Hawkins, Inc. (HWKN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.85	$0.74	-12.9%	—	$265.9M	—
Q3 26	$0.72	$0.7	-2.8%	—	$244.1M	—
Q2 26	$1.23	$1.09	-11.4%	—	$280.4M	—
Q1 26	$1.35	$1.43	+5.9%	—	$293.3M	—
Q4 25	$0.75	$0.81	+8.0%	—	$245.3M	—
Q3 25	$0.92	$0.73	-20.7%	—	$226.2M	—
Q2 25	$1.19	$1.16	-2.5%	—	$247M	—
Q1 25	$0.96	$1.44	+50.0%	—	$255.9M	—
Q4 24	$0.68	$0.66	-2.9%	—	$223M	—
Q3 24	$0.61	$0.71	+16.4%	—	$208.5M	—
Q2 24	$1	$1.1	+10.0%	—	$236.5M	—
Q1 24	$0.61	$1.12	+83.6%	—	$251.1M	—
Q4 23	$0.49	$0.55	+12.2%	—	$228.1M	—
Q3 23	$0.5	$0.51	+2.0%	—	$219.2M	—
Q2 23	$0.84	$0.86	+2.4%	—	$241.2M	—
Q1 23	$0.56	$0.93	+66.1%	—	$246.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$3.93	—	—	$1.1B	—
FY25	—	$4.05	—	—	$974.4M	—
FY24	—	$3.61	—	—	$919.2M	—
FY23	—	$2.88	—	—	$935.1M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$483.6M	$504.2M	$556.3M	$540.2M	$596.9M	$774.5M	$935.1M	$919.2M	$974.4M	$1.1B
YoY change	+16.8%	+4.25%	+10.3%	-2.9%	+10.5%	+29.8%	+20.7%	-1.7%	+6.01%	+11.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	483.6M	504.2M	556.3M	540.2M	596.9M	774.5M	935.1M	919.2M	974.4M	1.1B
Cost of revenue	385.5M	417.4M	460.4M	439.3M	473.1M	628M	770M	725.5M	748.9M	838.6M
Gross profit	98.1M	86.8M	95.9M	100.9M	123.8M	146.5M	165.1M	193.6M	225.5M	245.1M
Gross margin	20.3%	17.2%	17.2%	18.7%	20.7%	18.9%	17.7%	21.1%	23.1%	22.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	59.4M	59.4M	59.1M	59.2M	67.9M	75.3M	77M	89.6M	106.4M	123.8M
Operating expenses	59.4M	59.4M	59.1M	59.2M	67.9M	75.3M	77M	89.6M	106.4M	123.8M
Operating income	38.7M	27.4M	36.8M	41.7M	55.9M	71.2M	88.2M	104M	119.2M	121.3M
Operating margin	8%	5.43%	6.62%	7.71%	9.36%	9.19%	9.43%	11.3%	12.2%	11.2%
Non-operating income, net	—	-39M	73K	-204K	1.4M	189K	-334K	1.4M	641K	1.6M
Pretax income	36M	-15.1M	33.5M	39M	55.9M	70M	82.6M	101.1M	114.4M	109.3M
Income tax	13.5M	-5.9M	9.1M	10.6M	14.9M	18.4M	22.5M	25.8M	30M	27.8M
Net income	22.6M	-9.2M	24.4M	28.4M	41M	51.5M	60M	75.4M	84.3M	81.5M
Net margin	4.66%	-1.82%	4.39%	5.25%	6.87%	6.65%	6.42%	8.2%	8.66%	7.52%
EBITDA	59.6M	49.8M	58.6M	63.1M	80M	95.5M	115.3M	137.2M	159.8M	175.4M
EPS	1.07	-0.43	1.15	1.34	1.95	2.46	2.88	3.61	4.05	3.93
Diluted EPS	1.06	-0.43	1.14	1.33	1.93	2.44	2.86	3.59	4.03	3.91

