Thank you very much, operator, and good morning, everyone. Welcome to this Q1 2021 results presentation for Sinch. My name is Thomas Heath. I'm Chief Strategy Officer and Head of Investor Relations. With me today is Oscar Werner, our CEO, and Roshan Saldanha, our CFO, who will take us through a presentation before we open up for questions. With that, I leave the floor to Oscar. Thank you, Thomas, and welcome everybody, and thanks for your interest in Sinch. We'll run through the presentation, and then happy to answer your questions. Please go to slide two, please. We had a revenue of $1.2 billion in sorry, Thomas, should I have the Swedish krona presentation? Why am I having in U.S. dollar there? You should probably be in Swedish krona. Let me run just those numbers for you, and then I'll hand the word back. Yeah. Right. Past 12 months, just under SEK 10 billion in revenue and SEK 968 million in adjusted EBITDA over the past 12 months, and the market cap around SEK 100 billion. That's the only SEK I've got for you, Oscar, so you're back again. Thank you. All right. You were trying to confuse me there. Sorry. All right. Good. Looking at those numbers, obviously, that is the past 12 months. It is run rate-wise without acquisitions, it would be higher. Interesting to note and think about when you look at Inteliquent, that's like a $10 million a month adjusted EBITDA that they're throwing off. You have the exact figures in the statements we've given. It's a significant piece that is coming in, which is highly profitable and highly cash generative. When you think about the business, you can think about it now, but you can also think about it when you add all of these things, obviously. That is a lot what we need to scale the business for in order to handle all of that, of course. That's contextually important to understand. In 2,160 people, if you would add Inteliquent, we would add some 600, so 2,800 roundabout. That's another point that we're obviously considering when we're scaling the business right now that, all right, we're really coming closer to the 3,000 mark here. What do we need to do in order to support that type of company? 47 countries. We do customer engagement through mobile technology. Basically, messaging, voice, video. If you want to have a video call with your doctor, if you want to have a voice call to your doctor or to your ride-hailing supplier, or if you want to get a message from your bank or something like that, then we provide those type of services. We do 152 billion engagements per year. We touch on average every single mobile phone on the planet a little bit over 15 times. That is pre-Inteliquent. With Inteliquent, we would add 300 billion voice minutes per year in the U.S. That is with the largest provider then to all the 1-800 numbers in the U.S., for example. From a volume perspective, it's also a significant add to the business. We serve eight out of 10 of the largest U.S. tech companies. You can rank the largest tech companies. We serve eight out of 10. We didn't win in the first round, not in the second round. We won them when they really looked for a high-quality international provider who could provide them globally on their messaging or voice needs. That's when they came to us. That's a very, very strong position to be in. We have proven that's kind of the proof for our quality. You wouldn't get there if you don't have absolute top-notch quality in the world. We've been continuously growing with these accounts over the last quarters. This market has a 100% consumer penetration. I've not yet met one single person since I joined, and I bet that you can't do the same, of the adult populations in any country which is not a user. I mean, all of your friends have used messaging, voice, or video services from these type of providers. They call the doctor, they had a voice call to Uber, or they got a message from their bank or their dentist or what have you. This is an extremely big market. I think that's when you think about the growth that we are having and that the leading players in this market is having and the opportunity going forward, that's what you need to think about. It's like every single consumer on the planet is a user at volume, and every single enterprise who wants to communicate with their consumers is a potential customer of this type of service. It is a huge market, and it's sometimes mind-boggling to me how many customers and types of customers you can actually find in this type of market. We've been profitable since our foundation in 2008. We pride ourselves for that. Founded on SEK 10,000 share capital, not needed one single dollar for funding operations since that. We had, obviously, as you've seen, a very strong growth in gross profit over the last years. Operator, let's go to the next slide, please. On slide number three here, we show the gross profit development and adjusted EBITDA development. You see the organic development, and you see the acquisitive, what we have done the last years and the last year, with Wavy, SDI, ACL, and now Inteliquent. You can see the size of these businesses and how much is it adding to our GP and adjusted EBITDA. We focus on gross profits since the pass-through revenues vary between geographies. The pass-through revenues vary between, if you combine messaging and voice, or if you combine messaging and SaaS, it is just different. You would think about the business in the wrong way, both from a geo perspective and from a cross-product perspective, if you think of revenue. You would just make the wrong decisions. It is, we focus on gross profits, absolute growth. As you can see, my situation is when you do this type of growth, and I think all of these acquisitions, I'm super happy with all of them. I wouldn't want any of them undone. I think that really puts us in a good position, and I really like the teams that we're adding to the core. When you do this type of growth, you get into a situation, you've got to scale to handle it. I think that's what we are in. We're now saying, "All right, we need to up our systems." We need to up everything from our management of facilities. We have so many facilities around the planet, right? We can optimize that going forward, but we need a person responsible for that, or maybe we need two or three. HR systems. We've grown out our HR system. We need to change to more effective systems. You have comp and ben. How do we handle comp and ben in this many people, this many companies in an efficient way? You need to up the team to be able to do it, and you need to up the systems to do it. There we're taking, as you can see, scale-up investments to handle a bigger scale. That's, to me, 100% the right thing to do. Right now, it looks like an OpEx increase. Over time, I think it will drive efficiency gains, but that's what you're seeing in the business right now, which to me, 100% the right thing to do. I'm also convinced for you to know that over time, it will drive the cost down. Think about the facilities. If we have people managing the facilities and growth, we will be more efficient, but it will take some time. If we have good comp and ben systems at this scale, it will drive efficiency, but it will take some time. That's really what you're seeing. We're also actually investing to increase growth in the acquired units. Take an