Corporate Overview and Q2FY26 Financial Results November 20, 2025 Forward Looking Statements; Use of Non-GAAP Measures This presentation and the accompanying oral presentation contain forward-looking statements that involve substantial risks and uncertainties, which include, but are not limited to, statements regarding our expected financial results for the fiscal quarter ending January 31, 2026 and fiscal year ending April 30, 2026, our strategic areas of focus, expectations and plans regarding our future ...

Summary of Perfect Corp Conference Call Company Overview - **Company Name**: Perfect Corp - **Ticker Symbol**: PERF - **Market Capitalization**: $175 million with 101 million shares outstanding at $1.75 per share [3] - **Cash Position**: $170 million with no debt [3] - **Founded**: 2015, based in Taipei, Taiwan [3] - **Employee Count**: Approximately 410, with about half in R&D [3] - **Revenue Distribution**: 50% from the US, 25% from the EU, and 20% from Japan [3] Business Model - **B2B and B2C Segments**: - B2B: Provides beauty and fashion software solutions to major brands (e.g., Estée Lauder, Shiseido) [3][5] - B2C: Offers apps available on iOS and Android, focusing on virtual try-on and photo/video editing [3][5] - **Revenue Shift**: - B2B revenue was approximately 75%-80% at the end of 2022, projected to drop to about 30% by the end of 2025 due to faster growth in B2C [5][29] Financial Performance - **Revenue Growth Guidance**: Expected growth of 13%-14.5% for the year, with a positive outlook for surpassing this guidance [26] - **Operating Income**: First positive operating income of $500,000 reported in the third quarter [27] - **Net Income**: Approximately $5 million with margins around 10% [28] - **Subscriber Count**: 940,000 paying subscribers, primarily from developed countries [11] - **Average Selling Price (ASP)**: Increased by $20 due to the introduction of a premium model [9] Technology and Innovation - **Focus on GenAI**: GenAI technology for photo and video editing is a key growth driver [4][20] - **Patents**: Over 55 patents related to their technology [13] - **AI Integration**: Plans to embed AI agents in all apps by 2026, focusing on personalized beauty and fashion advice [18] Market Dynamics - **B2B Challenges**: Financial pressures on brand clients due to macroeconomic factors have slowed B2B growth [5][6] - **B2C Growth**: Rapid growth in B2C driven by changing consumer habits, especially during the pandemic [5] - **Competitive Landscape**: Limited large competitors in the B2B space, with many smaller players in the B2C segment [34] Strategic Initiatives - **M&A Activity**: Recent acquisition of Wannabe, enhancing virtual try-on capabilities for luxury brands [21] - **API Business Growth**: Increased interest from non-beauty companies integrating Perfect Corp's API for virtual try-on solutions [26] Customer Engagement - **User Demographics**: 75%-80% of users are female, primarily in their teens to 20s [34] - **Retention Rate**: High retention rate of over 90% for B2B clients [12][25] Future Outlook - **Growth Avenues**: Continued focus on GenAI technology, skincare analysis, and virtual try-on for accessories [30] - **Potential for Dividends or Buybacks**: Management is considering options based on cash availability [30] Key Risks - **B2B Revenue Dependency**: Slower growth in B2B could impact overall revenue if not offset by B2C growth [6][29] - **Market Competition**: Potential for larger players to enter the market or acquire the company [34] This summary encapsulates the key points discussed during the conference call, highlighting the company's current status, market dynamics, financial performance, and future strategies.

Summary of Perfect Corp (NYSE: PERF) FY Conference Call - November 19, 2025 Company Overview - Perfect Corp is a software company focused on beauty and fashion, founded in 2015 and based in Taipei, Taiwan - Current share price is approximately $1.75 with a market cap of $175 million and $170 million in cash, no debt [1][25] - The company has around 410 employees, with about half in R&D [1][12] Revenue Breakdown - Revenue distribution: approximately 50% from the US, 25% from the EU, and 20% from Japan [2] - Business model includes B2B (providing software solutions to major brands) and B2C (consumer apps available on iOS and Android) [2][3] - Shift in revenue sources: B2B accounted for 75%-80% of revenue at the end of 2022, projected to drop to about 30% by the end of 2025 due to faster growth in B2C [3][36] Growth Drivers - GenAI technology for photo and video editing is a key growth driver for both B2B and B2C segments [3][8] - B2C apps have seen significant growth due to changing consumer habits, especially during the pandemic [4] - The introduction of a premium model for B2C apps has increased average selling price (ASP) by approximately $20 [7] B2B Segment Challenges - B2B growth has slowed due to financial pressures on brand clients from macroeconomic factors like inflation and interest rates [4][5] - Retention rate for B2B clients is over 90%, but cross-selling has become challenging due to client financial constraints [11][22] B2C Segment Insights - B2C apps have approximately 940,000 paying subscribers, primarily from developed countries [9] - Monetization model includes a freemium approach with various subscription options ranging from $5 to $70.99 annually [6][7] - Despite a slight decrease in the number of paid subscribers, ASP continues to grow [28] Technology and Innovation - The company holds over 55 patents and has developed technology in-house for over a decade [12] - Future plans include embedding AI agents in all apps by 2026 to enhance user experience [16][19] Financial Performance - Guidance for revenue growth is between 13%-14.5% for the year, with expectations to surpass this [25] - Operating cash flow is positive, with a net income of about $5 million and margins around 10% [26][27] - The company has increased its workforce by about a third over the past two years to support technology development [26] Market Position and Competition - The company is a leader in the B2B beauty and fashion software market, with limited large competitors [34] - There is potential for M&A activity, as seen with past interest from companies like Alibaba and L'Oréal [30][34] Future Outlook - Continued focus on GenAI technology and skincare analysis, with plans for potential dividends or buybacks depending on management decisions [28][29] - The company aims to leverage its existing data and technology to enhance both B2B and B2C offerings [35] Key Takeaways - Perfect Corp is positioned for growth in the beauty and fashion tech space, with a strong emphasis on AI-driven solutions - The shift from B2B to B2C revenue highlights changing consumer preferences and market dynamics - Financial health appears stable, with positive cash flow and strategic plans for future growth and innovation [25][26][27]

