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© offered by means of The Motley fool HP Inc (HPQ) Q2 2021 revenue name Transcript

HP Inc (NYSE: HPQ)

Q2 2021 revenue call

may additionally 27, 2021, four:30 p.m. ET

Contents:

prepared Remarks

Questions and answers

call participants

prepared Remarks:

Operator

good day all and sundry and welcome to the second Quarter 2021 HP Inc. profits conference call. My identify is Hailey and that i'll be your conference moderator for ultra-modern call. [Operator Instructions]

i'd now want to flip the name over to Beth Howe, Head of Investor family members. Please go ahead.

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Beth Howe -- Head of Investor family members

decent afternoon everybody and welcome to HP's 2d quarter fiscal 2021 salary conference call. With me nowadays are Enrique Lores, HP's President and Chief govt Officer; and Marie Myers, HP's Chief financial Officer.

before handing the name over to Enrique, let me remind you that this name is being webcast. A replay of this webcast might be made purchasable on our web page almost immediately after the demand approximately 365 days. We posted the earnings unencumber and the accompanying slide presentation on our Investor members of the family webpage at investor.hp.com.

As all the time, aspects of this presentation are ahead-searching and are based on our finest view of the realm and our agencies as we see them today. For greater specified advice, please see disclaimers within the salary materials relating to forward-searching statements that involve dangers, uncertainties and assumptions. For a discussion of some of these hazards, uncertainties and assumptions, please consult with HP's SEC stories together with our most fresh kind 10-okay. HP assumes no responsibility and doesn't intend to replace this kind of forward-searching statements. We additionally word that the monetary assistance mentioned on this call reflects estimates in line with tips accessible now and will fluctuate materially from the quantities subsequently reported in HP's kind 10-Q for the fiscal quarter ended April 30, 2021 and HP's other SEC filings.

right through this webcast unless in any other case principally noted all comparisons are 12 months-over-year comparisons with the corresponding year-in the past period. For economic guidance that has been expressed on a non-GAAP groundwork, we have blanketed reconciliations to the comparable GAAP advice. Please consult with the tables and slide presentation accompanying brand new revenue unlock for those reconciliations.

With that i'd like to turn it over to Enrique.

Enrique Lores -- President & Chief executive Officer

Thanks Beth. first rate afternoon all and sundry and thanks for becoming a member of the call. I want to beginning by means of acknowledging the state of the pandemic, certainly in international locations such as India. we are doing every thing we are able to for our employees, clients and partners throughout this complicated time. while some materials of the realm are starting to enhance and reopen, there's lots more work to do.

Turning to our effects. It turned into another remarkable quarter of double-digit appropriate and base line increase in which we delivered well above our guided range. Our performance mirror the relevance of our expertise in an more and more excessive level, the resilience of our enterprise mannequin, the operational excellence of our group. besides summarizing our effects, I additionally are looking to highlight secular traits using sustained demand across our portfolio. HP know-how and capabilities are at the coronary heart of hybrid work. we're accelerating our method to force long-time period sustainable growth. This contains carrying on with to radically change the way we operate and installation our titanic cash stream to maximize price advent.

Let me delivery with the quarter. In Q2 we saw tremendous demand for our products and delivered checklist revenue of $15.9 billion, an increase of 27% with balanced increase across Print and personal techniques. Our non-GAAP net income extended 56% to $1.2 billion and we generated $1.3 billion of free cash stream, returning $1.eight billion to shareholders. These effects mirror persevered powerful increase in purchaser as well as development in our industrial agencies as economic undertaking improved. In our client section, we delivered 72% boom in very own techniques and seventy seven% increase in Print. industrial pc income grew 10% and industrial print changed into up 34%, including 45% increase in our Industrial printing companies.

it is critical to be aware that these outcomes are against the backdrop of industrywide component shortages and provide chain challenges. at the moment there isn't enough deliver to sustain with the mighty demand and the resurgence of COVID in Southeast Asia is growing additional pressures on our provide chain. We expect deliver constraints to proceed as a minimum throughout the end of 2021. despite the fact the atmosphere will probably remain dynamic, we're taking actions to navigate through the challenges, enabling us to convey strong results and enhance our outlook for the 2nd half.

We continue to be focused on providing in the short-term, we are equally focused on capitalizing and to apply lengthy-term alternatives. It is obvious that the world will no longer simply go back to the style it changed into previous to COVID. there has been a fundamental shift within the approach americans work, be taught, play and create, and this shift is here to stay. The way forward for work and education may be greater hybrid. in keeping with contemporary survey, more than 60% of personnel want flexibility in where and how they work. by means of this future mergers [Phonetic], it's going to open the opportunity to create new products and functions for our valued clientele. And that buyers and companies see better mobility convenience and cost, this helps our strategy to speed up new company mannequin right here through greater capabilities and subscriptions enabled by way of the combination of our hardware and utility. Underpinning all of here is a starting to be significance of cyber safety. 88% of IT determination makers, tell us that cyber chance has multiplied all through the pandemic. This items an incredible chance for us to extend our security choices and deliver essentially the most relaxed and resilient PCs and Printers.

