Welcome to Nordic Semiconductor's quarterly presentation for first quarter of 2021. Pleasure to have you all listening into it. We see a continuous strong growth in revenue during very challenging times. The important thing is that we see solid demand in all of our end user markets. Our revenue came in at $143.2 million. It's up 104% year-on-year, and it's up 13% quarter-on-quarter, even though it's been, as we usually say, Chinese New Year in Q1 is usually a weaker quarter, but I think it's been going full steam all over Asia in production during this quarter. Our gross margin ended at 50.2%, which was in the guided area we did earlier on. For the first time, Bluetooth revenue passed $100 million. It actually came in at $119.8 million. It's up 134%. Our proprietary revenue keep running at a stable rate and $20.9 million indicates a growth of 36% year-on-year. On the cellular IoT, it grew only 10%, and it was really heavily influenced by supply issues. All over, it was a healthy quarter for Nordic. It required a lot of working with our end customers, and we do much more follow-up now with our end customers to ensure we don't get any production stops at the lines. It's important when there is shortage that we work close with all customers, and we will continue doing this over the next quarters to try to avoid any line stops or at least minimize impact for our customers. Our backlog keeps increasing. We ended with a backlog of $803 million. It's 551% up year-on-year. It's mainly driven by increased volume from Tier 1 customer, but we still see that the broad market is also growing strong. The Bluetooth multiprotocol solutions accounted for 88% of this revenue. When you go back and look at 803, you will compare it with the guidance we're going to give today, that is $140 million-$150 million for Q2. It's a matter of getting wafers available that basically sort of constrain the growth in our numbers. What we see is that we have a very good support from our vendors. TSMC is working hard to pull in wafers, and we just need to balance, so we minimize any damage for our customers. I said Tier 1 customer drive growth, and we've been taking this slide a couple of quarters now because the platform companies defining the features. I think that what you see now is the bottom end of this slide where customers are connecting to this infrastructure. We are leveraging very strong on the work we've done with this huge, what we call tail-end customer base over so many years. We've also seen during these last quarters a shift in healthcare segment, where more and more of healthcare device providers are going from analog to digital solutions. We'll discuss this a bit in the presentation also. We have a steady market share on certifications. We ended this quarter with 42% market share. What we have seen changed over the last year and a half, is a significant increase in value for each design. That's really what our backlog represent, is going to $803 with actually the numbers are less than it was last year. We see it's an effect of corona. As the value per design is higher, obviously the market share is in actual revenue-wise getting up. We see strong growth across all our verticals. Consumer electronics remains the largest area. I'd say healthcare, building, retail show the highest growth. There is disruption, I will say, in asset tracking, smart home, smart lighting, and also drug delivery and disease monitoring is growing as we have talked about for many, many years. Very strong. New product launches. I used to take this slide every quarter. It represents some of these products that we can talk about that's public. Gaming has had a very big uptake during this period the last year, and obviously Nordic is supporting most of the gaming accessories. This is a example. It's a gaming mouse using the 52840. AppSens do smart heart sensors. It's a ECG heart monitor using our parts. React Mobile is a cool product. It combines the usage of cellular and Bluetooth. It's a panic button for hotel employees. If you go on the floor and you see a red button somewhere, it could be the React Mobile product. We also have a company here which is doing battery power IoT fire door sensors. I said battery power. This product can guard these fire doors based on battery power. Most of these alarms are connected to mains. Here we have a product that is battery-powered using LTE and connecting globally to any base station. We also have another design we show this quarter. It is asset tracker with GPS using our 9160. There is a strong design activity on the 9160, and we all know what design activity means for future revenue. We continue to develop products, new products, and the latest generation, which we actually moved into volume production in Q4, is the 53 family. The 53 family is the most advanced Bluetooth on the market, and it's a dual-core controller into the product. We already see now six different module partners have made 17 different modules based on our 5340. It's really good to see such an uptake on a new product so fast. We received the first $1 million, or it was $1.2 million from a customer within advanced wearable segment. We got orders from audio customers within hearing aid. It obviously has support for artificial intelligence and machine learning, which I come back to a bit later. Artificial intelligence and machine learning is really the future of IoT. We've known that for a long time. That's why we've been working very close with a company called Edge Impulse to make it available on wireless IoT chips. This product combination of edge software and Nordic radio is the first wireless IoT chip that has machine learning, artificial intelligence. Actually in Slovenia, already