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

Gloo Holdings（納斯達克：GLOO）於週一發佈了第二季度財務業績並召開了財報電話會議。請閲讀完整的會議記錄。

This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.

本次會議記錄由 Benzinga APIs 提供。要實時訪問我們的完整目錄，請訪問 https://www.benzinga.com/apis/ 進行諮詢。

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

訪問完整電話會議請點擊 https://edge.media-server.com/mmc/p/sdhctsfp/

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 報告 2026 年第一季度收入為 4150 萬美元，同比增長 238%，環比增長 23.5%，超出預期和市場共識。

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.

公司預計調整後的 EBITDA 將在 2026 年第三季度接近盈虧平衡，並在 2026 年第四季度實現盈利，第一季度顯著改善。

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 在內的戰略收購正在擴展 Gloo Holdings 在技術和覆蓋範圍方面的能力，促進收入增長和運營效率的提升。

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 正在利用應用人工智能來增強其平台，特別是在信仰和繁榮生態系統中，推出了 Glue AI Studios 並與教育機構建立了合作關係。

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

管理層對公司的戰略方向和增長潛力表示信心，指出客户需求強勁，特別是在技術現代化和捐贈者發展方面。

Full Transcript

完整會議記錄

OPERATOR

操作員

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.

感謝您的耐心等待，歡迎參加 Gloo 2026 財年第一季度財報電話會議。目前，所有參與者處於僅聽模式。在發言者的演講結束後，將進行問答環節。要在問答環節提問，您需要在電話上按星號 11 以退出隊列。您可以再次按星號 11。現在我將把電話交給首席營銷與傳播官 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.

請繼續。感謝操作員，也感謝大家參加我們的 2026 財年第一季度財報電話會議。我們將討論截至2026年4月30日的第一季度 Gloo Holdings 的表現，並提供 2026 年第二季度和全年業績的指導。今天的電話會議上還有首席執行官兼聯合創始人 Scott Beck 和首席財務官 Paul Seaman。我們的執行董事會主席兼技術負責人 Pat Gelsinger 也將參加問答環節。

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.

在我們開始之前，請注意本次電話會議將包含前瞻性聲明，包括與我們業務未來增長、戰略舉措、關鍵優先事項以及 2026 年第二季度和財年的財務展望相關的聲明。這些聲明基於 Gloo 當前的預期，但受未來事件和 Gloo Holdings 未來財務表現相關的風險和不確定性影響。Gloo 不承擔更新或修訂這些聲明的義務，無論是由於新發展還是其他原因。

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.

實際結果可能與這些前瞻性聲明中預期的結果有重大差異。有關可能導致實際結果與我們的前瞻性聲明有重大差異的一些風險的討論可以在今天的新聞稿中找到，並在風險因素標題下以及我們向證券交易委員會提交的文件中披露，包括截至2026年1月31日的財年的 10-K 年度報告。

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.

我們的 SEC 文件也可以在 Gloo 的投資者關係網站 investors.Gloo Holdings.com 和 SEC 的網站上找到。此外，在今天的電話會議中，我們將討論某些非 GAAP 財務指標，包括調整後的 EBITDA。我們在一些財務討論中使用非 GAAP 指標，因為我們認為它們提供了對我們運營表現和基礎運營結果的有價值的見解。這些非 GAAP 財務指標應與我們的 GAAP 結果一起考慮，而不是替代或孤立於我們的 GAAP 結果。

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.

這些非 GAAP 指標與最直接可比的 GAAP 指標的調節，以及每個指標的定義、侷限性和我們使用它們的理由，已包含在今天的新聞稿中，並將包含在我們為截至2026年4月30日的季度提交的 10-Q 表格中。現在我將把電話交給 Scott。

Scott Beck (Co Founder & CEO)

Scott Beck（聯合創始人兼首席執行官）

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.

謝謝 Oliver，感謝大家參加我們的 2026 年第一季度財報電話會議。第一季度是 Gloo Holdings 又一個強勁的季度。我們的收入和調整後的 EBITDA 均超出了我們的指導和市場共識。收入為 4150 萬美元，同比增長 3 倍。這也比指導和市場共識高出 13%。調整後的 EBITDA 為負 1150 萬美元，同樣超出指導和市場共識，較 2025 年第四季度改善超過 700 萬美元。

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.

這代表了我們連續第三個季度的調整後 EBITDA 改善。這一進展增強了我們在實現調整後 EBITDA 盈利目標方面的信心。預計調整後的 EBITDA 將在 2026 年第三季度接近盈虧平衡，並在 2026 年第四季度實現盈利，我們的第一季度業績證明了我們的戰略是有效的。我們看到來自大型戰略客户的需求不斷增長，目前的收購正在帶來複合價值，人工智能在整個業務中正變得越來越重要。

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.

