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HP Inc (HPQ) Q2 2021 salary call Transcript | HP2-E18 real questions and PDF Dumps

© offered by The Motley idiot HP Inc (HPQ) Q2 2021 earnings name Transcript

HP Inc (NYSE: HPQ)

Q2 2021 revenue call

might also 27, 2021, four:30 p.m. ET

Contents:

organized Remarks

Questions and answers

name participants

prepared Remarks:

Operator

first rate day all and sundry and welcome to the 2d Quarter 2021 HP Inc. earnings convention name. My name is Hailey and that i'll be your convention moderator for contemporary name. [Operator Instructions]

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

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Beth Howe -- Head of Investor relations

first rate afternoon everybody and welcome to HP's 2d quarter fiscal 2021 profits conference name. With me today are Enrique Lores, HP's President and Chief government Officer; and Marie Myers, HP's Chief fiscal Officer.

before handing the name over to Enrique, let me remind you that this call is being webcast. A replay of this webcast should be made available on our web site shortly after the demand approximately 12 months. We posted the earnings unencumber and the accompanying slide presentation on our Investor family members webpage at investor.hp.com.

As at all times, elements of this presentation are forward-looking and are in accordance with our most beneficial view of the area and our businesses as we see them these days. For extra unique information, please see disclaimers in the revenue substances relating to forward-searching statements that involve hazards, uncertainties and assumptions. For a dialogue of some of these hazards, uncertainties and assumptions, please confer with HP's SEC reports together with our most contemporary kind 10-ok. HP assumes no responsibility and does not intend to update this sort of ahead-searching statements. We additionally note that the fiscal assistance discussed on this name displays estimates in accordance with assistance obtainable now and could vary materially from the amounts ultimately stated in HP's kind 10-Q for the fiscal quarter ended April 30, 2021 and HP's other SEC filings.

all through this webcast unless in any other case chiefly cited all comparisons are yr-over-year comparisons with the corresponding yr-ago period. For financial tips that has been expressed on a non-GAAP foundation, we've got protected reconciliations to the related GAAP suggestions. Please confer with the tables and slide presentation accompanying trendy profits free up for these reconciliations.

With that i might like to turn it over to Enrique.

Enrique Lores -- President & Chief executive Officer

Thanks Beth. good afternoon everybody and thank you for becoming a member of the name. I are looking to birth by acknowledging the state of the pandemic, in particular in countries similar to India. we are doing everything we can for our employees, purchasers and companions throughout this complex time. whereas some components of the realm are starting to enhance and reopen, there is tons more work to do.

Turning to our effects. It changed into one other wonderful quarter of double-digit proper and base line growth through which we delivered well above our guided latitude. Our efficiency replicate the relevance of our expertise in an increasingly excessive stage, the resilience of our company model, the operational excellence of our team. apart from summarizing our outcomes, I also want to spotlight secular tendencies riding sustained demand throughout our portfolio. HP technology and services are at the coronary heart of hybrid work. we are accelerating our approach to pressure lengthy-term sustainable growth. This comprises continuing to seriously change the style we function and deploy our large cash flow to maximise price introduction.

Let me start with the quarter. In Q2 we noticed first rate demand for our items and delivered listing earnings of $15.9 billion, a rise of 27% with balanced boom throughout Print and private methods. Our non-GAAP net earnings accelerated 56% to $1.2 billion and we generated $1.three billion of free cash circulation, returning $1.8 billion to shareholders. These consequences replicate persevered potent boom in buyer in addition to improvement in our business groups as economic pastime multiplied. In our buyer phase, we delivered seventy two% growth in very own techniques and seventy seven% growth in Print. commercial laptop profits grew 10% and business print changed into up 34%, together with 45% increase in our Industrial printing companies.

it is essential to word that these outcomes are in opposition t the backdrop of industrywide element shortages and supply chain challenges. currently there isn't adequate provide to sustain with the strong demand and the resurgence of COVID in Southeast Asia is growing additional pressures on our provide chain. We expect deliver constraints to continue as a minimum in the course of the conclusion of 2021. besides the fact that children the atmosphere will likely continue to be dynamic, we are taking moves to navigate during the challenges, enabling us to deliver potent outcomes and boost our outlook for the second half.

We stay concentrated on supplying in the short-time period, we're equally focused on capitalizing and to follow long-term opportunities. It is apparent that the world will now not simply go back to the manner it become previous to COVID. there was a basic shift within the manner individuals work, gain knowledge of, play and create, and this shift is right here to dwell. The way forward for work and education could be extra hybrid. in keeping with fresh survey, more than 60% of personnel want flexibility in where and the way they work. by way of this future mergers [Phonetic], it is going to open the probability to create new items and services for our valued clientele. And that consumers and groups see more advantageous mobility comfort and value, this helps our method to accelerate new business mannequin here via greater functions and subscriptions enabled via the mixing of our hardware and software. Underpinning all of here is a becoming value of cyber protection. 88% of IT resolution makers, inform us that cyber chance has extended all over the pandemic. This gifts an important possibility for us to expand our security choices and convey the most secure and resilient PCs and Printers.

