Gloo Holdings (NASDAQ: GLOO) released second-quarter financial results and hosted an earnings call on Monday. Read the complete transcript below.

Gloo Holdings（纳斯达克：GLOO）于周一发布了第二季度财务业绩并召开了财报电话会议。请阅读完整的会议记录。

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本次会议记录由 Benzinga APIs 提供。要实时访问我们的完整目录，请访问 https://www.benzinga.com/apis/ 进行咨询。

Access the full call at https://edge.media-server.com/mmc/p/sdhctsfp/

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Summary

摘要

Gloo Holdings reported Q1 2026 revenue of $41.5 million, a 238% increase year-over-year and 23.5% sequential growth, exceeding guidance and street consensus.

Gloo Holdings 报告 2026 年第一季度收入为 4150 万美元，同比增长 238%，环比增长 23.5%，超出预期和市场共识。

The company expects adjusted EBITDA to approach break-even in Q3 2026 and reach profitability in Q4 2026, with significant sequential improvement noted in Q1.

公司预计调整后的 EBITDA 将在 2026 年第三季度接近盈亏平衡，并在 2026 年第四季度实现盈利，第一季度显著改善。

Strategic acquisitions, including EMD and Midwestern, are expanding Gloo Holdings' capabilities in powering technology and reach, contributing to revenue growth and improved operational efficiencies.

包括 EMD 和 Midwestern 在内的战略收购正在扩展 Gloo Holdings 在技术和覆盖范围方面的能力，促进收入增长和运营效率的提升。

Gloo Holdings is leveraging applied AI to enhance its platform, particularly in the faith and flourishing ecosystem, with initiatives like Glue AI Studios and partnerships with educational institutions.

Gloo Holdings 正在利用应用人工智能来增强其平台，特别是在信仰和繁荣生态系统中，推出了 Glue AI Studios 并与教育机构建立了合作关系。

Management expressed confidence in the company's strategic direction and growth potential, citing strong customer demand, particularly in technology modernization and donor development.

管理层对公司的战略方向和增长潜力表示信心，指出客户需求强劲，特别是在技术现代化和捐赠者发展方面。

Full Transcript

完整会议记录

OPERATOR

操作员

Thank you for standing by and welcome to Glu's fiscal first quarter 2026 earnings conference call. Currently, all participants are in a listen only mode. After the Speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press Star 11 on your telephone to remove yourself from the queue. You may press star 11 again. I would now like to hand the call over to Oliver Roll, Chief Marketing and Communications Officer.

感谢您的耐心等待，欢迎参加 Gloo 2026 财年第一季度财报电话会议。目前，所有参与者处于仅听模式。在发言者的演讲结束后，将进行问答环节。要在问答环节提问，您需要在电话上按星号 11 以退出队列。您可以再次按星号 11。现在我将把电话交给首席营销与传播官 Oliver Roll。

Please go ahead. Thank you Operator and thank you to all of you for joining our fiscal first quarter earnings conference call. We will be discussing Gloo Holdings' performance for the first quarter ended April 30, 2026 as well as providing guidance for our Q2 and full year 2026. Joining me on today's call are CEO and Co Founder Scott Beck and CFO Paul Seaman. Our Executive Board Chair and Head of Technology Pat Gelsinger will also join the Q and A session.

请继续。感谢操作员，也感谢大家参加我们的 2026 财年第一季度财报电话会议。我们将讨论截至2026年4月30日的第一季度 Gloo Holdings 的表现，并提供 2026 年第二季度和全年业绩的指导。今天的电话会议上还有首席执行官兼联合创始人 Scott Beck 和首席财务官 Paul Seaman。我们的执行董事会主席兼技术负责人 Pat Gelsinger 也将参加问答环节。

Before we begin, please be reminded that this call will contain forward looking statements including statements related to our business future growth, strategic initiatives, key priorities and our financial outlook for Q2 and fiscal year 2026. These statements are based on Blue's current expectations, but are subject to risks and uncertainties relating to future events and or the future financial performance of Gloo Holdings. GLUE assumes no obligation to update or revise them, whether as a result of new developments or otherwise.

在我们开始之前，请注意本次电话会议将包含前瞻性声明，包括与我们业务未来增长、战略举措、关键优先事项以及 2026 年第二季度和财年的财务展望相关的声明。这些声明基于 Gloo 当前的预期，但受未来事件和 Gloo Holdings 未来财务表现相关的风险和不确定性影响。Gloo 不承担更新或修订这些声明的义务，无论是由于新发展还是其他原因。

Actual results could differ materially from those anticipated in these forward looking statements. A discussion of some of the risks that could cause actual results to differ materially from our forward looking statements can be found in today's press release and are disclosed under the caption Risk Factors and elsewhere in our filings with the securities and Exchange Commission, including our Annual report on Form 10K for the fiscal year ended January 31, 2026.

实际结果可能与这些前瞻性声明中预期的结果有重大差异。有关可能导致实际结果与我们的前瞻性声明有重大差异的一些风险的讨论可以在今天的新闻稿中找到，并在风险因素标题下以及我们向证券交易委员会提交的文件中披露，包括截至2026年1月31日的财年的 10-K 年度报告。

Our SEC filings are also available on Glue's investor relations website at investors.Gloo Holdings.com and the SEC's website. In addition, during today's call we will discuss certain non GAAP financial measures, including adjusted EBITDAs. We use non GAAP measures in some of our financial discussions as we believe they provide valuable insights on our operational performance and underlying operating results. These non GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from our GAAP results.

我们的 SEC 文件也可以在 Gloo 的投资者关系网站 investors.Gloo Holdings.com 和 SEC 的网站上找到。此外，在今天的电话会议中，我们将讨论某些非 GAAP 财务指标，包括调整后的 EBITDA。我们在一些财务讨论中使用非 GAAP 指标，因为我们认为它们提供了对我们运营表现和基础运营结果的有价值的见解。这些非 GAAP 财务指标应与我们的 GAAP 结果一起考虑，而不是替代或孤立于我们的 GAAP 结果。

Reconciliations of these non GAAP metrics to the most directly comparable GAAP metrics, as well as the definitions of each measure, their limitations and our rationale for using them are included in today's press release and will be included in our Form 10Q to be filed for the quarter ended April 30, 2026 and now I'll turn the call over to Scott.

这些非 GAAP 指标与最直接可比的 GAAP 指标的调节，以及每个指标的定义、局限性和我们使用它们的理由，已包含在今天的新闻稿中，并将包含在我们为截至2026年4月30日的季度提交的 10-Q 表格中。现在我将把电话交给 Scott。

Scott Beck (Co Founder & CEO)

Scott Beck（联合创始人兼首席执行官）

Thanks Oliver and thank you for joining our 2026 first quarter earnings call. Q1 was another strong quarter for Gloo Holdings. We exceeded our Guidance and Street Consensus on both revenue and adjusted EBITDA. Revenue came in at 41.5 million, growing 3x over the prior year. This was also 13% above guidance and street consensus. Adjusted EBITDA was negative 11.5 million, also ahead of Guidance and Street Consensus and representing more than a $7 million sequential improvement from Q4 2025.

谢谢 Oliver，感谢大家参加我们的 2026 年第一季度财报电话会议。第一季度是 Gloo Holdings 又一个强劲的季度。我们的收入和调整后的 EBITDA 均超出了我们的指导和市场共识。收入为 4150 万美元，同比增长 3 倍。这也比指导和市场共识高出 13%。调整后的 EBITDA 为负 1150 万美元，同样超出指导和市场共识，较 2025 年第四季度改善超过 700 万美元。

This represented our third consecutive quarter of sequential adjusted EBITDA improvement. This progress reinforces our confidence in delivering against our adjusted EBITDA profitability goals. With adjusted EBITDA expected to approach break even in Q3 of 2026 and reach profitability in Q4 2026, our Q1 results demonstrated that our strategy is working. We're seeing growing demand from large strategic customers, our current acquisitions are delivering compounding value, and AI is becoming an increasingly important accelerator across the business.

