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

HP Inc (NYSE: HPQ)

Q2 2021 salary name

might also 27, 2021, 4:30 p.m. ET

Contents:

prepared Remarks

Questions and solutions

call participants

organized Remarks:

Operator

first rate day every person and welcome to the 2d Quarter 2021 HP Inc. earnings convention call. My name is Hailey and that i'll be your convention moderator for state-of-the-art name. [Operator Instructions]

i'd now like to turn 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 conference call produced for The Motley fool. whereas we strive for our foolish surest, there may be errors, omissions, or inaccuracies during this transcript. as with all our articles, The Motley idiot does not assume any accountability in your use of this content material, and we strongly encourage you to do your personal research, including paying attention to the name your self and analyzing the enterprise's SEC filings. Please see our phrases and prerequisites for further particulars, including our obligatory Capitalized Disclaimers of liability.

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Beth Howe -- Head of Investor relations

first rate afternoon each person and welcome to HP's 2nd quarter fiscal 2021 salary conference call. With me nowadays are Enrique Lores, HP's President and Chief executive Officer; and Marie Myers, HP's Chief financial Officer.

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

As all the time, elements of this presentation are ahead-looking and are in response to our most useful view of the area and our businesses as we see them nowadays. For greater precise suggestions, please see disclaimers in the income substances relating to forward-searching statements that involve hazards, uncertainties and assumptions. For a dialogue of some of these risks, uncertainties and assumptions, please refer to HP's SEC studies together with our most accurate kind 10-ok. HP assumes no obligation and does not intend to replace any such forward-looking statements. We also note that the economic suggestions discussed on this name displays estimates in line with suggestions attainable now and could differ materially from the quantities subsequently reported in HP's form 10-Q for the fiscal quarter ended April 30, 2021 and HP's different SEC filings.

all through this webcast except in any other case primarily cited all comparisons are yr-over-12 months comparisons with the corresponding 12 months-in the past length. For fiscal assistance that has been expressed on a non-GAAP groundwork, we have now included reconciliations to the related GAAP counsel. Please discuss with the tables and slide presentation accompanying today's profits release for these reconciliations.

With that i would want to turn it over to Enrique.

Enrique Lores -- President & Chief government Officer

Thanks Beth. respectable afternoon every person and thank you for becoming a member of the call. I want to beginning by acknowledging the state of the pandemic, especially in nations such as India. we're doing every little thing we can for our employees, valued clientele and partners throughout this problematic time. while some components of the realm are beginning to enhance and reopen, there is a lot greater work to do.

Turning to our effects. It become another remarkable quarter of double-digit suitable and bottom line boom in which we delivered smartly above our guided latitude. Our performance mirror the relevance of our know-how in an more and more high degree, the resilience of our business model, the operational excellence of our group. besides summarizing our effects, I additionally need to spotlight secular traits driving sustained demand across our portfolio. HP technology and functions are at the heart of hybrid work. we are accelerating our strategy to power long-time period sustainable increase. This includes carrying on with to seriously change the style we operate and deploy our enormous cash stream to maximize cost creation.

Let me beginning with the quarter. In Q2 we noticed notable demand for our products and delivered record salary of $15.9 billion, a rise of 27% with balanced boom across Print and private programs. Our non-GAAP internet earnings elevated 56% to $1.2 billion and we generated $1.3 billion of free cash circulate, returning $1.8 billion to shareholders. These outcomes replicate endured strong growth in client in addition to improvement in our industrial companies as economic recreation multiplied. In our purchaser section, we delivered seventy two% growth in very own programs and seventy seven% growth in Print. industrial pc profits grew 10% and commercial print become up 34%, including 45% boom in our Industrial printing groups.

it's important to word that these results are in opposition t the backdrop of industrywide element shortages and provide chain challenges. currently there is not satisfactory deliver to sustain with the amazing demand and the resurgence of COVID in Southeast Asia is developing further pressures on our deliver chain. We are expecting deliver constraints to continue at the least through the conclusion of 2021. besides the fact that children the ambiance will likely stay dynamic, we're taking movements to navigate during the challenges, enabling us to deliver powerful effects and increase our outlook for the 2d half.

We stay focused on delivering within the brief-term, we are equally concentrated on capitalizing and to observe lengthy-time period alternatives. It is obvious that the area will not quite simply go returned to the way it was previous to COVID. there has been a fundamental shift within the way individuals work, be trained, play and create, and this shift is right here to reside. The way forward for work and education will be extra hybrid. in line with fresh survey, greater than 60% of employees want flexibility in where and the way they work. by this future mergers [Phonetic], it is going to open the probability to create new items and services for our shoppers. And that consumers and agencies see better mobility comfort and cost, this helps our approach to accelerate new enterprise model here through greater capabilities and subscriptions enabled by the integration of our hardware and application. Underpinning all of here is a becoming value of cyber safety. 88% of IT decision makers, inform us that cyber possibility has multiplied during the pandemic. This gifts an enormous chance for us to expand our safety offerings and bring probably the most comfortable and resilient PCs and Printers.

