And welcome to the IHS Holding Limited Earnings Results Call for the 3-month period ended March 31, 2022. Please note that today's conference is being webcast and recorded. [Operator Instructions] At this time, I'd like to turn the conference over to Colby Synesael. Please go ahead, sir.

Thank you, operator. Thanks also to everyone for joining the call today. I'm Colby Synesael, the SVP of Communications here at IHS. With me today are Sam Darwish, the Chairman and CEO of IHS Towers; and Steve Howden, CFO. This morning, we published our financial statements for the 3-month period ended March 31, 2022, on the Investor Relations section of our website and issued a related earnings release and presentation. These are the consolidated results of IHS Holding Limited, which is listed on the New York Stock Exchange under the ticker symbol IHS, and which comprises the entirety of the group's operations. Before we discuss the results, I would like to draw your attention to the disclaimers set out at the beginning of the presentation document on Slide 2, which should be read in full, along with the cautionary statement regarding forward-looking statements set out in our earnings release and 6-K filed as well today. In particular, the information to be discussed may contain forward-looking statements, which, by their nature, involve known and unknown risks, uncertainties and other important factors, some of which are beyond our control that are difficult to predict and other factors which may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking statements, including those discussed in the Risk Factors section of the 20-F filed with the Securities and Exchange Commission today and our other filings with the SEC. We'll also refer to non-IFRS measures that we view as important in assessing the performance of our business. Reconciliation of non-IFRS metrics to the nearest IFRS metric can be found in our earnings presentation, which is available on the Investor Relations section of our website. And with that, I'd like to turn the call over to Sam Darwish, our Chairman and CEO.

Thanks, Colby, and welcome, everyone, to our first quarter 2022 earnings results call. We had another strong quarter with revenue, adjusted EBITDA and RLFCF, all above our own internal expectations as well as consensus estimates. And we are now tracking towards the higher end of our initial 2022 revenue and adjusted EBITDA guidance before factoring in the benefit from adding in our acquisition in South Africa that we expect to close imminently. Steve will take you through the results in greater detail, but before doing so, I'm going to discuss our growth strategy, including a focus on revenue adjusted EBITDA and RLFCF; provide an overview of IHS following our recent acquisition of the GTS SP5 portfolio in Brazil and the pending MTN portfolio in South Africa; address how we are working to improve our low free float and trading liquidity, which many investors have highlighted as an issue; provide a strategic update on our LatAm business; and lastly, update you on certain sustainability or ESG initiatives. On Slide 4, the charts show our revenue, adjusted EBITDA and RLFCF results over the past 5 years that generated organic revenue growth of 18.2%; adjusted EBITDA growth of 15.1%; and RLFCF growth of 9.9% compounded annually during this time. This is meant to reflect our long and established track record of generating attractive risk-adjusted growth, including top line organic growth of 16% in 2021. We believe this attractive growth is a function of the key elements of our strategy, namely the strong demand trends in our markets, the inherent benefits of the colocation model, thoughtful and prudently financed M&A and a broadening focus on other communications infrastructure solutions, including fiber, all with a focus on driving attractive profitability, and ultimately, ROIC for our shareholders over time. The charts on Slide 5 are similar…

Thank you, Sam, and hello to everyone. Turning to Slide 10. As Sam mentioned, the business performed well in Q1 2022. Here, you can see that our top KPIs have all increased versus Q1 2021, driven by both organic and inorganic growth across the market. In Q1 versus last year, we delivered double-digit growth in consolidated revenue, adjusted EBITDA and recurring levered free cash flow. And our adjusted EBITDA margin was 54.9%. As I will discuss shortly, our level of investment in CapEx to grow the business increased by 24% in the first quarter. And our consolidated net leverage ratio increased only slightly versus the prior year despite the significant inorganic activity, and that really given our high levels of cash generation. Slide 11 shows the components of our 23.4% reported consolidated revenue growth. Organic revenue growth of 21.5% in Q1 was driven primarily by escalators, power indexation contained within other, FX resets and lease amendments for the most part, with the escalators and FX resets together more than offsetting the negative FX impact of 3.4%. Inorganic growth was 5.3% in the quarter, primarily reflecting the Skysites and Centennial Colombia acquisitions in Q1 last year, Centennial Brazil in Q2, and I-Systems in Q4, all of last year. Turning to the segment review on Slide 12. I'll first go through our Nigeria business and then the other segments. The Nigerian macro environment in Q4 last year saw a slight improvement Q-on-Q with real GDP growth expanding by just under 4%, bringing the full year 2021 growth rate to 3.4%. Inflation decreased to 15.9% this past March versus 18.2% in March last year. The NAFEX currency rate ended the quarter at NGN 417 to the dollar, whilst FX reserves marginally decreased to $39 billion from $40 billion at December 31. The Brent…