这代表了我们连续第三个季度的调整后 EBITDA 改善。这一进展增强了我们在实现调整后 EBITDA 盈利目标方面的信心。预计调整后的 EBITDA 将在 2026 年第三季度接近盈亏平衡，并在 2026 年第四季度实现盈利，我们的第一季度业绩证明了我们的战略是有效的。我们看到来自大型战略客户的需求不断增长，目前的收购正在带来复合价值，人工智能在整个业务中正变得越来越重要。

Before turning to the specific drivers for the quarter, I want to connect our results to the broader opportunity. Gloo Holdings is building the leading technology platform for the faith and flourishing ecosystem, with applied AI becoming a defining capability across the platform. This is a large, durable and highly fragmented ecosystem spanning education, social impact, Bible translation, churches and the denominations that serve them. Donations remain the economic engine of the ecosystem, funding the mission driven work of Faith and flourishing organizations.

在讨论本季度的具体驱动因素之前，我想将我们的业绩与更广泛的机会联系起来。Gloo Holdings 正在构建信仰和繁荣生态系统的领先技术平台，应用人工智能正在成为该平台的定义能力。这是一个庞大、持久且高度分散的生态系统，涵盖教育、社会影响、圣经翻译、教会及其服务的宗派。捐赠仍然是该生态系统的经济引擎，为信仰和繁荣组织的使命驱动工作提供资金。

In 2025, revenues for faith based organizations grew 8.2% to more than $265 billion, underscoring both the scale of the opportunity and the importance of donor development. Across these segments, organizations consistently need two things they need to modernize technology and they need to expand marketing reach to attract more donors and more constituents. That is how we have organized the Gloo Holdings platform. Powering Technology and Powering Reach Applied AI has become an increasingly important capability of the platform.

到 2025 年，基于信仰的组织收入增长了 8.2%，超过 2650 亿美元，这突显了机会的规模和捐赠者发展的重要性。在这些领域中，组织始终需要两件事：现代化技术和扩大市场覆盖，以吸引更多的捐赠者和更多的利益相关者。这就是我们组织 Gloo Holdings 平台的方式。技术赋能和覆盖赋能，应用人工智能已成为平台越来越重要的能力。

Our powering technology business is designed to take over the customer's technology operations, modernize them, and then apply agentic AI to deliver significantly better outcomes at lower cost for our customers while creating higher margins and durable revenue streams for Gloo Holdings. With Powering Reach, Applied AI helps customers better understand their audiences, personalize engagement, and strengthen donor development. That combination is what makes Gloo Holdings distinct.

我们的技术赋能业务旨在接管客户的技术运营，进行现代化改造，然后应用智能人工智能，以更低的成本为客户提供显著更好的结果，同时为 Gloo Holdings 创造更高的利润率和持久的收入来源。通过覆盖赋能，应用人工智能帮助客户更好地理解他们的受众，个性化互动，并加强捐赠者发展。这种组合使 Gloo Holdings 独树一帜。

We are not simply providing software or services. We are bringing applied AI into the workflows that matter most to the organizations that we serve. We can do this because Gloo Holdings has earned a position of trust within the faith and flourishing ecosystem. Over decades, we have built the relationships and credibility needed to convene leaders, understand their most important workflows, and apply AI in ways that are practical and mission aligned.

我们不仅仅提供软件或服务。我们将应用人工智能引入对我们服务的组织最重要的工作流程中。我们能够做到这一点，因为 Gloo Holdings 在信仰和繁荣生态系统中赢得了信任。几十年来，我们建立了召集领导者、理解他们最重要的工作流程并以实用和使命对齐的方式应用人工智能所需的关系和信誉。

In Q1 we saw strong momentum across the platform. On the powering reach side, masterworks, Barna and Westfall delivered one of their best revenue quarters ever. That performance demonstrates the value of combining donor engagement with media, research and the fundraising capabilities all on one platform. On the powering technology side, customers are increasingly selecting Gloo Holdings to take over, modernize and transform core technology operations through offerings like Lou360.

在第一季度，我们看到平台上强劲的势头。在覆盖赋能方面，Masterworks、Barna 和 Westfall 交出了他们有史以来最佳的收入季度之一。这一表现展示了将捐赠者参与与媒体、研究和筹款能力结合在一个平台上的价值。在技术赋能方面，客户越来越多地选择 Gloo Holdings 来接管、现代化和转型核心技术运营，通过像 Lou360 这样的产品。

In Q1, that momentum showed up in larger strategic wins, including five new customers contributing more than 1 million in annual contract revenue. These larger strategic wins show growing traction across both existing and new segments of the Faith and Flourishing ecosystem. Assemblies of God is a strong example of a denomination choosing Gloo Holdings. They are leveraging Gloo Holdings 360 across their enterprise by modernizing legacy systems to better serve their 13,000 churches within the United States.

在第一季度，这种势头体现在更大的战略胜利上，包括五个新客户贡献超过 100 万美元的年度合同收入。这些更大的战略胜利显示出在信仰和繁荣生态系统的现有和新领域之间日益增长的吸引力。神 Assemblies of God 是选择 Gloo Holdings 的一个强有力的例子。他们通过现代化遗留系统，利用 Gloo Holdings 360 更好地服务于美国的 13000 个教堂。

Indiana Wesleyan University is another important example. We're partnering with Wesley Seminary at IWU to build Via Journeys, an AI powered ministry lifecycle ecosystem that connects ministry leaders with personalized resources and mentors. We believe this points to a broader transformation in how universities will equip students and the communities where they lead. For example, our work with Jessup University, announced earlier this year, is progressing extremely well and running ahead of schedule.

印第安纳卫斯理大学是另一个重要的例子。我们与 IWU 的卫斯理神学院合作，建立 Via Journeys，这是一个由人工智能驱动的事工生命周期生态系统，连接事工领导者与个性化资源和导师。我们相信这指向大学如何装备学生和他们所领导的社区的更广泛转型。例如，我们与 Jessup 大学的合作，今年早些时候宣布，进展非常顺利，并提前于计划进行。

Beyond the customer examples, we continue to build broader ecosystem momentum around applied AI. Our 2026 4th annual Glu Hackathon will bring together more than 700 developers, engineers and mission driven builders in Boulder this October for 48 hours of hacking and building mission aligned apps and technology. This quarter we announced the general availability of Gloo Holdings AI Studios, a comprehensive set of AI tools and capabilities for developers in the faith and flourishing ecosystem.

除了客户示例外，我们继续在应用人工智能方面建立更广泛的生态系统势头。我们的 2026 年第四届 Glu Hackathon 将于十月在博尔德举行，汇聚 700 多名开发者、工程师和使命驱动的建设者，进行 48 小时的黑客和构建使命对齐的应用和技术。本季度，我们宣布 Gloo Holdings AI Studios 的正式发布，这是为信仰和繁荣生态系统中的开发者提供的一整套 AI 工具和能力。

This release includes Support for over 80 LLM models. It includes new safety capabilities, varied subscription options to pay for token usage, and a free sandbox for developers to experience our values aligned guardrails. The goal is to accelerate practical AI solutions that advance human flourishing. Moving now to acquisitions, which remain a key part of how we're strengthening the Gloo Holdings platform, our strategy is to add best in class providers that expand our ability to power tech and to power reach.

此次发布包括对 80 多种大型语言模型的支持。它包括新的安全功能、各种订阅选项以支付令牌使用费用，以及供开发者体验我们价值观对齐的保护措施的免费沙盒。目标是加速推动人类繁荣的实用 AI 解决方案。现在转向收购，这仍然是我们加强 Gloo Holdings 平台的关键部分，我们的战略是增加最佳的提供者，以扩大我们赋能技术和覆盖的能力。

Q1 provided strong evidence that that strategy is working. Westfall Group and Masterworks both delivered one of their best quarters ever. That validates the strength of those businesses and the compounding value of bringing them onto the Gloo Holdings platform. During Q1 we signed a purchase agreement to acquire EMD, which we closed at the beginning of Q2 EMD expands our powering technology portfolio with with workday consulting, implementation and support capabilities for not for profit, small and mid market organizations.

