Graham Holdings Co. Class B Common Stock (GHC) 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 %
Q2 26	$14.8	$19.5	+31.2%	—	$1.3B	—
Q1 26	$13.1	$16.8	+28.1%	—	$1.2B	—
Q4 25	$14.1	$11.4	-18.5%	—	$1.3B	—
Q3 25	$11.2	$14.1	+25.4%	—	$1.3B	—
Q2 25	$10.2	$14.3	+41.2%	—	$1.2B	—
Q1 25	$10.8	$11.6	+7.8%	—	$1.2B	—
Q4 24	$22.1	$22.6	+2.1%	—	$1.2B	—
Q3 24	$15.3	$17.3	+12.7%	—	$1.2B	—
Q2 24	$8.74	$12.7	+45.3%	—	$1.2B	—
Q1 24	$8.96	$11.2	+25.4%	—	$1.2B	—
Q4 23	$12.5	$10.9	-12.7%	—	$1.2B	—
Q3 23	$7.9	$10.4	+32.3%	—	$1.1B	—
Q2 23	$10.2	$13	+27.0%	—	$1.1B	—
Q1 23	$8.87	$8.36	-5.7%	—	$1B	—
Q4 22	$18.8	$18.8	-0.2%	—	$1.1B	—
Q3 22	$13.6	$15.7	+15.2%	—	$1B	—

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 %
FY25	—	$67.1	—	—	$4.9B	—
FY24	—	$164.6	—	—	$4.8B	—
FY23	—	$44	—	—	$4.4B	—
FY22	—	$13.8	—	—	$3.9B

Total revenue

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

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.5B	$2.6B	$2.7B	$2.9B	$2.9B	$3.2B	$3.9B	$4.4B	$4.8B	$4.9B
YoY change	-4.03%	+4.43%	+4.02%	+8.76%	-1.47%	+10.3%	+23.2%	+12.5%	+8.52%	+2.52%

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.5B	2.6B	2.7B	2.9B	2.9B	3.2B	3.9B	4.4B	4.8B	4.9B
Cost of revenue	1.3B	1.5B	1.6B	1.9B	1.9B	2.1B	2.7B	3.1B	3.3B	3.4B
Gross profit	1.2B	1.1B	1.1B	983.9M	977M	1.1B	1.3B	1.3B	1.5B	1.5B
Gross margin	48.8%	43.9%	41.1%	33.6%	33.8%	33.6%	32.3%	29.7%	30.6%	29.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	896.1M	887.8M	750.9M	717.7M	715.4M	831.9M	921.7M	1B	1.1B	1.1B
Operating expenses	2.2B	2.3B	2.4B	2.7B	715.4M	831.9M	921.7M	1B	1.1B	1.1B
Operating income	224.5M	146M	254.3M	153.7M	130.6M	110.3M	212.9M	168.5M	265.3M	247.3M
Operating margin	9.04%	5.63%	9.43%	5.24%	4.52%	3.46%	5.42%	3.82%	5.54%	5.03%
Non-operating income, net	58.5M	64.1M	101.8M	296.4M	311.1M	369.8M	-40M	186.7M	935.7M	312.9M
Pretax income	250.7M	182.8M	323.5M	426.5M	407.3M	449.6M	121.7M	299M	1B	449.7M
Income tax	81.2M	-119.7M	52.1M	98.6M	107.3M	96.3M	51.3M	87.3M	292.1M	146.4M
Net income	169.5M	302.5M	271.4M	327.9M	300M	353.3M	70.4M	211.7M	732.6M	303.3M
Net margin	6.83%	11.7%	10.1%	11.2%	10.4%	11.1%	1.79%	4.8%	15.3%	6.17%
EBITDA	394.6M	339.6M	490.3M	539.9M	452M	484.7M	743.3M	608.2M	1.3B	572.1M
EPS	29.9	54.2	50.5	61.7	58.3	70.7	13.8	44	164.6	67.1
Diluted EPS	29.8	53.9	50.2	61.2	58.1	70.5	13.8	43.8	163.4	66.5