在討論本季度的具體驅動因素之前，我想將我們的業績與更廣泛的機會聯繫起來。Gloo Holdings 正在構建信仰和繁榮生態系統的領先技術平台，應用人工智能正在成為該平台的定義能力。這是一個龐大、持久且高度分散的生態系統，涵蓋教育、社會影響、聖經翻譯、教會及其服務的宗派。捐贈仍然是該生態系統的經濟引擎，為信仰和繁榮組織的使命驅動工作提供資金。

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，基於信仰的組織收入增長了 8.2%，超過 2650 億美元，這突顯了機會的規模和捐贈者發展的重要性。在這些領域中，組織始終需要兩件事：現代化技術和擴大市場覆蓋，以吸引更多的捐贈者和更多的利益相關者。這就是我們組織 Gloo Holdings 平台的方式。技術賦能和覆蓋賦能，應用人工智能已成為平台越來越重要的能力。

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.

我們的技術賦能業務旨在接管客户的技術運營，進行現代化改造，然後應用智能人工智能，以更低的成本為客户提供顯著更好的結果，同時為 Gloo Holdings 創造更高的利潤率和持久的收入來源。通過覆蓋賦能，應用人工智能幫助客户更好地理解他們的受眾，個性化互動，並加強捐贈者發展。這種組合使 Gloo Holdings 獨樹一幟。

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.

我們不僅僅提供軟件或服務。我們將應用人工智能引入對我們服務的組織最重要的工作流程中。我們能夠做到這一點，因為 Gloo Holdings 在信仰和繁榮生態系統中贏得了信任。幾十年來，我們建立了召集領導者、理解他們最重要的工作流程並以實用和使命對齊的方式應用人工智能所需的關係和信譽。

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，我們看到平台上強勁的勢頭。在覆蓋賦能方面，Masterworks、Barna 和 Westfall 交出了他們有史以來最佳的收入季度之一。這一表現展示了將捐贈者參與與媒體、研究和籌款能力結合在一個平台上的價值。在技術賦能方面，客户越來越多地選擇 Gloo Holdings 來接管、現代化和轉型核心技術運營，通過像 Lou360 這樣的產品。

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，這種勢頭體現在更大的戰略勝利上，包括五個新客户貢獻超過 100 萬美元的年度合同收入。這些更大的戰略勝利顯示出在信仰和繁榮生態系統的現有和新領域之間日益增長的吸引力。神 Assemblies of God 是選擇 Gloo Holdings 的一個強有力的例子。他們通過現代化遺留系統，利用 Gloo Holdings 360 更好地服務於美國的 13000 個教堂。

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.

印第安納衞斯理大學是另一個重要的例子。我們與 IWU 的衞斯理神學院合作，建立 Via Journeys，這是一個由人工智能驅動的事工生命週期生態系統，連接事工領導者與個性化資源和導師。我們相信這指向大學如何裝備學生和他們所領導的社區的更廣泛轉型。例如，我們與 Jessup 大學的合作，今年早些時候宣佈，進展非常順利，並提前於計劃進行。

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，我們繼續在應用人工智能方面建立更廣泛的生態系統勢頭。我們的 2026 年第四屆 Glu Hackathon 將於十月在博爾德舉行，匯聚 700 多名開發者、工程師和使命驅動的建設者，進行 48 小時的黑客和構建使命對齊的應用和技術。本季度，我們宣佈 Gloo Holdings AI Studios 的正式發佈，這是為信仰和繁榮生態系統中的開發者提供的一整套 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.

此次發佈包括對 80 多種大型語言模型的支持。它包括新的安全功能、各種訂閲選項以支付令牌使用費用，以及供開發者體驗我們價值觀對齊的保護措施的免費沙盒。目標是加速推動人類繁榮的實用 AI 解決方案。現在轉向收購，這仍然是我們加強 Gloo Holdings 平台的關鍵部分，我們的戰略是增加最佳的提供者，以擴大我們賦能技術和覆蓋的能力。

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.