With our extensive differentiated portfolio, HP is uniquely positioned to capitalize on these secular tendencies. and that i suppose I've mentioned this is a time for strong companies to get better and we're innovating across our portfolio to support and grow our companies. In very own methods, our innovation is riding growth in key segments, together with far flung work, schooling and gaming. The laptop is still simple in daily life. we are already capitalizing on these trends in a number of methods. Our newest award profitable workstation encompass points intention-constructed for hybrid work and we are developing new capabilities like HP Provision in join that make it more convenient for IT groups to install and help gadgets in employee's homes in addition to within the workplace.

in the education market where HP is the #1 seller, notebook revenue have more than doubled as a result of far flung researching. on the equal time, although, the variety of PCs per hundred students remains within the single-digits. As an business, we nevertheless have a long approach to move to close this digital equipment and as a company, we've a huge opportunity to be a part of the solution. The magnitude of the notebook extends a ways past work and faculty. in lots of circumstances this has develop into the amusement core of the home, from streaming and content material advent to the upward push of gaming and eSports. In Q2 income increase in gaming outpaced common client workstation boom. we are constructing on this power to extend into appealing adjacencies, including peripherals. we're heading in the right direction to close a hyper acquisition in Q3. We do predict to be accretive in 12 months one.

In Printers, we are leveraging our management throughout buyer and commercial market to supply imaginitive solution needed in cutting-edge hybrid world. This comprises accelerating the evolution of our business mannequin and subscription features. We lately announced the growth of HP+ an fast ink which are now in 35 international locations throughout North the us and Europe. We accept as true with HP+ will help us to optimize equipment profitability and supply a far better client journey. additionally employers are seeking for greater disbursed printing atmosphere which performs to HP's power in way for printers. the brand new LaserJet enterprise 400 sequence is designed to carry seamless far off management for both hybrid employees and new office configurations tier [Phonetic] to our collaboration. on the equal time stronger workforce mobility is a catalyst for our Print features portfolio. inside our managed Print functions, we've introduced HP Flexworker carrier to contain far off workers and department officers into our company and PS contract. here's enabling businesses equivalent to popular Motors to have improved visibility and manageability throughout the printer fleet.

In our Industrial groups, new innovation is enabling construction to be more agile and greater personalized. In industrial photos, we are seeing advancements in the market and increase in hardware installations. among the many consumer wins this quarter for the installation of a a hundred Indigo Press at CCL, our leader in label protection and packaging options. We also continue to see constant double-digit growth in Print impressions and square meters. In 3D, we're growing extra vertical go-to-market solutions, spanning machine software and services across industries from industrial tooling to automotive to fitness and health. as an example, our molded fiber tooling solution in line with consumer engagement and adoption including a lot of prepaid purchases and we enable them to obtain gigantic system and cost efficiencies.

in addition, we are partnering with Ford Motor business to extend the life of already used 3D printed materials by using turning them into auto accessories for the F250 vehicles creating a closed loop on waste. With our mighty and distinctive portfolio, we also continue to generate significant free money move. And we continue to be concentrated on deploying our money to maximize price introduction. we now have the pliability to return gigantic capital to shareholders and reinvest in our corporations, while additionally exploring disciplined M&A. we will proceed to look for alternatives to fortify our core, expanding to attractive adjacencies and create further growth engine. As always, we can take a rigorous approach to evaluating M&A, requiring strategic healthy, pleasing fiscal returns that exceed those of buying our personal inventory and a powerful operational plan to execute on the value proposition. And an important enabler of our method is carrying on with to radically change the company to become leaner and extra digitally enabled.

For HP, there is a persevered focus on each decreasing structural charges and for investing for the long run. To help us speed up our development, we announced three new leadership appointments. Didier Deltort is joining HP as a President of Personalization and 3D Printing; Greg Baxter, can be our subsequent Chief Transformation Officer; and Kristen Ludgate is becoming a member of HP as our Chief individuals Officer. Working along with our management crew, they are going to toughen our innovation capabilities and help force our long-time period strategy. And our key a part of our method is to convey powerful effects whereas staying genuine to HP's values.

remaining month, we announced an bold set of local weather action goals. by means of 2025, we goal to achieve carbon neutrality, zero waste in HP operations and zero deforestation for HP paper and paper-primarily based packaging. We're additionally dedicated to achieving web zero carbon emissions throughout our entire cost chain through 2040. And final week, we announced a brand new set of range and inclusion goals. This comprises our pledge to obtain 50-50 gender equality in HP leadership by using 2030, making up the first Fortune 100 tech company to make this sort of dedication. i am proud to claim our companions are joining us in these efforts. these days over 1,400 partners have signed the extend affect to set their own long-time period goal to power a sustainable have an impact on. here's where the measurement and scale of HP's ecosystem truly shines.

ordinary, i'm very comfortable with our performance this quarter and excited for what lies ahead. We proceed to drive our relentless focus on execution, while taking decisive moves to capitalize on attractive opportunities to Excellerate our leadership in own systems and Print, expand into appealing adjacencies, to enter new market and seriously change the way we operate. and i am assured that our strategy will continue to create tremendous shareholder price. i know I speak for our more than 50,000 personnel, once I say we aren't content material effectively maintaining our present place. we now have a bigger ambition.

And with that, i will be able to flip the name over to Marie, who will take you through the details of our quarter and our fiscal 12 months outlook. Marie, over to you.