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.2B	1.3B
Cost of revenue	781.6M	826.3M	820M	831.9M	826.8M	845.9M	819.4M	839.4M	904.4M	878.5M	857.2M	910.5M
Gross profit	329.9M	340.5M	332.7M	353.4M	380.4M	399.9M	346.6M	376.3M	374.5M	372.5M	378.8M	392M
Gross margin	29.7%	29.2%	28.9%	29.8%	31.5%	32.1%	29.7%	31%	29.3%	29.8%	30.6%	30.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	254.8M	266M	264M	269M	269M	274.9M	270.7M	276.7M	276.1M	286.7M	277.5M	284.1M
Operating expenses	254.8M	266M	264M	269M	269M	274.9M	270.7M	276.7M	276.1M	286.7M	277.5M	284.1M
Operating income	41.2M	40.8M	35.4M	52.2M	81.6M	96M	47.5M	72.8M	69.4M	57.7M	76.9M	83.6M
Operating margin	3.71%	3.5%	3.07%	4.4%	6.76%	7.71%	4.07%	5.98%	5.42%	4.61%	6.22%	6.42%
Non-operating income, net	-43.1M	54.8M	150.5M	22.3M	55M	707.8M	65.9M	3.7M	129.4M	113.9M	-22.5M	249.1M
Pretax income	-11.7M	72.6M	168.8M	-14.7M	113M	757.6M	33.6M	60.6M	183M	172.4M	40.7M	317.5M
Income tax	9.4M	16.9M	43.5M	4.1M	38.5M	206M	7.9M	20.2M	56.8M	61.5M	9.9M	35.1M
Net income	-21.1M	55.7M	125.3M	-18.8M	74.5M	551.6M	25.7M	40.4M	126.2M	110.9M	30.8M	282.4M
Net margin	-1.9%	4.77%	10.9%	-1.59%	6.17%	44.3%	2.21%	3.32%	9.87%	8.86%	2.49%	21.7%
EBITDA	228.6M	126.9M	133.1M	129.8M	180.1M	862.3M	119M	148.6M	162.5M	142.1M	184.8M	276M
EPS	-5.02	—	27.9	-4.79	16.5	126.6	5.5	8.43	28.2	24.9	6.68	65.5
Diluted EPS	-5.02	—	27.7	-4.79	16.4	125.5	5.45	8.35	27.9	24.7	6.62	64.9

