Good morning, thank you for joining us today. On the results call for the fourth quarter, representing Crayon Group, we have Torgrim Takle, Chief Executive Officer, Jon Birger Syvertsen, Chief Financial Officer, and I, Hilde Thomassen, responsible for investor relations. On our Crayon Group website, which has recently been upgraded and had a relaunch, you will find our earnings presentation, financial summary, and the data pack related to our fourth quarter performance. This information is also found on the NewsWeb to Oslo Stock Exchange. We will start this call with Torgrim Takle taking us through the key insights of the fourth quarter and key takeaways related to our performance. We will then move on to Jon Birger, which will take us through the financial review of the fourth quarter. If there is any available time at the end, we will end with a Q&A. Over that to Torgrim. Good morning, everyone, and thank you for joining us today. I'm very pleased to report that Q4 2020 marked yet another very strong quarter for Crayon. In short, we continued to experience strong demand for our offerings across all markets and all business areas, resulting in the best-ever quarter and full-year financial results. Q4 also marked a significant milestone as we crossed 2,000 employees worldwide. Again, I would like to thank all our teammates for keeping the business running at full capacity despite COVID-19, home office fatigue, and tough curfews across many of our markets. Without speculating on how and when the current pandemic will fade out, we continue to see companies investing in technology and cloud solutions to improve business resilience and digital capability, reaffirming our confidence in a positive outlook for Crayon and our business. Let's have a look at the Q4 highlights. Firstly, we delivered another record financial quarter, actually our 12th consecutive record-breaking quarter, both from a growth and profitability perspective, resulting in the best-ever full-year result for Crayon. Secondly, our strong performance was manifested across all our markets and business areas with strong commercial momentum and market share gains. I'm particularly pleased to report the strong year-over-year gross profit growth and profitability improvements across all our market clusters. Thirdly, during Q4, we secured some really significant public sector wins that not only impacted the in-quarter results positively but perhaps more importantly, are confirming the massive value creation potential of reaching a similar strong public sector penetration in our international markets as we're currently enjoying in the Nordics. Lastly, I'm pleased to report that we lift our financial guidance for the next three-year horizon. In our Q1 2020 earnings call nine months back, we communicated a firm view that COVID-19 would accelerate digital transformation in a two-to-three year perspective. I believe we are very much on or even ahead of this curve. Public cloud is reaching critical mass, enabling new business models and applications. We are seeing an acceleration of advanced data services and AI, all impacting Crayon positively. Therefore, we're lifting our medium-term growth and profitability targets. Let's have a look at the key financial figures for Q4. Revenue increased by 33% to approximately NOK 5.6 billion for the quarter, demonstrating strong commercial momentum and market share gain across markets. Gross profit increased by 27% to NOK 667 million for the quarter, driven by particularly strong performance within our software division. EBITDA increased by 40%, or NOK 39 million to NOK 137 million, resulting in an EBITDA margin of 21% for the quarter, measured as percent of gross profit. It is also worth mentioning that the reported EBITDA ended NOK 9 million better due to inclusion of COVID-19 grants in U.S., making Crayon one of the few companies that has posted a lower adjusted EBITDA than the reported EBITDA. Let's have a quick look at the full-year figures that you see at the bottom of this page. In 2020, Crayon posted revenue of NOK 19.6 billion, gross profit of NOK 2.3 billion, and an EBITDA of NOK 413 million. Full-year 2020 EBITDA increased by more than NOK 120 million compared to the previous year, resulting in a 41% year-over-year growth. Moreover, we are particularly proud of the achieved combination of strong organic growth and improved relative profitability. In 2020, year-over-year gross profit growth was 30%, while EBITDA margin improved by 1.5 percentage points to 18% for the full year. Let's have a look at the Q4 performance by market cluster. As seen from the chart, Q4 marked yet another quarter where we delivered solid gross profit growth and EBITDA improvement across all market clusters. These results truly speak to Crayon's strong market vintage portfolio, where we're now beginning to see material return from the geo-expansion investments that we have made in the past. I am particularly pleased with the performance in Europe, recovering from a relatively weak third quarter with year-over-year gross profit growth of 33% and EBITDA improvement of NOK 17 million. CEE and Eastern Europe was again the key growth contributor, representing approximately 35% of the absolute market cluster growth, with all individual countries delivering double-digit year-over-year gross profit growth. A highlight was the Netherlands, with 78% year-over-year gross profit growth and an EBITDA improvement of NOK 5 million, driven by the public sector win and continued strong growth momentum for our channel business. For U.S., we continued to experience the same underlying trends as communicated in the previous earnings call. Strong commercial momentum in the large enterprise segment resulted in a year-over-year gross profit growth of 36% and an EBITDA improvement of NOK 9 million for the quarter. Our services division was yet again the business engine in U.S., representing approximately 75% of absolute year-over-year gross profit growth and more than 100% of the EBITDA improvement. As a result, U.S. broke