Habemus Papam is the phrase everyone has been awaiting — “We have a Pope.”

Those are the words that bellowed Thursday as while white smoke wafted out of the Sistine Chapel’s chimney, signaling a new Pope has been chosen per NBC News.

It was welcome news for the world’s 1.4 billion Catholics.

Dominique Mamberti, the senior cardinal deacon,, will reveal the Pope’s identity shortly.

The new Pope is now choosing his papal name. He will then go out on the balcony to greet the crowd assembled in St. Peter’s Square.

Thursday marked the second day of the Conclave.