Thank you very much, welcome everyone to our Q1 presentation. The highlights for our Q1 are two things. First of all, we are slowly but surely seeing an increased activity in the market, especially in the U.S. The second highlight for our Q1 has been the start of the integration with Racal Acoustics that is proceeding according to plan. If we turn to page three and look at the financial results for the quarter, we saw our revenues increase by about 23% in the quarter, 26% if we look at the currency impact. We ended at approximately SEK 144 million. Our gross profit was increased with approximately the same amount, or percentage, which means that the gross margin was same level as in previous year, or same quarter last year. Revenues related to the Racal Acoustics product line contributed with a little over SEK 20 million in the two months, February and March, that they have belonged to the INVISIO group. We were also quite pleased with our order intake. That amounted to SEK 137 million, compared to SEK 90 million last year. Of course, also part of that is related to the products under the Racal Acoustics line. Our order book then at the end of the quarter was at SEK 191 million, which then also includes the order book that the Racal Acoustics products have brought into the group. All in all, this has been uneventful, I guess. One thing that we will mention for the quarter is that depreciation and amortization has increased, as you will see on the next page four, where we have specified that. There are two reasons. First, that we have now started depreciation of products that we have successfully developed and are now starting to sell. Those include products that you are aware of, like the new intercom system and our T7 headset, but it also includes certain products that are part of our normal product development and that are not yet publicly announced, that will be shown later in the year when we have the possibility to attend public events like trade shows and so forth. Then there is an amount which, according to standard accounting principles, are related to the acquisition of Racal Acoustics. So our total amount for depreciation and amortization in the first quarter was about SEK 10.7 million. Six of those, or SEK 5.5 million of SEK 6 million, related to Racal Acoustics and SEK 4.5 million for the development costs of our own. On page five, our standard overview of our long-term development in sales and the EBITDA margin that we have decided to use in this quarter. As you can see, the sales per quarter and rolling 12 months on the left-hand side continue to show a positive development. On the right-hand side, you can see a more volatile development on the EBIT margin, also on a rolling basis. Part of that is, of course, the investments we are continuing to make in both our sales and marketing organization, our R&D organization, but of course also in the continued development of new adjacent product categories that we spent a lot of money and resources on. On page six, acquisition of Racal Acoustics was completed at the end of January, along with that the CEO of Racal, James Ewing, he's still the CEO of Racal, but he is also now part of the INVISIO group management team. James brings a lot of wealth of information and experience from not only Racal, but also from other industries, and he will benefit our senior management team going forward and making sure that all parts of the business is aligned. On the next page, before completing the acquisition, Racal actually had a major win with the Danish Ministry of Defense for one of their newest products, the RA4000 Magna digital headset system that is for use in very high-noise environments, vehicles. Racal Acoustics was announced as the winner of this September, and they were awarded a seven-year framework contract worth up to $4.7 million. The contract includes a support package with training, consumables, spare parts, and then also an option for further follow-on orders as required. A framework contract is, as usual, a contract with no guarantees, but there's a good reason to expect orders under the duration of the contract. Racal Acoustics already have an order book related to the Danish Ministry of Defense, and those concrete orders are part of the total order book that we have at the end of the year. It is important just to stress that there is a little difference between how the INVISIO products for dismounted soldier use are normally delivered and how the high-noise solutions from Racal are delivered time-wise to the vehicle programs that they address. We have normally, for INVISIO products, seen delivery times ranging from two to six months or maybe a little bit more, depending on customer requirements and their rollout schedules. Racal sometimes see a little longer schedules for their delivery plans because when they sell headset systems for vehicles, they are sometimes tied to the rollout of new vehicles with the military organization. Therefore, when Racal receives an order, it could be that part of the order is for immediate delivery and part of the order is only for delivery next year when the customer receives more vehicles, as an example. All in all, that's just a characteristic of the high-noise environment and market. Page eight, we, as I said, are in full integration mode between Racal Acoustics and INVISIO, and we will be operating under the INVISIO group but with two very strong brands, Racal Acoustics for High Noise headset solutions and INVISIO brand for Soldier Systems and Portable Intercom systems. This also means that the current organization in the U.K. with Racal will be our center of excellence and focus on solutions for high-noise environment. We believe this is the way we will, in the best possible way, take advantage of the combined competencies that exists across the two brands in all functions. We have so far only seen very good integration efforts. There is a high level of enthusiasm and good spirit