we see a company making a power grid controller and monitor using both nRF9160 and the nRF52811 implementing machine learning. We are very excited with IRNAS's product. Regarding cellular IoT, we continue to expand certification for global coverage. We just got approved by Brazilian regulation. We were certified by Telus in Canada. Unfortunately, we now, during this quarter, seen delay in supply chain, but we are picking up in the second quarter. What we also are doing through last quarter is to even simplify our tool and application more. We see now that we are absolute easy to use for customers. We see more and more non-typical, non-cellular customers implementing cellular into their product because it's easy and possible. With this, I would like to hand over to Pål. He's doing the financials. Come back to you. Thank you, Svenn-Tore. Before I start with the financials, a reminder, if you have questions to the Q&A, after the presentation, there's a link on the Nordic pages to the webcast, you can answer questions. I'll start with revenue. The accelerating growth rates we saw, during last year and also compared to last quarters, continued also in 2021. The growth of 104% comes, of course, as a result of a very low Q1 last year, where Q1 was impacted both of Chinese New Year and the pandemic that started in March. We actually had only two months of revenue in Q1 2020. This was not the case in 2021. We had very little impact of Chinese New Year, we also, due to constraints also in Q4 in the supply chain, we had an increased demand in Q1. Also, the seasonal effects that we normally see. Normally Q1 is lower than the high Q2 and Q3. The shift in customer mix, the shift in product mix is more or less reducing this seasonal impact that we have seen historically. Bluetooth revenue increased, as Svenn-Tore mentioned, 134% to $119.8 million. This is actually the first quarter. We're above $100 million in Bluetooth revenue. Proprietary continues the strong demand that we saw last quarter. Of course, this is an effect of the high demand for home office products now in the pandemic. Going forward, there will be a transition to Bluetooth on the proprietary products. We do see a pretty stable slight decline on proprietary going forward. Cellular IoT + 10% to $1.2 million. Slightly lower or lower than expected due to supply issues, as Svenn-Tore mentioned. I'll now go to the main markets we report on. As overall revenue shows a very strong growth, both compared to last year, but also last quarter. The underlying markets will, of course, show a strong growth. I'll highlight a few of the key observations we have. First of all, consumer electronics up more than 100% compared to last year. Of course, consumer electronics is the area where we have most of the home office products and the proprietary business. There's also other interesting designs there. Among others, gaming is showing really good demand in this period. Compared to last quarter, we have a slight decline of 5%. This is the only really seasonal area we have in the business. Wearables continues to be very strong. This is the area where we have very high demand, especially from Chinese vendors, and where they really want their high-end nRF52 products. Building and retail, together with healthcare, is the highest growth areas. Building and retail grew by 169% to $35 million. The increase reflects continued growth for both industrial and home automation applications such as speakers, smart lighting, alarm systems, smoke detectors, for example. Other important products in this area is trackers, sensors, and city bikes, and also smart labeling. Healthcare, a very, very interesting area where revenue grew by 197% compared to last year, to $16.3 million, up more than 50% versus last quarter. In healthcare, we have a stable base of customers that we've had for many years, giving good basis revenue. In addition, we have the transition happening during the pandemic where we see more and more connected healthcare products and also more and more COVID-related products. Svenn-Tore mentioned a very interesting COVID product earlier in the presentation. Healthcare will be a little bit lumpy, but as we mentioned, this will be a very interesting growth area for Nordic. Gross margins at 50.2% this quarter, down from 52.7% last year. This reduction in gross margin was commented on in the Q4 presentation and is really driven by a change in both customer mix but also product mix. Some of these healthcare products, amongst others, are more on the low functionality, low-value products with lower gross margins. We expect this development to continue in Q2, and therefore see gross margins in the 50%-51% range also in Q2. For the long term, this will also continue, and we've mentioned the gross margin of 48%-50% for the short-range business. For the long-range business, margins are around 35%-40%. I'll now turn to the operating model. The number on this slide reflects reported numbers. I'll come back to cash operating expenses later. The effects of capitalization and internally developed R&D is included in the numbers. The strength in Nordic's model can be seen on this slide, where the strong revenue growth gives us a significantly increased EBITDA compared to last year. Total reported R&D spending is now at 22.6%, down from 27% a year ago. However, we've now included the Wi-Fi development in the model. This quarter, we spent $2.1 million on development of the Wi-Fi portfolio. Excluding the Wi-Fi development, if we compare to last year, R&D spending is now at 21%, and we've commented before that R&D needs to be at least 20% going forward. Although R&D spending is reduced compared to revenue in absolute numbers, total