Marie Myers -- Chief monetary Officer

Thanks, Enrique. HP's second quarter result highlight each our operational electricity and the breadth of our portfolio. we're demonstrating our capability to meet consumer needs and continuing on our transformation experience all whereas transforming into working profit, producing mighty free money flow and protecting our amazing capital returns, while continuing to make investments in the company for our future.

Turning to the details of the second quarter. Q2 web revenue was $15.9 billion, up 27% nominally and 25% in constant currency. domestically, in consistent foreign money, Americas increased 32%, EMEA accelerated 19% and APJ elevated 23%. The yr-on-year increase rate benefited from the prior-yr have an effect on of COVID and supply chain disruptions. Demand endured to outpace deliver and we ended the quarter with expanded backlog in both own systems and Printing. on the maximum considering the cut up, gross margin was 21.7%, up 1.7 features year-on-12 months. The enhance turned into essentially pushed by favorable pricing, together with historically low advertising cost and favorable foreign money, in part offset through larger fees. Non-GAAP operating expenses were $2 billion or 12.6% of profits, up 10 groundwork aspects 12 months-on-year. The boost in operating charges was primarily driven by way of bigger variable compensation on account of the very robust efficiency this yr as in comparison to Q2 2020, as well as multiplied investments in innovation and go-to-market.

Non-GAAP internet OI&E fee was $64 million for the quarter. Non-GAAP diluted internet revenue per share expanded 82% to $0.ninety three, with a diluted share count of about 1.2 billion shares. Non-GAAP diluted net revenue per share excludes net advantages totaling $70 million essentially concerning other tax changes and non-operating retirement linked credit, partly offset by restructuring and other expenses as well as amortization of intangible assets. as a result, Q2 GAAP diluted web income per share changed into $0.98.

Turning to section efficiency. In Q2, own methods benefited from mighty demand involving working and getting to know from home. salary become $10.6 billion, up 27% year-over-12 months. Demand for our product remained very powerful with backlog increasing once more quarter-on-quarter. Drilling into the details, we noticed power across purchaser and commercial with salary up seventy two% and 10% respectively. with the aid of product class, salary became up forty seven% for notebooks, down 8% for pcs and down 7% for workstations. effective demand for notebooks drove complete unit boom of 44% with Chromebooks representing 20% of our complete own programs gadgets as the need for expertise and education continue to develop. We also noticed solid features connect with selected electricity in industrial and important double-digit growth in customer peripherals. very own methods delivered $710 million in working profit and operating margins of 6.7%. The 12 months-over-yr growth was primarily due to favorable pricing, together with lessen promotion charges in addition to forex, partially offset by means of unfavorable mix and better can charge together with variable compensation, commodity costs as well as investments in innovation and go-to-market.

In Print, our outcomes mirrored endured center of attention on execution and the energy of our portfolio. we're uniquely placed as chief in each client and commercial and have the hardware elements and capabilities to bring price in a hybrid world. Q2 complete print revenue was $5.3 billion, up 28% and total hardware units grew 42% to $10.6 billion. via client segment, client salary was up 77% with gadgets up 45% and industrial income and devices were up 34% and 22% respectively. In business, the healing momentum persisted with profits up 13% sequentially, however we proceed to expect the recovery to be gradual and uneven now and then across segments and geographies.

components revenue became $three.3 billion, up 17%. The 12 months-on-yr increase become essentially pushed by favorable pricing as well as ongoing customer demand and improving commercial demand. Our contractual business is a key point of our print strategy in each buyer and business printing. In purchaser our quick Ink enterprise proceed to resonate smartly with customers with cumulative enrollees turning out to be 7% sequentially to $9.7 million. On the commercial aspect, we drove boom in managed print services revenues, a brand new TCP bookings for the primary time given that the pandemic took grasp and robust renewal TCV bookings again this quarter.

operating income accelerated $403 million to $951 million and operating margins had been 17.9%. This 12 months-over-yr increase changed into pushed by way of improved volume and favorable pricing across hardware and substances, including much less promotional price, in part offset through detrimental combine and higher can charge.

Let me now flip to our transformation efforts and peculiarly our charge mark downs initiatives. in the 2d 12 months of our program, we persisted to look at new cost reductions opportunities that continue to be ahead of our $1.2 billion gross run price structural charge reduction plan. all through the quarter we persevered our efforts to optimize our manufacturing unit footprint to enable a best-in-class provide chain network and boost deliver resiliency while cutting back our charge constitution. additionally, we continue to enhance and leverage our digital capabilities to seriously change techniques wherein we operate and carry cost to our valued clientele. The structural cost discounts from our transformation efforts supply us the flexibility to reinvest in our company, the lengthy-term boom and profitability.

moving to money flow and capital allocation. second quarter money circulation from operations and free money circulate have been better than expected at $1.4 billion and $1.3 billion respectively. In Q2, the cash conversion cycle turned into minus 28 days. Sequentially, the money conversion cycle became up 2 days as growth in inventory primarily because of strategic buys drove elevated days of inventories in part offset by using a discount in days earnings fabulous and better days payable awesome. For the quarter, we lower back a complete of $1.8 billion to shareholders, which represented 137% of free money movement. This protected $1.6 billion in share repurchases and $239 million in money dividends. looking ahead, we expect to proceed purchasing back shares at improved degrees of at the least $1 billion per quarter within the coming quarters unless higher return alternatives emerge.

