Perfect. Thanks, Maxine. Good morning, everybody, and welcome to our first quarterly presentation. We go straight into it and move to the agenda slide, you can see what we're planning to cover today. First of all, very briefly, since this is our first sort of foray in public life, very briefly, a short recap about our company, about Cint. The core Q1 highlights. The all-important, of course, financial summary, and then a short wrap-up, and we'll have plenty of time for Q&A as well. In terms of presenters from the company today, two of us today, both of whom you've met, sadly only virtually, I think. Joakim Andersson, our CFO, and myself. We get straight into it, and look on the first slide, this really is a recap of what you will have seen in our roadshow presentations with updated numbers. What we are is we are digitizing what is still largely an analog and people-heavy industry. As you have seen and also demonstrating in Q1, we have a large and growing customer base. You can see on the bottom left-hand side there 2,600 B2B customers, and we've added to them very nicely in Q1, and they do tend to stay with us for a very long time. As you can see, bottom right-hand side, almost 70% of our 2020 net revenue came from customers who'd been with us since 2016 or prior to that. In terms of underlying market, very large. No concern at all about our ability to grow our directly addressable market, EUR 3.5 billion. As we said during some of the roadshows and we're seeing again today, some of the COVID-19-related attributes or kind of features are accelerating the path to digitization in many industries and also ours, which is a good thing, of course. Cloud-based B2B software platform, which we'll just refresh our minds on the next slide. We do have a strong track record of profitable organic growth. If you look on the right-hand side, you can see the blue bubbles showing the year-on-year growth. The left-hand 3, the ones that you'll be very familiar with, 2018, 2019, 2020, comfortably in the mid-to-high 20s. If we look at our LTM through the end of Q1, we've nudged 30% in terms of organic growth. We overlay then the M&A, and we get to a CAGR of 26%, which we're pretty pleased with. Strong commitment to data security and privacy. As you would expect, that's something that we spend considerable time and money on. Of course, the global nature of our business, something that we think is very important. It's a competitive differentiator. It's something that our clients ask for. You can see that as evidenced in the pie chart in the bottom there, net sales by region. A little bit under half of our revenue from the Americas, a little bit under half from EMEA. Then a decent 10% chunk from APAC, which is growing very nicely indeed. If we move to the next slide, this just gives a little bit of a recap of our software platform. You've got Cint in the middle there. Just to refresh our minds, what we really do is we connect our B2B customers on the left-hand side with the 149 million now consumers who've opted in to the panels on the right-hand side. Really what we do is we allow brands and companies who want to ask questions on the left, and we connect them in real time in a programmatic way, mostly with consumers who want to answer questions on the right-hand side. As said before, we do that on a very much a global scale in terms of customer base, in terms of our workforce, and of course also in terms of our supply footprint. Finally, in terms of the recap, I just want to touch on the next slide on our strategy, because many of the results that we're going to be presenting to you today relate to this. We've got five growth levers that we've talked about in the past. Moving left to right, we've got increasing share of wallet with established insight companies. We've got growing with the tech-enabled, who really in many ways are the future of the industry and growing very fast. We've got new customer acquisition, which in the context of our average customer tenure, which 6.6 years and growing is a very good ROI on the sales investment. Of course, as you'd expect, we do spend considerable time and effort and money on expansion of the platform features, functionality, products, and so on. Finally is M&A as well. If we now move to the first slide of the Q1 highlights, I would say we've had a really good Q1. That's kind of the two-word summary might be really good. Net sales increased by 33%. Organic growth adjusted for currency nudged 40%. Very positive indeed. Due to the nature of our business model, quite a large chunk of that flowed down through to the EBITDA, where we had EUR 5.5 million versus EUR 3.2 million in Q1 last year. Our margin is now nudged almost 20%, 19.7%, which compares to about 15% in Q1 2020. We're very much a revenue-driven, a sales-driven business model, as you have understood in our recent discussions. What I find really encouraging is that our growth is really very broad-based. We'll go into these areas in a little bit more detail in a second. Both regionally, we've had very broad-based growth, but also in terms of customer type, we're growing very nicely across both of our major segments that we think about. I don't want to gloss over COVID because it continues to have a significant impact. From a financial perspective, it does seem to be manageable, right? We do seem to be managing okay with all the COVID stuff that's going on. I do want to call out, there are still significant consequences and impacts for many of our colleagues, customers, and partners, particularly in India, and of course, we're doing what we can to help. In terms of Q1, obviously IPO, big milestone. 