SDI. An SDI had, we were at 11% EBITDA, adjusted EBITDA, and SDI was at five. SDI didn't have any, and our growth was faster. SDI didn't have any new salespeople. They didn't have any marketing investment at scale, didn't have any new salespeople. We're obviously then saying, "Well, we can increase growth in the SDI base if we apply the Sinch model of adding a new sales team to the SDI and adding marketing investment here. We can increase growth to our levels, we can increase profitability to our levels, but we need to do the investments now in order to do it forward. Same thing with Inteliquent. I think it's a fantastic, best voice network in the U.S., they're only spending 10% of their OpEx in sales and marketing, and we're like, "You can grow faster here." I need to get the people in first and get the marketing investment first, then I can grow. It's both a scale-up and to increase growth, which will over time drive better financials. As anybody who's run a business at the scales of operations, it's going to take six quarters, four quarters, in order to get this motion going. The good news is we're just applying the same models we've done and same successfully to new businesses. I'm confident of it, but it's obviously taking some time. All right. Operator, next slide, please. Growth markets, we are in a really good market. This market is growing in management accounts. Our biggest segment pre-Inteliquent is messaging. 17 billion A2P SMS, growing 10%-15%. You got 100% growth rates in conversational messaging like WhatsApp, RCS, WeChat, KakaoTalk, all of that. That's very high growth in the market. Combination of big market, steady profitable right now with hypergrowth. On top of that, you've got the CPaaS. This is the software service, like a Chatlayer. You're just on top of delivering the message, you interpret the intent, like a SaaS service on top. There you see a 30%-50% CAGR in the SaaS services business. Operator, next slide, please. This is just a fundamental, very strong kind of market-driving momentum. The text messaging industry has grown up because it has higher open rates, higher read rates than email or any other channel on the planet. If you want to reach anybody, any individual on the planet today, text is the most efficient channel. Compare email and text, higher read rate, higher open rate. Enterprises figure that out and they're using text for that. It's not like replacing, it's complementing. It's adding another tool to their communication strategy. Text has one big issue or one big limitation, it's 160 characters only. With the next generation messaging channel, that main limitation is taken away. You're going to, in the WhatsApp or RCS or WeChat or KakaoTalk or all of these, Apple Business Chat, those channels, you're combining a high open rate, the high read rate with an app-like experience instead of 160-character message. It just goes, I think, very naturally. That is a much better service. It's going to improve the performance KPIs of any customers using email or text campaigns on the planet, and that is driving a lot of the high growth in this area. That's why we're seeing the growth rates in these areas, basically. Very natural, very fundamental, which is what we like. We focus on the value to our enterprise and value to end user. I think optical inspection, you can see it here as well. You can see the text, RCS, WhatsApp. Just compare the text message. Great service, high open rates, high read rates, but compare it to RCS or to Messenger or to Viber, where you have a picture, you have an action button which you can click, you can have a conversation with them, et cetera. It is just a different level of service, a different level of user experience. As an enterprise, you can do a lot more things when you can have a conversation, when you can have action buttons, when you have pictures and carousels, and et cetera. You can just communicate in a richer form away, which drives a lot of volume and a lot of need for SaaS services. That's what's happening. It's going to be a rapid growth, but it's going to take several years before this penetrates into the market at full scale. It's going to be a steady growth on this area over the coming years, is my projection. All right. Next slide seven, operator, please. Last quarter, we are very partner-oriented. We believe that given the market is so huge, we can't sell to every single enterprise on the planet. That's not what we're going to do. We're very partner-oriented. Last quarter, we announced a partnership with Salesforce. This one, we announced one with Adobe. Basically we have partnered with Adobe strategically to do one and two-way messaging campaigns across next-generation messaging channels. Again, we're integrating the Sinch Conversation API into the Adobe product suite. This one, we're doing it through Adobe Experience Cloud. Basically, in the Adobe Experience Cloud, which is a new product set coming out soon, we are integrating the Sinch message nodes. In the picture here, you can see the little blue box, blue purple on the top, purple circle on the top, which says Sinch, send a message through Sinch, which if you add that node in the flow builder of Adobe Experience Cloud, then you can click on that, then you can create the campaign, or create messages on any other channels in the Sinch Conversation API. Then you can use the Adobe software to manage everything, all the great things it does, and send the campaign. You have your lists and send lists in there and send the campaign there. This just seamlessly goes into us, into Sinch, basically. This is a very powerful partnership with the, first it was Salesforce, now Adobe, the other very large marketing cloud here. We're not only partnering with the Adobe Experience Cloud, it's a partnership on a broader level, but I would say, as well as Salesforce, a very, very powerful partnership here. All right, next slide. Just slide eight, please. Just showing a little bit how when we do tech go-to-market acquisitions, what we're doing after that. If you take Chatlayer.ai, we acquired a company in Belgium, great technology, SaaS company. They do intent recognition, right? When a message or voice call comes in, they would interpret what does the consumer want to tell us? From our perspective, we would send the message out, and we would charge for that. If the consumer responds, we would then tell the enterprise, "Well, we sent the message, we charge for that. Do you also want us to interpret the intent of the response here so you can automate that? If you do, you need to pay a SaaS fee." It can be a monthly fee or a monthly active user or on a per transaction level, but it's a pure SaaS fee. That's what Chatlayer is. Acquired this company in Belgium, great technology, but relatively small team. Then you see one year after the acquisitions, the number of messages on their platforms has increased 32x. It's a 330% increase in recurring SaaS revenue. They're now in three data locations, up from one, because they were in Europe, and then our American team says, "Well, you need to have your data here." And our Indian team says, "You have to have our data here," because of local regulations and customer proximity, et cetera. We have moved from the largest customers in Belgium to the largest customers in the U.S. This is now on the very