Perfect Corp. Reports Unaudited Financial Results for the Three Months Ended June 30, 2024
Perfect Corp. (NYSE: PERF) reported its unaudited financial results for Q2 2024. Total revenue increased 9.6% year-over-year to $13.9 million, driven by growth in AI and AR cloud solutions and mobile app subscriptions. The company achieved net income of $0.8 million, compared to a net loss of $0.2 million in Q2 2023. Adjusted net income rose 43.8% to $1.3 million.
Key highlights include:
- Gross profit up 7.8% to $11.0 million
- Operating cash flow of $2.0 million
- 151 Key Customers as of June 30, 2024
- YouCam mobile app active subscribers grew 18.3% year-over-year
- AI and AR cloud solutions revenue increased 17.4%
Perfect Corp. maintains its 2024 revenue growth forecast of 12-16% year-over-year.
Perfect Corp. (NYSE: PERF) ha riportato i suoi risultati finanziari non auditati per il secondo trimestre del 2024. Il fatturato totale è aumentato del 9,6% rispetto allo stesso periodo dell'anno scorso, raggiungendo i 13,9 milioni di dollari, grazie alla crescita delle soluzioni cloud di AI e AR e degli abbonamenti all'app mobile. L'azienda ha registrato un utile netto di 0,8 milioni di dollari, rispetto a una perdita netta di 0,2 milioni di dollari nel secondo trimestre del 2023. L'utile netto rettificato è aumentato del 43,8% a 1,3 milioni di dollari.
Tra i punti salienti troviamo:
- Il profitto lordo è salito del 7,8% a 11,0 milioni di dollari
- Flusso di cassa operativo di 2,0 milioni di dollari
- 151 clienti chiave al 30 giugno 2024
- Gli abbonati attivi dell'app mobile YouCam sono aumentati del 18,3% rispetto all'anno precedente
- Il fatturato delle soluzioni cloud di AI e AR è aumentato del 17,4%
Perfect Corp. mantiene la previsione di crescita del fatturato per il 2024 tra il 12% e il 16% anno su anno.
Perfect Corp. (NYSE: PERF) informó sus resultados financieros no auditados para el segundo trimestre de 2024. Los ingresos totales aumentaron un 9,6% interanual a 13,9 millones de dólares, impulsados por el crecimiento en soluciones en la nube de AI y AR y suscripciones a la aplicación móvil. La compañía logró un ingreso neto de 0,8 millones de dólares, en comparación con una pérdida neta de 0,2 millones de dólares en el segundo trimestre de 2023. El ingreso neto ajustado creció un 43,8% hasta 1,3 millones de dólares.
Los puntos destacados incluyen:
- El beneficio bruto aumentó un 7,8% hasta 11,0 millones de dólares
- Flujo de efectivo operativo de 2,0 millones de dólares
- 151 clientes clave al 30 de junio de 2024
- Los suscriptores activos de la aplicación móvil YouCam crecieron un 18,3% interanual
- Los ingresos de las soluciones en la nube de AI y AR aumentaron un 17,4%
Perfect Corp. mantiene su pronóstico de crecimiento de ingresos para 2024 entre un 12% y un 16% interanual.
Perfect Corp. (NYSE: PERF)는 2024년 2분기 감사받지 않은 재무 결과를 발표했습니다. 총 수익은 지난해 같은 기간 대비 9.6% 증가한 1,390만 달러로, AI 및 AR 클라우드 솔루션과 모바일 앱 구독의 성장에 힘입은 것입니다. 회사는 순이익 80만 달러를 달성했으며, 이는 2023년 2분기 20만 달러의 순손실에 비해 개선된 수치입니다. 조정된 순이익은 43.8% 증가하여 130만 달러에 이릅니다.
주요 하이라이트는 다음과 같습니다:
- 총 이익이 7.8% 증가하여 1,100만 달러
- 운영 현금 흐름 200만 달러
- 2024년 6월 30일 기준 151명의 주요 고객
- YouCam 모바일 앱의 활성 사용자 수가 지난해 대비 18.3% 증가
- AI 및 AR 클라우드 솔루션 수익이 17.4% 증가
Perfect Corp.는 2024년 연간 수익 성장 전망을 12-16%로 유지하고 있습니다.