[Operator Instructions] Our first question is with Jon Atkin from RBC.

So 2 questions. First, in the context of your current leverage and what's been going on in terms of financing costs and so forth, I just wondered if you could recap for us M&A and for larger-than-usual transactions, to the extent that you're considering any, what would kind of be the desired or targeted source of funds? And then if you could then maybe just clarify on Page 11, the 7.7% growth, how much of that is specifically power related? And then I do have a follow-up.

Thanks, Jon. Steve, do you want to take that?

Yes, sure. So I think leverage, Jon, is, as we flagged on the debt slide in the presentation, so we're about 2.5x today going up to 3x with South Africa and all of that financing is set already. In terms of future acquisitions, to the extent any come through, I think we've said historically, we're comfortable operating in the 3 to 4x range. Clearly, given where markets are today in terms of credit markets and interest rates, I would expect to see us operating in the lower half of that range. There's still various financing sources available to us, both local currency facilities, which we like to do to match the cash flows with our balance sheet if we move into any different markets or even further our local currency positions in existing markets; and then international debt term loan markets are certainly still available to us. Bond market, obviously, a little bit more tricky at the moment. But we'll watch the bond market as we go through the course of the year. And then your question on Slide 11, was the 7.7%, that was the other category. Is that right, Jon?

Yes.

So that breaks down to be about $12 million of the $28 million comes from power indexation clauses. About $4 million of that comes from fiber growth through Nigeria and Brazil. There's about another $4 million of additional revenue recognized for one of our customers, which we carry a lower revenue recognition policy for. And then there's a few other different pieces in there, but those are the key buckets.

And then lastly, I wonder if you can just sort of review for us Brazil, South Africa and Nigeria, the organic lease-up prospects that you're kind of seeing in the market -- in those 3 markets specifically, any kind of particular drivers to call out as we look through the rest of the year?

Yes. I think across those 3 markets, Nigeria, South Africa, Brazil, let's start with Nigeria, certainly a lot of 4G growth still continuing to come through. So we did around 1,400 lease amendments in Q1 in Nigeria, which has continued the revenue growth in that part of our footprint that's coming basically through 4G. In Nigeria, 5G spectrum allocation has happened now. Again, I think we mentioned this a couple of months ago on the last call, we're not expecting a big impact from that this year, but we are starting to see small incremental 5G upgrade requests from some of our customers. And -- so that's positive, more one to look out for in 2023 and onwards to be honest, but that is starting to happen. And likewise, in Brazil, 5G spectrum allocated and the Oi carve out -- the Oi Mobile carve out has been effectively implemented now. The carriers are clear on what's happening with that transaction, which means that they know what they're getting. They can replan their network, and they've also got 5G spectrum allocated to them as well now. So the Brazilian market should free up, and we're expecting to see continued growth in that market later this year and certainly in 2023 as 5G gets to roll out. And then South Africa. South Africa, for us, we think, is going to be a high single-digit, possibly low double-digit revenue growth market over the medium term, again, driven by really new technology. So again, 5G has been -- 5G spectrum has been allocated now. The carriers have paid the license fee that was owed by last month, and that continues to be a big focus for MTN, Vodacom and Telkom in that market. So 5G is really the name of the game. You're not going to see a huge impact from it probably in this year, and that's not necessarily factored into our guidance for this year. But we are starting to see all the component parts now in place for 5G to start happening slowly but surely in our markets in the next couple of years.