19th of February, we started trading, and that was also the opportunity to welcome 44,000 new shareholders. I don't know how many of you are on the call today, but if you are, you're very welcome indeed. That's in terms of overview. If we move to the next slide, this gives a little bit of color around the net sales. As I said, it's very broad-based growth. I would call out in particular two areas. One is the tech-enabled, and secondly, the Americas. On the left-hand side, you can see net sales by customer segment. Very good growth in both of our major reporting segments, but in particular with the tech-enabled. I find that to be particularly encouraging, both on the tech-enabled and the enterprise solutions, we continue to win. What we actually did in Q1 is we globalized our commercial teams, which were focusing on the enterprise side, and that really was to mirror how our customers or potential customers are set up there. We have really a very healthy pipeline for that area. Geographically, very broad-based growth again. Just to kind of remind ourselves, if we take the tech-enabled companies and the Americas as two sort of separate segments, each of those have doubled in size between 2018 and 2020 which I think is a really positive development. If we now delve a little bit more into the regions and move on to the next slide, I would say by way of introduction, we've got very good growth in all our regions. I think we've got very good momentum in all of our regions. Importantly, looking into the future, I think we've got a very long run and lots of opportunities in all of our regions as well. If we talk about them in a little bit more detail individually, moving left to right, the Americas, it's really positive momentum. We've got that in new business, we've got it in the tech-enabled sector in particular, really, the momentum we've got there doesn't show any signs of slowing down at the moment. Enterprise offering, which we talked about the last time we met, right now we're relatively modestly represented in the Americas in terms of enterprise customers, we really are starting to gain traction there. As I said just now, pipeline is looking really good. We're really going to continue to invest in the U.S., as it is the largest market research insights market in the world by some margin, and we've got lots of opportunities left. In terms of EMEA, also good growth. There we've got very good opportunities to maintain and grow our share of wallet with established customers, particularly in the Nordic, DACH region, and the U.K. Definite growth opportunities in particular, well, both actually, both DACH and the U.K. As we spoke last time, we've started modest, I would say, investment into nascent markets, Middle East, Africa. Really, I think this goes back to one of the COVID-19 impacts, is these markets are now, some of these nascent markets are digitizing more rapidly than even they were before. We obviously want to make sure that we're in a good position to take advantage of that. Then finally but not least, APAC, very good% year-on-year growth. Got very good momentum. We're focusing, as you will recall, in Australia and New Zealand, and Japan as priority markets. We continue to see very good traction there. Next up, I'd like to move on to some KPIs if we move on to the next slide. There, in the past, we've talked about B2B customers, we've talked about connected consumers and completed surveys. If we, again, move left to right, I think good progress in Q1 in terms of B2B customers. I think we're on pace for adding 500 new B2B customers during the course of 2021. I think the combination of how long they stay with us, the tenure of 6.6 years, and our ability to generally grow share of wallet with them really makes for, in my opinion, a pretty powerful cocktail, positive cocktail to continue the momentum we have on the demand side. Which is a good segue into the connected consumers. We do have strong demand, we're seeing strong demand, and we're ready for more connected consumers. We are ready for more. We've added some in Q1, and we're ready for more. As you know, we've got a dedicated in-house team focused on identifying the right sort of panel partners and other companies who want to partner with us to provide connected consumers. Equally, this is an important part of our M&A rationale. We're making good progress on the M&A side as well. Finally, in terms of metrics, it's important to talk about the completed surveys. Now, optically or mathematically, it doesn't look like a massive uptick between 2020 average or total rather, and Q1 LTM. That's really a function of product mix and pricing. There will be variances just as there are on GM, quarter on