Perfect Corp. (NYSE: PERF) a annoncé ses résultats financiers non audités pour le deuxième trimestre 2024. Le chiffre d'affaires total a augmenté de 9,6 % d'une année sur l'autre pour atteindre 13,9 millions de dollars, grâce à la croissance des solutions cloud AI et AR et des abonnements à l'application mobile. L'entreprise a réalisé un bénéfice net de 0,8 million de dollars, contre une perte nette de 0,2 million de dollars au deuxième trimestre 2023. Le bénéfice net ajusté a augmenté de 43,8 % à 1,3 million de dollars.
Les points forts comprennent :
- Bénéfice brut en hausse de 7,8 % à 11,0 millions de dollars
- Flux de trésorerie d'exploitation de 2,0 millions de dollars
- 151 clients clés au 30 juin 2024
- Les abonnés actifs de l'application mobile YouCam ont augmenté de 18,3 % d'une année sur l'autre
- Les revenus des solutions cloud AI et AR ont augmenté de 17,4 %
Perfect Corp. maintient ses prévisions de croissance du chiffre d'affaires pour 2024 entre 12 % et 16 % d'une année sur l'autre.
Perfect Corp. (NYSE: PERF) hat seine unverifizierten Finanzberichte für das 2. Quartal 2024 veröffentlicht. Der Gesamtumsatz stieg um 9,6 % im Vergleich zum Vorjahr auf 13,9 Millionen US-Dollar, was auf das Wachstum von KI- und AR-Cloud-Lösungen sowie mobilen App-Abonnements zurückzuführen ist. Das Unternehmen erzielte einen netto Gewinn von 0,8 Millionen US-Dollar, verglichen mit einem Nettoverlust von 0,2 Millionen US-Dollar im 2. Quartal 2023. Der bereinigte Netto Gewinn stieg um 43,8 % auf 1,3 Millionen US-Dollar.
Wichtige Höhepunkte sind:
- Bruttogewinn um 7,8 % auf 11,0 Millionen US-Dollar gestiegen
- Betriebliche Cashflows von 2,0 Millionen US-Dollar
- 151 Schlüsselkunden zum 30. Juni 2024
- Aktive Abonnenten der YouCam-App sind im Jahresvergleich um 18,3 % gewachsen
- Umsatz aus KI- und AR-Cloud-Lösungen stieg um 17,4 %
Perfect Corp. hält seine Wachstumsprognose für den Umsatz im Jahr 2024 von 12-16 % im Vergleich zum Vorjahr aufrecht.
- Total revenue increased 9.6% year-over-year to $13.9 million
- Net income of $0.8 million, compared to a net loss in Q2 2023
- Adjusted net income rose 43.8% to $1.3 million
- AI and AR cloud solutions revenue increased 17.4%
- YouCam mobile app active subscribers grew 18.3% year-over-year
- Positive operating cash flow of $2.0 million
- Slight decrease in Key Customers from 152 to 151
- Licensing revenue decreased 49.8% year-over-year
- Gross margin slightly decreased to 79.3% from 80.6% in Q2 2023
- Operating cash flow decreased 24.6% compared to Q2 2023
Insights
Perfect Corp.'s financial results for the second quarter of 2024 show a positive trend with significant growth in revenue, net income and active subscribers. Revenue increased by 9.6% to $13.9M, driven mainly by AI and AR cloud solutions and mobile app subscriptions. Despite the slight dip in gross margin from 80.6% to 79.3%, the company still posted a notable improvement in net income, switching from a net loss of $0.2M in Q2 2023 to a net income of $0.8M. This shift demonstrates effective cost management and growing demand for their SaaS solutions.
The slight reduction in operating cash flow from $2.6M to $2.0M could be a concern; however, it is mitigated by the robust cash reserve of $158.8M including time deposits, which signals financial stability and potential for future investments. The positive outlook for the remainder of 2024, with anticipated annual revenue growth between
From a technology standpoint, Perfect Corp.'s Q2 2024 performance underscores the growing importance of AI and AR technologies in the beauty and fashion industries. The company's success in increasing YouCam mobile beauty app subscribers by
Moreover, the company's ongoing investment in R&D, reflected in a
Perfect Corp.'s Q2 2024 results indicate strong market positioning and demand for AI and AR solutions in the beauty and fashion sector. The 9.6% revenue growth and notable increase in active subscribers to the YouCam app paint a positive picture of consumer trends. The slight decrease in the number of key customers from 152 to 151 may raise some questions, but this is outweighed by the overall growth in brand clients and digital SKUs, implying an expanding product portfolio and increasing market penetration.
