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© offered through The Motley idiot HP Inc (HPQ) Q2 2021 income name Transcript

HP Inc (NYSE: HPQ)

Q2 2021 revenue name

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

Contents:

organized Remarks

Questions and answers

name participants

organized Remarks:

Operator

respectable day everybody and welcome to the 2d Quarter 2021 HP Inc. income conference name. My identify is Hailey and i'll be your convention moderator for today's call. [Operator Instructions]

i might now like to flip the name over to Beth Howe, Head of Investor members of the family. Please go forward.

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this article is a transcript of this convention call produced for The Motley idiot. while we attempt for our silly most appropriate, there can be error, omissions, or inaccuracies during this transcript. as with every our articles, The Motley idiot does not expect any accountability to your use of this content, and we strongly encourage you to do your own analysis, including listening to the name yourself and analyzing the company's SEC filings. Please see our phrases and stipulations for further details, together with our obligatory Capitalized Disclaimers of legal responsibility.

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Beth Howe -- Head of Investor members of the family

decent afternoon each person and welcome to HP's second quarter fiscal 2021 revenue convention name. With me nowadays are Enrique Lores, HP's President and Chief govt Officer; and Marie Myers, HP's Chief economic Officer.

before handing the call over to Enrique, let me remind you that this name is being webcast. A replay of this webcast might be made accessible on our site presently after the demand about 12 months. We posted the revenue free up and the accompanying slide presentation on our Investor relations webpage at investor.hp.com.

As always, features of this presentation are forward-searching and are in accordance with our most desirable view of the realm and our organizations as we see them these days. For more exact assistance, please see disclaimers in the profits materials concerning ahead-searching statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please confer with HP's SEC stories together with our most contemporary kind 10-okay. HP assumes no responsibility and does not intend to replace any such ahead-searching statements. We also word that the fiscal counsel mentioned on this call displays estimates according to tips accessible now and could range materially from the quantities eventually pronounced in HP's kind 10-Q for the fiscal quarter ended April 30, 2021 and HP's different SEC filings.

during this webcast until in any other case specially cited all comparisons are 12 months-over-12 months comparisons with the corresponding 12 months-ago duration. For fiscal counsel that has been expressed on a non-GAAP foundation, we now have included reconciliations to the related GAAP suggestions. Please confer with the tables and slide presentation accompanying modern-day salary liberate for these reconciliations.

With that i'd want to flip it over to Enrique.

Enrique Lores -- President & Chief executive Officer

Thanks Beth. respectable afternoon each person and thanks for joining the name. I are looking to birth via acknowledging the state of the pandemic, peculiarly in nations equivalent to India. we're doing everything we will for our employees, consumers and partners right through this difficult time. while some materials of the realm are starting to Excellerate and reopen, there is a lot greater work to do.

Turning to our consequences. It was one other first-rate quarter of double-digit top and base line boom during which we delivered smartly above our guided range. Our efficiency replicate the relevance of our know-how in an more and more high degree, the resilience of our enterprise model, the operational excellence of our team. apart from summarizing our consequences, I additionally want to highlight secular traits driving sustained demand across our portfolio. HP technology and functions are at the heart of hybrid work. we're accelerating our method to drive lengthy-term sustainable growth. This comprises carrying on with to transform the way we function and deploy our tremendous money move to maximise price creation.

Let me delivery with the quarter. In Q2 we saw splendid demand for our products and delivered listing salary of $15.9 billion, a rise of 27% with balanced increase across Print and personal systems. Our non-GAAP internet income extended fifty six% to $1.2 billion and we generated $1.three billion of free cash circulation, returning $1.8 billion to shareholders. These consequences replicate persevered mighty increase in purchaser in addition to improvement in our business agencies as economic undertaking expanded. In our customer section, we delivered 72% boom in personal programs and 77% boom in Print. business workstation profits grew 10% and business print changed into up 34%, including 45% increase in our Industrial printing corporations.

it's vital to observe that these consequences are towards the backdrop of industrywide element shortages and provide chain challenges. presently there isn't adequate provide to keep up with the mighty demand and the resurgence of COVID in Southeast Asia is developing extra pressures on our deliver chain. We are expecting supply constraints to proceed at the least throughout the end of 2021. although the atmosphere will doubtless stay dynamic, we are taking actions to navigate during the challenges, enabling us to convey potent consequences and enhance our outlook for the 2d half.

We remain concentrated on supplying in the brief-time period, we are equally focused on capitalizing and to follow long-time period alternatives. It is obvious that the area will not without difficulty go lower back to the way it was prior to COVID. there was a fundamental shift within the approach people work, be taught, play and create, and this shift is here to live. The way forward for work and education could be greater hybrid. in keeping with fresh survey, more than 60% of personnel want flexibility in the place and the way they work. via this future mergers [Phonetic], it's going to open the probability to create new products and features for our purchasers. And that buyers and organizations see improved mobility convenience and cost, this helps our approach to accelerate new company model right here through extra functions and subscriptions enabled by the combination of our hardware and software. Underpinning all of this is a growing importance of cyber protection. 88% of IT resolution makers, tell us that cyber possibility has extended all the way through the pandemic. This presents a massive chance for us to expand our security offerings and convey probably the most cozy and resilient PCs and Printers.

