DGAP-Adhoc SAP SE: SAP Announces Preliminary Results for Q3 2021
DGAP-Ad-hoc: SAP SE / Key word(s): Preliminary Results/Change in Forecast
Cloud Momentum Accelerates Significantly
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- Current Cloud Backlog Up 24% (Up 22% At Constant Currencies)
- S/4HANA Current Cloud Backlog Up 60% (Up 58% At Constant Currencies)
- Cloud Revenue Up 20%
- Non-IFRS Operating Profit Up 2% (Up 2% At Constant Currencies)
- Raises Full Year Revenue and Profit Outlook On the Back of Strong Third Quarter
Business Update Third Quarter 2021
Walldorf, Germany - October 12th, 2021. After an initial review of its third quarter 2021 performance, SAP SE (NYSE: SAP) today announced its preliminary financial results for the third quarter ended September 30th, 2021. All 2021 figures in this release are approximate due to the preliminary nature of the announcement.
Businesses around the world are reevaluating their business models with increased urgency given the dramatic changes due to the pandemic and their ongoing focus on digital transformation. Customers are choosing SAP for its clearly differentiated capabilities. This is reflected in SAP's strong third quarter results which were above market expectations.
SAP is seeing continued strong demand and adoption of its 'RISE with SAP' offering, which customers of all sizes, including an increasing number of large clients, are selecting to manage their business transformation. As more customers adopt this holistic subscription offering, software licenses revenue decreased as anticipated.
SAP is seeing strong growth in current cloud backlog across its cloud portfolio, in particular with S/4HANA Cloud. Cloud revenue growth also accelerated sequentially.
Financial Performance Third Quarter 2021
Current cloud backlog was up 24% to €8.17 billion and up 22% (at constant currencies). S/4HANA current cloud backlog was up 60% (Non-IFRS) to €1.28 billion and up 58% (at constant currencies). Cloud revenue was up 20% to €2.39 billion and up 20% (at constant currencies). S/4HANA cloud revenue growth accelerated as anticipated, up 46% to €276 million and up 46% (at constant currencies). Software licenses revenue was down 8% year over year to €0.66 billion and down 8% (at constant currencies). Cloud and software revenue was up 7% to €5.91 billion and up 6% (at constant currencies). Services revenue was down 6% year over year to €0.93 billion and down 6% (at constant currencies). This revenue decline is primarily attributable to the November 2020 divestiture of SAP Digital Interconnect. Total revenue was up 5% year over year to €6.84 billion and up 5% (at constant currencies).