第一季度提供了強有力的證據，證明這一戰略正在奏效。Westfall Group 和 Masterworks 都交出了他們有史以來最佳的季度之一。這驗證了這些業務的實力以及將它們引入 Gloo Holdings 平台的複合價值。在第一季度，我們簽署了一項收購 EMD 的購買協議，並在第二季度初完成。EMD 通過為非營利、小型和中型市場組織提供工作日諮詢、實施和支持能力，擴大了我們的技術賦能組合。

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 還與我之前提到的更廣泛戰略直接對齊。我們接管並現代化關鍵客户工作流程，然後應用專業工程人才和智能人工智能，以在時間上提供更好的結果，降低成本。這創造了強大的客户價值主張，同時也改善了 Gloo 的利潤率。今天，我們還宣佈收購 Midwestern Holdings 的剩餘股份，使我們的持股比例達到 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 增加了我們在成本效益全球人才能力領域的投資。我們相信，隨着我們將低成本交付能力與智能人工智能結合，這將繼續成為一個重要的增長機會。這也消除了選擇權，這將通過從 Gloo 的資產負債表中移除相關的 1210 萬美元負債，帶來一次性改善。總的來説，這些收購加強了平台，擴大了客户價值，並強化了我們正在構建的飛輪。

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.

我們在收購方面的做法始終是有紀律的。我們繼續看到強大的管道，但我們只會追求那些最佳的、戰略對齊的、對 Gloo 平台有增值的機會。儘管我們如前所述有強大的管道，但我們當前的計劃並不依賴於額外的收購來實現我們的收入或調整後的 EBITDA 盈利指導。展望未來，我們的優先事項依然明確。

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.

我們專注於深化戰略客户關係，擴大我們的平台，並以改善客户結果的方式應用人工智能，同時為 Gloo Holdings 創造持久價值。與此同時，我們將繼續以嚴謹的態度整合收購，並執行我們的盈利路徑。第一季度是今年的強勁開局。我們對我們的戰略、2026 年計劃以及建立信仰和繁榮生態系統的類別定義技術平台的長期機會充滿信心。

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

保羅，我把時間交給你，讓你更詳細地講解數字。

Paul Seaman

保羅·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.

謝謝你，斯科特。我們在第一季度交出了強勁的業績，收入和調整後的 EBITDA 均超出預期。這一表現反映了穩健的業務勢頭和嚴謹的執行，為我們今年的財務開局奠定了堅實基礎。第一季度收入為 4150 萬美元，比去年同期增長 238%，與去年第四季度相比增長 23.5%。收入增長主要得益於多個業務線的勢頭，尤其是 Gloo Holdings 360 以及 Masterworks 和 Midwestern Holdings 等資本合作伙伴業務的收購。

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.

平台收入總計為 2410 萬美元，比去年第一季度增加 1560 萬美元，較 2025 年第四季度增長 19.9%。2025 年平台解決方案的收入為 1740 萬美元，比 2025 年同期增加 1360 萬美元，環比增長約 29%。本季度的收入成本佔總收入的 67.7%，相比去年同期的 72.1% 有所改善。這一增長得益於我們工作空間和 Outreach 業務線的利潤率改善，以及 Westwell Group 完整季度的貢獻。

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.

我們預計這種改善將持續到全年。調整後的 EBITDA 環比改善 710 萬美元，達到負 1150 萬美元。這一顯著改善反映了我們在第四季度實施的節省成本措施的影響，以及前面提到的增長。特別是我們的運營費用環比減少了 840 萬美元，而收入增長了 24%。還需注意的是，一般管理費用包括與第二季度完成的 EMD 收購相關的收購成本。

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.

我們在非 GAAP 結果中不對這些成本進行調整。我們預計第二季度將繼續環比改善，目標是在第四季度實現調整後的 EBITDA 盈利。正如斯科特之前所描述的，我們最近同意購買我們之前未持有的 Midwestern Holdings 剩餘 20% 的股份，並取消了期權，允許持有人從我們這裏重新獲得和控制 Midwestern Holdings 的剩餘 20% 的股份。我們預計將在本季度晚些時候完成交易。

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.

取消期權將導致財務報表中 “金融工具公允價值變動的收益或損失” 這一行不再出現大幅波動。截至2026年4月30日，我們擁有 3300 萬美元的現金及現金等價物。我們相信，我們有足夠的流動性在第四季度實現正的調整後 EBITDA，這將使我們在未來幾個季度實現可持續的正自由現金流增長，並在業務中形成顯著的勢頭。

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.

