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© supplied with the aid of The Motley idiot HP Inc (HPQ) Q2 2021 income call Transcript

HP Inc (NYSE: HPQ)

Q2 2021 revenue call

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

Contents:

prepared Remarks

Questions and solutions

name contributors

prepared Remarks:

Operator

decent day each person and welcome to the second Quarter 2021 HP Inc. earnings convention name. My identify is Hailey and that i'll be your convention moderator for modern day name. [Operator Instructions]

i would now want to turn the call over to Beth Howe, Head of Investor family members. Please go forward.

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Beth Howe -- Head of Investor relations

respectable afternoon each person and welcome to HP's second quarter fiscal 2021 income conference call. With me nowadays are Enrique Lores, HP's President and Chief government Officer; and Marie Myers, HP's Chief fiscal Officer.

before handing the call over to Enrique, let me remind you that this name is being webcast. A replay of this webcast can be made obtainable on our website presently after the demand about 365 days. We posted the earnings unencumber and the accompanying slide presentation on our Investor family members webpage at investor.hp.com.

As always, features of this presentation are forward-looking and are according to our top-quality view of the world and our organizations as we see them today. For greater distinctive guidance, please see disclaimers in the income materials regarding forward-searching statements that involve risks, uncertainties and assumptions. For a dialogue of some of these risks, uncertainties and assumptions, please confer with HP's SEC reports including our most recent form 10-k. HP assumes no duty and does not intend to update this kind of forward-searching statements. We additionally word that the economic information discussed on this name displays estimates in accordance with information obtainable now and could fluctuate materially from the amounts sooner or later pronounced in HP's kind 10-Q for the fiscal quarter ended April 30, 2021 and HP's other SEC filings.

during this webcast until otherwise especially referred to all comparisons are 12 months-over-yr comparisons with the corresponding yr-ago period. For financial counsel that has been expressed on a non-GAAP basis, we've got covered reconciliations to the comparable GAAP counsel. Please discuss with the tables and slide presentation accompanying trendy earnings liberate for those reconciliations.

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

Enrique Lores -- President & Chief government Officer

Thanks Beth. good afternoon each person and thanks for joining the call. I are looking to start by using acknowledging the state of the pandemic, specially in countries corresponding to India. we're doing everything we are able to for our personnel, valued clientele and partners all over this tricky time. whereas some elements of the world are beginning to enhance and reopen, there is lots greater work to do.

Turning to our consequences. It turned into one more terrific quarter of double-digit correct and base line boom by which we delivered well above our guided latitude. Our efficiency reflect the relevance of our know-how in an increasingly high level, the resilience of our enterprise model, the operational excellence of our team. moreover summarizing our consequences, I also want to spotlight secular trends riding sustained demand throughout our portfolio. HP technology and services are at the coronary heart of hybrid work. we're accelerating our method to power lengthy-term sustainable boom. This includes continuing to transform the way we operate and install our tremendous money movement to maximize price advent.

Let me beginning with the quarter. In Q2 we noticed notable demand for our items and delivered list income of $15.9 billion, a rise of 27% with balanced growth throughout Print and private programs. Our non-GAAP web salary accelerated fifty six% to $1.2 billion and we generated $1.3 billion of free money circulate, returning $1.eight billion to shareholders. These outcomes replicate endured strong increase in buyer in addition to development in our business groups as financial recreation increased. In our purchaser phase, we delivered 72% boom in very own techniques and seventy seven% growth in Print. industrial laptop profits grew 10% and industrial print was up 34%, including forty five% boom in our Industrial printing corporations.

it is critical to be aware that these outcomes are against the backdrop of industrywide part shortages and supply chain challenges. currently there is not adequate deliver to sustain with the strong demand and the resurgence of COVID in Southeast Asia is creating further pressures on our supply chain. We predict deliver constraints to continue at least during the conclusion of 2021. although the atmosphere will possible continue to be dynamic, we are taking movements to navigate in the course of the challenges, enabling us to carry potent effects and enhance our outlook for the 2d half.

We stay focused on delivering within the brief-time period, we are equally concentrated on capitalizing and to practice long-time period opportunities. It is apparent that the area will not quite simply go again to the style it was prior to COVID. there was a primary shift in the means individuals work, gain knowledge of, play and create, and this shift is right here to live. The future of work and training might be greater hybrid. in accordance with contemporary survey, greater than 60% of personnel desire flexibility in the place and how they work. with the aid of this future mergers [Phonetic], it is going to open the opportunity to create new items and services for our valued clientele. And that consumers and companies see stronger mobility convenience and cost, this supports our approach to speed up new enterprise mannequin right here via greater features and subscriptions enabled through the integration of our hardware and application. Underpinning all of this is a starting to be value of cyber protection. 88% of IT decision makers, tell us that cyber chance has extended right through the pandemic. This items a huge chance for us to expand our security offerings and deliver the most cozy and resilient PCs and Printers.

