Itron, Inc.

and outcomes overall. So the parts of our business that we're starting to grow or targeting to grow rather continue to do so. Relative to the regulatory environment, it's still very constructive. So clearly the interest rates are a little bit higher than people were hoping. Higher for longer perhaps is a decent way to think about it, but utility commissions are absolutely still proven deals and we see it as a very constructive environment on a global basis.

Thanks. Thank you. Circling back to the comment you made about competitive mode, I don't know if the word is the word you used, but about applications being written on your network. Could you just talk about that maybe in a little more depth? I assume competitors don't have that. And then just a competitive environment, I know there's a water business to be for sale and There's kind of some turnover at Landis and just how you guys think of the competitive environment.

So I certainly think we have a pretty substantial lead in the grid edge intelligence in our language, distributed intelligence, downloadable agents and applications into 10 points. I don't think the competition is anywhere close to the 13 million endpoints in the field. already landed today. So there are competitors, clearly, that are talking about these types of capabilities and will, of course, respect the competition. But we want to play our game and make sure we continue to innovate in the marketplace overall. So I think that it is good for our customers and good for us and good for our investors when people add incremental applications and use cases on top of infrastructure that's already landed in the field. And that is a pretty nice scenario for us overall. There is a lot of, I would say, uncertainty in the marketplace with various competition making changes in their business model as everyone is looking to find ways to be more competitive in the future. So spending less time thinking about competition and more time about what we can do to help our customers and grow our business a lot faster.