However, the 50% decline in licensing revenue suggests a deliberate move away from non-recurring revenue streams towards more stable, subscription-based income. This transition aligns with market trends favoring subscription models for their predictability and long-term value. Investors should monitor whether the company can sustain its growth trajectory and effectively manage operational costs to maintain profitability.
Highlights for the Three Months Ended June 30, 2024
-
Total revenue was
for the three months ended June 30, 2024, compared to$13.9 million in the same period of 2023, an increase of$12.7 million 9.6% . The increase was primarily due to growth momentum in the revenue of AI- and AR- cloud solutions and mobile app subscriptions. -
Gross profit was
for the three months ended June 30, 2024, compared with$11.0 million in the same period of 2023, an increase of$10.2 million 7.8% . -
Net income was
for the three months ended June 30, 2024, compared to a net loss of$0.8 million during the same period of 2023.$0.2 million -
Adjusted net income (non-IFRS)1 was
for the three months ended June 30, 2024, compared to adjusted net income (non-IFRS) of$1.3 million in the same period of 2023, an increase of$0.9 million 43.8% . -
Operating cash flow was
in the second quarter of 2024, compared to$2.0 million in the same period of 2023, a decrease of$2.6 million 24.6% . - The Company had 151 Key Customers2 as of June 30, 2024, compared with 152 Key Customers as of March 31, 2024. The slight decrease in the number of Key Customers primarily resulted from the non-renewal of customers contracts by certain brand clients due to financial pressure among other factors.
- As of June 30, 2024, the Company’s cumulative customer base included 686 brand clients, with over 774,000 digital stock keeping units (“SKUs”) for makeup, haircare, skincare, eyewear, and jewelry products, compared to 666 brand clients and over 745,000 digital SKUs as of March 31, 2024.
-
The Company’s YouCam mobile beauty app active subscribers grew by
18.3% year-over-year, reaching a record high of over 919,000 active subscribers at the end of the second quarter of 2024.
Ms. Alice H. Chang, the Founder, Chairwoman, and Chief Executive Officer of Perfect, commented, “In the first half of 2024, we achieved robust top-line growth that aligns with our annual targets. This success was driven by growth momentum in our AI- and AR-powered cloud solutions, subscription revenue, and rapid advancements in AI technologies. The management team's dedication not only expanded our business but also improved efficiencies across key financial metrics including net income, net margins, operating income, and positive cash flow, bolstering our strong balance sheet. Our focused efforts on enhancing operational efficiencies have yielded significant results this quarter. Through strategic process improvements and leveraging advanced technologies, we streamlined workflows, reduced operational costs, and boosted productivity. With our proven track record and ongoing AI innovations, we are well positioned to sustain business growth and continue delivering value to customers and shareholders throughout the latter half of 2024 and beyond.”
Financial Results for the Three Months Ended June 30, 2024
Revenue
Total revenue was
-
AI- and AR- cloud solutions and subscription revenue was
for the three months ended June 30, 2024, compared to$12.9 million in the same period of 2023, an increase of$11.0 million 17.4% . The double digit growth was driven by robust demand for the Company’s online virtual product try-on solutions from brand customers, the robust momentum in the growth of YouCam mobile beauty app subscriptions, and the growing popularity of its Gen AI technologies and AI editing features for photos and videos. The Company’s YouCam mobile beauty app active subscribers grew by18.3% year-over-year, reaching a record high of over 919,000 active subscribers at the end of the second quarter of 2024. This increase reflected the continuous demand in the Company’s YouCam mobile beauty app services from subscribers and users. -
Licensing revenue was
for the three months ended June 30, 2024, compared to$0.7 million in the same period of 2023, a decrease of$1.4 million 49.8% . The Company expects that such legacy non-recurring revenue will become increasingly insignificant as it continues to focus on strengthening its market leadership in providing AI- and AR- SaaS subscription solutions for brands and customers.