With our broad differentiated portfolio, HP is uniquely placed to capitalize on these secular developments. and that i suppose I've talked about here is a time for powerful corporations to get stronger and we are innovating throughout our portfolio to strengthen and grow our companies. In very own programs, our innovation is using boom in key segments, together with faraway work, training and gaming. The pc is still basic in lifestyle. we're already capitalizing on these tendencies in a few techniques. Our latest award winning workstation include points aim-built for hybrid work and we are setting up new functions like HP Provision in join that make it more convenient for IT teams to install and aid contraptions in worker's homes as well as within the workplace.

in the education market where HP is the no 1 dealer, laptop revenue have more than doubled due to faraway studying. on the equal time, however, the variety of PCs per hundred college students continues to be within the single-digits. As an trade, we still have an extended means to move to shut this digital gadget and as a company, we now have a huge probability to be part of the solution. The value of the notebook extends far past work and school. in many situations this has become the enjoyment center of the home, from streaming and content material creation to the upward thrust of gaming and eSports. In Q2 earnings increase in gaming outpaced universal purchaser notebook increase. we're constructing on this strength to extend into eye-catching adjacencies, together with peripherals. we are on the right track to close a hyper acquisition in Q3. We do predict to be accretive in year one.

In Printers, we're leveraging our management across consumer and business market to supply inventive answer needed in modern-day hybrid world. This includes accelerating the evolution of our enterprise model and subscription features. We lately announced the growth of HP+ an speedy ink which are actually in 35 international locations throughout North america and Europe. We believe HP+ will assist us to optimize gadget profitability and provide a better customer event. moreover employers are searching for more disbursed printing atmosphere which plays to HP's electricity in means for printers. the new LaserJet business four hundred collection is designed to bring seamless far flung management for each hybrid people and new workplace configurations tier [Phonetic] to our collaboration. on the identical time more desirable group of workers mobility is a catalyst for our Print services portfolio. inside our managed Print functions, we've added HP Flexworker provider to contain remote worker's and branch officers into our enterprise and PS contract. here is allowing corporations akin to accepted Motors to have superior visibility and manageability throughout the printer fleet.

In our Industrial groups, new innovation is enabling production to be more agile and extra customized. In industrial pics, we're seeing improvements in the market and growth in hardware installations. among the many consumer wins this quarter for the setting up of a one hundred Indigo Press at CCL, our leader in label protection and packaging options. We also continue to see consistent double-digit growth in Print impressions and rectangular meters. In 3D, we're developing extra vertical go-to-market solutions, spanning machine utility and services across industries from industrial tooling to car to health and health. for instance, our molded fiber tooling solution in keeping with client engagement and adoption including numerous prepaid purchases and we enable them to obtain huge system and value efficiencies.

furthermore, we're partnering with Ford Motor business to extend the lifetime of already used 3D printed parts by way of turning them into auto accessories for the F250 trucks creating a closed loop on waste. With our strong and distinctive portfolio, we also proceed to generate significant free cash movement. And we continue to be focused on deploying our cash to maximise value introduction. we have the flexibleness to come back significant capital to shareholders and reinvest in our groups, whereas also exploring disciplined M&A. we will proceed to look for opportunities to toughen our core, increasing to captivating adjacencies and create further growth engine. As always, we are able to take a rigorous method to evaluating M&A, requiring strategic healthy, eye-catching economic returns that exceed those of purchasing our own inventory and a powerful operational plan to execute on the cost proposition. And an important enabler of our approach is carrying on with to transform the business to turn into leaner and more digitally enabled.

For HP, there's a persisted focal point on each reducing structural fees and for investing for the future. To aid us accelerate our progress, we announced three new leadership appointments. Didier Deltort is becoming a member of HP as a President of Personalization and 3D Printing; Greg Baxter, might be our subsequent Chief Transformation Officer; and Kristen Ludgate is joining HP as our Chief individuals Officer. Working along side our management group, they will beef up our innovation capabilities and assist force our long-term strategy. And our key part of our method is to carry amazing results whereas staying true to HP's values.

ultimate month, we introduced an ambitious set of climate 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 attaining web zero carbon emissions across our entire cost chain by means of 2040. And last week, we introduced a new set of variety and inclusion desires. This includes our pledge to achieve 50-50 gender equality in HP management by way of 2030, making up the first Fortune 100 tech business to make the sort of commitment. i am proud to claim our partners are becoming a member of us in these efforts. today over 1,four hundred companions have signed the enlarge impact to set their own long-term purpose to drive a sustainable affect. here is the place the dimension and scale of HP's ecosystem really shines.

usual, i am very completely happy with our efficiency this quarter and excited for what lies ahead. We continue to drive our relentless focus on execution, while taking decisive moves to capitalize on pleasing alternatives to advance our leadership in own programs and Print, expand into desirable adjacencies, to enter new market and transform the style we operate. and i am assured that our approach will continue to create colossal shareholder cost. i do know I speak for our greater than 50,000 employees, when I say we aren't content effectively protecting our present position. we have a bigger ambition.

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

Marie Myers -- Chief fiscal Officer

Thanks, Enrique. HP's second quarter effect spotlight each our operational strength and the breadth of our portfolio. we're demonstrating our capacity to fulfill client wants and continuing on our transformation journey all while growing working earnings, generating potent free money stream and retaining our potent capital returns, while carrying on with to make investments within the enterprise for our future.

