Perfect Corp (PERF) 2025 Q1 法說會逐字稿

Ladies and gentlemen, please stand by. The call will begin shortly. Until that time, your lines will again be placed on music hold. Thank you for your patience.

女士們、先生們，請稍候。通話即將開始。在此之前，您的線路將再次處於音樂保留狀態。感謝您的耐心。

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to the Perfect Corp.'s first-quarter 2025 earnings conference call. Please note that all lines have been placed on mute to prevent any background noise. We will be hosting a question-and-answer session after management's prepared remarks.

女士們、先生們，早安、晚上好。感謝您的支持，歡迎參加 Perfect Corp. 2025 年第一季財報電話會議。請注意，所有線路均已靜音，以防止任何背景雜訊。在管理階層發表準備好的發言後，我們將舉辦問答環節。

(Operator Instructions) Please note that today's event is being recorded. I will now turn the conference over to the first speaker today, Mr. Jimmy Shu, IR Director of the company. Please go ahead.

（操作員指示）請注意，今天的活動正在被記錄。現在，我將會議交給今天的第一位發言者，公司投資者關係總監 Jimmy Shu 先生。請繼續。

Thank you and hello, everyone. Welcome to Perfect Corp.'s first-quarter 2025 earnings call. With us today are Ms. Alice Chang, our Founder, Chairwoman, and Chief Executive Officer; Mr. Louis Chen, our Executive Vice President and Chief Strategy Officer, and Ms. Iris Chen, Vice President of Finance and Accounting.

謝謝大家，大家好。歡迎參加 Perfect Corp. 2025 年第一季財報電話會議。今天與我們在一起的是我們的創辦人、董事長兼執行長 Alice Chang 女士；我們的執行副總裁兼首席策略長 Louis Chen 先生和財務會計副總裁 Iris Chen 女士。

You can refer to our first-quarter 2025 financial results on our IR website or in the Form 6-K we filed with the SEC. A replay of this call will also be available on our website shortly after its conclusion. For today's call management will provide our prepared remarks followed by a question and answer sessions. Before we continue, I would like to refer to our Safe Harbor statement in our earnings press release.

您可以在我們的 IR 網站或我們向美國證券交易委員會提交的 6-K 表格中參考我們 2025 年第一季的財務表現。這次通話的重播也將在結束後不久在我們的網站上提供。在今天的電話會議上，管理階層將提供我們準備好的發言，然後進行問答環節。在我們繼續之前，我想先參考我們收益新聞稿中的安全港聲明。

This call may contain forward-looking statements regarding performance, anticipated plans, our original results, and objectives. Forward-looking statements are based on management's expectations and are subject to numerous risk and uncertainties that could cause actual results to differ materially from those expressed or implied in our call today. Perfect Corp. undertakes no obligation to update any forward-looking statements, except as required by law after the date of this call. So please note that all numbers stated in management's prepared remarks are in US dollar, and we will also discuss non-IFRS measures today.

本次電話會議可能包含有關績效、預期計畫、我們最初的結果和目標的前瞻性陳述。前瞻性陳述是基於管理階層的預期，並受眾多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們今天電話會議中表達或暗示的結果有重大差異。Perfect Corp. 不承擔更新任何前瞻性聲明的義務，除非本次電話會議召開日後法律另有要求。因此請注意，管理層準備好的評論中所述的所有數字都是以美元為單位的，我們今天還將討論非國際財務報告準則的措施。

I will now turn the call to our second speaker, Ms. Alice Chang, our CEO.

現在我將把電話轉給我們的第二位發言人，我們的執行長 Alice Chang 女士。

Thank you, Jimmy, and welcome to Perfect Corp.'s 2025 first-quarter earnings conference call. Let me start by providing some financial highlights, then share some exciting developments.

謝謝你，吉米，歡迎參加 Perfect Corp. 2025 年第一季財報電話會議。首先，我先介紹一些財務亮點，然後再分享一些令人興奮的發展。

After a strong end to 2024, we started the first quarter of 2025 with a double-digit growth, which was in line with our revenue guidance for 2025. Total revenue grew by 12.1% year-over-year to $16 million. The net income for the same period was $2.3 million an increase of 264% year-over-year. And the adjusted net income increased 33.3% to $2 million compared to the first quarter of 2024. The continuous growth in revenue and the positive net income is primarily driven by the strong performance of our mobile app subscription business within the AI-, AR-cloud solution sector even under the current microeconomic uncertainty.

在 2024 年強勁收官之後，我們在 2025 年第一季實現了兩位數的成長，這符合我們對 2025 年的營收預期。總營收年增12.1%至1600萬美元。同期淨收入為230萬美元，較去年同期成長264%。調整後淨收入與 2024 年第一季相比成長 33.3%，達到 200 萬美元。營收的持續成長和正的淨收入主要得益於我們在 AI、AR 雲端解決方案領域的行動應用訂閱業務的強勁表現，即使在當前微觀經濟不確定的情況下也是如此。

The first quarter of 2025, we saw our operating cash flow generate a net inflow of $4.3 million and our balance sheet remains very strong, with over $164.6 million in cash and the cash equivalent. All these results are testimony to the company robust business model as well as our agility to navigate under the fast changing world and its global economic uncertainty. Our B2C mobile app business has maintained a strong growth with a number of active paying subscribers of 973,000 to end of the first quarter of 2025. An increase of 7.9% compared to 902,000 subscribers for the first quarter of 2024.