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	236.5M	208.5M	223M	255.9M	247M	226.2M	245.3M	293.3M	280.4M	244.1M	265.9M	315.7M
Cost of revenue	182.6M	166.2M	177.5M	191.2M	186.8M	177.8M	193.1M	220.9M	212.8M	193.3M	211.7M	241.7M
Gross profit	53.9M	42.2M	45.5M	64.7M	60.2M	48.4M	52.2M	72.4M	67.6M	50.8M	54.2M	74M
Gross margin	22.8%	20.3%	20.4%	25.3%	24.4%	21.4%	21.3%	24.7%	24.1%	20.8%	20.4%	23.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	20.9M	23.8M	25.4M	24.9M	26.5M	27.4M	27.7M	31M	33.7M	28.3M	30.8M	35.3M
Operating expenses	20.9M	23.8M	25.4M	24.9M	26.5M	27.4M	27.7M	31M	33.7M	28.3M	30.8M	35.3M
Operating income	33M	18.5M	20.1M	39.8M	33.7M	21.1M	24.6M	41.3M	33.9M	22.6M	23.5M	38.7M
Operating margin	13.9%	8.86%	9.01%	15.6%	13.7%	9.31%	10%	14.1%	12.1%	9.24%	8.82%	12.3%
Non-operating income, net	-289K	853K	490K	159K	673K	436K	-627K	942K	721K	459K	-568K	1.4M
Pretax income	32M	18.2M	19.3M	38.7M	33M	20.3M	22.4M	39M	30.8M	19.6M	19.9M	37.3M
Income tax	8.8M	3.3M	5.5M	9.8M	8.9M	5.3M	6.1M	9.8M	8.2M	5.3M	4.5M	9.1M
Net income	23.2M	14.9M	13.8M	28.9M	24.1M	15M	16.3M	29.2M	22.6M	14.3M	15.5M	28.3M
Net margin	9.82%	7.14%	6.2%	11.3%	9.76%	6.64%	6.66%	9.95%	8.06%	5.86%	5.82%	8.95%
EBITDA	40.1M	27.7M	29.5M	49.3M	44.3M	31.6M	34.5M	54.6M	47.9M	36.4M	36.5M	54M
EPS	1.11	0.72	—	1.39	1.16	0.72	0.79	1.41	1.09	0.69	0.75	1.36
Diluted EPS	1.1	0.71	—	1.38	1.16	0.72	0.78	1.4	1.08	0.69	0.74	1.35

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	516.3M	372.9M	392.4M	376.6M	704.7M	961.5M	912.7M	1.6B	2.2B	3.2B	2.7B
Enterprise value	612M	468.5M	467.8M	441.2M	812.3M	1.1B	1B	1.7B	2.4B	3.4B	2.9B
Shares outstanding	21.1M	21.2M	21.3M	21.2M	21M	20.9M	20.8M	20.9M	20.8M	20.7M	20.7M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	22.9	—	16.1	13.3	17.2	18.7	15.2	21.3	26.1	39.1	33
P/S	1.07	0.74	0.71	0.7	1.18	1.24	0.98	1.74	2.26	2.94	2.4
P/B	2.37	1.84	1.8	1.61	2.66	3.18	2.61	3.95	4.79	5.96	6.03
EV/EBITDA	10.3	9.4	7.98	7	10.2	11.4	8.9	12.4	14.8	19.6	17.7
EV/Sales	1.27	0.93	0.84	0.82	1.36	1.41	1.1	1.85	2.42	3.18	2.66
Earnings yield	4.37%	—	6.23%	7.53%	5.81%	5.36%	6.58%	4.7%	3.83%	2.56%	3.03%
FCF yield	4.5%	2.05%	9.01%	9.12%	3.26%	1.49%	3.19%	7.45%	3.18%	2.7%	3.05%
PEG	—	—	—	—	—	—	—	—	—	—	-9.31