Group 1 - The company is optimistic about the potential of GenAI, believing it will significantly enhance efficiency and create new product opportunities for clients [2][3] - There is a focus on the integration of standard leading products into various workflows, indicating a long-term commitment to embedding advanced technologies [3] - The discussion highlights concerns about disintermediation risks associated with GenAI, suggesting a need for careful consideration of proprietary data and workflow integration [1]

Question-and-Answer SessionWe'll kick off with the #1 question that we are getting across our coverage universe. It's all about GenAI. GenAI, GenAI, GenAI. So GenAI first from the top line, how do you think about -- one of the concerns is disintermediation risk. So can you talk about how proprietary is your data? How deeply embedded are you in your client workflows? And if you can go through all your segments, like all 3 of them at a very high level, talk about why is -- how do you think about GenAI, but al ...

Financial Data and Key Metrics Changes - Third-quarter net sales decreased by 1.5% compared to the previous year, slightly better than year-to-date performance but about 60 basis points softer than Q2 [35] - GAAP EPS for Q3 was $1.51, down from $1.85 a year ago, while adjusted EPS was $1.78, approximately 4% lower than the previous year [40] - Gross margin rate for Q3 was 28.2%, about 10 basis points lower than last year, with pressures from higher markdowns offset by lower inventory shrink [38][39] Business Line Data and Key Metrics Changes - Comparable sales in discretionary categories like home and apparel were down 2.7%, while food and beverage saw growth, particularly in beverages, which were up nearly 7% [26][27] - Digital comparable sales grew by 2.4%, driven by over 35% growth in same-day delivery [26] - The FUN 101 category delivered strong performance, with nearly 10% comp growth in toys and double-digit growth in music and video games [26] Market Data and Key Metrics Changes - Consumer sentiment is at a three-year low, with concerns about jobs and affordability impacting spending behavior [28] - The company is experiencing volatility in sales, with net sales close to flat in August and October but down about 4% in September [38] - The company is reaching around 80% of the U.S. population with same-day delivery, with sales growing more than 35% in this segment [21] Company Strategy and Development Direction - The company is focused on three priorities: solidifying design-led merchandising authority, enhancing the shopping experience, and leveraging technology for efficiency [9][10] - Plans for next year include increasing capital expenditures to about $5 billion, which is $1 billion more than the current year, to support store experience and remodel programs [23][45] - The company is committed to making investments that drive growth, particularly in technology and store experience [64] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the business has not been performing up to its potential and is focused on returning to sustainable growth [6][9] - The company is actively making changes to improve merchandising authority and guest experience, with a strong emphasis on technology [10][48] - Management expresses confidence in the company's direction and the steps being taken to navigate the current challenging environment [46][49] Other Important Information - The company has eliminated approximately 1,800 roles at headquarters, about 8% of its footprint, to enhance agility and decision-making [10] - The company is introducing 20,000 new items into its holiday assortment, twice as many as last year, with over half exclusive to Target [33] Q&A Session Summary Question: Can we rule out a reset of margin during this investment phase? - Management is committed to making the right investments to achieve desired outcomes in merchandising authority and guest experience [51] Question: What are the most urgent gaps and capabilities? - Management is excited about the momentum in categories like FUN 101 and the focus on creating a consistently elevated experience [55] Question: How does the company view the $5 billion CapEx investment? - Investments will focus on areas that drive growth, including new stores, remodels, and technology enhancements [60][64] Question: How is the company addressing the need for change? - Management emphasizes the importance of driving change to achieve different outcomes and is focused on clear priorities [66]

