There is a risk that we want. We have to take it into consideration. I think we are kind of very realistic about the range that we provide. And I don’t want to lower range unless I’m sure that I’m not going to hit it, let’s put it that way. And I think, by the way, I mean, what will happen in the second half guys, I think we don’t know. I mean, over the last — I mean — I don’t want to all my experience, but just if we look at the last two or three years, there has been up and downs that nobody could have predicted in the last two or three years, including the last quarter and a half that were pretty dramatic in my mind and whether that will take a quarter to whether it will stabilize, take a quarter to go back to modest growth or take two quarters to get to high growth.
I have no clue. It’s really something that’s very hard to predict at this point.
Jonathan Ho: Thank you.
Kip Meintzer: All right. Our next caller is Joel P. Fishbein followed by Gregg Moskowitz.
Joel Fishbein: Thanks for taking my question. And Gil just curious you have $3.6 billion in cash on the balance sheet. You generate a lot of cash. I wanted to ask you, I know, you’ve been buying back a lot of stock. If there’s been any change in your appetite for potential for doing more M&A. What the environment looks like on the M&A side? I would love to get your input from that? Thank you.
Gil Shwed: So first, absolutely, we have more appetite to doing M&A. We are looking at additional deals. I think the — I think I’m kind of cautiously optimistic about that because I see that company’s valuation become a little bit more realistic more companies understand that they need to partner with someone because the market consolidation will happen in that part, just like we’re seeing in the market change from unlimited supply of money to profitability, which is, again, part of the economy rule, it’s bound to happen. I think consolidation in the industry that’s so fragmented like cybersecurity will happen too. At this point, I think, it’s still hard to see what’s happening. Some of the — I’ll give you a few examples, not without specific companies, but some of the companies, the valuation went down, are still not profitable.
So it’s hard to justify that. I mean — and — but as I say, I mean I feel cautiously optimistic. We see more opportunities in all market segments from small companies to midsized companies that we are looking into that, and I hope that we’ll find the right opportunities.
Joel Fishbein: Thank you.
Kip Meintzer: Thanks, Joel. Next up is Gregg Moskowitz followed by Shebly Seyrafi.
Gregg Moskowitz: Yeah. Thank you for taking the questions. So Gil, we’ve spoken a lot about the macro on this call, but since this is the lowest product revenue growth that we’ve seen from Check Point since mid-2018, I just wanted to ask, would you attribute the weakness entirely to macro? Or were there any execution areas that may have also contributed to some degree? Thanks.