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	20.3%	17.2%	17.2%	18.7%	20.7%	18.9%	17.7%	21.1%	23.1%	22.6%	23.4%
Operating margin	8%	5.43%	6.62%	7.71%	9.36%	9.19%	9.43%	11.3%	12.2%	11.2%	12.3%
Net margin	4.66%	-1.82%	4.39%	5.25%	6.87%	6.65%	6.42%	8.2%	8.66%	7.52%	7.29%
ROE	10.4%	-4.54%	11.2%	12.1%	15.4%	17%	17.2%	18.6%	18.3%	15.3%	15.6%
ROA	5.39%	-2.35%	6.34%	7.29%	8.67%	9.09%	10.2%	11.5%	11%	8.27%	7.05%
ROIC	7.72%	9.18%	9.15%	10.2%	11%	12.1%	13.8%	15.3%	14.3%	11.4%	11.1%
Return on tangible assets	32.4%	-6.97%	17.8%	18.8%	23%	20.4%	20.7%	34.6%	42.4%	109.6%	80.2%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.17	2.23	2.52	2.11	2.31	2.24	2.55	1.96	2.15	2.21	2.27
Quick ratio	1.25	1.24	1.42	1.23	1.41	1.31	1.58	1.24	1.37	1.46	1.54
Debt / equity	0.47	0.5	0.39	0.29	0.42	0.45	0.34	0.27	0.35	0.49	0.47
Debt / assets	0.25	0.26	0.22	0.18	0.23	0.24	0.2	0.16	0.21	0.27	0.26
Net debt / EBITDA	1.61	1.92	1.29	1.02	1.34	1.37	0.98	0.74	0.97	1.47	1.45
Interest coverage	14.6	-3.42	11	16.5	39.1	50.8	16.8	24.6	22.1	9.1	9.27
Effective tax rate	37.4%	0%	27.1%	27.2%	26.6%	26.3%	27.3%	25.5%	26.3%	25.4%	25.1%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	22.9	23.8	26.1	25.5	28.4	37	44.9	44.1	46.8	52.3	53.3
EPS (basic)	1.07	-0.43	1.15	1.34	1.95	2.46	2.88	3.61	4.05	3.93	3.93
EPS (diluted)	1.06	-0.43	1.14	1.33	1.93	2.44	2.86	3.59	4.03	3.91	3.86
Book value per share	10.3	9.53	10.2	11	12.6	14.4	16.8	19.5	22.1	25.8	21.1
FCF per share	1.1	0.36	1.66	1.62	1.09	0.68	1.39	5.72	3.36	4.15	4.4
Cash per share	0.33	0.24	0.43	0.2	0.14	0.17	0.36	0.34	0.25	0.19	0.38
Capex per share	1.01	0.91	0.59	1.16	0.99	1.36	2.32	1.92	1.98	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	4.4%	3.84%	2.27%	4.54%	3.48%	3.68%	5.17%	4.37%	4.22%	—	—
Capex / operating cash flow	48%	-166.8%	29.2%	42.2%	57.6%	71.9%	59.6%	27%	37.1%	—	—
Payout ratio	38.5%	-99.8%	49%	34.6%	24.5%	21.5%	20%	17.6%	17.4%	19.2%	19.7%
Dividend yield	1.68%	2.46%	3.05%	2.61%	1.42%	1.15%	1.31%	0.83%	0.66%	0.49%	0.63%

Yield

0.63%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Aug 14, 2026

Payout ratio

20%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$0.20
May 29, 2026	$0.19
Feb 13, 2026	$0.19