With our wide differentiated portfolio, HP is uniquely placed to capitalize on these secular developments. and i consider I've talked about here is a time for strong corporations to get more suitable and we are innovating across our portfolio to toughen and develop our companies. In own systems, our innovation is using boom in key segments, together with remote work, training and gaming. The notebook is still simple in daily life. we are already capitalizing on these trends in a couple of ways. Our latest award successful computer include elements intention-developed for hybrid work and we are constructing new services like HP Provision in join that make it simpler for IT teams to set up and guide gadgets in worker's homes in addition to in the workplace.

in the training market the place HP is the number one seller, pc earnings have more than doubled due to remote gaining knowledge of. at the identical time, despite the fact, the variety of PCs per hundred college students continues to be in the single-digits. As an industry, we nevertheless have a long way to head to shut this digital machine and as a company, we now have a big possibility to be part of the solution. The magnitude of the computing device extends some distance past work and college. in lots of situations this has become the leisure center of the domestic, from streaming and content material creation to the upward push of gaming and eSports. In Q2 income growth in gaming outpaced usual buyer notebook growth. we are building on this electricity to expand into beautiful adjacencies, together with peripherals. we are on target to close a hyper acquisition in Q3. We do are expecting to be accretive in yr one.

In Printers, we're leveraging our management throughout purchaser and business market to supply creative answer mandatory in contemporary hybrid world. This comprises accelerating the evolution of our company model and subscription features. We these days introduced the growth of HP+ an fast ink which are actually in 35 international locations throughout North the usa and Europe. We consider HP+ will assist us to optimize system profitability and provide a much better customer experience. moreover employers are searching for extra distributed printing environment which plays to HP's energy in way for printers. the brand new LaserJet enterprise four hundred sequence is designed to carry seamless faraway administration for both hybrid employees and new office configurations tier [Phonetic] to our collaboration. at the same time superior workforce mobility is a catalyst for our Print features portfolio. inside our managed Print capabilities, we've introduced HP Flexworker provider to contain faraway worker's and department officers into our enterprise and PS contract. here's allowing companies akin to frequent Motors to have superior visibility and manageability across the printer fleet.

In our Industrial groups, new innovation is enabling creation to be extra agile and extra customized. In industrial pix, we're seeing improvements available in the market and boom in hardware installations. among the customer wins this quarter for the setting up of a a hundred Indigo Press at CCL, our leader in label security and packaging solutions. We also proceed to see constant double-digit growth in Print impressions and rectangular meters. In 3D, we are creating more vertical go-to-market solutions, spanning machine software and capabilities throughout industries from industrial tooling to automobile to health and well being. as an instance, our molded fiber tooling answer in response to consumer engagement and adoption together with a large number of prepaid purchases and we permit them to achieve big technique and value efficiencies.

furthermore, we are partnering with Ford Motor business to extend the lifetime of already used 3D printed constituents by means of turning them into auto accessories for the F250 vans making a closed loop on waste. With our strong and distinct portfolio, we additionally proceed to generate significant free cash circulate. And we remain focused on deploying our cash to maximise value creation. we've the pliability to return tremendous capital to shareholders and reinvest in our agencies, while also exploring disciplined M&A. we will continue to search for alternatives to beef up our core, increasing to pleasing adjacencies and create additional boom engine. As all the time, we are able to take a rigorous approach to evaluating M&A, requiring strategic fit, pleasing monetary returns that exceed those of purchasing our personal inventory and a robust operational plan to execute on the price proposition. And a crucial enabler of our approach is continuing to seriously change the company to turn into leaner and extra digitally enabled.

For HP, there is a continued focus on both reducing structural fees and for investing for the long run. To assist us accelerate our progress, we introduced three new management appointments. Didier Deltort is becoming a member of HP as a President of Personalization and 3D Printing; Greg Baxter, could be our subsequent Chief Transformation Officer; and Kristen Ludgate is joining HP as our Chief people Officer. Working together with our management team, they'll beef up our innovation capabilities and support pressure our lengthy-term strategy. And our key part of our strategy is to deliver robust results while staying authentic to HP's values.

last month, we announced an formidable set of climate action desires. by means of 2025, we purpose to obtain carbon neutrality, zero waste in HP operations and nil deforestation for HP paper and paper-primarily based packaging. We're also committed to achieving web zero carbon emissions across our whole value chain via 2040. And final week, we announced a brand new set of range and inclusion desires. This includes our pledge to obtain 50-50 gender equality in HP leadership with the aid of 2030, making up the first Fortune one hundred tech company to make the sort of dedication. i am proud to claim our partners are becoming a member of us in these efforts. these days over 1,four hundred partners have signed the increase have an effect on to set their personal lengthy-term aim to force a sustainable have an impact on. here is where the size and scale of HP's ecosystem definitely shines.

normal, i am very completely satisfied with our efficiency this quarter and excited for what lies forward. We continue to force our relentless center of attention on execution, whereas taking decisive actions to capitalize on captivating opportunities to enhance our management in own systems and Print, extend into appealing adjacencies, to enter new market and seriously change the style we operate. and that i am assured that our approach will continue to create giant shareholder price. i know I communicate for our more than 50,000 employees, when I say we aren't content simply maintaining our current place. we have a much bigger ambition.

And with that, i'll flip the name over to Marie, who will take you in the course of the particulars of our quarter and our fiscal 12 months outlook. Marie, over to you.