quarter, and those are driven really by product mix and pricing. It's not a cause for concern there at all, I would say. It's showing trend in the right direction. That's really, from me, in terms of Q1 highlights with a bit of a deep dive into some of our key customer segments, regional view, and how we're thinking about our KPIs. With that, I'd now like to hand over to Joakim for the all-important financial update. Perfect. Thank you, Tom. I will now take you through a couple of slides with the financial highlights of the first quarter of this year. If we move to the highlights slide. First, to your left on this slide and the net sales development. As you have heard Tom say, we have seen a very good growth in all regions and good revenue contribution from them. When we add it all up, it goes to total revenues of EUR 28.1 million in the quarter. This, as said, corresponds to an increase of 33% compared to last year's. When we exclude the currency impact, we are showing a 40% growth in the quarter. Secondly, our gross profit in the middle. It grew from EUR 11.4 million to EUR 14.5 million or 28% as a result of the strong revenue growth year-over-year. The gross margin declined slightly to 51.5% on the mix effects relating to customers, products, and supply partners. Thirdly, and to your right on this slide, you have the development of our profitability, the adjusted EBITDA. As you can see on this slide, we had a substantial uplift in profitability, sorry, year-over-year, and we reported EUR 5.5 million of adjusted EBITDA, which corresponds to 75% increase and a 19.7% margin. This improvement is primarily driven by the strong revenue growth and the ability to scale the operating expenses. If we move on to the next slide, we will zoom in a little bit more on the profitability drivers. What we can see on this slide is an overview of our operating expenses. I have a couple of comments and clarifications to make on this slide. We have highlighted the items I will speak to with the red dotted boxes to the right. In the first quarter, we are recognizing EUR 2.4 million as items affecting comparability. This includes two items. First, the cost for the IPO, which amounted to EUR 2.8 million in the quarter. Secondly, income in relation to a loan forgiveness in the U.S. amounting to EUR 426,000. These are both included in the reported OPEX, but excluded when we show the adjusted numbers to better reflect the underlying performance. The second highlight is on the scalability. You can see that the adjusted total OPEX to net sales is coming down from almost 39% in Q1 2020 to 32% this quarter. You shouldn't draw too much conclusion based on a snapshot number like this, but rather look at the longer trend. We are seeing this moving in the right direction and feel very good about the scalability of the business model. The third and final highlight is on the adjusted EBITDA margin and the Q1 number of 19.7. The highlights here, apart from the number as such, is that we, in this number, have EUR 805,000 positive FX effect relating to the revaluation of balance sheet items. Finally, as you can see on the bottom graph, we are on a good trajectory on the LTM adjusted EBITDA margin development with solid improvements quarter by quarter. Let's then turn over to the balance sheet highlights on the next slide, please. The key takeaways on this slide are on the capitalization and the cash position. Both obviously as a consequence of the IPO in February. There we issued 10.6 million new shares at the price of SEK 72 per share. With that, we ended the quarter with a total cash position of EUR 68.7 million and a total equity of EUR 221 million. With almost no debt, we are very well capitalized, and we are in a good position to execute on our strategic priorities. Next slide, please. If we take a quick look at the cash flow highlights as well. The total operating cash flow for the last 12 months were EUR 5.3 million. For the first quarter this year, it was a negative EUR 4.4 million. This was driven by an increase of the net working capital, which in turn was a consequence of the top-line momentum, but also due to the repayment and forgiveness of COVID-19 related government loans from last year, in total amounting to EUR 1.8 million. Apart from that, the cash was increased by EUR 69.1 million from the financing activities. Again, relating back to the IPO in February. Then finally from me, on the next page, please, we have our financial targets. This will be a repetition for the ones that followed us during the IPO. We have established two financial targets and a dividend policy, as you can see on this slide. First, on the top, we have the sales growth target, and we are aiming to maintain an annual organic sales growth of at least 20%. For Q1, we are clearly in line with this target. We see no reason for why we shouldn't be able to deliver in line with this going forward as well. Secondly, in the middle, we have the profitability target here. We are saying we want to achieve at least 20% EBITDA margin in the medium term. We feel comfortable also with this target and have seen great momentum during the first quarter of this year, also as