Perfect Corp. Reports Unaudited Financial Results for the Three Months Ended December 31, 2023 and for the Full Year of 2023
- Significant revenue growth of 27.6% for Q4 2023 and 13.1% for full year 2023.
- Improved gross profit and positive net income compared to previous periods.
- Strong demand for AR/AI cloud solutions and subscription revenue.
- Positive operating cash flow and increased adjusted net income.
- Healthy liquidity position with $123.9 million in cash and cash equivalents.
- Focus on AI capabilities to drive growth in 2024 despite pandemic impact.
- Decrease in gross margins due to higher payment processing fees.
- Decrease in licensing and advertisement revenue.
- Reduction in total operating expenses, primarily due to non-cash listing expenses.
- Decrease in total customer count compared to the previous quarter.
Insights
The financial results reported by Perfect Corp. demonstrate a significant year-over-year revenue growth of 27.6% for the quarter and 13.1% for the full year. This growth is attributed to the demand for AR/AI cloud solutions and subscription services within the beauty and fashion industries. The company's strategic pivot towards these sectors, coupled with an increase in active mobile app subscribers, suggests a successful adaptation to the digital market demands.
Furthermore, the shift in revenue composition, with a decrease in licensing revenue and advertisement revenue, reflects a market trend where brands are favoring online virtual experiences over traditional in-store interactions. This could indicate long-term changes in consumer behavior, potentially leading to a sustained demand for Perfect Corp's services.
The reported net income, in contrast to the previous year's net loss and the positive operating cash flow signal a healthy financial recovery and operational efficiency. These factors, combined with a strong cash position, provide the company with a solid foundation for future investments and growth initiatives.
Perfect Corp.'s focus on AR/AI technologies is well-aligned with current trends in consumer engagement and digital transformation within the beauty and fashion industries. The increase in digital SKUs and brand clients indicates a growing market acceptance of virtual try-on technologies and AI-driven personalization. This positions the company advantageously in a competitive landscape that is increasingly prioritizing immersive customer experiences.
The expansion of the company's mobile beauty app subscriber base by 45.7% year over year reflects not only the effectiveness of their marketing strategies but also the potential for recurring revenue streams. With the beauty and fashion sectors expected to continue their digital evolution, Perfect Corp.'s strategic investments in AI and AR technologies are likely to drive further growth and market penetration.
Perfect Corp.'s substantial growth in AR/AI cloud solutions and subscription revenues highlights the technological advancements and innovation at the core of their business strategy. The company's proprietary AI products, including Beauty AI, Skin AI, Fashion AI and Gen AI, represent a significant technological edge in the beauty and fashion industries. These products enable personalized experiences and have the potential to disrupt traditional business models by offering scalable and customizable solutions.
The reported increase in R&D expenses, driven by higher headcount and personnel costs, indicates ongoing investment in technology development. This is crucial for maintaining a competitive edge in an industry that is rapidly evolving due to technological advancements. The company's ability to continuously innovate and adapt to market needs will be a key determinant of its long-term success in the high-growth AR/AI market.
Highlights for the Three Months Ended December 31, 2023 and for the Full Year of 2023
-
Total revenues was
for the three months ended December 31, 2023, compared to$14.1 million in the same period of 2022, an increase of$11.1 million 27.6% . Full year revenue was in 2023, compared to$53.5 million in 2022, an increase of$47.3 million 13.1% . Both increases were primarily due to strong growth momentum in AR/AI cloud solutions and subscription revenues. -
Gross profit was
for the three months ended December 31, 2023, compared with$11.5 million in the same period of 2022, an increase of$9.1 million 26.0% . Full year gross profit was in 2023, compared with$43.1 million in 2022, an increase of$40.2 million 7.3% . -
Net income was
for the three months ended December 31, 2023, compared to a net loss of$1.4 million during the same period of 2022. Full year net income was$190.3 million for 2023, compared to a net loss of$5.4 million for 2022.$161.7 million -
Adjusted net income and loss (non-IFRS)1 was
for the three months ended December 31, 2023, compared to adjusted net loss (non-IFRS) of$1.8 million in the same period of 2022. Full year adjusted net income (non-IFRS) was$0.01 million for 2023, compared with$7.0 million for 2022, an increase of$4.1 million 72.1% . -
Operating cash flow was positive
in full year 2023, compared to negative$13.6 million in full year 2022.$3.3 million - The Company had 162 Key Customers as of December 31, 2023, compared with 169 Key Customers as of September 30, 2023.