Our next question is with Phil Cusick from JPMorgan.

A few small ones, please. First, I heard the $100 million of repatriation out of Nigeria, that's helpful. How much cash were you holding in Naira at -- I guess, at the end of the quarter?

So at the end of the quarter, Jon, we had $185 million equivalent in Nigeria, and that was principally all held in Naira. And then subsequent to that, we have upstream the amounts you just mentioned. So that's backed out again to a more sustainable level.

Got it. And can you expand on what you expect from investors selling shares into the market? It sounds like mid-teens millions of unaffiliated are eligible. And are those shares permanently eligible?

Yes. Thanks, Phil. So I think a few things to mention. We have yet to disclose the entirety of the pool of shares that get -- we're going to call it unblocked as part of the waiver to the shareholder agreement, that's the 78 million. Although when you subsequently then carve out the affiliated shareholders, that actually equates to about 61.6 million. So the amount of nonaffiliate shareholders, it is much, much smaller than what's being shown here. So look, in terms of totality of what we think can come into the market, we don't know because it's ultimately driven by shareholder desires. But if you go back and look at who's spoken publicly about it, marry that up with affiliate status restrictions, we're thinking a similar number to what you mentioned, possibly even slightly less than what you mentioned.

Okay. And the affiliated shareholders, what's the structure for them selling from here? Are they still inside the every 6 months organized offer requirement?

Yes. So the affiliated shareholders can sell limited volumes. We understand it's 1% every 90 days. They can sell limited volumes in relation to this unblock going forward, which has helped calculate the numbers I just mentioned. These shares that we're unblocking, they are unblocked forever at this point in time. So that's an important element to note as well. But then for the rest of the 80% of pre-IPO shares that were held, they still remain part of our shareholder agreement and those next few blocks of sales will require registered offerings.

Okay. And then finally, you mentioned removing the pass-through from the third-party South Africa towers. Any change to your power obligations on the non-grid side?

No, it's purely a classification of who is -- who gets billed, and therefore, whether or not that cost gets passed through. So no change to the overall service. That was purely a -- we don't own the sites, so therefore, we can't transfer the utility bills into our name, so they stay with MTN, so they stay out of our revenue going forward.

Our next question is from Greg Williams from Cowen.

I just have 2, if I may. Just one on the EBITDA guide. You're guiding up about $45 million in the midpoint. If I do include 7 months of MTN, it looks like you could be guiding a touch higher, but you're not. And you did mention that you are tracking towards the high end of guidance. So is there conservatism in here? Or are there other factors? Or is the guide up solely from MTN? The second question is just on Egypt. Just wondering if there's any updates on timing for establishing operations there.

Thanks, Greg. Yes, look, I think certainly, when we roll in a new acquisition in terms of guidance, we do include an element of caution around that, especially when it's not a company. So the GTS piece we mentioned in prior quarters, that's been easy because that's a company, and we know what that's going to be. Obviously, with South Africa being an asset transaction, we're creating that business. So yes, you're right, there's an element of caution in there. But I think that's the right thing to do at this point in time. We haven't closed the business yet. So yes, there's a little bit of caution in that for sure. But as we said, in the core business outside of South Africa, we're tracking towards the upper end of the range anyway. So we'll look at that again in a couple of months' time when we report the Q2 earnings to see if there's anything to be done there.

And on Egypt, Greg, I mean, Egypt is a slow burn. We've always said it's a slow burn. It's the only country that we've entered through a large build-to-suit program. Build-to-suit programs means you have to kind of like finalized MLA, draft them from scratch, convince customers that this is the right solution. So we are in the process of that. We are still looking at various towers to purchase. The global macro conditions, of course, did not help over the past few months. Things have kind of like further slowed down despite it being a slow burn in any case. So we are still bullish, and we expect things to happen. But in terms of timing, we are doing whatever we can do to get things closing. So no specifics at the moment, but we expect M&A to be signed at some point, towers to be built, potentially towers to be acquired. This is all in the works at the moment, but nothing new.