highlighted on the previous slide. Thirdly, our dividend policy. As you can read on this slide, we are not intending to pay any dividends in the short term. As you can understand, having just raised new money, we are rather focused on investing into our business, both through organic initiatives, but also through acquisitions. That concludes the financial section. Back to you, Tom, for the summary. Great. Thanks. Thank you, Joakim. If we move to the summary slide, this is a recap of our investment rationale when we last met. I think it's a good slide to show because I think our Q1 results kind of support or reinforce what we said a few months ago. We definitely continue to operate in a large underlying market with very structural positive shifts in our favor. As I said, I think some of the positive, if that's the right word, COVID-19 impacts are accelerated digitization in some markets and the start of digitization in others, which is obviously a good thing for us, even if COVID-19 overall is horrendous. We think in terms of our positioning, we're very well positioned at the center of the value chain, at the choke point of supply and demand, as we said before, which is a very good place to be. We do have a very scalable software platform with a loyal, and as we've shown, a growing customer base. Equally, we said last time, we've got a good record of organic sales growth with margin expansion. I would say, our Q1 results are definitely a big tick on both of those points. Then I guess perhaps most importantly, we continue to be, in our view, very well positioned for future with multiple growth levers. We've got very good traction with Tech Enabled. We've got good momentum with our established customers. We are securing new customers, as we've shown in Q1, and M&A as an additional strand or growth lever as well. Overall, I'd say we're pretty pleased with Q1. With that, I think that brings us to the end of our formal, if you like, presentation. I'm going to now pass over to Maxine to guide us through the Q&A. Ladies and gentlemen, if you would like to ask a question, please press star followed by one on your telephone keypad now. If you do change your mind, please press star followed by two. When preparing to ask your question, please ensure your line is unmuted. Our first question comes from Predrag Savinovic from Carnegie. Your line is now open. Thank you, operator. Thank you very much for taking my questions. I'm wondering a bit on your guidance here for financial targets for others. You want to grow at least 20% organically versus a much stronger figure posted now for Q1, which is also true for the end of 2020. I know 20% is in the medium term, but can you help us a bit on how we should think in the near term, where momentum seems to be quite strong? Tom, I think you also, through the part mentioned, you see no reason for a slowdown, for example, in the U.S. I'll start and then Joakim, feel free to chip in as well. I would say, I'd like to stick with our guidance that we have for the time being. It's our first quarterly presentation. Let's get a few more quarters under our belt and then talk about maybe rediscussing the guidance or not. More fundamentally, I agree with you. As I said, I do think we've got very solid momentum. I think it's broad-based, which is encouraging. On the revenue side, what I would say is I think the quarter-on-quarter comparisons versus 2020 are going to be potentially, what's the right word? Odd. Right? Because 2020 was a very unusual year. It didn't mirror our traditional, if you like, business phasing that we have at all, for all the kind of obvious well-known reasons. Therefore, I think we're going to see some unusual year-on-year comparisons in future quarters, would be my hunch right now. Honestly, I really don't know. I guess none of us know what really is going to pan out and vaccinations and all the rest of it. I think the upcoming quarter year-on-year comparisons are going to be unusual and may fluctuate. That's on revenue. Then on the EBITDA, I would say, I think, yes, we've clearly had a really good EBITDA. That's good news because it does show the inherent scalability in our model. Having said that, we've got a bit of FX tailwind in there. Having said that, we have hired people. I think it's 27 people we added in 2021, in Q1, just gone. That's a little bit behind where we had originally planned to be. Not much, but a little bit. I think there's going to be some swings and roundabouts on the EBITDA as well going forward. Joakim, do you have any additional thoughts on that? No, I think that summarizes it quite well. It's on a kind of seasonality and year-over-year comparisons in the quarters on the growth. Yeah, and the FX. Still, scalability point is valid. No, nothing more to add, actually. All right, cool. It's very clear. One question on the gross margin as well. If you could elaborate a bit on it and why it's down in year-over-year terms. I know you mentioned mix and supply, but can you give some more flavor on these drivers? Also, what do you think about this process for what's ahead? I think you said also, Tom, that the direction of travel is improving. Some more on