2025 年第一季度，我們的營運現金流產生了 430 萬美元的淨流入，我們的資產負債表依然非常強勁，現金和現金等價物超過 1.646 億美元。所有這些結果都證明了該公司強大的商業模式以及我們在快速變化的世界和全球經濟不確定性中航行的靈活性。我們的 B2C 行動應用業務保持強勁成長，截至 2025 年第一季末，活躍付費用戶數量已達 973,000 名。與 2024 年第一季的 902,000 名訂閱用戶相比，成長了 7.9%。

All right, YouCam mobile app suite continue to evolve with the plans update and the AI features enhancement powered by cutting edge generative AI features for image in the video creation. We recently unveiled a new mobile app called YouCam AI Chat which features personal AI assistant to assist users with a wide range of topics including fashion, dating, zodiac signs, travel, writing, financial advices and more. Beyond this specialized AI assistance, the app also delivers powerful AI tools capable of generating images, as well as summarizing photos, websites, and YouTube videos just to name a few of its popular features. By merging convenience and the personalization, YouCam AI Chat app fulfills the growing demand for seamless digital interaction. This app leverages some multiple world renowned AI LLM models such as ChatGPT- 4o and the 4o mini.

好的，YouCam 行動應用程式套件將繼續發展，規劃更新，AI 功能增強，由用於影片創作中的影像的尖端生成 AI 功能提供支援。我們最近推出了一款名為 YouCam AI Chat 的新行動應用程序，該應用程式具有個人 AI 助理功能，可幫助用戶解決時尚、約會、星座、旅行、寫作、財務建議等廣泛的主題。除了這種專門的人工智慧輔助之外，該應用程式還提供強大的人工智慧工具，能夠生成圖像，以及總結照片、網站和 YouTube 視頻，這只是其一些受歡迎的功能。透過融合便利性和個人化，YouCam AI Chat 應用程式滿足了日益增長的無縫數位互動需求。該應用程式利用了一些世界知名的 AI LLM 模型，例如 ChatGPT-4o 和 4o mini。

Before diving into our B2B performance, I would like to provide additional updates on the post-acquisition of Wanna. The integration of both teams is progressing smoothly with our operations, cultures, and the strategic goals aligning seamlessly. This process will position us well into the new growth opportunities and further enhance our market position as we work to expand our addressable market. At this first phase of integration, our global sales team has started to engage with the new clients and the prospects to explore additional contract opportunities with emphasis on geographic expansion and the product expansion, particularly within the shoes vertical.

在深入探討我們的 B2B 業績之前，我想先介紹一下收購 Wanna 之後的更多進展。兩個團隊的整合進展順利，我們的營運、文化和策略目標無縫銜接。這個過程將使我們更能掌握新的成長機遇，並在我們努力擴大目標市場的過程中進一步提升我們的市場地位。在整合的第一階段，我們的全球銷售團隊已開始與新客戶和潛在客戶接觸，探索更多的合約機會，重點是地理擴張和產品擴張，特別是在鞋類垂直領域。

In our B2B operations, we continue to deepen market penetration in beauty and the fashion segments. Our platform now hosts over 801 brand clients with over 891,000 SKUs. These increases are contributed by organic growth and consolidating the newly acquired Wanna client base and the shoe back related SKUs for BTO. We are making very good progress in expanding our unique offering with AI-powered skin diagnostics which extend across aesthetic clinics, dermatology center, skincare facilities, [mesh] spa and wellness centers.

在我們的B2B業務中，我們繼續深化美容和時尚領域的市場滲透。我們的平台目前擁有超過 801 個品牌客戶，SKU 超過 891,000 個。這些成長得益於有機成長以及鞏固新收購的 Wanna 客戶群和 BTO 的鞋背相關 SKU。我們在擴展我們獨特的產品服務方面取得了非常好的進展，透過人工智慧皮膚診斷技術，我們的產品範圍擴展到美容診所、皮膚病中心、皮膚護理設施、[網狀]水療和健康中心。

During the first quarter, we launched our AI skin analysis solution with one of the largest beauty retailer in US. Now, users can scan their face with a smartphone, allowing the app to deliver skin analysis in seconds and then receive a personalized four-step skin routine and product tailored to their specific needs. Offering our AI skin solutions to a wider global audience has been our priority, and this partnership will open the use case to millions of North American users.

