Hello, and welcome to the iliad Group and iliad Holding quarter one results. My name is Judy, and I'll be your coordinator for today's event. Please note that the call is being recorded, and for the duration of the call, your lines will be in listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad at any time. If you require technical assistance, please press star zero and you'll be connected to an operator. I would now like to hand you over to your host, Thomas Reynaud, the CEO, and Nicolas Jaeger, the CFO of iliad, to begin today's conference. Thank you. Good afternoon, everyone, and good morning for those listening from the U.S. I am Thomas Reynaud, the CEO of iliad. I'm here today in our Paris head office with Nicolas Jaeger, the CFO of the company, and Nicolas Didio, the Head of Investor Relations. After a very successful 2021, the first quarter of 2022 is showing no signs of slowdown. In fact, this is quite the opposite, with very good commercial momentum, but also re-acceleration of the growth of the company. If we have a macro view on the Group, we are experiencing a very good traction with new subscribers. In fact, an additional 900,000 subscribers in our three countries. Our ARPU keeps on rising, which is a very good sign for the future. Our profitability is also improving, enabling to invest significantly in 4G, 5G, fiber, but also in our data center business. At the same time, we maintain our financial discipline. Nicolas, we'll come back to you on the management of the balance sheet. This quarter was also super important because now we are a convergent player in each of our three main market. With the launch of our fiber offer in Italy, and the finalization of the acquisition of UPC Polska in Poland. It's quite important for us because we always had the view from day one that it was key to be a convergent player in those three markets. If we look at country per country, we'll start with France. What I can tell you about France, and probably this is the highlight of the quarter. For the first time since 2013, we are number one in France in terms of new subscribers for both broadband and mobile. I get the strong conviction that this is the result, on the one side of our investment policy, with a big push on our 5G network, with more than 81% of population coverage, but also on our fiber footprint, with more than 27 million homes with fiber. Today, we have the highest penetration rate of fiber in the French market, with almost 60% of our subscribers with fiber and only 40% with copper. This sales performance in France is also due to a specific improvement of the quality of service, both at the level of our network but also on our customer care. We get an award on the nPerf regarding customer satisfaction, where we placed number one on the broadband market and number two on the mobile market. If we look at Italy, we continue to deliver a very solid sales performance with 320,000 net adds. We've been number one in terms of net adds for the 16th quarter in a row, which is quite a performance in a market that remain very challenging. As indicated at the end of March, we are very pleased to launch our fiber offer, and clearly it will create cross-selling opportunities. It is also very important to highlight that we have improved our brand preference score during the first quarter, and we are the only Italian brand, telecom Italian brand that has improved that brand preference score. In Poland, the trends are unfortunately a little bit distorted by the war in Ukraine. You know that we took a very strong action quite quickly in order to support the Ukrainian population and migrating to Poland, providing free of charge SIM cards, which explained the strong increase in terms of prepaid subscribers. But we also had a very good performance in terms of postpaid. I can tell you that the integration of Play within the iliad Group is just an amazing success. Nicolas will come back to it. We had some regulatory decision that had a negative impact in terms of revenue generation, but without any impact in terms of profitability. Probably the highlight of the quarter in Poland is the finalization of the acquisition of UPC Polska. Clearly, we are fully focused on the integration of UPC within Play. I spent last week in Warsaw, like every month. I can tell you that I feel a very good energy between inside the two organization. We will make sure that by September-October, those two organization will be only one team. In conclusion and before handing over to Nicolas, I see the performance of the Group in Q1 as a clear support to our strategy, a clear sign that our plan, strategic plan announced in 2018 is a huge success. We will stick to that roadmap, and we will accelerate our cross-selling effort. Nicolas. Thank you. Hello, everyone. Good morning and good afternoon. The Group continued its growth trajectory in the first quarter with overall revenue up 5%. It is a growth that is driven by a favorable mix in terms of volume with new subscribers added over the period, but also in terms of value with the increase in revenues billed to customers. However, we had a headwind in the call termination rate and exchange rate in Poland. This is why Poland has a negative contribution over the quarter. If we go in more detail, slide 12 of the presentation. We have over EUR 1.9 billion of total revenue for the quarter