With our large differentiated portfolio, HP is uniquely placed to capitalize on these secular trends. and i suppose I've observed here is a time for strong organizations to get better and we are innovating across our portfolio to reinforce and grow our companies. In own systems, our innovation is riding growth in key segments, including far flung work, training and gaming. The workstation continues to be essential in daily life. we are already capitalizing on these trends in a couple of techniques. Our newest award profitable notebook include facets aim-constructed for hybrid work and we are developing new functions like HP Provision in join that make it simpler for IT groups to installation and assist gadgets in worker's homes in addition to in the workplace.

within the training market where HP is the #1 vendor, workstation revenue have more than doubled as a result of far flung gaining knowledge of. on the same time, however, the variety of PCs per hundred students remains in the single-digits. As an industry, we nonetheless have a long means to head to shut this digital gadget and as an organization, we now have a big chance to be a part of the solution. The importance of the laptop extends a ways past work and school. in many circumstances this has develop into the enjoyment center of the home, from streaming and content material introduction to the upward thrust of gaming and eSports. In Q2 salary boom in gaming outpaced average buyer computer increase. we are building on this electricity to extend into pleasing adjacencies, including peripherals. we are heading in the right direction to close a hyper acquisition in Q3. We do predict to be accretive in 12 months one.

In Printers, we're leveraging our management across client and industrial market to deliver creative answer mandatory in trendy hybrid world. This includes accelerating the evolution of our business mannequin and subscription functions. We lately announced the growth of HP+ an speedy ink which are now in 35 international locations throughout North america and Europe. We agree with HP+ will support us to optimize system profitability and supply a much better consumer journey. moreover employers are searching for more disbursed printing environment which plays to HP's electricity in method for printers. the new LaserJet enterprise four hundred series is designed to carry seamless far off management for each hybrid worker's and new office configurations tier [Phonetic] to our collaboration. at the identical time more suitable staff mobility is a catalyst for our Print capabilities portfolio. within our managed Print functions, we have delivered HP Flexworker provider to contain far flung workers and branch officers into our business and PS contract. here's enabling agencies comparable to regular Motors to have more desirable visibility and manageability across the printer fleet.

In our Industrial groups, new innovation is enabling production to be extra agile and more personalized. In industrial snap shots, we are seeing advancements out there and boom in hardware installations. among the many consumer wins this quarter for the installation of a a hundred Indigo Press at CCL, our chief in label safety and packaging options. We also proceed to peer constant double-digit growth in Print impressions and rectangular meters. In 3D, we're developing extra vertical go-to-market solutions, spanning machine utility and services throughout industries from industrial tooling to automobile to fitness and wellbeing. as an example, our molded fiber tooling answer in accordance with customer engagement and adoption including a large number of pay as you go purchases and we enable them to obtain enormous system and value efficiencies.

in addition, we are partnering with Ford Motor business to extend the life of already used 3D printed materials by way of turning them into auto components for the F250 vehicles creating a closed loop on waste. With our powerful and distinctive portfolio, we also continue to generate significant free money circulate. And we continue to be focused on deploying our cash to maximise value introduction. we now have the flexibility to return gigantic capital to shareholders and reinvest in our corporations, while additionally exploring disciplined M&A. we can continue to seek alternatives to beef up our core, expanding to eye-catching adjacencies and create further growth engine. As at all times, we will take a rigorous method to evaluating M&A, requiring strategic healthy, beautiful economic returns that exceed those of purchasing our personal stock and a robust operational plan to execute on the price proposition. And a vital enabler of our approach is continuing to radically change the enterprise to develop into leaner and extra digitally enabled.

For HP, there is a continued center of attention on each cutting back structural expenses and for investing for the future. To help us accelerate our development, we announced three new management appointments. Didier Deltort is becoming a member of HP as a President of Personalization and 3D Printing; Greg Baxter, will be our next Chief Transformation Officer; and Kristen Ludgate is joining HP as our Chief individuals Officer. Working together with our leadership group, they're going to Strengthen our innovation capabilities and support pressure our long-term method. And our key part of our approach is to bring strong consequences while staying genuine to HP's values.

final month, we introduced an bold set of local weather motion goals. by way of 2025, we goal to obtain carbon neutrality, zero waste in HP operations and nil deforestation for HP paper and paper-based mostly packaging. We're also committed to achieving internet zero carbon emissions throughout our entire price chain with the aid of 2040. And final week, we introduced a brand new set of variety and inclusion dreams. This includes our pledge to achieve 50-50 gender equality in HP leadership through 2030, making up the primary Fortune 100 tech enterprise to make the sort of dedication. i'm proud to claim our partners are joining us in these efforts. these days over 1,four hundred companions have signed the make bigger influence to set their own lengthy-time period purpose to drive a sustainable have an effect on. here's the place the measurement and scale of HP's ecosystem really shines.

ordinary, i am very pleased with our efficiency this quarter and excited for what lies ahead. We proceed to force our relentless focus on execution, whereas taking decisive movements to capitalize on eye-catching alternatives to increase our leadership in own methods and Print, expand into captivating adjacencies, to enter new market and seriously change the way we function. and that i am assured that our method will continue to create big shareholder cost. i do know I speak for our more than 50,000 personnel, when I say we are not content material quite simply retaining our current position. we have a bigger ambition.

And with that, i will be able to turn the call over to Marie, who will take you during the particulars of our quarter and our fiscal 12 months outlook. Marie, over to you.

Marie Myers -- Chief economic Officer

Thanks, Enrique. HP's 2d quarter outcome spotlight each our operational power and the breadth of our portfolio. we are demonstrating our skill to satisfy customer wants and carrying on with on our transformation experience all while growing to be operating earnings, producing potent free cash circulation and retaining our strong capital returns, while continuing to make investments in the enterprise for our future.

