For Q2 2017, based on a 13 week quarter, we expect: • Revenue to increase 17% q/q, plus or minus 3%. The midpoint of guidance would result in a y/y increase of 12%. • Non-GAAP gross margin to be approximately 33%, • Non-GAAP operating expenses to be approximately $370 million, • THATIC JV licensing gain of approximately $20 million • Non-GAAP interest expense, taxes and other to be approximately $30 million, and • Inventory to be down versus Q1 2017.
$984 million * 1.17 ~= $1.152 billion.
GM of 33% -> ~$381 million in gross profit.
$381 million - $370 million = $11 million operating profit.
Factor in the $20 million licensing gain, reduce the "other" expenses of $30 million, and you get to ~$1 million in profit.