Good morning, thank you for joining us today. On the results call for the first quarter, representing Crayon Group, we have Melissa Mulholland, Chief Executive Officer, Jon Birger Syvertsen, Chief Financial Officer, and I, Hilde Thomassen, Responsible for Investor Relations. On the Crayon Group investor relations website, you will find our earnings presentation, financial summary, and the data pack related to our first quarter performance. This information is also to be found on NewsWeb to Oslo Stock Exchange. We will start this call with Melissa Mulholland taking us through the key highlights and some key takeaways related to our performance. We will then continue with Jon Birger, who will take us through the financial review for the first quarter. We will end the call with a Q&A. With that, over to Melissa. Thank you so much, Hilde. It's great to be here with you today. I first just want to say thank you to our employees, our customers, and our partners, as we had a phenomenal Q1 performance. What you'll see here is that I want to highlight a couple key reasons for driving this Q1 performance all up in the business today. Additionally, we also have accelerated our global data AI practice, which is a center of excellence that we've expanded across the world with great results. Also to add to that, we've achieved ISO certification globally, which is really critical when we think about how we set the foundation for services and how we grow this business for the next years to come. We're also pleased to share with you the acquisition of Sensa, who is a key partner that's come into the Crayon portfolio to drive our global managed services. Jumping into the results, as I mentioned, we had a phenomenal Q1 performance with overall net positive earnings. You'll see here 31% growth when it comes to revenue, 23% gross profit, and 129% EBITDA. To drive into the business results, just to orient you, we have strong results across all of our business areas, starting with our Software and Cloud Direct business with 25% gross profit. This is fantastic growth, as I mentioned, with market expansion in key areas such as the U.S. While the logo may not be shared on this screen, I'm pleased to tell you that we had one of the largest public sector deals in Microsoft's history in the U.S. out of the State of California, which for me is very close to home coming as a California native. I call that out as it's a fantastic Microsoft achievement in driving the cloud services business across the board. We also had significant wins across the Philippines, France, and of course, the Nordics. I also want to emphasize that this is not just based on the cloud performance of Microsoft, but also other vendor mix included into that, which is quite important to emphasize as we want to make sure that we differentiate that to our customers. Additionally, across the Software and Cloud Channel business, we also saw 18% growth. Crayon has a unique business model in that we both sell to direct enterprise customers, but we also sell into the channel, and the channel also differentiates our value to support SMB customers. This is important because we focused the last several years on building IP to drive CSP. CSP is a catalyst for making sure that we continue to drive more value-added services and solutions to those customers so that they don't have to actually think about the billing and the access around that. Here are some great examples of some customers in Norway that we've been able to support and take that burden off of them, driving further growth. I also want to emphasize that the channel growth is global in the sense that we've expanded into India, the U.K., and also the Nordics. Then on the services side of the business, Software and Cloud Economics is really core to the foundation of what we do, which is all around helping customers save on IT costs. This is particularly important in the time of COVID, where we're able to help companies be able to save and reduce their IT costs when they may have cost pressures in the business all up. What you'll see here is that we have 40% year-on-year growth in our recurring contracts, which is really important when we think about driving our recurring business all up. Additionally, we also have invested further across our Service-iQ platform, which is also built now across multi-cloud. We have the ability to service not just on Azure, but also AWS, which is important as part of our strategy. Lastly, I want to touch basis on our consulting services. This is a mix of what we call our traditional cloud services for both professional but also managed services, and I want to call out the outstanding growth of 27%. A third of this is actually driven by the U.S. business, which is exciting for us to see because the U.S. represents a significant market opportunity. Now, of course, we have very small market share in the U.S., and so what I would say is that we have ample opportunity to grow, and that is an area that we're going to be further accelerating in the business all up. I wanted to call out the fact that we are seeing a significant growth, especially in Q1 for the U.S. Additionally, as I mentioned earlier, we are seeing strong demand for global remote delivery, and this is out of our center of excellence for our data and AI team. We're able to service customers all over the world in areas such as even South America, where we don't