even and posted its first positive full-year EBITDA result. As earlier communicated, we will continue to invest in growth to reach critical scale in U.S., and as such, future profitability will largely be driven by how fast we can grow the business in a controlled manner. APAC and Middle East and Africa delivered its strongest ever growth quarter, with year-over-year gross profit growth of 62%, particularly driven by U.A.E. and Saudi Arabia, where we continued to experience improving market conditions, strong commercial momentum, and significant new customer wins within our services division. In Australia, we continued to invest in growth and scale, resulting in a year-over-year gross profit growth of approximately 200%, representing 1/3 of the absolute market cluster growth. For the Nordic region, we delivered an okay quarter all up. On a positive note, we posted a strong year-over-year gross profit growth of 17%, particularly driven by outstanding commercial performance in Denmark, followed by Norway and Sweden. On a negative note, profitability ended below expectations with a moderate year-over-year EBITDA improvement of NOK 8 million. The relatively weak profitability development was largely driven by Norway and Finland, where we, during Q4, experienced a significant drop in utilization for certain consulting capabilities, combined with some deal slippage effects. Both effects were temporary. We are confident in a positive outlook for the region. Now on to the business areas. We delivered another quarter with strong growth and healthy EBITDA margins across all business areas. For Software & Cloud Direct, we delivered a strong year-over-year gross profit growth of 33%, again, largely driven by Crayon growing two times faster than the market through new wins and increased tech spend within the installed customer base. We continued to see customers migrate infrastructure workloads to the cloud and to multi-cloud environments with related product mix shifts and shift to more flexible monthly subscription models, all impacting Crayon positively. For the quarter, we secured some significant public sector wins that I'll talk about on the next page. For Software & Cloud Channel, we continued to deliver exceptional strong growth during the quarter, with gross profit up 50% year-over-year, primarily driven by continued onboarding of new partners, combined with low churn on installed base. For the quarter, we also improved the year-over-year EBITDA margin by 15 percentage points to 47%, partially explained by a temporary positive impact from currency and price list arbitrage. For Software & Cloud Economics, we continued to experience strong market demand for cost optimization services. Yet, where we did not fully capitalize on this market opportunity due to internal capacity constraint and shift to longer-term recurring contracts, resulting in a moderate year-over-year gross profit growth of 14%. However, year-over-year profitability improved significantly, ending at 18% EBITDA margin for the quarter, resulting in the best-ever profitability result posted by this business area. This strong EBITDA improvement was driven by two factors, positive impact from gainshare models, i.e., where Crayon realizes a certain percentage of the documented cost savings for customers. Secondly, continued strong performance in U.S. Key customer wins include Veidekke and Banyan Technology, the latter a cloud economic assessment resulting in more than 20% consumption savings. For our last business area, consulting, we delivered an okay quarter all up. Continued growth momentum and capacity increase, particularly outside the Nordics and within our AI machine learning practice, resulted in a strong year-over-year gross profit growth of 21%, with some significant customer wins in U.S.-based Labcorp, one of the largest testing labs in the world, where we landed an IBM managed services contract, and RHI, a FTSE 250 company in U.K., where we won a strategic long-term AI evaluation project. Profitability and EBITDA margin was down 6% points to 14% for the quarter, primarily driven by low utilization for certain capabilities in the Nordics. As mentioned earlier in this call, demand and utilization for these capabilities are now back to more normalized levels, and we expect profitability in the future to reflect this. Now, let me talk about the significant value creation potential for Crayon in public sector. In Q4, we continued to experience strong commercial momentum in public sector and secured some really significant wins. Most namely, a EUR 300 million, 3-year deal in Finland, a $100 million, 2-year deal in the Philippines, and a EUR 20 million, 3-year deal in France. In a strategic context, public sector represents a significant value creation lever for Crayon, particularly in our international markets, where we see a NOK 3 billion-5 billion incremental annual revenue opportunity within the next two to three years. Let me explain why and how we're investing to unlock this potential. Firstly, public sector is a highly attractive market segment with expected strong future demand uptake as governments across all our geos are accelerating investments in digitalization and digital capabilities. Public sector also provides long-term order backlog and business predictability as the typical contract length is 3-5 years, with significant product service upsell potential over the contract period. The flip side is that public tenders are complicated and require significant experience and expertise to price structure the deal correctly, in combination with often being highly competitive. However, as seen from the graph to the left, Crayon has already a proven track record in the Nordic, with public sector representing 30% of our total software and cloud revenues versus global market benchmark of around 20%. Although public sector penetration in our international markets is only at 15%, we have a strong market vintage portfolio with many countries moving up the learning curve and are confident that