with a different growth rate across all three geographies. Let's start first with France. Revenues are up 6% year-on-year to over EUR 1.3 billion. All of the businesses are posting growth. Fixed first, it's very good momentum continue to accelerate. Revenue up 6.6% to over EUR 700 million. It's led both by a strong momentum in terms of net adds, as underlined before, and also the solid increase of the ARPU that posted a total ARPU of EUR 33.5 for the quarter. Wireless revenue are just under EUR 600 million. It's a growth of 5.2%, but if you only look at the service part, it's over 7% thanks to the better mix over the period. B2B is also growing fast with a double-digit growth, 25% growth and a contribution of EUR 44 million for France. If we jump to Italy, we have a double-digit growth, 14%. A total revenue of EUR 214 million. It's mainly driven by customer gain. Now let's go to Poland. Poland is down 3.5%. It's the negative impact of the currency and the lower incoming calls with the termination rate. If you exclude that and you focus on the service revenue, it rose over 6%, and it's also a good mix of both more for more pricing strategy and customer gain. On the profitability side, if we go to the EBITDA, the EBITDA is over EUR 700 million. It's a 5% increase over the period. France is growing fast, 7.3%, just below EUR 500 million of contribution. We have a big positive swing of Italy. It was a negative contribution last year of EUR 40 million for EUR 40 million contribution this year. We almost reach, in Q1, 20% EBITDA margin in Italy, which is quite an achievement. In Poland contribution is above EUR 180 million, compared to 248 last year. Bear in mind, last year, we had a big one-off linked to the transaction with Cellnex with a disposal of a batch of over 500 tower, which had a positive effect in the EBITDA. If you exclude that, the EBITDA year on year is clearly growing also for Poland. In terms of investment, the Group continued a strong investment program on all its geographies. The overall investment decreased by almost 35%, mainly in France for two reasons. The first one, the phasing of the CapEx, Q1, Q2, and the second one, there is a one-off effect of some connecting fiber that has been sold to our IFT subsidiary. Italy CapEx is slightly up, compared to last year. It is the direct consequence of the strong deployment on one side and also the launch of our fiber activity and the box that we send to our customer. The level of CapEx in Poland stay at a relatively high level, compared before we acquired the asset, over 11% of the revenue, and the contribution is EUR 40 million. In terms of operating cash flow, it's clearly a big turnaround. A negative contribution of EUR 35 million last year to almost EUR 250 million this year, with France that is now contributing positively to the operating cash flow of the Group. Poland, that is still a strong cash generator for the Group, less than last year due to that one-off we just talked about. The drag of Italy that has been divided by two from negative -EUR 104 million to -EUR 54 million. Our usual free cash flow for iliad Group S.A. I will go relatively quick on the first part. We already had the analysis of the operating free cash flow. There is two big element over the period. The first one is the sale and the disposal of our stake in OTF and our stake in OTP for almost EUR 1.1 billion of cash. The second one is the dividend, the special dividend that has been paid of EUR 1.2 billion to the whole iliad Holding to reimburse the main debt. The Group has a solid financial structure with a leverage at 2.7x, which is clearly an improvement compared to 2020. Even with the special dividend that has been paid to the holding, the leverage stays at 2.7x like it was at the end of last year. Just one remark, the leverage will slightly increase beginning of April with the closing of UPC, and you have the pro forma that is on the slide around 3x. On the liquidity side, the Group has a strong liquidity position of around EUR 2.8 billion. It is a mix of undrawn facility and cash on the balance sheet to cover its need for the future. At the holding level, mechanically, the holding leverage has significantly decreased over the period with the reimbursement of the 1.2 bank line that was drawn in June last year. The leverage in less than 12 months went from 4.6 x- 3.9x. That shows a strong de-leveraging path, and we are delivering on that path. Same thing, first April, you will have a slight deleveraging of 0.3 turn with the acquisition of UPC, and we'll go at 4.2. Liquidity is a bit less than EUR 300 million at the end of March. It's an important thing to look at. We have clearly shown that we have strong capabilities to deleverage the Group in making the acquisition, integrating the asset quickly, and delivering the synergy in order to maximize the deleveraging path as we took the engagement in front of some investors and of course, the rating agencies. This morning, we also announced the public ratings for iliad S.A. We had public ratings for the overall iliad Holding and of course, the debt at the iliad Holding level. This morning, we announced the rating at iliad S.A. level. We have three ratings, BB from S&P, BB from Fitch, Ba2 from Moody's, and we have from S&P and Fitch some standalone profile rating of BB+ for iliad standalone. As a conclusion, the first