With our vast differentiated portfolio, HP is uniquely placed to capitalize on these secular trends. and that i think I've referred to this is a time for potent businesses to get improved and we are innovating across our portfolio to toughen and grow our corporations. In own systems, our innovation is using increase in key segments, together with far off work, training and gaming. The computer is still essential in everyday life. we're already capitalizing on these traits in a few approaches. Our latest award profitable workstation include facets purpose-constructed for hybrid work and we're developing new functions like HP Provision in join that make it more straightforward for IT groups to set up and support gadgets in employee's homes in addition to within the workplace.

within the education market where HP is the no 1 dealer, computer sales have greater than doubled due to far off gaining knowledge of. on the identical time, however, the variety of PCs per hundred students continues to be within the single-digits. As an industry, we nevertheless have a protracted approach to go to close this digital machine and as a company, we have a large opportunity to be part of the solution. The importance of the computing device extends a long way past work and faculty. in lots of situations this has develop into the entertainment center of the domestic, from streaming and content material advent to the upward thrust of gaming and eSports. In Q2 revenue increase in gaming outpaced basic client workstation growth. we are building on this strength to expand into eye-catching adjacencies, together with peripherals. we are heading in the right direction to shut a hyper acquisition in Q3. We do are expecting to be accretive in year one.

In Printers, we are leveraging our leadership throughout consumer and business market to supply ingenious answer mandatory in today's hybrid world. This contains accelerating the evolution of our company model and subscription capabilities. We recently announced the enlargement of HP+ an speedy ink which at the moment are in 35 nations across North the usa and Europe. We consider HP+ will help us to optimize equipment profitability and supply a higher customer journey. moreover employers are looking for extra dispensed printing atmosphere which performs to HP's power in means for printers. the new LaserJet enterprise four hundred collection is designed to deliver seamless remote administration for both hybrid workers 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 capabilities, we've brought HP Flexworker carrier to include far off worker's and branch officers into our company and PS contract. here is enabling corporations reminiscent of regular Motors to have better visibility and manageability throughout the printer fleet.

In our Industrial groups, new innovation is enabling construction to be more agile and more 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 installation of a one hundred Indigo Press at CCL, our leader in label safety and packaging solutions. We also proceed to look consistent double-digit increase in Print impressions and square meters. In 3D, we're developing extra vertical go-to-market solutions, spanning device software and features across industries from industrial tooling to automotive to health and health. for example, our molded fiber tooling solution according to consumer engagement and adoption together with numerous prepaid purchases and we allow them to achieve big procedure and cost efficiencies.

moreover, we're partnering with Ford Motor enterprise to extend the life of already used 3D printed constituents by using turning them into auto accessories for the F250 vans making a closed loop on waste. With our strong and diverse portfolio, we also proceed to generate significant free money stream. And we stay focused on deploying our money to maximize value advent. we've the pliability to come massive capital to shareholders and reinvest in our companies, while additionally exploring disciplined M&A. we are able to proceed to search for alternatives to reinforce our core, increasing to eye-catching adjacencies and create further increase engine. As all the time, we can take a rigorous strategy to evaluating M&A, requiring strategic healthy, beautiful economic returns that exceed these of buying our personal stock and a robust operational plan to execute on the value proposition. And an important enabler of our strategy is continuing to radically change the company to develop into leaner and more digitally enabled.

For HP, there's a endured focus on both cutting back structural expenses and for investing for the longer term. To support us accelerate our growth, we announced three new management appointments. Didier Deltort is joining HP as a President of Personalization and 3D Printing; Greg Baxter, might be our subsequent Chief Transformation Officer; and Kristen Ludgate is becoming a member of HP as our Chief people Officer. Working together with our leadership crew, they'll toughen our innovation capabilities and support pressure our long-time period method. And our key a part of our approach is to deliver robust consequences while staying authentic to HP's values.

final month, we announced an formidable set of local weather motion desires. by using 2025, we intention to achieve carbon neutrality, zero waste in HP operations and 0 deforestation for HP paper and paper-based packaging. We're additionally committed to attaining web zero carbon emissions across our complete cost chain via 2040. And closing week, we announced a new set of range and inclusion desires. This comprises our pledge to obtain 50-50 gender equality in HP management through 2030, making up the primary Fortune 100 tech business to make any such dedication. i'm proud to say our companions are becoming a member of us in these efforts. today over 1,four hundred companions have signed the amplify have an impact on to set their own long-time period purpose to force a sustainable affect. this is the place the size and scale of HP's ecosystem in fact shines.

standard, i'm very comfortable with our performance this quarter and excited for what lies forward. We continue to power our relentless focal point on execution, while taking decisive moves to capitalize on captivating alternatives to strengthen our management in very own programs and Print, expand into fascinating adjacencies, to enter new market and radically change the way we operate. and that i am confident that our method will continue to create huge shareholder price. i do know I talk for our more than 50,000 employees, once I say we aren't content material effortlessly preserving our present place. we've an even bigger ambition.

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

Marie Myers -- Chief financial Officer

Thanks, Enrique. HP's second quarter effect highlight each our operational electricity and the breadth of our portfolio. we are demonstrating our ability to meet client wants and carrying on with on our transformation journey all while growing working profit, generating mighty free money circulate and conserving our mighty capital returns, whereas carrying on with to make investments in the enterprise for our future.