have entities, but also out of the U.K., the Middle East, and we're seeing strong results in demand, especially in the Middle East. Last but not least, we also have continued to work really strong around delivering the framework for services development at a global level so that we can continue to build up that recurring revenue side of the business. I think it's important to be grounded in some customer wins that we've had all up. As I mentioned, public sector is really a core highlight. We were able to take our strength in working with the government and actually land that globally across different entities and markets. This represents share gains, not just on the Microsoft portfolio, but across multi-cloud. This also encapsulates AWS and other vendor providers. We've been able to really, I would say, build the confidence, and this is important because as we look at markets like the U.S., that is today for Crayon, very heavily weighted in the SMB market. It's important that we secure these types of wins from a U.S. mindset to grow that all up commercial sector, especially on the enterprise side. Additionally, when I look at the core business, which is Cloud Economics, I love this example of the Nordic Choice Hotels, where we came in, and we actually supported them with reducing their all-up IT spend. You'll see here an annual savings in U.S. dollars across both Azure as well as AWS, showcasing our multi-cloud capability on our Service-iQ platform. This is a great example where people and employees were faced with business impact due to COVID. Over 16,500 employees were part of the Nordic Choice Hotels, and they were faced with real concerns around layoff in a time and an industry that, of course, is impacted heavily by the pandemic. We were able to help them save costs, and I think it's a great story that is also core to our vision around how we drive technology for the greater good. Last but not least, I want to focus on, as I mentioned, the acceleration of our data and AI practice. We have a phenomenal team. 80% of them actually have PhDs driving, I would say, real core expertise in a couple key industries. The first is the energy sector. While we can't name the companies, we have some of the top oil and gas companies in the world that we are supporting in terms of predictive maintenance and in some other aspects, specifically around, for example, MLOps or machine learning operations. We also have developed an expertise around farming and agriculture. You'll see the image of the pigs here, where we're able to, through computer vision, be able to detect the pig and calculate the weight of the animal, which reduces stress. By reducing stress on the pig, you, in theory, have a much better product, but also it reduces time and costs of moving the animal from point to point. This is an example where we're actually taking this IP and scaling it across other farming scenarios globally. Last but not least, we also have been heavily, I would say, emphasized around the manufacturing business. RHI Magnesita, we've spoken to about before, but because of the success that we've had in this business, they've actually come back and continued to develop the long-term relationship with us. I think it's important to mention these examples because we are developing a set of expertise in these key industries. Of course, we do everything from education to healthcare and other scenarios. I want to just quickly mention, though, some other strategic value creation levers specific to core business areas such as sustainability. As I mentioned, we have the energy sector, which we've developed expertise on, but now we're also doubling down on how do we support, for example, with carbon. As we know, ESG is an important EU mandate that we need to be ahead of. We have also received funding from the Austrian government for an initiative called fAIr by design, where we are reducing bias in AI models. We also are taking that work and supporting the SHE Index, which is a global diversity index where we're going to partner with EY as well as the SHE Community to help drive more gender equality in the workplace. Just sharing some great examples of the work we've done. What I'll lastly say is that we've developed expertise across what I would call multi-cloud, which is not only Microsoft on Azure but also AWS and Google Cloud. Last but not least, we've also developed IP in this space. Really quite astonishing results that we have. Going forward, this is important to emphasize because it will continue to drive value into our core business as we're able to drive much more automation into cost economics. As I mentioned, I just want to quickly share with you the fantastic achievement that we've received in Q1, where we've actually achieved global ISO certification across ISO 27001 for information security, ISO 27701 for privacy, and ISO 9001 for quality. This is important because it builds on the foundation for the rigor and the quality that we strive to achieve, which has been really core to Crayon's success over the past 20 years. As we expand with services and managed services, it's important that we invest in building the quality and capability, and ISO is an example of that. As I mentioned, Sensa is now in the portfolio. This is not reflected in our Q1 results, and Jon Birger will discuss this later, but I wanted to share with you an overall portfolio around Sensa as we've