Slide 1: Wh
1 Confidential Wh
Slide 2: Disclaimer
2 Confidential Disclaimer This document contains confidential information regarding Perfect Corp. (the “Company”) Provident Acquisition Corp. (“PAQC”) and their respective subsidiaries shareholders (the “Shareholders”) and associated undertakings and their businesses. This presentation has been prep
Slide 3: Disclaimer (Continued)
3 Confidential Disclaimer (Continued) This document and any oral statements made in connection with this presentation do not constitute an offer or invitation for the sale or purchase of the securities or of any of the assets, business or undertaking described herein, or the solicitation of any vote
Slide 4: Disclaimer (Continued)
4 Confidential Disclaimer (Continued) These forward - looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by any investor, as a guarantee, assurance, prediction or definitive statement of fact or probability . Actual results may dif
Slide 5: Disclaimer (Continued) Financial Information
5 Confidential Disclaimer (Continued) Financial Information The financial information contained in this presentation has been taken from or prepared based on the historical financial statements of the Company for the periods presented . The Company’s historical financial information contained in thi
Slide 6: Disclaimer (Continued)
6 Confidential Disclaimer (Continued) This presentation also includes certain projections of non - IFRS financial measures . Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some o
Slide 7: Presenters
7 Confidential Presenters Alice CHANG Founder & Chief Executive Officer Louis CHEN Senior Vice President & Chief Strategy Officer Winato KARTONO Executive Chairman Michael AW Chief Executive Officer & Chief Financial Officer
Slide 8: Overview Of Provident Acquisition Corp. (PAQC)
8 Confidential Overview Of Provident Acquisition Corp. (PAQC) Strategic Value - Add In Scaling Businesses And Delivering Superior Returns To Shareholders Proven Team Of Founders, Operators And Investors Well Positioned To Accelerate Perfect’s Growth x Deep experience in founding and building busines
Slide 9: Clear Market Leader
9 Confidential Clear Market Leader #1 In beauty AR & AI SaaS with 95% market coverage 1 10b+ Virtual product try - ons annually 400+ Brands as clients 80 Countries in which Perfect’s solutions are deployed by brands Broad Client Portfolio Strong Upsell & Retention 155% NDRR 2 among top 100 brands 3
Slide 10: Perfect's Path To Becoming The Leader In Beauty AR & AI
10 Confidential 2015 2016 2017 2018 2019 2020 2021 to Date Perfect’s Path To Becoming The Leader In Beauty AR & AI Market Leadership And Best - In - Class Tech Capabilities As Solid Foundation For Long - Term Growth Please refer to Perfect’s website for brands success stories: https://www.perfectcor
Slide 11: Driving Brands' Sales, Conversion & Customer Engagement
11 Confidential + 85 % Increase in sales 1 +200% Purchase conversion 2 + 30 0% Time spent on site 3 + 30% Add - to - carts 4 Perfect enables brands to achieve… Driving Brands’ Sales, Conversion & Customer Engagement “Perfect Corp. has also made it easy as we extended our Brow Try - On to websites of
Slide 12: Investment Highlights
12 Confidential Massive, underpenetrated TAM of US$14.3b Market leader powering the digital transformation of the shopping experience Superior technology capabilities driving sales, conversion & customer engagement for brands Rapid growth and expanding margins Large portfolio of global clients, with
Slide 13: Business Overview
Business Overview PERFECT
Slide 14: Massive, Underpenetrated TAM
14 Confidential Massive, Underpenetrated TAM Digitization In The Beauty & Fashion Industry And Perfect’s Verticals Expansion Driving TAM Growth Source: Frost & Sullivan 1 Total AR & AI spend of fashion companies operating in apparel, eyewear, watches and jewelries verticals 2 Total AR & AI spend of
Slide 15: Undisputed Market Leader In Beauty AR & AI SaaS
15 Confidential Amorepacific x Amway x Beiersdorf x Chanel x Clarins x Coty x Est é e Lauder x Henkel x J&J x Kao x K osé x L’Oreal LG H&H x LVMH x Mary Kay x Natura x P&G x Revlon x Shiseido x Unilever x Undisputed Market Leader In Beauty AR & AI SaaS Perfect Has Penetrated The Top 20 Beauty Groups
Slide 16: Transforming The Shopping Experience With Beauty AR & AI SaaS Solutions
16 Confidential Transforming The Shopping Experience With Beauty AR & AI SaaS Solutions Perfect Offers Modules Which Cover Multiple Beauty & Fashion Segments With Omnichannel Deployment AI 3D facial modeling & true - to - life virtual try - ons with authentic SKUs Identify various skin conditions an
Slide 17: Diversified Revenue With Strong Customer Loyalty
