 4 | 9 |
| Total Americas | 3,418 | 61 | 3,479 | 3,157 | 8 | 10 |
| Japan | 357 | 13 | 370 | 297 | 20 | 25 |
| Rest of APJ | 839 | 7 | 845 | 798 | 5 | 6 |
| Total APJ | 1,195 | 20 | 1,215 | 1,095 | 9 | 11 |
| Total revenue | 8,470 | 76 | 8,546 | 7,744 | 9 | 10 |
21/25
| Quarterly Statement Q3 2024 |
(I.2) Revenue by Region (IFRS and Non-IFRS) – Year-to-Date
| € millions | Q1–Q3 2024 | Q1–Q3 2023 | ∆ in % | |||
| Actual Currency | Currency Impact |
Constant Currency |
Actual Currency | Actual Currency |
Constant Currency | |
| Cloud Revenue by Region | ||||||
| EMEA | 4,972 | –13 | 4,959 | 3,810 | 31 | 30 |
| Americas | 5,751 | 39 | 5,790 | 4,873 | 18 | 19 |
| APJ | 1,710 | 66 | 1,776 | 1,282 | 33 | 38 |
| Cloud revenue | 12,433 | 92 | 12,524 | 9,965 | 25 | 26 |
| Cloud and Software Revenue by Region | ||||||
| EMEA | 9,695 | –22 | 9,673 | 8,670 | 12 | 12 |
| Americas | 8,757 | 60 | 8,817 | 7,979 | 10 | 11 |
| APJ | 3,111 | 124 | 3,235 | 2,892 | 8 | 12 |
| Cloud and software revenue | 21,563 | 162 | 21,725 | 19,542 | 10 | 11 |
| Total Revenue by Region | ||||||
| Germany | 3,802 | 0 | 3,802 | 3,495 | 9 | 9 |
| Rest of EMEA | 7,377 | –27 | 7,351 | 6,619 | 11 | 11 |
| Total EMEA | 11,180 | –27 | 11,153 | 10,113 | 11 | 10 |
| United States | 8,108 | 27 | 8,136 | 7,480 | 8 | 9 |
| Rest of Americas | 2,038 | 37 | 2,075 | 1,884 | 8 | 10 |
| Total Americas | 10,146 | 64 | 10,211 | 9,364 | 8 | 9 |
| Japan | 1,018 | 91 | 1,109 | 913 | 11 | 21 |
| Rest of APJ | 2,454 | 49 | 2,503 | 2,348 | 5 | 7 |
| Total APJ | 3,472 | 140 | 3,612 | 3,261 | 6 | 11 |
| Total revenue | 24,798 | 178 | 24,976 | 22,739 | 9 | 10 |
22/25
| Quarterly Statement Q3 2024 |
(J) Employees by Region and Functional Areas
| Full-time equivalents | 09/30/2024 | 09/30/2023 | ||||||
| EMEA | Americas | APJ | Total | EMEA | Americas | APJ | Total | |
| Cloud and software | 4,510 | 4,256 | 4,592 | 13,357 | 4,150 | 4,193 | 4,181 | 12,523 |
| Services | 8,394 | 4,686 | 5,503 | 18,582 | 8,124 | 5,044 | 5,502 | 18,669 |
| Research and development | 18,422 | 5,623 | 12,729 | 36,774 | 17,952 | 5,907 | 12,698 | 36,557 |
| Sales and marketing | 12,078 | 9,742 | 5,149 | 26,969 | 11,796 | 10,166 | 5,311 | 27,272 |
| General and administration | 3,781 | 1,796 | 1,301 | 6,878 | 3,518 | 1,772 | 1,305 | 6,595 |
| Infrastructure | 2,964 | 1,156 | 903 | 5,023 | 2,786 | 1,244 | 849 | 4,878 |
| SAP Group (09/30) | 50,149 | 27,257 | 30,177 | 107,583 | 48,325 | 28,324 | 29,846 | 106,495 |
| Thereof acquisitions1 | 413 | 414 | 86 | 912 | 7 | 0 | 0 | 7 |
| SAP Group (nine months' end average) | 49,475 | 27,389 | 29,819 | 106,683 | 47,967 | 28,170 | 29,487 | 105,624 |