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$236.5M	$208.5M	$223M	$255.9M	$247M	$226.2M	$245.3M	$293.3M	$280.4M	$244.1M	$265.9M	$315.7M
YoY change	-1.93%	-4.89%	-2.25%	+1.9%	+4.44%	+8.49%	+10%	+14.6%	+13.5%	+7.9%	+8.39%	+7.64%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	6.9M	5M	9.2M	4.3M	3M	3.5M	7.6M	7.2M	5.1M	3.9M
Receivables	57.3M	63.5M	64M	67.4M	90.6M	122.8M	129.3M	114.5M	131.8M	139.8M
Inventory	51.2M	59.7M	60.5M	54.4M	63.9M	95M	88.8M	74.6M	83.5M	78.2M
Total current assets	120.9M	135M	139.4M	131M	163M	227.7M	232M	202.8M	230.7M	231.5M
Property, plant & equipment	31.7M	27.7M	22.2M	27.3M	35.8M	54.1M	61.1M	72.9M	74.8M	89.9M
Goodwill & intangibles	348.9M	259.2M	248.3M	238.2M	294.2M	315.2M	300.9M	440.1M	571.1M	911.9M
Total assets	418.6M	391M	385.6M	389.3M	472.6M	567.3M	590.5M	657.9M	769.9M	986.3M
Accounts payable	29.8M	33.4M	29.3M	34.1M	37.3M	66.7M	53.7M	56.4M	61.2M	59.8M
Short-term debt	8M	9.9M	9.9M	11.4M	11.5M	9.9M	9.9M	9.9M	9.9M	3M
Total current liabilities	55.7M	60.6M	55.4M	62.2M	70.5M	101.5M	90.9M	103.3M	107.1M	104.8M
Long-term debt	94.6M	90.8M	74.7M	57.4M	99.1M	124.8M	110.4M	98.3M	149.8M	258.5M
Total liabilities	200.8M	188.7M	167.7M	155.8M	207.3M	264.7M	240.5M	251.9M	309.6M	452.3M
Shareholders' equity	217.8M	202.2M	217.9M	233.5M	265.2M	302.6M	350M	406M	460.3M	534M
Total debt	102.6M	100.6M	84.6M	68.8M	110.6M	134.7M	120.3M	108.3M	159.7M	261.5M
Net debt	95.8M	95.6M	75.4M	64.6M	107.6M	131.2M	112.8M	101.1M	154.6M	257.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	11M	5.7M	7.2M	8.9M	7.5M	8.3M	5.1M	14.5M	10.4M	8.2M	3.9M	8M
Receivables	124.8M	113M	114.5M	126.4M	115.2M	111.5M	131.8M	140.1M	131.1M	123.7M	139.8M	151.8M
Inventory	68.5M	68.8M	74.6M	81.2M	81.6M	81.6M	83.5M	95.7M	92.9M	85.9M	78.2M	79.9M
Total current assets	207.3M	195M	202.8M	222M	209.9M	210.4M	230.7M	256.4M	239.6M	228.2M	231.5M	248.8M
Property, plant & equipment	204.2M	216.9M	72.9M	225.8M	229.5M	233.5M	74.8M	256.5M	264.8M	270.6M	89.9M	286.7M
Goodwill & intangibles	297.8M	436.4M	440.1M	477.2M	470.9M	494.4M	571.1M	917.7M	926.4M	922.8M	911.9M	905.7M
Total assets	575.3M	644M	657.9M	702.7M	689.7M	707.2M	769.9M	988.3M	984.2M	976.5M	986.3M	1B
Accounts payable	61.2M	42.9M	56.4M	47.8M	51M	39.9M	61.2M	62.8M	55.3M	46.4M	59.8M	62.8M
Short-term debt	9.9M	9.9M	9.9M	9.9M	9.9M	9.9M	9.9M	9.8M	9.8M	9.8M	3M	3M
Total current liabilities	94.5M	79.7M	103.3M	98M	92.3M	84.3M	107.1M	110.9M	98.6M	97.2M	104.8M	109.6M
Long-term debt	59.3M	120.9M	98.3M	133.7M	103.5M	114.5M	149.8M	298.9M	283.4M	268.5M	258.5M	257.7M
Total liabilities	192.6M	250.3M	251.9M	281.5M	246.3M	250.3M	309.6M	503.7M	477.2M	457.6M	452.3M	458M
