Diamond Hill Investment Group, Inc.

DHIL

DHILDiamond Hill Investment Group, Inc. US flag

NASDAQ Global Select

174.99

USD

+0.00

- -

473.29MMarket Cap

Income Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	64	67	81	105	124	136	145	146	137	126	182	154	137	151	147
+ Sales & Services Revenue	64	67	81	105	124	136	145	146	137	126	182	154	137	151	147
- Cost of Revenue	34	35	43	47	51	56	59	57	70	64	84	69	80	83	82
+ Cost of Goods & Services	34	35	43	47	51	56	59	57	70	64	84	69	80	83	82
Gross Profit	30	31	39	58	73	80	86	88	67	63	98	85	57	68	65
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	6	7	8	10	14	17	19	17	19	17	22	21	22	24	28
+ Selling, General & Admin	6	7	8	10	14	17	19	17	19	17	22	21	22	24	28
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	23	24	31	47	59	63	67	71	48	46	76	64	36	44	37
- Non-Operating (Income) Loss	- -	-2	-5	-3	1	-10	-14	6	-31	-7	-25	13	-23	-15	-31
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -	- -	-5	-1	- -	- -	- -	- -	- -	-2
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	5	1	- -	- -	- -	- -	- -	2
+ Other Non-Op (Income) Loss	- -	-2	-5	-3	1	-10	-14	11	-30	-7	-25	13	-23	-15	-29
Pretax Income	23	26	36	50	58	73	81	65	78	52	102	51	59	59	67
- Income Tax Expense (Benefit)	9	9	13	19	21	27	29	19	19	14	26	14	15	16	18
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	14	17	22	32	37	47	52	46	60	38	76	37	43	43	49
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	1	3	-2	10	-1	3	-7	2	- -	1
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	1	3	-2	10	-1	3	-7	2	- -	1
Income (Loss) Incl. MI	14	17	22	32	37	46	48	48	50	39	73	44	41	43	48
- Minority Interest	- -	- -	- -	- -	- -	-1	-2	1	-5	- -	-1	4	-1	- -	-1
Net Income, GAAP	14	17	22	32	37	46	50	47	55	39	74	40	42	43	49
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	14	17	22	32	37	46	50	47	55	39	74	40	42	43	49
EBIT	23	24	31	47	59	63	67	71	48	46	76	64	36	44	37
EBITDA	23	25	31	48	59	64	68	72	49	47	78	66	37	45	38
EBITDA Margin (%)	36.61	37.11	38.05	45.68	47.7	46.86	46.76	49.73	35.94	36.82	42.56	42.53	26.91	29.86	25.78
EBITA	23	24	31	47	59	63	67	71	48	46	76	64	36	44	37
Gross Margin (%)	46.2	46.85	47.68	55.26	58.79	58.74	59.25	60.53	49.1	49.48	53.76	55.08	41.78	45.13	43.92
Operating Margin (%)	36.09	36.65	37.68	45.39	47.19	46.34	46.14	48.93	35.09	36.03	41.86	41.64	25.97	29.05	24.97
Profit Margin (%)	22.46	25.4	27.21	30.2	29.8	33.84	34.43	32.53	40.23	30.59	40.73	26.17	30.89	28.58	33.15
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	5.07	8.1	3	3.99	4.99	6	7	8.03	9.19	11.81	23	10.2	5.99	6	10.05
Depreciation Expense	- -	- -	- -	- -	1	1	1	1	1	1	1	1	1	1	1
Basic Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Basic EPS, GAAP	4.86	5.44	6.8	9.52	10.86	13.5	14.4	13.54	16.68	12.03	23.4	13.43	14.32	15.66	18.02
Basic EPS from Cont Ops	4.86	5.44	6.8	9.52	10.86	13.66	14.87	13.24	18.14	11.87	23.83	12.25	14.61	15.66	18.24
Diluted Weighted Avg Shares	3	3	3	3	3	3	3	4	3	3	3	3	3	3	3
Diluted EPS, GAAP	4.86	5.44	6.8	9.52	10.86	13.49	14.4	13.48	15.99	12.03	23.34	13.01	14.32	15.66	18.02
Diluted EPS from Cont Ops	4.86	5.44	6.8	9.52	10.86	13.65	14.87	13.18	17.39	11.87	23.78	11.86	14.61	15.66	18.24

