What happened? SAP''s FY24 conf call and sell side group call have just concluded pre-market. BNPP Exane View: Additional detail on key moving parts including CCB growth and FCF conversion helpful in the context of investor debates this morning. Plenty of supportive datapoints around GenAI adoption and demand trends strong overall. Key Highlights: . Demand: Co. seeing sustained strong demand and x-sell motion, citing the number of customers buying 4 solutions has doubled over 2021. Furthermore, SAP indicated its win rates are increasing in its LoB applications against best of breed point solutions as customers opt for vendor consolidation and buying a single platform (in line with trends from our CTO surveys over recent years). SAP has expanded the RISE offering across the whole SAP toolkit now including LeanIX, Signavio, and WalkMe applications. SAP indicated CCB growth should ''slightly decelerate'' in 2025 vs. the +29% Q4''24 given the larger base, we would estimate by 1-2pp at this stage. . GenAI: AI is embedded in 50% of current order entry, and Co. went out of its way to highlight the benefit it will see from ''progress in the LLM space'' (referring to DeepSeek newsflow in recent days). Co. has delivered 130 GenAI use cases and 1,300 skills on its Copilot Joule. Joule for developers and SIs is also seeing strong traction and aiding the upgrade process for customers. SAP cites 20x productivity uplift in ''quote to cash'' automation through the SAP GenAI Hub. . Costs: SAP expects to soon reach EUR500m run rate in savings from embedding GenAI internally, mostly seen in RandD and Sales motions. The go-to-market transformation is in full swing and driving the majority of the EBIT margin uplift from here (2024 SandM inc. SBC was EUR8.9bn or 26% of Revenue). 2024 SBC was higher than expected at EUR2.4bn owing to the combination of the share price rally and an additional employee incentive plan. This should normalise in 2025 according to Co. but did not prevent SAP...