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Q4 and Full-Year 2022 Results

January 26, 2023

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"SAP is more resilient than ever. We end 2022 with continued strong cloud momentum and a return to operating profit growth in the fourth quarter, marking an important inflection point. Heading into 2023, this gives us great confidence in delivering on our promise of accelerating topline and double-digit non-IFRS operating profit growth. As we enter the next chapter of SAP, I want to thank Luka for his great partnership on this journey."

Christian Klein, CEO

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"In my 37th and final earnings for SAP, I am proud that the SAP team is announcing excellent results and continued cloud momentum. We are on track to deliver our growth and profitability commitments for 2023. I am extremely confident in the continued success of SAP’s most exciting transformation in its history. Thank you to the wonderful SAP family that I have been part of for 27 years."

Luka Mucic, CFO

Financial Results at a Glance − Fourth Quarter 2022

  IFRS   Non-IFRS1
€ million, unless otherwise stated Q4 2022 Q4 2021 ∆ in %   Q4 2022 Q4 2021 ∆ in % ∆ in %
const. curr.
Cloud revenue 3,392 2,611 30   3,392 2,611 30 22
Software licenses 907 1,458 −38   907 1,458 −38 −39
Software support 2,993 2,920 3   2,993 2,920 3 −1
Software licenses and support revenue 3,900 4,379 −11   3,900 4,379 −11 −14
Cloud and software revenue 7,292 6,990 4   7,292 6,990 4 0
Total revenue 8,436 7,981 6   8,436 7,981 6 1
Share of more predictable revenue (in %) 76 69 6pp   76 69 6pp  
Operating profit (loss) 1,707 1,463 17   2,581 2,468 5 2
Profit (loss) after tax 332 1,440 −77   1,028 2,274 −55  
Earnings per share - Basic (in €) 0.47 1.23 −62   1.00 1.85 −46  
Earnings per share - Diluted (in €) 0.47 1.23 −62          
Net cash flows from operating activities 2,048 1,269 61          
Free cash flow         1,805 916 97  
Number of employees (FTE, December 31) 111,961 107,415 4          

1 For a breakdown of the individual adjustments see table
“Non-IFRS Adjustments by Functional Areas” in this Quarterly Statement.

Due to rounding, numbers may not add up precisely.


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Financial Results at a Glance − Full-Year 2022

  IFRS   Non-IFRS1
€ million, unless otherwise stated Q1–Q4
2022		 Q1–Q4
2021		 ∆ in %   Q1–Q4
2022		 Q1–Q4
2021		 ∆ in % ∆ in %
const. curr.
Cloud revenue 12,556 9,418 33   12,556 9,418 33 24
Software licenses 2,056 3,248 −37   2,056 3,248 −37 −39
Software support 11,909 11,412 4   11,909 11,412 4 0
Software licenses and support revenue 13,965 14,660 −5   13,965 14,660 −5 −9
Cloud and software revenue 26,522 24,078 10   26,522 24,078 10 4
Total revenue 30,871 27,842 11   30,871 27,842 11 5
Share of more predictable revenue (in %) 79 75 4pp   79 75 4pp  
Operating profit (loss) 4,672 4,656 0   8,033 8,230 −2 −7
Profit (loss) after tax 1,714 5,376 −68   4,549 8,337 −45  
Earnings per share - Basic (in €) 1.96 4.46 −56   4.08 6.73 −39  
Earnings per share - Diluted (in €) 1.95 4.46 −56          
Net cash flows from operating activities 5,646 6,223 −9          
Free cash flow         4,348 5,049 −14  
Number of employees (FTE, December 31) 111,961 107,415 4          
1 For a breakdown of the individual adjustments see table
“Non-IFRS Adjustments by Functional Areas” in this Quarterly Statement.
 

Due to rounding, numbers may not add up precisely.