quarter of 2022, we followed the same course as we showed at the end of last year with ongoing growth, robust balance across our three geographies, increased profitability and operating free cash flow over the Group, rapid repayment of acquisition debt and proactive deleveraging over the past nine months. Those solid results clearly show how we've got our strategy right in developing our business on a European scale, underpinned by a solid profitable asset base. This will enable us to calmly pursue our objective while continuing to exercise financial discipline and meeting our commitment to bring our leverage back down to below four times. I'll pass it on to the Q&A session now. Thank you. As a reminder, if you would like to ask a question on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. You'll then be advised when you can ask your question. Again, it is star one on your telephone keypad to ask a question. The first question is coming from the line of Sam McHugh from BNP Paribas. Your line is unmuted, and you may go ahead. Thanks, guys. I'm gonna ask you three questions, if you don't mind. First one is just on Italy. I don't know if you could give us an update on what's happening with the INWIT remedies and if there's any movement there at all. The second question was on kind of M&A stuff. I think there were some press articles recently suggesting people close to Xavier were suggesting he was keen to expand into the U.K., Spain, Germany, and pretty much everywhere. Is it something you're actually actively engaged in? I know you had private equity and banking support for a deal in Italy. Are those same partners, do you think, supportive of growth into new markets? The third question is Vodafone said this week that they were still in active discussions in four markets over M&A deals. If you would confirm or not whether you're in talks with them still in Italy? Thank you very much. Okay. Thank you so much. I think that your first question was on INWIT. Now, what can I tell you is that nothing has changed. TIM and Vodafone are still preventing INWIT from doing any business with iliad in the area of the remedies. Just for the sake of clarification, the areas of the remedies are cities above 35,000 inhabitants. iliad Italia has a very strong interest to be hosted on at least 1,700 sites, and the access to these sites is still blocked, and we don't know why. On top of that, INWIT still refuse to proceed with most of the iliad request of 5G upgrade on that site. For the time being, we didn't see any positive evolution, even with the sale of a TIM share to Ardian. Clearly, we're, I understand that even if there is not a deal that is still closed on that topic, we wonder to what extent it will impact the decision of the EC and its remedies. Obviously, the current situation is not an acceptable one, especially in light of the minority shareholder of INWIT. On M&A in Italy, of course, that's a hot topic. You know, we cannot rely on a potential consolidation of the Italian market because in market consolidation is always complex. The main scenario is still iliad Italia as a standalone entity, and that's why we decided to accelerate our network rollout. As mentioned during the previous annual results call, we are in very serious discussion and almost closing a transaction with Wind Tre on a revenue sharing agreement on one part of the Italian footprint. On top of that, we want to accelerate on our broadband business, and the next move will be on B2B, but we don't have any kind of visibility on the potential short term consolidation of the Italian market. Regarding the future strategic move of iliad, as I mentioned during my introduction, we made two very important strategic move during Q1 that were super important for us from Day One, which is the finalization of the acquisition of UPC Polska and the launch of our Italian broadband activities. From day one, we knew that we would become a convergent player, and we know that we get a lot of growth on those three markets by addressing the new segment of broadband and the B2B segment. In France, we get strong right now growth engine B2B on even three B2B the so-called subsidized market that we do not address with the subsidy, but with our own Free Flex offer, which is just massive success. Three, the cloud business. Regarding any potential future acquisition outside of those three geographies, it's always a possibility. For the time being, we really concentrate on those three geographies. Super clear. Can I follow up on that? You mentioned something a bit new, I think, on the INWIT side, on the 5G site upgrades being blocked. Is that a nationwide issue or is that? That sounds a bit new. I don't remember you saying. No, it's just on. Yeah. It's just on the fewer radio sites that we have with INWIT. Everywhere else, with all the other TowerCos, we don't have any issue. On the radio sites that we own, we don't have any issue either. Yeah. It's just the 1,000 or so you have with INWIT where they're delaying some kind of site upgrade process for you. Okay. We get some issues on the INWIT footprint, but not on the rest. Because we didn't manage to get access to a lot of INWIT sites, for the time being, it's a limited issue. Awesome. Super clear. Thanks, Thomas. Thank you for your question. The next question is coming from the line of Laura Homsy from MFS. Your line