Turning to the particulars of the 2d quarter. Q2 web profits changed into $15.9 billion, up 27% nominally and 25% in regular currency. regionally, in regular forex, Americas accelerated 32%, EMEA accelerated 19% and APJ improved 23%. The yr-on-yr growth rate benefited from the prior-year have an effect on of COVID and provide chain disruptions. Demand persisted to outpace deliver and we ended the quarter with accelerated backlog in both very own techniques and Printing. on the highest due to the fact that the cut up, gross margin was 21.7%, up 1.7 points year-on-yr. The increase become essentially driven with the aid of favorable pricing, including traditionally low promotion fee and favorable currency, partially offset by way of bigger charges. Non-GAAP operating expenses had been $2 billion or 12.6% of income, up 10 foundation features year-on-12 months. The enhance in operating costs became basically driven by larger variable compensation as a result of the very effective performance this 12 months as in comparison to Q2 2020, in addition to multiplied investments in innovation and go-to-market.

Non-GAAP net OI&E rate became $64 million for the quarter. Non-GAAP diluted net earnings per share extended eighty two% to $0.93, with a diluted share count of approximately 1.2 billion shares. Non-GAAP diluted web revenue per share excludes web advantages totaling $70 million basically concerning other tax adjustments and non-working retirement linked credit, partly offset through restructuring and different prices in addition to amortization of intangible belongings. because of this, Q2 GAAP diluted web income per share become $0.98.

Turning to segment efficiency. In Q2, personal techniques benefited from amazing demand related to working and discovering from domestic. revenue was $10.6 billion, up 27% yr-over-12 months. Demand for our product remained very strong with backlog expanding once again quarter-on-quarter. Drilling into the details, we saw energy across client and business with salary up seventy two% and 10% respectively. with the aid of product class, profits changed into up forty seven% for notebooks, down eight% for desktops and down 7% for workstations. powerful demand for notebooks drove complete unit increase of 44% with Chromebooks representing 20% of our total personal methods contraptions because the need for technology and training continue to develop. We also noticed strong functions attach with particular power in industrial and critical double-digit increase in consumer peripherals. personal techniques delivered $710 million in operating income and working margins of 6.7%. The year-over-year growth was essentially because of favorable pricing, including lessen merchandising fees in addition to currency, partially offset by using detrimental combine and higher cost together with variable compensation, commodity charges in addition to investments in innovation and go-to-market.

In Print, our effects mirrored continued focal point on execution and the power of our portfolio. we're uniquely located as chief in each customer and industrial and have the hardware elements and services to bring cost in a hybrid world. Q2 total print earnings was $5.three billion, up 28% and complete hardware contraptions grew forty two% to $10.6 billion. by means of customer phase, purchaser profits was up 77% with units up 45% and commercial income and instruments were up 34% and 22% respectively. In business, the recuperation momentum continued with salary up 13% sequentially, however we proceed to are expecting the recovery to be gradual and uneven now and then throughout segments and geographies.

components earnings become $3.three billion, up 17%. The year-on-yr growth turned into essentially pushed by using favorable pricing as well as ongoing buyer demand and enhancing business demand. Our contractual enterprise is a key aspect of our print method in both consumer and industrial printing. In buyer our quick Ink enterprise continue to resonate smartly with purchasers with cumulative enrollees starting to be 7% sequentially to $9.7 million. On the industrial side, we drove increase in managed print capabilities revenues, a brand new TCP bookings for the primary time seeing that the pandemic took hang and strong renewal TCV bookings again this quarter.

operating profit extended $403 million to $951 million and working margins were 17.9%. This 12 months-over-year raise changed into driven by using elevated volume and favorable pricing throughout hardware and resources, including much less promotional cost, partially offset by using unfavorable combine and better charge.

Let me now flip to our transformation efforts and specially our cost rate reductions initiatives. in the 2d year of our application, we persevered to look at new cost rate reductions alternatives that continue to be forward of our $1.2 billion gross run cost structural can charge discount plan. during the quarter we continued our efforts to optimize our factory footprint to allow a most useful-in-category provide chain community and raise provide resiliency whereas cutting back our cost constitution. moreover, we continue to raise and leverage our digital capabilities to radically change techniques wherein we function and carry price to our purchasers. The structural cost discounts from our transformation efforts provide us the flexibility to reinvest in our business, the lengthy-term boom and profitability.

transferring to cash stream and capital allocation. 2d quarter cash flow from operations and free cash flow had been stronger than anticipated at $1.4 billion and $1.3 billion respectively. In Q2, the money conversion cycle become minus 28 days. Sequentially, the cash conversion cycle turned into up 2 days as boom in stock primarily due to strategic buys drove accelerated days of inventories partly offset by a reduction in days income incredible and higher days payable miraculous. For the quarter, we returned a complete of $1.8 billion to shareholders, which represented 137% of free cash movement. This blanketed $1.6 billion in share repurchases and $239 million in money dividends. searching forward, we are expecting to proceed purchasing back shares at expanded stages of at the least $1 billion per quarter within the coming quarters except greater return alternatives emerge.

longing for the third quarter and the relaxation of fiscal '21, we proceed to mannequin multiple situations involving supply availability, pricing dynamics and the pace of financial reopening. In certain preserve here in intellect related to our typical fiscal outlook. From a demand perspective, we are expecting to continue to peer strong demand for our PCs, especially in consumer. In Print, we expect strong demand in consumer and continued growth in business as workplaces reopen. whereas we predict year-on-12 months earnings growth at FY '21 to reflect our persisted growth on our approach, it's additionally essential to note the increase developments in Q3 will additionally replicate the more difficult 12 months-over-12 months comparisons mainly in personal techniques. We predict provide constraints to continue to negatively impact our skill to meet demand in PCs and Printers, at least during the end of calendar 2021. We are expecting gross margin pressure within the second half of the yr in each own programs and Print due to extended prices and commodities and logistics as in comparison to Q2 ranges and as we expect to peer some extra normalization available in the market and pricing atmosphere. We predict working costs in the 2nd half of the year to be more similar to Q1 run cost. eventually, we proceed to carefully monitor the present COVID resurgence and its competencies have an effect on to our deliver chain, above all in Southeast Asia.