R&D increased from close to $19 million - $32 million. We continue to invest to capture the larger growth opportunities that we see. SG&A now at around 9%, significantly down in percent of revenue compared to last year. However, we have increased spending by around $2 million. Although activity in SG&A is still low due to the pandemic and no traveling, no exhibitions, et c. Total EBITDA at $24.9 million or 17.4% of revenue. Cash operating expenses, which is OpEx, excluding capitalized internally developed R&D and equity compensation, increased 42% compared to last year. Compared to last quarter, cash OpEx increased by 17%. Increase in salary expense of 49% comes as a result of adding 29% people. We are now 1,029 employees. This, of course, includes the 81 people that we added from Imagination at the end of Q4. Excluding the Imagination acquisition, overall, we increased employees by 19%. Salary spending increased by 49% compared to last year. Of course, this is significantly higher than the 29% more employees. The reason for this high increase is partly FX. A year ago, the NOK was exceptionally weak. We added the negative effect of FX was $2.2 million in the quarter. In addition, last year had very low profits. Of course, bonus accruals, et c., increased during Q1 this year. On other OpEx, the increase is from $9.4 million-$11.7 million this year. EBITDA margins in Q1 2021 was a strong 17.4%, up from 7.5% a year ago. If we compare to the last quarter, we had a decline from 21.1%. This decline comes as an effect of lower gross margins. Also the higher spending, mainly due to FX and acquired businesses. However, excluding the long-range business, also excluding the Wi-Fi business, EBITDA margins is at 25.7%. For the last 12 months, for the first time, we are now above 20% on the total business and then close to 28% for only the short-range business. CapEx of $5.4 million in the quarter or 3.8% of revenue. Most of the spending relates to increasing test capacity so that we have flexibility when we get wafers into the production and can quickly turn around products to our customers. We will continue to invest in test capacity, so we do expect CapEx to be in the same level going forward in percentage of revenue. Finally, I will talk about cash flow. We do have a strong cash position, although total cash outflow in the quarter was $46 million and a negative operating cash flow of $26.7 million. The main reason for this negative cash outflow, which we have despite cash EBITDA of $23 million, is we do see an increase in net working capital. This increase in net working capital is mainly related to accounts receivables, driven by timing of when revenue happens in the quarter, but also timing of when our largest customers actually have their annual closes. Most of these receivables have been paid in early Q2. Net working capital in percentage of revenue is at 27%, which is up compared to the 19.4% we had at the end of 2020. In addition, the other item on the slide is payments related to the option exercise that happened during Q1. As I like to sum up, the cash position of $197 million at the end of Q1 gives us a strong fundament to continue to invest and capture the growth opportunities we have. The cash balance is now 1.9% of last month's R&D spending. Okay, Svenn-Tore, it's your turn to take over and give an outlook of the business. Thanks, P ål. This slide we also showed previously, but I think it's important to look at the end of this slide and see the steep growth we have the last 12 months. It's really due to the fact that we have this widespread IoT adoption. Finally, we see that all the products we've been working on, all the customers we've been working on, are now putting products into the market, and we're going to see more new products entering the market throughout the next few quarters. It's represented in our backlog. It's a long-lasting journey in Nordic, and we are still at the early times when it comes to IoT implementation. We've shown accelerating growth in Bluetooth and short range. If you look at the last 12 months, you see Nordic has grown 64%. If you look at the five-year CAGR for Bluetooth has been 28%. Proprietary has been positive, despite that we thought that proprietary might sort of be less to come. Now we see that there still is new products coming out with proprietary solution. If you look at the total group, we have been having a total CAGR of 20% over the last five years. If you look at external analysts, ABI says that they think that the Bluetooth IoT market will quadruple by 2024. They believe that smart home, which is something Nordic been working extremely much in, will exceed 800 million devices. Obviously some of the bets or calculated bets that Nordic take seems to play out just as we speak. If you look at cellular IoT, this is a slide from Ericsson White Paper. It shows the cellular network. If you look into the shaded area in the middle, that's really Narrowband IoT, LTE-M. These are the numbers representative, the two standards that Nordic is supporting in our products, our cellular products. This is expected to grow strong according to Ericsson, and that's just one reference we found. You will find more references that represent more or less the same trend, maybe not always the same number. The trend is a heavy growing, fast and rapid growing segment, and Nordic are in the middle of this growth. Also last quarter, if you remember, I presented Sigma's and Ericsson Ardesco reference design, and obviously that reference design is using Nordic cellular products due to the fact that we have lowest power, ease of use, and are very, very solid protocols. I also think that IoT will play an important role to reach