is unmuted and you may go ahead. Hi there. Thank you so much for taking the question. I was just wondering, can you provide the actual sort of pro forma growth figure for EBITDAaL in Poland, because you also mentioned that one-off gain in Q1, but also the vendor charges to Cellnex? Just on a percentage basis, preferably sort of like for like, in Polish zloty. Then, yeah, could you just provide an update? You just didn't mention the sort of RAN sharing agreement with Wind Tre, where you stand on that and when we could potentially expect some sort of announcement or agreement being reached. Thank you. Thank you for the question. Sorry, I didn't hear the end of it, so I'll start with the beginning and do not hesitate to follow up. In terms of Poland, if you do a pro forma, it's almost 7% growth year-on-year that you should have in mind. What was the second part of the question? Sorry. Sorry. It was just regarding the RAN sharing agreement with Wind Tre that you just mentioned again. Just to sort of provide an update in terms of where you stand and timing and potential sort of announcement of an agreement. Thank you. We've never been so close. Those discussions are always very long and tricky because we are talking about significant part of a geographical coverage, 7,000 sites. It's like a long-term marriage. Clearly, things are going well with our friends of Wind Tre, and we are quite positive on the outcome, but we don't want to give a specific timeframe around that. Okay, that's fair. Thank you again. Thank you so much for your question. As a reminder, it is star one on your telephone keypad to ask a question on today's call. The next question is coming from the line of Chris Kay from BNP Paribas. Your line is unmuted, and you may continue. Hi, guys. Thanks for taking my call. Two questions from my side. First one, can you provide us some guidance on funding sources and uses for the remainder of the year, particularly the EUR 650 million OpCo bond due in December, and then the CapEx and spectrum payments, and just whether that comes from a public market refinancing or it can be done organically. The second one, or last question from me is around the drawdown on the HoldCo RCF. Can you just help clarify the rationale for that and whether that was to help fund the bond coupon? Then any guidance on current liquidity at the HoldCo would be useful, as well. Thank you. In terms of funding strategy, we have and we will pursue the exact same strategy that we had in the past, being having a diversified approach with a very strong supporting bank pool. We will have mechanically, as usual, new bank lines that will be provided by our bank pool or special lines, for example, EIB, over the period. Of course, at a certain point of time, we will be looking at the market, but with no pressure as we have strong liquidity. Now, on top of that, we have our public rating available with the three big rating agency. In terms of drawdown, yes, it was to for the coupon. The payment of the dividend will be in June. We'll reimburse part or almost all of the RCF. Okay, thank you very much. Thank you for your question. The next question is coming from the line of Mathieu Robilliard from Barclays. Your line is unmuted, and you may go ahead. Yes, hello, and thank you for the call. I had two questions, please. First, in France, we've seen still relatively promotional environment, but it seems that the market is growing well. I don't know if you want to give any color on how you see the competitive environment. Specifically with regards to you, we can see that you're the fastest growing, a telecom in B2C at least. I was wondering what was the success of the bundled offers you introduced, some time ago already. Also maybe if you could give a bit more context on B2B, how it was going against expectations. Second, on Italy, I don't think you have disclosed any numbers in terms of the commercial traction of the broadband offer. If you can give a little bit of color, that would be great. Separately, can you tell us today how many homes you have potentially access to in terms of fiber between the different deals with the wholesalers you have signed? Thank you. Thank you. Thank you, Mathieu. On Italy, no, we don't want to disclose the net adds because it's a sensitive information. We just launched our operation. That's very strategic, and we don't want to give any clue to our competitors. You will understand that we will not give any clarity on that topic before year-end. Regarding the first question, Nicolas, it was on? France. On France. Yeah. Now, the good momentum on France, there are different reasons. The first one, a big push on fiber, and I really insist we are the number one telecom operator in terms of penetration rate of fiber. We are at 58%. We are 5-7 points higher than our competitors. There is a very positive word of mouth around fiber within the French market with the Free brand name. On mobile, there has been, over the last 18 months, an amazing improvement of the quality of our service both in terms of bandwidth, latency, and with a very positive comment, as you can tell by the nPerf study. At the same time, we start to address a new segment, and we've been discussing that topic, Mathieu, over the last 10 years. A new segment of the mobile market, which is the so-called subsidized market. We get a lot of traction from that