largest companies in the U.S. in total that we have sold Chatlayer integrating into it. We have an intact team adding headcount here to cope up with the growth. Their biggest customers is Wavy. The biggest region is actually Wavy, another acquisition. ACL is selling it aggressively. The Sinch sales team is selling it aggressively. There's a very good view of exactly what we'll do when we acquire a technology go-to-market company. We have a great piece of technology. We scale it globally. All right. Operator, next slide, please. This is our strategy. Many of you have seen it many times before. It's the connectivity. It's the text messaging services, the WhatsApp services, the WeChat services, or the voice services, just connecting the call or sending the message. You got SaaS services, where Chatlayer is a good example. Just the services on top that you can use there, which is complete SaaS services, where you would charge an additional fee in a traditional SaaS model, basically. While on the lower level, it's a per message or per call or per minute type of model. Next slide, please. Slide 10. Strategic acquisitions, we have done a lot. We have announced all of those. Inteliquent being the latest, I think we talked about this is more of a reference slide where you see the strategy of technology go to market. You saw what we did number-wise with Chatlayer, that's obviously the intent to do all here. Wavy is very good at conversational messaging, and now we're scaling out the Wavy model to all the regions in order to increase our conversational messaging growth in all the other regions. That's another one of those. myElefant, we've done the same, so we're kind of scaling out the Wavy and myElefant offerings to the global teams. On the scale and profitability, where we choose a region, a large customer base, a product with a highly scalable and large company that we add to the mix. What we think here is, we think what is logical in CPaaS, what is logical for our position? First, we make a make or buy, and if we think, well, this thing is better to make, then we make it. If there's this thing, we think it's better to acquire, and we find a good target, then we will try to acquire. I think the combination of organic growth and M&A-driven growth is very good from both operational and financial perspective. Slide 11. It's just for your reference. I won't comment on this. We're just giving you, again, the numbers of Inteliquent so you have it readily available, but I won't talk about it. Operator, if it goes slide 12, please. Getting into the financials. Here we will explain what's going on in the business. I think what's going on is very straightforward. It takes this quarter a little bit more to understand, I think. I think we will spend quite a bit of time of trying to articulate what we're doing and what's happening in the business. January to March 2021, gross profit rising 84%. All right. That's a great figure. We're very happy with that figure. Next figure that you can look at is obviously the adjusted EBITDA rising 30%. The obvious question is, why is it so large of a difference between the gross profit and adjusted EBITDA? I think that's the main thing that obviously we're looking at and being very diligent on understanding and making sure we make the right decisions. That's what we want to explain or spend the majority of the rest of the call to explain here. If you jump down to the organic gross profit growth, the first of the second-order bullets here. We would look at our business and organically then, how does it trade? Organic gross profit growth is 24% in local currencies. In this quarter, you have a lot of currency effect. I mean, the dollar is going down versus the Swedish krona. The growth in Swedish krona becomes lower. Our main business is in the U.S., and we obviously measure the business in local currencies. I can't give Swedish krona targets to my U.S. sales team. That's a bad process, right? Organic gross profit growth 24% in local currency. I think that's a really good figure. We had a whopping 37% last quarter, this is a very solid performance. We're happy with that figure. When you look at adjusted EBITDA growth and exclude currency effects and share incentive plans, as our stock price has gone up so much lately, we need to account for the share incentive plans in that, obviously, for what it may be in the future. If you take away those two, currency and share incentive, it's 52% underlying adjusted EBITDA growth. We're going to come back to that to get more details on it. If you take away currency and share incentives, the gross profit is 84% and the adjusted EBITDA is 52%. All right. Still a big difference, but a much less difference. That's kind of the first step that you need to understand here. The second thing then you may ask, and what I ask to my team and what we really go into, this 52% versus 84%, why is that difference? When you look at that, it's two major things or two big buckets, which is roughly half and half. The one is, it's SDI gives us a dilution effect, since SDI is a great company, super happy having done the deal. Sinch was at 11% adjusted EBITDA and a high growth, and SDI was at a 5% adjusted EBITDA and a lower growth. When you mix these, you get almost like a dilution effect to Sinch, right? You get a lower adjusted EBITDA growth and a lower adjusted EBITDA absolute, higher absolute but lower in percent. That's kind of roughly half of the difference between 52% and 84%. That's exactly why we're investing there to increase the growth because, well, surprise, if you don't have any new sales people, you're not going to grow very fast, right? Why we're porting all of their traffic over to the Sinch platform, because we know then we can increase the efficiency, et cetera. Am I worried about that? No, because we've done it before increasing growth, and we've done it before in efficiency, but it's going to take a while before we can reap all of those benefits. That's half of it, or a little bit less than half. The rest is what we got to is given that we were so successful in making the acquisitions we wanted, we actually hit almost every acquisitions we wanted to do, then we've got it in the position where the business is so large, we need to add what we call scale-up OpEx, which is, we don't count it as integration because we're pretty tight in integration. We're saying we only count it as integration cost if you're allocated to a project in this specific company, and we're time reporting your hour to do something specifically to integrate this company, to move traffic or implement the CRM. We're also getting into, we just need to have bigger core functions, bigger HR, more systems in finance, et cetera. We need to scale the core functions up in order to handle the incoming volume. That's the other half of the difference between 52% and 84% that we're doing. Gross profit 84%, adjusted EBITDA, expects currency effect and incentive by 52%. You can divide the difference 52%- 84% in SDI dilution, if you will, and scale up. I'm not at all worried about the scale up in long term. That's we're going to drive out the efficiency side there. I'm not at all worried about getting back to levels, we just need to do the work, and that work typically takes four to six quarters basically in order to get back there. All