第一季度提供了强有力的证据，证明这一战略正在奏效。Westfall Group 和 Masterworks 都交出了他们有史以来最佳的季度之一。这验证了这些业务的实力以及将它们引入 Gloo Holdings 平台的复合价值。在第一季度，我们签署了一项收购 EMD 的购买协议，并在第二季度初完成。EMD 通过为非营利、小型和中型市场组织提供工作日咨询、实施和支持能力，扩大了我们的技术赋能组合。

EMD also aligns directly with our broader strategy that I mentioned earlier. We take on and modernize critical customer workflows, then apply specialized engineering talent and agentic AI to deliver them better outcomes at a lower cost over time. This creates a strong customer value proposition while also improving Glue's margin profile. Today we're also announcing the acquisition of the remaining stake in Midwestern Holdings, bringing our ownership to 100%.

EMD 还与我之前提到的更广泛战略直接对齐。我们接管并现代化关键客户工作流程，然后应用专业工程人才和智能人工智能，以在时间上提供更好的结果，降低成本。这创造了强大的客户价值主张，同时也改善了 Gloo 的利润率。今天，我们还宣布收购 Midwestern Holdings 的剩余股份，使我们的持股比例达到 100%。

Midwestern Holdings increases our investment in the cost effective global talent capability area. We believe this will continue to be a significant growth opportunity as we combine lower cost delivery capabilities with agentic AI. This also eliminates the call option which will result in a one time improvement by removing the associated $12.1 million liability from Glue's balance sheet. Together, these acquisitions strengthen the platform, expand customer value and reinforce the flywheel that we're building.

Midwestern Holdings 增加了我们在成本效益全球人才能力领域的投资。我们相信，随着我们将低成本交付能力与智能人工智能结合，这将继续成为一个重要的增长机会。这也消除了选择权，这将通过从 Gloo 的资产负债表中移除相关的 1210 万美元负债，带来一次性改善。总的来说，这些收购加强了平台，扩大了客户价值，并强化了我们正在构建的飞轮。

Our approach with acquisitions is always disciplined. We continue to see a strong pipeline, but we will only pursue opportunities that are best in class, strategically aligned and accretive to the Glue platform. Even though we have a strong pipeline as we previously stated, our current plan does not depend on additional acquisitions to achieve our revenue or or adjusted EBITDA profitability guidance. As we look ahead, our priorities remain clear.

我们在收购方面的做法始终是有纪律的。我们继续看到强大的管道，但我们只会追求那些最佳的、战略对齐的、对 Gloo 平台有增值的机会。尽管我们如前所述有强大的管道，但我们当前的计划并不依赖于额外的收购来实现我们的收入或调整后的 EBITDA 盈利指导。展望未来，我们的优先事项依然明确。

We're focused on deepening strategic customer relationships, scaling our platform and applying AI in ways that improve outcomes for our customers while creating durable value for Gloo Holdings. At the same time, we will keep integrating acquisitions with discipline and executing against our path to profitability. Q1 was a strong start of the year. We remain confident in our strategy, our 2026 plan and the long term opportunity to build the category defining technology platform for the faith and flourishing ecosystem.

我们专注于深化战略客户关系，扩大我们的平台，并以改善客户结果的方式应用人工智能，同时为 Gloo Holdings 创造持久价值。与此同时，我们将继续以严谨的态度整合收购，并执行我们的盈利路径。第一季度是今年的强劲开局。我们对我们的战略、2026 年计划以及建立信仰和繁荣生态系统的类别定义技术平台的长期机会充满信心。

Paul, I'll turn it over to you to walk through the numbers in more detail.

保罗，我把时间交给你，让你更详细地讲解数字。

Paul Seaman

保罗·西曼

Thank you Scott. We delivered strong first quarter results with both revenue and adjusted EBITDA beating guidance. This performance reflects solid business momentum and disciplined execution, giving us a solid financial start to the year. Q1 revenue was $41.5 million, an increase of 238% compared to the same period last year and 23.5% sequential growth compared to Q4 year over year. Revenue growth was driven by momentum in several business lines, most notably Gloo Holdings 360 as well as the acquisitions of capital partner businesses such as Masterworks and Midwestern Holdings.

谢谢你，斯科特。我们在第一季度交出了强劲的业绩，收入和调整后的 EBITDA 均超出预期。这一表现反映了稳健的业务势头和严谨的执行，为我们今年的财务开局奠定了坚实基础。第一季度收入为 4150 万美元，比去年同期增长 238%，与去年第四季度相比增长 23.5%。收入增长主要得益于多个业务线的势头，尤其是 Gloo Holdings 360 以及 Masterworks 和 Midwestern Holdings 等资本合作伙伴业务的收购。

Platform revenue totaled $24.1 million, an increase of $15.6 million from Q1 of last year and up 19.9% over Q4 2025 Platform Solutions revenue was $17.4 million, up $13.6 million from the same period in 2025 and about 29% sequentially. Cost of revenue in the quarter was 67.7% of total revenue, an improvement from 72.1% in the prior year period. That increase was driven by improvements in margins at our workspace and Outreach business lines as well as a full quarter of Westwell Group.

平台收入总计为 2410 万美元，比去年第一季度增加 1560 万美元，较 2025 年第四季度增长 19.9%。2025 年平台解决方案的收入为 1740 万美元，比 2025 年同期增加 1360 万美元，环比增长约 29%。本季度的收入成本占总收入的 67.7%，相比去年同期的 72.1% 有所改善。这一增长得益于我们工作空间和 Outreach 业务线的利润率改善，以及 Westwell Group 完整季度的贡献。

We expect improvement to continue through the year. Adjusted EBITDA improved $7.1 million sequentially to negative $11.5 million. This significant improvement reflects the impact of our cost saving actions implemented in Q4 along with the growth already mentioned. In particular, our operating expenses decreased $8.4 million sequentially while revenue grew 24%. Also note that general administrative expenses include acquisition costs related to the EMD acquisition which closed in the second quarter.

我们预计这种改善将持续到全年。调整后的 EBITDA 环比改善 710 万美元，达到负 1150 万美元。这一显著改善反映了我们在第四季度实施的节省成本措施的影响，以及前面提到的增长。特别是我们的运营费用环比减少了 840 万美元，而收入增长了 24%。还需注意的是，一般管理费用包括与第二季度完成的 EMD 收购相关的收购成本。

We do not adjust for these costs in our non GAAP results. We expect continued sequential improvement in Q2 as we aim to achieve adjusted EBITDA profitability in Q4. As Scott described earlier, we recently agreed to purchase the remaining 20% of Midwestern Holdings that we did not previously own as well as eliminate the call option, permitting the holder the remaining 20% from reacquiring and controlling interest of Midwestern Holdings from us. We anticipate closing on the transaction later this quarter.

我们在非 GAAP 结果中不对这些成本进行调整。我们预计第二季度将继续环比改善，目标是在第四季度实现调整后的 EBITDA 盈利。正如斯科特之前所描述的，我们最近同意购买我们之前未持有的 Midwestern Holdings 剩余 20% 的股份，并取消了期权，允许持有人从我们这里重新获得和控制 Midwestern Holdings 的剩余 20% 的股份。我们预计将在本季度晚些时候完成交易。

The elimination of the call option will result in no longer having large swings in the Financial Statement reporting line titled Gain or Loss from Change in Fair Value of Financial instruments. As of April 30, 2026, we had $33 million of cash and cash equivalents. We believe that we have the liquidity to reach positive adjusted EBITDA in Q4, which we expect will put us on a path of sustainable positive free cash flow growth in future quarters with significant momentum across the business.

取消期权将导致财务报表中 “金融工具公允价值变动的收益或损失” 这一行不再出现大幅波动。截至2026年4月30日，我们拥有 3300 万美元的现金及现金等价物。我们相信，我们有足够的流动性在第四季度实现正的调整后 EBITDA，这将使我们在未来几个季度实现可持续的正自由现金流增长，并在业务中形成显著的势头。

We also believe we have multiple options to further strengthen the balance sheet, fund our growth and support future acquisition opportunities should we choose to pursue them. I'd like to now turn to our full year 2026 and Q2 outlook. For full year 2026 revenue, we're increasing our outlook $5 million to $195 million in the second quarter. We expect revenue to be $44 million and adjusted EBITDA loss to narrow to a negative $8.5 million. We continue to expect adjusted EBITDA to approach break even in Q3 2026 and reach profitability in Q4 2026.