been working through the integration plan with them. They are a managed service provider based out of Iceland of 120 employees. They have deep technical expertise across a variety of, I would say, vendors, but expertise such as Cisco, AWS, Azure, VMware, et cetera. This is important because not only will they provide us managed services in the aspect of backup networking, but also storage. They also will be able to support us with key expertise on RFPs that we have, and they are also ISO certified on 27001 as well. I just wanted to share this, and we're really excited as we integrate Sensa into our portfolio for Q2 and beyond. I'm really proud of the work that our employees have done, and I wanted to just quickly showcase this, building on our vision as a company and driving technology for the greater good, but also in our core aspects around integrity. Our employees have really stepped in to support in a time of COVID, for example, supporting in the Philippines and around the world, over 1,200 food bags distributed. We also have donated 22 PCs and screens for a school with special needs for children who have been displaced due to COVID. I just wanted to share some great examples of where we have corporate responsibility. Of course, the situation in India is quite sad at the moment, and we are also supporting with medical supplies and vaccines as well. Just wanted to share that with you around what we do all up from a corporate governance standpoint. Last but not least, as you may have seen in the Oslo Stock Exchange announcement, we have hired a Chief Compliance Officer, Abbey Lin. This is important in building upon our core values of integrity, which is something that we really hold to be quite important as we expand our business. Crayon has been expanding quite rapidly in markets around the world. As a listed company, it is important that we also invest in our future in terms of compliance, integrity, but also sustainability. ESG is something that we will be further building upon with Abbey Lin coming onto the team. Now with that, I'm going to transition to Jon Birger to take us through a detail of the financials. Welcome, everyone, and thanks for joining the call today. My name is Jon Birger Syvertsen, and I will take you through our Q1 financial results before discussing our updated Q1 guidance. As a reminder, all numbers are NOK unless otherwise stated. Also, to be clear and avoid any confusion, the numbers do not include any contribution from the Sensa acquisition, as that closed at the beginning of Q2. I do, however, look forward to taking you through the Q2 results, at some point, which will include the contributions from Sensa. To summarize Q1 2021, we have delivered another record quarter. When reviewing the Q1 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. Over the past three years, we have delivered 25% annualized gross profit growth, while adjusted EBITDA has grown with 50% annually in the same three-year period, clearly demonstrating the margin improvement from scaling our international footprint. Secondly, in Q1, we saw a very strong EBITDA growth in what is seasonally a smaller quarter. I'm happy to report that this is the strongest Q1 EBITDA ever by Crayon. This performance is a strong testament to our ability to onboard new resources and use these to drive profitable growth as we're seeing NOK 120 million in gross profit growth, translating into NOK 52 million EBITDA improvement, despite us adding and welcoming approximately 135 new colleagues during the quarter. As a consequence of the strong performance in onboarding of new resources, we are increasing the guidance for the EBITDA margin for 2021 to 18%-19%, which clearly demonstrates our confidence in our ability to continuing to drive profitable growth. As highlighted, Crayon delivered a strong gross profit growth of 23% in Q1, combined with a NOK 52 million EBITDA improvement. Also worth noting is that in constant currency terms versus Q1 2020, the growth was 27% on gross profit, while on EBITDA, there is practically no impact from currency. This is primarily driven by a strengthening of the NOK against the U.S. dollars, which has a negative impact on the gross profit growth, while all up across our portfolio, it has a very limited impact on EBITDA. Looking at the geo breakdown of this growth, in the Nordics, we deliver a strong gross profit growth of 15% in Q1, in what is clearly a mature market for Crayon. This is driven by strong performance across the different countries, but in particular, Norway is a highlight, driving strong growth both on software and cloud and services. Given the strong operating leverage in the Nordics, the NOK 46 million gross profit growth translated into a NOK 29 million EBITDA improvement. Europe all up delivers a very strong quarter with NOK 31 million growth for a growth rate of 35%. We're seeing strong growth rates across our different markets, but in particular, Switzerland is a standout in Q1 once again, delivering 41% gross profit growth, while also our recent CEE expansion continued to contribute positively both on gross profit growth and EBITDA. APAC and Middle East delivers a total gross profit growth of NOK 19 million, amounting to 31%. It is also important to highlight that in constant currency terms, we delivered 43% gross profit in the region. Middle East continues to drive growth following the turnaround in the