Turning to the particulars of the 2nd quarter. Q2 net earnings turned into $15.9 billion, up 27% nominally and 25% in constant forex. locally, in consistent forex, Americas multiplied 32%, EMEA increased 19% and APJ increased 23%. The year-on-year increase fee benefited from the prior-yr affect of COVID and provide chain disruptions. Demand endured to outpace provide and we ended the quarter with extended backlog in each personal systems and Printing. on the maximum on the grounds that the split, gross margin changed into 21.7%, up 1.7 aspects yr-on-yr. The raise was basically driven by favorable pricing, together with historically low advertising expense and favorable forex, partly offset by way of greater charges. Non-GAAP working costs were $2 billion or 12.6% of salary, up 10 foundation facets yr-on-year. The boost in working charges turned into essentially driven by using better variable compensation because of the very mighty efficiency this 12 months as in comparison to Q2 2020, in addition to improved investments in innovation and go-to-market.

Non-GAAP internet OI&E fee changed into $64 million for the quarter. Non-GAAP diluted net salary per share increased eighty two% to $0.ninety three, with a diluted share count of about 1.2 billion shares. Non-GAAP diluted net salary per share excludes web advantages totaling $70 million basically regarding other tax changes and non-operating retirement related credit, in part offset by way of restructuring and different charges as well as amortization of intangible property. as a result, Q2 GAAP diluted internet revenue per share changed into $0.ninety eight.

Turning to segment efficiency. In Q2, very own techniques benefited from effective demand related to working and learning from domestic. salary became $10.6 billion, up 27% yr-over-yr. Demand for our product remained very powerful with backlog increasing once again quarter-on-quarter. Drilling into the details, we noticed power across purchaser and business with salary up 72% and 10% respectively. via product class, revenue was up forty seven% for notebooks, down eight% for pcs and down 7% for workstations. effective demand for notebooks drove complete unit growth of 44% with Chromebooks representing 20% of our complete own programs contraptions because the want for know-how and education proceed to develop. We also saw solid functions connect with particular strength in commercial and significant double-digit growth in buyer peripherals. personal techniques delivered $710 million in working earnings and operating margins of 6.7%. The yr-over-year improvement become basically as a result of favorable pricing, including reduce advertising prices as well as forex, partially offset with the aid of unfavorable mix and better can charge together with variable compensation, commodity fees as well as investments in innovation and go-to-market.

In Print, our outcomes reflected endured focus on execution and the power of our portfolio. we are uniquely located as leader in each client and industrial and have the hardware components and services to carry price in a hybrid world. Q2 complete print earnings was $5.three billion, up 28% and complete hardware gadgets grew forty two% to $10.6 billion. by using customer phase, consumer income turned into up 77% with gadgets up 45% and industrial revenue and devices were up 34% and 22% respectively. In business, the recovery momentum persevered with profits up 13% sequentially, however we proceed to predict the recuperation to be gradual and uneven every now and then across segments and geographies.

resources revenue was $three.3 billion, up 17%. The year-on-year growth changed into basically driven by using favorable pricing in addition to ongoing buyer demand and improving commercial demand. Our contractual company is a key aspect of our print approach in each customer and business printing. In consumer our speedy Ink business proceed to resonate smartly with customers with cumulative enrollees growing 7% sequentially to $9.7 million. On the commercial side, we drove boom in managed print functions revenues, a new TCP bookings for the primary time due to the fact that the pandemic took hold and strong renewal TCV bookings once more this quarter.

working income accelerated $403 million to $951 million and operating margins were 17.9%. This yr-over-12 months raise became pushed by means of multiplied volume and favorable pricing throughout hardware and resources, including much less promotional price, in part offset by using destructive mix and higher cost.

Let me now flip to our transformation efforts and especially our can charge discounts initiatives. in the second yr of our software, we persisted to look at new cost mark downs opportunities that continue to be ahead of our $1.2 billion gross run fee structural charge discount plan. all over the quarter we endured our efforts to optimize our manufacturing facility footprint to permit a most appropriate-in-classification deliver chain network and raise supply resiliency while cutting back our cost structure. furthermore, we proceed to enhance and leverage our digital capabilities to seriously change ways wherein we function and carry price to our purchasers. The structural cost discounts from our transformation efforts supply us the flexibleness to reinvest in our enterprise, the long-term boom and profitability.

transferring to money flow and capital allocation. 2nd quarter cash flow from operations and free cash flow had been better than expected at $1.4 billion and $1.3 billion respectively. In Q2, the money conversion cycle turned into minus 28 days. Sequentially, the cash conversion cycle turned into up 2 days as growth in inventory essentially as a result of strategic buys drove multiplied days of inventories in part offset with the aid of a discount in days sales remarkable and better days payable awesome. For the quarter, we back a total of $1.eight billion to shareholders, which represented 137% of free money flow. This protected $1.6 billion in share repurchases and $239 million in cash dividends. looking ahead, we are expecting to proceed buying lower back shares at multiplied stages of at least $1 billion per quarter in the coming quarters except better return opportunities emerge.

longing for the third quarter and the leisure of fiscal '21, we continue to mannequin assorted situations concerning deliver availability, pricing dynamics and the pace of financial reopening. In particular keep right here in mind related to our standard monetary outlook. From a requirement point of view, we are expecting to continue to see powerful demand for our PCs, specially in consumer. In Print, we are expecting strong demand in client and continued improvement in business as workplaces reopen. whereas we are expecting 12 months-on-year salary boom at FY '21 to replicate our continued growth on our approach, it is also essential to note the increase tendencies in Q3 will also reflect the tougher yr-over-year comparisons specifically in own programs. We predict provide constraints to proceed to negatively have an impact on our means to meet demand in PCs and Printers, as a minimum throughout the conclusion of calendar 2021. We predict gross margin power within the 2d half of the year in each personal programs and Print because of improved fees and commodities and logistics as compared to Q2 ranges and as we are expecting to peer some extra normalization available in the market and pricing ambiance. We expect working costs in the 2d half of the year to be extra corresponding to Q1 run cost. finally, we proceed to carefully computer screen the current COVID resurgence and its capabilities have an effect on to our deliver chain, specifically in Southeast Asia.