Marie Myers -- Chief monetary Officer

Thanks, Enrique. HP's 2d quarter result spotlight both our operational power and the breadth of our portfolio. we're demonstrating our ability to satisfy consumer needs and continuing on our transformation adventure all whereas turning out to be operating profit, generating effective free cash circulate and maintaining our effective capital returns, whereas continuing to make investments in the company for our future.

Turning to the details of the 2d quarter. Q2 net profits turned into $15.9 billion, up 27% nominally and 25% in regular forex. locally, in constant forex, Americas elevated 32%, EMEA extended 19% and APJ accelerated 23%. The yr-on-yr increase cost benefited from the prior-year have an impact on of COVID and provide chain disruptions. Demand endured to outpace provide and we ended the quarter with accelerated backlog in each very own methods and Printing. on the optimum due to the fact that the break up, gross margin became 21.7%, up 1.7 points year-on-12 months. The boost was essentially pushed with the aid of favorable pricing, together with historically low promotion cost and favorable currency, partly offset with the aid of bigger fees. Non-GAAP working prices had been $2 billion or 12.6% of profits, up 10 foundation facets year-on-yr. The raise in operating fees changed into essentially driven with the aid of greater variable compensation because of the very strong performance this year as compared to Q2 2020, as well as expanded investments in innovation and go-to-market.

Non-GAAP internet OI&E cost become $64 million for the quarter. Non-GAAP diluted web profits per share elevated 82% to $0.ninety three, with a diluted share count of approximately 1.2 billion shares. Non-GAAP diluted net profits per share excludes net benefits totaling $70 million basically concerning different tax changes and non-working retirement connected credit, partially offset by restructuring and other charges as well as amortization of intangible belongings. subsequently, Q2 GAAP diluted net revenue per share become $0.ninety eight.

Turning to segment efficiency. In Q2, own techniques benefited from mighty demand involving working and discovering from home. profits was $10.6 billion, up 27% yr-over-yr. Demand for our product remained very amazing with backlog expanding again quarter-on-quarter. Drilling into the particulars, we noticed power across customer and commercial with earnings up seventy two% and 10% respectively. through product class, revenue turned into up forty seven% for notebooks, down 8% for pcs and down 7% for workstations. powerful demand for notebooks drove total unit growth of 44% with Chromebooks representing 20% of our total personal programs units because the want for expertise and schooling continue to grow. We also saw strong capabilities connect with selected strength in commercial and critical double-digit growth in client peripherals. own methods delivered $710 million in working income and working margins of 6.7%. The year-over-12 months growth became essentially because of favorable pricing, including decrease promotion prices in addition to forex, partly offset by negative combine and higher cost together with variable compensation, commodity fees as well as investments in innovation and go-to-market.

In Print, our effects reflected endured focal point on execution and the power of our portfolio. we're uniquely located as chief in each client and business and have the hardware materials and services to convey price in a hybrid world. Q2 total print income became $5.3 billion, up 28% and complete hardware instruments grew forty two% to $10.6 billion. through customer section, purchaser profits was up seventy seven% with instruments up 45% and commercial salary and instruments were up 34% and 22% respectively. In industrial, the recovery momentum persisted with earnings up 13% sequentially, however we proceed to are expecting the restoration to be gradual and uneven at times across segments and geographies.

supplies salary changed into $3.three billion, up 17%. The 12 months-on-12 months increase turned into basically driven by using favorable pricing in addition to ongoing consumer demand and improving business demand. Our contractual enterprise is a key element of our print method in each client and industrial printing. In customer our instant Ink enterprise proceed to resonate smartly with shoppers with cumulative enrollees starting to be 7% sequentially to $9.7 million. On the business side, we drove growth in managed print capabilities revenues, a new TCP bookings for the primary time on account that the pandemic took dangle and strong renewal TCV bookings again this quarter.

operating income improved $403 million to $951 million and working margins had been 17.9%. This year-over-year enhance became driven with the aid of expanded extent and favorable pricing across hardware and materials, including much less promotional cost, partially offset by detrimental combine and better charge.

Let me now flip to our transformation efforts and exceptionally our can charge discount rates initiatives. within the second year of our software, we persisted to look at new cost rate reductions opportunities that remain forward of our $1.2 billion gross run expense structural can charge reduction plan. all through the quarter we persevered our efforts to optimize our factory footprint to enable a most reliable-in-type supply chain network and boost supply resiliency while cutting back our cost constitution. in addition, we continue to raise and leverage our digital capabilities to radically change techniques wherein we function and bring cost to our customers. The structural cost rate reductions from our transformation efforts supply us the flexibility to reinvest in our company, the lengthy-time period growth and profitability.

transferring to money flow and capital allocation. second quarter money circulation from operations and free cash movement had been more desirable than anticipated at $1.4 billion and $1.three billion respectively. In Q2, the money conversion cycle changed into minus 28 days. Sequentially, the cash conversion cycle turned into up 2 days as boom in stock primarily as a result of strategic buys drove expanded days of inventories partially offset by way of a reduction in days earnings miraculous and higher days payable awesome. For the quarter, we returned a complete of $1.eight billion to shareholders, which represented 137% of free money movement. This blanketed $1.6 billion in share repurchases and $239 million in cash dividends. looking forward, we expect to proceed purchasing returned shares at elevated ranges of as a minimum $1 billion per quarter in the coming quarters unless higher return opportunities emerge.