Turning to the particulars of the 2d quarter. Q2 web income was $15.9 billion, up 27% nominally and 25% in steady forex. regionally, in steady foreign money, Americas increased 32%, EMEA elevated 19% and APJ expanded 23%. The 12 months-on-year growth price benefited from the prior-year have an impact on of COVID and supply chain disruptions. Demand endured to outpace provide and we ended the quarter with multiplied backlog in both personal methods and Printing. on the optimum because the cut up, gross margin became 21.7%, up 1.7 features year-on-12 months. The raise changed into essentially pushed via favorable pricing, including traditionally low promoting rate and favorable currency, partially offset by means of larger prices. Non-GAAP operating expenses have been $2 billion or 12.6% of salary, up 10 groundwork points 12 months-on-12 months. The increase in working costs was essentially driven with the aid of larger variable compensation as a result of the very mighty performance this year as in comparison to Q2 2020, in addition to multiplied investments in innovation and go-to-market.

Non-GAAP web OI&E cost become $64 million for the quarter. Non-GAAP diluted internet salary per share improved 82% to $0.ninety three, with a diluted share count of about 1.2 billion shares. Non-GAAP diluted web earnings per share excludes internet advantages totaling $70 million basically regarding other tax adjustments and non-working retirement related credits, partially offset by means of restructuring and other prices in addition to amortization of intangible assets. consequently, Q2 GAAP diluted web salary per share become $0.ninety eight.

Turning to section efficiency. In Q2, very own programs benefited from effective demand concerning working and gaining knowledge of from home. income changed into $10.6 billion, up 27% yr-over-12 months. Demand for our product remained very effective with backlog increasing once more quarter-on-quarter. Drilling into the details, we noticed power across purchaser and commercial with profits up 72% and 10% respectively. by way of product class, income changed into up forty seven% for notebooks, down 8% for desktops and down 7% for workstations. robust demand for notebooks drove complete unit growth of 44% with Chromebooks representing 20% of our complete personal techniques units as the need for know-how and training proceed to grow. We additionally saw strong services connect with specific energy in commercial and critical double-digit growth in purchaser peripherals. very own methods delivered $710 million in working profit and operating margins of 6.7%. The year-over-12 months improvement become primarily due to favorable pricing, together with reduce advertising expenses as well as currency, partially offset by means of adverse combine and better cost together with variable compensation, commodity charges as well as investments in innovation and go-to-market.

In Print, our outcomes mirrored persevered focal point on execution and the power of our portfolio. we're uniquely positioned as leader in each client and industrial and have the hardware components and capabilities to convey price in a hybrid world. Q2 total print revenue become $5.three billion, up 28% and complete hardware gadgets grew forty two% to $10.6 billion. via client section, consumer revenue was up seventy seven% with instruments up forty five% and industrial profits and gadgets have been up 34% and 22% respectively. In commercial, the recovery momentum continued with income up 13% sequentially, but we proceed to predict the recuperation to be gradual and uneven now and then across segments and geographies.

elements income became $three.three billion, up 17%. The yr-on-12 months growth was basically driven by using favorable pricing as well as ongoing client demand and improving business demand. Our contractual business is a key element of our print method in both buyer and industrial printing. In client our instant Ink business continue to resonate smartly with consumers with cumulative enrollees growing 7% sequentially to $9.7 million. On the business facet, we drove growth in managed print services revenues, a new TCP bookings for the primary time since the pandemic took hang and powerful renewal TCV bookings again this quarter.

working profit multiplied $403 million to $951 million and working margins had been 17.9%. This yr-over-12 months boost become pushed through elevated extent and favorable pricing across hardware and materials, including less promotional price, partly offset by means of damaging combine and better can charge.

Let me now turn to our transformation efforts and mainly our can charge mark downs initiatives. within the second year of our software, we persisted to look at new charge rate reductions opportunities that continue to be ahead of our $1.2 billion gross run rate structural cost reduction plan. all the way through the quarter we continued our efforts to optimize our manufacturing facility footprint to allow a choicest-in-type supply chain community and enhance provide resiliency while decreasing our can charge structure. additionally, we continue to increase and leverage our digital capabilities to seriously change ways in which we operate and carry price to our customers. The structural cost discount rates from our transformation efforts provide us the flexibleness to reinvest in our business, the lengthy-time period growth and profitability.

moving to cash move and capital allocation. 2nd quarter money flow from operations and free cash move were better than expected at $1.4 billion and $1.three billion respectively. In Q2, the cash conversion cycle was minus 28 days. Sequentially, the money conversion cycle was up 2 days as boom in stock essentially because of strategic buys drove improved days of inventories in part offset with the aid of a discount in days sales dazzling and higher days payable incredible. For the quarter, we lower back a total of $1.eight billion to shareholders, which represented 137% of free cash move. This blanketed $1.6 billion in share repurchases and $239 million in money dividends. looking forward, we predict to continue buying again shares at elevated degrees of at least $1 billion per quarter within the coming quarters except higher return alternatives emerge.