Taking these concerns under consideration, we're offering right here guidance for Q3 and FY '21. We predict third quarter non-GAAP diluted internet salary per share to be in the range of $0.eighty one to $0.eighty five and third quarter GAAP diluted internet profits per share to be n the latitude of $0.77 to $0.eighty one. We are expecting FY '21 non-GAAP diluted internet income per share to be in the range of $three.40 to $three.50 and FY '21 GAAP diluted net income per share to be within the latitude of $three.24 to $three.34. For FY '21, we expect our free money movement to be at the least $4 billion.

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

Questions and solutions:

Operator

thank you. And we are able to now begin the query-and-reply session. [Operator Instructions] Our first query these days comes from Amit Daryanani with Evercore.

Amit Daryanani -- Evercore ISI -- Analyst

good afternoon. Thanks for taking my question. I actually have few. the first one I wager was hoping if you may talk a little bit concerning the Print margins within the April quarter. i am a bit of surprised they have been down on a sequential foundation via nearly 200 basis facets although the provide mix I think turned into relatively reliable in July versus April. So may you just touch on what happened to the Print margins and then -- in the April quarter, and how do we feel about it in the returned half of the 12 months?

Marie Myers -- Chief fiscal Officer

certain. No. Thanks, Amit. And first rate afternoon. So the decline we noticed within the Print working rate was in fact driven via a number of elements. So firstly, some of the unfavourable charge in commodities, manufacturing unit and logistics and secondly through investments that we made in opex throughout R&D, marketing to guide future increase and better variable comp. And look, overall i might just say we now have considered strength and resiliency in our extensive -- in our Print portfolio, which in fact positions us neatly in opposition t the competitors. And as we look ahead into the future, we do predict our margins to be in the long-time period range of sixteen% to 18%.

And let me provide you with just a number of things to feel about as you consider concerning the 2d half. So obviously, the entire yr become very potent within the first half. So we predict to be towards the greater end of the latitude. And just a few different features i might add is, one of the vital excellent advantage that we saw in H1, especially in favorable pricing will beginning to scale down. And so we'd expect that our mix as smartly would normalize because the often -- office reopens. We're likely to see higher commodity cost, logistics charges and to be able to potentially affect our capability to fulfill demand.

and then eventually, there is some seasonal combine headwinds in Q2 as -- in substances as Q2 is typically our strongest quarter for supplies. So just preserve that in mind, as you might be pondering concerning the 2nd half, and that i'll simply conclude that we're in the enterprise of producing incremental OP dollars.

Enrique Lores -- President & Chief govt Officer

I feel a key factor for our performance for Print in this quarter is that we are really completely satisfied of how the Print company did. no matter if in case you look at 12 months-on-12 months assessment, no matter if you analyze growth, it's actually aligned to the trends that we described ultimate quarter, the rebalancing that we see going on between home and workplace, the increase that we are starting to see in one of the most business and industrial categories. So Print had a very amazing quarter and we are expecting it to proceed in the course of the leisure of the year.

Amit Daryanani -- Evercore ISI -- Analyst

received it. this is beneficial. after which if I might just follow-up in related dynamic in fact, Enrique I consider a large focal point for every person is attempting to keep in mind what's steady state EPS appear to be for HP over time, exceptionally given the strong performance you've had within the first half, and i think your returned half guides implies EPS will decline excessive single-digits 10% plus in Q3 and this autumn. i'm curious, i know you touched on Print, however I wager what are the other vectors which are driving the slowdown in EPS, above all given the fact you're improved backlog? and then do you consider the $0.75, $0.80 implied EPS in October quarter is a illustration of what common EPS run rate is going to seem like for HP?

Enrique Lores -- President & Chief executive Officer

sure, so first off, let me talk about the 12 months-on-yr comparison how we put things in perspective. EPS for the second half is transforming into greater than forty% from where we have been a year in the past. So we're truly representing very solid increase. similtaneously you are saying, we continue to look very strong demand across all of our portfolio. We are expecting this to continue to turn up during the second half, but we're going to be restricted via supply, given the shortages that we see available in the market. And this is a simple part of what's riding our e-book. As we've completed during the past, we are prudent when we guide, we've been in the past and we will continue to be. If we will do superior, we can, we could be there greater as a result of enhanced pricing, as a result of we may do superior, because of more advantageous ability. So again prudent guide, we've established that if we are able to do more suitable we will do more suitable, and hence given all the anomalies that we see and this deliver confined, I don't feel we should still be using the this autumn quantity to project the company sooner or later.

Operator

Our next query comes from Shannon pass with cross research.