we'll reach the Nordic level in the medium-term view. In Germany and U.K., we're currently making significant capability investments, both in terms of onboarding of specialized resources and obtaining necessary local vetting documentation. Needless to say, public sector in these two markets is massive, and we have already secured initial access with 1 state, 1 in Germany, and business secured with educational entities in U.K. In the next phase, we have markets like U.S., France, and Spain, where we have secured more meaningful early wins and thereby proven the public sector potential. In 2019, we reported a NOK 1.3 billion, five-year deal in U.S., and we are well underway in monetizing and upselling this deal, as well as positioning ourself for similar new opportunities. In France and Spain, we have secured several deals recently and are confident that this momentum will continue in the quarters to come. Lastly, we have the international markets where we have made significant wins, representing a substantial share of the total public sector business and thereby proven the business potential. Examples include the Netherlands, Philippines, and Middle East. Such significant wins do not only represent attractive standalone business cases, but they also provide synergies to the rest of our business in terms of increased mindshare among customers, strengthened vendor partnerships, and further scale advantages to the local Crayon organization. To summarize, public sector represents a significant value creation lever for Crayon. When our international markets reach similar public sector penetration as the Nordics, it will generate incremental annual revenues in the range of NOK 3 billion to 5 billion. This concludes my part of the presentation. I will hand over the word to Jon Birger Syvertsen, who will take you through the financial section, including our updated financial guidance for 2021 and medium-term. Welcome, everyone. As the CFO of Crayon Group, I look forward to taking all of you through the financial section today. As a reminder, all numbers are Norwegian kroner, unless otherwise stated. To summarize Q4 2020, we have delivered another record quarter, finishing off a very strong 2020. When reviewing the Q4 and 2020 financial results, there are in particular three points I would like to draw your attention to. Firstly, Crayon delivered another consecutive quarter for strong gross profit and EBITDA growth. Q4 is seasonally one of the major quarters, and we are therefore very proud to present a solid 27% gross profit growth and NOK 39 million EBITDA improvement year-over-year. Over the last three years, we have delivered 25% annualized gross profit, while the adjusted EBITDA has grown with 47% annually in the same three-year period, clearly demonstrating the strength of our business model and the underlying market, while also demonstrating how our margins improve as we scale the business. Secondly, in Q4, we have seen margin improvement across all our market clusters, and for the first time, we are EBITDA positive in the U.S. on an LTM basis, which is an important milestone for our U.S. operation. Finally, we have a strong liquidity position of NOK 1.6 billion end of Q4, which is an improvement of NOK 1.1 billion year-over-year. NOK 300 million of this is related to the equity raise in June. While the remaining is driven by the underlying results and improvement of working capital, providing Crayon with opportunities for investing into further organic and inorganic growth. As highlighted, Crayon delivered a strong gross profit growth of 27% in Q4 to a total of NOK 667 million, and a year-over-year improvement of EBITDA of NOK 39 million. Looking at the geo breakdown of our business, it is natural to start with the Nordics, which is still our largest market cluster. In the Nordics, we see a strong gross profit growth of 17% in Q4, in particular driven by strong performance in Norway and Denmark. Denmark has had an impressive quarter, delivering 47% gross profit growth in Q4. On the EBITDA side, this all up resulted in a NOK 7.7 million year-over-year improvement in the Nordics. Europe also delivers a very strong quarter, with NOK 37 million growth for a growth rate of 33%. We are seeing strong growth rates across markets, but in particular, Switzerland is a standout in Q4, delivering 42% gross profit growth. We're also happy to report that our expansion in CEE is contributing in a meaningful way as a third of the gross profit growth in Europe is from CEE. On the EBITDA side in Europe, we are seeing the gross profit growth in mature markets translate to EBITDA improvements, while CEE also has a slight positive contribution to the NOK 17 million year-over-year EBITDA improvement. APAC and MEA delivers a total gross profit growth of NOK 31 million, amounting to 62%. Following Q4 2019, we initiated a turnaround to drive profitability in the Middle East region, in particular following a Q4 2019 result below expectations. I'm very happy to report that the results of this turnaround are clearly materializing as the MEA region contributes almost NOK 20 million in gross profit growth and NOK 6 million in EBITDA improvement year-over-year. Also very encouraging to note is that the recent entry into Australia also contributes in a meaningful way with several larger enterprise wins in the quarter. That this is a large market with significant potentials, we are very optimistic on our outlook. Lastly, in the U.S., we have delivered another quarter of solid gross profit and EBITDA growth, and I am happy to report that this was the quarter when we reached the milestone of a positive EBITDA margin for Crayon U.S. on an LTM basis. Looking at the business area breakdown, we see strong growth on Software & Cloud Direct, also in particular Software & Cloud Channel. Software & Cloud Channel is a scalable business based on our own IP through the Cloud-iQ platform. Here, we are extremely satisfied with 50% gross profit growth and the scalability of the business model is clearly demonstrated