in Racal Acoustics and INVISIO. We all look forward to bringing our fantastic solutions to the market, and we are already in the process of combining some of our product solutions to bring to the market later this year. This is a very positive thing for both companies. On the following page, we also during the quarter received an order from another American elite force. As always, this is very important for us when we get new high-profile customers that can serve as reference cases for other customers, not only in the U.S. but also in other parts of the world. Other than that, we did not announce larger orders in the first quarter, which means that the order intake of SEK 137 million were mainly combined of a larger number of smaller orders, which I think is good in the circumstances we see right now where many projects have been postponed due to the pandemic. On the next page, we yesterday had our general annual meeting where the press release was also sent out yesterday, the summary of the meeting. The proposal from our board of directors about a dividend of SEK 0.70 per share was approved and will be executed in the coming days. On page 11, we continue on our long-term path of executing our strategy. In 2021, we will have a number of focus areas. One of them, of course, the continued integration of Racal Acoustics, making sure that we take advantage of all the opportunities we have with the two brands combined in one group. One of the first efforts we have seen successfully integrated is the sales teams that will focus as one group now, focusing on all the products we have in the group. Our Intercom system is also continuing to see huge interest despite the difficulty with meeting customers in person. We are having a high activity level for our Intercom system, both in Europe and also in the U.S. We did receive orders for the Intercom in the first quarter. We believe that we will, especially in the second half of the year, be well-positioned for good orders for the Intercom system. It looks very promising. It also sometimes opens doors with customers that do not have INVISIO soldier hearing protection systems yet, so that the Intercom system will actually be the door opener for them for also buying other types of equipment from us or under the Racal brand, as many of the Racal headsets are suited for high-noise environments where the intercom will also be used. It makes a lot of sense for our total product portfolio. Our law enforcement and security efforts will continue as well. We have now, with our own organization and our global network of distribution partner, a good setup both in the U.S. and in the rest of the world. We will continue to utilize our combined product portfolio to make sure we gain more ground and increase our foothold in many of the larger markets towards law enforcement and security. We've seen good progress in 2020, and we expect to continue to gain ground in 2021. We've also seen, prior to the pandemic, that we were making good progress especially in Asia, and we believe that this will soon be back on track. We will definitely focus on that region and also the Middle East in the coming year and making sure we take advantage of the opportunities that are available. We have, in 2020, had a quite high number of new hirings into the company, increased our level of resources significantly, also with the acquisition of Racal Acoustics. We will continue to support our focus areas with more resources where needed, but at this point in time, we do not see the same recruitment speed as we saw in 2020. We will now just take a little step back but support these different areas where we see the need for more resources. Again, we are in the early phase of the intercom and law enforcement investments, so therefore it is possible that there will be a need for further investment, especially in salespeople, as soon as we are able to address more markets and when we can see that the interest is higher than what we can cope with our current setup. On page 12, final slide. We believe that the continued rollout of vaccines and a gradual return to more normal conditions will also soon mean a rise in the activity level with our customers, and that they will continue the modernization programs for hearing protection and communication in high-noise environment. We have seen many postponements and delays due to the pandemic. Now that both the U.S., U.K., and other markets are slowly but surely opening up, we hope and believe that the customers will soon be back in their normal positions, the activity level will continue to go up. We have all reasons to continue to be very positive about the continued development of INVISIO. With that, I conclude our presentation of the Q1 financial report. Operator, we are ready to take questions, please. Thank you. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, please press the pound or the hash key, and please stand by while we compile the Q&A roster. Once again, please press star one if you wish to ask a question. Your first question comes from the line of Viktor Westman from Redeye. Your line is now open. Yeah. Hi, thank you for taking my questions. Maybe we can start with one question about Racal Acoustics. What do you see as the main growth opportunities for Racal, and what are the main challenges? Well, I think the main opportunities are actually bringing many of the Racal products out to a broader audience, as Racal was previously part of a large corporation where they did not receive maybe enough attention. I think the fact that they are now a part of the INVISIO group and the large sales organization we have will make it possible to bring out the products of Racal to a much broader audience, especially in the U.S., where they haven't had too big of a market share in recent years. Racal have some really impressive newly developed products that are state-of-the-art and is definitely market leading. We look forward to bringing