Balance Sheet (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	27	22	48	54	79	79	102	107	117	120	104	85	70	67	66
+ Cash, Cash Equivalents & STI	15	8	33	36	57	57	77	84	93	98	81	63	47	42	42
+ Cash & Cash Equivalents	15	8	33	36	57	57	77	84	93	98	81	63	47	42	42
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	10	13	13	17	20	20	23	20	21	18	20	19	20	22	20
+ Accounts Receivable, Net	10	10	13	17	19	19	19	20	17	18	20	17	18	20	19
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	2	- -	- -	1	1	4	- -	4	- -	- -	1	2	2	1
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	1	1	1	2	2	2	2	2	3	3	3	3	4	4	3
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	11	20	28	54	66	121	148	219	156	144	183	164	162	178	195
+ Property, Plant & Equip, Net	1	1	1	- -	- -	4	4	4	6	7	6	4	3	8	10
+ Property, Plant & Equip	1	1	1	- -	- -	7	8	9	12	14	14	13	13	20	22
- Accumulated Depreciation	- -	- -	- -	- -	- -	3	4	5	6	7	8	9	10	11	13
+ LT Investments & Receivables	8	17	19	45	52	108	138	203	139	128	167	146	148	160	177
+ LT Investments	8	17	19	45	52	108	138	203	139	128	167	146	148	160	177
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	2	2	8	8	13	9	6	11	10	8	10	14	12	10	7
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2	2	8	8	13	9	6	11	10	8	10	14	12	10	7
Total Assets	38	41	75	108	145	200	250	326	273	263	286	250	232	245	260
+ Payables & Accruals	3	3	10	8	8	10	12	18	9	8	9	9	5	6	7
+ Accounts Payable	- -	- -	4	7	8	- -	- -	16	9	8	9	9	- -	- -	- -
+ Accrued Taxes	- -	- -	5	1	- -	- -	- -	3	- -	- -	1	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	3	3	- -	- -	- -	10	12	- -	- -	- -	- -	- -	5	6	7
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	17	16	20	20	22	23	25	27	27	28	37	32	30	32	28
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	17	16	20	20	22	23	25	27	27	28	37	32	30	32	28
Total Current Liabilities	20	19	29	28	30	32	37	45	35	36	47	41	35	37	35
+ LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	6	6
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	6	6
+ Other LT Liabilities	- -	1	1	6	10	14	20	22	30	33	37	31	36	39	43
+ Accrued Liabilities	- -	1	1	6	10	14	20	22	30	33	37	31	36	39	43
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	- -	1	1	6	10	14	20	22	30	33	37	31	37	45	49
Total Liabilities	20	20	30	33	40	47	58	67	66	70	84	72	72	83	84
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	14	20	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	100	131	145	170	205	219	236	250	96	81	80	52	22	28	51
+ Common Stock	50	65	73	85	103	109	118	125	96	81	80	52	22	28	51
+ Additional Paid in Capital	50	65	73	85	103	109	118	125	- -	- -	- -	- -	- -	- -	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-20	-29	-16	2	22	48	73	93	117	118	119	129	154	150	154
+ Other Equity	-12	- -	-11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	18	22	45	74	105	139	172	196	193	184	184	164	160	162	176
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	14	20	63	14	9	18	14	- -	- -	- -
Total Equity	18	22	45	74	105	153	193	258	207	193	202	178	160	163	176
Total Liabilities & Equity	38	41	75	108	145	200	250	326	273	263	286	250	232	245	260
Shares Outstanding	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	6	6
Net Debt	-15	-8	-33	-36	-57	-57	-77	-84	-93	-98	-81	-63	-47	-42	-42
Net Debt to Equity	-84.45	-36.21	-73.66	-48.14	-54.57	-37.36	-39.79	-32.69	-45.01	-50.91	-39.84	-35.54	-29.31	-25.61	-24.05
Tangible Common Equity Ratio	47.85	52.71	59.64	69	72.54	69.71	68.87	79.29	75.93	73.53	70.65	71.17	69.07	66.32	67.75
Current Ratio	1.35	1.15	1.63	1.96	2.67	2.43	2.73	2.38	3.32	3.28	2.22	2.07	2.01	1.81	1.87
Cash Conversion Cycle	54.24	56.77	35.19	10.16	0.93	24.99	47.54	0.11	-13.48	2.92	2.38	-2.1	26.18	46.21	48.97