longing for the third quarter and the relaxation of fiscal '21, we proceed to mannequin numerous eventualities concerning supply availability, pricing dynamics and the tempo of economic reopening. In particular keep the following in mind regarding our common financial outlook. From a requirement perspective, we are expecting to proceed to see amazing demand for our PCs, peculiarly in purchaser. In Print, we are expecting strong demand in customer and persisted development in commercial as offices reopen. whereas we predict yr-on-12 months profits increase at FY '21 to reflect our persevered growth on our method, it's also critical to notice the growth tendencies in Q3 will also replicate the tougher yr-over-year comparisons mainly in personal methods. We predict supply constraints to continue to negatively affect our skill to satisfy demand in PCs and Printers, at least in the course of the conclusion of calendar 2021. We are expecting gross margin drive within the second half of the yr in both own methods and Print as a result of increased prices and commodities and logistics as in comparison to Q2 levels and as we expect to see some extra normalization in the market and pricing ambiance. We predict operating expenses within the 2d half of the 12 months to be extra similar to Q1 run cost. finally, we continue to carefully video display the present COVID resurgence and its talents impact to our supply chain, principally in Southeast Asia.

Taking these concerns under consideration, we are presenting the following information for Q3 and FY '21. We expect third quarter non-GAAP diluted internet revenue per share to be in the range of $0.eighty one to $0.85 and third quarter GAAP diluted web earnings per share to be n the latitude of $0.77 to $0.eighty one. We are expecting FY '21 non-GAAP diluted web salary per share to be within the range of $3.40 to $3.50 and FY '21 GAAP diluted internet profits per share to be in the range of $3.24 to $three.34. For FY '21, we expect our free money move to be at the least $four billion.

And now i want at hand it returned to the operator and open the demand your questions.

Questions and solutions:

Operator

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

Amit Daryanani -- Evercore ISI -- Analyst

good afternoon. Thanks for taking my query. I actually have few. the primary one I guess become hoping if you might speak a bit bit concerning the Print margins in the April quarter. i am a bit surprised they had been down on a sequential foundation with the aid of nearly 200 groundwork facets in spite of the fact that the provide mix I think changed into fairly solid in July versus April. So might you just contact on what happened to the Print margins and then -- in the April quarter, and the way can we believe about it within the returned half of the 12 months?

Marie Myers -- Chief fiscal Officer

sure. No. Thanks, Amit. And first rate afternoon. So the decline we noticed in the Print operating rate was definitely pushed through a few elements. So first off, one of the adverse can charge in commodities, factory and logistics and secondly by way of investments that we made in opex throughout R&D, advertising to assist future growth and better variable comp. And seem to be, common i might just say we now have viewed power and resiliency in our large -- in our Print portfolio, which in fact positions us smartly against the competition. And as we seem ahead into the long run, we do expect our margins to be in the lengthy-time period latitude of 16% to 18%.

And let me supply you just a couple of things to believe about as you believe in regards to the 2d half. So absolutely, the entire year become very amazing in the first half. So we are expecting to be towards the better conclusion of the range. And simply a couple of different aspects i might add is, one of the tremendous benefit that we saw in H1, certainly in favorable pricing will delivery to minimize. And so we'd predict that our mix as well would normalize because the regularly -- office reopens. We're likely to see bigger commodity can charge, logistics expenses and which will potentially impact our potential to fulfill demand.

after which ultimately, there is some seasonal combine headwinds in Q2 as -- in materials as Q2 is usually our strongest quarter for materials. So just retain that in intellect, as you might be thinking about the 2nd half, and that i'll just conclude that we're in the enterprise of producing incremental OP bucks.

Enrique Lores -- President & Chief government Officer

I consider a key factor for our performance for Print in this quarter is that we are truly blissful of how the Print business did. even if if you analyze 12 months-on-12 months comparison, no matter if you examine boom, it's in fact aligned to the developments that we described last quarter, the rebalancing that we see occurring between domestic and workplace, the boom that we're beginning to see in some of the business and industrial categories. So Print had a really effective quarter and we predict it to proceed throughout the rest of the year.

Amit Daryanani -- Evercore ISI -- Analyst

acquired it. that is a good suggestion. after which if I could just comply with-up in related dynamic in fact, Enrique I feel a big focus for everyone is trying to remember what is regular state EPS appear to be for HP over time, chiefly given the effective efficiency you have got had within the first half, and that i believe your returned half courses implies EPS will decline excessive single-digits 10% plus in Q3 and this fall. i'm curious, i know you touched on Print, however I wager what are the other vectors that are using the slowdown in EPS, certainly given the fact you are extended backlog? after which do you feel the $0.75, $0.80 implied EPS in October quarter is a illustration of what standard EPS run fee goes to look like for HP?

Enrique Lores -- President & Chief executive Officer

yes, so first of all, let me speak in regards to the year-on-12 months assessment how we put issues in standpoint. EPS for the 2nd half is growing greater than 40% from the place we had been a 12 months ago. So we're in reality representing very strong growth. at the same time as you are saying, we continue to look very amazing demand throughout all of our portfolio. We are expecting this to continue to occur during the 2nd half, but we're going to be confined via provide, given the shortages that we see in the market. And here is a primary part of what is using our ebook. As we've carried out in the past, we're prudent after we ebook, we've been during the past and we will proceed to be. If we will do superior, we are able to, we may be there better on account of improved pricing, because we might do better, as a result of enhanced means. So once again prudent e-book, we now have established that if we can do more desirable we will do more suitable, and therefore given the entire anomalies that we see and this provide limited, I do not believe we should still be using the this fall quantity to project the enterprise in the future.