我們還相信，我們有多種選擇進一步增強資產負債表，資助我們的增長，並支持未來的收購機會，若我們選擇追求這些機會。我現在想談談我們 2026 年的全年展望和第二季度的展望。對於 2026 年的全年收入，我們將展望上調 500 萬美元，達到 1.95 億美元。在第二季度，我們預計收入為 4400 萬美元，調整後的 EBITDA 虧損將縮小至負 850 萬美元。我們繼續預計調整後的 EBITDA 在 2026 年第三季度接近盈虧平衡，並在 2026 年第四季度實現盈利。

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

對於第二季度，我們預計加權平均股份數約為 8100 萬股。至此，我將電話交還給斯科特。

Scott Beck (Co Founder & CEO)

斯科特·貝克（聯合創始人兼首席執行官）

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

謝謝，保羅。接下來，操作員，我們準備好接受第一個問題。

OPERATOR

操作員

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.

請注意，要提問，您需要在電話上按星號 11 以移除自己出隊列。您可以再次按星號 11。請限制自己提問一次及一次後續問題，以便讓每個人都有機會參與。請稍等，我們正在整理問答名單。我們的第一個問題來自 Dan Kernos，來自 Benchmark。您的線路已開啓，Dan。

Dan Kernos (Equity Analyst)

Dan Kernos（股票分析師）

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，謝謝。下午好，斯科特。保羅，恭喜你們又一個出色的季度。我想問的第一個問題是，收入的節奏暗示下半年的重新加速。並不是説增長不令人印象深刻。我只是想了解一下你們的看法。我知道你們在上次電話中提到開始看到更大的客户贏得。你們在本季度標記了 500 萬美元的年化合同。你們對這樣的情況有多少了解，以及有多少來自於最近收購的業務。

And has that mix changed since the April guidance?

自四月的指引以來，這種組合是否發生了變化？

Scott Beck (Co Founder & CEO)

斯科特·貝克（聯合創始人兼首席執行官）

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，謝謝你，Dan。很高興聽到你的聲音。你知道，我們確實能夠繼續加速。我不會説這與之前有什麼不同。我們對增長感到非常滿意，這種增長是 Gloo Holdings 的核心產品如 360 和 Gloo Holdings AI 擴展的結合。同時，我們也能夠繼續擴展並在我們收購的不同資本合作伙伴之間獲得協同效應。

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，多年來，我們在核心產品和不同資本合作伙伴的產品上都能夠實現非常強勁的有機增長。我們感到興奮的一件事是能夠看到交叉銷售中產生的協同效應。我們服務的組織越來越多，他們有一個產品，但當我們看到他們獲得第二個產品時，我們看到收入顯著提升，幾乎是單一產品的兩倍。

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.

當他們獲得三個或更多產品時，我們現在看到的情況是，收入有時接近單一產品的五到十倍。所以這實際上是兩者的結合。

Dan Kernos (Equity Analyst)

Dan Kernos（股票分析師）

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?

總體而言，我們看到超過 30% 的增長來自於這些有機增長和新收購的有機增長。Scott，這為我接下來的問題提供了很好的切入點。我只是想了解一下，當你談到 “土地與擴展” 時，你剛剛概述了你們的攻擊方式。我想知道，當你贏得這些較大合同時，他們是否會一次性選擇多個產品，還是先試水，然後你認為這個合同可以在未來實現 10 倍的增長？

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體情況。我們知道這是一個巨大的市場總量（TAM），而你們是無可爭議的領導者，幾乎沒有競爭對手。但我只是想了解一下這些重大交易擴展的速度，因為你們在早期取得了很多成功，甚至比我們大多數人預期的還要早。

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger（執行董事會主席兼技術負責人）

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，謝謝你，Dan。我是 Pat。我想説的是，正如我們在正式評論中提到的，30% 的客户每年超過一百萬美元的合同現在有多個產品，這意味着大多數客户只有一個產品。通常，銷售將是一個單一的產品領域，我們會在一兩個季度後逐步擴展。但大多數客户都是從一個產品開始的。對的，我們的一些銷售策略是為了保持事情的簡單性並推動前進。

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.

但我會説，我們確實有幾個客户同時獲得了多個產品領域的合同。我預計這將成為我們銷售活動的一個更大方面，因為每個銷售產品的成熟度在提高。我們在 “土地與擴展” 方面有更多客户，然後我們將能夠隨着時間的推移進行擴展。但到目前為止，大多數情況是每個季度只獲得一個產品，然後我們會在之後跟進一個後續產品。

OPERATOR

操作員

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。謝謝你，Pat。這非常有幫助。你們已經在數字上取得了很好的成績。期待看到你們接下來的表現。謝謝大家。謝謝。我們的下一個問題來自 Roth Capital 的 Richard Baldry。Richard，你可以開始了。

Scott Beck (Co Founder & CEO)

Scott Beck（聯合創始人兼首席執行官）

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.