beginning of last year, while also in APAC, we're seeing strong gross profit growth. U.S. is clearly a highlight in the quarter with a reported 34% gross profit growth. However, in constant currency terms, we are looking at 50% gross profit growth, which clearly demonstrates we're on a strong trajectory in the U.S., and this also translates into NOK 10 million EBITDA improvement, driven both by Software and Cloud and the service business. Taking a moment to reflect on what the current growth rate implies for our overall profile. Looking at the business in the last 12-month perspective, we're seeing that there are significant gross profit contributions from all of our market clusters. We're also starting to see this translates into meaningful EBITDA across the different markets. The Nordics clearly represents what our business model is capable of in a market where we have scaled up and are growing at moderate paces. Most importantly, this overall picture demonstrates the potential for further scaling of our business, as the market potential in the international segments each are an order of magnitude larger than the Nordic market itself. Moving on to the business areas, we are indeed growing in a balanced manner across software and cloud and services, which is important, and this is what underpins our overall business model. For software and cloud, Q1 is seasonally a slower quarter, it is still encouraging to see strong growth of 18% and 25% gross profit growth on channel and direct respectively, with the majority of the gross profit improvements translating directly into EBITDA growth. On Software and Cloud Economics, we are continuing to see strong gross profit growth, it's also very encouraging to see that U.S. represents a very large share of the overall gross profit growth on services in Q1. This is an important page as Crayon has, for the past four years, been on a journey from a Nordic company to an international company, Crayon has come a long way on this journey. The dark blue bars represents our international business. As recently as 2018, Crayon had NOK 560 million in gross profit from the international segment, representing 38% of the total gross profits in the company. Today, this gross profit is more than doubled over the course of three years, driven by strong organic growth across the portfolio. Despite strong growth rates also in the Nordics, our international markets now amounts to 48% of the gross profit in the company. The international markets collectively delivered NOK 133 million in EBITDA over the last 12 months, which is a significant improvement of NOK 147 million over the same time period. As recently as year-end 2018, we had -NOK 14 million in EBITDA, while today we are contributing NOK 133 million in positive EBITDA. We have been able to achieve this improvement while we have also improved profitability in the Nordics, delivering an all-time high EBITDA margin of 35% in the Nordics over the last 12 months. Given the strong starting point and significant market potential in our international markets, we will continue to invest in growth. In our line of business, investments imply onboarding of additional resources and initiatives to continue to drive the growth momentum. Given the productivity curve of new resources, the growth rates we have achieved and the target going forward represents a drag to our EBITDA margin in the short-term, while representing significant future value as the resources ramp up and deliver additional gross profit growth and corresponding EBITDA impact. However, and as I will get back to when discussing the guiding, our Q1 results clearly demonstrates that we have been able to accelerate this ramp-up, leading to an accelerated growth in EBITDA margins. 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 as a business, we invest significant time and efforts into driving working capital improvements. It is thus very positive to see that these efforts across the organization continues to pay off. Before diving into the Q1 working capital, it is important to keep in mind that our business is seasonal. As a consequence, the relevant comparison for working capital is always year-over-year. Independently of the seasonality, Crayon has a consistent track record of negative working capital, which is attractive as it implies that working capital is a source of funds, not a use of funds. Starting with the working capital in Q1 2021, we have accounts receivables of NOK 3.2 billion, while accounts payables to vendors amount to NOK 3.1 billion. This results in a trade working capital of NOK 28 million, which is a decrease of NOK 80 million compared to March 31, 2020. Furthermore, we have other working capital, which includes things such as payable public duties, taxes, other short-term receivables and payables totaling -NOK 519 million, resulting in a net negative working capital of NOK 491 million on March 31st, which is an improvement of NOK 96 million against Q1 2020. This improvement is driven by a combination of continued improvements of our credit and collection processes, offset by slightly less favorable deal timings during the year than we had in Q1 2020. During the last quarters, we have demonstrated a clear trend of improving working capital position. As indicated by our guidance, we have a clear target to maintain significant parts of these improvements, also in a normalized world where