Operator

Our next query comes from Shannon cross with go analysis.

Shannon cross -- pass analysis -- Analyst

thanks very tons. I had a question on inventory, each on your steadiness sheet and then inside the channel. Up about $800 million quarter-over-quarter, i'm curious, how lots of that became element purchasing or perhaps some conclusion product simply given deliver chain hiccups? and then Lenovo noted today. I consider that they see two to a few weeks of inventory -- channel stock on PCs constantly, I can't bear in mind I think it became six to eight weeks is their common. are you able to talk slightly about what you are seeing in the channel and each on the computer and the printer aspect? after which I've a comply with-up. thanks.

Enrique Lores -- President & Chief govt Officer

Let me birth and that i believe perhaps before Marie shares one of the crucial numbers, let me share one of the vital strategy that we've in the back of it. What we shared remaining quarter, that we had been expecting probably the most provide challenges that we're seeing, we determined to function with better levels of HOI and this is what you see mirrored in the numbers. So Marie why don't you supply some color on even if the raise we have seen in HOI.

Marie Myers -- Chief economic Officer

yes. No, absolutely, Enrique. So let me step back and set some context for you Shannon. So undoubtedly, we've got considered that powerful demand across friends in Print. And as you recognize, we're also lapping the manufacturing unit closures and disruptions from those stock drawdowns remaining yr and clearly that impacted the system all of the way via. after which we're undoubtedly attempting to continue to navigate the supply chain challenges given the continued nature of the pandemic. so to approve assurance of provide, we're carrying bigger tiers of owned stock and as we talked about, we try this to navigate right through this time. So HOI at this aspect is probably going to live increased to assist business growth. So -- and that includes strategic buys to answer your query, where specifically in CPUs.

and then going on to the second part of your query around channel inventory, normal CI in PS, Print, hardware and substances is at the moment beneath old degrees. And our backlog is up frankly quarter-on-quarter, and that gives us self assurance on the demand that we are seeing Shannon.

Shannon cross -- cross analysis -- Analyst

okay, terrific. and then just a question on pricing. I feel you mentioned you predict some normalization in pricing, however what we're hearing is expenses are a bit expanding. So is this greater sort of an average cost, so mix have an effect on or what are you seeing, because if there is not any provide obtainable and demand continues to be potent, I don't see where you might now not have some pricing power, sorry pricing advantage? thank you.

Enrique Lores -- President & Chief executive Officer

thank you, Shannon. I consider it be worth to head through the dialogue enterprise by way of company. in the case of Print, we're having expense raises across the board and you have got -- that you would be able to see in our numbers an increase within the general fee. within the case of PCs, pricing charges are growing to be for rate in each class are going up however typical expense is taking place on account of mix, on account of the place we are seeing the greater demand available in the market. So costs are up, but because of combine, you might also see the standard expense going down.

Marie Myers -- Chief fiscal Officer

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

Operator

Our next query comes from Toni Sacconaghi with Bernstein.

Toni Sacconaghi -- Bernstein -- Analyst

sure, thank you for taking the question. I simply are looking to -- simply trying to rectangular the circle on a couple of issues, specifically around your tips. So seasonally you're customarily up in EPS and you're guiding for EPS to be down about 10% sequentially. earnings is usually up 3% or four%. Are you suggesting that income goes to be reduce than typical seasonal or is that this all margin force? And the reason I combat with the margin question is, it appears like your backlog is even bigger. you should definitely be able to promote something you have. you have got incremental inventory so that may still mean you can arguably meet demand more advantageous. So if you're in a situation the place americans are alternate -- chasing demand and the mix does not essentially exchange, why do you are expecting pricing to abate? So I wager a couple of questions in there. One, do you predict an impact to proper line that's different from standard seasonal? Or is all of it margin in terms of your method beneath normal seasonal EPS advice? after which how do we square that margin power with the fact that there's definitely powerful demand, you have got better inventory to fulfill that demand and also you may still be in a position to proceed to take cost?

Marie Myers -- Chief fiscal Officer

whats up, Toni, decent afternoon. it be Marie. So let me stroll you via a way to believe about our e-book and above all i could supply you a way of what the headwinds and the tailwinds are looking like. So firstly, with appreciate to your feedback on salary. We do expect that income could be driven greater through purchasable deliver than demand and there are increasing margin headwinds versus the first half. With all that stated, as Enrique said right on the onset of the name, we're guiding for double-digit operating profit and EPS growth in Q3. and albeit, we accept as true with that this is a prudent book within the context of the present environment. surely, if we can do greater, we all the time will.

however let me stroll you through what we're seeing from the headwinds and tailwinds to supply you a few of that color. So on the headwinds, we are seeing element fees and logistics costs in each PS and Print, and they will be an incremental headwind both quarter-on-quarter and 12 months-on-12 months, and those average basket of commodities, particularly in panel, ICs and PS and then ICs and resins in Print. after which there are other tailwinds that we've got had in the first half round these favorable pricing dynamics. they're going to beginning to dissipate as we lap the onset of these traditionally low advertising charges. And stepping into your comments on tailwinds and the way we're brooding about it, demand in both PS and Print proceed certainly to be very effective as you outlined. We're seeing these developments of hybrid work continue, but certainly they're constrained by way of supply.