Shareholders' equity	382.7M	393.8M	406M	421.2M	443.4M	457M	460.3M	484.6M	507M	518.9M	534M	548.2M
Total debt	69.2M	130.8M	108.3M	143.6M	113.5M	124.4M	159.7M	308.7M	293.3M	278.3M	261.5M	260.7M
Net debt	58.2M	125.1M	101.1M	134.7M	105.9M	116.1M	154.6M	294.2M	282.8M	270.1M	257.5M	252.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	22.6M	-9.2M	24.4M	28.4M	41M	51.5M	60M	75.4M	84.3M	81.5M
Depreciation & amortization	20.9M	22.4M	21.8M	21.6M	22.7M	24.1M	27.4M	31.8M	39.9M	52.5M
Stock-based compensation	2.1M	1.4M	2M	2.3M	3.3M	3.8M	3.8M	4.9M	6.5M	8.6M
Change in working capital	-788K	-11.6M	-4.8M	4.5M	-30.7M	-40.1M	-12.4M	36.3M	-24.9M	188K
Operating cash flow	44.4M	-11.6M	43.2M	58.2M	36.1M	39.7M	81.1M	148.9M	110.7M	144.3M
Capital expenditure	-21.3M	-19.3M	-12.6M	-24.5M	-20.8M	-28.5M	-48.3M	-40.2M	-41.1M	—
Investing cash flow	-23.5M	-19.3M	-12.3M	-24.2M	-71.4M	-49.8M	-41.2M	-122.5M	-128M	-165.9M
Dividends paid	-8.7M	-9.2M	-12M	-9.8M	-10M	-11.1M	-12M	-13.2M	-14.6M	-15.7M
Share repurchases	-631K	0	-4.6M	-6.2M	-4.2M	-10M	-8.1M	-13.4M	-23.2M	-3M
Financing cash flow	-55.5M	-3.9M	37.6M	-65M	26.3M	7.4M	-32.1M	-37.4M	14.8M	78.6M
Net change in cash	-34.6M	-34.8M	68.5M	-30.9M	-9M	-2.7M	7.8M	-11M	-2.5M	57M
Free cash flow	23.2M	7.6M	35.4M	34.4M	23M	14.3M	29.1M	119.3M	70M	86.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	23.2M	14.9M	13.8M	28.9M	24.1M	15M	16.3M	29.2M	22.6M	14.3M	15.5M	28.3M
Depreciation & amortization	7.4M	8.3M	9M	9.3M	9.9M	10.1M	10.6M	12.3M	13.3M	13.4M	13.6M	13.9M
Stock-based compensation	1.3M	1.3M	1.4M	1.5M	1.8M	1.7M	1.5M	2.2M	2.4M	1.9M	2.1M	2.2M
Change in working capital	30.4M	-5.1M	7M	-23.8M	13M	-12M	-2.1M	-13.7M	3.7M	8.3M	1.9M	-12.1M
Operating cash flow	62.8M	20.3M	31.2M	16.9M	50.1M	16.2M	27M	31.5M	39.5M	35.6M	37.7M	35.2M
Capital expenditure	-9M	-11.3M	-11.9M	-10.6M	-10.6M	-8.7M	-11.1M	—	—	—	—	—
Investing cash flow	-12.1M	-86.4M	-16.1M	-35.8M	-10.5M	-26.5M	-55.1M	-151M	-10.5M	-4.5M	88K	-3.3M
Dividends paid	-3.4M	-3.4M	-3.4M	-3.4M	-3.8M	-3.8M	-3.8M	-3.8M	-4M	-4M	-4M	-4M
Share repurchases	-9.8M	-1.5M	-2.1M	-9.1M	0	0	-14.1M	0	0	0	-3M	-7M
Financing cash flow	-70.3M	116.2M	-36.5M	20M	-32.5M	6.2M	18.5M	142.5M	-24M	-19M	-22.5M	-16.1M
Net change in cash	-19.6M	50.1M	-21.4M	1M	7.1M	-4M	-9.6M	22.9M	5.1M	12.1M	15.3M	15.7M
Free cash flow	48.7M	13.7M	30M	6.9M	31M	12.3M	19.8M	17.9M	28.7M	21.2M	18.2M	23.5M

Date	Ratio
Mar 2, 2021	2:1
Mar 25, 1997	1:1
Mar 27, 1996	1:1
Mar 27, 1995	1:1
Mar 21, 1994	105:100
Mar 22, 1993	105:100
Mar 23, 1992	105:100
Mar 22, 1991	105:100
Mar 26, 1990	105:100
Apr 24, 1989	2:1

Hawkins, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history