謝謝。當我們從第四季度到第一季度時，收入增長的毛利率貢獻約為 70%。我有點好奇你能否分析一下，這其中有多少是由於有機增長，多少可能是成本重組的結果。這個毛利率是你們正常水平的兩倍。我有點好奇這種下降的可持續性如何，隨着我們向前推進。很好的問題，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.

謝謝你的提問。你知道，我認為在這一季度兩者之間存在平衡。我們確實從整體運營費用的顯著減少中獲得了一些好處，你看到這些好處在調整後的 EBITDA 中流出，這顯然相對於收入增長非常顯著。但我會説，大約 50% 到 60% 的收益可能來自於運營費用，其餘部分則來自於繼續在你認為的銷售成本或貢獻利潤基礎上獲得槓桿。

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?

謝謝。你們在 glue360 方面仍處於一些較大交易的早期階段，但我很好奇，隨着這些交易在你們的管理下時間更長，你們是否看到增量的人員協同效應？你們是否開始看到早期的交叉銷售或追加銷售機會？早期的大型交易進展如何？

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger（執行董事會主席兼技術負責人）

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，每一筆交易都讓我們變得更加成熟，Rich。我是 Pat。隨着我們獲得越來越多的客户，我們在不同產品領域的證明點也越來越多。嘿，我們已經在一些工具上積累了一定的專業知識。我們在一些應用於他們的工作流程中也已經有了更多的成熟度。

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.

當然，我們的人力資源系統也在不斷成熟，能夠更好地將他們引入、入職，並在這些方面應用良好的人力資源管理原則。所以我會説，每一筆交易都讓我們變得更好。我們仍然沒有在這些產品上完全成熟，因為其中一些仍在學習和積累中。

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.

所以我認為我們仍然有很多利潤提升的空間，以及快速的動作能力和入職能力，然後能夠進行商業化。但好的一面是，我們所做的每一筆交易都在創造下一筆交易的工作流程，使其變得更簡單、更快速。因此，我們將其視為一個可以不斷重複的引擎。

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.

而且每一筆交易都顯示出產品的成熟度。因此，前方還有很長的路要走。生態系統很大，但我們現在擁有越來越多的可應用能力。

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.

如果我能再擠出最後一個問題。當你看到五個超過一百萬美元的交易時，你能談談它們之間是否有共同點，還是有多個切入點？你現在可以談談這些，以便我們可以看到未來的可擴展性。謝謝。是的，也許 Scott 你也可以補充一下。但我們開始在大學領域看到更多的潛在客户，這一點我們已經強調過。William Jessup 是我們第一個重要的例子。

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.

我們現在正在關閉更多這樣的產品。因此，正如你所説，美國有超過 900 所基於信仰的大學，所以我們還有很長的路要走。我們在一些領域，如聖經翻譯、校園事工和其他領域（如救助任務）中顯然已經形成了臨界質量。這些領域的工作也已經證明了我們的影響力。因此，這裏還有更多的機會。最後，我認為正如我們在正式評論中提到的，我們在天主教領域開始取得一些成功，這對我們來説是一個非常大的市場，我們才剛剛起步。

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?

所以我認為更多可複製的大機會，我們看到的土地擴展，面前有着巨大的發展空間。Scott，你還有什麼要補充的嗎？

Scott Beck (Co Founder & CEO)

Scott Beck（聯合創始人兼首席執行官）

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，謝謝你，Pat。你知道，我真的很喜歡你所提到的土地擴展和擴展，因為我們在一個特定的縣內落地並擴展。但是當我們進入一個類別，比如校園事工或基於信仰的大學或救助任務時，當我們進入一個不同的細分市場時，該細分市場也有擴展的動態。因此，我們確實擁有在一個賬户內落地和擴展的能力，並在一個類別內再次擴展。

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

而且我們正在非常快速地增加類別。實際上，類別擴展的速度讓人感到驚訝。現在，我想把我們重新引導回到

OPERATOR

操作員

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.

他們正在尋找相同的東西。好吧，在某種程度上，有一個共同點，就是，嘿，幫助我提供技術，幫助我獲得更多的影響力，以便我能擁有更多的捐贈者、更多的支持者、更多的學生、更多的志願者，你説的都可以。他們確實在推動技術、影響力，你知道，只是能夠應用人工智能，以便為他們提供更低的成本、更好的收益，併為我們帶來不斷增加的利潤，因為我們將更多的人工智能執行的工作引入到項目中。

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。恭喜你們取得了一個偉大的季度。謝謝。我們的下一個問題來自 Loop Capital Markets 的 Young Kim。

Young Kim (Equity Analyst)

Young Kim（股票分析師）

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?