Shannon go -- pass analysis -- Analyst

thank you very much. I had a question on inventory, both for your steadiness sheet and then inside the channel. Up about $800 million quarter-over-quarter, i'm curious, how a great deal of that become element buying or maybe some end product simply given provide chain hiccups? and then Lenovo talked about these days. I consider that they see two to a few weeks of inventory -- channel stock on PCs always, I can't bear in mind I suppose it was six to eight weeks is their regular. can you talk slightly about what you are seeing within the channel and each on the computer and the printer facet? after which I've a follow-up. thank you.

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Enrique Lores -- President & Chief executive Officer

Let me start and that i consider possibly before Marie shares one of the crucial numbers, let me share one of the most strategy that we have at the back of it. What we shared remaining quarter, that we had been anticipating probably the most deliver challenges that we're seeing, we determined to function with bigger ranges of HOI and here is what you see reflected within the numbers. So Marie why do not you provide some color on whether the raise we now have viewed in HOI.

Marie Myers -- Chief financial Officer

sure. No, fully, Enrique. So let me step again and set some context for you Shannon. So without doubt, now we have seen that robust demand across friends in Print. And as you comprehend, we're also lapping the manufacturing unit closures and disruptions from those stock drawdowns ultimate 12 months and obviously that impacted the system all of the manner through. and then we're undoubtedly attempting to continue to navigate the provide chain challenges given the continued nature of the pandemic. in an effort to approve assurance of supply, we are carrying greater ranges of owned stock and as we said, we do that to navigate right through this time. So HOI at this element is probably going to dwell accelerated to support company growth. So -- and that contains strategic buys to reply your query, where chiefly in CPUs.

after which happening to the 2nd a part of your query around channel inventory, universal CI in PS, Print, hardware and materials is presently below historic degrees. And our backlog is up frankly quarter-on-quarter, and that offers us self belief on the demand that we're seeing Shannon.

Shannon cross -- go research -- Analyst

ok, exceptional. and then just a question on pricing. I consider you mentioned you predict some normalization in pricing, but what we're listening to is expenses are a little bit increasing. So is this extra sort of a normal expense, so combine have an effect on or what are you seeing, as a result of if there is not any deliver available and demand is still strong, I don't see the place you could not have some pricing force, sorry pricing talents? thank you.

Enrique Lores -- President & Chief executive Officer

thank you, Shannon. I feel it's price to go throughout the dialogue company by using business. within the case of Print, we're having price increases across the board and you've got -- you can see in our numbers an increase in the average cost. within the case of PCs, pricing costs are starting to be for price in every class are going up but ordinary cost is taking place on account of mix, as a result of where we are seeing the bigger demand available in the market. So expenses are up, however because of mix, you might also see the standard cost taking place.

Marie Myers -- Chief financial Officer

And Shannon just to add to Enrique's comments, one of the favorable pricing that we saw within the improvement in the first half is starting to abate in the 2nd half as smartly.

Operator

Our next query comes from Toni Sacconaghi with Bernstein.

Toni Sacconaghi -- Bernstein -- Analyst

yes, thank you for taking the query. I simply need to -- simply attempting to rectangular the circle on a couple of things, particularly around your information. So seasonally you might be typically up in EPS and also you're guiding for EPS to be down about 10% sequentially. profits is usually up three% or four%. Are you suggesting that income goes to be reduce than commonplace seasonal or is this all margin power? And the motive I struggle with the margin question is, it feels like your backlog is even greater. make sure you be able to sell some thing you've got. you've got incremental inventory in order that should still mean you can arguably meet demand more advantageous. So if you are in a situation where people are alternate -- chasing demand and the combine would not basically trade, why do you are expecting pricing to abate? So I bet a few questions in there. One, do you predict an have an effect on to excellent line it truly is different from commonplace seasonal? Or is it all margin when it comes to your manner under general seasonal EPS guidance? after which how can we square that margin power with the fact that there's really mighty demand, you've got enhanced stock to fulfill that demand and also you should still be able to continue to take rate?

Marie Myers -- Chief monetary Officer

hey, Toni, first rate afternoon. or not it's Marie. So let me stroll you via a way to believe about our ebook and specifically i could provide you with a sense of what the headwinds and the tailwinds are looking like. So firstly, with admire to your comments on salary. We do expect that income will be pushed greater through available provide than demand and there are increasing margin headwinds versus the first half. With all that mentioned, as Enrique talked about right at the onset of the name, we are guiding for double-digit working earnings and EPS boom in Q3. and admittedly, we believe that this is a prudent book within the context of the present atmosphere. without doubt, if we will do more suitable, we at all times will.

but let me stroll you via what we're seeing from the headwinds and tailwinds to provide you with some of that colour. So on the headwinds, we're seeing component costs and logistics expenses in each PS and Print, and they will be an incremental headwind each quarter-on-quarter and yr-on-year, and those universal basket of commodities, mainly in panel, ICs and PS and then ICs and resins in Print. after which there are different tailwinds that now we have had within the first half round these favorable pricing dynamics. they'll delivery to dissipate as we lap the onset of these traditionally low promoting expenses. And moving into your comments on tailwinds and how we're pondering it, demand in each PS and Print continue most likely to be very effective as you outlined. We're seeing those developments of hybrid work continue, but surely they're restricted by means of deliver.