by the NOK 30 million gross profit improvement resulting in a NOK 23 million EBITDA improvement. Our Cornerstone service of Software & Cloud Economics continue to grow with NOK 16 million in gross profit growth, translating to an EBITDA improvement of NOK 8 million. While in consulting, we delivered a strong NOK 32 million gross profit growth, while EBITDA sees a negative NOK 5 million impact year-over-year. There are two drivers behind this decline in EBITDA. Partly, the temporary lower utilization for some specific categories of resources in the Nordics, along with continued investments into AI and machine learning capabilities through our center of excellences in Norway, Austria, and U.S. The AI business continued to ramp up, and in Q4 alone, we delivered NOK 20 million in gross profit globally on AI and machine learning services. A significant part of our business model is based around people. As we onboard new resources to drive further growth, we are also taking a short-term EBITDA impact, as there is typically a time lag between onboarding and delivering a gross profit contribution in excess of costs. The timeline varies with type of resource and our maturity in the different markets, but in general, we're looking at between three to nine months. As we continue to scale our organization to drive further growth, this represents a short-term drag to our profitability, but a longer-term source of value creation as these resources are ramped up to productivity. Looking at 2020 specifically, gross profit has grown with 30%, amounting to NOK 536 million in total. Of this growth, NOK 121 million has translated into EBITDA growth, while NOK 415 million is a net increase in costs, reflecting the approximately 370 new full-time employees onboarded during the quarters. This represents the driving force behind the strong growth expected for 2021 and beyond, and we will touch upon this in the outlook section. Crayon has, for the past four years, been on a journey from a Nordic company to an international company, and we have by now come a long way on this journey. The dark blue bars represents our international business. As recently as 2016, only 31% of the gross profit came from international markets. While now in 2020, almost half of our gross profit comes from our international markets, driven by strong organic growth across the portfolio. At the same time, we have been able to sustain the growth rate in the Nordic market ahead of the market growth, ensuring we have a continued leadership position in the Nordic market. Furthermore, the international markets collectively delivered NOK 105 million in EBITDA in 2020, which is a significant improvement of NOK 187 million since 2016. As recently as year-end 2016, we had an EBITDA margin of -23% in our international markets in aggregate, while today we are at a 9.4% positive margin. Again, we have been able to achieve this improvement while we have also improved profitability in the Nordics, deliver an all-time high EBITDA margin of 34% in Nordics in 2020. Given the strong starting point and significant market potential in our international markets, we will continue to invest in growth in these markets. In our line of business, investments imply onboarding of additional resources and initiatives to continue to drive the growth momentum. Given the productivity curve previously discussed, this will represent a short-term drag to our EBITDA margins while representing significant future value creation as the resources ramp up and deliver additional gross profit growth and corresponding EBITDA impact. Again, as highlighted initially, we are seeing positive development of the LTM EBITDA margins across all of our market clusters in Q4 2020. Despite the various challenges caused by the COVID-19 pandemic and the measures taken to contain it, we have been able to resolve and adapt our business model locally in order to drive growth ahead of the already strong underlying markets. The Nordics have, throughout this period, continuously delivered EBITDA margins well above 30%, representing the potential of our business model in a mature market operating at a relevant scale. Our international margins continue to improve. This is also important to note that in the various markets, this represents a combination of markets at different maturity levels. For instance, both Germany and India deliver EBITDA margins above 30% in 2020. Another important achievement is that the U.S. has now reached positive EBITDA margin. Given the market potential and the strong fundamentals, we expect to continue to invest in growth both in the U.S. and in other markets. While this will continue to have an impact on the margin, we expect to continue our overall EBITDA margin to improve from our international markets as we scale. On the U.S., it's worthwhile to highlight, and we will get back to the EBITDA adjustments, but in Q4 2020, we had a negative EBITDA adjustment in the U.S. following the refund of government grants in the U.S. The numbers we're looking at here is the adjusted EBITDA numbers for Crayon U.S., i.e., excluding the positive benefits from the government grants in the U.S. The positive EBITDA margin in the U.S. truly reflects the underlying business in the market. For Crayon, generating a strong cash flow from our underlying business is obviously a key financial objective. For a high-turnover business like Crayon, working capital is a critical part of our cash flow results. As a management team and a business, we invest significant time and efforts into driving working capital improvements, and it is thus very positive to see that these efforts across the organizations are paying off. Before diving into the Q4 working capital, it is important to keep in mind that our business is seasonal, and as a consequence, the relevant comparison for working capital is always year-over-year. However, independently of the seasonality, Crayon has a consistent track record of negative working capital, which is attractive as it implies working capital is a source