We paid the price for that in previous years with extended costs that we’ve worked really, really hard to secure components for our manufacturing of appliances and so on, which is actually helping us a little bit now on the margin side, but not on the revenues or the shipment side.
Tal Liani: Sure. Thank you.
Gil Shwed: Roei, anything you want to add on that?
Roei Golan: Yes, yes, I think it’s definitely right. We didn’t have any, I mean, we didn’t have any significant issues last year in terms of delivering on time. Again, as Gil mentioned, it was mainly affected our cost we had increased cost, but in general, we delivered on time, and it’s mainly the effect of the environment that we did. The numbers that you see now, it’s mainly the effect of what we see in the environment in Q1 in the first quarter. What we’ve seen in the environment in the first quarter.
Tal Liani: Okay. Thanks.
Kip Meintzer: For those of you that are new to the call, the call has been — the call list has been predetermined you’ll be called in the order that it’s brought up. Next up is Gray Powell from BTIG, followed by Joshua Tilton from Wolfe Research.
Gray Powell: All right. Great. Thanks for taking the question. Is it possible to parse out how much of the billings weakness in Q1 was related to uncertainty in the banking sector around things like SBV, and just dynamics that are maybe more temporary in nature versus the general slowdown in refresh activity that we saw back in November? And then anything that you can say in April trends would be really helpful. Thanks.
Gil Shwed: Do you want me to start? In terms — I think in terms of quantifying it, we cannot — it’s not something that we can quantify. I mean we saw it broadly. I mean in terms of refresh project that’s being postponed not specifically in certain industry. So I don’t see — it’s not something that, again, in terms of something that we can quantify in dollars. And as for your second — what is the second question that you had, Gray?
Gray Powell: Just anything on April that in terms of the recovery in April trends in terms of deals that we have slipped and closed or just anything on April that you can say?
Gil Shwed: First, we usually don’t provide — first, I think it’s too early in the quarter to say where we are. But again when we are getting ready for this call, we do collect all the information about for the projections, about our pipeline, about the trends in the marketplace about everything our salespeople are saying. Our salespeople are generally actually positive on the second quarter. They have an increased pipeline. I think if I want to be very, very honest, I would say that Roei and me are a little bit more cautious because of what we saw. Again, that’s the usual trend. Salespeople tend to be optimistic. Finance people tend to be — I don’t want to say pessimistic, but realistic. And I think I mean, I think that we are realistic in our projection and I think our salespeople are a little bit more positive than us in the range that they provide.
Gray Powell: Understood. I appreciate the candour there. Thanks.
Kip Meintzer: All right. Next up is Joshua Tilton followed by Brad Zelnick from Deutsche Bank.