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.8B	3.1B	3.4B	3.4B	2.7B	3.1B	2.9B	3.2B	3.8B	4.8B	4.8B
Enterprise value	2.2B	2.6B	3.1B	3.7B	2.8B	3.3B	3.3B	3.6B	3.9B	4.7B	5.2B
Shares outstanding	5.6M	5.5M	5.3M	5.3M	5.1M	5M	4.8M	4.6M	4.4M	4.3M	4.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.8	10.2	12.6	10.3	9.11	8.83	41.4	15.3	5.2	15.7	9.18
P/S	1.15	1.19	1.27	1.15	0.95	0.98	0.74	0.73	0.8	0.97	0.95
P/B	1.16	1.06	1.17	1.02	0.73	0.71	0.78	0.81	0.88	0.98	1.01
EV/EBITDA	5.68	7.73	6.37	6.78	6.11	6.81	4.46	5.95	2.96	8.26	7.83
EV/Sales	0.9	1.01	1.16	1.25	0.96	1.04	0.84	0.82	0.81	0.96	1.02
Earnings yield	5.95%	9.82%	7.94%	9.71%	11%	11.3%	2.42%	6.55%	19.2%	6.37%	10.9%
FCF yield	6.84%	6.74%	5.53%	2.12%	5.16%	1.28%	5.25%	5.15%	8.5%	5.79%	5.54%
PEG	—	—	—	—	—	—	—	—	—	—	0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	48.8%	43.9%	41.1%	33.6%	33.8%	33.6%	32.3%	29.7%	30.6%	29.9%	30.1%
Operating margin	9.04%	5.63%	9.43%	5.24%	4.52%	3.46%	5.42%	3.82%	5.54%	5.03%	19.7%
Net margin	6.83%	11.7%	10.1%	11.2%	10.4%	11.1%	1.79%	4.8%	15.3%	6.17%	10.7%
ROE	6.91%	10.4%	9.31%	9.86%	7.96%	8.01%	1.88%	5.29%	16.9%	6.23%	11.9%
ROA	3.82%	6.13%	5.7%	5.53%	4.65%	4.76%	1.07%	2.95%	9.54%	3.61%	4.39%
ROIC	8.21%	5.93%	8.12%	3.27%	2.54%	1.89%	2.97%	2.72%	4.33%	3.45%	4.51%
Return on tangible assets	9.22%	18.2%	18.8%	13.6%	10.6%	10.6%	2.56%	5.99%	17.3%	6.37%	12.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.29	1.98	1.89	1.6	1.87	1.58	1.47	1.5	1.75	1.75	1.86
Quick ratio	2.24	1.91	1.8	1.48	1.74	1.46	1.27	1.26	1.5	1.53	1.59
Debt / equity	0.2	0.17	0.16	0.33	0.27	0.26	0.32	0.31	0.27	0.27	0.3
Debt / assets	0.11	0.1	0.1	0.18	0.16	0.15	0.18	0.17	0.15	0.16	0.16
Net debt / EBITDA	-1.53	-1.34	-0.59	0.52	0.06	0.37	0.54	0.63	0.04	-0.06	0.12
Interest coverage	8.08	6.39	9.54	15.3	11.6	14.2	3.24	5.72	6.5	4.79	14.8
Effective tax rate	32.4%	0%	16.1%	23.1%	26.3%	21.4%	42.1%	29.2%	28.5%	32.6%	22.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	446.5	469.9	505.5	554.8	563.8	643.5	813.7	951.7	1.1K	1.1K	1.2K
EPS (basic)	29.9	54.2	50.5	61.7	58.3	70.7	13.8	44	164.6	67.1	67.1
EPS (diluted)	29.8	53.9	50.2	61.2	58.1	70.5	13.8	43.8	163.4	66.5	123.7
Book value per share	441.3	528.5	546.9	629.5	735	891.1	778.1	862.7	990.5	1.1K	1.1K
FCF per share	35	37.7	35.4	13.6	27.5	8.06	31.7	35.9	74.1	63.6	57.5
Cash per share	197.4	171.7	144	151.4	195.5	196	164.2	186.9	256.1	313.1	294.2
Capex per share	12	10.9	18.4	17.7	13.6	32.8	17.1	20.1	19	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.68%	2.33%	3.64%	3.19%	2.41%	5.1%	2.11%	2.12%	1.73%	—	—
Capex / operating cash flow	27.1%	22.3%	23.1%	20.3%	12.7%	31.7%	26.9%	20.3%	6.36%	—	—
Payout ratio	16.1%	9.37%	10.5%	9.01%	9.99%	8.53%	43.6%	14.6%	4.14%	10.3%	5.95%
Dividend yield	0.96%	0.92%	0.84%	0.88%	1.1%	0.97%	1.05%	0.96%	0.8%	0.66%	0.66%

Yield

0.66%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.88

ex-dividend Jul 16, 2026

Payout ratio

of earnings

Dividend growth

9 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jul 16, 2026	$1.88
Apr 16, 2026	$1.88
Feb 4, 2026	$1.88

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.3B	$1.3B	$1.2B	$1.3B
YoY change	+9.79%	+9.66%	+11.7%	+7.27%	+8.6%	+6.77%	+1.15%	+2.57%	+5.94%	+0.42%	+6.01%	+7.13%