- As of December 31, 2023, the Company's customer base included 645 brand clients, with over 704,000 digital stock keeping units (“SKUs”) for makeup, haircare, skincare, eyewear, and jewelry products, compared with 627 brand clients and over 678,000 digital SKUs as of September 30, 2023.
Ms. Alice H. Chang, the Founder, Chairwoman, and Chief Executive Officer of Perfect, commented, “We closed out 2023 with strong fourth quarter results, achieving a
Financial Results for the Three Months Ended December 31, 2023 and for the Full Year of 2023
Revenue
Total revenue was
-
AR/AI cloud solutions and subscription revenue was
for the three months ended December 31, 2023, compared to$12.0 million in the same period of 2022, an increase of$9.6 million 25.0% . Full year AR/AI cloud solutions and subscription revenue was in 2023, compared with$44.8 million in 2022, an increase of$36.9 million 21.2% . Both double digit growths were due to strong demand for the Company’s online virtual product try-on and skincare solutions from brand customers, the robust momentum in its mobile beauty app subscription growth, and the increasing popularity for its Gen AI technologies and AI editing features for photos and videos. The Company’s mobile beauty app active subscribers grew by45.7% year over year, reaching a historical high of over 879,000 active subscribers at the end of the fourth quarter of 2023. This increase reflected the continuous interests in the Company’s mobile beauty app services from customers and users. -
Licensing revenue was
for the three months ended December 31, 2023, compared to$1.8 million in the same period of 2022, an increase of$1.0 million 77.6% . The increase was due to slightly higher demand from the legacy product license in this quarter. Full year licensing revenue was for 2023, compared with$7.5 million for 2022, a decrease of$8.4 million 10.5% . Since licensing revenue is mostly generated from traditional offline services, the10.5% decrease indicates brand customers’ strong demand for online virtual product try-on instead of in-store offline offerings. -
Advertisement revenue was
for the three months ended December 31, 2023, compared to$0.3 million in the same period of 2022, a decrease of$0.4 million 32.8% . Full year advertisement revenue was in 2023, compared with$1.2 million in 2022, a decrease of$1.8 million 36.1% . The decreases aligned with the Company's strategy of allocating less resources to advertisement services and focusing on expanding the market leadership in providing AR- and AI-SaaS solutions to brand customers.
Gross Profit
Gross profit was
Total Operating Expenses
Total operating expenses were
-
Sales and marketing (“S&M”) expenses were
for the three months ended December 31, 2023, compared to$6.7 million during the same period of 2022, an increase of$6.3 million 6.0% . This was due to an increase in marketing and user acquisition costs. Full year sales and marketing expenses were for 2023, compared to$25.7 million , an increase of$24.5 million 4.8% . This was primarily due to the increase in the marketing events and user acquisition costs, which was partially offset by the decrease in sales and marketing people related expenses. -
Research and development (“R&D”) expenses were
for the three months ended December 31, 2023, compared to$3.0 million during the same period of 2022, an increase of$2.6 million 17.7% . Full year research and development expenses were for 2023, compared to$11.5 million for 2022, an increase of$10.5 million 9.3% . The increases were resulted from increases in R&D headcount and related personnel costs. -
General and administrative (“G&A”) expenses were
for the three months ended December 31, 2023, compared to$3.0 million during the same period of 2022, a decrease of$69.0 million 95.7% . Full year general and administrative expenses were for 2023, compared to$11.6 million for 2022, a decrease of$76.2 million 84.8% . The decreases were due to the significant decreases in listing related expenses after the de-SPAC transaction and listing process was complete in 2022.
Net Income and Loss
Net Income was
Adjusted Net Income (Non-IFRS)
Adjusted net income was
Liquidity
As of December 31, 2023, the Company held
The Company had a positive operating cash flow of
Recent Development
On November 24, 2023, the Board of Directors of the Company approved a tender offer to purchase up to 16,129,032 Class A ordinary shares of the Company, par value
Business Trends and Outlook for 2024
The strong performance in revenue growth of the fourth quarter of 2023 was a clear signal of recovery in the enterprise new business acquisition from late 2023 versus the slow and prolonged enterprise sales cycle observed in the first half of 2023. The Company entered the fourth quarter of 2023 focused on deepening the penetration in different verticals to provide AI-powered skincare diagnosis products, as well as an increase in the adoption of virtual try-on solutions for jewelry and fashion markets.
On the consumer app front, the Company has launched several new generative AI features for app users. The addition of AI features not only attracted new users to download YouCam apps, but also effectively converted more users into paying subscribers. This progress reflects the result of Company's Beautiful AI strategy, which focuses on providing world class AI solutions for Beauty AI, Skin AI, Fashion AI, and Gen AI. Those 4 key pillars will play a pivotal role in the Company's core business moving forward and the Company is committed to keep investing in AI to strengthen our leading position in AI.