你的線路是開放的，Young。好的，太好了。謝謝。恭喜你們取得了強勁的季度。那麼關於 EMD 業務，你能更新一下自收購完成以來的進展嗎？對於 EMD 客户，我知道有一些不是基於信仰的客户或組織。你是否預計非基於信仰的客户羣會有增長，還是你們近期的市場策略主要集中在基於信仰的組織上？

Scott Beck (Co Founder & CEO)

Scott Beck（聯合創始人兼首席執行官）

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，他們有基於信仰和非基於信仰的客户，我們都在增長。顯然，我們在基於信仰的客户中有一些明顯的協同效應，我們可以立即進行很多交叉銷售，但在非基於信仰的客户中也有自己的增長計劃，實際上是相對較新的。對吧？它剛在本季度初完成。所以我們現在已經五六週了。但我們對看到的情況感到滿意。此外，Midwestern Holdings，我們剛剛從 80% 增持到 100% 的所有權。

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，他們的客户羣幾乎是相同的。Midwestern Holdings 中有相當一部分也是非基於信仰的，比例大約是三分之一基於信仰，約三分之二非基於信仰。因此，能夠看到 Midwestern Holdings 和 EMD 在非基於信仰方面之間的一些協同效應是很不錯的。所以，是的，它們都在增長。我們致力於同時推動它們的增長。

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

在過去的幾年裏，Midwestern Holdings 的兩個方面也都在增長。

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.

是否有機會將 Gloo 360 交叉銷售給 EMD 的非基於信仰組織客户？是的，毫無疑問，小型到中型組織面臨着相同的一系列問題，即，嘿，幫助我解決我的技術問題，幫助我擴大影響力，你知道，這些都是共同的關注點、共同的價值主張，無論它們是基於信仰的還是非基於信仰的組織，每個人都需要幫助將人工智能應用到他們特定的組織工作流程中。

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.

同樣，當你有一個工作流程，能夠幫助某人持續與員工互動時，這個工作流程無論是基於信仰的還是非基於信仰的工作流程都是相同的。因此，在這方面也有很多共同點。

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger（執行董事會主席兼技術負責人）

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。那麼這個問題可能是問 Pat 的，但我知道現在還很早，但關於 Glue AI Studio 的早期反饋如何？那是你們黑客馬拉松的一部分嗎？謝謝。是的，早期反饋非常強烈，顯然，當你推出這樣的新服務時，開發者加入時會有很多學習，我們在讓開發者加入、建立計費系統併為他們運營方面變得更加高效。我們確實有一個大客户 hello Bible，它提供消費者聊天服務。

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.

轉到 Glue Studio。他們在 LinkedIn 或其他社交渠道上公開了這一點，以及我們所經歷的良好體驗。因此，我們現在開始擁有，我會説，真正的客户，他們正在將工作負載遷移到平台上。由於 Studio 的原因，我們將在虛擬黑客馬拉松活動以及秋季的大型黑客馬拉松中有更多內容可以討論。因此，他們將被大量展示，並且在黑客馬拉松期間將宣佈新功能、新服務以及新客户加入平台，這在秋季的活動中是一個重要的事情。

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.

總體而言，我們對目前看到的勢頭感到滿意。現在平台上有超過一千名開發者，但我們必須更快、更大地增長，我們相信我們現在擁有的成熟產品將使我們能夠做到這一點。

OPERATOR

運營商

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。期待這個。非常感謝。謝謝。我們的下一個問題來自 Jason Pryor。Craig Hollum，您的線路已開啓。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。謝謝你們。Scott，很高興聽到第一季度交叉銷售的早期成功。想問一下關於將這些新解決方案交叉銷售給現有客户的市場策略。如果我們考慮 Westfall 或 emd，您能多快讓客户對新解決方案產生興趣？您能多快讓他們上線，以及這個追加銷售的過程是什麼樣的？

Scott Beck (Co Founder & CEO)

Scott Beck (聯合創始人兼首席執行官)

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，通常來説，我們的首席營收官 Rebecca 在不同的銷售團隊中進行非常積極的流程，以推動這一點。我們已經看到這一點的良好效果，我會説我們對啓動這一過程的容易程度感到驚喜。因此，我們確實看到 Westfall 與 masterworks 360 進入 masterworks 賬户，servant 進入我們的 360 賬户。

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.