以下文章来源于十点人物志 ，作者吕一含、灯灯 十点人物志 . 在这里，遇见每一个值得被记录的人 詹妮弗很疑惑：一个如此常见且有杀伤力的疾病，怎么能被医学忽视了？ 从哈佛退学后，她在床上拍摄了纪录片《起身》 （Unrest） ，记录自己与这种被医学遗忘的疾病作斗争的故事。在一场Ted演讲上，她讲述了这种疾 病是如何被隐形、被污名化甚至被错误地归结于精神问题的过程，"如果你是女性，你会被告知你夸大了症状。如果你是男性，人们会告诉你要坚强， 要振作"。 Jennifer 在Ted演讲 对确诊慢性疲劳综合症的患者而言，身体的疲劳、虚弱、疼痛只是一部分，伴随而来的，还有孤独和自我怀疑。 这是一场难以治愈、看不到终点的持 久战。 身体像是一节用了很久的电池 本文来自微信公众号： 十点人物志 ，作者：吕一含、灯灯，题图来自：视觉中国 一次40度高烧后，28岁的哈佛博士生詹妮弗 （Jennifer Brea） 察觉自己的身体出现了异样的虚弱：退烧后，整整三周她的身体都疲软无力，无法出 门，紧贴着墙壁才能走到卫生间；有时她会累到说不出话，身体无法动弹，甚至画不出完整的圆。 然而，各项检查都显示她的身体无比正常，只有詹妮弗能感到 ...

【导读】当沃尔玛十年营收增长2000亿却员工零增长时，「劳动力脱钩」已渗透非科技领域。英伟达以4万亿市值创造新纪录时，劳动与资本大脱钩早已 开始。此时，需要重新理解AGI：它并非突发事件，而是渐进革命。 在市值突破4万亿美元之后，英伟达的「每位员工对应市值」也攀上了前所未有的高度。 这家公司，仿佛一台由科学创造力、资本权力与一个小镇规模的人数共同驱动的经济机器，最终被市场估值为4万亿美元的资产。 而根据最新统计，英伟达仅凭3.6万名员工就创造了「历史第一」。 好好想一下吧——4万亿市值，相当于15亿印度人一年的GDP。 这个比例太疯狂了。比较一个国家的GDP与一家公司的市值，并不公平。 重要的是比例，和背后惊人的历史趋势： 劳动与资本的大脱钩。 全球市值之王英伟达2024年达成千亿营收时仅3万员工，而下一个千亿营收预计仅需增员6-8千人！ 劳动与资本的大脱钩 在2007年，惠普成为首家年收入突破千亿美元门槛的科技公司。当时，惠普拥有17.2万名员工。 就在次年，IBM也跻身这一行列，但员工规模已接近40万人。 当今，美国的万亿市值科技巨头都展现出共同特征：它们的增长与员工数量几乎完全脱钩。 实际上，这不算什么 ...

Core Insights - ExlService Holdings, Inc. (NASDAQ:EXLS) is recognized as one of the best mid-cap tech stocks to buy, with analysts maintaining a positive outlook despite a slight reduction in price target from $52 to $49 by J.P. Morgan [1][2] - The company reported strong fiscal Q3 2025 results, exceeding revenue and EPS estimates, with revenue growing 12% year-over-year to $530 million and EPS rising 11% to $0.48 [2][3] - Management attributes growth to a 9% increase in the Insurance segment, driven by clients transitioning to AI-powered operations, with 56% of total revenue derived from data and AI solutions [2][3] Financial Performance - Fiscal Q3 2025 results showed revenue of $530 million, surpassing estimates by $7.13 million, and EPS of $0.48, exceeding estimates by $0.01 [2] - Full-year revenue guidance was raised to a range of $2.07 billion to $2.08 billion, up from the previous range of $2.050 billion to $2.07 billion [3] Revenue Composition and Growth Drivers - Over 75% of the company's revenue is recurring, indicating a stable revenue base [3] - Continued growth is expected in the Insurance and Healthcare and Life Sciences segments, fueled by increased adoption of AI workflows [3][4] - Analyst Bryan Bergin anticipates ongoing revenue growth as clients become more comfortable with Generative AI and agentic scaling [4]

Core Insights - EPAM Systems, Inc. has been awarded the Innovate with Azure AI Platform 2025 Microsoft Partner of the Year Award for its leadership in developing AI solutions on Azure [1][2][4] - The award recognizes EPAM's innovation in creating AI solutions that demonstrate significant impact through specific customer use cases, particularly in collaboration with Albert Heijn [3][4] Company Achievements - EPAM's winning project involved the development of a scalable GenAI platform for Albert Heijn, enhancing operational efficiency through an AI-powered virtual assistant [4][5] - The company has also been recognized as a finalist in three other competitive categories, showcasing its broad capabilities in AI and digital transformation [5][6] Partnership with Microsoft - EPAM's status as a Microsoft Global Systems Integrator (GSI) reflects its deepening collaboration with Microsoft and commitment to delivering innovative solutions [7][8] - The partnership enables EPAM to leverage Microsoft's Cloud and AI platforms to drive transformative outcomes for clients [8] Industry Impact - EPAM integrates advanced AI technologies into tailored business strategies, enhancing clients' competitive edge and driving significant industry impact [9] - The company has been recognized for its engineering excellence and cloud expertise, underscoring its role in enterprise-scale transformation across various industries [7][11]