Taking these issues into account, we're offering here guidance for Q3 and FY '21. We predict third quarter non-GAAP diluted web revenue per share to be within the range of $0.eighty one to $0.eighty five and third quarter GAAP diluted web earnings per share to be n the range of $0.seventy seven to $0.eighty one. We predict FY '21 non-GAAP diluted net profits per share to be in the range of $3.forty to $three.50 and FY '21 GAAP diluted web earnings per share to be in the latitude of $three.24 to $three.34. For FY '21, we are expecting our free cash circulation to be as a minimum $four billion.

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

Questions and answers:

Operator

thank you. And we will now start the query-and-reply session. [Operator Instructions] Our first query today comes from Amit Daryanani with Evercore.

Amit Daryanani -- Evercore ISI -- Analyst

respectable afternoon. Thanks for taking my query. I even have few. the primary one I wager turned into hoping if you might talk a little bit in regards to the Print margins in the April quarter. i'm a bit of shocked they have been down on a sequential foundation via well-nigh 200 groundwork features besides the fact that the provide combine I consider became relatively sturdy in July versus April. So could you just touch on what took place to the Print margins and then -- within the April quarter, and how do we believe about it within the again half of the 12 months?

Marie Myers -- Chief monetary Officer

bound. No. Thanks, Amit. And first rate afternoon. So the decline we noticed within the Print operating cost become really pushed by using a couple of components. So firstly, probably the most detrimental cost in commodities, factory and logistics and secondly by using investments that we made in opex across R&D, advertising to support future increase and better variable comp. And seem, average i would simply say we've considered strength and resiliency in our large -- in our Print portfolio, which in reality positions us smartly against the competitors. And as we seem to be ahead into the future, we do expect our margins to be in the long-time period range of 16% to 18%.

And let me supply you just a few issues to consider about as you consider about the second half. So certainly, the entire 12 months was very powerful within the first half. So we predict to be toward the larger end of the latitude. And simply a couple of different elements i might add is, probably the most exceptional improvement that we saw in H1, certainly in favorable pricing will delivery to slash. And so we would are expecting that our combine as well would normalize as the frequently -- office reopens. We're more likely to see bigger commodity cost, logistics charges and with a view to doubtlessly affect our capability to satisfy demand.

and then at last, there is some seasonal combine headwinds in Q2 as -- in elements as Q2 is typically our strongest quarter for elements. So simply preserve that in mind, as you might be thinking about the 2d half, and i'll simply conclude that we're within the business of generating incremental OP greenbacks.

Enrique Lores -- President & Chief government Officer

I think a key aspect for our performance for Print during this quarter is that we're basically comfortable of how the Print business did. even if in case you examine yr-on-year evaluation, whether you study increase, it is basically aligned to the developments that we described closing quarter, the rebalancing that we see happening between home and office, the increase that we're starting to see in one of the industrial and industrial categories. So Print had a really mighty quarter and we expect it to proceed during the leisure of the year.

Amit Daryanani -- Evercore ISI -- Analyst

obtained it. this is a good suggestion. and then if I might just observe-up in comparable dynamic really, Enrique I consider a huge focal point for each person is making an attempt to remember what's consistent state EPS appear to be for HP over time, specially given the powerful efficiency you have got had in the first half, and i believe your returned half publications implies EPS will decline high single-digits 10% plus in Q3 and this fall. i am curious, i know you touched on Print, but I guess what are the other vectors which are driving the slowdown in EPS, especially given the truth you are multiplied backlog? after which do you consider the $0.75, $0.eighty implied EPS in October quarter is a illustration of what commonplace EPS run cost goes to appear to be for HP?

Enrique Lores -- President & Chief executive Officer

yes, so first of all, let me speak concerning the year-on-year assessment how we put issues in perspective. EPS for the second half is turning out to be greater than forty% from the place we had been a 12 months in the past. So we're actually representing very solid increase. similtaneously you're announcing, we proceed to look very robust demand throughout all of our portfolio. We predict this to proceed to ensue through the second half, but we are going to be constrained by means of give, given the shortages that we see available in the market. And here is a simple half of what's driving our ebook. As we have finished in the past, we're prudent once we ebook, we now have been in the past and we are able to proceed to be. If we can do superior, we are able to, we could be there enhanced as a result of more suitable pricing, as a result of we could do improved, as a result of greater means. So once again prudent ebook, we've tested that if we are able to do more desirable we will do improved, and hence given all of the anomalies that we see and this deliver confined, I do not suppose we should still be using the this autumn number to assignment the business in the future.

Operator

Our next question comes from Shannon move with pass research.

