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What does the Latin announcement “Habemus papam” mean?

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Cardinals of the Catholic Church, dressed in red, sit at long tables in the Sistine Chapel during the 2005 papal election conclave, surrounded by ornate frescoed walls. — papal conclave Cardinals assembled inside the Sistine Chapel of the Vatican Palace for a conclave to elect a new pope; Vatican City, 2005.

The Latin phrase "Habemus papam" translates to "We have a pope".12

This announcement is traditionally delivered by the senior cardinal deacon from the central balcony of St. Peter’s Basilica following a papal conclave. It serves as the formal declaration to the public that the College of Cardinals has successfully elected a new pope and that the candidate has accepted the position.12