Our next question is with Brett Feldman from Goldman Sachs.

And it's kind of a multipart question around M&A and capital allocation. So you had mentioned during your remarks that you're now positioned in the largest economies in the different regions of the world where you currently operate. And so as you think about M&A from here, what are you prioritizing? And what do you think of as the sweet spot? Are you saying this is a great opportunity to continue to acquire assets in these markets to become even bigger? Or is it a little bit more focused on [ pains? ] Now that we have a beachhead, and we've got our overhead established in these regions, we really should be starting to look at mid- and smaller tier markets that are in the periphery? So that will be kind of the first question. The second is, historically, we've seen that when the macro backdrop quickly becomes challenging, the private market for deals can kind of dry up quickly if it takes the private sellers a little bit longer to sort of adjust the new valuation construct. So I'm just kind of curious how active the M&A funnel looks like. And then the third piece would be if it turns out that it's not very active, maybe you have to be patient and wait for the market to kind of come back to you. How do you think about what to do with the cash you're going to be generating between now and then? Is it prudent in this environment just to accumulate it and have a war chest? Or are you thinking maybe you'd want to start paying down some of the floating rate debt to mitigate some of the interest expense pressure you might see there?

Great question, Brett. Look, let's start by saying our balance sheet is very strong. We have the cash. We have the low leverage. But we have the dry powder. Any deal we pass on is a deal that we feel is not appropriate for us. So there is no pressure on us to make a deal or not make a deal. At the moment, where we see our focus is on the existing market, as I said earlier. Now having said that, if a transformational deal or like an interesting deal to us comes outside our countries, we will look at it, and we do look at it. But we feel there is enough now in Brazil, enough in LatAm, enough in South Africa, enough in Egypt for us to kind of like focus there for the time being. And we are focusing there. We are looking at tower opportunities and South Africa has more than one tower portfolio there that remains captive in the hands of MNOs. In Egypt, for example, all the tower portfolios remain captive in the hands of MNOs. In Brazil, we still have pockets of consolidation here and there in addition to our building capabilities. So we are focused on our existing markets, and we feel very good about the prospects of M&A in both markets over the next, let's say, 18 months. At the same time, we are looking at supporting ourselves for the 5G, for the impending 5G potential growth. And for that to happen, we do believe that a [ capillary ] fiber or access to a [ capillary ] fiber network is going to be critical. We've done that in Brazil. We continue to grow that. We are looking at ways in another market on how do we kind of like bring that component into our mix. So yes, we are active. We are very active. We are looking at things. We feel now that the general macro conditions, the global macro conditions have helped someone like us in the sense that valuations have kind of like mellowed down a little bit, especially in some of our target markets. And we have the capacity and we have the general mandate. Does that answer the question, Brett?

Yes, that was helpful. And then just in terms of if you are not able to find deals in the near to medium term, how do you think about managing cash?

I think first and foremost, we're going to -- we still have the MTN South Africa transaction to complete, and we've just pushed cash out on GTS as well. So we've got the SA business cash outflow in front of us, so that will come. And then replenish cash stocks -- if we're not able or not keen to do M&A, then we'll look to replenish the cash stock and see what's the best way to do it. And you're right, we're keeping an eye on the debt side of things. We're keeping an eye on the interest cost given how interest rates have been moving. That's a little nod as to why we didn't contract -- increase our RLFCF guidance at this point in time. We'll monitor that through the course of the year and maybe there might be some positive news there at some point. So we'll take stock. But first and foremost, we've got cash outflow for MTN SA.

We are in a long-term business, Brett. This is a dip, things happen. We see definitely buying opportunities. But again, there is no pressure on us to buy anything. We just decide as and when if the opportunity makes sense.

Our next question is with Simon Coles from Barclays.

Just on sort of your discussions with the operators on deployments this year. You say you're tracking for the -- towards the upper end of guidance. But obviously, there is a changing macro environment going on. If we look at the operators that have reported, they tend to be reporting still strong revenue growth. So I was just wondering if you've seen any change in sort of conversations or sort of willingness to deploy in any of your markets for the rest of this year? And then I have one quick follow-up after that.