Shannon go -- move analysis -- Analyst

thanks very tons. I had a query on inventory, both on your steadiness sheet after which within the channel. Up about $800 million quarter-over-quarter, i am curious, how much of that become element purchasing or probably some conclusion product simply given provide chain hiccups? and then Lenovo stated today. I think that they see two to three weeks of inventory -- channel inventory on PCs always, I can not bear in mind I believe it was six to eight weeks is their normal. are you able to talk a little bit about what you might be seeing within the channel and each on the computing device and the printer facet? after which I've a follow-up. thank you.

Enrique Lores -- President & Chief govt Officer

Let me birth and i feel might be earlier than Marie shares one of the numbers, let me share some of the strategy that we now have behind it. What we shared final quarter, that we have been expecting one of the provide challenges that we are seeing, we determined to function with larger tiers of HOI and here's what you see reflected within the numbers. So Marie why do not you supply some colour on whether the enhance we now have seen in HOI.

Marie Myers -- Chief economic Officer

yes. No, absolutely, Enrique. So let me step returned and set some context for you Shannon. So undoubtedly, we have now considered that potent demand throughout friends in Print. And as you be aware of, we're also lapping the factory closures and disruptions from these stock drawdowns ultimate yr and obviously that impacted the system all of the manner via. after which we're without doubt making an attempt to proceed to navigate the deliver chain challenges given the ongoing nature of the pandemic. in an effort to approve assurance of supply, we're carrying greater levels of owned inventory and as we said, we try this to navigate all the way through this time. So HOI at this point is likely to dwell expanded to support company increase. So -- and that comprises strategic buys to answer your question, where exceptionally in CPUs.

after which occurring to the 2d a part of your query round channel inventory, universal CI in PS, Print, hardware and elements is presently under old tiers. And our backlog is up frankly quarter-on-quarter, and that offers us self assurance on the demand that we're seeing Shannon.

Shannon cross -- go analysis -- Analyst

ok, awesome. after which just a question on pricing. I think you referred to you are expecting some normalization in pricing, however what we're hearing is expenses are slightly increasing. So is this more form of a typical price, so combine affect or what are you seeing, as a result of if there is no provide obtainable and demand continues to be mighty, I do not see the place you may no longer have some pricing force, sorry pricing expertise? thank you.

Enrique Lores -- President & Chief government Officer

thank you, Shannon. I believe it's value to head during the dialogue business by using business. in the case of Print, we're having rate increases across the board and you have -- that you may see in our numbers an increase within the regular expense. in the case of PCs, pricing costs are turning out to be for rate in each category are going up however usual cost is taking place on account of mix, as a result of where we are seeing the higher demand out there. So expenses are up, however because of mix, you may also see the general fee happening.

Marie Myers -- Chief financial Officer

And Shannon just to add to Enrique's comments, one of the crucial favorable pricing that we noticed within the benefit in the first half is beginning to abate within the 2d half as well.

Operator

Our subsequent question comes from Toni Sacconaghi with Bernstein.

Toni Sacconaghi -- Bernstein -- Analyst

sure, thank you for taking the query. I simply wish to -- just trying to rectangular the circle on a few things, notably around your assistance. So seasonally you are usually up in EPS and you're guiding for EPS to be down about 10% sequentially. profits is usually up 3% or four%. Are you suggesting that profits goes to be lessen than regular seasonal or is this all margin pressure? And the cause I fight with the margin question is, it appears like your backlog is even greater. remember to be capable of sell something you have got. you have got incremental stock so that should let you arguably meet demand stronger. So when you are in a situation the place people are trade -- chasing demand and the combine would not essentially trade, why do you predict pricing to abate? So I guess a few questions in there. One, do you expect an have an effect on to good line that's diverse from regular seasonal? Or is all of it margin when it comes to your method under standard seasonal EPS advice? and then how can we square that margin pressure with the indisputable fact that there's basically amazing demand, you've got stronger stock to satisfy that demand and you should be in a position to proceed to take price?

Marie Myers -- Chief fiscal Officer

howdy, Toni, good afternoon. or not it's Marie. So let me walk you through a way to feel about our guide and principally i'll offer you a sense of what the headwinds and the tailwinds are searching like. So first off, with appreciate to your comments on earnings. We do are expecting that revenue may be driven greater by means of purchasable supply than demand and there are increasing margin headwinds versus the first half. With all that observed, as Enrique talked about appropriate on the onset of the name, we're guiding for double-digit working earnings and EPS increase in Q3. and albeit, we believe that here's a prudent e-book within the context of the latest ambiance. without doubt, if we will do better, we always will.

however let me stroll you via what we're seeing from the headwinds and tailwinds to offer you a few of that colour. So on the headwinds, we're seeing element charges and logistics fees in both PS and Print, and they'll be an incremental headwind both quarter-on-quarter and 12 months-on-12 months, and those average basket of commodities, chiefly in panel, ICs and PS after which ICs and resins in Print. after which there are different tailwinds that we've got had in the first half around these favorable pricing dynamics. they're going to start to dissipate as we lap the onset of those historically low promotion fees. And stepping into your comments on tailwinds and the way we're pondering it, demand in both PS and Print proceed absolutely to be very amazing as you outlined. We're seeing these developments of hybrid work proceed, however most likely they are constrained by way of provide.