Gross Profit
Gross profit was
Total Operating Expenses
Total operating expenses were
-
Sales and marketing expenses were
for the three months ended June 30, 2024, compared to$7.0 million during the same period of 2023, an increase of$6.6 million 7.0% . This increase was largely due to an increase in marketing events and advertising costs for our mobile apps and cloud computing costs. -
Research and development expenses were
for the three months ended June 30, 2024, compared to$3.0 million during the same period of 2023, an increase of$2.8 million 7.5% . The increase primarily resulted from the increase in R&D headcount. -
General and administrative expenses were
for the three months ended June 30, 2024, compared to$2.4 million during the same period of 2023, a decrease of$3.0 million 19.1% . The decrease was primarily due to lower corporate insurance expenses and enhanced operational efficiencies in the second quarter of 2024.
Net Income
Net income was
Adjusted Net Income (Non-IFRS)
Adjusted net income was
Liquidity
As of June 30, 2024, the Company held
The Company had a positive operating cash flow of
Business Outlook for 2024
Based on the growth momentum in both enterprise SaaS solution demands and YouCam mobile apps subscriptions during the first half of 2024, the Company reiterates its expectation that year-over-year growth rate of total revenue in 2024 would range from
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 8:00 p.m. Eastern Time on July 24, 2024 (8:00 a.m. Taipei Time on July 25, 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/Q4I5163039
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 costs3, non-cash equity-based compensation, and non-cash valuation (gain)/loss of financial liabilities. Starting from the first quarter of 2024, we no longer exclude foreign exchange gain (loss) from adjusted net income (loss). As we transitioned to using the
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, 2023 AND JUNE 30, 2024
(Expressed in thousands of |
||||||||
|
|
December 31,
|
|
June 30,
|
||||
Assets |
|
Amount |
|
Amount |
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
123,871 |
|
$ |
120,796 |
||
Current financial assets at amortized cost |
|
|
30,300 |
|
|
37,970 |
||
Current contract assets |
|
|
2,770 |
|
|
1,543 |
||
Accounts receivable |
|
|
6,992 |
|
|
7,102 |
||
Other receivables |
|
|
343 |
|
|
737 |
||
Current income tax assets |
|
|
311 |
|
|
281 |
||
Inventories |
|
|
33 |
|
|
21 |
||
Other current assets |
|
|
4,042 |
|
|
2,832 |
||
Total current assets |
|
|
168,662 |
|
|
171,282 |
||
Non-current assets |
|
|
|
|
||||
Property, plant and equipment |
|
|
380 |
|
|
545 |
||
Right-of-use assets |
|
|
847 |
|
|
679 |
||
Intangible assets |
|
|
77 |
|
|
57 |
||
Deferred income tax assets |
|
|
257 |
|
|
1,120 |
||
Guarantee deposits paid |
|
|
140 |
|
|
147 |
||
Total non-current assets |
|
|
1,701 |
|
|
2,548 |
||
Total assets |
|
$ |
170,363 |
|
$ |
173,830 |
PERFECT CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS (continued) DECEMBER 31, 2023 AND JUNE 30, 2024
(Expressed in thousands of |
||||||||
|
|
December 31,
|
|
June 30,
|
||||
Liabilities and Equity |
|
Amount |
|
Amount |
||||
Current liabilities |
|
|
|
|
||||
Current contract liabilities |
|
$ |
15,346 |
|
|
$ |
16,858 |
|