U.N. sustainability goals. If you look at each box here, you see Nordic ticks use of Nordic into products, ticks basically every box. We see that now huge activity to reach the sustainability goals accelerated the science with Nordic products. Also we did in Capital Markets Day, soon two years ago, that the backlog really supports the $1 billion goal that we set. We are in a solid position. We are market leader in Bluetooth. We are taking more and more design in cellular IoT, and we are complementing portfolio with our Wi-Fi products. We really see that due to the great work we are doing in collaboration with TSMC and other wafer suppliers, we work every day, try to minimize the damage for our customers due to supply chain problems, but also to optimize throughput from our suppliers. We have to empty that backlog. As we said in the report, it is stretching into 2022. Still there is plenty of revenue to be shipped within 2021. That's really the reason, the tight cooperation with TSMC that made us able to pull in wafers for Q2 delivery. The important thing is that it's pulled in. It's not additional wafers yet, but we obviously hope to see continuous pull-in and some ease in the supply chain as we go further throughout the year and into next year. It is supply that limit our revenue at the moment. We have still a support or minimum 25% in production volumes. When I speak to TSMC, I'm very pleased to see their eagerness to correct the situation and their plans of CapEx spending over the next years to ensure capacity growth for all nodes. They're also going to do additional volumes on mature nodes, which our 52 Family is running on. This is a matter of a temporary situation where we have to work and laser focus together with our customers to create, as I said, minimum impact for them and come back much stronger when capacity eases. We have guidance for Q2 in the range of $140 million-$150 million revenue, our gross margin will be the same as this quarter, and we just need to keep on focus on all our customers to ensure that we are making this shortage have as little impact as possible for their production. That's really the challenge for Q2. Any questions? You can send it in. Ståle will read them out. Yes. We have got some questions, and we have split them up in different topics. Let's start with the backlog. Christoffer from DNB. While the backlog is increasing in duration, are you still able to confirm that this is a real demand which will materialize in revenues going forward? Or can it be some elements of double booking from customers trying to get you to give them supply? We've been speaking about new customers, we've been speaking of new projects entering into production, we've been talking about higher value per design, and this backlog is representing those three pillars. That's a real backlog which we will be able to ship. We don't just now know exact timing, but we have to balance so the customers get the products in the market. Thank you. Christoffer is continuing on the backlog. Can you help us understand what segments and type of applications are driving the backlog growth, and what is the customer concentration in the backlog now? I think as the next few quarters progress, you will see new products in the market and understand where the backlog comes from. We can't comment on the backlog yet. It has to be product in the market, and you need to know what's inside the product. Thank you. We have a question from Petter Kongslie from SpareBank 1 Markets. Very strong backlog. How should we view this with regards to length on the backlog? It's stretching into 2022, and I think I responded to most of it in Christoffer's question. We have a question from [Johannes Riis]. Given the exploding backlog, do you expect to reach the $1 billion target earlier? I would say if there was no supply chain issues, we will say yes. I also think that due to the fact that we are going to get additional capacity from our vendors sooner, so yes is still the answer. Thank you. We have a question from Rob Sanders, Deutsche Bank. Can you break out the backlog between working from home categories and those that are unrelated to that theme? We don't split on that parameter, but obviously working from home is mainly on proprietary, so most of the backlog is for new products. It's not related to working from home. Thank you. Rob Sanders has a follow-up question related to the orders. Is there a binding commitment on these orders with penalties, or can customer easily cancel if they can find products elsewhere? First, you can't find product elsewhere because there is a lot of software on top of each of these radio designs. Secondly, there is a generic shortage in the market, so it's not that there you can go to vendor C, D, F, and acquire radios that can replace the Nordic radio. The work is on Nordic to ensure that these customers get the minimum of what they need to continue and entering the market. Thank you. We have a question from Christoffer, DNB Markets regarding revenue. When it comes to the current growth rate, is that still being driven by new design wins with new tier one customers, or is there an element of tailwind from COVID-19 effects, such as work from home? New customers, new projects, and larger volume behind each customer. Thank you. We go over to the topic, cellular. Petter Kongslie, SpareBank 1 Markets. What issues in specific did you see in cellular? A lack of wafers, we didn't manage to turn wafers into modules, during Q1. Thank you. [Johannes Riis], will mobile IoT accelerate in second half? Yes. We will see meaningful revenue on LTE modems in the second half of this year. We have a question regarding cellular from Petter Kongslie. This is for