anticipating the third quarter and the relaxation of fiscal '21, we proceed to mannequin diverse situations concerning provide availability, pricing dynamics and the pace of economic reopening. In particular preserve right here in intellect regarding our universal monetary outlook. From a demand point of view, we predict to proceed to see strong demand for our PCs, particularly in purchaser. In Print, we predict strong demand in purchaser and continued improvement in business as offices reopen. whereas we expect year-on-year income growth at FY '21 to replicate our endured development on our strategy, it's additionally vital to note the growth developments in Q3 will additionally mirror the tougher 12 months-over-yr comparisons particularly in own systems. We are expecting provide constraints to proceed to negatively influence our ability to meet demand in PCs and Printers, as a minimum in the course of the conclusion of calendar 2021. We are expecting gross margin pressure in the 2d half of the year in each very own methods and Print because of improved charges and commodities and logistics as compared to Q2 stages and as we predict to look some extra normalization in the market and pricing environment. We are expecting working fees within the 2d half of the yr to be greater comparable to Q1 run fee. ultimately, we continue to carefully display screen the existing COVID resurgence and its competencies have an effect on to our deliver chain, exceptionally in Southeast Asia.

Taking these considerations under consideration, we're featuring right here counsel for Q3 and FY '21. We predict third quarter non-GAAP diluted internet income per share to be within the range of $0.eighty one to $0.eighty five and third quarter GAAP diluted internet income per share to be n the range of $0.77 to $0.eighty one. We expect FY '21 non-GAAP diluted internet income per share to be within the latitude of $3.forty to $3.50 and FY '21 GAAP diluted internet revenue per share to be in the latitude of $three.24 to $3.34. For FY '21, we predict our free cash circulation to be at the least $4 billion.

And now i would like handy it again to the operator and open the demand your questions.

Questions and solutions:

Operator

thank you. And we can now start the query-and-answer session. [Operator Instructions] Our first query these days comes from Amit Daryanani with Evercore.

Amit Daryanani -- Evercore ISI -- Analyst

decent afternoon. Thanks for taking my question. I have few. the first one I bet become hoping in case you could talk a bit bit about the Print margins in the April quarter. i'm just a little shocked they were down on a sequential groundwork by means of almost 200 groundwork facets even though the supply mix I suppose turned into pretty solid in July versus April. So may you just contact on what came about to the Print margins and then -- within the April quarter, and how can we suppose about it in the lower back half of the year?

Marie Myers -- Chief fiscal Officer

bound. No. Thanks, Amit. And decent afternoon. So the decline we saw in the Print working cost turned into in reality driven via a few elements. So first of all, some of the adverse charge in commodities, factory and logistics and secondly by means of investments that we made in opex throughout R&D, marketing to support future increase and better variable comp. And look, ordinary i would just say we've seen electricity and resiliency in our large -- in our Print portfolio, which in fact positions us well towards the competition. And as we seem forward into the long run, we do expect our margins to be within the lengthy-time period range of sixteen% to 18%.

And let me offer you just a few things to believe about as you feel about the 2nd half. So obviously, the whole 12 months changed into very mighty in the first half. So we expect to be towards the higher end of the latitude. And simply a couple of other aspects i'd add is, one of the vital excellent benefit that we noticed in H1, exceptionally in favorable pricing will start to decrease. And so we would predict that our mix as smartly would normalize because the often -- workplace reopens. We're more likely to see greater commodity can charge, logistics costs and with the intention to potentially impact our potential to fulfill demand.

after which at last, there is a few seasonal combine headwinds in Q2 as -- in resources as Q2 is typically our strongest quarter for elements. So just maintain that in mind, as you're considering in regards to the second half, and i'll simply conclude that we're in the business of generating incremental OP greenbacks.

Enrique Lores -- President & Chief govt Officer

I feel a key factor for our performance for Print during this quarter is that we're really glad of how the Print business did. even if in case you examine year-on-year evaluation, whether you examine boom, it's in reality aligned to the developments that we described final quarter, the rebalancing that we see occurring between home and office, the growth that we are starting to see in one of the crucial commercial and industrial categories. So Print had a very effective quarter and we predict it to proceed throughout the relaxation of the yr.

Amit Daryanani -- Evercore ISI -- Analyst

got it. it really is really helpful. and then if I may simply observe-up in similar dynamic basically, Enrique I think a huge center of attention for everyone is attempting to take note what is consistent state EPS appear to be for HP over time, principally given the effective performance you might have had within the first half, and that i think your back half courses implies EPS will decline high single-digits 10% plus in Q3 and this autumn. i'm curious, i know you touched on Print, but I bet what are the other vectors that are driving the slowdown in EPS, in particular given the fact you might be accelerated backlog? and then do you consider the $0.75, $0.80 implied EPS in October quarter is a representation of what common EPS run rate is going to look like for HP?

Enrique Lores -- President & Chief government Officer

yes, so firstly, let me talk concerning the year-on-year comparison how we put issues in standpoint. EPS for the second half is starting to be greater than forty% from where we have been a 12 months in the past. So we're in fact representing very strong increase. concurrently you are announcing, we proceed to look very amazing demand across all of our portfolio. We expect this to continue to ensue through the second half, but we are going to be limited by means of provide, given the shortages that we see in the market. And here is a fundamental half of what's driving our e-book. As we now have achieved during the past, we are prudent when we e book, we've been in the past and we will continue to be. If we will do improved, we can, we may well be there more advantageous because of improved pricing, as a result of we might do enhanced, on account of more suitable ability. So once again prudent guide, we now have demonstrated that if we can do more suitable we can do more desirable, and therefore given all the anomalies that we see and this provide limited, I do not think we should still be the use of the q4 number to undertaking the enterprise in the future.

Operator

Our subsequent query comes from Shannon move with move analysis.