So -- and in addition, simply to kind of wrap up right here, as we noted, we'll proceed to come capital to shareholders. So we predict that that rebuild [Phonetic] at the least about $1 billion a quarter. So for the complete year, we predict PS margins can be a bit of above the high end of our longer term latitude of three.5% to five.5% and Print for the entire yr on the bigger conclusion of sixteen% to 18%. So at this factor, we remain very confident of our e book and if we will do enhanced like I spoke of, we will.

Enrique Lores -- President & Chief executive Officer

and that i suppose Toni, something crucial to having consideration this 12 months, is that really the business and the market is pushed by way of provide, now not by means of demand. So hence evaluating this 12 months with other years in response to seasonality, it'll not work, as a result of basically the dynamics at the back of the market are very different. What we proceed to peer is very robust demand across our portfolio and this is truly the important thing driver is how an awful lot provide we will get.

Toni Sacconaghi -- Bernstein -- Analyst

If I could simply comply with-up on the pricing dynamics. So if I examine client print ASPs ultimate quarter were up 30%, this quarter were up 27%. If we went to something like zero pricing, it will really put your working margins dramatically down within the IPG group. So I wish to consider what's driving this pricing? So is this simply an absent -- an absence of discounting? is that this a -- we're no longer constructing lessen end SKUs with lessen margin and we're forcing americans to take sort of greater richly configured purchaser printers that have more suitable margin or is it we're in fact raising rate as a result of we will, as a result of demand is restricted. however definitely 27% ASP growth this quarter, 30% remaining quarter is assisting your economics highly. As you cautioned, or not it's going to be much less but I want to bear in mind very principally what is driving that ASP increase?

Enrique Lores -- President & Chief executive Officer

I feel Toni we, in a situation like the one we are dealing with, we're doing the rest we will to optimize our company and therefore we are guiding all of the movements that you have been citing. We of direction have reduced tremendously our promotional coupon codes, on account of how mighty the demand is. we're nonetheless favourite towards higher margin products and naturally, in the circumstances the place we are able to, also our fees are going up as a result of as we referred to before, we're seeing -- we are living in an inflationary environment and whenever we will we will -- we've increased expenses.

Operator

Our subsequent query comes from Katy Huberty with Morgan Stanley.

Katy Huberty -- Morgan Stanley -- Analyst

yes, thanks. respectable afternoon. I heard you outlined that computer backlog is up sequentially. Is your Print backlog additionally up versus the first quarter? after which, are you able to focus on how the makeup of backlog is altering as you go during the yr? Is there any shift from customer to business from Chromebook to other PCs and just mix between hardware and supplies? after which I've a observe-up.

Enrique Lores -- President & Chief government Officer

Let me take your question. hello, Katy. So the reply to the first query is, yes, we are seeing a rise in backlog across each PCs and Printers. And when it comes to how do we expect this to conform, is in reality aligned to where do we see demand coming during the next quarters. As we outlined before, we predict through the end of the yr, a rise within the demand on the industrial side, each on the pc side and additionally on the Print side, and here is where -- because of that, backlog should be stepping into the route. but nonetheless we proceed to see strong demand on customer as i discussed before.

Katy Huberty -- Morgan Stanley -- Analyst

great, thanks. after which workstation margins this quarter had been a bit decrease than the flat sequential information. What were the surprises on expenses or mix 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 financial Officer

yes, Katy, it's Marie. hi there, first rate afternoon. So let me hit up your margin query. So yes, the margins have been strong once more at 6.7% which as you know is above the excessive conclusion of our long-term latitude and a few of that turned into undoubtedly driven by that powerful pricing self-discipline that we've spoken about in addition to some advantage from forex, however truly it become offset via combine and some of those commodity headwinds. And as we get into the full 12 months, we do predict that margins to be slightly above the excessive end of our range of 3.5% to 5.5% and or not it's going to be pushed with the aid of the subject matters that you just're listening to today, above all round those persevered shortages in commodities and that is the reason undoubtedly form of reworking into better part charges after which knock on can charge and logistics. but -- after which i might finally simply add, we're starting to enter a period the place the have an effect on of favorable pricing is going to birth to reduce as we delivery to lap that period in time.

Operator

Our subsequent query comes from Tim lengthy with Barclays.

Tim long -- Barclays -- Analyst

thanks. sure, two if I might. First on the Print aspect, might you speak a little bit about, you outlined some of the consumer numbers for the as-a-provider providing both for customer and industrial. It looks like it be pretty constant increase right here. might you talk a bit bit about one of the crucial underlying drivers past that might be usage or anything else it truly is probably showing the electricity there apart from just the consumer base? and then 2nd, if -- you noted a further quarter of very strong Chromebook. may you speak a little bit concerning the influences there on the model margin ASP? after which additionally as you are expecting to look a bit little bit of normalization to notebook increase. Is the expectation that the speedy boom in Chromebook can be some thing in an effort to pull lower back or do you believe it really is whatever thing that could birth changing other mid and reduce tiers of the of the workstation section? thank you.