right. Operator, let's go to the next slide, please. Key growth drivers in this quarter is acquisition of SDI, TWW, Wavy, and ACL Mobile. Obviously, you can see that. Number two is continued growth with U.S. big companies. We're also seeing new use cases. We're selling more than our intro product, which was text to them. They're kind of requiring more SaaS services, more new services from us in their different accounts. That's good as well. The third one, which we're very happy with, is we've been talking about improving our broad growth in sales and marketing to the days. In this quarter, we see a significant effect in growth driver of just like our sales and marketing motion being more efficient, driving improvements and driving a broader growth. That's the third big growth drivers that we're talking about here. We've talked about a couple of quarters, we see good signs and good indications, this quarter it is a significant contributor to growth here. All right. Operator, next slide. I will leave this to you, Roshan. Thank you, Oscar. I hope you can all hear me. I'm glad to present some comments on the financial pages today. On slide 14, I think as we usually show every quarter, you see a bridge explaining our underlying gross profit development. We focus on gross profit in our business, in terms of targets and incentives, and really what drives our business, because a large part of our revenues are paid to carry the underlying transaction to either telecom operators or OTT providers. Therefore, we feel gross profit is what is used to assess development. Consolidated gross profit rose by 84% during the quarter to SEK 820 million, from SEK 447 million last year. Negative exchange rate movements, that's the Swedish krona getting stronger, reduced growth by SEK 27 million or 6%. Since the first quarter last year, we've closed ACL, Chatlayer, Wavy, and SDI, and these four companies contributed 65% of the increase this quarter. Remember again that Wavy was closed 1st February, so it's only a two-month effect this quarter. Organic growth in gross profit then excluding the acquisitions and then in local currency and in comparable units was 24%. This is something we're very satisfied with. I think the underlying gross profit growth is strong. Especially looking at the messaging segment where the total growth was 85%, but the organic growth in local currency and comparable units was at 32%. Again, the scalability in the messaging segment, where you can see that the adjusted EBITDA over gross profit came in at 60% for the quarter. Gross profit declined by 50% in the voice and video segment, where we are seeing still muted demand due to the ongoing COVID-19 pandemic. We haven't seen signs of recovery during the first quarter here. Just looking at the small operator segment, again, this is the operator segment excluding the SDI piece because that is in the acquired gross profit. The organic operator segment, remaining more or less flat versus last year. Together with SDI, that segment grew 91% on gross profit. Operator, please move to slide 15. Here again, it's a bit of a numerical explanation, I think of the things that Oscar said. I can walk you through a bridge, essentially, starting from the EBITDA margin that we had a year back in Q1 2020, which was 11.3%. This was before we started to consolidate the acquisitions that we closed after Q1. When comparing to the Q1 2021 EBITDA margin of 7.2%, we see essentially five items that have caused this decline. You can say that the first two are pretty self-explanatory. You have, of course, the currency effect. There is a currency effect in terms of declining gross profit, but it also declines OpEx. The net of those had an EBITDA margin impact of roughly half a percentage point. We have sort of the cost related to the share incentive programs, which is affected by the stock price development, contributing an additional roughly half a percentage point. I think we talked about the SDI business. That is a business that is margin dilutive. We also said that when we brought in that business, when we announced the transaction, it had a growth rate of about 10%. That was a bit weaker when we actually closed the transaction. We're still very optimistic and positive in looking at our organic growth rates that we can drive further growth in this business, therefore, we make investments to actually reach or to improve the growth rates. We will also take out synergies from the consolidation of SDI, as we have said before. Both of these things take time to realize, we only closed the transaction on the 1st November. It's been really too short a period to see any kind of impact from growth or from synergies, or significant impact from synergies in the SDI business, the margin dilution effect remains. We also spoke about the headwind in voice and video, that contributes an additional 0.7%. Hopefully, something that we can improve as the world recovers from the pandemic going forward. Finally, of course, the investments both in scale but also in growth. Remember that we're also investing in new products like conversational messaging which today don't realize short term, of course, the kind of gross profit, but the large investments in scale as the company has more or less doubled, or, sorry, quadrupled in size during the last two years. We need to scale up a lot of functions to be able to manage the company at the size that we are today, but more importantly, also prepare the company for the continued growth story and continued acquisitive journey that we have set out to do. Operator. As a comment from me on this. When you look at this, a question we ask, are these the right investments? Is it right at this stage to invest in scaling growth and take a little bit short-term lower adjusted EBITDA margin? To me, the question is, yes. We have organic growth opportunities and M&A related growth opportunities that are very large, therefore it is right now. The same headwind in voice and video, I think that will turn together with Inteliquent. We're going to be much, much, much stronger. Margin dilution for SDI. Are we comfortable we can increase that? Yes. All of this, we believe in it. I mean, it's work. You can never know, but it's work, but we're comfortable on that. At that stage, do we think we can turn this over time? Is it right to do it? Yes. Do we think we can turn it back? Yes. We're very comfortable on seeing the OpEx per message in core Sinch versus the acquired companies. We just see that we have much more efficiency, and therefore we're very comfortable on this. Right now the numbers look like this. Right, Roshan, sorry. Oh, thank you. Important clarification, important confirmation, of course. I think, yes. In terms of timeline, I think when it comes to SDI, I think we've indicated about 18- 24 month timeline in terms of realizing the full synergies. Operator, please move to the next slide on page 16. Here you see the headcount growth. In Q1 2021, we added 382 people, of which 305 joined from the acquisition of Wavy, the remaining being in organic growth. At the end of the quarter, we had 2,160 people across Sinch, both as employees and as resource consultants. With that, Oscar, I'll hand back over to you to continue. All right. Thank you. I'll speed up a little bit here. I want to leave quite a bit of time for