17 Confidential 145% 194% 126% 2018 2019 2020 115% 124% 9M2020 9M2021 Diversified Revenue With Strong Customer Loyalty Strong Upselling Ability Lays The Foundation For Long - Term Growth 1 2020 total accounting revenue was ~US$ 31 .3m. Brands within top 10 largest accounting revenue in 2020 generate
Slide 18: Demonstrated Track Record Of MRR Expansion & Strong Retention Rate
18 Confidential Year 1 Year 2 Year 3 Year 4 1.0x 1.8x 3.8x 4.6x 1.0x 1.9x 2.4x 1.0x 1.3x 1.0x Average Monthly Recurring Revenue (MRR) by Cohort for Top 100 Brands 1 (Indexed to Year 1 2 ) 2017 Cohort 2018 Cohort 2019 Cohort 2020 Cohort 2020 & 2021: COVID - 19 impact Demonstrated Track Record Of MRR
Slide 19: Growing With Brands: Key Brands Case Studies
19 Confidential 840 2,205 7,937 9,916 26,169 2016 2017 2018 2019 2020 Growing With Brands: Key Brands Case Studies Deepening Relationship With Brands Is A Testimony To The Eminence of Perfect’s Solutions Please refer to Perfect’s website for more brands success stories: https://www.perfectcorp.com/b
Slide 20: Strategic Partnerships With World Class Tech Giants
20 Confidential Virtual try - ons through brands' Instagram shops #1 Social Network Virtual Try - On Virtual try - ons through organic search results #1 Search Engine Virtual try - ons on Snapchat brand profile One of the Most Used Cameras Virtual try - ons through brand’s YouTube video campaigns #1
Slide 21: Advanced AR & AI Technologies
21 Confidential Advanced AR & AI Technologies 1 Experts include Research and Development, Business Development, Marketing and Product Planning staff 3,900 - point Real - time facial 3D live meshes backed by visual computing 10m Training data sets across all ethnicities for AI deep learning for facia
Slide 22: Technology Capabilities Comparison
22 Confidential can detect lips very accurately and apply very natural makeup Peer A Peer B Peer C Lips Detection Skin Analysis Perfect Detected Not detected Not detected Not detected Spot can provide more precise skin analysis and indicate spots area Peer D Peer E Technology Capabilities Comparison
Slide 23: Portfolio Of Consumer Apps To Complement Core SaaS Business
23 Confidential Portfolio Of Consumer Apps To Complement Core SaaS Business A Self - Sustaining Testbed And Data Collection Platform Consumer Platform Value - add 1 Testbed for new product innovations before offering solutions to brands 2 Gather valuable beauty trends data from 30 m+ Monthly Active
Slide 24: Achieving Environmental Sustainability With Beauty AR & AI Technology
24 Confidential Help brands achieve and increase awareness of their ESG goals Achieving Environmental Sustainability With Beauty AR & AI Technology Consumers’ Awareness Towards Sustainability Would Further Accelerate Brands’ Adoption Of AR & AI Reduce beauty sampling / tester Prevent overconsumption
Slide 25: Growth Opportunities
Growth Opportunities PERFECT
Slide 26: Multiple Avenues To Drive Growth
26 Confidential Multiple Avenues To Drive Growth Significant Growth Opportunities From Existing Brands, New Brands, New Verticals And Synergistic M&A Deepen Penetration Within Top 20 Beauty Groups x Cross - sell to sister brands in the Groups x Upsell more modules and functions to brands x Enable mo
Slide 27: Deepen Penetration Within Top Beauty Groups
27 Confidential Deepen Penetration Within Top 20 Beauty Groups Continue To Penetrate More Brands, Territories And Services Within Each Of The Top 20 Beauty Groups Source: Company data and estimates 1 Average number of countries covered per brand By SKUs By Countries By Brands 123 435 1.7m 80 6 ~3.5x
Slide 28: Expand Reach In Long Tail Of Indie Beauty Brands
28 Confidential Expand Reach In Long Tail Of Indie Beauty Brands Differentiated Value Proposition To Form Potential Platform Partnerships To Target Indie Beauty Brands 1 Based on Euromonitor 2020 global beauty companies’ revenue in color cosmetics, skincare and haircare. 2 Management estimates as of
Slide 29: Target New Verticals Beyond Beauty
29 Confidential Target New Verticals Beyond Beauty Leverage Tech Capabilities And Partnerships To Expand Product Portfolio Into Other Verticals Fashion Accessories Clothing Beyond Fashion Eyewear Nail Design Watches Accessories Jewelry Men’s Grooming Clothes Hats Scarves Shoes Hair Salon Dental / Or
Slide 30: Selectively Pursue Synergistic M&A
30 Confidential Selectively Pursue Synergistic M&A Focusing On Organic Growth Supplemented By Selected Synergistic M&A Target Criteria Target Value - Add To Perfect Perfect Accelerate Perfect’s expansion to new verticals, especially within fashion Tech capabilities integration and synergies Consolid
Slide 31: Financial Highlights
Financial Highlights PERFECT
Slide 32: Strong Organic Growth And Continuous Margins Improvements