you, Pål. Okay. Previously, you have talked about 40% gross margin for cellular. Today, you talked about 35%-40%. What has changed, and how does it impact the economics on EBITDA margins? I don't think it's changed. The long-term targets on cellular IoT is still gross margins of 40%, but in the ramp period, just like with most Bluetooth products, gross margins are lower in the beginning. The long-term target for cellular IoT is still 40% gross margins. Thank you. We have a question regarding Wi-Fi from Christoffer, DNB. On the Wi-Fi business, can you please help us understand what are you prioritize for the next 12 months, and what kind of milestones you are aiming to achieve in this timeframe? What kind of operational steps do you go through when you integrate a technology team like this? I think there has been two plans from Nordic. One is to go straight to leading Wi-Fi product by Wi-Fi 6 product. We've been discussing a lot with existing Bluetooth customer base to see what they need. Based on this discussion, we are actually going to accelerate time to market with a product. We are not going to disclose the strategy today. I would like to disclose the strategy when we have a capital markets day a little bit later this year. We are in some accelerating time to market with a product. Thank you. We have a question from Petter Kongslie regarding OpEx. Can you break down the OpEx increase from fourth quarter 2020? How much is FX, how much is M&A cost, and how much is recurring OpEx? Yeah, compared to last quarter, the FX isn't as large as compared to Q1 last year. Around $1.23 million is the effect of FX compared to last quarter. The total spending on the Wi-Fi business, acquired business, was $2.1 million. We had some effects related to bonuses, et c., that didn't happen last year. The rest is recurring business going forward. Remember, we've always commented that R&D needs to be at least 20% of revenue, and that's where we are now. Thank you. We have a question from Øystein Lodgaard from ABG on wafers. Could you give some flavor on how you think the wafer situation is going to develop into 2022? I think I keep that simple saying that look at what TSMC is communicating to the market. We are totally dependent on TSMC, putting new capacity in place. We're working close with them, and we will update you on each quarter on the progress. Thank you. Maybe I should add on. Yeah. As you saw though from our guidance, we do expect some pull-ins in Q2. It's better today than we stood here at last quarter's presentation. They are clever in pulling ins, and we just have to hope that they're also going to expand capacity sooner than what's been communicated. Thank you very much. I think we have a question from Lars Bjerke. Should we expect lower revenue in Q3 or Q4 compared to Q2, since you shifted some wafer volumes forward? Does it affect gross margin? It should not affect gross margin. Logically, we will see that the first half and second half will, according to the policy we have now with TSMC, pull-in policy, be affected. We have a question to Pål here from Petter Kongslie. Cash to R&D at 1.9x, which is below the threshold of 2x. Why did accounts receivables increase, and can you provide any color on how we should think about working capital? First, the CapEx, or the cash to R&D of two is just a target. 1.9x is more or less at that target. Accounts receivable increased, as I mentioned, partly because timing of exactly when shipping is done in the quarter. More importantly, one of our big customers has a year-end closing just in the shift of March to April. End of Q4, net working capital was 19.4%. It's now 27%. I have been talking about a long-term, not a target, but long-term number of around 30%, mainly because we do see longer payment terms, and we also see the need to have higher inventory to sort of be ready for situations like this, but also to build up inventory for cellular revenue when that will materialize more. We have a question from Morten Sandgaard. Margin development is indicating low pricing power on Nordic products. Does this represent a risk balance of year? It does not represent weakness at all. It represent that we are going into high-volume customers. To higher the volume is, to more attractive margin the customer get. As we now see that the revenue contains more Tier 1 customers with higher volume, it is just happening what we have said, the margin will stabilize around 50%. Thank you very much. We have the two last questions. The first one here now comes from Rob Sanders, Deutsche Bank. There appear to be emerging low-cost competitors in China, like Telink and Espressif. Do you see them as becoming relevant in China? What we see in China is actually two things. Yes, there is a growing base of customer doing very, very simple Bluetooth-connected products. Nordic is not competing in this arena. We also see more advanced product, very feature-rich products, and that's where we see we get a stronger foothold. Yes, it will impact low-end market. We are not making products for ultra-low connectivity-only applications. Thank you. We have the last question from Petter Kongslie. Last quarter, you gave some comments on revenue on second half versus first half. Has this changed with the newest information you have on the component shortage situation? I think we answered that on a previous question. Obviously, as we get pulled in from coming quarters and not get any additional wafers, it will sort of even out the quarters. Thank you very much. That was all the questions for today. Thank you. Thank you for listening in. Looking forward to talk to each of you that we have individual calls with later on during the next two weeks. Thanks. Thank you.