the gross margin, if you can. I think we said during the roadshow as well that we fully expect, and have seen that in the past, gross margin to fluctuate a couple of percentage points, plus minus, quarter on quarter. The inherent direction of travel is in a sort of flat to slightly positive direction. I'm not concerned by that. It is product and customer mix, which being a platform, we're facilitating supply and demand, and therefore it's not totally in our control as to which customers buy and which kind of panels or respondents they choose to pick from. I think it's just within the realms of normal fluctuation is my read on that. Joakim? No, I agree with you. For the last three quarters, have been kind of within the 50 and a half% and 52%-53% range. I think that's probably what you should expect going forward. All right. Thank you very much, guys, for taking the question. Thank you. Not at all. Pleasure. Thanks for your interest. Our next question comes from Julian Serafini from Jefferies. Your line is now open. Thank you. A couple questions from me then. I think number one is, Tom, I think you spoke about expectation of adding around 500 or so B2B customers this year, right? This calendar year. Can you share a little more insight in terms of what kind of customers you're looking to add? Is this primarily market research agencies and online survey companies, or should we think about it more in terms of traditional enterprise, I don't know, CPG companies and so on? That's one angle. The second question I had was, you also talked about the M&A potentially for panel assets, right? Something that you're looking at doing. Can you discuss a little bit your expectation in terms of what that would be for an uplift in terms of gross margins and EBITDA margins, if there should be one or not from M&A? Sure. I can start on those. In terms of the customers, our primary focus continues to be the market research and insights space, as we talked about last time. We do have about 10% of our revenue coming directly from brands, but that is not something that we are aggressively pursuing at the moment. A couple of reasons for that. Number 1, I think we've got loads and loads of runway in the market research/insight space. Secondly, as you will know, Julian, the tech-enabled sector, Qualtrics, Snap, SurveyMonkey, and others, that's their bread and butter, which is to productize, package up, if you like, research methodologies into easily usable UI and UX and make that available to brands. It's not helpful for us to start competing with them, partly because they're very important and valued customers, and partly because they're very good at what they do. Market research and insights continues to be the primary focus for us in terms of new biz dev. In terms of M&A, you asked where we're at. We're making good progress. There's nothing that we can share today in terms of specifics. We raised some primary. We've got some bank debt that Joakim talked about. We do have some considerable dry powder, and we've had and continue to have some very good discussions in that area. In terms of the financial effect of M&A, Joakim, I think that's a good one for you to pick up. Yeah, sure. I can add to that from that angle. It's so depending on what the target company would look like, right? As we said before, we're looking from a number of different lenses when we look for companies to acquire. From the financial and the P&L effects, there's a revenue component essentially there, because we are looking for panel companies or supply partners where we have unmet demand that would have a revenue impact. If the target company would be a partner of ours already, then we would have the gross margin effect, which would mean that we don't share revenues with them, so we can keep that for ourselves. That would have a positive gross margin effect. Thirdly, on kind of a P&L perspective, on the EBITDA and more to the synergy level, perhaps, it is all also depending on whether we have team overlaps or there is tech overlaps and we saw really true hard synergies that we can take out from the cost base, probably primarily. It all depends on what the target company look like, what financial results or P&L effects we will get out of an acquisition. Okay. Thank you. That makes total sense. Yeah. That makes sense. One last question, if I can just slip one in quickly. You guys have showed Kantar as well, the customer a couple of slides ago. We've seen Kantar grow and acquire, I think it was Numerator last month, I believe it was. Could that potentially change the relationship with Kantar or anything you can comment on that? It's early days for their acquisition. Kantar, as you well know, is organized into different divisions. It was the insights division that made the acquisition, at least that's our understanding. Our primary commercial relationship is with the profiles division. No, we don't expect any dramatic change because what Numerator do is, they're very good at what they do, but it's different to what we do. We work for a different part of Kantar. Got it. Thank you. Thank you. Our next question comes from Daniel Owen from Nordea. Your line is now open. Thank