segment. Nicolas, on- Maybe, Thomas, the last point was on the total home available on the footprint in Italy. We have over 7 million homes that we can address today with our offer on fiber with one big partner, which is Enel Open Fiber. That's great. Thank you very much. Thank you for your questions, Matthew. The next question is coming from the line of Georgios Ierodiaconou from Citi. Your line is now unmuted, and you may go ahead. Yes. Good afternoon, and thank you for taking my questions. The first one is on Italian mobile. We saw in the last quarter, I think a lot more competitive environment, it slightly affected your net as well. But I just wanted perhaps to hear from you whether you are seeing anything changing. In particular, I think, some of the MVNOs and Fastweb have accelerated their net additions. Whether that, you think, is a problem in terms of, maintaining the growth in mobile from here. My second question is around your agreement, with Wind Tre. I know it's difficult for you to necessarily give us a lot of color on this, but if you could perhaps talk us through how much you are committing if you go through with this agreement on network sharing, and whether then it greatly reduces any incentive to consolidate the market later. How you're thinking about the two options at this point. Then the final question is more big picture, and I think it was asked earlier around the leverage situation. We are seeing some moves in the high-yield market, perhaps not so much for you. Some of your competitors may have been a bit worse affected. I'm just curious to hear whether if you were to structure deals, like the ones you are considering in Italy recently or others, whether you would be more cautious given the conditions now or whether you think there are enough options on the table. Thank you. Thank you so much for your question. No, you're right, Georgios. There is a deterioration of the competitive environment on the mobile Italian market with two very aggressive MVNOs on the one side and an even greater aggressivity from the secondary brand of the MNO, with a lot of activity on the winback situation. This is below the line offers, but at a very aggressive level. When I'm looking at Q1, there are two ways of looking at it. 320,000 net adds is a good figure. It could have been higher without that level of aggressivity. Due to the specific situation, I can tell you that's a really, really good performance. The fact that also quarter after quarter, for 16th quarter in a row, we've been number one. Without that level aggressivity, let's say with the normal level of commercial competitiveness that we had at the beginning of 2021, our number of net adds would have been higher. On your second question in terms of the RAN sharing agreement and if it goes through, what could be the impact on consolidation, of course we cannot go into many details. Be sure it is a structuring agreement mechanically. It would impair some of the synergies of potential in-market consolidation, that is for sure. Leverage situation and approach to deals. It's just the conditions are much more volatile than they were. Clearly, the pricing of the debt is affected. Liquidity is a bit more stretched. For example, the deal we were thinking of at the beginning of the year with Vodafone could work. It may be at a different price, maybe, with a bit more coupon to pay. For us, the way we look at it is the ability of the deal to repay the debt very quickly. That was the case of that deal at that time. We will see for the future situation if we have a deal that has the same deleveraging profile. It works. If it's a longer deleveraging profile, clearly it won't work. Very clear. Thank you. Thank you for your questions, Georgios. The next question is coming from the line of Alex Roncier from Bank of America. Your line is unmuted, and you may go ahead. Hi, guys. Thanks for taking the question. First I'd like to come back just on the French commercial performance. Just wondering where your strong broadband performance is coming from, if you're seeing yourself taking share from one particular actor or if it's just, you know, faster market growth. Similarly, if you're seeing better traction on some different region, i.e., you know, urban, medium dense or maybe rural, and how that has evolved over the last few quarters. Secondly, I know you've said and you've explained, you know, your strong mobile performance, but I think back at Q4 you said that Free Flex had tripled your recruitment. I'm just wondering if the share of Flex within your net adds on 4G, 5G plans had remained stable over the last three quarters, or if that had taken a higher share. Then secondly or thirdly on just two things on fiber and copper. On fiber, we've seen a lot of bad press, I would say, on the ground regarding the quality of the rollout and some issues regarding customer connection or some, you know, bad works being done by subcontractors at the mutualization points. Just wondering what you're seeing yourself on the ground there. On copper, we've seen Orange pushing for increased copper rental fees and some tepid signs perhaps from ARCEP that this could be possible. If you had any color on that, it would be very helpful as well. Thank you. Okay. On your first question regarding where we get our market share, we are not over-indexing or under-indexing any of our