As you descend the second stage diaphragm will be depressed by increasing water pressure until approximately 1.5 inches of H2O ( a typical average cracking force) and the LP seat will be moved from the orifice and air will flow into the second stage. And as air flows into the second stage the IP pressure will drop (in the hose) causing the first stage ambient diaphragm or piston to open the HP seat from the HP orifice and air will flow from the tank and into the hose connecting the stages and the set IP will be restored. The IP is constant over ambient (well, it may increase, decrease slightly with tank pressure depletion over the course of a dive depending upon design). When ambient pressure is restored in the second stage the diaphragm will equalize, the LP seat will close on the orifice, IP will be restored to set pressure and the first stage seat and orifice will then close.