those products out. Secondly, the combination of the Racal products with the INVISIO products is a very strong offering to the market where we can then cover both dismounted and mounted solutions for the users, and it all works in one system with our patented cable technologies and so forth. Your question about the challenge, well, the challenge as always is that things take a long time in our business. Projects are long, and that is not different for Racal Acoustics product line. They are often related to new acquisitions or upgrading of vehicle communications and so forth. It's the same type of timelines as we have been used to for our type of business. Yeah. Why has Racal Acoustics not won much business in the U.S. in the past? Are they compatible with all the different types of tanks and vehicles, et cetera, the Leopard tanks and the American tanks, or is there any reason why they have not focused on U.S.? No, they have. It was maybe put wrong. They have had a focus on the U.S., and they have also been successful in the U.S. in the past. It's only in, I would say, in the last couple of years or so where they have been part of a large organization and while developing some of their newer products. The newer products have not been brought to the market yet. They do absolutely have sales in the U.S. today and so forth. I think the total sales organization for Racal has been five people and for INVISIO, we are 40 people. That alone will make a huge difference when you address the global market. Yeah, definitely. Shifting gears to Asia then, can you say something how the hearing aid costs look like here compared to your, for instance, the U.S. market? Are there the same type of veteran programs with hearing aids and those associated costs in Asia, or how does that look like? Good question. I'm not fully on top of the costs associated, but I'm sure that they have the same issues with hearing deficiencies from high noise as you see in the Western world. I'm also sure that they have a high focus on this, because as soon as somebody loses his hearing or has hearing deficiencies, it is possible to do the job that you were trained for without a hearing aid or different types of help. The focus is always twofold for our product. One is to, of course, reduce or take down the risk for hearing loss and hearing deficiency. The other is that you are able to communicate more efficiently and clear in high noise and thereby not get hurt or get into the wrong situations. Okay, last question on the segment of the rest of the world sales. I noticed there was a handsome pickup in sales there to SEK 24 million. Are those pilot orders for some of the new Asian markets, or can you give some more color? Yes. They're definitely pilot orders with special forces in different countries in Asia. It's also fair to say that the Asian region has been the most difficult for us to address during the pandemic because of the total closedown and inability to visit customers and simply also that the acquisitions or programs has been postponed and delayed. We expect that. We don't see that we have lost opportunities in Asia, but rather that they are put on hold for different reasons. It is also very important to be on site when you address the markets in Asia, and there, the pandemic has made it difficult in the short term. Yeah. On that note, Lars, just last question there. Do you need more boots on the ground and potentially more offices in Asia besides Bangkok? That is possible. That is what we are constantly reviewing. As soon as we see activity levels going up, opportunities increasing, then of course, we will be looking at where do we need to apply more sales resources to follow up on the opportunities. Okay, great. Thank you so much, Lars. Welcome. Thank you. Your next question comes from the line of Yiwei Zhou from SEB. Your line is now open. Hi, Lars. Thank you for taking my question. A few questions from my side. Firstly, a follow-up question on Racal. You previously mentioned the profitability for Racal was lower but has the potential to reach INVISIO's margin. Now it's one quarter into integration. Has your expectation changed? What is the timeline for the margin improvements? I think that this is of course an ongoing process, I think that we know that Racal's business model includes selling through system integrators and large partners. By definition, that sometimes gives a little lower gross margin. I think that already now, and as you can see in the first quarter, we are actually at the same level as last year for gross margin. There's no impact from Racal in this quarter. I don't think that there will be any larger impact from the Racal business going forward. We are doing a number of things to make sure that we have a solid gross margin in all product lines. I think that it will be a marginal impact on us. Great. Secondly, the order intake in Q1, SEK 137 million, is it possible to indicate how much was relating to Intercom and how much was Racal products? No, we have decided not to do that. I will only say that we continue to see satisfactory order intake on the Intercom. I think that quarter by quarter, we will not be disclosing numbers. We will be looking at it on a yearly perspective and follow up on this as we see interesting orders coming in and hopefully also orders of a certain magnitude. The same for Racal, because already now the Racal product line is being integrated with the INVISIO product line. It would not make sense for us to split it up because a customer might want to ask for a headset from Racal and then a control unit and cables from INVISIO, and the customer doesn't really care whether the headset has one or the other brand. Therefore it doesn't really make sense for us. We will operate as one group, one company, so therefore we will not split it up. We have agreed to, at least for a couple of quarters, to say how much of sales is related to the Racal product line, but not more than