questions here. If we go to slide 17, operator. Messaging, biggest segment. You see what Roshan said. Total gross profit growth of 85%. Organic growth in our core segment of 32%. That's two very strong numbers. Obviously, growth broadening beyond U.S. tech and SDI and Wavy contributing. Obviously, we're getting tougher comps, but still very solid growth rate in our main segments. If you go to slide 18, you see the rising message volumes. Here you can see the huge amounts of transaction increase we had, 327% year-on-year basis, 47% growth in comparable units. You can imagine the type of things we need to do to the organization to handle this type of growth. We're not concerned. We're doing the right things. We need also the scale which will in turn turn out to efficiency and adjusted EBITDA going forward, but we need to scale to handle it. All right, slide 19, please. Gross profit per transaction. Here you see the gross profit and the OpEx per transaction, and we're very focused on driving the OpEx down with automation, et cetera. You see the big impact that ACL is having. You see the investments we're doing now lowering this margin a little bit in order to get it back to where we want to be going forward. This is a key metric that we're keeping very close eye on. Interesting, I just got the stats from our Chief Operating Officer who's been comparing what we have here and what we have in small non-integrated units. It's like our OpEx per message is 5x-10x lower than a one country business, if you will. That's kind of a reason for the consolidation, right? When you scale, you get much more efficiency out. We see that in our own units for platforms we haven't integrated, which is few, but there is one or two. Then you see the difference here. All right, slide 20, please, operator. Adjusted EBITDA on the messaging side for gross profit, we've been around between 40%-50%, we're at that rate right now. We're a little bit lower due to the OpEx investments and the acquisition of SDI having a dilution effect here as well. I think the levels are still very good, but we're kind of trending down a couple of the last months here, and we're managing this to a right level. All right. Operator, slide 21, please. Voice and video. Here we see good revenue growth. We've taken a couple of high revenue, low margin customers that we think are really good to take. This, you see good revenue growth, but gross profit not following that same way. We still see COVID impact. On the other hand, we see very good possibilities for this business when you combine our skill sets and our products combined with Inteliquent, which we think we're very strong going forward, at a completely different level than this is. All right. Operator, slide number 22, please. Operator, we're combining the operator teams in SDI and Sinch, that kind of combines the software business with a P2P business in SDI. It makes a ton of sense operationally. Teams are very motivated, combined and merged, that's super good. Here we see how the combined business looks today, and it's a stable underlying performance in the operator business. I'll move to the next slide 23. Integration generally performing as per plan, and integration costs are as per plan. What we have added is the scale-up OpEx to handle the very large growth on an existing M&A, but also prep us for there is a lot of opportunities going forward, and when you roll this way, we just need to take care of the teams and make sure the teams can live and breathe and have the right scale and structure. That's why we're taking this scale-up OpEx. I would love to talk a little bit more on this, but let's leave it to Q&A. In general, I think they're proceeding as per plan. We're starting to move traffic over from SDI. We're starting to soon move it over from TWW, [ACL], and Wavy, and we will be at significant numbers by the end of this year of porting traffic over, basically. All right, Roshan, financials, leave it back to you. Thanks, Oscar, again. Operator, if you could take us to page 25, please. Page 25 is summarizing, of course, the condensed income statement. Very briefly, consolidated net sales grew by 106% in the quarter to SEK 3.3 billion. The organic growth net sales was 38%. Adjusted EBITDA grew by 30% to SEK 240 million from SEK 184 million a year ago. Diluted adjusted EBITDA per share was SEK 3.6 for the quarter versus SEK 3.2 last year. On a rolling 12-month basis, adjusted EBITDA per share increased to SEK 15.3. For the messaging segment, adjusted EBITDA was at SEK 283 million versus SEK 177 million last year. Of course, commenting adjusted EBIT. Adjusted EBIT excludes both items affecting comparability and amortization of acquisition-related intangible assets, since the latter doesn't affect cash flow. Adjusted EBIT came in at SEK 215 million against SEK 169 million last year. Operator, if you could take us to page 26, please. On page 26, you'll find a bridge from adjusted EBITDA to cash flow before changes in working capital. To explain the effects between these items, on interest and taxes, we have a steady development. In the quarter, we also have a strong cash conversion due to non-recurring items and the valuation of balance sheet items. We see a cash flow generation from operations of SEK 226 million, 94% cash conversion, which is very strong. On page 27, you see the full cash flow statement, and here, in addition to the non-recurring items and the valuation of balance sheet items resulting in a strong cash flow before changes in working capital, we also have a very positive change in working capital. This is aided by operational improvements in SDI. As we take over the SDI business and we look at how we can operationally tweak that and apply the Sinch policies, we've made significant operation improvements. In addition, we have the consolidation of Wavy bringing in a positive change in working capital and also then a seasonal swing in working capital since that can fluctuate from quarter to quarter. The cash flow from investing activities relates to the acquisition of Wavy, as well as including the net investments in tangible assets and intangible assets. Turning to page 28. Here you see the financial targets for Sinch. Adjusted EBITDA per share grew 30% in Q1 2021, measured on a rolling 12-month basis. Sinch had a positive cash position at the end of the quarter, and a net debt of just over SEK 2 billion. Net debt to EBITDA is at - 2.1x. The financial targets for the company are unchanged from what we previously stated. Please turn to page 29. Here you see our financial leverage, both the reported leverage as well as the pro forma leverage. I think the difference between the two being that we include the acquired entities for the last 12 months. If we were then to close Inteliquent as at the end of the first quarter of 2020, we would end up with a leverage of 3.3. We believe that our underlying business performance and strong cash flow generation will enable a timely de-leveraging to meet our financial goals. With that, I'd like to hand back over to Oscar for final comments and Q&A. Thank you. Operator, go slide 30. Last slide. Sorry for the somewhat long presentation. I think we had a couple of things to go through. Key priorities, build on momentum for growth, broaden growth across the base. We see that. We see it quarter-on-quarter. We just build on that, improve sales efficiency, marketing efficiency across, very key to us. Continued growth for the U.S.