It’s good to be SAP SE.

The enterprise resource planning (ERP) leader rode what it called a “trifecta of double digit growth in software, cloud and operating income” to second-quarter results that beat analyst estimates. Earnings per share (EPS) came in at 82 cents, outstripping consensus estimates of 78 cents. Quarterly revenue rose nine percent to $5.24 billion and CEO Bill McDermott “confidently” reiterated full-year guidance.

As rivals struggle to shift from one-time license purchases to cloud subscription models, SAP appears to be firing on all cylinders. Software license and support revenue grew seven percent, while cloud revenues were up 33 percent. Considering that cloud subscriptions comprise less than 20 percent of the company’s overall revenues, there appears to be plenty of room for growth.

SAP has beat earnings expectations each of its last four quarters while continuing to grow revenues, an anomaly in the legacy software business. It’s also doing so profitably. Operating profit was up 81 percent in the quarter using International Financial Reporting Standards (IFRS) accounting standards.

The new S/4HANA business suite scored 500 new sales in the quarter, including big new customer wins like Hershey Co. and Cathay Pacific Airways Ltd. SAP doesn’t break out HANA revenues, but it said that about 40 percent of S/4HANA sales are net new customers. HANA is an in-memory, column-oriented relational database management system that can perform both transaction and real-time analytical processing in the same engine. SAP has positioned HANA as an on-ramp to the cloud for its customers via the SAP HANA Enterprise Cloud platform.

While holding its core ERP business steady, SAP appears also to be diversifying successfully away from core financials. It reported more than 1,250 customers for its Human Capital Management offerings at the end of the quarter. Cloud subscriptions and support revenue in the SAP Business Network segment was up 21 percent at constant currency rates. The SAP Business Network encompasses a community of trading partners who use SAP software for sourcing and procurement, flexible labor management and travel/expense management.

Brexit appeared to be no problem in this quarter, at least. Cloud and software revenue was up seven percent, with cloud subscriptions alone growing 38 percent. SAP said it had double-digit software license revenue growth in France, the Netherlands, Switzerland, southern Europe and Germany. Revenue in the Americas region grew at a similar rate. Britain’s June 23 to exit the European Union had worried some investors because many software companies close much of their business during the last two weeks of the quarter.

In fact, SAP stood apart from IBM and Microsoft, which reported earnings earlier in the week, by not citing a single area of revenue decline. “We outperformed the competition in top- and bottom-line growth,” said Luka Mucic, SAP CFO, in a prepared statement.

Image courtesy SAP