So -- and in addition, just to form of wrap up here, as we mentioned, 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 complete 12 months, we predict PS margins should be just a little above the high end of our longer term range of 3.5% to 5.5% and Print for the entire 12 months on the larger conclusion of 16% to 18%. So at this factor, we remain very confident of our ebook and if we will do more desirable like I said, we are able to.

Enrique Lores -- President & Chief executive Officer

and that i believe Toni, some thing vital to having consideration this yr, is that basically the business and the market is driven by using supply, not by way of demand. So hence evaluating this 12 months with different years in keeping with seasonality, it's going to not work, as a result of definitely the dynamics at the back of the market are very diverse. What we continue to see is very strong demand throughout our portfolio and here is in reality the key driver is how a good deal provide we can get.

Toni Sacconaghi -- Bernstein -- Analyst

If I may simply follow-up on the pricing dynamics. So if I look at buyer print ASPs remaining quarter have been up 30%, this quarter had been up 27%. If we went to anything like zero pricing, it might truly put your working margins dramatically down in the IPG group. So I want to understand what is riding this pricing? So is this in simple terms an absent -- an absence of discounting? is this a -- we're not constructing lower conclusion SKUs with lessen margin and we're forcing people to take sort of greater richly configured customer printers which have improved margin or is it we're really raising fee because we are able to, as a result of demand is restrained. however definitely 27% ASP increase this quarter, 30% last quarter is helping your economics totally. As you counseled, it be going to be less however I wish to be mindful very peculiarly what's using that ASP increase?

Enrique Lores -- President & Chief government Officer

I feel Toni we, in a situation just like the one we are facing, we are doing anything else we are able to to optimize our company and for this reason we are guiding all of the actions that you just have been bringing up. We of path have reduced significantly our promotional coupon codes, as a result of how amazing the demand is. we're nonetheless favorite towards greater margin items and of course, in the instances the place we are able to, also our prices are going up as a result of as we mentioned earlier than, we are seeing -- we reside in an inflationary atmosphere and every time we do we will -- we've elevated costs.

Operator

Our next question comes from Katy Huberty with Morgan Stanley.

Katy Huberty -- Morgan Stanley -- Analyst

sure, thank you. decent afternoon. I heard you outlined that pc backlog is up sequentially. Is your Print backlog additionally up versus the first quarter? after which, can you talk about how the makeup of backlog is altering as you go through the year? Is there any shift from purchaser to business from Chromebook to different PCs and simply mix between hardware and components? after which I've a follow-up.

Enrique Lores -- President & Chief executive Officer

Let me take your query. hello, Katy. So the answer to the primary question is, sure, we're seeing a rise in backlog across each PCs and Printers. And in terms of how do we predict this to conform, is basically aligned to where will we see demand coming during the next quarters. As we mentioned earlier than, we expect during the end of the yr, a rise within the demand on the commercial facet, each on the notebook aspect and additionally on the Print aspect, and this is where -- as a result of that, backlog may be getting into the course. but nonetheless we proceed to see robust demand on consumer as i mentioned earlier than.

Katy Huberty -- Morgan Stanley -- Analyst

great, thanks. after which pc margins this quarter had been a bit lessen than the flat sequential advice. What were the surprises on charges or combine within the quarter? and then should still we are expecting with charge inflation that computer margins return to that roughly 5% range from a couple of years ago?

Marie Myers -- Chief monetary Officer

yes, Katy, it's Marie. good day, good afternoon. So let me hit up your margin query. So yes, the margins were powerful again at 6.7% which as you recognize is above the high end of our lengthy-time period range and a few of that became obviously driven by that mighty pricing self-discipline that we have now spoken about as well as some advantage from forex, but actually it changed into offset by means of mix and some of those commodity headwinds. And as we get into the total yr, we do expect that margins to be a bit above the high end of our latitude of 3.5% to five.5% and it's going to be driven with the aid of the issues that you're listening to today, certainly round those continued shortages in commodities and that's obviously kind of transforming into greater element costs after which knock on cost and logistics. however -- and then i'd finally just add, we are starting to enter a period where the have an effect on of favorable pricing is going to birth to shrink as we beginning to lap that duration in time.

Operator

Our next query comes from Tim lengthy with Barclays.

Tim long -- Barclays -- Analyst

thanks. sure, two if I could. First on the Print side, may you talk a little bit about, you mentioned one of the crucial person numbers for the as-a-carrier providing each for purchaser and business. It seems like it be fairly regular boom right here. might you talk a little bit about one of the underlying drivers past that probably usage or anything it really is probably showing the strength there apart from just the consumer base? after which second, if -- you stated one more quarter of very powerful Chromebook. could you talk a bit bit about the affects there on the model margin ASP? and then additionally as you predict to see a bit little bit of normalization to computer increase. Is the expectation that the rapid boom in Chromebook should be whatever thing in an effort to pull returned or do you believe that is whatever thing that may delivery replacing different mid and reduce tiers of the of the computing device section? thanks.

Enrique Lores -- President & Chief government Officer

Many questions in a single question. i will be able to are attempting to go one by one. So starting from Print, about the dynamics we're seeing are very similar to what we defined 1 / 4 ago and the evolution is what we have been expecting. before to pre-pandemic ranges, we proceed to look our home enterprise to perform more advantageous than what we had been projecting. And here's riding the demand that we see both on-premise and also on materials.