-based global tech, obviously, really good segment to be in. New customers wins and conversation messaging. That's the kind of three go-to-market key priorities. On the M&A side, integration of recently acquired entities, and initiatives to increase growth and margins. The next one is preparation for future organic and acquired growth. This is the scale-up. We see that we've done a lot. Great. We need to scale to that, and we see there's opportunity to do it going forward, and we need to make sure we have the scale and the systems and the processes to handle it. It's continued strengthening our connectivity offering. We have really good focus on investing [audio distortion] on doing that, and then investing increasingly on the SaaS side to gradually grow the SaaS revenue at good and solid rates. That's it. That was the last slide and last comment from me. With that, we're happy to hand it over to Thomas and open up for any Q&A here. Thank you, Oscar. Thank you, Roshan. Operator, may we have the first question, please? Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Please try to limit questions to one to two questions per person. There will now be a brief pause while questions are being registered. The first question comes from the line of Daniel Djurberg from Handelsbanken. Please go ahead. Your line is open. Thank you very much for taking my question. Daniel Djurberg here. I would start off with the EBITDA margin headwind that you touched upon in length on slide 15. I was wondering if you can touch a little bit more on the SDI and investment in scale and growth, how we should think of more near term Q2, Q3. Will the percentage affect flatten, increase, or reduce the upcoming quarters, just to understand where we are in the process? The second question, if I may, would be on Wavy, and that would be on how you can give us the underlying growth in Q1 in local currency, i.e., pro forma, with also January. It seems quite high to me. Okay, thanks. Thank you, Daniel. We'll pass the first question on to Roshan. I don't think we give the numbers for the second questions, but perhaps a little bit of commentary. Roshan? Thanks, Thomas. Daniel, I think the first thing to think about is that the margin dilution is something that is underlying the SDI business. There's two ways that we will really address that, right? One way is by growing the SDI business, the second way is by realizing synergies. I think you're well familiar with sort of the long sales cycles and the long implementation times that we have typically in our business. Therefore, to see material impact in growth is still a few quarters out. The same applies as well for synergies that while we're taking out some, of course, the early synergies, the large synergies lie in the combination of platforms. That is, again something that we've started with. We're very happy with where we are. We've completed planning, and we're doing some pilot migrations. This is a continued journey over the next 18 months or so, where we will combine platforms and therefore be able to realize the large synergies with sort of the big synergy realization coming towards the end of that period. The second, on the investment in headwind scaling growth, I think it's fair to say that obviously these investments would come in both during last quarters as well as during Q1. The people coming in during Q1 and the spend coming in during Q1 is not fully reflected in Q1, and I don't think we're done with that either. I think we need to make further investments in the coming quarter as well to prepare the company both for the increased scale and for continued growth, as well as to continue on the acquisition journey that we want to make. I think that's how I would like to outline that and how you could think about that. On Wavy, again, we're not able to give you the numbers right now. Maybe we can take that offline. I think in general, the Wavy business is performing well. We're happy with the overall SMS development as well as the new business development. I don't know, Oscar, if you want to add something more on that. Yeah, no, we're happy with Wavy. The only worry sign, which is nature of our business, is the operators are increasing prices up, I think it's 27%, one of the biggest operator that always rocks the market a little bit. That's the external negative. We're going to manage through that. We've done it many times before. Yes, it takes a little bit of it. It's a little bit rocky for a little while, but nothing major that I would be worried about. Okay. That is in Brazil, I guess. Sorry, say that again. Is it in Brazil, the operator rate with 27%? Yeah. One of the major operators in Brazil. Yeah. They're increasing prices. Exactly. Yeah. Okay. Thank you so much, and good luck in Q2. Thank you. Next question, please. Thank you. The next question comes from the line of Predrag Savinovic from Carnegie. Please go ahead. Your line is open. Thank you very much, operator. Thank you for taking my questions. A little bit on the growth side. Last year's big revenue driver, that was U.S. big tech, right? In this presentation, in the report, you mentioned more broad-based growth, across also different customer segment, also different geographies in addition to these. It would be interesting to have some more flavor of new customer types that are opting in. Also if we think ahead, if you would categorize the growth drivers and thinking then on an organic basis, which ones do you think are the biggest drivers the next 12 months? Is it still big tech, or do you see any other categories overtaking this role? Thank you. I can take that question. Our goal is obviously to have multiple cylinders firing at the same time. If you ask me what I want, that's what I want. Now, that's not always happening. We're doing the organic growth on the broader base, and we see good trends. We think that will continue. On big tech, we have no reason to believe. We think that's a strong segment going forward. Obviously it's always like we had a couple of really strong quarters, then comps get tougher and we've got to plan for a relative lower growth for a while. I think it's generally we see good growth opportunities on both these segments. While the big tech can be more lumpy, as you can understand, because it's your customers, the other one is more stable. We're now happy to see broadening of that. The other question, segments, it's very wide. It is primarily the big banking and finance is big in this. Travel and transportation is big. E-commerce is big. Retail is pretty big. It's all the large hospitals and healthcare is big. It's a very broad set of customers that is coming in. It's coming from those major communication segments in the world, basically. Was there another? Yeah. We see a broad growth and it's broad amount of segments, but it's obviously from the other large segments that we're all large in are the biggest contributors. Interestingly enough, you can get companies like an Amex signing up online or like a Porsche or Coke signing up online to new services, it just shows the power of the business and how much opportunity there are in many different areas, basically. That's another interesting aspect of this