Enrique Lores -- President & Chief govt Officer

Many questions in one query. i will are attempting to move one at a time. So starting from Print, about the dynamics we are seeing are very similar to what we defined a quarter ago and the evolution is what we have been expecting. earlier than to pre-pandemic stages, we continue to look our home company to operate stronger than what we had been projecting. And here's riding the demand that we see each on-premise and additionally on resources.

And on the workplace facet, we have viewed the opposite effect. As many workplaces are still closed and people don't seem to be going returned to the workplace, the universal office company proceed to be beneath the place it turned into earlier than the pandemic. during the conclusion of the 12 months, we are expecting the situation to reverse as workplaces will reopen, we predict our office business to perform superior and on the identical time extra people may be -- much less individuals could be working from domestic, we predict that it is going to have additionally an influence, a terrible influence on our home company. So an analogous vogue to what we anticipated in Puerto Rico.

in terms of demand on the Chromebook aspect, we continue to see very effective demand from schooling. we now have -- here is what is riding the increase of Chromebooks and this is what additionally once we had been speakme earlier than in regards to the ASPs on the workstation aspect and the mix there, here is what we've in probably the most influence in the pricing on the laptop aspect, as a result of Chromebooks ordinary have decrease expenses than the rest of the laptop portfolio.

Operator

Our next query comes from Aaron Rakers with Wells Fargo.

Aaron Rakers -- Wells Fargo -- Analyst

sure, thanks for taking the question and congratulations on an extra strong quarter. First query I have a observe-up is, when we seem at the effects of the commercial business starting to improve, I consider you stated 10% growth. I think your peer reported growth around that tonight. So i am curious of the way you're pondering about the returned-to-work, lower back to office trend? On the industrial workstation side, any thoughts on type of the put in base, the age of the put in base, just how you consider that demand shapes up during the direction of the 12 months?

Enrique Lores -- President & Chief government Officer

certain. So again, akin to what we shared 1 / 4 ago, we expect the demand on the commercial aspect to beginning to Excellerate and we're starting to see some healing as you're announcing. We -- what we're seeing from our customers is that they're realizing of the should put money into greater gadget for his or her officers when personnel come again and this is actually going to be assisting each the Print and the laptop business as you had been bringing up.

when it comes to dynamics, we proceed to look our shift from pcs into notebooks, as a result of however personnel could be going returned to their workplace, we nevertheless see the want for companies to offer a hybrid approach of working and enabling their personnel to work-from-domestic and for this reason, we are expecting the shift mix from pcs into notebooks to continue. we now have talked during the past, ordinary has a favorable affect for the business because of both pricing but additionally as a result of the recycled -- the recycle times at pc that laptop has compared to the desktop.

Aaron Rakers -- Wells Fargo -- Analyst

yes. and then as a short follow-up. just on the free money move. I consider you've got caught with the $4 billion free cash circulate or at least $four billion for this year. you're elevating EPS. i am just trying to maybe remember why free cash circulate would not be enhanced and trending larger with the EPS?

Marie Myers -- Chief economic Officer

sure, certain. Aaron. Let me go ahead and hit that one up for you. So appear, related to free -- future free money flow, as you be aware of, here's all the time pushed by our mighty internet income. What we're considering is that our working capital goes to be a headwind because of probably the most choices we're making to elevate more inventory. So seek '21, we continue to stay confident definitely in our outlook and confident in our book of as a minimum $four billion in free money stream.

Enrique Lores -- President & Chief govt Officer

and that i believe, let me add one other comment. we're in reality completely happy with the progress we have made in free money stream in Q1 and Q2. The guide that we have supplied is of as a minimum $four billion for the 12 months and as Marie simply mentioned, we are definitely expecting to be at that degree.

Operator

Our subsequent question comes from Ananda Baruah with Loop Capital.

Ananda Baruah -- Loop Capital -- Analyst

hello, thanks guys for taking the question. Congrats on the potent results. Two short ones, if I may. Enrique, in line with conversations with corporate valued clientele and given the backlog, do you get the feel that this momentum will in fact proceed into calendar '22. Would love to get any up-to-date context there? after which I just have a short comply with-up. Thanks.

Enrique Lores -- President & Chief executive Officer

thank you for the query. And we consider that the adjustments that we've viewed pushed by means of the pandemic are going to be everlasting and are going to continue to have an influence in 2021 and 2022. further and further people may have -- should be working in a hybrid manner. We suppose that marquees will continue to learn from government from the time from college and here is going to continue to have a good influence on the normal measurement of the pc market. And for this reason, we predict the size of the market to continue to be tremendously greater than what we had been anticipating earlier than the pandemic.

additionally to that as we just described, we also predict to peer potent industrial demand during the conclusion of the year. So, this could additionally aid and put much more -- force even more increase on the computer side.

Ananda Baruah -- Loop Capital -- Analyst

And simply sticking there, you are going again to the questions about combine on the laptop facet, would -- you stated strengthening Chromebook and how that -- as I believe of type of software combine affect on ASCs. Would that not reverse as commercial, so it does not -- continue to open up, should still we now not expect that to reverse and elevate variety of into '22 the mix?

Enrique Lores -- President & Chief government Officer

So in terms of mix, yes, we are expecting the mix of commercial to head up during the next quarter. And this is why Marie turned into mentioning before that we are expecting common working income of personal systems to be slightly larger than our guided latitude in the course of the conclusion of the year.