我们还相信，我们有多种选择进一步增强资产负债表，资助我们的增长，并支持未来的收购机会，若我们选择追求这些机会。我现在想谈谈我们 2026 年的全年展望和第二季度的展望。对于 2026 年的全年收入，我们将展望上调 500 万美元，达到 1.95 亿美元。在第二季度，我们预计收入为 4400 万美元，调整后的 EBITDA 亏损将缩小至负 850 万美元。我们继续预计调整后的 EBITDA 在 2026 年第三季度接近盈亏平衡，并在 2026 年第四季度实现盈利。

For Q2, we expect a weighted average share count of approximately 81 million shares. With that, I'll turn this call back to Scott.

对于第二季度，我们预计加权平均股份数约为 8100 万股。至此，我将电话交还给斯科特。

Scott Beck (Co Founder & CEO)

斯科特·贝克（联合创始人兼首席执行官）

Thanks, Paul. With that operator, we're ready to take the first question.

谢谢，保罗。接下来，操作员，我们准备好接受第一个问题。

OPERATOR

操作员

As a reminder. To ask a question, you will need to press Star 11 on your telephone to remove yourself from the queue. You may press star 11 again. Please limit yourself to one question and one follow up to allow everyone the opportunity to participate. Please stand by while we compile the Q and A roster. Our first question comes from the line of Dan Kernos, a benchmark. Your line is open, Dan.

请注意，要提问，您需要在电话上按星号 11 以移除自己出队列。您可以再次按星号 11。请限制自己提问一次及一次后续问题，以便让每个人都有机会参与。请稍等，我们正在整理问答名单。我们的第一个问题来自 Dan Kernos，来自 Benchmark。您的线路已开启，Dan。

Dan Kernos (Equity Analyst)

Dan Kernos（股票分析师）

Yeah, great, thanks. Good afternoon, Scott. Paul, congrats on another great quarter. I guess first question, the revenue cadence implies a bit of a reacceleration in the back half. Not to say that the growth hasn't been impressive. And I just want to get a sense from you guys. I know you said in the last call, starting to see larger customer wins. You flagged the $5 million annualized contracts this quarter. How much line of sight do you have into stuff like that and how much is coming from, you know, let's call it the more recently acquired business.

是的，太好了，谢谢。下午好，斯科特。保罗，恭喜你们又一个出色的季度。我想问的第一个问题是，收入的节奏暗示下半年的重新加速。并不是说增长不令人印象深刻。我只是想了解一下你们的看法。我知道你们在上次电话中提到开始看到更大的客户赢得。你们在本季度标记了 500 万美元的年化合同。你们对这样的情况有多少了解，以及有多少来自于最近收购的业务。

And has that mix changed since the April guidance?

自四月的指引以来，这种组合是否发生了变化？

Scott Beck (Co Founder & CEO)

斯科特·贝克（联合创始人兼首席执行官）

Yeah, thanks. Good to hear from you, Dan. You know, we definitely have been able to have continued acceleration. I wouldn't say that it is accelerating any different than it has been. We've been super pleased with the growth and the growth has been a combination of, you know, scaling, you know, some of the core Gloo Holdings offerings like 360 and Gloo Holdings AI at the same time. It's also been able to continue to scale and get synergies across the different capital partners that we've acquired.

是的，谢谢你，Dan。很高兴听到你的声音。你知道，我们确实能够继续加速。我不会说这与之前有什么不同。我们对增长感到非常满意，这种增长是 Gloo Holdings 的核心产品如 360 和 Gloo Holdings AI 扩展的结合。同时，我们也能够继续扩展并在我们收购的不同资本合作伙伴之间获得协同效应。

You know, over the years as well, we've been able to drive really strong organic growth in our core offerings as well as really strong organic growth in the offerings from the different capital partners. One of the great things that we're excited about is being able to see the synergies that are taking place in the cross sell. More and more of the organizations that we're serving, they have one offering, but when we see them get to that second offering, we see a significant step up, almost two times the revenue.

你知道，多年来，我们在核心产品和不同资本合作伙伴的产品上都能够实现非常强劲的有机增长。我们感到兴奋的一件事是能够看到交叉销售中产生的协同效应。我们服务的组织越来越多，他们有一个产品，但当我们看到他们获得第二个产品时，我们看到收入显著提升，几乎是单一产品的两倍。

When they get to three or more offerings. We're now then seeing that to be, you know, closer to sometimes five to ten times the volume of what just a single offering should be. So it's really a combination, a combination of the two.

当他们获得三个或更多产品时，我们现在看到的情况是，收入有时接近单一产品的五到十倍。所以这实际上是两者的结合。

Dan Kernos (Equity Analyst)

Dan Kernos（股票分析师）

And overall, you know, we're seeing more than 30%, you know, sort of coming from a lot of these organic growth and the organic growth of the new acquisitions And Scott, that's a great segue into kind of my next question. I'm just trying to understand, like when you, you talked about land and expand, right? And you just kind of outlined the way that you guys attack that. And I just want to get a sense from you, when you win one of these larger contracts, are they taking multiples at once as it dip the toe in the water and then all of a sudden you think that that contract can be 10x over time?

总体而言，我们看到超过 30% 的增长来自于这些有机增长和新收购的有机增长。Scott，这为我接下来的问题提供了很好的切入点。我只是想了解一下，当你谈到 “土地与扩展” 时，你刚刚概述了你们的攻击方式。我想知道，当你赢得这些较大合同时，他们是否会一次性选择多个产品，还是先试水，然后你认为这个合同可以在未来实现 10 倍的增长？

I just want to get a sense from you how much. We know that this is a massive TAM and you guys are the undisputed leader with really no competition out there. But I'm just trying to get a sense of how quickly some of these major deals can expand because you guys have had a lot of very early success, even earlier than I think most of us anticipated.

我只是想了解一下具体情况。我们知道这是一个巨大的市场总量（TAM），而你们是无可争议的领导者，几乎没有竞争对手。但我只是想了解一下这些重大交易扩展的速度，因为你们在早期取得了很多成功，甚至比我们大多数人预期的还要早。

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger（执行董事会主席兼技术负责人）

Yeah, thanks, Dan. This is Pat. I'll just say that as we, I think noted in the formal comments, 30% of our customers over a million dollars now are more than one, which means the large majority are only one. And typically a sale will be a single product area that we then expand one or two quarters later over time. But most of them start with one. Right. And some of our sales strategies to keep things simpler and moving forward.

是的，谢谢你，Dan。我是 Pat。我想说的是，正如我们在正式评论中提到的，30% 的客户每年超过一百万美元的合同现在有多个产品，这意味着大多数客户只有一个产品。通常，销售将是一个单一的产品领域，我们会在一两个季度后逐步扩展。但大多数客户都是从一个产品开始的。对的，我们的一些销售策略是为了保持事情的简单性并推动前进。

But I will say we have had a couple that we've landed more than one product area at the same time for them. And I expect that that will become a larger aspect of our sales motion as each of the sales offerings becomes more mature. We have more customers in the land expand, and then we'll be able to land expand, expand over time. But so far it's mostly one landing in a quarter and then we're following it with a subsequent offer later in time.

但我会说，我们确实有几个客户同时获得了多个产品领域的合同。我预计这将成为我们销售活动的一个更大方面，因为每个销售产品的成熟度在提高。我们在 “土地与扩展” 方面有更多客户，然后我们将能够随着时间的推移进行扩展。但到目前为止，大多数情况是每个季度只获得一个产品，然后我们会在之后跟进一个后续产品。

OPERATOR

操作员

Got it. Thank you, Pat. That's super helpful. And I mean, you're already putting up the numbers. So excited to see what you guys do next. Thanks, guys. Thank you. Thank you. Our next question comes from the line of Richard Baldry of Roth Capital. Your line is open, Richard.