payment cycles are normalized as society opens up again and lockdowns and constraints are eased globally. Cash flow from operations follow the same seasonal pattern as the net working capital on the previous page. Changes in working capital is the major driver for the variability of the cash flow between quarters. We illustrated on the previous page, working capital was less negative in Q1 than in Q4, in line with the normal seasonality, leading to a negative cash flow from operating activities in Q1. The Q4 working capital was substantially stronger than Q4 2019, we're thus seeing a lower cash flow from operations in Q1 2021 than we did in Q1 2020. However, to factor out these swings and variances between seasonalities, it is helpful to look at the last 12-month perspective. For the last 12 months, the waterfall below illustrates how the net cash position and liquidity position has improved significantly. In Q1 2020, we had NOK 330 million in cash. During the last 12 months, we had unadjusted EBITDA of NOK 424 million, while the change in net working capital had a positive impact of NOK 28 million, as seen from the cash flow statement. CapEx had a negative effect of NOK 77 million, while acquisitions net amounted to NOK 12 million, and tax and interest amounted to NOK 78 million. New equity in total has increased cash with NOK 360 million, and currency translation and other effects amounted to NOK 13 million negative, leading to a net cash position on March 31st of NOK 962 million. In addition, the business has an RCF available, which leads to a total liquidity reserve of NOK 1.2 billion on March 31st, an improvement of NOK 589 million over the last 12 months. We have already covered the items down to EBITDA and the operating performance underlying this. Depreciation and amortization is in line with plan. Depreciations increase year-over-year due to investments in IP and ERP systems in previous periods, and a slight increase in capitalized leased cost under IFRS 16, while amortizations are higher than in Q1 2020, driven by scheduled amortization on identified and tangible assets from recent acquisitions. Interest expense is significantly reduced year-over-year, as the Q1 2020 numbers were negatively affected by negative interest on cash balances in certain markets, while other financial expenses are lower as there were significantly less currency fluctuations during Q1 2021 than what we saw in Q1 2020. Altogether, this results in a pre-tax result of NOK 29 million in the quarter, which is a strong improvement compared to the NOK 51 million loss in Q1 2020. Income tax expenses is slightly higher than in Q1 2020 as a consequence of the increase in pre-tax profit. This leads to a net income in Q1 2021 of NOK 15 million for the quarter, which is the first Q1 in the history of Crayon with a positive earnings in what is seasonally a weaker quarter. This overall clearly demonstrates the leverage of the capital-light business model of Crayon as the EBITDA improvements filters through to real and sustained improvements in earnings. When it comes to the balance sheet, we have already discussed the net working capital. Intangible assets are somewhat reduced year-over-year, as investments in systems are more than offset by depreciation of goodwill in foreign currency and impairment of intangible assets over the past year. On the liability side, other long-term liabilities represents earn-outs relating to acquisitions, and this is increasing slightly as a consequence of the underlying business performance of the acquired assets. Other short-term interest-bearing debt increases with NOK 57 million, and this includes a government loan in the U.S. of NOK 15 million, which was forgiven in April this year, and a local financing facility in India. Crayon also has a NOK 300 million bond outstanding, maturing in November 2022. This, combined with a cash position of NOK 960 million, leads to a net interest-bearing debt to EBITDA on March 31st of -1.1, indicating a strong financial position indeed. When reviewing the balance sheet, please also note that the balance sheet does not include the acquisition of Sensa, and the cash component of that acquisition, as a reminder, amounted to approximately NOK 150 million. As stated, cash flow is very important to us in Crayon. Delivering a net cash flow, which can finance acquisitions, investments, and/or dividends, or share buybacks, are a critical part of shareholder value creation. Cash flow from operating activities in Q1 reflects the change in net working capital. As stated previously, since the working capital is less negative in Q1 than it was in Q4, this leads to a negative cash flow in the quarter. However, it is important to keep in mind that the working capital remains negative and is more negative, which is a positive thing, than it was in Q1 2020. This year-over-year comparisons is clearly relevant and shows a strong improvement in our net working capital position year-over-year. Cash flow from financing activities in Q1 2021 is primarily driven by interest costs, which are on a normalized level in Q1 2021. New equity relates to minority interests, while the debt items primarily relates to cash flow effects of contracts classified under IFRS 16. Investments in assets is primarily related to the ERP system and Cloud-iQ, we continue to invest in these platforms to build a scalable business model. Now, wrapping