這些動作是我們認為具有很強可複製性和規模的整體，我們正在建立更多的銷售能力。我們正在引入銷售團隊，使我們的流程在管理大型客户管道方面更加嚴格，然後在整個產品組合中建立更多的交叉銷售機制。因此，我們認為自己正處於週期的開始，產品組合的每個元素都為我們提供了更多的交叉銷售機會。

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger (執行董事會主席兼技術負責人)

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。關於併購的後續問題，您認為這將繼續擴大您的可服務市場，考慮到您今天擁有的大客户。好奇您認為您在現有客户基礎中的滲透率是多少。實際上，我想弄清楚在如此龐大的客户基礎和廣闊的可服務市場中，前方還有多少發展空間。是的，發展空間確實巨大。這就是為什麼我們可以輕鬆談論超過 1000 億的 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.

這只是一個巨大的市場。我們談論大學時，現在已經有幾個關閉的 900 個，還有很多要去的。即使在一些賬户中我們已經滲透得相當好，但在整個產品組合中我們並沒有很好地滲透。因此，即使在我們的土地擴展到賬户中，我們也有增長的空間。因此，我們認為我們目前的有效 SOM 處於非常低的百分比。TAM 是巨大的。可達的 SAM 也非常大。我們認為在業務的任何維度上都沒有接近飽和。

OPERATOR

運營商

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。謝謝。我們的下一個問題來自 Lake Street Capital Markets 的 Ryan Myers。請繼續，Ryan。

Ryan Myers (Equity Analyst)

Ryan Myers (股票分析師)

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，謝謝你們接受我的問題。第一個問題是，您是否看到客户預算或生態系統中對更多數字產品的需求有任何重大變化？

Scott Beck (Co Founder & CEO)

Scott Beck (聯合創始人兼首席執行官)

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，謝謝你，Ryan。是的，當然。正如我在準備的發言中所説，去年這個生態系統的收入增長了 8.2%。我想，對於一個非常重要的老舊生態系統來説，能夠實現這樣的增長是非常了不起的。因此，作為結果，您將獲得更多的預算資金來使用。

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.

毫無疑問，這種核心捐贈的增長為資助這個生態系統提供了更多的資金，我們感受到了這一點。我還想説的是，年輕人正在以比其他人更大的數量重新參與精神和信仰。這對我們在整體週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.

因為如果您查看這種增長並進行細分，我想您肯定會看到年輕人對市場產生了非常顯著的積極影響。不僅在於可用的資金更多，毫無疑問，而且這也是令人鼓舞的。我們的市場感到振奮。他們看到在社區服務方面有很多機會。

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

當年輕人開始出現時，這是一種非常大的鼓勵。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.

謝謝。然後第二個問題。您提到 30% 的有機增長。您認為這其中有多少來自新客户的贏得，多少來自現有客户的支出增加。是的，超過 30%。我是説，我們超過了這個數字，但我們對持續的有機增長感到非常滿意。但我們的主要驅動力是新客户。這確實是推動我們增長的關鍵，您知道，在有機增長中，很多都是新客户接觸到 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?

這確實是吸引新客户進入，然後發展我們目前擁有的客户。兩者都在發生，但絕對來説，新客户是非常重要的。Pat，您對此有什麼補充？

Pat Gelsinger (Executive Board Chair and Head of Technology)

Pat Gelsinger (執行董事會主席兼技術負責人)

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，沒什麼太多要補充的。隨着我們建立銷售團隊的機會，我們的客户覆蓋率會越來越高，我們也在不斷增加更多的銷售人員到 360、Masterworks 和我們的 Westfall Gold。我們每一個產品的銷售能力都在提升，我們將能夠投入更多資源。

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.

我們並沒有看到預算限制，儘管我們並不認為更緊的預算對我們來説是壞事。因為從根本上説，他們在尋找節省成本的機會，而我們也為他們提供了節省成本的方案。因此，在很多方面，我們認為自己並不特別容易受到成本問題的影響。但對於我們的生態系統來説，現在是一個好時機。正如 Scott 所説，現在是我們產品的好時機。

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.

隨着我們建立更多的銷售和交付能力，我們確實認為可以清晰地看到一個快速增長的收入客户基礎，並且在未來幾個季度內實現土地擴展。

OPERATOR

操作員

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，非常感謝。這非常有幫助。謝謝。我們的最後一個問題來自 Benchmark Stonex 的 Matthew Harrigan。您的電話已接通，Matthew。

Matthew Harrigan (Equity Analyst)

Matthew Harrigan（股票分析師）

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.