Shannon go -- move analysis -- Analyst

thank you very lots. I had a question on inventory, each on your steadiness sheet and then in the channel. Up about $800 million quarter-over-quarter, i am curious, how plenty of that became element purchasing or might be some end product simply given provide chain hiccups? and then Lenovo spoke of these days. I consider that they see two to 3 weeks of inventory -- channel stock on PCs usually, I can't remember I believe it turned into six to eight weeks is their typical. can you speak just a little about what you are seeing within the channel and each on the workstation and the printer side? after which I've a comply with-up. thank you.

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Enrique Lores -- President & Chief executive Officer

Let me beginning and i feel perhaps before Marie shares some of the numbers, let me share probably the most strategy that we now have at the back of it. What we shared remaining quarter, that we had been awaiting probably the most supply challenges that we're seeing, we decided to operate with better stages of HOI and here's what you see mirrored within the numbers. So Marie why do not you provide some colour on whether the enhance we've viewed in HOI.

Marie Myers -- Chief economic Officer

sure. No, completely, Enrique. So let me step again and set some context for you Shannon. So surely, we've got viewed that mighty demand throughout friends in Print. And as you comprehend, we're additionally lapping the manufacturing unit closures and disruptions from these stock drawdowns remaining 12 months and clearly that impacted the system all the method via. and then we're absolutely trying to continue to navigate the supply chain challenges given the continued nature of the pandemic. so that you could approve assurance of deliver, we're carrying higher ranges of owned inventory and as we noted, we try this to navigate all over this time. So HOI at this point is probably going to live accelerated to assist enterprise growth. So -- and that comprises strategic buys to answer your question, where above all in CPUs.

and then going on to the second part of your query round channel inventory, typical CI in PS, Print, hardware and substances is at the moment beneath ancient ranges. And our backlog is up frankly quarter-on-quarter, and that gives us self belief on the demand that we're seeing Shannon.

Shannon move -- pass analysis -- Analyst

ok, superb. and then just a question on pricing. I think you mentioned you predict some normalization in pricing, however what we're listening to is prices are just a little expanding. So is this greater variety of an ordinary expense, so mix impact or what are you seeing, because if there is no provide available and demand is still amazing, I do not see where you may now not have some pricing drive, sorry pricing competencies? thanks.

Enrique Lores -- President & Chief government Officer

thanks, Shannon. I suppose or not it's value to move in the course of the discussion enterprise with the aid of business. within the case of Print, we are having rate increases across the board and you have -- which you can see in our numbers an increase in the commonplace fee. within the case of PCs, pricing prices are growing to be for rate in each class are going up but typical cost is taking place on account of mix, on account of the place we're seeing the larger demand available in the market. So prices are up, but on account of mix, you may additionally see the normal rate taking place.

Marie Myers -- Chief economic Officer

And Shannon just to add to Enrique's feedback, one of the vital favorable pricing that we saw within the benefit within the first half is beginning to abate within the 2nd half as smartly.

Operator

Our next question comes from Toni Sacconaghi with Bernstein.

Toni Sacconaghi -- Bernstein -- Analyst

sure, thank you for taking the question. I simply want to -- just trying to rectangular the circle on a couple of issues, certainly around your suggestions. So seasonally you might be typically up in EPS and you're guiding for EPS to be down about 10% sequentially. earnings is customarily up three% or four%. Are you suggesting that profits goes to be lessen than commonplace seasonal or is that this all margin pressure? And the intent I battle with the margin query is, it sounds like your backlog is even larger. be sure you be capable of promote something you've got. you've got incremental stock in order that should still assist you to arguably meet demand greater. So if you are in a situation the place americans are alternate -- chasing demand and the combine does not fundamentally trade, why do you predict pricing to abate? So I wager a couple of questions in there. One, do you are expecting an impact to suitable line it is distinct from regular seasonal? Or is it all margin in terms of your means under ordinary seasonal EPS tips? and then how do we square that margin pressure with the undeniable fact that there is actually amazing demand, you've got enhanced stock to meet that demand and you should still be capable of proceed to take fee?

Marie Myers -- Chief monetary Officer

good day, Toni, good afternoon. it be Marie. So let me stroll you via a way to suppose about our guide and principally i may provide you with a way of what the headwinds and the tailwinds are searching like. So first of all, with admire to your feedback on revenue. We do predict that profits might be pushed greater by way of attainable deliver than demand and there are increasing margin headwinds versus the primary half. With all that stated, as Enrique observed appropriate on the onset of the call, we're guiding for double-digit operating profit and EPS boom in Q3. and frankly, we believe that here's a prudent e book within the context of the current ambiance. undoubtedly, if we will do stronger, we all the time will.

however let me walk you via what we're seeing from the headwinds and tailwinds to offer you some of that color. So on the headwinds, we are seeing component prices and logistics costs in both PS and Print, and they will be an incremental headwind both quarter-on-quarter and year-on-year, and people ordinary basket of commodities, specifically in panel, ICs and PS after which ICs and resins in Print. after which there are other tailwinds that we've got had in the first half around these favorable pricing dynamics. they're going to birth to dissipate as we lap the onset of those traditionally low promoting expenses. And stepping into your feedback on tailwinds and how we're pondering it, demand in both PS and Print continue undoubtedly to be very effective as you outlined. We're seeing these tendencies of hybrid work continue, however certainly they're restrained by deliver.