of funds, not a use of funds. Starting with the working capital in Q4, we have accounts receivables of NOK 3.3 billion, while accounts payables to vendors amounts to NOK 3.6 billion. This results in a trade working capital of -NOK 231 million, which is a decrease of NOK 437 million compared to December 31st, 2019. Furthermore, we have other working capital, which includes things such as payable public duties, taxes, and other short-term receivables and payables totaling NOK -748 million, resulting in a net negative working capital of NOK 979 million on December 31st, which is an improvement of NOK 641 million against Q4 2019. This improvement is driven by a combination of improvements of our credit and collection processes and favorable deal timing during the quarter. During 2020, there has been a clear trend of an improving working capital position and improved credit and collection processes has clearly continued to contribute to this during 2020. Going forward, we will continue to focus on credit and collection processes in order to sustain these improvements going forward. Cash flow from operations follow the same seasonal pattern as the net working capital on the previous page, as changes in working capital is a major driver for the variability of the cash flow between quarters. As we illustrated on the previous page, working capital was significantly more negative in Q4 than in Q3, in line with the normal seasonality, leading to a strong positive cash flow from the operating activities in Q4. As the improvement in working capital position from Q3 to Q4 was significantly higher in Q4 2020 than in Q4 2019, the cash flow from operating activities is also correspondingly higher in Q4 2020. For the last 12 months, the waterfall below illustrates how the net cash position and liquidity position has improved significantly. In Q4 2019, we had NOK 239 million in cash. During the last 12 months, we had unadjusted EBITDA of NOK 381 million, while the change in net working capital had a positive impact of NOK 610 million, as seen from the cash flow statement. CapEx had a negative effect of NOK 75 million, while acquisitions net amounted to NOK 19 million, and tax and interest amounted to NOK 78 million. While the new equity raised in June in combination with the ESPP program in the fall and options exercised in the fall contributed NOK 360 million of equity, and the currency translation and other effects amounted to NOK 23 million, leading to a net cash position on December 31st of NOK 1,394 million. In addition, the business had an RCF available, which leads to a total liquidity reserve of NOK 1.6 billion on December 31st, an improvement of NOK 1.1 billion over the last 12 months. We have already covered the items down to EBITDA and the operating performance underlying this. However, it is important to highlight the NOK 9 million EBITDA adjustments, which reduces the adjusted EBITDA relative to the reported EBITDA. The adjustments contain two components. A NOK 17.6 million reduction of the reported EBITDA relates to a government loan for payroll and other qualified costs in the U.S., which was forgiven in Q4, and consequently booked as a reduction of personnel costs, which is only partly offset by costs for share-based compensation of NOK 8.6 million. Depreciation and amortization is in line with plan. Depreciation increased year-over-year due to investments into IP and ERP systems in previous periods, while amortizations are lower than in 2019 as there are no year-end impairments. Interest expense is significantly reduced year-over-year as a consequence of the refinancing last fall, while other financial expense is a result of exchange rate movements for cash balances in other currencies than NOK. Altogether, this results in a pre-tax result of NOK 126 million in the quarter and NOK 194 million for the full year, which is a strong improvement compared to 2019. Income tax expenses is higher than in 2019 as a consequence of the increase in pre-tax profit, and this leads to a net income in Q4 2020 of NOK 95 million, and for 2020 full year of NOK 127 million, which is a solid improvement from the negative NOK 19 million in 2019. When it comes to the balance sheet, we have already discussed the net working capital. Intangible assets are practically constant year-over-year as investments in systems, acquisitions, and appreciation of goodwill in foreign currency has offset the depreciation and impairment over the past year. On the liability side, other long-term liabilities represents earnouts relating to acquisitions. This is increasing slightly as a consequence of the underlying business performance. Other short-term interest-bearing debt increases with NOK 30 million, and this includes a government loan in the U.S. of NOK 15 million, which we do expect to be refunded in future quarters. Crayon also has a NOK 300 million bond outstanding, maturing in November 2022. This, combines with a NOK 1.4 million EBITDA, results in a very strong cash position end of year, with a net interest-bearing debt end of quarter of -NOK 922 million. Cash flow is, as previously stated, very important to us in Crayon, as delivering a net cash flow which can finance acquisitions, investments, and/or dividends or share buybacks are a critical part of shareholder value creation. As such, we are extremely proud of what we have achieved as a business in 2020 with the cash flow from operating activities, which creates opportunities for Crayon going forward. Cash flow from financing activities in Q4 2020 is a combination of new equity from the ESPP program, option exercises, and the financing costs. Investments in assets is primarily related to ERP systems and Cloud-iQ, and we continue to invest in these platforms to build a scalable business model. Having reviewed the Q4 financials, I will take you all through our outlook for 2021 and the updated medium-term guidance. As indicated in the introduction, we are seeing a strong growth momentum and growth opportunity and are taking full advantage of this