Public Policy Holding Company, Inc.

For the period ended Sep 30, 2026. Filed Nov 10, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 10, 2026

PPHC$10.96-1.0%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

	Nine months ended September 30,
	2026	2025
Cash Flows from Operating Activities:
Net loss	$(14,995)	$(23,786)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	153	146
Amortization expense - intangibles	5,030	4,486
Amortization of right of use assets	4,205	3,397
Amortization of prepaid post-combination compensation	4,959	6,474
Accretion of other liability	6,017	4,069
Amortization of debt discount	94	164
Provision for deferred income taxes	(5,757)	(1,609)
Share-based accounting charge	21,885	22,232
Stock-based compensation	4,791	4,623
Post-combination compensation charge-shares	2,765	2,160
Change in fair value of contingent consideration	8,845	4,950
Gain on bargain purchase	(10,696)	—
Expected credit losses	1,728	2,349
Decrease (increase) in:
Contract and unbilled receivables	(11,576)	(8,321)
Prepaid post-combination expense	(27,526)	(10,306)
Prepaid expenses and other assets	(2,756)	(1,097)
Transactions with members and related parties	806	461
Increase (decrease) in:
Accounts payable and accrued expenses	(2,902)	342
Income taxes payable and receivable	3,831	2,326
Deferred revenue	2,116	1,765
Contingent consideration	(1,447)	(3)
Operating lease liability	(3,245)	(3,797)
Other liabilities	(2,804)	(996)
Net Cash (Used in) Provided by Operating Activities	(16,479)	10,030
Cash Flows from Investing Activities:
Purchases of property and equipment	(720)	(222)
Proceeds issued for notes receivable - related parties	—	(500)
Proceeds received for notes receivable - related parties	400	—
Cash paid for acquisitions, net of cash acquired	(9,226)	(20,991)
Net Cash Used in Investing Activities	(9,546)	(21,713)
Cash Flows from Financing Activities:
Proceeds from initial public offering, net of underwriting fees of $3.0 million	42,866	—
Proceeds from notes payable	—	24,000
Payment of debt issuance costs	—	(115)
Payment of deferred equity offering costs	(4,151)	(1,472)
Principal payment of note payable	(7,280)	(6,455)
Payment of contingent considerations	(306)	(726)
Dividends paid	(7,041)	(7,112)
Net Cash Provided by Financing Activities	24,088	8,120
Effect of foreign exchange rate changes on cash and cash equivalents	(59)	172
Net Change in Cash and Cash Equivalents	(1,996)	(3,391)
Cash and Cash Equivalents as of Beginning of Period	20,436	14,536
Cash and Cash Equivalents at the End of Period	$18,440	$11,145

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

	Nine months ended September 30,
	2026	2025
Supplemental disclosure of cash flow information:
Cash paid for interest	$2,131	$2,304
Cash paid for income taxes	$5,481	$8,060
Common stock received for repayment of note receivable with Alpine Group	$—	$532
Right of use assets obtained with lease liabilities	$11,270	$265
Right of use assets obtained with business combinations	$2,447	$1,806
Contingent consideration issued for acquisitions	$—	$2,871
Common stock issued for acquisitions	$—	$1,281
Stock issued for settlement of other liability	$1,211	$342
Accrued deferred equity offering costs	$—	$298
Consideration owed to Tancredi Sellers	$498	$—
Stock issued for settlement of contingent consideration	$1,727	$—
Dividends declared	$3,557	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.