three competitors. What we see is good traction in the new zone where we open fiber, and specifically in the RIP public-private networks in the remote area. This is where we see a good commercial traction. I'd like to make a clarification. The broadband net add that we give do not include, of course, the B2B broadband subscribers that we gain. This is also sensitive information because we just launched that activity, and we don't want to disclose any strategic information to our competitors. The broadband numbers are only B2C broadband numbers. Regarding what's going on on the ground with fiber and the deterioration, it's making a lot of noise in France. I'm not gonna say that it's not painful for the subscribers that are concerned, but it's a very limited phenomena. It's true that we are on a common mutualized infrastructure. That's why we put in place a very strict audit process with pictures before and after the intervention of our technicians. The whole industry should improve the game on that topic. I don't want to underestimate the phenomena, but this is not a general rule, and it doesn't concern 100% of the customer. Your question regarding Free Flex, we don't want to give any sensitive information. We don't want to make our competitors too smart on our offer, but I can tell you that the good results in terms of mobile net adds come at 50% from Free Flex and at 50% from the strong improvement of the quality of our network. Finally, regarding potential increase of the ULL price, that's a hot topic. We have a lot of discussion with the regulator. Do you know, you know our position, there is no reason why we should have an increase of the copper ULL. It doesn't make any sense in light of the ton of cash that Orange is still making on that activity, in light of the speed of the migration, where the alternative operators are the leaders in terms of the penetration rate of fiber. On top of that, we're making the job as a co-investor in the mutualization scheme. Any increase in terms of ULL tariff will reduce the speed of adoption of fiber. In our mindset, it doesn't make any sense. When I'm looking at what's going on in Europe, there has never been such kind of ULL increase in the recent past. Used to be ten years ago, among the best in class. Today, we are in the worst in class in terms of ULL price. It doesn't mean after the end game, the final decisions are in the hands of ARCEP. Okay. Thank you. That's very clear. Just maybe one follow-up on your first answer on broadband performance. Are you seeing migration from consumer to your B2B product in broadband? I.e., would your consumer broadband net adds be higher if you hadn't launched a B2B product in France or is that, you know, completely separate? Yeah. No. Yes, they are, but it's not massive. What we see on the B2C business, broadband B2C, it's a lower churn compared to last year. Okay. Perfect. Excellent. Thank you very much. Thank you so much for your question. As a final reminder, it is star one on your telephone keypad to ask a question on today's call. The next question is coming from the line of Jakob Bluestone from Credit Suisse. Your line is unmuted, and you may go ahead. Hi. Thanks for taking the question. I just had a question on inflation specifically and the sort of slowing macro environment. If you could maybe share, are you starting to see any sort of impact on consumer spending more spend down to value brands such as yourself? Is that something that's becoming a tailwind? And maybe if you can just comment on, you know, what are you seeing in terms of inflation pressures within the cost base as well. Thank you. Okay. I don't want to draw a definitive conclusion on the consumer space spending, but for the time being in the, on our three telecom market, we don't see any impact in terms of, revenue streams. In terms of cost, as I think I already had the opportunity to mention that, of course, we are quite exposed to the evolution of the energy price. We are nearly fully hedged for 2022. I think that we are fully hedged at more than 90%, so, it's good. We have also some hedging for 2023. I would say that it's a little bit more than 50% that is hedged for 2023, but with an underlying price that is higher than 2021. There is also another phenomenon maybe that is underestimated in the telecom industry by the investor community. We have an impact of the euro dollar parity. We have also, of course, a currency hedging, but because at the end of the day, most of the equipment are linked to the dollar, it will have a medium term impact. Finally, there is the issue of the component shortage. For the time being, I consider that we have a good management of the inflationary pressure, especially on the energy side. We will pay a lot of attention to that. Thank you. Thank you so much for your questions, everyone. There are no further questions in the queue. I would like to hand you back to your host to conclude today's conference. Thank you so much for your attention. We will talk to you, probably, for sure, at the end of October, beginning of September for our semi-annual results. End of August. At the end of August. Probably we will see you during our different roadshows and telecom conference. Thank you so much. Thank you. Thank you for joining us on today's call, everyone. You can kindly disconnect your handsets. Host, please stay connected.