in order to continue the growth. We have updated our medium-term guidance to reflect this and highlighted all updated guidance in orange on the slide. For the avoidance of doubt, we have also, in our 2021 outlook, included the expected benefits and contributions from the Sensa acquisition, which we expect to close during Q2. For gross profit, we have delivered 29.6% growth over the last 12 months, which is a very strong achievement, even in light of the strong underlying market conditions. COVID-19 has accelerated digitalization, and we see this acceleration as a sustained effect as public and private sector across industries and markets become aware of both the potential impact on business models and the need to act in order to build sustained competitive advantage. As a consequence, we expect a continued strong gross profit growth in 2021 of 20%-25%, while also lifting our medium-term guidance to 15%-20% gross profit growth, which implies that we expect to deliver a gross profit growth of roughly double the underlying market growth. When it comes to adjusted EBITDA margin, we have delivered 17.6% adjusted EBITDA margin in 2020. For 2021, we maintain the same guidance as for 2020 of 16%-17% EBITDA margins, as we see the opportunities in the current market environment for continuing to focus on growth as attractive to the long-term position and profitability of Crayon. For the medium term, our guidance of 19% EBITDA margin remains unchanged as we build to a relevant scale in more and more markets globally. The average net working capital for the past four quarters is currently minus 30.2% over the last 12-month gross profit. Based on the strong results in the recent quarters, we have increased the medium-term guidance to -15% to -20%, as we expect to sustain at least half of the improvements achieved during 2020 over time. Finally, CapEx for the last 12 months is at NOK 75 million. For the full year 2020, we have increased the guidance to NOK 80 million-NOK 85 million as we continue to see opportunities for investments into our platforms, such as the new ERP system, our Cloud-iQ platform, and other globally scalable service offerings, in order to drive growth and improve margins. This now concludes the formal part of the Q4 presentations, and we open up for questions from the audience. Yes. In this Q&A session, we will first start with the analyst that is following us and tracking us, and we will open up for questions first from Christoffer Wang Bjørnsen from DNB Markets. Good morning. Thanks for taking my question. Maybe we could start talking a bit about the Sensa acquisition and how you think about that going forward. It's quite profitable. Are you going to, at some point in time, maybe report that segment differently as it's kind of expanding the scope of the business beyond what you traditionally have been focusing on? If you look a few years out, how big should we expect that kind of managed services or infrastructure business? Although it's cloud, how big will that be as share of the gross profit of the group, for instance? Perhaps Jon Birger can start by talking about the process up until closing, and then I can talk about the value creation potential. Right now, we are undergoing, as we have operations already on Iceland, although they are not directly comparable to what Sensa does today. The acquisition is still subject to review by the Icelandic Competition Authority. We do not see any concerns over that review as such, but it's still something that needs to be completed before we can close the acquisition, and the expected timeline for closing out the Sensa acquisition is during Q2 2021. Then sort of unpacking your questions, which sort of contain several at once in terms of reporting Sensa going forward, we will get back to how specifically we report and segment that business. As of today, just to be clear, we already have managed service offerings reported as part of our BA2000 segments on consulting. Although that's a small minority of that segment today. Yeah. When it comes to the value creation potential, we were clear in the presentation that we held on second of December 2020, around the timeline and the value creation potential. In that presentation, we communicated that we believe this business could generate NOK 400 million worth of gross profit over the next three years. We're also clear that this is a strategic opportunity extending our value chain, and we are gaining experiences in Norway as we speak. We have very strong momentum and positive experiences, but I think in terms of bringing scale into that business and delivering on that NOK 400 million gross profit opportunity, we have to come back as we see the integration of Sensa moving along, and as we see this kind of land with the upsell motion that we want to achieve in our existing markets. Again, just to summarize, we believe it's a strategic opportunity. It's still early days. We believe that opportunity is valued at NOK 400 million, give or take, in terms of gross profit in a three-year horizon, and we'll make sure to update you and get back with a more firm business case and projections as we, what should I say, are getting further into the integration of Sensa and building the business. Great. Thanks a lot. That is helpful. I guess next one for me is more of a maintenance question on the minorities. Seems like that has changed a bit compared to last year. Could you just help us understand what is driving that? What kind of subsidiaries in what parts of the world are driving that shift year-on-year? If it is related to international geographies that have been now getting to a point where they are significantly profitable compared to last year or anything like that? Yes. Basically, the logic behind minority shareholders in the various cases is when we do enter the market, we do use that as part of an incentive structure. Obviously, sort of governed by tight shareholder agreements in order to avoid any issues over control, over the way ahead. To your point, as we basically, in the