Other payables |
|
|
10,331 |
|
|
|
10,239 |
|
Other payables – related parties |
|
|
50 |
|
|
|
50 |
|
Current tax liabilities |
|
|
21 |
|
|
|
390 |
|
Current provisions |
|
|
2,394 |
|
|
|
1,775 |
|
Current lease liabilities |
|
|
481 |
|
|
|
524 |
|
Other current liabilities |
|
|
277 |
|
|
|
195 |
|
Total current liabilities |
|
|
28,900 |
|
|
|
30,031 |
|
Non-current liabilities |
|
|
|
|
||||
Non-current financial liabilities at fair value through profit or loss |
|
|
1,566 |
|
|
|
1,520 |
|
Non-current lease liabilities |
|
|
387 |
|
|
|
187 |
|
Net defined benefit liability, non-current |
|
|
79 |
|
|
|
81 |
|
Guarantee deposits received |
|
|
25 |
|
|
|
25 |
|
Total non-current liabilities |
|
|
2,057 |
|
|
|
1,813 |
|
Total liabilities |
|
|
30,957 |
|
|
|
31,844 |
|
|
|
|
|
|
||||
Equity |
|
|
|
|
||||
Capital stock |
|
|
|
|
||||
Perfect Class A Ordinary Shares, |
|
|
8,513 |
|
|
|
8,506 |
|
Perfect Class B Ordinary Shares, |
|
|
1,679 |
|
|
|
1,679 |
|
Capital surplus |
|
|
|
|
||||
Capital surplus |
|
|
510,399 |
|
|
|
511,653 |
|
Retained earnings |
|
|
|
|
||||
Accumulated deficit |
|
|
(380,472 |
) |
|
|
(379,078 |
) |
Other equity interest |
|
|
|
|
||||
Other equity interest |
|
|
(523 |
) |
|
|
(774 |
) |
Treasury shares |
|
|
(190 |
) |
|
|
— |
|
Total equity |
|
|
139,406 |
|
|
|
141,986 |
|
Total liabilities and equity |
|
$ |
170,363 |
|
|
$ |
173,830 |
|
PERFECT CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2023 AND 2024
(Expressed in thousands of |
||||||||||||||||
|
|
Three months ended June 30 |
|
Six months ended June 30 |
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
Items |
|
Amount |
|
Amount |
|
Amount |
|
Amount |
||||||||
Revenue |
|
$ |
12,687 |
|
|
$ |
13,905 |
|
|
$ |
24,832 |
|
|
$ |
28,194 |
|
Cost of sales and services |
|
|
(2,455 |
) |
|
|
(2,876 |
) |
|
|
(5,024 |
) |
|
|
(5,971 |
) |
Gross profit |
|
|
10,232 |
|
|
|
11,029 |
|
|
|
19,808 |
|
|
|
22,223 |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Sales and marketing expenses |
|
|
(6,558 |
) |
|
|
(7,014 |
) |
|
|
(12,585 |
) |
|
|
(14,184 |
) |
General and administrative expenses |
|
|
(3,014 |
) |
|
|
(2,439 |
) |
|
|
(5,427 |
) |
|
|
(4,614 |
) |
Research and development expenses |
|
|
(2,767 |
) |
|
|
(2,975 |
) |
|
|
(5,396 |
) |
|
|
(6,010 |
) |
Total operating expenses |
|
|
(12,339 |
) |
|
|
(12,428 |
) |
|
|
(23,408 |
) |
|
|
(24,808 |
) |
Operating loss |
|
|
(2,107 |
) |
|
|
(1,399 |
) |
|
|
(3,600 |
) |
|
|
(2,585 |
) |
Non-operating income and expenses |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
2,411 |
|
|
|
1,983 |
|
|
|
4,609 |
|
|
|
3,952 |
|
Other income |
|
|
5 |
|
|
|
12 |
|
|
|
7 |
|
|
|
14 |
|
Other gains and losses |
|
|
(474 |
) |
|
|
25 |
|
|
|
(459 |
) |
|
|
(291 |
) |
Finance costs |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(10 |
) |
Total non-operating income and expenses |
|
|
1,939 |
|
|
|
2,015 |
|
|
|
4,152 |
|
|
|
3,665 |
|
Income (loss) before income tax |
|
|
(168 |
) |
|
|
616 |
|
|
|
552 |
|
|
|
1,080 |
|
Income tax benefit (expense) |
|
|
(38 |
) |
|
|
148 |
|
|
|
(63 |
) |
|
|
314 |
|
Net income (loss) |
|
$ |
(206 |
) |
|
$ |
764 |
|
|
$ |
489 |
|
|
$ |
1,394 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
||||||||
Exchange differences arising on translation of foreign operations |
