CEO Bill McDermott, who always sounds like he's declaring victory, noted in the recent earnings webcast that this was "The second quarter in a row we expanded all margins sequentially." And the company noted that cloud subscription and support revenue was approximately $660 million, an increase of 116 percent over a year ago; 90 percent in constant currencies. SAP said new cloud bookings were up 102 percent. Software and license revenue reached roughly $3.88 billion, an increase of 11 percent, 6 percent in constant currencies. The main theme remained S4 Hana—remember when SAP once talked about its small business offerings. McDermott tossed out performance numbers including a statement about systems being "1,800 times faster than any system on the market. My read is that SAP chose to invest a lot of the revenue—one reason for the single-digit increase in the bottom line. R&D spending was about $727 million for the recent quarter, 21 percent over a year earlier.