up, we will take you through the outlook for 2021 and the medium term. As indicated in the introduction, we continue to see a strong growth momentum across the markets we operate in. In Q1, we delivered 23% growth year-over-year, which result in a last 12-month growth rate of 28%. As a consequence of the strong performance and strong momentum, we reaffirm our guidance of a reported gross profit growth of 20%-25% for 2021. Crayon's growth model implies that we add resources in our local organization, as discussed before, there is inevitably a time lag between onboarding of the resources and the cost associated with that, and the gross profit impact associated with the resource ramped up to full productivity. As we have matured both in terms of the scale and maturity of our local markets and in terms of our tools and infrastructure for onboarding of new resources, we see that we're able to shorten this ramp-up period. This provides a positive benefit to our margins as the growth has less of an impact on our margins. As a consequence, we increase our EBITDA margin guidance for the full year 2021 with 1 percentage points from 16%-17%, to 17%-18%. The average net working capital for the past four quarters is currently -29.7% of the last 12-month gross profit. We maintain our guidance of -20%-25% as we expect to be able to sustain a significant share of the improvements during 2020 also in a post-COVID environment, as the world gets back to a new normal. Finally, CapEx for the last 12 months is at NOK 77.2 million. For the full year 2021, we maintain the guidance of 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 Q1 presentations. We now open up for questions from the audience. Great. Yes, we are going to start with our first analyst, Christoffer Wang Bjørnsen from DNB Markets. Great. Thanks a lot for taking my question, guys. Good morning. My first question is basically on the CapEx core maintenance question. Capitalized R&D was relatively low in the quarter and also compared to what you're guiding for for the full year. Was there anything specific there we should expect that to ramp up back again in the next couple of quarters, or how should we think about that? Yes, I think that's fundamentally we stand behind the guidance because we do believe in investing in IP and platforms in order to scale our business growth. Inevitably, when implementing these projects, there's always a balance between what is operational costs and what is CapEx, and what can be capitalized. That will vary throughout the course of the different projects. Coming back to your questions, yes, we remain committed to continuing to invest in platforms, and you should expect those investments to ramp up over time. Great. Thanks. That's loud and clear. On the growth trajectory, I understand the guidance includes the tailwind from the acquisition of Sensa. I'm just trying to understand what is the driver of the lower growth if you exclude Sensa compared to the type of growth you've seen in gross profit in Q1? If you take out Sensa out of the guidance, then there is a significant step down in growth. It's still very good growth, but significantly lower than what you've seen over the last couple of quarters. Just trying to understand what was driving that. Is it just tough comparables? No, I can start, and then Melissa can continue. First of all, to be clear, yes, Sensa is included in the guidance. We delivered 23% gross profit growth in Q1, which, if Sensa had been included, would put us at the top end of the guidance. Clearly, as we've seen throughout our portfolio of the markets, COVID-19, although we are here in Norway and are safe and sound, COVID-19 continues to play out and have an impact in the various markets locally. As much as we like, it's still too early to conclude that we are past any form of COVID-related challenges and impacts on our portfolio of markets. Clearly, we continue to see strong growth momentums, and we continue to capitalize and drive that as wherever we see opportunities. Melissa, anything you want to add there? I think that was well said. I think it's best to be conservative in a time like COVID, where the markets do fluctuate and pressures on IT spend continue to be prevalent. Clearly that has been a huge factor for our success over the past year. I would also emphasize, if you look at competitors in the market, we are continuing to perform strong. That puts us in a great position, but we also want to be conservative with our expectations. All right. Thanks. One last question from me, and then I'm jumping in the back of the queue. You guys have communicated that with the CEO change and now, as far as I understand at least, going to be more aggressive or forward-leaning or whatever you want to call it in terms of M&As. Just curious or excited to get kind of an update on what you're seeing there. You've identified any more targets? What region are they in? What kind of sizes should we be thinking about in terms of targets? Those kind of things would be very helpful. That's a great question. I would say M&A is an important focus for us as we continue to build upon the business and the strategy. There are a couple key areas, certainly, that we're going to look to expand upon. Sensa is a good example of that, where we focused on managed services as we want to drive more recurring revenue in the business all up. We'll continue to look for managed service providers. Additionally, as I mentioned, we are really focused around driving automation, specifically around the data side as we see a real opportunity with data and of course, security embedded in that. From a market perspective, we have seen great, strong performance in Q1 with expectations that this is going to be a real starting footprint for our U.S.