-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：TDC公佈的第一季非GAAP每股收益為0.88美元，超出市場預期0.11美元；總營收為4.44億美元，較去年同期成長6%，超出預期1,400萬美元。 GAAP每股收益為3.47美元，主要得益於SAP訴訟和解協議帶來的3.59億美元稅前收益，和解協議的總收益為4.8億美元。強勁的雲端運算業務持續成長，公有雲年度經常性收入（ARR）年增13%至6.86億美元，總ARR達到14.92億美元，年增3%，顯示經常性收入基礎持續穩定。管理層預計第二季經常性收入年減2%至持平，總營收年減4%至2%，顯示短期內季增速將放緩。然而，公司基本上重申了2026年全年業績指引，預計年度經常性收入(ARR)成長2%-4%，非GAAP每股收益為2.55-2.65美元，現金流指引上調至6.42億-6.62億美元。我們認為，利潤率的顯著提升（非GAAP營業利潤率提升550個基點至27.3%）反映了公司在持續優化組織結構的同時，實現了強勁的營運槓桿和有效的成本控制。
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