Based on the above strong momentum in both enterprise SaaS solution demands and in the mobile beauty app subscriptions business, the Company observed a strong healthy recovery in 2024 with an increase of over
-
The Company's total revenue recognized under IFRS year-over-year growth rate is expected to range from
12% to16% compared to 2023.
Note that this forecast is based on the Company's current assessment of the market and operational conditions, and that these factors are subject to change.
Conference Call Information
The Company's management will hold an earnings conference call at 7 p.m. Eastern Time on February 28, 2024 (8 a.m. Taipei Time on February 29, 2024) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a participant dial-in number and a unique access PIN, which can be used to join the conference call.
Registration Link: https://registrations.events/direct/Q4I642707473
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.perfectcorp.com.
About Perfect Corp.
Founded in 2015, Perfect Corp. is a Beautiful AI Company and global leader in enterprise SaaS solutions. As an innovative powerhouse in using artificial intelligence (AI) to transform the beauty and fashion industries, Perfect empowers major beauty, skincare, fashion, jewelry brands and retailers by providing consumers with omnichannel shopping experiences through augmented reality (AR) product try-ons and AI-powered skin diagnostics. With cutting-edge technologies such as Generative AI, real-time facial and hand 3D AR rendering and cloud solutions, Perfect enables personalized, enjoyable, and engaging shopping journey. In addition, Perfect also operates a family of YouCam consumer apps for photo, video and camera users, centered on unleashing creativity with AI-driven features for creation, beautification and enhancement. With the help of technologies, Perfect helps brands elevate customer engagement, increase conversion rates, and propel sales growth. Throughout this journey, Perfect maintains its unwavering commitment to environmental sustainability and fulfilling social responsibilities. For more information, visit https://ir.perfectcorp.com/.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the
Use of Non-IFRS Financial Measures
This press release and accompanying tables contain certain non-IFRS financial measures, including adjusted net income, as supplemental metrics in reviewing and assessing Perfect’s operating performance and formulating its business plan. Perfect defined these non-IFRS financial measures as follows:
Adjusted net income (loss) is defined as net income (loss) excluding one-off transaction costs2, non-cash equity-based compensation, non-cash valuation (gain)/loss of financial liabilities, and foreign exchange (gain)/loss. For a reconciliation of adjusted net income (loss) to net income (loss), see the reconciliation table included elsewhere in this press release.
Non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. Non-IFRS financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of the non-IFRS financial measures. In addition, the non-IFRS financial measures Perfect uses may differ from the non-IFRS measures used by other companies, including peer companies, and therefore their comparability may be limited. The presentation of these non-IFRS financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with IFRS. The items excluded from our adjusted net income are not driven by core results of operations and render comparison of IFRS financial measures with prior periods less meaningful. We believe adjusted net income provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, such non-IFRS measures are used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.
PERFECT CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2022 AND DECEMBER 31, 2023
(Expressed in thousands of |
||||||
|
|
December 31,
|
|
December 31,
|
||
Assets |
|
Amount |
|
Amount |
||