you very much. Congratulations, Tom and Joakim, for a strong set of numbers here on your first reported quarter. I was just wanting on the very strong sales growth. You mentioned a couple of time here that we have the pandemic. You're also seeing the very strong digital commerce developing during this time. I just wonder, do you have any idea of how much this actually have supported your sales? Would you have been close to these kind of levels without the pandemic, you think, or is it a major support to your sales development? That's the first question. Daniel, it's a really good question, but one I find impossible to answer. Maybe Joakim's smarter than me. Maybe he has a good idea. What you're kind of asking is what would have happened without COVID, right? That's really I'd be BS-ing you if I tried to get to answer. I honestly don't know because most of Q1 last year was not COVID impacted. We started to see a little bit of an inkling at the last weeks. This year definitely was, and it's pluses and minuses, right? Pluses are kind of at the macro level, a lot of need on the demand side for digitization. It's connected consumers around the world kind of reaching to be more digital if they can because they can't meet up and transact and interact face-to-face anymore. On the other hand, on the negative side, some brands and some sectors majorly impacted by COVID and having to reduce their spending dramatically in all sorts of marketing and market research related areas. You've got the whole kind of geographic. It's really very hard to predict or to even give you a sensible answer, I'm not going to try. Joakim, do you have? Yeah, don't put me on the spot to say that I'm smarter than you. No, no. I think, and Daniel, you know all of this, I'm going to say now. What has happened, to repeat and maybe in other words, same words, I don't know. What is happening is driving the digitalization of the sector, it is driving the need for cost efficiencies. It is driving a need for more consumer insights because the consumer's behaviors have changed. As you know, when you are in a sector and digitalization is happening, if there is some kind of normalization, if you think about the normalization on the COVID-19, at least, hopefully, the digitalization, it's not turning back to kind of offline. The online shift, it's not turning back to offline. Face-to-face meetings, low efficiencies, digital meetings, more efficient. That's obviously beneficial for us. To isolate and then well, draw out or present a number on that effect in our P&L. Yeah. No, I agree. It is impossible, probably. Okay. All right. Fair enough. One more question was that on this IPO side, I understand if you can't say more details, but just so we understand the process around this, because during our discussion previously, you talked about nine targets that you were reviewing, and I just wonder, is this still the case that is a number of companies that you're looking at? What is the availability of panels for you to acquire? Are there a significant amount of that you think could be potential targets for you, or is it more of a handful that you would like to acquire? That's my last question. Thank you. Sure. No, thanks, Daniel. There's two questions within that, I guess. If I've heard you correctly, first of all is kind of how we're getting on with our list. The second question is, how many targets are we planning to acquire? In terms of the list, it's still in the sort of eight, nine, 10 range in terms of number. What I will say, though, is that we have had intensive discussions, and we've got a substantial team of people working on this. Some have fallen off the list for different reasons, but others have joined. I would say we're still working on a substantial list with different companies at different stages of the funnel, if you like. We're getting more refined and more specific. That's in terms of the list, then in terms of how many, I would kind of reiterate what I said last time is we're absolutely not, and I emphasize not, wanting to become a panel company. That's not our intent. A small handful of, for us, strategic acquisitions in either strategic geographies or to fill out gaps in our kind of profiling point, that absolutely makes sense. I think about a small handful, not dozens and dozens. Perfect. Okay. That's all. Thank you very much. Thanks, Daniel. Thank you, Daniel. Our next question comes from Viktor Högberg from Danske Bank. Your line is now open. Hi, good morning. A follow-on question on a point which you already touched upon, but the EBITDA margin here, you're almost at the 20% target here in Q1, rolling 12 months, a bit below that. I know you had some positive effects from FX and so, but what do you expect going forward in terms of the timing of the EBITDA targets? Joakim, do you want to start on that one? Sure. We stick to the guidance or the target that we set out a quarter ago. We obviously had good momentum here. The FX effects take that out as well. We are definitely on a good trajectory. We see no reason for why we shouldn't continue on that path. It's also difficult to just kind of extrapolate the effect from our first quarter and