|
$ |
(170 |
) |
|
$ |
(111 |
) |
|
$ |
(168 |
) |
|
$ |
(251 |
) |
Other comprehensive loss, net |
|
$ |
(170 |
) |
|
$ |
(111 |
) |
|
$ |
(168 |
) |
|
$ |
(251 |
) |
Total comprehensive income (loss) |
|
$ |
(376 |
) |
|
$ |
653 |
|
|
$ |
321 |
|
|
$ |
1,143 |
|
Net income (loss), attributable to: |
|
|
|
|
|
|
|
|
||||||||
Shareholders of the parent |
|
$ |
(206 |
) |
|
$ |
764 |
|
|
$ |
489 |
|
|
$ |
1,394 |
|
Total comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
|
||||||||
Shareholders of the parent |
|
$ |
(376 |
) |
|
$ |
653 |
|
|
$ |
321 |
|
|
$ |
1,143 |
|
Earnings (loss) per share (in dollars) |
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share of Class A and Class B Ordinary Shares |
|
$ |
(0.002 |
) |
|
$ |
0.008 |
|
|
$ |
0.004 |
|
|
$ |
0.014 |
|
Diluted earnings (loss) per share of Class A and Class B Ordinary Shares |
|
$ |
(0.002 |
) |
|
$ |
0.008 |
|
|
$ |
0.004 |
|
|
$ |
0.014 |
|
PERFECT CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2023 AND 2024
(Expressed in thousands of |
||||||||||||||||
|
|
Three months ended June 30 |
|
Six months ended June 30 |
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
Items |
|
Amount |
|
Amount |
|
Amount |
|
Amount |
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
||||||||
Profit (loss) before tax |
|
$ |
(168 |
) |
|
$ |
616 |
|
|
$ |
552 |
|
|
$ |
1,080 |
|
Adjustments to reconcile profit (loss) |
|
|
|
|
|
|
|
|
||||||||
Depreciation expense |
|
|
157 |
|
|
|
178 |
|
|
|
326 |
|
|
|
344 |
|
Amortization expense |
|
|
19 |
|
|
|
13 |
|
|
|
37 |
|
|
|
26 |
|
Interest income |
|
|
(2,411 |
) |
|
|
(1,983 |
) |
|
|
(4,609 |
) |
|
|
(3,952 |
) |
Interest expense |
|
|
3 |
|
|
|
5 |
|
|
|
5 |
|
|
|
10 |
|
Net (gains) losses on financial liabilities at fair value through profit or loss |
|
|
296 |
|
|
|
(150 |
) |
|
|
244 |
|
|
|
(46 |
) |
Share-based payment transactions |
|
|
791 |
|
|
|
653 |
|
|
|
1,441 |
|
|
|
1,437 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
|
1,716 |
|
|
|
589 |
|
|
|
87 |
|
|
|
(134 |
) |
Current contract assets |
|
|
601 |
|
|
|
699 |
|
|
|
2,130 |
|
|
|
1,214 |
|
Other receivables |
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
Inventories |
|
|
4 |
|
|
|
7 |
|
|
|
11 |
|
|
|
12 |
|
Other current assets |
|
|
(152 |
) |
|
|
661 |
|
|
|
47 |
|
|
|
1,210 |
|
Current contract liabilities |
|
|
(1,143 |
) |
|
|
(1,314 |
) |
|
|
3,035 |
|
|
|
1,622 |
|
Other payables |
|
|
669 |
|
|
|
536 |
|
|
|
(1,183 |
) |
|
|
(51 |
) |
Other payables – related parties |
|
|
(36 |
) |
|
|
2 |
|
|
|
(12 |
) |
|
|
3 |
|
Current provisions |
|
|
143 |
|
|
|
(379 |
) |
|
|
320 |
|
|
|
(563 |
) |
Other current liabilities |
|
|
(20 |
) |
|
|
(23 |
) |
|
|
(107 |
) |
|
|
(67 |
) |
Net defined benefit liability, non-current |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Cash inflow generated from operations |
|
|
469 |
|
|
|
110 |
|
|
|
2,328 |
|
|
|
2,146 |
|
Interest received |
|
|
2,208 |
|
|
|
1,953 |
|
|
|
4,331 |
|
|
|
3,558 |
|
Interest paid |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(10 |
) |
Income tax paid |
|
|
(26 |
) |
|
|
(62 |
) |
|
|
(205 |
) |
|
|
(176 |
) |
Net cash flows from operating activities |
|
|
2,648 |
|
|
|
1,996 |
|
|
|
6,449 |
|
|
|
5,518 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
