When do two sentences say the same thing, that is, express the same content? We defend two-component (2C) semantics: the view that propositional contents comprise (at least) two irreducibly distinct constituents: (1) truth-conditions and (2) subject-matter. We contrast 2C with one-component (1C) semantics, focusing on the view that subject-matter is reducible to truth-conditions. We identify exponents of this view and argue in favor of 2C. An appendix proposes a general formal template for propositional 2C semantics.