32 Confidential 0 - 3 - 1 13 28 43 59 - 1% - 9% - 3% 22% 33% 37% 39% -30% -20% -10% 0% 10% 20% 30% 40% -10 0 10 20 30 40 50 60 70 80 2019A 2020A 2021E 2022E 2023E 2024E 2025E 23 30 40 57 80 109 144 96% 95% 94% 94% 94% 94% 94% 0% 20% 40% 60% 80% 100% 0 20 40 60 80 100 120 140 160 2019A 2020A 2021E 20
Slide 33: Favorable Operating Metrics Relative To Peers
33 Confidential 33% 45% 34% 19% 17% 16% 14% 5% - 3% - 18% - 23% 6% - 10% 42% 56% 41% 38% 37% 35% 35% 34% 32% 31% NI 55% 33% CY2021E to CY2023E Revenue Growth CY2023E EBITDA Margin 1 Favorable Operating Metrics Relative To Peers Peer Median: 35% Strong Revenue Growth Leading To Rapid Margin Expansion
Slide 34: Best-in-Class Among SaaS Comparables
34 Confidential 155% 133% 132% 130% 130% 119% 118% 118% 115% 112% 109% 106% NA 100% 93% 82% 75% 72% 61% 55% 50% 42% 40% 30% NA NA 53% 52% 37% 34% 27% 25% 25% 24% 23% 23% 21% 18% 10% 95% 87% 86% 84% 82% 78% 78% 77% 75% 74% 74% 56% 53% CY2018A to CY2020A CAGR FY2018A to FY2020A Source: Perfect Managem
Slide 35: Attractive Valuation Relative To Peers
35 Confidential 0.40x 0.40x 0.47x 0.50x 0.51x 0.54x 0.58x 0.70x 0.86x 0.88x NI 0.21x 0.64x Attractive Valuation Relative To Peers Offering Attractive Relative Valuation Despite Superior Operating Metrics EV/Revenue Growth Adj. 2 Source: Perfect Management projection, Capital IQ as of 04 February 202
Slide 36: Key Proposed Transaction Terms
36 Confidential Key Proposed Transaction Terms Pro Forma Valuation ( US$m ) Pro Forma Ownership @ US$10.00 per share Sources and Uses ( US$m ) 72% 20% 4% 4% Existing Shareholders SPAC Public Shareholders SPAC Promote PIPE Investors Sources ( US$m ) SPAC Cash in Trust 1 $ 230 Forward Purchase Agreeme
Slide 37: Proven Leadership Team With Strong Execution Capabilities
37 Confidential Alice CHANG Founder, CEO Louis CHEN SVP and CSO Johnny TSENG SVP and CTO Iris Chen VP of Finance Department Wayne LIU SVP and Head of Americas CEO of CyberLink from 1997 to 2015 before founding Perfect 18+ years with Perfect and CyberLink leading global strategic relationship allianc
Slide 38: Thank You
38 Confidential Thank You
Slide 39: Appendix
Appendix PERFECT
Slide 40: Summary P&L and Adjusted EBITDA Reconciliation
40 Confidential Summary P&L (US$ in millions) 2019A 2020A 2021E 2022E 2023E 2024E 2025E Contract Revenue 30.0 35.6 48.2 71.9 101.3 137.4 179.5 YoY Growth (%) 19% 35% 49% 41% 36% 31% Accounting Revenue 23.9 31.3 42.2 60.5 84.9 115.3 153.0 YoY Growth (%) 31% 35% 43% 40% 36% 33% Gross Profit 23.0 29.6
Slide 41: Risk Factors
41 Confidential Risk Factors Risks Related to Perfect’s Business and Industry 1. We operate in relatively new and rapidly evolving markets. If the development of the markets stop or slow down, our business wil l be materially and adversely affected. 2. We have a new business model and a short operat
Slide 42: Risk Factors (Continued)
42 Confidential Risk Factors (Continued) Risks Related to Perfect’s Technology, Data Privacy and Intellectual Property 1. Security breaches, improper access to or disclosure of our data or user data, other hacking and phishing attacks on our syste ms, or other cyberattacks may make our products and
Slide 43: Risk Factors (Continued)
43 Confidential Risk Factors (Continued) Risks Related to Laws and Regulations 1. Our business is subject to complex and evolving domestic and international laws and regulations regarding privacy and data pr ote ction. These laws and regulations are subject to change and uncertain interpretation, wh
Slide 44: Risk Factors (Continued)
44 Confidential Risk Factors (Continued) 8. As we are a “foreign private issuer” and intend to follow certain home country corporate governance practices, our shareholde rs may not have the same protections afforded to shareholders of companies that are subject to all Nasdaq corporate governance req
Slide 45: Risk Factors (Continued)
45 Confidential Risk Factors (Continued) 7. If we are unable to consummate our initial business combination by January 12, 2023, or during an extension period, our publi c s hareholders may be forced to wait beyond the ten business day period thereafter before redemption from our Trust Account. 8. I
Slide 46: Risk Factors (Continued)
46 Confidential Risk Factors (Continued) Risks Related to Redemptions of Provident Public Shares 1. If a shareholder fails to receive notice of Provident’s offer to redeem the Public Shares in connection with the Proposed Transactions, such shares may not be redeemed. 2. You will not have any rights
Slide 47: Summary Of Certain Material Differences Between Taiwan-IFRS and IFRS
47 Confidential Summary Of Certain Material Differences Between Taiwan - IFRS and IFRS Perfect’s financial information in this presentation is prepared and presented in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS 34 “Interim Financial