第一季度，我們與美國最大的美容零售商之一推出了我們的AI皮膚分析解決方案。現在，用戶可以使用智慧型手機掃描自己的臉部，應用程式可以在幾秒鐘內提供皮膚分析，然後根據他們的特定需求自訂個人化的四步驟皮膚護理程序和產品。向更廣泛的全球受眾提供我們的 AI 皮膚解決方案一直是我們的首要任務，此次合作將為數百萬北美用戶打開使用案例。

Additionally, our YouCam online editor SaaS API enables stimulus integration of perfect AI features into client software. Brain developers can now embed advanced photo portrait and video editing, generative AI, and more, offering a user a rich, full-featured, image editing experience within our product. During the first quarter of the year, we added AI hairstyle and the skin analysis API and made refinement to subscription plan and the subscription credit model.

此外，我們的 YouCam 線上編輯器 SaaS API 能夠將完美的 AI 功能刺激整合到客戶端軟體中。Brain 開發人員現在可以嵌入高級照片肖像和影片編輯、生成 AI 等功能，為用戶在我們的產品中提供豐富、功能齊全的圖像編輯體驗。今年第一季度，我們增加了AI髮型和皮膚分析API，並對訂閱計劃和訂閱積分模型進行了改進。

In conclusion, despite the global economic uncertainties, we continue to experience growth in the first quarter of 2025, driven by increased revenue, improved operational efficiency, and strong financial performance. Our growth strategy for 2025 remains on track, focusing on expanding our B2C revenue with the introduction of a newer, generative AI functions and to drive higher premium subscription plans to increase the value of our subscription. On the enterprise business side, we are focusing on fully integrating the Wanna team and the product -- and their product into our business, expanding our presence in beauty, skincare, shoes, and the fashion market, exploring cross-selling opportunities, diversifying our product and service offers, strengthening leadership, accelerating revenue growth, and the maximizing long term shareholder value.

總之，儘管全球經濟存在不確定性，但在營收增加、營運效率提高和財務業績強勁的推動下，我們在 2025 年第一季仍將繼續實現成長。我們的 2025 年成長策略仍在按計劃進行，重點是透過引入更新的生成式 AI 功能來擴大我們的 B2C 收入，並推動更高的高級訂閱計劃以增加我們的訂閱價值。在企業業務方面，我們專注於將 Wanna 團隊和產品以及他們的產品完全融入我們的業務，擴大我們在美容、護膚、鞋類和時尚市場的影響力，探索交叉銷售機會，多樣化我們的產品和服務，加強領導力，加速收入成長，並最大化長期股東價值。

Lastly, with the rise of a more efficient and cost effective AI model, specializing in specific functionality, Perfect Corp. is well-positioned to benefit from evolving needs of clients and prospects, thanks to our strong track record, expertise, and the deep integration in the beauty and the fashion industry. With that, I have concluded my remarks and will now pass the call over to Louis, who will discuss our financial details with you.

最後，隨著更有效率、更具成本效益的人工智慧模式的興起，專注於特定功能，Perfect Corp. 憑藉其良好的業績記錄、專業知識以及在美容和時尚產業的深度整合，能夠從客戶和潛在客戶不斷變化的需求中受益。我的演講到此結束，現在將電話轉給路易斯，他將與大家討論我們的財務細節。

Thank you, Alice. Please note that all financial comparisons are on a year-over-year basis and the reporting period is the first quarter of 2025 versus the comparable period in 2024. And that, on top of the international financial reporting standard IFRS measures, we will also discuss non-IFRS measures to provide greater clarity on the trends in our operations.

謝謝你，愛麗絲。請注意，所有財務比較均為同比比較，報告期間為 2025 年第一季度，而同期為 2024 年。並且，除了國際財務報告準則 IFRS 指標之外，我們還將討論非 IFRS 指標，以更清楚地了解我們的營運趨勢。

In the first quarter of '25, our total revenue increased to $16 million from $14.3 million for the same period in 2024, representing a year-over-year increase of 12.1%. The growth came from the continuous growth of our AI-, AR-cloud solutions, and mobile app subscription business. AI- and AI-cloud solution and subscription revenue grew 13.3% to $14.1 million compared to 12.4 million from the year ago period, which represented 88% of total revenue in the quarter. This growth is attributed to the continuing expansion of our mobile beauty app subscription and the positive momentum for our online skin diagnosis solutions as well as our virtual trial on business.

2025 年第一季度，我們的總營收從 2024 年同期的 1,430 萬美元增至 1,600 萬美元，年增 12.1%。這一成長源自於我們的人工智慧、AR 雲端解決方案和行動應用程式訂閱業務的持續成長。人工智慧和人工智慧雲端解決方案及訂閱收入成長 13.3% 至 1,410 萬美元，而去年同期為 1,240 萬美元，佔本季總營收的 88%。這一增長歸功於我們行動美容應用程式訂閱量的持續擴大以及我們的線上皮膚診斷解決方案和業務虛擬試用的積極勢頭。

Licensing revenue increased by 1.5% in the first quarter of 2025 to $1.6 million compared to $1.6 million during the same period of 2024. The licensing revenue will gradually become immaterial as it continues to be phased out and replaced by the new AI, AR subscription revenue model. Gross profit for the first quarter of 2025 grew by 11.4% to $12.5 million with growth margin of 77.9% compared to $11.2 million and growth margin of 78.3% for the same period in 2024. The small decrease in gross margin was primarily due to the increase in third-party payment processing fee paid to the digital distribution partners such as Google and Apple due to the increase in our mobile app subscription revenue.