And on the workplace side, we now have seen the contrary impact. As many places of work are still closed and americans are not going lower back to the workplace, the ordinary office business continue to be below the place it become earlier than the pandemic. during the end of the yr, we expect the condition to reverse as offices will reopen, we are expecting our workplace business to function more suitable and on the same time greater americans could be -- less individuals can be working from home, we expect that it's going to have additionally an influence, a poor affect on our domestic enterprise. So an identical trend to what we anticipated in Puerto Rico.

in terms of demand on the Chromebook facet, we proceed to see very powerful demand from education. we've -- this is what is riding the boom of Chromebooks and here's what also when we were speaking before in regards to the ASPs on the workstation aspect and the mix there, this is what we've in some of the have an impact on within the pricing on the computing device facet, as a result of Chromebooks overall have lower prices than the rest of the computer portfolio.

Operator

Our next question comes from Aaron Rakers with Wells Fargo.

Aaron Rakers -- Wells Fargo -- Analyst

sure, thanks for taking the question and congratulations on another strong quarter. First question I actually have a follow-up is, when we appear on the consequences of the business business beginning to recuperate, I suppose you reported 10% growth. I consider your peer suggested boom around that tonight. So i am curious of the way you're considering about the again-to-work, again to workplace trend? On the commercial computer aspect, any recommendations on type of the installed base, the age of the installed base, simply the way you suppose that demand shapes up throughout the course of the year?

Enrique Lores -- President & Chief govt Officer

certain. So once more, corresponding to what we shared a quarter ago, we predict the demand on the commercial side to beginning to Improve and we're beginning to see some restoration as you are asserting. We -- what we are seeing from our purchasers is that they're realizing of the need to invest in enhanced device for their officers when employees come back and here's definitely going to be helping each the Print and the computer business as you had been bringing up.

in terms of dynamics, we proceed to look our shift from pcs into notebooks, as a result of despite the fact that employees should be going returned to their workplace, we nevertheless see the need for agencies to present a hybrid approach of working and enabling their employees to work-from-domestic and therefore, we predict the shift combine from pcs into notebooks to continue. we've talked in the past, overall has a good have an impact on for the company as a result of both pricing however additionally as a result of the recycled -- the recycle instances at pc that notebook has in comparison to the laptop.

Aaron Rakers -- Wells Fargo -- Analyst

sure. and then as a quick observe-up. just on the free cash circulation. I suppose you've gotten stuck with the $four billion free cash circulation or at least $four billion for this yr. you're raising EPS. i am simply attempting to maybe remember why free cash flow wouldn't be enhanced and trending greater with the EPS?

Marie Myers -- Chief monetary Officer

sure, sure. Aaron. Let me go forward and hit that one up for you. So look, related to free -- future free money movement, as you understand, this is always driven by our potent internet profits. What we're considering is that our working capital goes to be a headwind due to one of the selections we're making to carry greater inventory. So look for '21, we proceed to continue to be assured without doubt in our outlook and confident in our e-book of at the least $four billion in free money circulation.

Enrique Lores -- President & Chief executive Officer

and i think, let me add one more remark. we are definitely pleased with the development we have made in free money circulation in Q1 and Q2. The ebook that we now have supplied is of as a minimum $four billion for the year and as Marie just outlined, we're truly expecting to be at that level.

Operator

Our subsequent query comes from Ananda Baruah with Loop Capital.

Ananda Baruah -- Loop Capital -- Analyst

hey, thanks guys for taking the query. Congrats on the potent consequences. Two quick ones, if I may. Enrique, in response to conversations with company valued clientele and given the backlog, do you get the feel that this momentum will basically proceed into calendar '22. Would love to get any up to date context there? and then I simply have a brief observe-up. Thanks.

Enrique Lores -- President & Chief government Officer

thank you for the question. And we suppose that the changes that we now have seen pushed through the pandemic are going to be everlasting and are going to continue to have an affect in 2021 and 2022. more and more people can have -- might be working in a hybrid way. We consider that marquees will continue to study from govt from the time from college and this is going to continue to have a positive influence on the basic size of the computer market. And for this reason, we predict the measurement of the market to proceed to be enormously larger than what we had been expecting before the pandemic.

additionally to that as we simply described, we also expect to peer mighty business demand throughout the end of the year. So, this will also support and put even more -- pressure even more growth on the notebook aspect.

Ananda Baruah -- Loop Capital -- Analyst

And just sticking there, you're going lower back to the questions about mix on the workstation side, would -- you talked about strengthening Chromebook and the way that -- as I feel of sort of utility mix impact on ASCs. Would that now not reverse as business, so it doesn't -- proceed to open up, may still we not predict that to reverse and elevate type of into '22 the mix?

Enrique Lores -- President & Chief government Officer

So in terms of mix, sure, we predict the mix of industrial to move up all the way through the next quarter. And here is why Marie turned into bringing up earlier than that we predict ordinary working income of private techniques to be somewhat better than our guided latitude during the end of the 12 months.

Ananda Baruah -- Loop Capital -- Analyst

it truly is exquisite, thanks so a great deal.

Enrique Lores -- President & Chief government Officer

thanks.