明白了。谢谢你，Pat。这非常有帮助。你们已经在数字上取得了很好的成绩。期待看到你们接下来的表现。谢谢大家。谢谢。我们的下一个问题来自 Roth Capital 的 Richard Baldry。Richard，你可以开始了。

Scott Beck (Co Founder & CEO)

Scott Beck（联合创始人兼首席执行官）

Thanks. When we look from Q4 to Q1, the revenue increase had about a 70% gross margin contribution in the quarter. I'm kind of curious if you can look into that and talk about how much would be because of the organic growth and how much might have been sort of cost realignment. That's, you know, it's 2x where your normal gross margins are sitting today. I'm sort of curious how sustainable that sort of drop down could be as we move forward. Great question, Richard.

谢谢。当我们从第四季度到第一季度时，收入增长的毛利率贡献约为 70%。我有点好奇你能否分析一下，这其中有多少是由于有机增长，多少可能是成本重组的结果。这个毛利率是你们正常水平的两倍。我有点好奇这种下降的可持续性如何，随着我们向前推进。很好的问题，Richard。

Thanks for chiming in. You know, I think there's a balance between the two in the quarter. We definitely got some significant benefit from overall reduction in our operating expenses that you saw that flow through in terms of contribution to adjusted ebitda, which was obviously very significant relative to the revenue increase. But I would say that you've got somewhere between 50 and 60% of that probably came from the operating expense and the remainder came from just continuing to get leverage across the cost basis associated with what you would think of as the cost of goods sold or contribution margin.

谢谢你的提问。你知道，我认为在这一季度两者之间存在平衡。我们确实从整体运营费用的显著减少中获得了一些好处，你看到这些好处在调整后的 EBITDA 中流出，这显然相对于收入增长非常显著。但我会说，大约 50% 到 60% 的收益可能来自于运营费用，其余部分则来自于继续在你认为的销售成本或贡献利润基础上获得杠杆。

Thanks. You're still early into some of the larger deals on the glue360 side, but I'm curious as those are under your umbrella a little bit longer, are you seeing incremental headcount synergies? Are you starting to see early cross selling or upselling opportun? How are the earlier large deals playing out?

谢谢。你们在 glue360 方面仍处于一些较大交易的早期阶段，但我很好奇，随着这些交易在你们的管理下时间更长，你们是否看到增量的人员协同效应？你们是否开始看到早期的交叉销售或追加销售机会？早期的大型交易进展如何？

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger（执行董事会主席兼技术负责人）

Yeah, and every one of them is causing us to just get more mature Rich. This is pat again where we're getting more proof points of different offerings as we get more and more customers. Hey, we already have some level of expertise on some of the tools that we're picking up from them. We already have more maturity in some of the agentic workflows that we're applying to them.

是的，每一笔交易都让我们变得更加成熟，Rich。我是 Pat。随着我们获得越来越多的客户，我们在不同产品领域的证明点也越来越多。嘿，我们已经在一些工具上积累了一定的专业知识。我们在一些应用于他们的工作流程中也已经有了更多的成熟度。

And of course our HR systems are getting more mature of being able to bring them in, onboard them and make the best application of good HR disciplines to those as well. So I'll say every one of these is making us better. We still, I'd say, are not fully mature in those offerings because several of them are ones that we're still picking up and learning.

当然，我们的人力资源系统也在不断成熟，能够更好地将他们引入、入职，并在这些方面应用良好的人力资源管理原则。所以我会说，每一笔交易都让我们变得更好。我们仍然没有在这些产品上完全成熟，因为其中一些仍在学习和积累中。

So I think we still have a lot of margin improvement, you know, to get as well as rapidity of the motions in the ability to onboard and then to be able to commercialize. But the good aspect of this is that every one of those that we do, we're now creating the agentic workflows that the next one is just easier and faster. So we just see this as an engine that we're going to be able to rinse and repeat over and over again.

所以我认为我们仍然有很多利润提升的空间，以及快速的动作能力和入职能力，然后能够进行商业化。但好的一面是，我们所做的每一笔交易都在创造下一笔交易的工作流程，使其变得更简单、更快速。因此，我们将其视为一个可以不断重复的引擎。

And each one of those is showing more maturity in the offering. So a long way to go. The ecosystem is large, but we're now having more and more proven capabilities that can be applied against them.

而且每一笔交易都显示出产品的成熟度。因此，前方还有很长的路要走。生态系统很大，但我们现在拥有越来越多的可应用能力。

If I can squeeze one last one in. When you look at the five deals over a million dollars, can you talk about are there any commonalities across those or are there multiple entry points? You can do those in now just so we can sort of see how Extensible that is going forward. Thanks. Yeah, maybe Scott, you can add as well. But we are starting to see a lot more pipeline in the universities segment in particular, which is one that we've highlighted. William Jessup was our first major example.

如果我能再挤出最后一个问题。当你看到五个超过一百万美元的交易时，你能谈谈它们之间是否有共同点，还是有多个切入点？你现在可以谈谈这些，以便我们可以看到未来的可扩展性。谢谢。是的，也许 Scott 你也可以补充一下。但我们开始在大学领域看到更多的潜在客户，这一点我们已经强调过。William Jessup 是我们第一个重要的例子。

We're now closing more of those offerings. So that's an area that, as you said, there's over 900 faith based universities in the US so we have a long path to go. We're clearly a critical mass in some sectors such as Bible translation, campus ministry and other areas like rescue mission is an area that our work that we have specifically on reach as well proven. So there's a lot more opportunities there. And then finally, I think as we noted in our formal comments, we have had start to have some success in the Catholic segment, which is very large space for us that we're just getting started.

我们现在正在关闭更多这样的产品。因此，正如你所说，美国有超过 900 所基于信仰的大学，所以我们还有很长的路要走。我们在一些领域，如圣经翻译、校园事工和其他领域（如救助任务）中显然已经形成了临界质量。这些领域的工作也已经证明了我们的影响力。因此，这里还有更多的机会。最后，我认为正如我们在正式评论中提到的，我们在天主教领域开始取得一些成功，这对我们来说是一个非常大的市场，我们才刚刚起步。

So I think more replicable big opportunities and we see the land expand, expand just as enormous pathway in front of us. Scott, anything else you would add?

所以我认为更多可复制的大机会，我们看到的土地扩展，面前有着巨大的发展空间。Scott，你还有什么要补充的吗？

Scott Beck (Co Founder & CEO)

Scott Beck（联合创始人兼首席执行官）

Yeah, thanks, Pat. You know, I really like, you know, what you've coined there in terms of land expand and expand because we're landing and expanding within a specific county. But when we find ourselves into a category like, you know, campus ministries or a category like faith based universities or rescue missions, when we find ourselves getting into a different segment, that segment also has a dynamic of expand as well. And so we've got really the power of landing and expanding within an account and expanding again within, you know, a category.

是的，谢谢你，Pat。你知道，我真的很喜欢你所提到的土地扩展和扩展，因为我们在一个特定的县内落地并扩展。但是当我们进入一个类别，比如校园事工或基于信仰的大学或救助任务时，当我们进入一个不同的细分市场时，该细分市场也有扩展的动态。因此，我们确实拥有在一个账户内落地和扩展的能力，并在一个类别内再次扩展。

And we've been adding categories extremely quickly. Really sort of surprising in terms of how quick the categories are expanding. Now. One of the things I would like to, you know, anchor us back in

而且我们正在非常快速地增加类别。实际上，类别扩展的速度让人感到惊讶。现在，我想把我们重新引导回到

OPERATOR

操作员

is they are looking for the same thing. Okay. There's a commonality in terms of, hey, help me power tech, help me get, get more reach so I can have more donors, more constituents, more students, more volunteers, you name it. They're really powering tech, power and reach and you know, just being able to then apply AI to be able to give them the lower cost, better benefit and give us, you know, a ever increasing margin as we bring more AI executed work into, into the program.

他们正在寻找相同的东西。好吧，在某种程度上，有一个共同点，就是，嘿，帮助我提供技术，帮助我获得更多的影响力，以便我能拥有更多的捐赠者、更多的支持者、更多的学生、更多的志愿者，你说的都可以。他们确实在推动技术、影响力，你知道，只是能够应用人工智能，以便为他们提供更低的成本、更好的收益，并为我们带来不断增加的利润，因为我们将更多的人工智能执行的工作引入到项目中。

Got it. Congrats on a great quarter. Thank you. Thank you. Our next question comes from the line of Young Kim of Loop Capital Markets.