2025 年第一季授權收入成長 1.5%，達到 160 萬美元，而 2024 年同期為 160 萬美元。隨著授權收入不斷被淘汰並被新的 AI、AR 訂閱收入模式所取代，授權收入將逐漸變得不重要。2025 年第一季毛利成長 11.4% 至 1,250 萬美元，成長率為 77.9%，而 2024 年同期毛利為 1,120 萬美元，成長率為 78.3%。毛利率小幅下降主要是由於我們的行動應用訂閱收入增加，導致向谷歌和蘋果等數位分銷合作夥伴支付的第三方支付處理費增加。

The total operating expenses for the first quarter of 2025 increased by 2% to $12.6 million compared to $12.4 million for the same period in last year. The increase was mainly due to the increase in R&D expenses, but was mostly offset by the decrease in G&A expenses. Going into detail for operating expenses, sales and marketing expense for the first quarter of 2025 was $7.4 million compared to $7.2 million during the same period of 2024, an increase of 2.6%. This increased were largely due to the increase in marketing events and advertising costs related to our mobile apps and cloud computing, as well as one-off sales and marketing expenses.

2025 年第一季的總營運費用與去年同期的 1,240 萬美元相比成長 2% 至 1,260 萬美元。這一增長主要由於研發費用的增加，但大部分都被一般及行政費用的減少所抵銷。具體到營運費用，2025 年第一季的銷售和行銷費用為 740 萬美元，而 2024 年同期為 720 萬美元，成長了 2.6%。這一增長主要是由於與我們的行動應用程式和雲端運算相關的行銷活動和廣告成本的增加，以及一次性銷售和行銷費用的增加。

Research and development in Spain were $3.6 million for the first quarter of 2025 compared to $3 million during the same period of 2024, an increase of 17.5%. The increase resulted from additional R&D headcounts for new product development and one related personnel costs. General and administrative expenses decreased by 21.6% to $1.7 million for the first quarter of 2025 compared to $2.2 million during the same period of 2024. The decrease were mainly due to the decrease of corporate insurance premiums as well as saving from external professional services.

2025 年第一季西班牙的研發費用為 360 萬美元，而 2024 年同期為 300 萬美元，成長了 17.5%。增加的原因是新產品開發的研發人員數量增加以及相關人員成本增加。2025 年第一季的一般及行政費用為 170 萬美元，而 2024 年同期為 220 萬美元，下降 21.6%。減少的主要原因是企業保險費減少以及外部專業服務節省。

Net income was $2.3 million for the first quarter of 2025 compared to a net income of $0.6 million during the same period of 2024, an increase of 264%. The positive net income was supported by continued revenue growth and effective cost control. These results represent a net income margin of 14.3% for the first quarter of 2025. The company continues to deliver good profitability to invest in developing a complete line of audio, video creativity, and enhancement solutions for both consumers and enterprises.

2025 年第一季淨收入為 230 萬美元，而 2024 年同期淨收入為 60 萬美元，成長 264%。持續的收入成長和有效的成本控制支撐了正的淨收入。這些結果顯示 2025 年第一季的淨收入利潤率為 14.3%。公司持續保持良好的獲利能力，投資開發面向消費者和企業的全系列音訊、視訊創意和增強解決方案。

Excluding non-cash, share-based compensation, non-cash valuation gain, and loss of financial liability, the adjusted net income was $2 million for the first quarter of '25 compared to adjusted net income of $1.5 million in the same period of '24, an increase of 33.3%. This also represents an adjusted net income -- net margin of 12.6% for the first quarter of 2025. As of March 31, 2025, the company held $164.6 million in cash and cash equivalent in six month deposit compared to $165.9 million as of December 31, 2024. We had a positive of varying cash flow of $4.3 million in the first quarter of 2025 compared to $3.5 million during the same period in 2024. The positive cash flow demonstrated the company's continued ability to generate continuous cash flow to support its business operations and growth strategy.

不包括非現金、股權激勵、非現金估值收益和財務負債損失，25 年第一季調整後淨收入為 200 萬美元，而 24 年同期調整後淨收入為 150 萬美元，成長 33.3%。這也代表著調整後的淨收入——2025 年第一季的淨利潤率為 12.6%。截至 2025 年 3 月 31 日，該公司持有六個月存款 1.646 億美元的現金和現金等價物，而截至 2024 年 12 月 31 日為 1.659 億美元。2025 年第一季度，我們的變動現金流為 430 萬美元，而 2024 年同期為 350 萬美元。正現金流顯示公司持續產生持續現金流以支持其業務營運和成長策略的能力。

On the mobile app business front, our YouCam mobile app active subscribers was 973,000 by the end of the first quarter of 2025 compared to 1 million by the end of 2024 year. Although the number of subscribers had some expected decrease, the revenue from the app subscription continued to grow strongly. This decrease in active subscriber was expected as we continue to perform pricing optimization initiatives, as well as introducing higher price for new subscription plan, representing a significant increase in revenue per active users.