use that and say that, "We will hit this in next quarter." We'll stick to the medium-term guidance on the 20%. We are off to a good starting this year. The other thing, Viktor, I would say is, you mentioned phasing and that Q1 typically is not our best quarter by some margin. You're absolutely right. In our 20 plus years of history, Q1 has never been our best quarter. This goes back to what I tried to say a little bit a while ago. I think we're going to see some unusual phasing and seasonality in this new world, because last year was so weird and because of the impacts, both positive and negative of the pandemic are going to kind of play themselves out this year. I think some of the year-on-year comparisons are going to be a little bit unusual, and I don't think any of us know exactly how it's going to look in the coming quarters, despite 20 plus years of relatively steady seasonality. I think it's going to be unusual for this year at least. I understand. I understand that the year-over-year growth rates will look kind of funny maybe. In terms of the sequential development, do you think we could have some kind of guidance from the previous seasonality with Q1 being a small quarter, Q2 above that in terms of absolute numbers in sales, Q3 below that, and Q4 the highest one? Would that be to be expected this year as well? I think, well, Joakim has this big red button on his desk, which if I talk about the future too much, he presses it, and then I go silent. We're trying to navigate around the red button. I'm going to re-say what I said, which is, I think the seasonality and the phasing of this year is going to be different than it has been in the past, just because of all the circumstances that we've talked about. We do have positive momentum. We are confident of meeting the guidance that we've given for the year. I think, Joakim? Is your finger hovering above the red button or? Yeah, I know, exactly. I mean, fundamentally, Viktor, I think you're right. If you look at what's driving the seasonality in the past, it's definitely around, well, take Q4, which is the strongest one, where you have all the budget dumping, and you have the shopping and seasonality of the Christmas and all that. That's probably going to remain. I mean, a little bit the same on Q2. I would say that's underlying, yes, but then we have this filter of whatever COVID brings to us, and lasting effects from that. I would say that you're probably fair to assume the seasonality, the basics underlying seasonality continue. I don't know if that helps at all. Yeah, sure. Absolutely. It helps. In terms of costs this year, in your report, you write about the loan forgiveness, the EUR.4 million in Q1, positive effect a little bit, and then a remaining EUR 1.1 million. Is that going to be taken now in Q2, and reduce costs in Q2 with EUR 1.1 million? Yes. Correct. It's likely going to be treated the same way as in Q1. We'll adjust for it when we talk about the adjusted numbers. Yeah, of course. In terms of other costs to adjust for, do you have any outstanding or remaining non-recurring costs from the IPO or activities? No which you will take during the rest of the year? No. That book is closed. Okay. Also on the working capital, you saw a slight step up here, or in terms of the share revenue step up from the Q4 level as you grow. Is this a level to expect going forward? What to expect in terms of the net working capital in relation to sales? Yeah, I think we are all very happy with the report and everything in the report, except for probably the working capital and how that has turned out in the quarter. There are a couple of 'liquidity one-off effects in there, which is, as I said on these government subsidies that we have now paid back and been forgiven on the payable side or liability side. On the asset side, we are building, we're tying more capital as we grow. That's something underlying and trend we should probably expect going forward as well. I think there are some other effects in there. I'm not happy with the number in Q1. Let's put it that way. It's exciting enough. Given your fast growth over the past couple of years, doubled your revenues over the past couple of years, do you have some negotiations to do with your suppliers and your customers in terms of the payment flows that could be any low-hanging fruits? There might be fruits. I don't know if they are low hanging, but it will be fruits that we are chasing and trying to pick. Okay. Last question from me. Yeah. It's a bit hard to separate out the quarterly number of completes in Q1 versus Q4, and to be confident that I have exactly the right numbers in order to get the revenue per complete. Could you elaborate a bit on that metric and where you think that is trending? Joakim, do you want to kick that off? Yeah, I don't have the exact number in front of me. I know that you want to do that calculation as well, which is a little bit difficult. You probably know and remember that we spoke about the complete private marketplace, and within the enterprise solutions, that it's distorting or disturbing that calculation a bit. We might be able to get back to you on a little bit more detail on. I