明白了。恭喜你们取得了一个伟大的季度。谢谢。我们的下一个问题来自 Loop Capital Markets 的 Young Kim。

Young Kim (Equity Analyst)

Young Kim（股票分析师）

Your line is open Young. Okay, great. Thank you. Congrats on a strong quarter. So on the EMD business, can you update us on the progress that you have made since the acquisition closed? And for the EMD customers, I know there's some who are not faith based customers or organizations. Do you expect the non faith based customer base to show growth there or is your near term go to market primarily focused on faith based organizations?

你的线路是开放的，Young。好的，太好了。谢谢。恭喜你们取得了强劲的季度。那么关于 EMD 业务，你能更新一下自收购完成以来的进展吗？对于 EMD 客户，我知道有一些不是基于信仰的客户或组织。你是否预计非基于信仰的客户群会有增长，还是你们近期的市场策略主要集中在基于信仰的组织上？

Scott Beck (Co Founder & CEO)

Scott Beck（联合创始人兼首席执行官）

Yeah, so as you're aware they do. They have both faith based and not faith based and we're growing them both. You know, obviously we've got some obvious synergies within, you know, the faith based where we can do a lot of cross selling immediately, but also in the non faith based that's on its own growth plan as well, you know, relatively new. Right. It's just closed at the beginning of this quarter. So we're, you know, five or six weeks in now. But we're liking what we're seeing Additionally, you know, Midwestern Holdings, you know, which we just went to 100% ownership from 80.

是的，正如你所知道的，他们有基于信仰和非基于信仰的客户，我们都在增长。显然，我们在基于信仰的客户中有一些明显的协同效应，我们可以立即进行很多交叉销售，但在非基于信仰的客户中也有自己的增长计划，实际上是相对较新的。对吧？它刚在本季度初完成。所以我们现在已经五六周了。但我们对看到的情况感到满意。此外，Midwestern Holdings，我们刚刚从 80% 增持到 100% 的所有权。

You know, those guys have pretty much the same profile. They have a significant amount of, a significant amount of Midwestern Holdings is also non faith based at pretty much about the same percentage, about a third faith based and about 2/3 not faith based. So it's nice to be able to see some of the synergies there between let's say a Midwestern Holdings and an EMD on the non faith based side. So yeah, they're both growing. We're committed to growing them both.

你知道，他们的客户群几乎是相同的。Midwestern Holdings 中有相当一部分也是非基于信仰的，比例大约是三分之一基于信仰，约三分之二非基于信仰。因此，能够看到 Midwestern Holdings 和 EMD 在非基于信仰方面之间的一些协同效应是很不错的。所以，是的，它们都在增长。我们致力于同时推动它们的增长。

And for the last few years at Midwestern Holdings we've grown both sides of it as well.

在过去的几年里，Midwestern Holdings 的两个方面也都在增长。

Is there an opportunity to cross sell glue 360 to the non faith based organization customers of EMD? Yeah, there are. There's no question that the small to mid sized organizations are coming up against the same set of issues which is, hey, help me with my tech, help me with my reach, you know, and that those, those are common, common concerns, common value propositions, whether they're faith based, non faith based organization and everybody needs help applying AI into their specific organizational workflows.

是否有机会将 Gloo 360 交叉销售给 EMD 的非基于信仰组织客户？是的，毫无疑问，小型到中型组织面临着相同的一系列问题，即，嘿，帮助我解决我的技术问题，帮助我扩大影响力，你知道，这些都是共同的关注点、共同的价值主张，无论它们是基于信仰的还是非基于信仰的组织，每个人都需要帮助将人工智能应用到他们特定的组织工作流程中。

And likewise, you know, when you've got a workflow that you know, helps somebody, you know, engage with employees on an ongoing basis, that workflow is, is the same whether it's a faith based or a non faith based workflow. So there's a lot of commonality against that as well.

同样，当你有一个工作流程，能够帮助某人持续与员工互动时，这个工作流程无论是基于信仰的还是非基于信仰的工作流程都是相同的。因此，在这方面也有很多共同点。

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger（执行董事会主席兼技术负责人）

Okay, great. And then maybe this question is for Pat, but I know it's very early, but what's been the early feedback on Glue AI Studio? Was that part of your hackathon at all? Thanks. Yeah. And you know, the early feedback is strong and obviously as you open a new service like that, there's lots of learnings as developers come on and we're getting more efficient at bringing Developers on bringing the billing systems up and operating for them. And we did have a big customer hello Bible that does a consumer chat service.

好的，很好。那么这个问题可能是问 Pat 的，但我知道现在还很早，但关于 Glue AI Studio 的早期反馈如何？那是你们黑客马拉松的一部分吗？谢谢。是的，早期反馈非常强烈，显然，当你推出这样的新服务时，开发者加入时会有很多学习，我们在让开发者加入、建立计费系统并为他们运营方面变得更加高效。我们确实有一个大客户 hello Bible，它提供消费者聊天服务。

Move over to Glue Studio. They were public on LinkedIn or one of the other social channels about that and the good experience that we're having. So we're now starting to have, I'll say, real customers who are bringing their workloads onto the platform. We also, as a result of Studio we will have more to talk about as we go through our virtual Hackathon event and then our big hackathon in the fall. So they will be very heavily featured and announcements of new capabilities, new services, new customers coming on the platform as part of the hackathon is a big thing when we come up on that in the fall.

转到 Glue Studio。他们在 LinkedIn 或其他社交渠道上公开了这一点，以及我们所经历的良好体验。因此，我们现在开始拥有，我会说，真正的客户，他们正在将工作负载迁移到平台上。由于 Studio 的原因，我们将在虚拟黑客马拉松活动以及秋季的大型黑客马拉松中有更多内容可以讨论。因此，他们将被大量展示，并且在黑客马拉松期间将宣布新功能、新服务以及新客户加入平台，这在秋季的活动中是一个重要的事情。

So overall we're happy with the momentum that we're seeing. Thousand plus developers now on platform, but we have to grow this much faster, much larger and we believe that we now have a mature offering that will enable us to do exactly that.

总体而言，我们对目前看到的势头感到满意。现在平台上有超过一千名开发者，但我们必须更快、更大地增长，我们相信我们现在拥有的成熟产品将使我们能够做到这一点。

OPERATOR

运营商

Okay, great. Looking forward to it. Thank you very much. Thank you. Our next question comes from the line of Jason Pryor. Craig Hollum, your line is open. Jason.

好的，太好了。期待这个。非常感谢。谢谢。我们的下一个问题来自 Jason Pryor。Craig Hollum，您的线路已开启。Jason。

Jason Pryor

Great. Thank you guys. Scott, great to hear the early success with cross sell here in the first quarter. Wanted to ask just about the go to market for cross selling these new solutions to existing customers. If we think about a Westfall or an emd, how quickly can you get customers interested in the new solutions? How quickly can you get them up and running and just what that upsell process looks like.

很好。谢谢你们。Scott，很高兴听到第一季度交叉销售的早期成功。想问一下关于将这些新解决方案交叉销售给现有客户的市场策略。如果我们考虑 Westfall 或 emd，您能多快让客户对新解决方案产生兴趣？您能多快让他们上线，以及这个追加销售的过程是什么样的？

Scott Beck (Co Founder & CEO)

Scott Beck (联合创始人兼首席执行官)

Yeah, and generally there's a strong effort and you know our chief revenue officer Rebecca runs a very aggressive process across the different sales teams to drive exactly that. We're seeing a good effect from that already and I'll say we're pleasantly surprised how easy it is to get that process underway. So we do see that Westfall gold with masterworks 360 into masterworks accounts, servant into our 360 accounts.

是的，通常来说，我们的首席营收官 Rebecca 在不同的销售团队中进行非常积极的流程，以推动这一点。我们已经看到这一点的良好效果，我会说我们对启动这一过程的容易程度感到惊喜。因此，我们确实看到 Westfall 与 masterworks 360 进入 masterworks 账户，servant 进入我们的 360 账户。

These motions are ones that we think have a lot of replicability, a lot of scale and overall we're just building more sales capacity. We're bringing sales teams on, we're getting more rigorous in our processes to manage large account pipelines and then building more cross sell mechanisms across the portfolio. So we just see ourselves at the beginning of the cycle and every element of the portfolio gives us more opportunity to cross sell.