1 Acquisitions closed between January 1 and September 30 of the respective year.
23/25
| Quarterly Statement Q3 2024 |
Other Disclosures
(K) Share-Based Payment
SAP’s share-based payment expenses included in our non-IFRS operating expenses break down as follows:
| € millions | Q3 2024 | Q1–Q3 2024 | Q3 2023 | Q1–Q3 2023 |
| Cost of cloud | –31 | –104 | –23 | –70 |
| Cost of software licenses and support | –9 | –31 | –9 | –29 |
| Cost of services | –78 | –269 | –88 | –287 |
| Research and development | –169 | –572 | –163 | –534 |
| Sales and marketing | –199 | –675 | –191 | –626 |
| General and administration | –49 | –164 | –36 | –132 |
| Share-based payment expenses | –535 | –1,815 | –510 | –1,677 |
Additionally, in the third quarter of 2024 SAP reduced its expenses of €17 million (Q3/2023: €0 million) relating to accelerated share-based payment expenses triggered by the transformation program. In the first nine months of 2024 expenses amounting to €172 million (Q1-Q3/2023: €0 million) have been recognized. These share-based payment expenses are classified as restructuring expenses in SAP’s consolidated income statements.
Associated share-based payments in the first nine months of 2024 amounted to €143 million (Q1-Q3/2023: €0 million) and are classified as a decrease in provisions and other liabilities in SAP’s consolidated statements of cash flows.
(L) Restructuring
The vast majority of the restructuring expenses and related payments recognized in the first nine months of 2024 relate to the company-wide transformation program that SAP announced in the first quarter to further increase its focus on key strategic growth areas, in particular business AI. SAP is transforming its operational setup to capture organizational synergies and AI driven efficiencies, and to prepare the company for highly scalable future revenue growth. The restructuring is intended to ensure that SAP’s skillset and resources continue to meet future business needs. Restructuring expenses primarily include employee-related benefits such as severance payments and accelerated share-based payment expenses triggered by the transformation program (for more information on recognition and measurement of share-based payment programs, see Notes to the Consolidated Half-Year Financial Statements 2024, Note B.3).
For the movement of the restructuring provision in the first nine months of 2024, please refer to the table below:
| € millions | Restructuring Provision |
| Opening balance as at 1/1/2024 | 37 |
| Additions | 2,821 |
| Utilizations | –673 |
| Transfer to share-based compensation liability | –110 |
| Ending balance as at 9/30/2024 | 2,075 |
For a reconciliation of the utilization of the restructuring provision to the cash outflow related to restructuring, please refer to the table below:
| € millions | Q1–Q3 2024 |
| Utilizations | 673 |
| Payout of share-based compensation | 143 |
| Time account payout | 13 |
| Net cash outflow | 829 |
24/25
| Quarterly Statement Q3 2024 |
(M) Business combinations
On June 5, 2024, SAP announced its intention to acquire 100% of WalkMe Ltd. (“WalkMe”), a leader in Digital Adoption Platforms.
The transaction closed on September 12, 2024, following satisfaction of regulatory and other approvals. The acquisition is expected to further expand SAP’s business transformation portfolio. WalkMe’s solutions help companies navigate ongoing technological change by providing users with advanced guidance and automation capabilities. The operating results, as well as the assets and liabilities (provisional values) are reflected in our consolidated financial statements starting from that date. The initial consideration transferred amounted to approximately €1.3 billion.
As the WalkMe acquisition closed shortly before September 30, 2024, we are still in the process of identifying and measuring the WalkMe assets and liabilities. Thus, the accounting for the WalkMe acquisition is preliminary. This primarily relates to intangible assets as well as tax assets and liabilities, but also to certain acquisition accounting-related matters such as the consideration transferred and certain accounting alignments.
In the third quarter of 2024, the contribution of WalkMe to revenue was approximately €14 million, to operating profit approximately €-14 million (IFRS) and approximately €-8 million (non-IFRS).
25/25