various markets, scale up towards and reach profitability, the minority interest will actually have a share of the income and not just a share of the loss. That is precisely the dynamic you're seeing and describing there. Sure. Thanks. I'll get in the back of the queue. Great. We will move over to Petter Kongslie from SpareBank 1 Markets. All right. Thank you for taking my call. First of all, I would like to just say it's good to see a company that takes down the margins guidance, to take advantage of the growth opportunities. It is not so often we see that with listed companies, so that's good to see. Just trying to get my head around the guidance first. You guide 20%-25% gross profit growth and 16%-17% EBITDA to gross profit margin, and that is included Sensa, which is assumed closing during second quarter. What would the guidance have been if you had excluded Sensa on an organic like-for-like basis in 2021 versus 2020? Thanks. No, I can address that. If you take the numbers we presented on December 2nd as the basis for what Sensa standalone contributes, you will see that that contributes approximately 2% points to the gross profit growth. While on the EBITDA side, although the margins are slightly higher in Sensa than what we guide on overall, given the small share of the gross profit, that effect becomes practically negligible. Great. Thanks. In terms of the lower EBITDA to gross profit margin for 2021, can you give some more color on what type of investments you are looking at? Is it kind of what you did with Microsoft two years ago with greenfield investments into Central Eastern Europe, or is it some specific type of investments you are looking at for 2021? I can address that. First of all, let's just be clear on the outlook. Yes, you're right, the relative EBITDA margin is somewhat reduced. However, the absolute EBITDA, if you look at the numbers, are actually increased. Right? We do see the current landscape out there as an opportunity for accelerating our growth investments. We are fortunate being in a business that have strong underlying demand growth within our installed customer base. There are a lot of different businesses without the same level of recurring business that are struggling right now. We see that as an opportunity both to grow inorganically and organically. In the outlook, of course, it's based on 100% organic growth model. We are, with the current updated guiding, planning to invest in growth in a somewhat kind of fatigued market, not necessarily in our part of the business, but in general. Those growth investments will, of course, impact the EBITDA margin as such. Again, the all-up EBITDA number is lifted as well, and we believe that the outlook that we presented now for 2021 is balancing growth and profitability in the best possible way, also in a medium-term outlook, that we expect that if we are delivering on this plan and making the growth investments that we're planning, that we expect that to come back to the EBITDA line in the years that will follow. All right. Thanks, Torgrim. Just a final one from me before I jump back in the queue. I'm a bit interested within Software & Cloud Economics, what you talked about, the gainshare model. I remember back when we discussed this during the IPO, if I remember correctly, I think Finland was maybe one of the few markets where you were able to have these revshare models. Has there been any particular change with regards to customers being willing to take those gainshare models recently, or is it just kind of a one-off during this quarter as such? That is an excellent question. Yes, we're seeing changes. We're seeing changes on two dimensions. We're seeing certain new geos opening up. We have great success in Germany and Switzerland, so in the DACH region. We have some early proof points in India, U.S. There are definitely positive development from a geo perspective. I think secondly, it has to do with the which customer stakeholders that we interact with. We are moving up the value chain, and we have been very clear on us trying to address and influence the executive CXO level within our customer organizations. Of course, in order to sign off those type of engagement models, you have to be on a certain kind of seniority level in the customer organization. I think we're moving steadily, but perhaps not as fast as we were hoping for in terms of addressing the senior stakeholders. We're definitely seeing a positive development on the geo axis, then we still have some work left in order to address more the senior CXO level stakeholders to get more of these kind of gainshare models landed. I think the landscape, if you look at the complexity around cloud consumption and the underlying expense growth as% of total cost base, is again in our favor. We believe that as the relative weighting of cloud and technology cost will continue to grow in the organization's cost base, the willingness to enter these type of models will increase. We have also communicated earlier that on average, we see a two times higher profitability on average for these type of engagements. We are very optimistic around the future, but we still have some work left internally, at least when it comes to moving up in the value stack within our customers' organizations. Okay, thanks. I hand you back in the queue. Great. That was the questions we had from the analysts for now. We can take some questions also from the Q&A tool. If you have any questions out there, please feel free to fill in in the Q&A tool. We have a question regarding our Azure business. How is it growing and how are we focusing on the kind of cloud Azure AWS business, and what sorts of skills are we focusing on recruiting when it comes to this compared to, let's say, the modern workplace solutions like 365? What was the first? On Microsoft or what? Yes. How big is our business when it comes to growing our business inside of Azure, and how do we do that shift from focusing on just off-the-shelf 365 licenses? Yeah to more of the Azure business? Let's unpack that question