So -- and in addition, simply to variety of wrap up here, as we pointed out, we'll continue to come back capital to shareholders. So we expect that that rebuild [Phonetic] at the least about $1 billion 1 / 4. So for the whole 12 months, we expect PS margins may be a bit above the high conclusion of our long term latitude of 3.5% to 5.5% and Print for the full 12 months at the higher conclusion of sixteen% to 18%. So at this aspect, we remain very confident of our book and if we will do improved like I stated, we are able to.

Enrique Lores -- President & Chief executive Officer

and i consider Toni, anything crucial to having consideration this yr, is that basically the business and the market is driven by give, no longer by demand. So hence evaluating this year with other years in response to seasonality, it'll no longer work, as a result of in reality the dynamics in the back of the market are very different. What we continue to look is terribly powerful demand throughout our portfolio and here's in fact the key driver is how much supply we will get.

Toni Sacconaghi -- Bernstein -- Analyst

If I could simply observe-up on the pricing dynamics. So if I examine customer print ASPs final quarter have been up 30%, this quarter were up 27%. If we went to some thing like zero pricing, it would actually put your operating margins dramatically down in the IPG community. So I are looking to take into account what's riding this pricing? So is that this purely an absent -- an absence of discounting? is this a -- we're no longer constructing lower conclusion SKUs with reduce margin and we're forcing individuals to take kind of more richly configured purchaser printers which have more advantageous margin or is it we're basically raising cost as a result of we are able to, as a result of demand is restricted. however undoubtedly 27% ASP increase this quarter, 30% closing quarter is assisting your economics tremendously. As you suggested, it's going to be less however I want to be mindful very peculiarly what's using that ASP increase?

Enrique Lores -- President & Chief govt Officer

I consider Toni we, in a condition just like the one we are facing, we're doing the rest we are able to to optimize our company and hence we're guiding all the movements that you just have been bringing up. We of route have decreased enormously our promotional coupon codes, as a result of how powerful the demand is. we're nonetheless prominent towards better margin items and naturally, within the circumstances the place we are able to, also our costs are going up because as we spoke of earlier than, we're seeing -- we live in an inflationary atmosphere and on every occasion we do we will -- we've elevated fees.

Operator

Our next question comes from Katy Huberty with Morgan Stanley.

Katy Huberty -- Morgan Stanley -- Analyst

sure, thanks. good afternoon. I heard you mentioned that computing device backlog is up sequentially. Is your Print backlog also up versus the primary quarter? and then, can you talk about how the make-up of backlog is changing as you go in the course of the year? Is there any shift from client to industrial from Chromebook to other PCs and simply combine between hardware and supplies? and then I've a follow-up.

Enrique Lores -- President & Chief government Officer

Let me take your query. hi, Katy. So the reply to the first question is, yes, we're seeing an increase in backlog throughout each PCs and Printers. And when it comes to how can we expect this to conform, is basically aligned to the place will we see demand coming all through the next quarters. As we mentioned earlier than, we predict through the end of the yr, an increase in the demand on the commercial side, each on the pc facet and additionally on the Print aspect, and here's the place -- as a result of that, backlog could be stepping into the direction. however nonetheless we continue to see effective demand on client as i discussed earlier than.

Katy Huberty -- Morgan Stanley -- Analyst

awesome, thanks. after which pc margins this quarter had been a little bit lower than the flat sequential assistance. What were the surprises on charges or combine in the quarter? and then should still we are expecting with charge inflation that notebook margins return to that roughly 5% latitude from a few years ago?

Marie Myers -- Chief financial Officer

yes, Katy, or not it's Marie. hello, respectable afternoon. So let me hit up your margin query. So sure, the margins had been mighty once more at 6.7% which as you recognize is above the excessive end of our lengthy-term range and a few of that become certainly driven by that effective pricing discipline that we've spoken about as well as some benefit from forex, but truly it was offset via combine and a few of those commodity headwinds. And as we get into the whole 12 months, we do expect that margins to be slightly above the excessive end of our range of 3.5% to five.5% and it be going to be driven through the themes that you simply're hearing today, above all around these endured shortages in commodities and that's the reason absolutely sort of reworking into greater component costs and then knock on charge and logistics. but -- and then i might eventually simply add, we're starting to enter a duration where the influence of favorable pricing goes to birth to reduce as we birth to lap that duration in time.

Operator

Our subsequent question comes from Tim lengthy with Barclays.

Tim long -- Barclays -- Analyst

thanks. yes, two if I may. First on the Print side, may you talk a bit bit about, you mentioned one of the consumer numbers for the as-a-provider providing each for client and industrial. It appears like it's fairly consistent increase here. could you talk a little bit about one of the most underlying drivers beyond that might be utilization or anything this is potentially showing the electricity there apart from just the user base? after which second, if -- you observed another quarter of very amazing Chromebook. may you speak a little bit in regards to the affects there on the mannequin margin ASP? and then also as you are expecting to look a little bit of normalization to pc growth. Is the expectation that the fast boom in Chromebook might be some thing as a way to pull back or do you believe it is whatever thing that may start changing different mid and decrease tiers of the of the workstation section? thank you.

Enrique Lores -- President & Chief government Officer

Many questions in one query. i will be able to try to head one after the other. So starting from Print, in regards to the dynamics we are seeing are very comparable to what we defined 1 / 4 in the past and the evolution is what we have been expecting. before to pre-pandemic ranges, we proceed to see our home business to operate improved than what we had been projecting. And here is driving the demand that we see both on-premise and also on supplies.