Ananda Baruah -- Loop Capital -- Analyst

this is extraordinary, thanks so a great deal.

Enrique Lores -- President & Chief govt Officer

thank you.

Operator

Our subsequent question comes from Matt Cabral with credit Suisse.

Matt Cabral -- credit score Suisse -- Analyst

yes, thank you. On the Print aspect, i was questioning in case you supply us an replace on the place you stand in attempting to replenish one of the elements channel inventory? simply discuss how big of a factor that changed into in the quarter and the way we should still feel concerning the contribution from right here? and perhaps greater commonly just an update for your efforts so as to add visibility as we start thinking about getting under these Tier 1 and Tier 2 distributors that you've out there?

Marie Myers -- Chief fiscal Officer

sure, no, sure, Matt. So probably i could simply birth it with a short comment on the place we see the channel at this time relative to components and i feel i discussed previous that our normal our channel stock degrees for the company are type of below ancient tiers. And that contains supply -- elements and obviously we continue to video display that very cautiously, in order that we will preserve a fit applicable tiers. but this quarter given -- in case you desire it back a year ago, we had the form of the onset of the pandemic, so we have now had that channel depletion that occurred last 12 months. And so we did see some benefit within the year-on-year evaluate. And from that impact of the inventory movements, we estimate that to be about three% 12 months-on-year. And as you comprehend, we've a multi-tiered channel. So here's our most efficient estimate in response to the data we now have including our channels for product throughout the channel and use of inventory.

Matt Cabral -- credit Suisse -- Analyst

it truly is constructive. and then I think it turned into closing week that you simply guys announced the brand new head of your 3D printing company. maybe just a broader replace on how 3D has been ramping? where you guys stand with the rush and just maybe a much bigger graphic on after we should beginning to considering some greater explicit disclosure, just to feel in regards to the impact of that business extra going forward?

Enrique Lores -- President & Chief govt Officer

sure. Let me take that one. So first of all, this quarter, we begun to peer or we have seen the outdated one strong growth on the 3D facet. however it grew more than 30% which is a really solid number. and that i feel these showed one of the most capabilities that this business had in the long-time period. We had announced before we are complementing our method on 3D to additionally focal point on some end-to-conclusion applications where we suppose we're going to get even more price than just via promoting printers or consumables and we have been citing on our prepared remarks, the work that we are doing a molded fiber for instance. but we definitely suppose that further and further, we will have, we will be focusing on purposes to seize cost in this enterprise and this is why we chosen Didier Deltort to steer this business. He comes from the fitness and wellbeing trade. So he comes from an trade that will be disrupted via 3D and we think this could be adding tremendous value to the definition of our approach.

after which in terms of once we should be more transparent on the 3D enterprise. I consider I've pointed out before, there are two most important issues. One is we want the business to have greater scale and 2d, and possibly most vital, we deserve to have an improved outline company mannequin. And here is the place this mixture of promoting printer for supplies are going after end-to-end functions is so important. So whereas we can have a complete standpoint of where this could be going longer term is after we should be offering extra visibility.

Operator

Our final query today comes from Sidney Ho with Deutsche financial institution.

Jeffrey Rand -- Deutsche financial institution -- Analyst

hello, here is Jeff Rand on for Sidney. can you provide us an update on the competitive ambiance on your own techniques business and the way this has changed throughout the pandemic and now tight deliver environment?

Enrique Lores -- President & Chief executive Officer

sure, I believe that first off, as we now have described before, truly the performance of this enterprise now could be extra driven by using supply than via the power of the portfolio. Now nonetheless, we're definitely happy with the progress we've made from a portfolio perspective. We -- if you seem to be at the innovation that we now have introduced this quarter, we received massive awards across both buyer and commercial items. we've one of the crucial broadest portfolios available in the market, masking from low conclusion training products to excessive end business products and we are in a extremely strong place to continue to grow share as we did this quarter that suggests truly the relevance of our portfolio.

Jeffrey Rand -- Deutsche financial institution -- Analyst

tremendous and just my follow-up, how should we consider about your working costs trending within the near time period as charge like business commute delivery to return?

Enrique Lores -- President & Chief govt Officer

neatly, I feel if you seem to be at the projection that we've for the 2d half, we believe we could be going back towards an identical stage to what we were in Q1.

Operator

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

Enrique Lores -- President & Chief government Officer

k. So let me close and thanks everybody for having joined us today. I think the potent consequences of the quarter exhibit the relevance of HP in this hybrid world and the way our technology is going to be helping consumer to actually function in a very diverse ambiance. we're in reality completely happy with the growth opportunities that we see both in our core markets, in beautiful adjacencies and additionally in the new segments that we're growing. And we are going to proceed to innovate throughout our technology to proceed to create and pressure differentiation. thank you to your time today and searching forward to satisfy in adult sometime soon. thank you.

Operator

[Operator Closing Remarks]

duration: fifty eight minutes

call individuals:

Beth Howe -- Head of Investor family members

Enrique Lores -- President & Chief govt Officer

Marie Myers -- Chief fiscal Officer

Amit Daryanani -- Evercore ISI -- Analyst

Shannon go -- cross research -- 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 evaluation

All salary name transcripts

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