because it's not really a migration taking place from Office 365 and productivity tools to Azure. Azure is really a cloud infrastructure platform. Essentially, we are evaluating the need and the benefit for our customers by moving from a on-premise infrastructure setup to a cloud platform. Secondly, for customers that have moved to a public cloud infrastructure platform or to a multi-cloud environment, it's all about ensuring that they build the best possible business applications, including AI and machine learning, to capture more business benefit. I think we're seeing tremendously strong growth within the productivity stack with Office 365. We showed some numbers in our Q1 2020 presentation, and in terms of the surge demand from COVID-19, with everyone working from home and digital collaboration solutions, that trend has continued. The productivity tools are still high in demand. That's a separate business dynamics, and it's not a migration from Office 365 to Azure. Azure is really a infrastructure play, while Office 365 is a productivity play. I think, again, the way we are influencing the Azure spend within our customer base is a part of our broader cost optimization services that lies within the business area, Software & Cloud Economics. It's really helping customers to assess the all-up business benefit from migrating from a on-premise solution to a public cloud solution, and Azure is one of the public cloud platforms that is out there among AWS, IBM, Google, and so forth. We're taking a holistic approach and ensuring that we advise our customers in the best possible way. What I can say is that we are on Azure specifically, we are growing nearly at triple digit year-over-year growth figures. Of course, we're very pleased with underlying performance on Azure separately as well. Right. There's another question here. Can you comment on the deal slippage and margins you commented on in the Nordics? Was this not according to what you expected? Was this out of the blue, or did you expect this? Again, it's a good question. I think it's important to emphasize here that within our software business and across our installed customer base of 10,000 organizations, there is seasonality in the business with the lion's share of the contract renewals taking place in second quarter and Q4. That means that we have a cluster of contract renewals in Q4, and that makes the predictability somewhat more difficult in terms of which side of the quarter end the contract renewal actually take place. As we have communicated earlier, we're running an ongoing business, and for many of these customers, we are engaged more or less on a daily, weekly basis, and advising and doing preparation work leading up to the renewal. Although the deal may fall on one or the other side of the quarter, what's important is that we have a very good predictability around the longer-term monetization path for the customer. What's relevant in this regard is really looking at the LTM numbers that we produce. That's how we manage our business. Yes, we had some small deal slippage effects in Q4. That was not used as an excuse, to be clear on that. We expect to bring that in the next quarter. It's a part of our business. Again, it's the last 12 months figures that is relevant to look at the kind of underlying performance on the business and not necessarily quarter-over-quarter, as we do have some effects of seasonality in our business. Great. There's another question here regarding market share and if we're winning market share from our competitors, for example, SoftwareOne, because we're talking about we're growing quite rapidly internationally. Is this that we're stealing from our competitors, or are we actually just growing the market in itself? Well, I wouldn't say that we're stealing necessarily. That's negative terms. I think the customers are more than capable of choosing the best provider, and we have been clear that we have a somewhat different go-to-market approach. We do not act as a prolonged arm of the software vendors. We are actually rather taking the customer side of the table and ensuring that they are making the right decisions. We have also been clear that that is a business model and go-to-market model that has given tremendously strong result for us. On average, across the leading technology platforms and hyperscalers, we are growing approximately two times faster than the market, which is of course an achievement that we are extremely pleased with. I will not comment specifically which competitors that those market share gains are taken from or won from. We can take one last question. You mentioned a little bit about the Q4 profitability was lower in the Nordics, specifically because of consulting services. Is there any possibility of specifying when it comes to what kind of consulting services it was? Yes, specifically in Norway, where we experienced the most significant kind of dip. It was for project managers. Again, we did see some of the similar trends in other markets. As a consequence of COVID-19, there are somewhat more kind of unpredictability in the consulting segment. I think that's fair to say. We're seeing that we're able to largely fill up the capacity, but customers are less predictable when they are deciding to take on various type of consulting projects given the current environment. We have been able to adapt to customers changing the decision process. We did see, as communicated, a bit of a negative impact dip in Q4, but we are back on track now, and we do not expect to see that continue into Q1. Great. Thank you very much. It looks like we have run out of time. If you have any further question, do not hesitate of sending it over to me or to Jon Birger or Torgrim. You can see my mail address here. I also want to mention that our annual report is coming out on the 25th of March, and our next quarterly report will be on the 11th of May. All the information, as I mentioned, is to be found on our new webpage and also on NewsWeb on Oslo Stock Exchange. With that, take care.