I mean no change from a customer perspective at this point in time, Simon, we've just seen MTN Nigeria place 22% revenue growth, 25% EBITDA growth. Airtel Nigeria was even slightly better than that. So customers in our big market in Nigeria are doing well. TIM is also doing well in Brazil, key customer down there, and not quite a customer yet, but about to be a customer, MTN in South Africa is also doing reasonably well in the context of that market. So no, we haven't seen anything in terms of a slowdown from that perspective. Watching some of the smaller customers, as always, make sure that they're continuing to pay and continuing to try and be competitive. But certainly, the big customers are still performing well from what we see.

One thing to add to that, Simon, is that the government has recently awarded 2 of our main clients in Nigeria with a fintech license -- with a full fledged fintech license. That is going to also manifest itself in terms of their growth in the numbers over the next couple of years as they roll out very heavily into that.

Yes. They finally got them. We've been waiting a while for those. Just on the oil cost in Nigeria, you said it was $101 in 1Q, I guess we're pretty much halfway through the quarter. How is that tracking so far this quarter, please?

We'll update you on how we're tracking at the Q2 call, but I mean global oil prices are higher than $101 during the average so far this quarter. More like $110 at the moment, but we'll round that out when we get to the end of the quarter and the Q2 earnings.

Our next question is with Michael Rollins from Citi.

Just one follow-up and then one question. So on the follow-up, with respect to organic growth, the contribution from colo and amendment was about 410 basis points from your slide in the first quarter. What's the expectation for that for the full year '22 in terms of organic internal growth at the midpoint of your guidance? And then secondly, just taking a step back, Sam, you mentioned earlier that you received some feedback from investors. Curious if you've received additional feedback from investors, and if the company is looking or considering other proactive steps to address any of their interests.

Mike. So I'll take the first part of the question. So as you know, we don't split out the different component buckets in terms of the guide for the year. But we have guided people to 15%, 1-5 percent organic growth for the whole year. And just keep in mind that although we posted 21% organic growth this quarter. And again, as we highlighted in the presentation a few moments earlier, we have a more like expectation around 10% for Q2, not because anything is changing this quarter in our business Q2 but because of the one-offs we had in Q1 2021. So Q1 2021 had additional revenue one-off that didn't recur. And so it will look more like 10% or there or thereabouts in Q2. And so when you blend all of that out, back up to normal growth rates in the second half of the year, we're guiding to about 15% organic growth in totality.

And to your question, Michael, so this company, I believe, has a great asset. This company has -- is demonstrating solid performance quarter after quarter after quarter. Whether in the private life or now in the public life, we're growing in double digits. We have now, within 2 years, set up a sizable business in LatAm, which I think many people may not appreciate how big it has become. We are roughly now 7,000 towers, $120 million annualized EBITDA and the growth prospects remain there. I mean, that alone is definitely worth something. Yes, our share price remains -- keeps being suppressed or remain being suppressed in terms of where it is at the moment. I mean we have analyzed or we have been looking at the various reasons why is that happening. We've been getting investor feedback. We have now Colby Synesael among us who's been providing extreme, extreme knowledge and kind of like helping guide us through this process. The most pertinent feedback we have received at the moment is the float size. I mean for a company that aspires to be multi-10 billion dollar market cap, you cannot have a daily trading of $1 million, $2 million, $3 million. I mean that daily trading needs to be much larger than that. And for that to happen, it means the float needs to be bigger. And then once we unlock that situation, hopefully we can unlock it soon or over time, then the other remaining issues or the other potential issues that we're gathering as feedback, whether it is the concentration in Nigeria or whether it is something else, all these things can be addressed as we progress. Does that answer the question?

Yes.

Thanks, Michael. I don't know, Steve, you want to add anything to this?

No, I think you answered that.

Our next question is with Alex Roncier from Bank of America.