在行動應用業務方面，到 2025 年第一季末，我們的 YouCam 行動應用程式活躍用戶數為 973,000 人，而到 2024 年底則為 100 萬人。儘管訂閱用戶數量出現預期的下降，但應用程式訂閱收入仍持續強勁成長。由於我們繼續執行價格優化舉措，並引入新的訂閱計劃的更高價格，因此活躍用戶數量的減少是意料之中的，這意味著每活躍用戶收入的大幅增加。

Our enterprise customer base has a net increase of 59 brand clients since the end of last quarter, achieving a total of 801 brand clients. With over 891,000 SKUs for makeup, skincare, eyewear, watches, jewelry, scarves, shoes, apparel, and fashion products as of March 31, 2025. The further expansion in these metrics highlight the inclusion of Wanna client base, as well as ongoing growth in customer penetration and SKUs expansion.

企業客戶方面，自上季末以來，集團品牌客戶淨增加59家，累計品牌客戶達801家。截至 2025 年 3 月 31 日，化妝品、護膚品、眼鏡、手錶、珠寶、圍巾、鞋子、服裝和時尚產品的 SKU 超過 891,000 個。這些指標的進一步擴大凸顯了 Wanna 客戶群的納入，以及客戶滲透率和 SKU 擴張的持續成長。

In the first quarter, perfect quarter number of key customers was 148, down from 151 at the end of December 2024. This reduction was due to a few unexpected US clients' contract churns due to the rising financial challenges in the macroeconomic environment. In the first quarter of 2025, AI- and AR-cloud solutions and mobile app subscription business continue to drive our growth. As previously mentioned, Wanna integration process will help us grow our business, and the additional development of AI technology will strengthen our core competences and expand our total addressable market.

第一季度，完美季度重點客戶數為148家，較2024年12月底的151家有所下降。此次減少是由於宏觀經濟環境中金融挑戰加劇，導致一些美國客戶意外取消了合約。2025年第一季度，AI和AR雲端解決方案以及行動應用訂閱業務持續推動我們的成長。如前所述，Wanna 整合流程將幫助我們發展業務，而 AI 技術的進一步發展將增強我們的核心競爭力並擴大我們的整體目標市場。

Even with the uncertainties in today's macroeconomic environment, we are still excited about the opportunities that are ahead of our B2C and B2B business lines. Our offering can help bring clients increase customer engagement, increase basket size, as well as create savings by decreasing return rates. Our suite of YouCam apps continue to deliver value through fun, interactive features, with a focus on GenAI powers, photo and video functionality, as well as other innovative new AI capabilities.

即使當今宏觀經濟環境充滿不確定性，我們仍然對 B2C 和 B2B 業務線面臨的機會感到興奮。我們的服務可以幫助客戶提高客戶參與度、增加購物籃規模，並透過降低退貨率來節省開支。我們的 YouCam 應用套件繼續透過有趣的互動功能提供價值，重點關注 GenAI 功能、照片和影片功能以及其他創新的新型 AI 功能。

Our 2025 guidance remains intact. Total revenue year-over-year growth is expected to range from 13% to 14.5%. This forecast is based on the company's current assessment of the market and operational conditions, and management will monitor business progress and provide updates to offer better clarity to the market. That concludes my prepared remarks. Operator, please open up the call for questions.

我們對 2025 年的指導保持不變。預計總收入年增率將在 13% 至 14.5% 之間。該預測基於公司對當前市場和營運狀況的評估，管理層將監控業務進展並提供更新信息，以便為市場提供更清晰的了解。我的準備好的發言到此結束。接線員，請打開電話詢問。

(Operator Instructions) Lisa Thompson from Zacks.

（操作員指示）來自 Zacks 的 Lisa Thompson。

Hi. Great to see another great quarter coming out. Can you talk first off about your launch of the new chat -- the AI chat app? Where did you launch it and how is it being received?

你好。很高興看到又一個偉大的季度即將到來。您能先談談您推出的新聊天應用程式—人工智慧聊天應用程式嗎？您在哪裡推出了它？它的反應如何？

The app just launched last month and this is the app on the Apple Store -- App Store. Apple's App Store and Google Play. User can just download it from the App Store. And as I said, this is integrating of all the AI assistants into one and also adding some of our strengths, like image editing by AI and photo summarize, and all kinds of different AI tools into one app.

該應用程式上個月剛推出，這是 Apple Store——App Store 上的應用程式。Apple 的 App Store 和 Google Play。用戶只需從 App Store 下載即可。正如我所說，這是將所有 AI 助理整合到一個應用程式中，同時也增加了我們的一些優勢，例如透過 AI 進行影像編輯和照片匯總，以及將各種不同的 AI 工具整合到一個應用程式中。

When it was launched in all countries in all languages?

它何時在所有國家以所有語言推出？

Yeah. Just released to the app stores with the languages support. It can be downloaded over the world.