longing for the third quarter and the rest of fiscal '21, we proceed to mannequin numerous situations involving provide availability, pricing dynamics and the pace of financial reopening. In specific retain here in mind concerning our standard fiscal outlook. From a requirement standpoint, we predict to proceed to look strong demand for our PCs, above all in customer. In Print, we expect solid demand in buyer and endured improvement in commercial as places of work reopen. while we expect year-on-yr profits increase at FY '21 to mirror our persevered development on our strategy, it's also vital to notice the growth tendencies in Q3 will additionally reflect the more challenging 12 months-over-year comparisons in particular in personal systems. We expect provide constraints to proceed to negatively have an effect on our means to satisfy demand in PCs and Printers, at the least during the conclusion of calendar 2021. We are expecting gross margin pressure in the 2d half of the 12 months in both very own programs and Print as a result of improved costs and commodities and logistics as in comparison to Q2 ranges and as we are expecting to peer some more normalization available in the market and pricing ambiance. We expect operating expenses within the second half of the yr to be extra akin to Q1 run cost. finally, we proceed to carefully computer screen the current COVID resurgence and its knowledge have an effect on to our supply chain, exceptionally in Southeast Asia.

Taking these considerations into consideration, we are featuring right here counsel for Q3 and FY '21. We are expecting third quarter non-GAAP diluted web salary per share to be within the latitude of $0.81 to $0.85 and third quarter GAAP diluted internet revenue per share to be n the latitude of $0.seventy seven to $0.eighty one. We expect FY '21 non-GAAP diluted internet earnings per share to be within the range of $three.forty to $three.50 and FY '21 GAAP diluted internet salary per share to be in the latitude of $3.24 to $three.34. For FY '21, we are expecting our free cash stream to be as a minimum $four billion.

And now i would like at hand it lower back to the operator and open the call for your questions.

Questions and answers:

Operator

thank you. And we can now start the question-and-reply 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 actually have few. the primary one I bet was hoping in case you may talk a little bit about the Print margins within the April quarter. i am somewhat stunned they had been down on a sequential basis through just about 200 basis features in spite of the fact that the supply combine I suppose changed into relatively sturdy in July versus April. So might you just contact on what came about to the Print margins after which -- within the April quarter, and how do we feel about it in the back half of the yr?

Marie Myers -- Chief economic Officer

bound. No. Thanks, Amit. And good afternoon. So the decline we noticed in the Print working rate turned into basically driven with the aid of a couple of elements. So first of all, one of the crucial unfavourable charge in commodities, manufacturing unit and logistics and secondly by way of investments that we made in opex throughout R&D, advertising and marketing to assist future boom and better variable comp. And appear, normal i might just say we now have seen energy and resiliency in our extensive -- in our Print portfolio, which basically positions us neatly in opposition t the competition. And as we seem to be ahead into the future, we do are expecting our margins to be in the lengthy-time period latitude of sixteen% to 18%.

And let me offer you simply a number of issues to consider about as you feel in regards to the 2d half. So undoubtedly, the whole 12 months become very robust in the first half. So we are expecting to be toward the larger conclusion of the latitude. And just a few other aspects i might add is, one of the most first rate improvement that we noticed in H1, chiefly in favorable pricing will delivery to lessen. And so we'd expect that our mix as neatly would normalize because the often -- workplace reopens. We're likely to see greater commodity cost, logistics prices and as a way to probably have an impact on our ability to fulfill demand.

and then ultimately, there is some seasonal combine headwinds in Q2 as -- in substances as Q2 is usually our strongest quarter for substances. So just maintain that in intellect, as you are considering in regards to the 2nd half, and i'll just conclude that we're within the business of producing incremental OP dollars.

Enrique Lores -- President & Chief executive Officer

I think a key aspect for our efficiency for Print during this quarter is that we're basically completely happy of how the Print company did. no matter if in case you look at yr-on-12 months comparison, whether you look at growth, it's in reality aligned to the trends that we described final quarter, the rebalancing that we see occurring between home and office, the growth that we are beginning to see in one of the crucial business and industrial categories. So Print had a very mighty quarter and we predict it to proceed throughout the relaxation of the yr.

Amit Daryanani -- Evercore ISI -- Analyst

got it. that's really useful. and then if I may simply observe-up in comparable dynamic truly, Enrique I believe a big center of attention for everybody is making an attempt to bear in mind what's constant state EPS look like for HP over time, particularly given the mighty performance you've had in the first half, and i believe your again half publications implies EPS will decline high single-digits 10% plus in Q3 and this fall. i'm curious, i do know you touched on Print, but I wager what are the different vectors which are using the slowdown in EPS, mainly given the truth you are increased backlog? and then do you suppose the $0.75, $0.eighty implied EPS in October quarter is a representation of what general EPS run cost goes to appear to be for HP?

Enrique Lores -- President & Chief executive Officer

sure, so first off, let me speak about the yr-on-yr assessment how we put things in point of view. EPS for the 2d half is starting to be more than 40% from where we have been a yr ago. So we're in fact representing very solid boom. concurrently you're asserting, we proceed to look very potent demand across all of our portfolio. We predict this to continue to happen in the course of the 2nd half, but we're going to be constrained by way of give, given the shortages that we see in the market. And here is a primary part of what is using our book. As we've finished in the past, we're prudent after we guide, we've been during the past and we are able to proceed to be. If we will do more advantageous, we are able to, we may be there superior because of more desirable pricing, as a result of we may do more suitable, as a result of more suitable ability. So once more prudent guide, we have validated that if we will do more suitable we are able to do stronger, and hence given all the anomalies that we see and this deliver confined, I don't believe we should be the use of the this fall quantity to task the company sooner or later.