don't know, Tom, if you have anything more high level on trending. Well, high level trending is that pricing at the moment there's upward pricing pressure because this is anecdotal evidence from our colleagues and partners in the industry. There is good demand across fairly large sections of certainly the tech-enabled subsegment, also on the more established. Because we operate a marketplace, supply and demand is never perfectly balanced. I would say right now, we have very strong demand, and supply is being ramped up. Directionally, I would say there's upward pressure on pricing at the moment. If you look at that- That's within Open Exchange completes, by the way. That's on the Open Exchange completes. Exactly. Yeah. What we would expect is over time, that evens out because as the industry realizes upward pressure, then there's new supply that comes on stream, and so on. Over time, it'll even itself out. Right now, there's a little bit of upward pricing pressure on the Open Exchange. Okay. Thank you very much. Does that help, Viktor? Yeah, absolutely. As another reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad now. Our next question comes from Fredrik Lithell from Danske Bank. Your line is now open. Thank you very much. Hello, Tom and Joakim, nice to be on the call. Hi. Many questions have been answered, but I thought that maybe you could elaborate a little bit on the traction you have on the business customer side, connected consumers in relation to your opex. How do they correlate? How much do you need to add on employees in France, for example, from the one you had that last fall in order to build that base in France specifically, and how do you gauge that? How do you plan for that going forward? Thank you. If I may start, and then, Joakim, you can start as well. That's really a question around scalability of commercial teams, right? The way we think about that is we go in three phases, right? Initially when we identify a new geography, and that's typically done with data from our platform because we get requests for respondents in, I don't know, let's pick the example of South Africa. We say, okay, we're now at a point where it makes sense to have some folks on the ground. Typically, what we do is we start with one or two people, so very modest, just to effectively confirm that there is a proper, serious demand on both the demand and supply side in that country. We keep that at a relatively modest level of investment for a number of quarters just to make sure that the data is solid and we're not taking decisions on blips. We start to invest and adding more folk. It's at that point, generally, that the scalability of our model kicks in, and we start getting very profitable returns from those folk, right? for a single sales individual sells a couple of EUR 100,000 versus a couple of EUR million, it obviously makes a big difference. I would say we're definitely investing, as you say, in France, in South Africa, in the Middle East, and testing. Conversely, if we throw our mind back to the Americas history when Nordic Capital bought the business in 2016, that was a doubling down of commercial resources with an objective, and we did. We're now reaping the benefits of that in the Americas. We think about that in terms of those three phases, kind of testing, investing, and then reaping the results. Does that help? Yeah, absolutely. Just to follow up on the connected consumers there, how big total panel base do you need? Is there a situation where the extra benefit from adding another 10 million is so low that you won't go there? I'm not saying that 149 is the endpoint, but how do you think about that? I don't think about an absolute number. I think about having a supply number that's sufficient for the demand that we have, right? We're operating an exchange and aggregating supply and demand to the benefit of the other side. As our demand grows, so our supply needs to grow. The trick in our business model, and it is a bit more art than science, is to grow both supply and demand more or less in tandem. Now, we can never get that right. As I said earlier, right now we've got very good demand-side activities. We want to and need to, and will add more on the supply side as a focus now. There's no magic number to say 10 million is good and the additional five after that is bad. It all depends what's happening on the demand side at a macro level, and then we actually look at it much more granularly than that because just global demand is irrelevant, right? What we need to look at is by region, by sub-segment, et cetera. That's how we think about it. If we continue to grow very well on the demand side, then we need to continue to grow very well on the supply side as well. Perfect. Yep. Happy with that. Thank you. Thanks. We have no further questions, so I'll hand it back to you, Tom. Great. Look, thank you, everybody. That's just inside the hour. Really, thank you from all of us at Cint Group for your interest in our company. We look forward to continuing the dialogue. We're going to be meeting some of you over the next couple of days. In any case, in another quarter's time. Thanks for your time this morning.