And on the workplace side, we now have viewed the contrary effect. As many offices are nevertheless closed and people don't seem to be going returned to the office, the general office business proceed to be under the place it was earlier than the pandemic. through the end of the yr, we expect the situation to reverse as workplaces will reopen, we predict our office company to function better and at the equal time extra individuals might be -- much less people could be working from domestic, we predict that it'll have also an have an impact on, a poor influence on our home company. So a similar style to what we expected in Puerto Rico.

when it comes to demand on the Chromebook facet, we continue to peer very robust demand from training. we've -- here's what is driving the boom of Chromebooks and this is what also when we had been speakme before about the ASPs on the laptop side and the mix there, this is what we have in probably the most influence within the pricing on the notebook aspect, as a result of Chromebooks typical have lessen expenses than the leisure of the notebook portfolio.

Operator

Our subsequent query comes from Aaron Rakers with Wells Fargo.

Aaron Rakers -- Wells Fargo -- Analyst

yes, thanks for taking the question and congratulations on an extra strong quarter. First question I have a comply with-up is, when we seem at the outcomes of the industrial enterprise starting to get well, I believe you stated 10% growth. I consider your peer said growth round that tonight. So i'm curious of the way you're considering in regards to the again-to-work, returned to workplace vogue? On the commercial computing device side, any innovations on sort of the installed base, the age of the put in base, just how you feel that demand shapes up in the course of the course of the year?

Enrique Lores -- President & Chief executive Officer

certain. So again, comparable to what we shared 1 / 4 ago, we are expecting the demand on the commercial side to birth to recuperate and we are starting to see some recuperation as you are announcing. We -- what we're seeing from our purchasers is that they are realizing of the need to put money into more desirable device for their officers when personnel come back and here's really going to be helping both the Print and the workstation business as you were citing.

in terms of dynamics, we continue to see our shift from pcs into notebooks, as a result of although personnel should be going back to their office, we still see the need for corporations to offer a hybrid approach of working and enabling their employees to work-from-home and hence, we expect the shift combine from computers into notebooks to proceed. we've talked during the past, general has a good have an effect on for the business because of each pricing but also on account of the recycled -- the recycle times at laptop that laptop has compared to the desktop.

Aaron Rakers -- Wells Fargo -- Analyst

sure. and then as a quick observe-up. just on the free money stream. I think you have stuck with the $4 billion free cash movement or at least $4 billion for this 12 months. you might be raising EPS. i am simply making an attempt to probably bear in mind why free money flow wouldn't be improved and trending greater with the EPS?

Marie Myers -- Chief financial Officer

yes, certain. Aaron. Let me go ahead and hit that one up for you. So look, related to free -- future free money flow, as you know, this is at all times pushed with the aid of our effective net profits. What we're considering is that our working capital goes to be a headwind because of one of the crucial selections we're making to elevate greater stock. So look for '21, we proceed to continue to be assured definitely in our outlook and assured in our book of at the least $4 billion in free money flow.

Enrique Lores -- President & Chief government Officer

and that i consider, let me add an extra remark. we are definitely blissful with the development we've made in free money movement in Q1 and Q2. The ebook that we have supplied is of as a minimum $4 billion for the 12 months and as Marie just mentioned, we're really anticipating to be at that stage.

Operator

Our subsequent question comes from Ananda Baruah with Loop Capital.

Ananda Baruah -- Loop Capital -- Analyst

hi there, thanks guys for taking the query. Congrats on the robust consequences. Two short ones, if I might. Enrique, according to conversations with corporate consumers and given the backlog, do you get the sense that this momentum will really continue into calendar '22. Would love to get any up-to-date context there? and then I simply have a short comply with-up. Thanks.

Enrique Lores -- President & Chief executive Officer

thanks for the question. And we believe that the alterations that we've seen driven by way of the pandemic are going to be permanent and are going to proceed to have an have an impact on in 2021 and 2022. more and more individuals may have -- could be working in a hybrid way. We think that marquees will continue to gain knowledge of from govt from the time from college and here's going to continue to have a positive affect on the standard dimension of the computing device market. And hence, we are expecting the size of the market to continue to be tremendously bigger than what we have been expecting before the pandemic.

moreover to that as we just described, we also are expecting to peer powerful industrial demand throughout the end of the year. So, this could additionally help and put even more -- drive even more boom on the computing device aspect.

Ananda Baruah -- Loop Capital -- Analyst

And just sticking there, you're going back to the questions about combine on the pc facet, would -- you pointed out strengthening Chromebook and how that -- as I believe of form of application combine impact on ASCs. Would that no longer reverse as industrial, so it doesn't -- proceed to open up, should we now not are expecting that to reverse and lift sort of into '22 the combine?

Enrique Lores -- President & Chief govt Officer

So when it comes to combine, yes, we are expecting the mixture of industrial to head up all through the next quarter. And here is why Marie become citing before that we are expecting standard working income of non-public methods to be a little bit better than our guided latitude through the end of the yr.

Ananda Baruah -- Loop Capital -- Analyst

this is excellent, thanks so a great deal.

Enrique Lores -- President & Chief govt Officer

thanks.

Operator

Our next question comes from Matt Cabral with credit Suisse.