这些动作是我们认为具有很强可复制性和规模的整体，我们正在建立更多的销售能力。我们正在引入销售团队，使我们的流程在管理大型客户管道方面更加严格，然后在整个产品组合中建立更多的交叉销售机制。因此，我们认为自己正处于周期的开始，产品组合的每个元素都为我们提供了更多的交叉销售机会。

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger (执行董事会主席兼技术负责人)

Perfect one Follow up just on M and A has continued to expand your addressable market when you think about the bigger customers that you have today. Curious what you think your penetration is into the existing base. And really I'm trying to figure out how much Runway is there ahead with such a large customer base into a large addressable market. Yeah, the Runway is truly enormous. That's why we somewhat easily talk about TAMS in excess of 100 billion.

完美。关于并购的后续问题，您认为这将继续扩大您的可服务市场，考虑到您今天拥有的大客户。好奇您认为您在现有客户基础中的渗透率是多少。实际上，我想弄清楚在如此庞大的客户基础和广阔的可服务市场中，前方还有多少发展空间。是的，发展空间确实巨大。这就是为什么我们可以轻松谈论超过 1000 亿的 TAM。

This is just a large market for it. And we talk about universities. We now have several closed 900 to go. And even where we're pretty well penetrated in a few accounts at this point, we're not well penetrated across the portfolio. So we even in our land, expand into the account, have room to grow. So we would consider our effective som to be in very low percentages at this point. And the TAM is enormous. The sam that's reachable is very large. And we don't see ourselves as anywhere close to saturation on any dimension of the business.

这只是一个巨大的市场。我们谈论大学时，现在已经有几个关闭的 900 个，还有很多要去的。即使在一些账户中我们已经渗透得相当好，但在整个产品组合中我们并没有很好地渗透。因此，即使在我们的土地扩展到账户中，我们也有增长的空间。因此，我们认为我们目前的有效 SOM 处于非常低的百分比。TAM 是巨大的。可达的 SAM 也非常大。我们认为在业务的任何维度上都没有接近饱和。

OPERATOR

运营商

Wonderful. Thank you. Thank you. Our next question comes from the line of Ryan Myers of Lake Street Capital Markets. Please go ahead, Ryan.

太好了。谢谢。我们的下一个问题来自 Lake Street Capital Markets 的 Ryan Myers。请继续，Ryan。

Ryan Myers (Equity Analyst)

Ryan Myers (股票分析师)

Hey, guys, thanks for taking my questions. First question here. Have you seen any changes in customer budgets or any other major changes across the ecosystem in terms of appetite for more digital offerings?

嘿，大家好，谢谢你们接受我的问题。第一个问题是，您是否看到客户预算或生态系统中对更多数字产品的需求有任何重大变化？

Scott Beck (Co Founder & CEO)

Scott Beck (联合创始人兼首席执行官)

Yeah, thanks, Ryan. Yeah, for sure. I mean, you know, as I said in my, in my prepared remarks, you know, the revenue in this ecosystem grew at 8.2% last year. I mean, you think for a very significant. What is an old ecosystem, to be able to have that kind of growth is remarkable. And as a result of that, you get more budget dollars to work with.

是的，谢谢你，Ryan。是的，当然。正如我在准备的发言中所说，去年这个生态系统的收入增长了 8.2%。我想，对于一个非常重要的老旧生态系统来说，能够实现这样的增长是非常了不起的。因此，作为结果，您将获得更多的预算资金来使用。

There's no question that that kind of growth in the core donations that are funding this ecosystem definitely allows us to be able to have more dollars to work with, and we feel it. I would say there's another thing too, and that is that younger people are re engaging at a much bigger and higher number than others in spirituality and faith. That bodes really well for where we're at in the overall cycle.

毫无疑问，这种核心捐赠的增长为资助这个生态系统提供了更多的资金，我们感受到了这一点。我还想说的是，年轻人正在以比其他人更大的数量重新参与精神和信仰。这对我们在整体周期中的位置非常有利。

Because the growth, if you look at that growth and you were to segment that, I would imagine that you'll definitely see the younger people having a very significant positive influence on the market. Not only in terms of, you know, there's more dollars to be worked with, no question, but it's just encouraging. Right. Our market is encouraged. You know, they're seeing a lot of opportunity to serve in their communities.

因为如果您查看这种增长并进行细分，我想您肯定会看到年轻人对市场产生了非常显著的积极影响。不仅在于可用的资金更多，毫无疑问，而且这也是令人鼓舞的。我们的市场感到振奋。他们看到在社区服务方面有很多机会。

And when you have younger people starting to show up, that's a very big encouragement. Got it.

当年轻人开始出现时，这是一种非常大的鼓励。明白了。

Thank you. And then second question here. You mentioned 30% organic growth. How much of this do you think will come from new customer wins versus new customers expanding their spend. Yeah, it's a 30% plus. I mean, we're above that, but we're very comfortable with that continued organic growth. But our big driver is new customers. That is what's really driving our growth in terms of, you know, the within that organic growth. So much of it is new people that are getting introduced to glue360glue, AI masterworks, you know, Barna, you know, across the board.

谢谢。然后第二个问题。您提到 30% 的有机增长。您认为这其中有多少来自新客户的赢得，多少来自现有客户的支出增加。是的，超过 30%。我是说，我们超过了这个数字，但我们对持续的有机增长感到非常满意。但我们的主要驱动力是新客户。这确实是推动我们增长的关键，您知道，在有机增长中，很多都是新客户接触到 glue360glue、AI masterworks、Barna 等等。

It is really about attracting new into that and then growing the ones that we currently have. Both are happening, but absolutely, new names is super important. Pat, what would you add to that?

这确实是吸引新客户进入，然后发展我们目前拥有的客户。两者都在发生，但绝对来说，新客户是非常重要的。Pat，您对此有什么补充？

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger (执行董事会主席兼技术负责人)

Yeah, not, not too much to add. The opportunity for us as we build our sales force is one that we just get more and more account coverage over time and we're regularly adding more salespeople to 360, to Masterworks, to our Westfall Gold. Every one of our offerings is getting more sales capacity and we'll be able to invest more into it.

是的，没什么太多要补充的。随着我们建立销售团队的机会，我们的客户覆盖率会越来越高，我们也在不断增加更多的销售人员到 360、Masterworks 和我们的 Westfall Gold。我们每一个产品的销售能力都在提升，我们将能够投入更多资源。

We do not see that there's budget limitations, even though we don't really fundamentally view that tighter budgets as a bad thing for us. Right. Because you know, fundamentally they're looking for cost savings and we also present cost savings to them as well. So we do see ourselves in many respects as not particularly vulnerable to cost issues. But this is a good time for our ecosystem. As Scott has said, it's a good time for our offering.

我们并没有看到预算限制，尽管我们并不认为更紧的预算对我们来说是坏事。因为从根本上说，他们在寻找节省成本的机会，而我们也为他们提供了节省成本的方案。因此，在很多方面，我们认为自己并不特别容易受到成本问题的影响。但对于我们的生态系统来说，现在是一个好时机。正如 Scott 所说，现在是我们产品的好时机。

And as we build more capacity to sell and deliver, we do think that we see a very clean line of sight to a rapidly growing revenue customer base and land. Expand, expand for many quarters to come.

随着我们建立更多的销售和交付能力，我们确实认为可以清晰地看到一个快速增长的收入客户基础，并且在未来几个季度内实现土地扩展。

OPERATOR

操作员

Alright, thanks so much. That was super helpful. Thank you. Our last question comes from the line of Matthew Harrigan of Benchmark Stonex. Your line is open, Matthew.