Current assets |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
162,616 |
|
$ |
123,871 |
Current financial assets at amortized cost |
|
|
30,000 |
|
|
30,300 |
Current contract assets |
|
|
3,660 |
|
|
2,770 |
Accounts receivable |
|
|
7,756 |
|
|
6,992 |
Other receivables |
|
|
314 |
|
|
343 |
Current income tax assets |
|
|
77 |
|
|
311 |
Inventories |
|
|
45 |
|
|
33 |
Other current assets |
|
|
4,705 |
|
|
4,042 |
Total current assets |
|
|
209,173 |
|
|
168,662 |
Non-current assets |
|
|
|
|
||
Property, plant and equipment |
|
|
289 |
|
|
380 |
Right-of-use assets |
|
|
323 |
|
|
847 |
Intangible assets |
|
|
119 |
|
|
77 |
Deferred income tax assets |
|
|
244 |
|
|
257 |
Guarantee deposits paid |
|
|
125 |
|
|
140 |
Total non-current assets |
|
|
1,100 |
|
|
1,701 |
Total assets |
|
$ |
210,273 |
|
$ |
170,363 |
(Continued)
PERFECT CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS (continued) DECEMBER 31, 2022 AND DECEMBER 31, 2023
(Expressed in thousands of |
||||||||
|
|
December 31,
|
|
December 31,
|
||||
Liabilities and Equity |
|
Amount |
|
Amount |
||||
Current liabilities |
|
|
|
|
||||
Current contract liabilities |
|
$ |
13,024 |
|
|
$ |
15,346 |
|
Other payables |
|
|
9,308 |
|
|
|
10,331 |
|
Other payables – related parties |
|
|
63 |
|
|
|
50 |
|
Current tax liabilities |
|
|
155 |
|
|
|
21 |
|
Current provisions |
|
|
1,855 |
|
|
|
2,394 |
|
Current lease liabilities |
|
|
251 |
|
|
|
481 |
|
Other current liabilities |
|
|
261 |
|
|
|
277 |
|
Total current liabilities |
|
|
24,917 |
|
|
|
28,900 |
|
Non-current liabilities |
|
|
|
|
||||
Non-current financial liabilities at fair value through profit or loss |
|
|
3,207 |
|
|
|
1,566 |
|
Non-current lease liabilities |
|
|
87 |
|
|
|
387 |
|
Net defined benefit liability, non-current |
|
|
73 |
|
|
|
79 |
|
Guarantee deposits received |
|
|
25 |
|
|
|
25 |
|
Total non-current liabilities |
|
|
3,392 |
|
|
|
2,057 |
|
Total liabilities |
|
|
28,309 |
|
|
|
30,957 |
|
|
|
|
|
|
||||
Equity |
|
|
|
|
||||
Capital stock |
|
|
|
|
||||
Perfect Class A Ordinary Shares, |
|
|
10,147 |
|
|
|
8,513 |
|
Perfect Class B Ordinary Shares, |
|
|
1,679 |
|
|
|
1,679 |
|
Capital surplus |
|
|
|
|
||||
Capital surplus |
|
|
556,429 |
|
|
|
510,399 |
|
Retained earnings |
|
|
|
|
||||
Accumulated deficit |
|
|
(385,884 |
) |
|
|
(380,472 |
) |
Other equity interest |
|
|
|
|
||||
Other equity interest |
|
|
(407 |
) |
|
|
(523 |
) |
Treasury shares |
|
|
— |
|
|
|
(190 |
) |
Total equity |
|
|
181,964 |
|
|
|
139,406 |
|
Total liabilities and equity |
|
$ |
210,273 |
|
|
$ |
170,363 |
|
PERFECT CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2022 AND 2023
(Expressed in thousands of |
||||||||||||||||
|
|
Three months ended December 31 |
|
Years ended December 31 |
||||||||||||
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
Items |
|
Amount |
|
Amount |
|
Amount |
|
Amount |
||||||||
Revenue |
|
$ |
11,071 |
|
|
$ |
14,124 |
|
|
$ |
47,300 |
|
|
$ |
53,505 |
|
Cost of sales and services |
|
|
(1,962 |
) |
|
|
(2,647 |
) |
|
|
(7,130 |
) |
|
|
(10,400 |
) |
Gross profit |
|
|
9,109 |
|
|
|
11,477 |
|
|
|
40,170 |
|
|
|
43,105 |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Sales and marketing expenses |
|
|
(6,316 |
) |
|
|
(6,696 |
) |
|
|
(24,544 |
) |
|
|
(25,725 |
) |
General and administrative expenses |
|
|
(69,042 |
) |
|
|
(2,983 |
) |
|
|
(76,219 |
) |
|
|
(11,582 |
) |
Research and development expenses |
|
|
(2,571 |
) |
|
|
(3,027 |
) |
|
|
(10,481 |
) |
|
|
(11,458 |
) |
Total operating expenses |
|
|
(77,929 |
) |
|
|
(12,706 |
) |
|
|
(111,244 |
) |
|
|
(48,765 |
) |
Operating loss |
|
|
(68,820 |
) |
|
|
(1,229 |
) |
|
|
(71,074 |
) |
|
|
(5,660 |
) |
Non-operating income and expenses |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
1,409 |
|
|
|
2,554 |
|
|
|
2,029 |
|
|
|
9,498 |
|
Other income |
|
|
63 |
|
|
|
15 |
|
|
|
75 |
|
|
|
33 |
|
Other gains and losses |