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.1B	947.2M	767.8M	800.1M	1B	970.3M	791.7M	866.9M	1.1B	1.4B
Receivables	591.9M	600.2M	538M	—	—	589.6M	504.8M	496.2M	477.8M	519.1M
Inventory	34.8M	60.6M	69.5M	120.8M	120.6M	141.5M	226.8M	297.2M	295.8M	303.4M
Total current assets	1.9B	1.7B	1.5B	1.7B	1.8B	1.8B	1.7B	1.8B	2.1B	2.4B
Property, plant & equipment	145.4M	151.4M	184.4M	777.9M	664.2M	694.3M	729.1M	730.7M	688.8M	707.6M
Goodwill & intangibles	2.6B	3.3B	3.3B	3.5B	3.6B	4.1B	3.8B	3.7B	3.4B	3.6B
Total assets	4.4B	4.9B	4.8B	5.9B	6.4B	7.4B	6.6B	7.2B	7.7B	8.4B
Accounts payable	352.4M	385.9M	337.1M	367M	106.2M	127M	136.2M	154.5M	160.4M	181M
Short-term debt	6.1M	6.7M	6.4M	174.9M	93.2M	219.4M	225.8M	131M	84.8M	239.4M
Total current liabilities	819M	878.6M	812.2M	1B	949.6M	1.2B	1.1B	1.2B	1.2B	1.4B
Long-term debt	485.7M	486.6M	470.8M	907.7M	935M	931M	964.2M	1.1B	1.1B	1.1B
Total liabilities	2B	2B	1.8B	2.6B	2.7B	3B	2.8B	3.2B	3.3B	3.5B
Shareholders' equity	2.5B	2.9B	2.9B	3.3B	3.8B	4.4B	3.8B	4B	4.3B	4.9B
Total debt	491.8M	493.3M	477.1M	1.1B	1B	1.2B	1.2B	1.3B	1.2B	1.3B
Net debt	-157M	103.3M	223.9M	882.4M	614.2M	1B	1B	1.1B	908.5M	1.1B

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	832.3M	866.9M	933.8M	962.8M	1.1B	1.1B	1.1B	1.1B	1.2B	1.4B	1.1B	1.2B
Receivables	—	496.2M	468.4M	434.4M	486.5M	477.8M	459.6M	419.3M	494.5M	519.1M	462M	419.5M
Inventory	279.2M	297.2M	326.7M	323.5M	306.5M	295.8M	262.5M	267.2M	306.3M	303.4M	306.9M	333.5M
Total current assets	1.8B	1.8B	2B	1.9B	2.1B	2.1B	2B	2B	2.2B	2.4B	2.2B	2.3B
Property, plant & equipment	946.5M	730.7M	944.2M	949.8M	971.2M	688.8M	936.4M	951.8M	963.9M	707.6M	963.5M	974M
Goodwill & intangibles	3.6B	3.7B	3.6B	3.5B	3.6B	3.4B	3.4B	3.5B	3.6B	3.6B	3.6B	3.6B
Total assets	6.7B	7.2B	7.3B	7.2B	7.4B	7.7B	7.6B	7.6B	7.9B	8.4B	8.2B	8.1B
Accounts payable	136.5M	154.5M	137.7M	153.1M	161.7M	160.4M	146.6M	164.1M	176.5M	181M	167.7M	175.7M
Short-term debt	87.5M	131M	137.6M	162.2M	95.7M	84.8M	210.3M	563M	487.5M	239.4M	165.7M	252.8M
Total current liabilities	1.2B	1.2B	1.2B	1.2B	1.3B	1.2B	1.2B	1.6B	1.7B	1.4B	1.2B	1.2B
Long-term debt	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	690.1M	686.1M	1.1B	1.1B	1.1B
Total liabilities	2.9B	3.2B	3.2B	3.2B	3.3B	3.3B	3.2B	3.2B	3.3B	3.5B	3.4B	3.3B
Shareholders' equity	3.7B	4B	4.1B	4B	4.1B	4.3B	4.4B	4.4B	4.5B	4.9B	4.8B	4.8B
Total debt	1.2B	1.3B	1.2B	1.3B	1.2B	1.2B	1.3B	1.3B	1.2B	1.3B	1.2B	1.3B
Net debt	1B	1.1B	1.1B	1.1B	968.6M	908.5M	1.1B	1.1B	982.8M	1.1B	1.1B	1.2B