So -- and also, simply to kind of wrap up here, as we observed, we will proceed to return capital to shareholders. So we expect that that rebuild [Phonetic] at least about $1 billion 1 / 4. So for the complete yr, we are expecting PS margins could be a bit above the excessive conclusion of our long term range of 3.5% to five.5% and Print for the full 12 months on the larger conclusion of sixteen% to 18%. So at this element, we continue to be very assured of our ebook and if we will do more desirable like I noted, we are able to.

Enrique Lores -- President & Chief executive Officer

and i consider Toni, something critical to having consideration this yr, is that really the enterprise and the market is driven by means of provide, no longer via demand. So therefore evaluating this yr with different years according to seasonality, it is going to not work, as a result of definitely the dynamics in the back of the market are very different. What we continue to look is very powerful demand across our portfolio and here's really the important thing driver is how a lot supply we are able to get.

Toni Sacconaghi -- Bernstein -- Analyst

If I could just follow-up on the pricing dynamics. So if I look at client print ASPs last quarter had been up 30%, this quarter had been up 27%. If we went to whatever like zero pricing, it would truly put your working margins dramatically down in the IPG neighborhood. So I want to consider what's using this pricing? So is that this merely an absent -- an absence of discounting? is that this a -- we're no longer constructing lower conclusion SKUs with lower margin and we're forcing americans to take kind of extra richly configured purchaser printers which have more desirable margin or is it we're in reality elevating cost because we are able to, because demand is restricted. but definitely 27% ASP growth this quarter, 30% last quarter is assisting your economics particularly. As you suggested, it's going to be much less but I wish to take into account very exceptionally what is driving that ASP raise?

Enrique Lores -- President & Chief govt Officer

I feel Toni we, in a condition like the one we're dealing with, we are doing the rest we can to optimize our enterprise and hence we're guiding the entire actions that you have been citing. We of path have decreased greatly our promotional coupon codes, because of how potent the demand is. we're nonetheless favourite toward better margin items and of course, in the situations the place we are able to, also our expenditures are going up because as we noted before, we are seeing -- we reside in an inflationary environment and every time we can we will -- we've accelerated costs.

Operator

Our next query comes from Katy Huberty with Morgan Stanley.

Katy Huberty -- Morgan Stanley -- Analyst

yes, thank you. 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 in the course of the yr? Is there any shift from consumer to industrial from Chromebook to different PCs and just combine between hardware and supplies? after which I've a follow-up.

Enrique Lores -- President & Chief government Officer

Let me take your query. hello, Katy. So the answer to the first query is, sure, we're seeing an increase in backlog across both PCs and Printers. And in terms of how do we are expecting this to conform, is truly aligned to the place will we see demand coming all over the next quarters. As we outlined earlier than, we expect in the course of the conclusion of the yr, an increase in the demand on the industrial aspect, each on the computing device facet and also on the Print side, and here's the place -- on account of that, backlog should be getting into the path. but nevertheless we proceed to look powerful demand on customer as i mentioned earlier than.

Katy Huberty -- Morgan Stanley -- Analyst

super, thanks. and then computer margins this quarter had been a bit lower than the flat sequential information. What have been the surprises on expenses or combine within the quarter? and then should still we predict with charge inflation that notebook margins return to that roughly 5% range from a few years in the past?

Marie Myers -- Chief economic Officer

sure, Katy, it's Marie. whats up, decent afternoon. So let me hit up your margin query. So yes, the margins were potent again at 6.7% which as you understand is above the excessive end of our long-term range and a few of that became obviously driven through that potent pricing self-discipline that now we have spoken about as well as some improvement from currency, but in reality it become offset through combine and some of those commodity headwinds. And as we get into the entire 12 months, we do predict that margins to be a little bit above the high end of our range of three.5% to 5.5% and it's going to be driven by means of the issues that you simply're listening to these days, in particular around those persisted shortages in commodities and that is the reason definitely type of remodeling into bigger component expenses after which knock on cost and logistics. but -- and then i might ultimately just add, we're starting to enter a duration the place the affect of favorable pricing is going to beginning to curb as we birth to lap that length in time.

Operator

Our next query comes from Tim long with Barclays.

Tim lengthy -- Barclays -- Analyst

thanks. sure, two if I could. First on the Print aspect, may you speak a little bit about, you mentioned some of the person numbers for the as-a-provider providing each for buyer and business. It appears like it's relatively consistent boom right here. might you talk a little bit about probably the most underlying drivers past that probably usage or the rest it's probably displaying the strength there other than simply the user base? and then 2d, if -- you noted an additional quarter of very robust Chromebook. could you speak a little bit concerning the influences there on the model margin ASP? after which additionally as you expect to peer a little bit of normalization to workstation increase. Is the expectation that the fast growth in Chromebook might be some thing for you to pull lower back or do you suppose it's anything that might birth replacing different mid and lower tiers of the of the computing device segment? thank you.

Enrique Lores -- President & Chief government Officer

Many questions in a single query. i'll try to go one at a time. So ranging from Print, about the dynamics we are seeing are very akin to what we defined a quarter ago and the evolution is what we had been anticipating. before to pre-pandemic stages, we continue to look our domestic company to operate more suitable than what we have been projecting. And here's riding the demand that we see each on-premise and also on components.