好的，非常感谢。这非常有帮助。谢谢。我们的最后一个问题来自 Benchmark Stonex 的 Matthew Harrigan。您的电话已接通，Matthew。

Matthew Harrigan (Equity Analyst)

Matthew Harrigan（股票分析师）

Thank you. Good to bookend the call. You made a reference at the end of one of your answers to getting traction with the Catholics and clearly you've been focused on evangelicals relative to Catholics or Anglicans. It's interesting. I mean, the Catholic Church certainly was arguably the most successful hierarchical global organization for a long time. And obviously it's unique on the educational side, both on secondary schools and a lot of universities, although they're becoming, I guess, increasingly secularized.

谢谢。很高兴能结束这次电话会议。您在回答的最后提到与天主教徒建立联系，显然您一直在关注福音派，相对于天主教徒或圣公会来说，这很有趣。我的意思是，天主教会无疑是长期以来最成功的层级全球组织之一。显然，在教育方面也很独特，无论是中学还是许多大学，尽管它们似乎越来越世俗化。

If you really get traction on the Catholic side or some of the other denominations where you're not as penetrated, could you hit a pretty fast tipping point where at a higher level you could have a lot of acceptance of a broad bouquet of products relative to, I think some of the denominations you're dealing with, maybe more on a grassroots basis where you get really good word of mouth, but you kind of have to convince a lot of people to get momentum.

如果您在天主教方面真正取得了进展，或者在其他一些您尚未深入的教派中，您是否能迅速达到一个临界点，在更高的层面上，您可以接受一系列广泛的产品，相对于我认为您正在处理的一些教派，可能更多是基于草根的方式，您需要说服很多人以获得动力。

Scott Beck (Co Founder & CEO)

Scott Beck（联合创始人兼首席执行官）

Thanks. And congratulations on the results, clearly. Yeah, thank you. Well, I think first I'd say that we're probably not far enough along to know the repeatability of the sales patterns yet in the Catholic segment. So I'd say we're. You know, it's a great question for us to come back to in future quarters. As we have more Catholic customers, we see more of the sales motion. That said, given the hierarchical nature that you point to, we think that you actually have very referenceable relationships across them.

谢谢。恭喜你们取得的成果，显然。是的，谢谢。我想首先说，我们可能还没有足够的进展来了解天主教领域销售模式的可重复性。因此，我会说这是一个很好的问题，我们可以在未来的季度中回到这个问题上。随着我们拥有更多的天主教客户，我们会看到更多的销售动态。也就是说，考虑到您提到的层级结构，我们认为您实际上在他们之间拥有非常可参考的关系。

And as you get success in one, it will be very repeatable across others. So we do, for that very reason, think that we will have good sales productivity as we engage. We have also had the most success so far empowering tech in that sector, but we do see that the full range of our offerings could be applicable there at scale. We've also had good affinity for some of the AI opportunities that we uniquely have and gaining more momentum with customers there.

而且当您在一个地方取得成功时，这种成功在其他地方也会非常可重复。因此，我们确实认为，出于这个原因，我们在参与时会有良好的销售生产力。到目前为止，我们在该领域赋能技术方面取得了最大的成功，但我们确实认为我们的全系列产品在规模上都可以适用。我们在一些独特的 AI 机会方面也获得了良好的亲和力，并在客户中获得了更多的动力。

So overall, I say it's very early for us, but we're super happy because of the size. And when you look at the size of that portion of the marketplace, Archdiocese across the nation are large. They have large technology needs. And as you say, they're structured, organized, and we believe will be very repeatable.

所以总体来说，我认为对我们来说还为时尚早，但我们非常高兴，因为市场的这一部分规模很大。全国各地的教区都很大，他们有很大的技术需求。正如您所说，他们的结构和组织都很好，我们相信这将是非常可重复的。

Matthew Harrigan (Equity Analyst)

Matthew Harrigan（股票分析师）

And could that extend into the university side as well, or is that kind of a different animal? No, we do. We see it as very replicable in the university side. And of the 900 that we've coded a little bit, sort of 2/3, 1/3 that 2/3 are evangelically oriented and one third Catholic oriented. But we do hope to have several successes in the university side of the Catholic community as well.

这是否也可以扩展到大学方面，还是说那是另一种情况？不，我们确实认为在大学方面是非常可复制的。在我们编码的 900 个中，大约 2/3 是福音派导向，1/3 是天主教导向。但我们希望在天主教社区的大学方面也能取得几项成功。

OPERATOR

操作员

Great, thank you. Thank you. I would now like to turn the conference back to Scott Beck for closing remarks.

很好，谢谢。谢谢。我现在想把会议交还给 Scott Beck 进行结束发言。

Scott Beck (Co Founder & CEO)

Scott Beck（联合创始人兼首席执行官）

Sir? Yeah, thanks a lot. Appreciate that. You know, as you can tell in the call, we're super excited about the performance, but we're also really excited about the progress this faith and flourishing ecosystem needs. What glue is providing the technology and the marketing reach and then all being powered by AI, it is just incredibly good timing for us to be sort of at the point that we're at. But it's still early. We're still early on our journey as a public company, but the momentum is strong and it's growing.

先生？是的，非常感谢。您知道，正如您在电话中所能感受到的，我们对业绩感到非常兴奋，但我们也对这个信仰与繁荣生态系统所需的进展感到非常兴奋。Gloo 提供的技术和市场覆盖，以及所有由 AI 驱动的，这对我们来说正是一个极好的时机，能够处于我们现在所处的阶段。但这仍然是早期阶段。作为一家上市公司，我们的旅程仍然处于早期，但势头强劲且在增长。

We really do have an opportunity to build a category defining technology platform for this ecosystem. And in doing that, one of the things that excites us the most is that we can actually be engaged in shaping technology as a force for good. And if you think about it, the time and the intensity of the technology changes that are taking place right now is one of the most consequential periods of change in our lifetime. And to be able to be there and to be able to be on the front lines with these organizations is super encouraging to our organization.

我们确实有机会为这个生态系统构建一个定义类别的技术平台。在做到这一点的过程中，让我们最兴奋的事情之一是，我们实际上可以参与塑造技术作为一种积极的力量。如果您考虑一下，现在正在发生的技术变革的时间和强度是我们一生中最重要的变革时期之一。能够在这里，并能够与这些组织站在前线，对我们组织来说是非常鼓舞人心的。

But as we're doing this, we always have to remember that we're serving those who serve. That's the ministers, the campus ministries, the rescue missions, the World Child Development Organization, the Global Water organization, the faith based universities, the churches and the denominations that serve them. And in doing that, they're out on the front line and they're out there changing lives for real people. They're changing families, they're changing cities.

但在我们这样做的同时，我们始终必须记住，我们是在服务那些服务他人的人。这些是牧师、校园事工、救助任务、世界儿童发展组织、全球水组织、信仰基础的大学、教堂和服务他们的教派。在这样做的过程中，他们在前线，真正改变着人们的生活。他们在改变家庭，他们在改变城市。

And as we pursue this all together, we're pursuing it so that we can accomplish the vision that we have. And that's a world where every person can flourish and be all that they were born to be. I mean, that's what fires us up. That's what gets us out of bed in the morning and gets us pressing so hard. And you know, you all as shareholders are part of that. You're making a difference in these organizations. You're being able to give them access to capabilities and capital that allow them to scale what they love to do and what they're called to do.

当我们共同追求这一目标时，我们的目标是实现我们所拥有的愿景。那就是一个每个人都能茁壮成长、成为他们天生所应成为的样子的世界。这就是激励我们的动力。这就是让我们早上起床、全力以赴的原因。你们作为股东也是这一过程的一部分。你们正在这些组织中产生影响，能够为他们提供能力和资本，使他们能够扩大他们热爱的事业和使命。

So we're grateful. We're grateful for the champions that we serve and we're grateful for the shareholders that are serving on behalf of them with us. So on behalf of all of us, we say thank you. Thanks for tuning in today. You know, God bless you. God bless you and all your efforts and Glue and its efforts as well. Thank you.

所以我们心怀感激。我们感激我们所服务的倡导者，也感激为他们服务的股东。因此，代表我们所有人，我们要说谢谢。感谢你们今天的参与。愿上帝保佑你们，保佑你们的所有努力，以及 Glue 的努力。谢谢。

OPERATOR

运营商

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的电话会议到此结束。感谢您的参与。您现在可以断开连接。

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完整文字记录：Gloo Holdings 2026 年第二季度收益电话会议