||||||||
Acquisition of financial assets at amortized cost |
|
|
(89,800 |
) |
|
|
(33,470 |
) |
|
|
(160,800 |
) |
|
|
(44,470 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
|
30,000 |
|
|
|
30,800 |
|
|
|
30,000 |
|
|
|
36,800 |
|
Acquisition of property, plant and equipment |
|
|
(15 |
) |
|
|
(174 |
) |
|
|
(170 |
) |
|
|
(259 |
) |
Acquisition of intangible assets |
|
|
— |
|
|
|
(6 |
) |
|
|
(33 |
) |
|
|
(6 |
) |
Increase in guarantee deposits paid |
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
|
(8 |
) |
Net cash flows used in investing activities |
|
|
(59,815 |
) |
|
|
(2,858 |
) |
|
|
(131,003 |
) |
|
|
(7,943 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
||||||||
Repayment of principal portion of lease liabilities |
|
|
(100 |
) |
|
|
(123 |
) |
|
|
(203 |
) |
|
|
(239 |
) |
Payments to acquire treasury shares |
|
|
(429 |
) |
|
|
— |
|
|
|
(429 |
) |
|
|
— |
|
Net cash flows used in financing activities |
|
|
(529 |
) |
|
|
(123 |
) |
|
|
(632 |
) |
|
|
(239 |
) |
Effects of exchange rates changes on cash and cash equivalents |
|
|
(253 |
) |
|
|
(179 |
) |
|
|
(262 |
) |
|
|
(411 |
) |
Net decrease in cash and cash equivalents |
|
|
(57,949 |
) |
|
|
(1,164 |
) |
|
|
(125,448 |
) |
|
|
(3,075 |
) |
Cash and cash equivalents at beginning of period |
|
|
95,117 |
|
|
|
121,960 |
|
|
|
162,616 |
|
|
|
123,871 |
|
Cash and cash equivalents at end of period |
|
$ |
37,168 |
|
|
$ |
120,796 |
|
|
$ |
37,168 |
|
|
$ |
120,796 |
|
PERFECT CORP. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL MEASURES – ADJUSTED NET INCOME CALCULATION FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2023 AND 2024
(Expressed in thousands of |
|||||||||||||||
|
|
Three months ended June 30 |
|
Six months ended June 30 |
|||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|||||||
Items |
|
Amount |
|
Amount |
|
Amount |
|
Amount |
|||||||
Net Income (Loss) |
|
$ |
(206 |
) |
|
$ |
764 |
|
|
$ |
489 |
|
$ |
1,394 |
|
One-off Transaction Costs |
|
|
— |
|
|
|
— |
|
|
|
33 |
|
|
— |
|
Non-Cash Equity-Based Compensation |
|
|
791 |
|
|
|
653 |
|
|
|
1,441 |
|
|
1,437 |
|
Non-Cash Valuation (Gain)/Loss of financial liabilities |
|
|
296 |
|
|
|
(150 |
) |
|
|
244 |
|
|
(46 |
) |
Adjusted Net Income (Loss)1 |
|
$ |
881 |
|
|
$ |
1,267 |
|
|
$ |
2,207 |
|
$ |
2,785 |
|
Note (1):
In accordance with the changed definition of “adjusted net income (loss)” that is detailed in the “Use of Non-IFRS Financial Measures” section above, we have made a retrospective adjustment to our adjusted net income for the six months ended June 30, 2023 not adjusting for “foreign exchange gain (loss)” (which amounted to a loss of
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 “Key Customers” refers to the Company’s brand customers who contributed revenue of more than |
3 The one-off transaction cost in the first quarter of 2023 included professional services expenditures that the Company incurred in connection with the de-SPAC transaction. No such cost incurred in the same period of 2024. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724205620/en/
Investor Relations
Investor Relations, Perfect Corp.
Email: Investor_Relations@PerfectCorp.com
Source: Perfect Corp.
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