Operator

Our next question comes from Shannon go with move analysis.

Shannon move -- pass analysis -- Analyst

thank you very tons. I had a query on stock, each to your steadiness sheet after which within the channel. Up about $800 million quarter-over-quarter, i am curious, how a whole lot of that became component buying or probably some end product just given deliver chain hiccups? and then Lenovo noted nowadays. I think that they see two to 3 weeks of stock -- channel inventory on PCs constantly, I cannot be aware I feel it turned into six to eight weeks is their average. are you able to talk somewhat about what you are seeing in the channel and each on the computing device and the printer side? and then I've a observe-up. thanks.

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Enrique Lores -- President & Chief govt Officer

Let me start and that i believe perhaps earlier than Marie shares one of the crucial numbers, let me share probably the most strategy that we've at the back of it. What we shared closing quarter, that we were watching for one of the most provide challenges that we are seeing, we decided to function with greater degrees of HOI and here is what you see mirrored in the numbers. So Marie why don't you provide some color on whether the enhance we have now seen in HOI.

Marie Myers -- Chief fiscal Officer

sure. No, absolutely, Enrique. So let me step returned and set some context for you Shannon. So undoubtedly, we now have viewed that robust demand throughout peers in Print. And as you be aware of, we're also lapping the manufacturing facility closures and disruptions from these stock drawdowns final yr and clearly that impacted the device the entire way through. after which we're definitely attempting to continue to navigate the provide chain challenges given the continued nature of the pandemic. with the intention to approve assurance of give, we are carrying bigger tiers of owned stock and as we referred to, we do this to navigate all over this time. So HOI at this element is probably going to reside increased to aid business boom. So -- and that includes strategic buys to reply your question, the place in particular in CPUs.

and then going on to the 2nd part of your question round channel stock, normal CI in PS, Print, hardware and components is at present below historical ranges. And our backlog is up frankly quarter-on-quarter, and that offers us confidence on the demand that we are seeing Shannon.

Shannon move -- go analysis -- Analyst

ok, amazing. after which simply a query on pricing. I feel you stated you predict some normalization in pricing, however what we're hearing is prices are a little bit increasing. So is this extra sort of an ordinary expense, so mix impact or what are you seeing, because if there isn't any supply available and demand continues to be strong, I don't see the place you might not have some pricing power, sorry pricing competencies? thanks.

Enrique Lores -- President & Chief executive Officer

thanks, Shannon. I feel it be value to move throughout the dialogue business via enterprise. within the case of Print, we are having cost increases across the board and you have got -- you can see in our numbers an increase within the ordinary rate. within the case of PCs, pricing charges are becoming for cost in each class are going up but standard expense is happening as a result of mix, on account of where we're seeing the bigger demand available in the market. So prices are up, however because of mix, you might also see the normal rate happening.

Marie Myers -- Chief financial Officer

And Shannon simply to add to Enrique's feedback, probably the most favorable pricing that we noticed in the improvement in the first half is starting to abate in the 2nd half as well.

Operator

Our next query comes from Toni Sacconaghi with Bernstein.

Toni Sacconaghi -- Bernstein -- Analyst

yes, thank you for taking the question. I simply need to -- just attempting to rectangular the circle on a couple of things, specially round your counsel. So seasonally you might be typically up in EPS and also you're guiding for EPS to be down about 10% sequentially. income is typically up 3% or four%. Are you suggesting that revenue is going to be lessen than typical seasonal or is this all margin power? And the cause I combat with the margin query is, it appears like your backlog is even bigger. you should definitely be able to sell anything you have got. you've got incremental stock in order that should let you arguably meet demand more suitable. So if you are in a circumstance where people are exchange -- chasing demand and the combine would not fundamentally exchange, why do you are expecting pricing to abate? So I wager a few questions in there. One, do you are expecting an have an effect on to exact line that's different from standard seasonal? Or is all of it margin when it comes to your method below normal seasonal EPS guidance? and then how can we square that margin power with the fact that there is in fact mighty demand, you have got more desirable inventory to meet that demand and also you may still be capable of proceed to take rate?

Marie Myers -- Chief monetary Officer

hello, Toni, first rate afternoon. it's Marie. So let me walk you through a way to suppose about our book and particularly i could offer you a sense of what the headwinds and the tailwinds are looking like. So first off, with admire to your comments on salary. We do expect that income should be driven more through attainable deliver than demand and there are expanding margin headwinds versus the first half. With all that spoke of, as Enrique observed right on the onset of the call, we're guiding for double-digit operating profit and EPS growth in Q3. and albeit, we agree with that here's a prudent book within the context of the existing ambiance. undoubtedly, if we will do more suitable, we always will.

however let me walk you through what we're seeing from the headwinds and tailwinds to offer you some of that colour. So on the headwinds, we are seeing part prices and logistics charges in each PS and Print, and they will be an incremental headwind both quarter-on-quarter and year-on-yr, and those ordinary basket of commodities, mainly in panel, ICs and PS and then ICs and resins in Print. and then there are other tailwinds that we have now had in the first half around those favorable pricing dynamics. they're going to birth to dissipate as we lap the onset of those historically low merchandising prices. And getting into your feedback on tailwinds and the way we're considering it, demand in each PS and Print proceed most likely to be very mighty as you mentioned. We're seeing those tendencies of hybrid work continue, but obviously they're restrained by way of supply.