Two, if I may. The first one in Brazil with I-Systems. If you could just come back a little bit more on the economics of the deal, if you're expecting more small cell subscriber besides TIM Live? And if you had a meaningful step-up in pricing on small cell on FTTH versus FTTC, if you know TIM [indiscernible], et cetera. But then secondly on this, do you think and are you thinking about leveraging this asset and these fiber assets to actually starting maybe proactively offering fiber backhaul? I know you know, obviously, in LatAm, we're not yet at that full 5G rollout. But as you said, it's been allocated. Operators are thinking about it. So maybe you can already start to offer some backbone capacity for those services. It will be interesting to see if you have first conversation with the operators over there and -- or in other of your market. And then the second question was really on MTN in South Africa. What is really the point for you to offer managed services on power for the extra site that you don't own? I would assume there's a bit of limited synergy? Or is that just because you're allowing or enabling MTN to fully offload site management. And within that question, does that mean you're also providing active equipment maintenance? Or do you think you can probably increase the portfolio or the range of your contract with them or even that you're just looking at acquiring those sites that you're just providing power management to? And overall, just for the 2, maybe a third one. What's really the investor feedback you're receiving on those 2 deals, as you have seen on other tower cos doing and expanding into the range of product they're offering might have some change in operational risk and returns? So any color on that would be super helpful.

Thanks, Alex. Look, let's start with the fiber. Again, going back to basic, the reason we moved into the fiber adjacency is just because we want to be ready for 5G. And we believe as 5G proliferate, the connection to the location is going to be as important as the location itself, given the proximity, given the size, et cetera, et cetera. That's why we moved to the fiber. We remain a tower co. We love the tower co model. We believe in the tower co model -- and then -- but the fiber move is essential as we shift into 5G. Now having said that, we did buy a fiber-to-the-home network, but we did not buy the home. So we remain a business-to-business structure. We've structured that acquisition in a way for us to be a B2B kind of like our tower models for long-term lease from TIM. They pay a certain amount for homes passed. That number becomes substantially higher for home connected. There is an element of build-to-suit, so there's an expansion element, and it's an open network. So if someone kind of like decides, "I don't like them, I want to change", they can move somewhere else, and we can use that link to basically support them. Now this is why we went there. As we now have taken over that network, we have now tested our ability to use those links for fiber to the tower, and there is a GPON now connection active and working and live as we speak. So that solution is now available for us. We have made it work technically, and we're going to use it as 5G progresses. I'll let Steve in a moment comment about the economics and whether we can do it -- we can do anything more than what we have said. But that's kind of like to put things back into perspective. Do we want to do backhauling? If you mean long distance or city to city or things like that, no, we're not interested. Are we interested in building self-sufficient fiber networks that can provide services to homes and corporate? That's not the goal. The goal, again, is be ready for 5G as we roll out 5G, and that's what we are doing. That's [ ongoing. ]

Okay. So just to clarify one point on your answer. So we're talking about fiber to the tower, right, when you're talking about B2B? It's basically, well, when I was talking about fiber backhaul, it's fiber backhaul to the tower -- i.e., and there being 5G capacity access to the towers.

Definitely. So that is definitely the goal, and that is the plan, and that is what we have started marketing. And I went a little bit further, Alex, by saying that the network we have is a fiber-to-the-home network. Yes, of course, the fiber exists on the street, but we needed to make sure that it works for fiber to the towers. And now with the technology that is called GPON on site, we have tested that and it's working, and we will be able now to use our fiber-to-the-home network to service fiber to the tower. And that is the goal, yes. Steve?

Okay. Very clear. And then if you have like some of that, the numbers on the economics would be interesting, but I'm aware these contracts are fairly confidential.

Yes, Yes.

Yes. I mean we haven't disclosed discrete numbers around it, but we get paid on a homes passed and or homes connected basis by TIM. TIM retains the end subscriber piece and the economics that relate to that. So that's part of the TIM Live brand but we get paid when we roll out new fiber connections as well as the existing homes passed, homes connected that we acquired as part of the original transaction. And then in terms of future volumes, we have future rollout contracted with TIM over the next 5 years. That was part of what we effectively bought into. We meet that rollout count for them, but it's contracted from their perspective into us.