industry. Did that answer your question or did I miss an angle there? No, that's very clear. Perfect. Thank you very much. Thank you. The next question comes from the line of Ramil Koria from SEB. Please go ahead. Your line is open. Thank you, operator. Hi, guys. Thank you for taking the questions. Continuing perhaps on Daniel's, going back to the EBITDA bridge or margin bridge here, and touching upon perhaps the third component here, which isn't transitory. The headwind in voice and video, you're mentioning that you've taken some customers with lower margins. Could you shed some light as to why would you do that? Is it illustrative or anything more broad-based we could speak of? Are you investing in price to get these customers? Is the competitive environment fiercer with them, et cetera? No, I don't see any big trends. If we first talk about our business, right? We can talk about the combination with Inteliquent because it changes the pictures quite dramatically here. If we talk about the existing Sinch picture, no, we don't see a big price drop or increase. There's always price pressure, of course, but that's not it. It was more like, this customer is really good for a set of specific reasons. We take it now. We think we can increase margin going forward with upselling on other stuff, et cetera. That's what you see. You also see, we think absolute GP from this customer is going to be good even though the margin is a little bit low. Again, we think, is this absolute GP good? Is it a profitable customer? That's the other aspect to that. In this case, we think that the absolute GP from this type of customers is going to be good going forward. I think it's more down to continued headwind in that industry during COVID, during this time, and we still haven't really gotten out of it. You should also think about that the comparison in Q1 was a really good quarter, and that was pre-COVID in this case. It's like we're comparing to the highest point to a post-COVID hasn't fully recovered situation. That's on the first part, on our area. When you combine our capabilities with Inteliquent, I think we're going to be a very strong voice player over time because we have a little bit more of the upstack capabilities. We complement it with more of the CPaaS capability and the SaaS capabilities. We're building out the self-serve developer go-to-market offering, and then you combine it with Inteliquent's strongest network in the U.S. I think I'm very positive on that business on a macro level going forward. Now, that takes some time, but I think we're going to be a very strong voice player going forward at a completely different scale than we've been playing at today. Roshan, do you want to add something to that? Yeah. Sorry. Thanks, Thomas. I think just on the first part of your question, Ramil, I think I just want to accentuate what Oscar said. It's primarily a mix effect. I would say that going back, last year, I think we talked about this, we have two main products that we offer in the voice segment. It's the number masking product and then the verification product. We've seen revenues drop really in both of these. At the same time, essentially, we're bringing in new customers. Some of the new customers we brought in, we're offering products with not as much value add over the core voice connectivity. Now, in a growing business, in a larger business, like if we'd continue to trend without the pandemic, this would not be as visible as it is today. It's more visible since we've lost the higher margin revenues that we've had previously. It's a mix effect. That's very clear. A final one from my side, again, on the OpEx side. To me, it doesn't seem like, and of course, there's a lot of moving parts here, so could be completely wrong, but to me, it doesn't seem like it's a massive step-up in OpEx, if you compare sort of Q1 2021 over Q1 2020, and then squared that to Q4 2020 over Q4 2019. These scale-up investments, first off, how big of a delta is there really underlying from the last quarter to this quarter? Secondly, why are we talking about them more today than we did yesterday, if you understand what I mean? Good. Roshan, if you take the first, I'll take the second. I think when you look at sort of the delta, I guess the key delta is, of course, what you looked at on the margin bridge, I think which is adding about 1.5 Percentage point. I think if you convert that to absolute figures, I'll have to come back on that specific item. We've been talking about the increase in headcount resources all of last year. In that sense, you're right, Ramil, that for us, it's not a change in strategy. What does happen, of course, that you have a bit of different things affecting us together. The margin dilution and SDI, of course, is something that comes in this quarter. If we remember that was there two quarters also last year, but it's a bit hidden by the fact that Q4 usually tends to be a blowout quarter for Sinch. I think I'll have to come back on the specific number question, but we can do that offline, Ramil. I can hand over to you for the second part. Yeah. Why we're talking about them more now, I think it's since we've been successful in so many deals, and we see there is a continued possibility to do great deals in the future as well. If we would only have done SDI, I don't need to scale up. When we do SDI, ACL, Wavy, and then Inteliquent, and see that there is more opportunities, then my question becomes, well, each one, taking example, each one of the direct reports to my CTO needs to handle 250 people, and our engineering team was 250, 18 months ago. It's like when you're so successful in the M&A track, you suddenly need to kind of scale the entire organization to be able to handle something which is much, much bigger. We knew that it could happen if we were so successful, but then when you are so successful, you need to do it as well, right? You don't really do that before you actually, you're on the journey. That's why we talk about it more now because you kind of grow out of your old costume and you need to put on a new costume, if you will. Does that explain it? Yeah, it does. Thank you so much, guys. Thank you. The final question comes from Stefan Gauffin from DNB. Please go ahead. Your line is open. Yes, hello. A couple of questions. First of all, both SDI and ACL reported lower gross margins in Q1 versus Q4. Is this a seasonal issue or a temporary issue, and what should we expect going forward? In terms of the pandemic impact, it's very clear the voice and video business, where you will likely see some tailwind once the pandemic fades out. How do you foresee the messaging segment being impacted when the societies open up? You clearly have really good volumes continuing into Q1. Thank you. Roshan, do you take the first? Sorry, it just took a second to get me off mute here. I can take the first one. Stefan, thanks for the question. I think we tend to focus on absolute gross profit when we assess and steer our business. That's because our gross margin is affected a lot by, in a sense, where our customers choose to terminate their traffic. Since we're a global deliverer of traffic, we delivered around 40 billion transactions during Q1. That can be affected a lot due to swings of the traffic termination destinations. I think, that's really the key explanation for