-based business, because we know that the opportunity in the U.S. is quite significant. At the same time, we are very small in terms of size of the business, employees. From an M&A perspective, the U.S. is also something that we are looking at. Great. We move over to Kristian Spetalen from Arctic Securities. Hi, guys. Can you hear me fine? We hear you. Good. Building a bit on Christoffer's second question here. You are having a very good momentum in Q1, and I'm just wondering how long do you expect this momentum to continue? Looking away from the stronger NOK in the recent months, what do we need to see for you to lift the gross profit guidance? If you have kind of the same pace on organic basis in Q2 or into Q3, and you also have okay comps for the second half of 2021. I'm kind of struggling to get those figures going up with your guidance. No, you're asking a very relevant question. I think what's also important to keep in mind is from a seasonal perspective, and in particular on the software and cloud side, Q1 and Q3 are the smallest quarters. We're therefore cautious to draw strong conclusions for what the year will look like based on what sort of the seasonal, the smallest quarter of the year. We're of course sort of super happy about the results in Q1, and they clearly reinforce our confidence in our ability to deliver on our commitments. To your question, and I think the second part of the question is really sort of our guidance should be seen in the context of the overall market performance. We've been quite clear that sort of implied by this guidance is basically Crayon growing and capturing market share beyond sort of the overall market growth, and Crayon growing roughly at twice the overall market growth, both for the 2021 guidance and the overall year. Clearly, if the overall market growth is faster in 2021 than what we have anticipated as part of our putting up our guidance, then that will result in revisions to the guidance during the year. Okay, thank you. That's helpful. My second question is what the amortization is for Q1 if you exclude the purchase price allocation from previous M&As, and how much will it increase approximately with Sensa? It's split, and it's a good question. The amortization is basically two components. It's the intangibles we have invested in ourselves, and it's identified assets during purchase price allocations. Although I don't have that number right away, it's roughly 50/50 in terms of components. Okay, thank you. Is there anything we should be aware of within the regions on the cost base for the second quarter versus last year, in light of furloughs or anything you didn't point out in last year's report? No, there isn't. We've been also quite transparent with the reporting sort of on the various components of COVID support. The one thing that will, and we have noted this in the notes to the financial statement on subsequent events, is that there was a forgivable loan in the U.S. that was in April, that we're in the same manner as we had in December was forgiven. That, we will handle that in the same manner for our Q2 results and report and exclude that from the adjusted EBITDA. Okay, thank you. That's helpful. I'm good. Great. It looks like we have one question from the audience. It's a question about how much of the strong EBITDA result is related to the profit backlog of NOK 150 million, and the shift from annuity to monthly models discussed in the Q3 earnings call. This is a good question. I can start, and Melissa can continue. Basically, the question relates to what we highlighted in terms of the overall shift to cloud and the implied margins from that, and the fact that there's then a difference between the last 12-month number and the annualized run rate. Basically, in general, that will primarily benefit the software and cloud segments of our reporting. Clearly, as you see, there are increases in that, but that is clearly a combination of underlying business growth and us capturing market share, which in particular is the important driver in the markets outside the Nordics. Also in the Nordics, we have significant new customer wins contributing, but there is also an effect, to your point, from the profit backlog and the full year effects of the run rate. I'll just add to say that our business model, of course, is a mix of licensing, but also services. Oftentimes when we engage specifically, I would say, in the Software and Cloud Direct business, you'll have a combination of that. Of course, licensing will continue to be prevalent, and it's a strong backbone of our business, but we also are integrating more and more cloud-based services because of that additional upsell and also recurring revenue that we receive. Great. It looks like that was the questions that we had received. With that, I want to thank you for this call today and for joining us for this quarterly release of our quarter one for 2021. The next quarterly release will be on the 11th of August after summer, and we look forward to seeing you then. Thank you very much.