Cash Flow Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	14	17	22	32	37	47	52	46	60	38	76	37	43	43	49
+ Depreciation & Amortization	- -	- -	- -	- -	1	1	1	1	1	1	1	1	1	1	1
+ Non-Cash Items	5	3	2	5	8	-6	-1	23	-12	5	-12	28	-5	4	-10
+ Stock-Based Compensation	5	6	7	7	9	8	9	9	9	8	7	11	12	12	13
+ Deferred Income Taxes	- -	-2	- -	- -	- -	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	-1	-5	-2	-1	-13	-10	14	-21	-3	-20	18	-17	-8	-24
+ Chg in Non-Cash Work Cap	3	5	10	6	7	-21	10	-43	8	16	-38	-27	-5	-32	-47
+ (Inc) Dec in Accts Receiv	-2	- -	-3	-4	-2	- -	-2	-1	-5	-1	-3	3	-3	-2	1
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	7	- -	17	1	6	11	4	12	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	-2	5	-4	9	3	-33	7	-54	13	16	-35	-30	-1	-29	-48
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	23	25	35	43	52	20	61	28	57	60	26	39	35	17	-7
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	-1	-2	-2	- -	-1	-1	-1	-2	-1	- -	- -	-1	-2
+ Acq of Fixed Prod Assets	- -	- -	-1	-2	-2	- -	-1	-1	-1	-2	-1	- -	- -	-1	-2
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	-1	-2	-1	-4	-10	-5	-9	-40	-21	-9	-42	-40	-37	-21
+ Increase in Capital Stock	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-1	-1	-2	-1	-4	-10	-5	-9	-40	-21	-9	-42	-40	-37	-21
+ Net Change in LT Investment	3	-7	2	-25	-10	-6	-17	-3	12	11	19	-1	-4	32	35
+ Dec in LT Investment	4	- -	4	- -	12	20	4	3	49	26	41	7	15	47	47
+ Inc in LT Investment	-1	-7	-2	-25	-22	-26	-21	-6	-37	-15	-21	-8	-19	-15	-12
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	1	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	1	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	-1	- -	- -	- -	9	7	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	3	-7	2	-27	-12	-6	-19	-4	11	8	27	6	-4	31	33
+ Dividends Paid	-15	-25	-10	-13	-17	-20	-24	-28	-30	-38	-73	-31	-18	-17	-27
+ Net Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Repayments of Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	-1	2	1	1	3	16	6	21	11	-4	11	10	11	1	23
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-16	-25	-11	-13	-18	-15	-23	-16	-59	-63	-72	-63	-47	-52	-25
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	9	-7	25	3	22	- -	19	8	9	5	-18	-17	-16	-5	1
EBITDA	23	25	31	48	59	64	68	72	49	47	78	66	37	45	38
EBITDA Margin (%)	36.61	37.11	38.05	45.68	47.7	46.86	46.76	49.73	35.94	36.82	42.56	42.53	26.91	29.86	25.78
Free Cash Flow	22	24	34	41	50	20	60	27	56	57	25	39	35	15	-9
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	-1	-1	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	22	24	34	41	50	20	60	27	56	57	25	39	35	15	-9
Free Cash Flow to Equity	22	24	34	41	50	33	66	7	56	57	25	39	35	15	-9
Free Cash Flow per Basic Share	7.61	7.82	10.46	12.39	14.78	5.74	17.24	7.82	17.08	17.83	7.95	13.08	11.75	5.53	-3.35
Price/Free Cash Flow	9.51	8.52	10.98	10.38	12.04	34.94	11.56	18.17	8.37	7.71	22.52	14.53	14.07	23.81	-109.62
Cash Flow to Net Income	1.58	1.45	1.56	1.35	1.4	0.44	1.22	0.59	1.04	1.55	0.35	0.98	0.82	0.38	-0.14
Capital Expenditures	- -	- -	-1	-2	-2	- -	-1	-1	-1	-2	-1	- -	- -	-1	-2