that. Okay. Lastly, CapEx spending. I'm talking about the development cost capitalized. It was only SEK 19 million for 2020, and it was a big jump from 2019 and 2018 level. Now into the first quarter of 2021, it looks like it continued to decline. What is the implication here? How should we look at your CapEx spending for the coming years, and any implication to your product pipeline? Well, in terms of, we have seen a lot of our product development efforts being finalized in 2020. Therefore, of course, there is a huge increase now as you see in Q1. Given the size of the organization and the increased activity level, we have, of course, already initiated new development projects that the organization is working on. It is a higher, you can say, activity level in general for the company. As I said, we have not been able to publicly announce all of the new products yet because of the pandemic. We will do that during the year, even though some of these products are already selling and shipping to customers. Since they are part of our normal product portfolio, we do not see a need to announce them until we have the possibility for doing it. Okay. Is it possible to give us indication on your CapEx spending for the coming years? How should we compare it to 2020 level? You had only SEK 19 million in the capitalization of development costs in 2020, and it was a decline from 2019. Yeah, I think you should see it in the same way as the Q1 level we have released now. Okay. Thank you. I'll jump back to the queue. Thank you. Your next question comes from the line of Jesper Birch-Jensen from ABG. Your line is now open. Thank you. Good morning, Lars. Thank you for taking my questions. Of course. First off, you might have already answered here, but in terms of the order book, you mentioned that it stood at SEK 190 million at the end of Q1, and you also mentioned the different delivery times for INVISIO versus Racal. An interesting question then is approximately what percentage of the order book is INVISIO versus Racal? If you can give any indication on that. Well, no. Again, we have decided not to split it up because we will be operating going forward as one group. These are just product lines within the company. We will not, but I will say still that the majority of the order book is for 2020, sorry, 2021 deliveries. It is not like the majority of Racal order book is further down the line. It is a smaller portion of their order book that goes into following years. Majority of what you see in the order book is for deliveries during 2021. Thank you. Also, in the report you mentioned that the market activity in the U.S. especially has been picking up here in late Q1. I'm wondering how far away is it from a normalized state, and also how far behind is Europe lagging compared to U.S. currently? It's a little difficult to say. I would be a little cautious not to overdo the activity level. As we all see and know from the news, the rollout of vaccines is going very fast in the U.S. They are, state by state, returning to more or less normal life within a quarter or so. That, of course, also means that many of our customers will be returning back to their physical locations for work. Many of our customers in general, we have seen, have had challenges working from home because their systems are not set up for being from home. There has been many delays and difficulties. At least now our U.S. sales team is out and about visiting customers again. We do see an increased activity. In Europe, as you know, it is a lot more difficult still because the vaccine rollout is going so much slower. Certain countries are better, like the U.K. I hear from the team that they will be probably at the end of May able to be at work for a majority of the time physically. For other markets in Europe, it's a little bit further down the road, but still improving. Asia takes probably a little longer, from what I hear right now. We are still a little behind in terms of the opening up of the different countries there. We will have to follow this closely in the coming quarter and see. At least it is more open than it was three months ago. Thank you. My last question is just in terms of the logistical situation. We're hearing a lot about delays and expenses, shipping components and products from Asia, for example. What's the situation like here, or are costs still higher than usual, or what trends are you seeing there? It's under control for us. I think as we have said before, early in the pandemic, we also shipped a lot of products to the U.S. to be closer to customers. I think the shipping costs are at a more normal level at this time. When it comes to components and lack of components, of course, we are following that very closely. We have not seen any issues for us yet. We have no indication at this point that we will have any issues. We are, of course, following the situation very closely as any other company that has to do with electronics. So far so good. Thank you. That was all for me. Thank you. Thank you. Your next question again from Mr. Viktor Westman from Redeye, your line is now open. Hello again. I wanted to ask about the Magna RA 4000, if this is a super niche product, I mean high-end, or is it possible to convert a large part of the installed base to these products, and what would be that effect, if so? Absolutely. It is a high-end product, but it's not a niche product. I think this is a very relevant product for anyone being a driver or being constantly in vehicles with high noise. I think that some of the competitive products to this are, for instance, from Bose, who has been supplying products for vehicles for many years. Comparing to Bose, the Magna is a much more modern, up-to-date digital headset. We definitely believe that we can take market share with this product. I think that the need for very high attenuation levels, hearing protection, is increasing, not only within the army but also in other areas. There