SAP (SAP) Stock Gains 3% After Outstanding Q4 and 2021 Results, With Record Cloud Performance; Provides 2022 Outlook

January 13, 2022 5:38 PM EST
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Price: $121.97 -0.34%

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SAP SE (NYSE: SAP) shares gained 3% after-hours Thursday after the software giant reported its preliminary Q4 and full 2021-year results, with total revenue growing 6% year-over-year to €7.98 billion (or 3% at constant currencies). The quarter was highlighted by a rapid acceleration of the current cloud backlog to €9.45 billion, up 32% (up 26% at constant currencies) and SAP S/4HANA current cloud backlog increasing 84% to €1.71 billion (up 76% at constant currencies).

Cloud revenue for Q4 grew 28% to €2.61 billion (or 24% at constant currencies) and SAP S/4HANA cloud revenue grew 65% to €329 million (or 61% at constant currencies). Software licenses revenue declined 14% year-over-year to €1.46 billion (or 17% at constant currencies) and Cloud and software revenue grew 6% to €6.99 billion (or 3% at constant currencies). IFRS EPS came in at €1.24 (down 23%) and non-IFRS EPS at €1.86 (up 10%).

For the full 2021-year, the company reported total revenue of €27.84 billion (up 2% year-over-year) or €28.23 billion (up 3%) at constant currencies. IFRS EPS came in at €4.46 (up 3%) and non-IFRS EPS at €6.74 (up 25%), reflecting a strong contribution from Sapphire Ventures throughout 2021.

The company provided its business outlook for 2022, expecting its cloud growth to continue to accelerate. The company anticipates €11.55 – 11.85 billion non-IFRS cloud revenue at constant currencies (up 23% to 26%) and €25.0 – 25.5 billion non-IFRS cloud and software revenue at constant currencies (up 4% to 6%).

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