And on the workplace aspect, we now have seen the opposite impact. As many places of work are still closed and individuals are not going again to the workplace, the common workplace company continue to be under where it turned into before the pandemic. in the course of the conclusion of the yr, we expect the circumstance to reverse as offices will reopen, we predict our office enterprise to perform more suitable and on the identical time greater individuals could be -- much less individuals can be working from domestic, we expect that it'll have also an affect, a poor influence on our home business. So a similar fashion to what we anticipated in Puerto Rico.

when it comes to demand on the Chromebook aspect, we continue to look very amazing demand from education. we have -- here's what is driving the growth of Chromebooks and here's what also once we had been speakme before in regards to the ASPs on the workstation facet and the combine there, here is what we now have in one of the vital impact in the pricing on the notebook aspect, as a result of Chromebooks overall have reduce prices than the relaxation of the computer portfolio.

Operator

Our subsequent question comes from Aaron Rakers with Wells Fargo.

Aaron Rakers -- Wells Fargo -- Analyst

yes, thanks for taking the question and congratulations on one more solid quarter. First question I even have a comply with-up is, once we appear at the outcomes of the industrial business beginning to recuperate, I think you pronounced 10% boom. I believe your peer suggested growth around that tonight. So i am curious of the way you're considering in regards to the back-to-work, lower back to office vogue? On the business notebook side, any options on type of the installed base, the age of the put in base, simply how you suppose that demand shapes up throughout the path of the year?

Enrique Lores -- President & Chief govt Officer

certain. So again, corresponding to what we shared a quarter ago, we predict the demand on the business facet to beginning to get better and we're starting to see some recuperation as you're saying. We -- what we're seeing from our valued clientele is that they are realizing of the deserve to put money into better device for their officers when employees come again and this is actually going to be helping both the Print and the pc enterprise as you were citing.

in terms of dynamics, we continue to look our shift from pcs into notebooks, as a result of although employees could be going again to their office, we nevertheless see the want for businesses to present a hybrid approach of working and enabling their employees to work-from-home and therefore, we are expecting the shift mix from computers into notebooks to proceed. we've talked in the past, standard has a good have an effect on for the company because of each pricing however also as a result of the recycled -- the recycle times at pc that laptop has compared to the computer.

Aaron Rakers -- Wells Fargo -- Analyst

sure. and then as a short comply with-up. just on the free cash movement. I suppose you have caught with the $4 billion free money flow or as a minimum $four billion for this yr. you might be elevating EPS. i'm just making an attempt to might be take into account why free cash circulate would not be more desirable and trending bigger with the EPS?

Marie Myers -- Chief fiscal Officer

yes, sure. Aaron. Let me go forward and hit that one up for you. So look, regarding free -- future free cash stream, as you know, here's all the time driven by our robust web profits. What we're pondering is that our working capital is going to be a headwind because of probably the most choices we're making to carry extra inventory. So seek '21, we continue to continue to be assured definitely in our outlook and assured in our e book of at least $4 billion in free money circulation.

Enrique Lores -- President & Chief executive Officer

and i believe, let me add one more comment. we are in fact comfortable with the progress we now have made in free money circulate 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 in reality expecting to be at that degree.

Operator

Our next question comes from Ananda Baruah with Loop Capital.

Ananda Baruah -- Loop Capital -- Analyst

hi there, thanks guys for taking the question. Congrats on the powerful effects. Two brief ones, if I could. Enrique, in line with conversations with corporate valued clientele and given the backlog, do you get the feel that this momentum will actually continue into calendar '22. Would love to get any up-to-date context there? and then I simply have a brief follow-up. Thanks.

Enrique Lores -- President & Chief executive Officer

thank you for the query. And we consider that the adjustments that we now have seen pushed by using the pandemic are going to be everlasting and are going to continue to have an affect in 2021 and 2022. further and further individuals could have -- might be working in a hybrid manner. We believe that marquees will continue to be taught from executive from the time from college and here is going to proceed to have a favorable influence on the typical dimension of the laptop market. And for this reason, we are expecting the measurement of the market to continue to be significantly better than what we were anticipating earlier than the pandemic.

moreover to that as we simply described, we also are expecting to look strong industrial demand during the end of the yr. So, this could additionally aid and put much more -- force much more growth on the laptop aspect.

Ananda Baruah -- Loop Capital -- Analyst

And simply sticking there, you're going back to the questions on combine on the laptop aspect, would -- you talked about strengthening Chromebook and how that -- as I suppose of kind of utility mix impact on ASCs. Would that no longer reverse as industrial, so it does not -- proceed to open up, should we now not expect that to reverse and elevate type of into '22 the combine?

Enrique Lores -- President & Chief government Officer

So when it comes to combine, sure, we expect the mixture of commercial to head up during the next quarter. And here's why Marie become bringing up before that we expect overall working income of personal techniques to be somewhat better than our guided range during the end of the yr.

Ananda Baruah -- Loop Capital -- Analyst

it is first rate, thanks so a lot.

Enrique Lores -- President & Chief executive Officer

thanks.

Operator

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

Matt Cabral -- credit Suisse -- Analyst

sure, thank you. On the Print facet, i was questioning if you supply us an replace on where you stand in attempting to fill up one of the supplies channel inventory? simply focus on how big of a factor that changed into within the quarter and how we should suppose in regards to the contribution from here? and maybe extra generally just an update on your efforts to add visibility as we delivery considering getting under these Tier 1 and Tier 2 distributors that you've out there?