is a much higher noise level than only some years ago. These high levels of attenuation is something that is very much looked for. We can, over time, both develop the Magna headset with different variants, but maybe also take it broader from a user point of view than what is the case today. This is some of the things we are now investigating and exploring with our new combined sales team. Yeah. Where I'm getting at is that you had one other older product that had sold in several hundreds of thousand units. I was just thinking the difference in pricing with the Magna product should be quite substantial. That should be an important growth driver then for Racal. Yes, absolutely. Okay. Another question, is it fair to say that the intercom solution would be the first new growth driver to give a meaningful contribution to sales if you compare it to the police vertical and the new geographies, I'll say. Intercom is a bit faster than the others in contributing. Yes. I think they have different dynamics because if you take the law enforcement, that is more of a distribution and sales effort where we are selling what we already have into new user groups, but where we also see that this is a different way of selling because often it is much lower volumes, and you have to go through distribution to reach all the different users. It is not centralized in the same way we see on the military market. The Intercom, on the other hand, yes, you are right, but it follows the timelines we have seen before. It takes a while to sell in, and then the testing procedures needs to be done, the funding needs to be in place, and then the orders could also be substantially higher than what we see, for instance, for law enforcement. As we've said before, we believe that the Intercom investment over time will be a very important contributor to INVISIO. Of course, this is not just one product. This is getting into a whole new product area where we can see that we can operate not only with military customers, but we have also actually sold the first units to law enforcement vehicles. Okay. Speaking about law enforcement there, you have a good foundation with the distribution and the sales team. What's next in terms of the law enforcement? Are there any actions you need to take? Yes Or are you just sitting around waiting? What do you do? Yeah. The first step is, of course, to sell what we have. As we have said, what we have today, the military solutions will fit with many law enforcement users as well, especially in the top tiers of law enforcement users, the riot crowd teams and SWAT teams and so on. Our next move is, of course, to broaden the product portfolio also for law enforcement, with products that will address maybe the lower end of Tier 1 and Tier 2, but maybe also go a little bit further. One smaller initiative was the collaboration with N-ear, where we address a different type of police and law enforcement needs with those types of ear tubes. You will see over the coming years that we will expand the product portfolio that addresses law enforcement users. Just the last question on the Intercom. You mentioned the need for further resources in both sales as well as development, and you wanted to drive more penetration efforts. Can you just give some more color on what exactly you are wanting to do here? It's a little bit of a circle in the sense that, let's say we have two salespeople, and then with two salespeople, we know that we can handle, let's say, five intercom sales projects, and then we need two or three people in support and R&D for that amount of business. If we suddenly see that now we actually have 10 or 15 relevant intercom customer projects, then we need to look at what more resources do we actually need to cover these projects in a meaningful way. Those investments, of course, always come before we get the order. It is a snowball a little bit that when we can see that the activity level is increasing, then we need more support, then we need more sales to support those projects. It is an ongoing process. Yeah. I assume you have a quite good leads then for the increased action when you take the decision to hire more people there. Yes. I think it is easy to say that when we show our Intercom to almost, doesn't really matter who we show it to, almost everybody would like to try it. That's the first step. Can we try it? After that, it is our task to try to find out, is this just trying because they think it is fun to try it, or are they trying it because they actually have funding available in foreseeable future? Once we can see that here are business opportunities where there is money behind, then we will of course need to make sure that we have enough resources to address it, because it is a complex product also to sell because it requires a lot of cables and interfaces to all the equipment they have. It does require resources to follow up. It is an ongoing process where we follow the activity level closely. Very good. Thank you so much, Lars. Welcome. Thank you. Your next question comes from the line of Yiwei Zhou from SEB. Your line is now open. Hi again. Lars, just a quick question regarding the GSA contract. Can you sell Racal's products through the contract? Yes. Just want to confirm. Yes. Okay. That we can. We have it, on the top of my head, as I recall it, twice a year. I think some of Racal products are already on other companies' GSA contract. We have an opportunity at least twice a year to put new products, including our own new products from INVISIO, and then now also including Racal. We can put those onto the GSA contract twice a year. Yes. Okay, great. Thanks. Thank you. There are no further questions at this time, sir. You may continue. Okay. That concludes our presentation of the Q1 report. Thank you for attending, and thank you for all the great questions. I look forward to speaking to you again in July after the Q2 financial report. Thank you all. Have a great day. Stay safe.