Matt Cabral -- credit score Suisse -- Analyst

yes, thank you. On the Print facet, i was questioning if you provide us an replace on the place you stand in attempting to refill one of the vital resources channel stock? simply talk about how massive of a factor that became in the quarter and the way we may still consider concerning the contribution from here? and maybe greater broadly just an replace for your efforts to add visibility as we delivery thinking about getting under these Tier 1 and Tier 2 distributors that you've available?

Marie Myers -- Chief monetary Officer

sure, no, bound, Matt. So probably i'll simply beginning it with a quick comment on the place we see the channel presently relative to resources and that i feel i discussed earlier that our usual our channel stock tiers for the enterprise are type of under historical degrees. And that includes supply -- materials and obviously we proceed to display screen that very cautiously, in order that we can retain a suit appropriate degrees. but this quarter given -- if you desire it lower back a 12 months in the past, we had the sort of the onset of the pandemic, so we have now had that channel depletion that took place last 12 months. And so we did see some advantage in the yr-on-year examine. And from that have an impact on of the stock actions, we estimate that to be approximately three% year-on-12 months. And as you understand, we've a multi-tiered channel. So here's our most excellent estimate in line with the statistics we now have including our channels for product across the channel and use of inventory.

Matt Cabral -- credit score Suisse -- Analyst

that is useful. and then I think it turned into ultimate week that you simply guys introduced the new head of your 3D printing business. maybe just a broader update on how 3D has been ramping? where you guys stand with the push and just possibly a much bigger image on after we should still delivery to brooding about some greater explicit disclosure, just to believe concerning the influence of that business greater going forward?

Enrique Lores -- President & Chief govt Officer

bound. Let me take that one. So firstly, this quarter, we all started to see or we've considered the outdated one solid boom on the 3D facet. but it grew greater than 30% which is a really strong quantity. and that i feel these confirmed probably the most capabilities that this enterprise had within the long-term. We had announced before we are complementing our method on 3D to also focal point on some end-to-end functions the place we suppose we will get much more value than just via promoting printers or consumables and we were mentioning on our prepared remarks, the work that we are doing a molded fiber as an instance. but we in fact suppose that more and more, we can have, we might be focusing on functions to catch cost in this enterprise and here is why we selected Didier Deltort to steer this business. He comes from the fitness and health trade. So he comes from an industry that could be disrupted by using 3D and we consider this could be adding massive value to the definition of our approach.

and then in terms of when we should be more transparent on the 3D business. I believe I've said earlier than, there are two predominant issues. One is we desire the business to have greater scale and 2nd, and possibly most critical, we should have a more robust define business mannequin. And here's where this aggregate of promoting printer for substances are going after conclusion-to-conclusion applications is so essential. So while we are able to have an entire perspective of the place this may be going long term is when we should be offering more visibility.

Operator

Our last query nowadays comes from Sidney Ho with Deutsche financial institution.

Jeffrey Rand -- Deutsche financial institution -- Analyst

hello, here's Jeff Rand on for Sidney. can you supply us an update on the competitive atmosphere on your very own methods business and how this has changed in the course of the pandemic and now tight provide ambiance?

Enrique Lores -- President & Chief government Officer

sure, I consider that firstly, as we've described earlier than, truly the efficiency of this company now is more driven via provide than with the aid of the strength of the portfolio. Now having said that, we're definitely completely satisfied with the progress we now have crafted from a portfolio viewpoint. We -- if you seem to be on the innovation that we've delivered this quarter, we won gigantic awards across each consumer and commercial products. we now have one of the broadest portfolios out there, covering from low end training items to excessive conclusion industrial products and we are in a really strong place to continue to grow share as we did this quarter that indicates in fact the relevance of our portfolio.

Jeffrey Rand -- Deutsche financial institution -- Analyst

terrific and simply my follow-up, how should still we feel about your operating prices trending in the near term as can charge like enterprise go back and forth delivery to come back?

Enrique Lores -- President & Chief government Officer

smartly, I consider if you seem at the projection that we now have for the second half, we think we will be going again towards an identical degree to what we had been in Q1.

Operator

This concludes our question-and-answer session. i might want to turn the call lower back over to Enrique Lores for any closing remarks.

Enrique Lores -- President & Chief govt Officer

okay. So let me shut and thanks each person for having joined us nowadays. I consider the robust results of the quarter demonstrate the relevance of HP during this hybrid world and the way our expertise goes to be assisting client to truly perform in a really different atmosphere. we are really completely happy with the increase alternatives that we see each in our core markets, in desirable adjacencies and additionally in the new segments that we're growing. And we're going to proceed to innovate across our expertise to continue to create and power differentiation. thank you to your time these days and searching forward to meet in person someday quickly. thanks.

Operator

[Operator Closing Remarks]

length: 58 minutes

call participants:

Beth Howe -- Head of Investor relations

Enrique Lores -- President & Chief govt Officer

Marie Myers -- Chief fiscal Officer

Amit Daryanani -- Evercore ISI -- Analyst

Shannon move -- go analysis -- Analyst

Toni Sacconaghi -- Bernstein -- Analyst

Katy Huberty -- Morgan Stanley -- Analyst

Tim lengthy -- Barclays -- Analyst

Aaron Rakers -- Wells Fargo -- Analyst

Ananda Baruah -- Loop Capital -- Analyst

Matt Cabral -- credit Suisse -- Analyst

Jeffrey Rand -- Deutsche financial institution -- Analyst

extra HPQ analysis

All earnings call transcripts

© provided by The Motley fool AlphaStreet logo

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