|
|
(122,811 |
) |
|
|
100 |
|
|
|
(92,474 |
) |
|
|
1,675 |
|
Finance costs |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(8 |
) |
|
|
(15 |
) |
Total non-operating income and expenses |
|
|
(121,341 |
) |
|
|
2,664 |
|
|
|
(90,378 |
) |
|
|
11,191 |
|
Income (loss) before income tax |
|
|
(190,161 |
) |
|
|
1,435 |
|
|
|
(161,452 |
) |
|
|
5,531 |
|
Income tax expense |
|
|
(91 |
) |
|
|
(35 |
) |
|
|
(292 |
) |
|
|
(115 |
) |
Net income (loss) |
|
$ |
(190,252 |
) |
|
$ |
1,400 |
|
|
$ |
(161,744 |
) |
|
$ |
5,416 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
||||||||
Components of other comprehensive income (loss) that will not be reclassified to profit or loss |
|
|
|
|
|
|
|
|
||||||||
Actuarial gains (losses) on defined benefit plans |
|
$ |
22 |
|
|
$ |
(4 |
) |
|
$ |
22 |
|
|
$ |
(4 |
) |
Credit risk changes in financial instrument - Preferred shares |
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
Total components of other comprehensive income (loss) that will not be reclassified to profit or loss |
|
|
22 |
|
|
|
(4 |
) |
|
|
15 |
|
|
|
(4 |
) |
Components of other comprehensive income (loss) that will be reclassified to profit or loss |
|
|
|
|
|
|
|
|
||||||||
Exchange differences arising on translation of foreign operations |
|
|
856 |
|
|
|
108 |
|
|
|
(1,097 |
) |
|
|
(116 |
) |
Other comprehensive income (loss), net |
|
$ |
878 |
|
|
$ |
104 |
|
|
$ |
(1,082 |
) |
|
$ |
(120 |
) |
Total comprehensive income (loss) |
|
$ |
(189,374 |
) |
|
$ |
1,504 |
|
|
$ |
(162,826 |
) |
|
$ |
5,296 |
|
Net income (loss) attributable to: |
|
|
|
|
|
|
|
|
||||||||
Shareholders of the parent |
|
$ |
(190,252 |
) |
|
$ |
1,400 |
|
|
$ |
(161,744 |
) |
|
$ |
5,416 |
|
Total comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
|
||||||||
Shareholders of the parent |
|
$ |
(189,374 |
) |
|
$ |
1,504 |
|
|
$ |
(162,826 |
) |
|
$ |
5,296 |
|
Earnings (loss) per share (in dollars) |
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share of Class A and Class B Ordinary Shares |
|
$ |
(2.86 |
) |
|
$ |
0.02 |
|
|
$ |
(2.37 |
) |
|
$ |
0.05 |
|
Diluted earnings (loss) per share of Class A and Class B Ordinary Shares |
|
$ |
(2.37 |
) |
|
$ |
0.02 |
|
|
$ |
(2.37 |
) |
|
$ |
0.05 |
|
PERFECT CORP. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL MEASURES – ADJUSTED NET INCOME CALCULATION FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2022 AND 2023
(Expressed in thousands of |
||||||||||||||||
|
|
Three months ended December 31 |
|
Years ended December 31 |
||||||||||||
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
Items |
|
Amount |
|
Amount |
|
Amount |
|
Amount |
||||||||
Net Income (Loss) |
|
$ |
(190,252 |
) |
|
$ |
1,400 |
|
|
$ |
(161,744 |
) |
|
$ |
5,416 |
|
One-off Transaction Costs |
|
|
66,836 |
|
|
|
— |
|
|
|
71,152 |
|
|
|
33 |
|
Non-Cash Equity-Based Compensation |
|
|
595 |
|
|
|
535 |
|
|
|
2,175 |
|
|
|
3,210 |
|
Non-Cash Valuation (Gain)/Loss of financial liabilities |
|
|
122,151 |
|
|
|
211 |
|
|
|
93,777 |
|
|
|
(1,641 |
) |
Foreign Exchange (Gain)/Loss |
|
|
660 |
|
|
|
(311 |
) |
|
|
(1,303 |
) |
|
|
(34 |
) |
Adjusted Net Income (Loss) |
|
$ |
(10 |
) |
|
$ |
1,835 |
|
|
$ |
4,057 |
|
|
$ |
6,984 |
|
Category: Investor Relations
__________________________
1 Adjusted net income (loss) is a non-IFRS financial measure. See the “Use of Non-IFRS Financial Measures” section of this communication for the definition of such non-IFRS measure.
2 The one-off transaction cost in the fourth quarter of 2022 included professional services expenditures that the Company incurred in connection with the de-SPAC transaction. No such cost incurred in the same period of 2023.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228910302/en/
Investor Relations Contact
Investor Relations, Perfect Corp.
Email: Investor_Relations@PerfectCorp.com
Source: Perfect Corp.
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