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	169.5M	302.5M	271.4M	327.9M	300M	353.3M	70.4M	211.7M	732.6M	303.3M
Depreciation & amortization	92.9M	113.3M	112.2M	205.8M	251.2M	236M	328.7M	302.9M	237.2M	172.2M
Stock-based compensation	13.4M	10.2M	6.4M	6.3M	6.3M	5.7M	6.1M	6.7M	6.3M	5.7M
Change in working capital	-40.9M	-10.1M	39.5M	-148.9M	-37M	-143.6M	-93.6M	-93.6M	97.4M	19M
Operating cash flow	245.5M	270.5M	424.6M	461.1M	548.8M	513.4M	307.5M	461.1M	1.3B	347.2M
Capital expenditure	-66.6M	-60.4M	-98.2M	-93.5M	-69.6M	-162.5M	-82.7M	-93.4M	-82.9M	—
Investing cash flow	-311.3M	-442M	-231M	-236.7M	199.4M	-494.6M	-184.1M	-153M	-62.3M	-107.6M
Dividends paid	-27.3M	-28.3M	-28.6M	-29.6M	-30M	-30.1M	-30.7M	-31M	-30.3M	-31.4M
Share repurchases	-108.9M	-50.8M	-118M	-2.1M	-161.8M	-55.7M	-71.4M	-193.2M	-114.1M	-3.5M
Financing cash flow	-43.1M	-109.6M	-192.5M	18.1M	-229.1M	20.5M	-18.1M	-204.1M	-241M	-165.5M
Net change in cash	-108.8M	-281.1M	1.1M	242.5M	519M	39.2M	105.4M	104.1M	999.6M	74.1M
Free cash flow	194.6M	207.7M	188.8M	71.7M	141.1M	39.9M	152.9M	166.4M	324.1M	275.3M

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-21.1M	55.7M	125.3M	-18.8M	74.5M	551.6M	25.7M	40.4M	126.2M	110.9M	30.8M	282.4M
Depreciation & amortization	150M	51.3M	50.1M	48M	71.1M	68M	42.5M	41.5M	44.5M	43.7M	39.3M	38.8M
Stock-based compensation	1.7M	1.7M	1.4M	1.6M	1.6M	1.6M	1.5M	1.6M	1.7M	921K	1.5M	1.6M
Change in working capital	6.4M	-55.7M	-12.6M	13.1M	84.3M	12.6M	97.2M	-19.6M	8M	-66.6M	5.9M	-68.1M
Operating cash flow	134M	67.6M	177.2M	40.7M	237.5M	847.5M	167.8M	94.8M	178.1M	28.3M	67.7M	52.7M
Capital expenditure	-16.5M	-36M	-20.8M	-18.8M	-9.8M	-33.6M	-14.5M	—	—	—	—	—
Investing cash flow	-96.5M	-33.5M	-21M	-20.8M	6.1M	-26.6M	-18.6M	5M	-58.5M	-50.1M	29M	-38.6M
Dividends paid	-7.8M	-7.4M	-7.7M	-7.7M	-7.6M	-7.4M	-7.8M	-7.8M	-7.8M	-7.9M	-8.2M	-8.1M
Share repurchases	-63.2M	-60.9M	-20M	-29.5M	-48.7M	-15.9M	-3.5M	0	0	0	-34.1M	-87.8M
Financing cash flow	-285.2M	-133.1M	1.5M	-56M	-155.3M	-53.8M	-121.7M	-66.8M	-27.9M	-537.5M	-152.1M	-33.5M
Net change in cash	-247.7M	-99.1M	157.7M	-36.1M	88.4M	767M	27.5M	33M	91.7M	-559.3M	-55.4M	-19.4M
Free cash flow	120M	25.1M	-20.2M	33.7M	219.4M	91.1M	30.5M	78M	161.8M	5M	48.6M	32.6M

Date	Ratio
Jul 1, 2015	1655:1000
Jan 8, 1979	2:1
Dec 20, 1976	2:1

Graham Holdings Co. Class B Common Stock 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