是的。剛剛在應用程式商店發布並支援多種語言。它可以供世界各地下載。

Okay. All right. That's ahead of schedule because I thought you're only going to do a couple of countries.

好的。好的。這比計劃提前了，因為我以為你只會去幾個國家。

We move fast. (laughter)

我們行動迅速。（笑聲）

Okay. So let me ask you a question about the Wanna acquisition. Now I thought that you had said that they were going to add about 20 key customers. But if they did, then you must have lost a lot of customers in Q1? Or did they not add 20?

好的。那我想問您一個關於 Wanna 收購的問題。現在我以為您說過他們將增加約 20 個關鍵客戶。但如果他們這樣做了，那麼您在第一季一定失去了很多客戶？還是他們沒有加 20？

Hi, this is Louis. So the Wanna acquisition did add a little bit over a dozen of the key customers after the integration. And you are right, we also have suffered some loss for our beauty business, as I mentioned in my remarks, for the other beauty clients from the key customer account.

你好，我是路易斯。因此，Wanna 收購確實在整合後增加了十幾個關鍵客戶。你說得對，正如我在評論中提到的，我們的美容業務也遭受了一些損失，對於來自關鍵客戶帳戶的其他美容客戶來說也是如此。

Okay. All right. I was wondering about that. And just -- the last question is, when you talk -- look at future acquisitions, are you going to have to be trying to find new verticals that you're not in?

好的。好的。我對此感到疑惑。最後一個問題是，當您談論未來的收購時，您是否必須嘗試尋找您尚未涉足的新垂直領域？

Or is there any opportunity out there to say, scoop up some of the competitors that maybe do like try-ons for eyeglass because -- is there a shakeout out there in any categories? What are you thinking about acquisitions going forward?

或者說，是否存在任何機會，可以挖走一些可能喜歡試戴眼鏡的競爭對手，因為——任何類別中是否存在洗牌？您對未來的收購有何考慮？

I think our priority has been expanding our team for acquisition, accelerating our market penetration. In the core business that we are, there isn't too much other competitors that are -- we think it's worth for doing acquisition. We very much have a better product and more complete services. So I think we are winning that from just organic growth, but for newer categories, newer vertical, acquisition could help accelerate our penetration, especially in enterprise clients that are typically take long time to penetrate.

我認為我們的首要任務是擴大我們的團隊進行收購，加速我們的市場滲透。在我們的核心業務中，沒有太多其他競爭對手——我們認為值得進行收購。我們非常有更好的產品和更完善的服務。因此，我認為我們僅透過有機成長就贏得了這場勝利，但對於較新的類別、較新的垂直領域，收購可以幫助加速我們的滲透，特別是對於通常需要很長時間才能滲透的企業客戶。

So again, options are available, but our key priority has been spending the [team], rather than just taking our competitors.

所以，雖然有很多選擇，但我們的首要任務是投入[團隊]資金，而不是只接納我們的競爭對手。

So what verticals are left out there?

那麼還有哪些垂直產業未被開發呢？

I think on the shopping, certainly in the fashion space, there are still a lot of other things. Of course, we have technology to grow internally, but I think most importantly is the luxury business, the luxury retailers. A lot of them are still not fully digitized or using BTO technology. So I think spending clients potentially will be a bigger priority rather than just acquiring them because it's a part of the market education and getting more key clients.

我認為在購物方面，當然在時尚領域，還有很多其他的東西。當然，我們擁有內部發展的技術，但我認為最重要的是奢侈品業務和奢侈品零售商。其中許多仍未完全數位化或使用 BTO 技術。因此，我認為潛在客戶投入將是更重要的優先事項，而不僅僅是獲取客戶，因為這是市場教育和獲得更多關鍵客戶的一部分。

Okay, great. Thank you so much. That's all my questions.

好的，太好了。太感謝了。這就是我所有的問題。

(Operator Instructions) Pat McCann, Noble Capital Markets.

（操作員指示）Noble Capital Markets 的 Pat McCann。

Hey, thanks for taking my questions. First I want to ask about the Wanna acquisition and how that relates to or impacts the sales process when you go to a potential B2B client. I'm wondering, the -- having a more full lineup of services for a more complete list of categories now that you've acquired Wanna, how does that -- are you seeing any notable positive impacts as far as being able to provide more fully for a potential client's needs? Just wondering, early results kind of what you're seeing there and how it makes the sales process easier for your sales people.

嘿，謝謝你回答我的問題。首先，我想問 Wanna 收購的情況，以及這與您面向潛在 B2B 客戶的銷售流程有何關係或影響。我想知道，既然你們已經收購了 Wanna，那麼我們就擁有了更全面的服務陣容和更全面的類別列表，就能夠更全面地滿足潛在客戶的需求而言，您是否看到了任何顯著的積極影響？只是想知道，早期結果就像您所看到的一樣，以及它如何讓您的銷售人員的銷售流程變得更輕鬆。

Hi, Pat. It's very positive feedback we heard from the client because, again, they're having a full complete solution. It saves a lot of their integration efforts. So I think this is one of the strengths and synergy we try to build that it's not just one product company, but it's a whole platform or solution, especially with our global sales team, and global customer service team.

