-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：CART第一季度业绩强劲，总交易额(GTV)增长13%至103亿美元（首个季度突破100亿美元），营收增长14%至10.19亿美元，比市场预期高出1200万美元。调整后EBITDA飙升23%至3亿美元（高于市场预期的2.87亿美元），利润率提升220个基点至29.4%，而GAAP净利润跃升36%至1.44亿美元。本季度业绩呈现均衡增长，广告收入加速增长16%（创2023年第三季度以来最快增速），订单量增长10%至9120万笔，这反映了零售商合作关系的拓展和战略举措的实施。第二季度业绩指引预计总交易额 (GTV) 为 101 亿美元至 102.5 亿美元（同比增长 11% 至 13%），调整后 EBITDA 为 2.9 亿美元至 3 亿美元（同比增长 11% 至 15%）。CART 将股票回购规模从上年的 8900 万美元提高至 3.49 亿美元，展现了管理层的信心，同时保持 8.8 亿美元的现金储备用于战略投资。我们认为强劲的运营杠杆和广告增长势头令人鼓舞，但随着公司对人工智能解决方案、国际扩张和店内技术的再投资，我们预计利润率扩张速度将有所放缓。
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