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Cloud Performance

  Q4 2022 Q1 - Q4 2022
€ millions, unless otherwise stated
(non-IFRS)		 Actual
currency		 ∆  in % ∆  in %
Constant
currency		 Actual
currency		 ∆  in % ∆  in %
Constant
currency
Current Cloud Backlog            
Total 12,030 27 24 12,030 27 24
Thereof SAP S/4HANA 3,171 86 82 3,171 86 82
Cloud Revenue            
SaaS1 2,735 32 24 10,066 35 25
PaaS2 452 51 44 1,586 53 45
IaaS3 205 −16 −19 905 −2 −8
Total 3,392 30 22 12,556 33 24
Thereof SAP S/4HANA 660 101 90 2,082 91 79
Thereof Qualtrics 328 40 25 1,198 58 41
Cloud Gross Profit            
SaaS1 2,000 33 24 7,435 37 27
PaaS2 363 55 49 1,260 53 46
IaaS3 57 −11 11 252 −15 −6
Total 2,420 34 27 8,946 37 28
Thereof Qualtrics 291 37 23 1,065 54 37
Cloud Gross Margin (in %)            
SaaS1 (in %) 73.1 0.5pp 0.2pp 73.9 1.2pp 1.0pp
PaaS2 (in %) 80.3 1.7pp 2.4pp 79.4 −0.3pp 0.9pp
IaaS3 (in %) 28.0 1.3pp 9.7pp 27.8 −4.3pp 0.5pp
Total 71.3 2.3pp 2.7pp 71.3 1.8pp 2.1pp
Thereof Qualtrics 88.6  -1,6pp  -1,7pp 88.9 −2.6pp −2.7pp

1 Software as a service: SaaS comprises all other offerings which are not shown as PaaS and IaaS.

2 Platform as a service: PaaS includes primarily SAP Business Technology Platform and SAP Signavio.

3 Infrastructure as a service: Major portion of IaaS comes from SAP HANA Enterprise Cloud.

Due to rounding, numbers may not add up precisely.


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Segment Performance

Applications, Technology & Services1
 Q4 2022 Q1-Q4 2022
€ million, unless otherwise stated
(Non-IFRS)		 Actual
Currency		 ∆ in % ∆ in %
Constant
Currency		 Actual
Currency		 ∆ in % ∆ in %
Constant
Currency
SaaS2 2,137 31 23 7,848 33 24
PaaS3 423 50 43 1,487 50 41
IaaS4 205 −16 −19 905 −2 −8
Cloud revenue 2,765 28 21 10,239 31 22
Segment revenue 7,741 4 −1 28,298 9 3
Segment profit (loss) 2,734 2 −1 8,812 −5 −9
SaaS2 (in %) 67.8 0.3pp −0.0pp 68.6 1.1pp 1.1pp
PaaS3 (in %) 79.5 1.6pp 2.3pp 78.6 −0.7pp 0.5pp
IaaS4 (in %) 27.9 1.3pp 9.7pp 27.8 −4.3pp 0.5pp
Cloud gross margin (in %) 66.6 2.4pp 2.8pp 66.5 1.6pp 2.2pp
Segment margin (in %) 35.3 −0.6pp −0.0pp 31.1 −4.5pp −4.0pp
 
 
Qualtrics
 Q4 2022 Q1-Q4 2022
€ million, unless otherwise stated
(Non-IFRS)		 Actual
Currency		 ∆ in % ∆ in %
Constant
Currency		 Actual
Currency		 ∆ in % ∆ in %
Constant
Currency
Cloud revenue – SaaS2 328 40 25 1,198 58 41
Segment revenue 389 37 22 1,423 53 37
Segment profit (loss) 34 >100 >100 95 >100 >100
Cloud gross margin – SaaS2 (in %) 88.6 −1.6pp −1.7pp 88.9 −2.6pp −2.7pp
Segment margin (in %) 8.7 7.1pp 9.3pp 6.7 1.9pp 3.4pp

1 Segment information for comparative prior periods were restated to conform with the new segment composition.
2 Software as a service
3 Platform as a service
4 Infrastructure as a service


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