你好，帕特。我們從客戶那裡聽到了非常正面的回饋，因為他們再次獲得了完整的解決方案。這節省了大量的整合工作量。所以我認為這是我們試圖建立的優勢和協同效應之一，它不僅僅是一家產品公司，而是一個完整的平台或解決方案，特別是與我們的全球銷售團隊和全球客戶服務團隊合作。

So we're able to support those clients across the different geography. That is something that standalone Wanna wouldn't be able to do it, and now as part of the Perfect group, we are able to bring the total value to the clients. Suddenly more and more clients are looking at offering multi-category integration services, and they want to work with one company, with one platform, so they will get more familiar, either from suite creation process to analytic process so that will come as an addition of synergy.

因此我們能夠為不同地區的客戶提供支援。這是獨立的 Wanna 無法做到的，現在作為 Perfect 集團的一部分，我們能夠為客戶帶來全部價值。突然間，越來越多的客戶開始考慮提供多類別整合服務，他們希望與一家公司、一個平台合作，這樣他們就會更加熟悉，無論是從套件創建流程還是分析過程，從而產生協同效應。

But I think the most important one is the capability that we are able to upgrade the existing technology to even better because of our decade long of research and more engineering resources. So we'll be able to take the Wanna solution at it, but also to [in view] and ship new technology in there to upgrade with the generative AI or other new algorithm under development. So in general, I think the strategy, as we map out, has been executed well, and so far the market feedback has been also strong and positive.

但我認為最重要的是，我們有能力透過十年的研究和更多的工程資源將現有技術升級得更好。因此，我們不僅能夠採用 Wanna 解決方案，還能在其中引入新技術，以升級正在開發的生成式 AI 或其他新演算法。所以總的來說，我認為我們制定的策略執行得很好，而且到目前為止市場反饋也很強勁且積極。

Thanks. And I was also wondering with regard to the B2C monetization strategies where you are maybe toying a little bit with different ways to monetize the apps and cost structures for subscribers. I was just wondering if there's -- if you could give any more color there as far as the types of things you're trying and what the feedback you're getting from the consumer is.

謝謝。我也對 B2C 貨幣化策略感到好奇，您可能正在嘗試不同的方式將應用程式和訂閱者的成本結構貨幣化。我只是想知道——您是否可以提供更多細節，說明您正在嘗試的事情類型以及您從消費者那裡獲得的反饋。

Our market -- retail market research and looking at other competitor alternative product here, we noticed that there's a room to optimize our price point. Originally, we're charging around $39 a year for the subscription, and now we're introducing a much higher premium subscription with new feature at $79 per year. So it's a significant increase in ASP. Of course, that is driven by adding new generated AI features. Some of those are very advanced and very fun and cool.

我們的市場—零售市場研究以及觀察其他競爭對手的替代產品，我們注意到我們的價格點還有優化空間。最初，我們的訂閱費用為每年 39 美元左右，現在我們推出了更高等級的高級訂閱，其中包含新功能，每年收費 79 美元。因此，ASP 大幅成長。當然，這是透過添加新生成的 AI 功能來驅動的。其中一些非常先進、有趣且酷。

So the early results show that the consumers are willing to upgrade from their original plan into this newer plan, and that's also part of the contribution and revenue and increasing the AP. We will continue to do such type of optimizations and depending on the market needs to segment different product lines or different subscription plans and keep optimizing on that.

因此，早期結果顯示，消費者願意從原來的計劃升級到這個較新的計劃，這也是貢獻和收入以及增加 AP 的一部分。我們會持續做這樣的優化，根據市場需求，細分不同的產品線或不同的訂閱計劃，並不斷進行最佳化。

Great. Thanks so much for all of the color. That's all I had and congrats again on the quarter.

偉大的。非常感謝所有的色彩。這就是我所知道的全部內容，再次恭喜本季取得的成績。

Aashi Shah, Sidoti.

阿希·沙阿，西多蒂。

Hi, congratulations on another great quarter. I just wanted to ask about the Wanna acquisition. And if you can just talk a little bit about the competitive landscape that is there in the industry, in the shoe market, and the handbags, please.

嗨，恭喜您又一個出色的季度。我只是想問一下關於 Wanna 收購的事情。請您簡單談談鞋類市場和手袋產業的競爭格局。

I think from our view, there isn't too much competitor in the bag space. I think Wanna has probably the best solution that is there. There's still room to improve.

我認為從我們的角度來看，包款領域沒有太多競爭對手。我認為 Wanna 可能有最好的解決方案。仍有改進的空間。

The shoes market, Wanna is clearly leading in that industry with a number of brands, especially in the top luxury segments. So covering more than a dozen of top shoes brands in there. So there are a few competitors but in a much smaller scale that are there. And again, Perfect Corp., we are not shy of competition. We think we have great technology to make the solution evenly better.