Go ahead, Alex.

No, no, it was just again -- just support, here I am. Keep going.

Good. Now on South Africa, Alex, maybe a little bit of perspective again. Please remember, we've been operating in Nigeria for 20 years. Nigeria is a market of scale. Nigeria is a market of fast growth. Nigeria is a market of opportunities. But sadly, Nigeria has this unique place in the world whereby its grid is very unreliable. I mean 95% of our sites in Nigeria today are not even connected to the grid. I mean this is something we'll want to hopefully change over time, but this is the size of the problem. So when that -- what that means is that, of course, it's a challenge, but it's also an opportunity for people like us. We have learned over time how to become experts in managing that aspect of the business, the power, setting up the system, dimensioning it, managing it. We know where to buy it from, how structure it, how to operate it, how to run it, how to supply the leases. And now as we move into countries like South Africa, for example, where the grid has historically been very reliable. But sadly, over the past few years, it's become less reliable due to the growth of the population. Eskom has not grown its own generation capabilities, et cetera, et cetera. Load shedding is starting to happen in South Africa. Grid is not reliable anymore as it used to be. Carriers like MTN are worried that the trend could become worse for the foreseeable future before it starts getting fixed, hopefully in the medium to long term. So requiring an expert in power as a partner is becoming more and more important in countries like South Africa. And of course, MTN as a carrier does believe -- and of course, you can talk to them about it -- that they should be more focused on their marketing offerings, the content offering, et cetera, et cetera, versus managing this aspect of the network, which is a difficult part of it, which is what is for operational people like us. And that is why it makes sense for both of us and them to take over that aspect of the network. And that's why we are taking the power as a service from them because we are the expert in doing it because the grid is becoming worse over time. And of course, they would rather focus on their core offering. And we've seen this trend, by the way, in other countries and other places. I mean this, God forbid, this situation of grid become worse and worse in some of our other markets, but the solution becomes using people like us.

Our final question will be with Josefina Duran from Morgan Stanley. Josefina Rodríguez Duran: Yes. A couple of follow-up questions on your cash. Are you finding it more difficult this quarter to source orders in Nigeria? And what rate did you use to upstream the cash this quarter?

So I think the dollar sourcing environment is similar to what we've discussed on previous calls. It continues to be hard work, but available with some good hard work. So I don't think anything has changed too much in that perspective. We would like it to be easier, for sure. And we think that it will continue to be challenging going through the year. But no real change to what we've seen in the last couple of months and quarter. And the rates that we have seen -- we'll get into that on the next quarter call. We haven't completed the upstream yet, so we'll get into that on the next quarter call. Josefina Rodríguez Duran: Okay. Makes sense. I guess I'm trying to understand, I think you mentioned you have $188 million in Nigeria. Is that a level you feel comfortable or have you come to a position that you're willing to upstream more, but I mean, the dollars are not there to source at the pace that you would like?

$185 million I mentioned in Nigeria at the end of the quarter. And to be honest, it's a factor of when we receive from our bigger customers as well. And we build quarterly in advance, get paid during the quarter. So depending when those large cash amounts come in will dictate cash balances at any given time and then there's a process to go through to upstream. So usually it's just a timing perspective. Do we want to keep $185 million Naira equivalent in Nigeria? No, not particularly. But as we said, we -- since the quarter end, we've moved to upstream. So it's not at that level anymore. Josefina Rodríguez Duran: And my last question is, I think you mentioned in the call, you have some cash outflows to go. How much after that you think you will retain? Maybe as a percentage of your cash, not a figure of cash sitting offshore because I guess those cash flows would come from your offshore accounts.

Yes. We're looking to utilizing some of the facility -- credit facilities we've got available to us. So I would still anticipate that post that, we've probably got something like 50%, at least possibly even 60% of our cash sitting offshore post those transactions.

There are no further questions. So I would like to pass the conference back to the management team for any closing remarks.

Great. This concludes our call. I want to thank everyone for joining. We look forward to seeing many of you on the road over the next several weeks as we'll be presenting at several investor conferences during that time. Thank you. This concludes our call.