Marie Myers -- Chief monetary Officer

sure, no, certain, Matt. So maybe i could just birth it with a quick touch upon the place we see the channel at this time relative to components and i feel i discussed prior that our universal our channel inventory degrees for the business are type of under historical tiers. And that contains supply -- components and clearly we continue to computer screen that very cautiously, in order that we can preserve a fit acceptable ranges. however this quarter given -- if you need it again a year ago, we had the form of the onset of the pandemic, so we have now had that channel depletion that took place remaining yr. And so we did see some advantage within the 12 months-on-yr compare. And from that have an impact on of the inventory actions, we estimate that to be approximately 3% 12 months-on-yr. And as you be aware of, we have a multi-tiered channel. So here's our superior estimate according to the statistics we have including our channels for product across the channel and use of inventory.

Matt Cabral -- credit score Suisse -- Analyst

that's helpful. and then I suppose it turned into final week that you just guys introduced the new head of your 3D printing enterprise. probably just a broader replace on how 3D has been ramping? the place you guys stand with the rush and simply probably an even bigger photograph on when we should still birth to pondering some more express disclosure, just to feel concerning the have an effect on of that business extra going ahead?

Enrique Lores -- President & Chief govt Officer

certain. Let me take that one. So firstly, this quarter, we begun to see or we have viewed the previous one strong boom on the 3D aspect. but it grew greater than 30% which is a very strong quantity. and that i consider these showed one of the crucial knowledge that this company had within the long-term. We had announced earlier than we're complementing our strategy on 3D to additionally focus on some end-to-end functions where we suppose we will get even more price than just by means of selling printers or consumables and we had been mentioning on our prepared remarks, the work that we are doing a molded fiber as an instance. however we definitely think that further and further, we can have, we will be specializing in applications to trap cost in this enterprise and this is why we chosen Didier Deltort to guide this enterprise. He comes from the fitness and well being business. So he comes from an trade that will be disrupted by using 3D and we suppose this could be adding gigantic value to the definition of our strategy.

and then in terms of after we may be greater clear on the 3D business. I think I've talked about earlier than, there are two fundamental things. One is we need the business to have greater scale and 2d, and probably most crucial, we deserve to have a far better outline enterprise model. And here's where this mixture of promoting printer for elements are going after end-to-conclusion functions is so crucial. So whereas we can have an entire standpoint of the place this should be going long term is when we could be providing more visibility.

Operator

Our ultimate question nowadays comes from Sidney Ho with Deutsche bank.

Jeffrey Rand -- Deutsche bank -- Analyst

hi, this is Jeff Rand on for Sidney. can you provide us an replace on the aggressive ambiance to your own programs enterprise and the way this has modified in the course of the pandemic and now tight deliver ambiance?

Enrique Lores -- President & Chief executive Officer

sure, I consider that first of all, as we have described earlier than, truly the performance of this company now could be extra driven by supply than by means of the power of the portfolio. Now however, we're in reality happy with the progress we now have crafted from a portfolio viewpoint. We -- if you appear on the innovation that we now have added this quarter, we won huge awards throughout each customer and industrial products. we have probably the most broadest portfolios available in the market, overlaying from low end training products to excessive conclusion industrial items and we're in a very strong position to proceed to grow share as we did this quarter that shows definitely the relevance of our portfolio.

Jeffrey Rand -- Deutsche bank -- Analyst

splendid and simply my comply with-up, how may still we suppose about your working costs trending within the close term as can charge like company shuttle birth to return?

Enrique Lores -- President & Chief govt Officer

smartly, I consider in case you look at the projection that we now have for the second half, we suppose we can be going again towards an analogous level to what we had been in Q1.

Operator

This concludes our query-and-answer session. i'd like to flip the name returned over to Enrique Lores for any closing remarks.

Enrique Lores -- President & Chief government Officer

okay. So let me shut and thanks everybody for having joined us today. I suppose the robust outcomes of the quarter exhibit the relevance of HP in this hybrid world and how our technology is going to be assisting client to in fact perform in a extremely different atmosphere. we're really happy with the increase opportunities that we see both in our core markets, in fascinating adjacencies and additionally within the new segments that we are developing. And we're going to proceed to innovate throughout our know-how to proceed to create and power differentiation. thanks in your time nowadays and searching ahead to satisfy in person sometime soon. thanks.

Operator

[Operator Closing Remarks]

period: fifty eight minutes

name members:

Beth Howe -- Head of Investor family members

Enrique Lores -- President & Chief executive Officer

Marie Myers -- Chief fiscal Officer

Amit Daryanani -- Evercore ISI -- Analyst

Shannon go -- move research -- Analyst

Toni Sacconaghi -- Bernstein -- Analyst

Katy Huberty -- Morgan Stanley -- Analyst

Tim lengthy -- Barclays -- Analyst

Aaron Rakers -- Wells Fargo -- Analyst

Ananda Baruah -- Loop Capital -- Analyst

Matt Cabral -- credit score Suisse -- Analyst

Jeffrey Rand -- Deutsche financial institution -- Analyst

greater HPQ analysis

All income name transcripts

© provided with the aid of The Motley idiot AlphaStreet emblem

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