So -- and in addition, just to variety of wrap up right here, as we stated, we'll continue to come back capital to shareholders. So we expect that that rebuild [Phonetic] at the least about $1 billion a quarter. So for the full 12 months, we expect PS margins may be a little bit above the high end of our longer term latitude of three.5% to 5.5% and Print for the entire 12 months at the bigger conclusion of 16% to 18%. So at this aspect, we continue to be very confident of our book and if we can do better like I said, we can.

Enrique Lores -- President & Chief executive Officer

and that i consider Toni, whatever important to having consideration this 12 months, is that actually the business and the market is driven by means of deliver, no longer through demand. So for this reason evaluating this year with other years in line with seasonality, it is going to now not work, because basically the dynamics behind the market are very distinctive. What we proceed to look is awfully amazing demand throughout our portfolio and here's really the key driver is how tons provide we are able to get.

Toni Sacconaghi -- Bernstein -- Analyst

If I may just comply with-up on the pricing dynamics. So if I look at customer print ASPs last quarter have been up 30%, this quarter had been up 27%. If we went to anything like zero pricing, it will truly put your working margins dramatically down in the IPG group. So I need to remember what is driving this pricing? So is that this purely an absent -- an absence of discounting? is that this a -- we're not constructing decrease end SKUs with lower margin and we're forcing individuals to take kind of more richly configured customer printers that have more advantageous margin or is it we're in reality elevating expense because we will, because demand is confined. but certainly 27% ASP increase this quarter, 30% closing quarter is assisting your economics incredibly. As you advised, or not it's going to be less however I wish to bear in mind very particularly what's riding that ASP boost?

Enrique Lores -- President & Chief govt Officer

I suppose Toni we, in a condition just like the one we're dealing with, we are doing the rest we can to optimize our company and hence we're guiding all of the movements that you just were citing. We of direction have reduced drastically our promotional discounts, as a result of how potent the demand is. we're still widespread toward higher margin products and of course, within the instances the place we will, also our expenditures are going up as a result of as we mentioned before, we are seeing -- we live in an inflationary atmosphere and on every occasion we can we will -- we now have extended costs.

Operator

Our subsequent query comes from Katy Huberty with Morgan Stanley.

Katy Huberty -- Morgan Stanley -- Analyst

yes, thanks. good afternoon. I heard you outlined that notebook backlog is up sequentially. Is your Print backlog additionally up versus the primary quarter? after which, can you focus on how the make-up of backlog is changing as you go during the year? Is there any shift from purchaser to industrial from Chromebook to other PCs and simply combine between hardware and elements? and then I've a comply with-up.

Enrique Lores -- President & Chief executive Officer

Let me take your question. hello, Katy. So the reply to the first query is, yes, we're seeing an increase in backlog across each PCs and Printers. And when it comes to how can we are expecting this to conform, is really aligned to the place do we see demand coming during the next quarters. As we mentioned before, we are expecting in the course of the end of the 12 months, an increase in the demand on the commercial side, each on the workstation side and also on the Print side, and here's the place -- on account of that, backlog should be entering into the course. but nevertheless we proceed to see amazing demand on client as i mentioned earlier than.

Katy Huberty -- Morgan Stanley -- Analyst

fantastic, thank you. after which workstation margins this quarter have been a little bit lower than the flat sequential advice. What had been the surprises on expenses or combine in the quarter? after which should still we are expecting with cost inflation that notebook margins return to that roughly 5% latitude from a couple of years in the past?

Marie Myers -- Chief economic Officer

yes, Katy, it's Marie. whats up, first rate afternoon. So let me hit up your margin question. So sure, the margins were amazing again at 6.7% which as you know is above the excessive conclusion of our lengthy-time period range and a few of that was most likely pushed by that strong pricing self-discipline that we've spoken about as well as some benefit from foreign money, however really it became offset by combine and a few of those commodity headwinds. And as we get into the total year, we do predict that margins to be somewhat above the high conclusion of our latitude of three.5% to five.5% and or not it's going to be driven by using the subject matters that you're hearing today, specially around these continued shortages in commodities and that's certainly sort of remodeling into greater part costs after which knock on can charge and logistics. however -- and then i'd ultimately just add, we're starting to enter a period the place the influence of favorable pricing goes to beginning to cut down as we start to lap that duration in time.

Operator

Our subsequent query comes from Tim long with Barclays.

Tim lengthy -- Barclays -- Analyst

thanks. sure, two if I might. First on the Print facet, might you talk a little bit about, you outlined one of the vital consumer numbers for the as-a-carrier offering each for customer and industrial. It looks like it's fairly regular increase here. might you talk a little bit about one of the most underlying drivers past that possibly utilization or anything it really is doubtlessly displaying the strength there other than simply the user base? after which second, if -- you stated an additional quarter of very robust Chromebook. could you speak a little bit about the influences there on the model margin ASP? and then also as you are expecting to see a bit little bit of normalization to laptop increase. Is the expectation that the quick boom in Chromebook can be whatever with a purpose to pull returned or do you feel it truly is anything that could birth replacing other mid and reduce tiers of the of the workstation section? thank you.