謝謝。很高興能結束這次電話會議。您在回答的最後提到與天主教徒建立聯繫，顯然您一直在關注福音派，相對於天主教徒或聖公會來説，這很有趣。我的意思是，天主教會無疑是長期以來最成功的層級全球組織之一。顯然，在教育方面也很獨特，無論是中學還是許多大學，儘管它們似乎越來越世俗化。

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進展，或者在其他一些您尚未深入的教派中，您是否能迅速達到一個臨界點，在更高的層面上，您可以接受一系列廣泛的產品，相對於我認為您正在處理的一些教派，可能更多是基於草根的方式，您需要説服很多人以獲得動力。

Scott Beck (Co Founder & CEO)

Scott Beck（聯合創始人兼首席執行官）

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.

謝謝。恭喜你們取得的成果，顯然。是的，謝謝。我想首先説，我們可能還沒有足夠的進展來了解天主教領域銷售模式的可重複性。因此，我會説這是一個很好的問題，我們可以在未來的季度中回到這個問題上。隨着我們擁有更多的天主教客户，我們會看到更多的銷售動態。也就是説，考慮到您提到的層級結構，我們認為您實際上在他們之間擁有非常可參考的關係。

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.

而且當您在一個地方取得成功時，這種成功在其他地方也會非常可重複。因此，我們確實認為，出於這個原因，我們在參與時會有良好的銷售生產力。到目前為止，我們在該領域賦能技術方面取得了最大的成功，但我們確實認為我們的全系列產品在規模上都可以適用。我們在一些獨特的 AI 機會方面也獲得了良好的親和力，並在客户中獲得了更多的動力。

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.

所以總體來説，我認為對我們來説還為時尚早，但我們非常高興，因為市場的這一部分規模很大。全國各地的教區都很大，他們有很大的技術需求。正如您所説，他們的結構和組織都很好，我們相信這將是非常可重複的。

Matthew Harrigan (Equity Analyst)

Matthew Harrigan（股票分析師）

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.

這是否也可以擴展到大學方面，還是説那是另一種情況？不，我們確實認為在大學方面是非常可複製的。在我們編碼的 900 箇中，大約 2/3 是福音派導向，1/3 是天主教導向。但我們希望在天主教社區的大學方面也能取得幾項成功。

OPERATOR

操作員

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

很好，謝謝。謝謝。我現在想把會議交還給 Scott Beck 進行結束髮言。

Scott Beck (Co Founder & CEO)

Scott Beck（聯合創始人兼首席執行官）

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，非常感謝。您知道，正如您在電話中所能感受到的，我們對業績感到非常興奮，但我們也對這個信仰與繁榮生態系統所需的進展感到非常興奮。Gloo 提供的技術和市場覆蓋，以及所有由 AI 驅動的，這對我們來説正是一個極好的時機，能夠處於我們現在所處的階段。但這仍然是早期階段。作為一家上市公司，我們的旅程仍然處於早期，但勢頭強勁且在增長。

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.

我們確實有機會為這個生態系統構建一個定義類別的技術平台。在做到這一點的過程中，讓我們最興奮的事情之一是，我們實際上可以參與塑造技術作為一種積極的力量。如果您考慮一下，現在正在發生的技術變革的時間和強度是我們一生中最重要的變革時期之一。能夠在這裏，並能夠與這些組織站在前線，對我們組織來説是非常鼓舞人心的。

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.

但在我們這樣做的同時，我們始終必須記住，我們是在服務那些服務他人的人。這些是牧師、校園事工、救助任務、世界兒童發展組織、全球水組織、信仰基礎的大學、教堂和服務他們的教派。在這樣做的過程中，他們在前線，真正改變着人們的生活。他們在改變家庭，他們在改變城市。

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.

當我們共同追求這一目標時，我們的目標是實現我們所擁有的願景。那就是一個每個人都能茁壯成長、成為他們天生所應成為的樣子的世界。這就是激勵我們的動力。這就是讓我們早上起牀、全力以赴的原因。你們作為股東也是這一過程的一部分。你們正在這些組織中產生影響，能夠為他們提供能力和資本，使他們能夠擴大他們熱愛的事業和使命。

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.

所以我們心懷感激。我們感激我們所服務的倡導者，也感激為他們服務的股東。因此，代表我們所有人，我們要説謝謝。感謝你們今天的參與。願上帝保佑你們，保佑你們的所有努力，以及 Glue 的努力。謝謝。

OPERATOR

運營商

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本轉錄僅供信息參考。儘管我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 文件和官方新聞稿。企業參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會在沒有通知的情況下發生變化。

完整文字記錄：Gloo Holdings 2026 年第二季度收益電話會議