the margin differences that you see in the messaging segment during Q1. I think on overall basis, of course, you also have the mix impact when you look at the operator segment that we bring in SDI P2P, which is really a interworking hub different from the traditional operator software business that we have had, which had software-like margins of close to 90%. On voice and video, of course, margins decline in line with the pandemic effects and other related commentary previously today. Oscar, back to you. Yeah, on the pandemic, we have said that we have seen pluses and minuses. Minuses in retail, pluses in e-commerce. Minuses in travel and transport, pluses in all the online collaboration tools type of thing. We don't think that the pandemic has had a major negative or positive effect on us today. We think it's been a little bit plus and minus. We don't see that we have large pandemic-driven volumes. We don't think we're on a hike because of the pandemic in any way. We think some will go down. Yeah, cloud collaborations will go down a little bit, it's probably going to be on a much higher level than it's been before. I think it can go back to your own behavior. I think e-commerce will go down maybe because when retail open up. On the other hand, I think we've driven a digital transformation in the world that is going to stay at some level. On the other hand, when retail goes up, that helps us. I think we're relatively balanced. We don't think we have a lot of pandemic-driven volumes. We think that it's relatively awash. If anything, probably a little bit on the positive side when the pandemic ends, but it's not something I, from a financial perspective, would count on in your world. Okay. Perhaps I can sneak in a final question. You mentioned that the investments are going to be ready for future M&A. Is that just a broad comment, or do you see M&A opportunities as we speak? If you ask me what companies, then I obviously cannot answer. We see continued interest and continued ability to do M&A. Yes, we always have discussions with a set of companies, and we say no to a lot, and you never know if you're going to make them because somebody else may make them, so you don't know. Yeah, we see, on a broad level, a lot of interesting opportunities that I think would strengthen Sinch as a customer, if you think broader CPaaS space. Yes, we do see concrete and long term, but it's more a broad opportunity base of good possible transactions that would strengthen Sinch. Yes. It's broad and concrete, and then we're only going to make a few, but yeah, that's what we see. Perfect. Thank you. Thank you. We do have one further question from Mike Latimore. Please go ahead with your question. Oh, thanks. Yeah, Mike Latimore here. Thanks. On conversational messaging or two-way messaging, roughly what percent of your volumes are in that category versus the one-way messaging? Thanks. I haven't heard. Thank you, Oscar. I'll leave that to you. All right. Yeah, we haven't given those figures. We can't give them. I think, as you can see, the growth rates we're seeing is much, much higher in this segment. In the larger regions, we don't give it, we see higher growth rates there, we're seeing that's going to increase in general, faster than the messaging business. It's obviously dependent on how much we're super successful in the core messaging part as well, how much does that grow? Do we make an acquisition there? Obviously the percentage figures shifts. It's a little bit hard to talk about percentage figures. I think the market is in the more advanced countries, maybe at the 10% level right now, in most advanced countries, like Brazil. We see that we're also trading with the markets. In the bigger countries, or in the less advanced like Europe and U.S., it is much, much lower than that from a market volume perspective. Hmm, interesting. Just with regard to some of the recent new lockdowns that have occurred in Europe and now in India, does that have a negative or positive influence on your messaging volumes? Do you end up with more e-commerce and less other areas? I'm just curious about these recent lockdowns. Do they influence volumes? First, they influence people, right? We care about our people in both India and where we have around about 700 people now, and Latin America and Brazil a lot. We need to take care of the people first and make sure they are safe and sound, and that's a tough situation. I just need to be clear on that. On the volume side, but like I said, we've gone through the pandemic, and we see the ups and downs, and yes, you have some negatives and you have some positives. It's never good when a company is in complete lockdown, of course, but yeah, we have seen in a positive increases on e-commerce or from hospitals or from various different segments, and we have seen positive increases. In general, our volume has been a little bit stable. You can probably say, yeah, relatively stable. That's the general view. Then you will see, all right, this happened in this country, but in general, it has been stable across the pandemic on a global level. Okay. Thank you. Thank you. We have no further questions, so I will pass back for any closing comments. Thank you. With that ends our call. I'll give a moment for Oscar to wrap things up. Thank you. Sorry for the long call. Thanks a lot for all of the questions. In general, my sense, business is doing well. Organic business is doing well. We're doing well on the M&A side. I'm very happy with the growth rates, organic and M&A-driven. That's the first one. Second one, yes, we have an EBITDA impact now. Part of that is currency and share-based incentive. When the stock price goes up, you have the others like margin dilution, SDI, some headwinds, voice and video, and investments in scale and growth. I'm 100% confident the investment in scale growth are the right things. I'm 100% confident that they will, or 100% it can never be, I'm high confidence that they will turn out well going forward in efficiency gains. I believe we're going to increase the SDI. I believe we're going to turn the headwind, the voice and video, both pandemic and the Inteliquent. I'm good with that. Are we worried that our margins, profit margins, adjusted EBITDA in the long run will be lower than we've been trading before? No. We think we're doing the right thing for the business. At this type of scale, you just need to invest. If anything, if I can use a little bit of the adjusted EBITDA to scale for this growth and future growth, I think it's the right decision. We're confident. We obviously need to keep a very close eye on this. It's never easy when you do this. We need to be close to it and make sure we don't take any wrong turns. Rest assured that's what we're doing because you can't just have OpEx scaling uncontrolled and in a way that you're not doing, and then we need to keep a close eye on that, and then that's me and Roshan and Thomas and the rest of the management that really keep a close eye on that. Organically, doing well, and then these investments I think are the right thing. The market in general is very, very good, both from the organic and the M&A side. We see good opportunities going forward. That said, I think that's all we have to say. Thanks a lot for your interest and listening, and hope to meet you again in the future.