Enrique Lores -- President & Chief executive Officer

Many questions in a single question. i will are attempting to go one by one. So ranging from Print, about the dynamics we're seeing are very similar to what we defined a quarter in the past and the evolution is what we had been expecting. earlier than to pre-pandemic degrees, we continue to peer our domestic enterprise to operate more suitable than what we were projecting. And this is using the demand that we see each on-premise and also on materials.

And on the office aspect, we have considered the opposite impact. As many places of work are still closed and people aren't going again to the office, the overall workplace business proceed to be beneath the place it become before the pandemic. through the end of the year, we are expecting the condition to reverse as workplaces will reopen, we predict our workplace company to function enhanced and at the identical time more individuals can be -- much less individuals may be working from home, we predict that it'll have additionally an have an effect on, a bad have an impact on on our home company. So an identical trend to what we anticipated in Puerto Rico.

in terms of demand on the Chromebook side, we continue to look very potent demand from training. we now have -- this is what is using the boom of Chromebooks and this is what additionally after we had been speakme earlier than in regards to the ASPs on the notebook facet and the mix there, this is what we now have in one of the vital have an effect on within the pricing on the pc facet, as a result of Chromebooks normal have decrease expenditures than the relaxation of the workstation portfolio.

Operator

Our next query comes from Aaron Rakers with Wells Fargo.

Aaron Rakers -- Wells Fargo -- Analyst

yes, thanks for taking the question and congratulations on yet another strong quarter. First query I even have a observe-up is, after we seem to be at the results of the commercial company starting to recover, I suppose you stated 10% increase. I suppose your peer suggested boom round that tonight. So i am curious of the way you're considering in regards to the back-to-work, returned to office fashion? On the commercial computer side, any options on form of the put in base, the age of the put in base, just how you think that demand shapes up in the course of the route of the 12 months?

Enrique Lores -- President & Chief govt Officer

certain. So once again, similar to what we shared a quarter ago, we are expecting the demand on the industrial facet to delivery to Excellerate and we're starting to see some recuperation as you're announcing. We -- what we're seeing from our purchasers is that they're realizing of the should invest in superior equipment for their officers when employees come back and here is really going to be assisting each the Print and the workstation company as you were mentioning.

in terms of dynamics, we continue to look our shift from desktops into notebooks, as a result of even though personnel can be going again to their workplace, we still see the want for businesses to offer a hybrid way of working and enabling their personnel to work-from-home and therefore, we expect the shift combine from desktops into notebooks to continue. we have talked in the past, normal has a favorable impact for the company because of each pricing but additionally as a result of the recycled -- the recycle times at notebook that notebook has in comparison to the desktop.

Aaron Rakers -- Wells Fargo -- Analyst

yes. and then as a quick follow-up. just on the free cash move. I suppose you've stuck with the $4 billion free money circulate or at least $four billion for this year. you're elevating EPS. i'm simply trying to maybe consider why free money circulate wouldn't be better and trending bigger with the EPS?

Marie Myers -- Chief financial Officer

sure, certain. Aaron. Let me go ahead and hit that one up for you. So seem, concerning free -- future free cash move, as you recognize, here's all the time pushed by means of our strong internet earnings. What we're thinking is that our working capital is going to be a headwind because of one of the choices we're making to carry extra stock. So look for '21, we continue to continue to be assured definitely in our outlook and assured in our guide of at the least $4 billion in free cash circulate.

Enrique Lores -- President & Chief executive Officer

and that i believe, let me add another comment. we are definitely blissful with the progress we now have made in free money stream in Q1 and Q2. The guide that we've provided is of at the least $four billion for the year and as Marie simply outlined, we are in fact expecting to be at that level.

Operator

Our subsequent question comes from Ananda Baruah with Loop Capital.

Ananda Baruah -- Loop Capital -- Analyst

whats up, thanks guys for taking the query. Congrats on the robust outcomes. Two quick ones, if I might. Enrique, based on conversations with company shoppers 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 observe-up. Thanks.

Enrique Lores -- President & Chief government Officer

thank you for the query. And we consider that the changes that we have considered pushed by way of the pandemic are going to be everlasting and are going to continue to have an affect in 2021 and 2022. further and further people can have -- may be working in a hybrid manner. We suppose that marquees will proceed to study from government from the time from college and this is going to continue to have a good have an impact on on the overall dimension of the computing device market. And for this reason, we predict the size of the market to continue to be greatly greater than what we have been anticipating before the pandemic.

additionally to that as we just described, we also expect to look powerful business demand throughout the conclusion of the 12 months. So, this will additionally assist and put much more -- force even more increase on the computer aspect.

Ananda Baruah -- Loop Capital -- Analyst

And simply sticking there, you are going lower back to the questions about mix on the notebook facet, would -- you pointed out strengthening Chromebook and the way that -- as I consider of sort of software mix influence on ASCs. Would that no longer reverse as industrial, so it does not -- continue to open up, may still we not expect that to reverse and lift form of into '22 the mix?

Enrique Lores -- President & Chief govt Officer

So in terms of mix, yes, we predict the mix of business to move up all the way through the subsequent quarter. And here is why Marie changed into bringing up earlier than that we expect common working profit of personal programs to be slightly better than our guided latitude through the end of the yr.