Operator

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

Matt Cabral -- credit Suisse -- Analyst

yes, thank you. On the Print facet, i used to be questioning in case you provide us an replace on where you stand in attempting to replenish one of the most supplies channel stock? simply talk about how massive of an element that become within the quarter and how we should still suppose in regards to the contribution from right here? and perhaps extra generally simply an update for your efforts so as to add visibility as we delivery pondering getting below those Tier 1 and Tier 2 distributors that you have available?

Marie Myers -- Chief fiscal Officer

yes, no, certain, Matt. So perhaps i may just delivery it with a quick touch upon the place we see the channel presently relative to components and that i believe i mentioned earlier that our usual our channel inventory levels for the business are form of under historic levels. And that comprises provide -- substances and obviously we proceed to display screen that very cautiously, so that we can maintain a match appropriate ranges. but this quarter given -- if you need it back a yr ago, we had the sort of the onset of the pandemic, so we now have had that channel depletion that happened remaining yr. And so we did see some benefit within the year-on-yr evaluate. And from that have an effect on of the inventory movements, we estimate that to be approximately 3% 12 months-on-yr. And as you understand, we now have a multi-tiered channel. So here's our choicest estimate based on the information we now have together with our channels for product across the channel and use of stock.

Matt Cabral -- credit score Suisse -- Analyst

it's advantageous. after which I consider it became remaining week that you guys announced the new head of your 3D printing company. possibly only a broader update on how 3D has been ramping? the place you guys stand with the rush and just possibly an even bigger image on after we should still beginning to thinking about some extra specific disclosure, simply to suppose in regards to the influence of that enterprise greater going ahead?

Enrique Lores -- President & Chief executive Officer

bound. Let me take that one. So firstly, this quarter, we began to look or we have viewed the old one solid increase on the 3D facet. however grew greater than 30% which is a extremely solid number. and that i believe these confirmed one of the talents that this company had in the long-term. We had announced earlier than we are complementing our approach on 3D to also focus on some conclusion-to-end purposes the place we consider we're going to get even more price than just by means of promoting printers or consumables and we were bringing up on our organized remarks, the work that we're doing a molded fiber for instance. however we really think that more and more, we will have, we will be specializing in functions to seize cost during this enterprise and this is why we chosen Didier Deltort to guide this enterprise. He comes from the health and well being industry. So he comes from an trade that can be disrupted by using 3D and we believe this should be adding significant value to the definition of our approach.

after which in terms of when we might be extra clear on the 3D company. I think I've referred to before, there are two fundamental things. One is we desire the company to have bigger scale and 2nd, and doubtless most critical, we should have an improved define business model. And this is where this aggregate of selling printer for resources are going after end-to-end applications is so essential. So while we can have a complete point of view of the place this may be going long run is when we might be proposing more visibility.

Operator

Our remaining query nowadays comes from Sidney Ho with Deutsche bank.

Jeffrey Rand -- Deutsche bank -- Analyst

hello, here's Jeff Rand on for Sidney. are you able to provide us an replace on the competitive atmosphere to your own systems business and the way this has modified during the pandemic and now tight deliver ambiance?

Enrique Lores -- President & Chief executive Officer

sure, I feel that firstly, as we now have described earlier than, in reality the efficiency of this business now is more driven by provide than through the energy of the portfolio. Now even so, we are actually blissful with the development we've crafted from a portfolio standpoint. We -- in case you seem on the innovation that we now have brought this quarter, we gained huge awards throughout each purchaser and business items. we now have one of the crucial broadest portfolios available in the market, protecting from low end education products to high conclusion industrial products and we're in a really solid position to continue to develop share as we did this quarter that suggests in reality the relevance of our portfolio.

Jeffrey Rand -- Deutsche financial institution -- Analyst

top notch and just my follow-up, how should still we think about your operating costs trending within the near time period as cost like company commute birth to come?

Enrique Lores -- President & Chief govt Officer

well, I think if you look on the projection that we've for the 2d half, we consider we can be going returned toward an identical stage to what we were in Q1.

Operator

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

Enrique Lores -- President & Chief government Officer

okay. So let me close and thanks everyone for having joined us these days. I consider the amazing consequences of the quarter exhibit the relevance of HP during this hybrid world and the way our technology goes to be assisting client to really perform in a very diverse environment. we're in reality completely happy with the growth alternatives that we see both in our core markets, in eye-catching adjacencies and additionally in the new segments that we're creating. And we are going to continue to innovate throughout our technology to continue to create and pressure differentiation. thanks in your time nowadays and searching forward to meet in grownup sometime soon. thanks.

Operator

[Operator Closing Remarks]

duration: fifty eight minutes

call members:

Beth Howe -- Head of Investor members of the family

Enrique Lores -- President & Chief govt Officer

Marie Myers -- Chief financial Officer

Amit Daryanani -- Evercore ISI -- Analyst

Shannon move -- cross analysis -- Analyst

Toni Sacconaghi -- Bernstein -- Analyst

Katy Huberty -- Morgan Stanley -- Analyst

Tim long -- Barclays -- Analyst

Aaron Rakers -- Wells Fargo -- Analyst

Ananda Baruah -- Loop Capital -- Analyst

Matt Cabral -- credit score Suisse -- Analyst

Jeffrey Rand -- Deutsche bank -- Analyst

extra HPQ analysis

All profits call transcripts

© offered with the aid of The Motley idiot AlphaStreet logo

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