在鞋類市場，Wanna 憑藉其眾多品牌，尤其是在頂級奢侈品領域，明顯處於行業領先地位。因此其中涵蓋了十幾個頂級鞋類品牌。因此，雖然存在一些競爭對手，但規模要小得多。再說一次，Perfect Corp，我們並不懼怕競爭。我們認為我們擁有出色的技術，可以使解決方案變得更好。

I think, of course, the worldwide, macroeconomic challenges is slowing down some of these new adoption by key clients. They are waiting to see what is going to be their new cost structure, how they're going to invest in digital, and we certainly will be ready to support our clients when that decision is coming. But again, we are not waiting. We are doing a lot of integration and improvement of the technology as well in-house development teams. And I think when the market offer better clarity and open up, I will be ready to take it.

當然，我認為，全球範圍內的宏觀經濟挑戰正在減緩一些主要客戶對這些新技術的採用。他們正在等待新的成本結構，以及他們將如何投資數位技術，而當做出這項決定時，我們一定會準備好為客戶提供支援。但我們不會再等待。我們以及內部開發團隊正在進行大量的技術整合和改進。我認為，當市場變得更加清晰和開放時，我會準備好去接受它。

Right. And switching sides and asking a little bit about the B2B clients, following up on another question, like you've lost a lot of key brand customers. Can you tell us what the -- any color on what the conversation with clients are looking with respect to the macroeconomic conditions in the US right now?

正確的。然後換個角度問一些關於 B2B 客戶的問題，然後問另一個問題，例如你失去了很多關鍵品牌客戶。您能否告訴我們，在與客戶的談話中，您對目前美國的宏觀經濟狀況有何看法？

Certainly. Yes, we lost a little bit more than what we expected. None of them were big tier one clients, but they were this medium size clients. I think most of those feedback I gave us is not the churn because of the competition. But mostly the churn because the financial pressures that they have from management to cut on the cost, because whether it's a tariff or other concerns, they want to be prepared and be ready to you know save some costs and navigate through these difficult economic times.

當然。是的，我們的損失比我們預期的多一點。他們都不是大型一級客戶，但他們都是中型客戶。我認為我給予的大多數回饋並不是由於競爭而導致的客戶流失。但最主要的是，客戶流失是因為管理階層給他們施加了削減成本的財務壓力，無論是關稅還是其他問題，他們都希望做好準備，節省一些成本，度過經濟困難時期。

So that is something that we may try to regain those customers once the situation gets better. But so far, I don't think there's anything that the management is to worry about. Of course, we are sad to see those clients go, but so far it hasn't not been the VIP, the big clients, they had been just more of the small, regional brands.

因此，一旦情況好轉，我們可能會嘗試重新贏得這些客戶。但到目前為止，我認為管理階層沒有什麼好擔心的。當然，我們很遺憾看到這些客戶的離開，但到目前為止，他們並不是 VIP 或大客戶，他們只是一些小型區域品牌。

Right. And my last question is about the capital allocation strategy and what -- is there any change in that? And there's about $160 million in cash on hand right now. So what the plan for the cash is going to be like?

正確的。我的最後一個問題是關於資本配置策略，有什麼改變嗎？目前手頭上大約有 1.6 億美元現金。那麼現金計畫是什麼樣的呢？

I think the current -- under the current environment, holding on the cash is actually not a bad thing. I think there are a lot of deals, activities in the market has been very much on hold and the same as I and we. So we'll remain to see -- I mean, the capital is there to support the growth. I think growing organically is a key priority especially with the B2C business growing very strongly, that's why we launched a new app.

我認為在當前環境下，持有現金實際上並不是一件壞事。我認為市場上有很多交易和活動都處於停滯狀態，我和我們也一樣。所以我們將繼續觀察——我的意思是，有足夠的資本來支持成長。我認為有機成長是首要任務，尤其是在 B2C 業務成長強勁的情況下，這就是我們推出新應用程式的原因。

We are launching a lot of updates and upgrades to our existing app subscriptions, and this is part of the use of the capital to invest in R&D, to invest in market. M&A is still in our radar, but I think for the time being I will be a little bit more selective into looking what are the options in the market under the current environment.

我們正在對現有的應用程式訂閱推出大量更新和升級，這是利用資本投資研發、投資市場的一部分。併購仍在我們的關注範圍內，但我認為目前我會更有選擇性地研究當前環境下市場上有哪些選擇。

Thank you so much, and congratulations on a great quarter again.

非常感謝，並再次祝賀您本季取得如此出色的成績。

Thank you. As there are no further questions at this time, I'd like to hand the conference back to the management for closing remarks.

謝謝。由於目前沒有其他問題，我想將會議交還給管理階層結束語。

Thank you once again for joining the call today. If you have any further questions, please feel free to contact us directly or through our IR website. We look forward to speaking to everyone next time. Thank you and goodbye.

再次感謝您參加今天的電話會議。如果您有任何其他問題，請直接聯絡我們或透過我們的 IR 網站與我們聯絡。我們期待下次與大家交談。謝謝，再見。

That concludes our conference call for today. Thank you for joining and you may now disconnect.

今天的電話會議到此結束。感謝您的加入，您現在可以斷開連接。