Ananda Baruah -- Loop Capital -- Analyst

that is notable, thanks so a great deal.

Enrique Lores -- President & Chief executive Officer

thank you.

Operator

Our subsequent query comes from Matt Cabral with credit score Suisse.

Matt Cabral -- credit Suisse -- Analyst

yes, thank you. On the Print aspect, i was wondering if you supply us an update on where you stand in trying to refill one of the components channel inventory? simply discuss how big of an element that changed into in the quarter and how we should consider concerning the contribution from here? and maybe extra largely just an replace in your efforts so as to add visibility as we start brooding about getting below these Tier 1 and Tier 2 distributors that you've got out there?

Marie Myers -- Chief monetary Officer

sure, no, sure, Matt. So possibly i may just start it with a quick touch upon the place we see the channel presently relative to supplies and i think i discussed previous that our normal our channel inventory stages for the enterprise are kind of beneath ancient ranges. And that includes supply -- substances and clearly we proceed to computer screen that very cautiously, so that we can keep a suit acceptable degrees. but this quarter given -- in case you desire it returned a 12 months in the past, we had the type of the onset of the pandemic, so we've got had that channel depletion that happened remaining 12 months. And so we did see some advantage in the year-on-yr compare. And from that influence of the stock actions, we estimate that to be approximately 3% 12 months-on-yr. And as you recognize, we've a multi-tiered channel. So here is our most excellent estimate in response to the records we've together with our channels for product across the channel and use of inventory.

Matt Cabral -- credit Suisse -- Analyst

that is valuable. and then I feel it become final week that you simply guys announced the brand new head of your 3D printing enterprise. probably only a broader replace on how 3D has been ramping? where you guys stand with the push and simply perhaps an even bigger image on when we may still delivery to pondering some greater specific disclosure, simply to consider in regards to the have an effect on of that business greater going ahead?

Enrique Lores -- President & Chief govt Officer

sure. Let me take that one. So first of all, this quarter, we began to look or we've viewed the previous one strong increase on the 3D facet. but it grew more than 30% which is a really solid quantity. and that i think these showed one of the crucial advantage that this business had in the long-term. We had introduced earlier than we're complementing our approach on 3D to also focal point on some end-to-conclusion purposes where we feel we're going to get even more cost than just by means of selling printers or consumables and we have been mentioning on our prepared remarks, the work that we're doing a molded fiber for instance. but we basically suppose that more and more, we are able to have, we could be specializing in functions to trap price in this enterprise and this is why we chosen Didier Deltort to lead this enterprise. He comes from the fitness and health business. So he comes from an trade that will be disrupted by way of 3D and we suppose this could be adding colossal price to the definition of our approach.

after which when it comes to once we will be extra clear on the 3D company. I believe I've talked about before, there are two most important things. One is we desire the enterprise to have larger scale and 2nd, and probably most vital, we deserve to have a stronger outline company model. And here is the place this combination of marketing printer for materials are going after end-to-end functions is so crucial. So while we are able to have an entire perspective of the place this can be going long term is when we should be featuring greater visibility.

Operator

Our closing question today comes from Sidney Ho with Deutsche financial institution.

Jeffrey Rand -- Deutsche bank -- Analyst

hello, this is Jeff Rand on for Sidney. are you able to provide us an replace on the aggressive ambiance on your very own systems business and the way this has changed in the course of the pandemic and now tight supply environment?

Enrique Lores -- President & Chief govt Officer

yes, I suppose that firstly, as we now have described before, in reality the performance of this business now's extra pushed by way of deliver than with the aid of the power of the portfolio. Now however, we're in fact glad with the development we now have crafted from a portfolio perspective. We -- if you appear at the innovation that we have introduced this quarter, we received gigantic awards throughout both purchaser and commercial items. we've one of the most broadest portfolios available in the market, masking from low end schooling products to high conclusion industrial items and we're in a very solid position to continue to develop share as we did this quarter that indicates truly the relevance of our portfolio.

Jeffrey Rand -- Deutsche financial institution -- Analyst

excellent and just my follow-up, how may still we consider about your operating expenses trending in the near time period as cost like business shuttle delivery to come?

Enrique Lores -- President & Chief govt Officer

well, I believe in case you look on the projection that we now have for the 2d half, we believe we might be going lower back toward the same level to what we have been in Q1.

Operator

This concludes our question-and-answer session. i'd like to turn the name lower back over to Enrique Lores for any closing remarks.

Enrique Lores -- President & Chief government Officer

k. So let me close and thanks everyone for having joined us nowadays. I believe the powerful consequences of the quarter show the relevance of HP in this hybrid world and how our technology is going to be assisting client to actually perform in a very distinctive environment. we're definitely glad with the growth opportunities that we see each in our core markets, in attractive adjacencies and additionally within the new segments that we're creating. And we are going to proceed to innovate across our know-how to proceed to create and power differentiation. thanks to your time nowadays and looking ahead to meet in grownup someday soon. thanks.

Operator

[Operator Closing Remarks]

length: 58 minutes

call participants:

Beth Howe -- Head of Investor family members

Enrique Lores -- President & Chief govt Officer

Marie Myers -- Chief monetary Officer

Amit Daryanani -- Evercore ISI -- Analyst

Shannon go -- move research -- 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 bank -- Analyst

extra HPQ evaluation

All earnings call transcripts

© offered by means of The Motley idiot AlphaStreet logo

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