Public Policy Holding Company (PPHC) Registration filing summary

Company overview and business model

• Operates a global portfolio of strategic communications, government relations, and public affairs firms, serving over 1,300 clients including nearly half of the Fortune 100.

• Business model combines scale and boutique quality by integrating specialized, stand-alone firms incentivized to collaborate.

• Services span government relations (lobbying), corporate communications, public affairs, compliance, and research, with a presence in the US, UK, Europe, Asia, and the Middle East.

• Growth strategy centers on targeted acquisitions and organic expansion, with recent acquisitions in Texas, California, and the UK.

• Revenue is primarily retainer-based, with high client retention and low client concentration risk.

Financial performance and metrics

• Revenue grew at a 28.1% CAGR from 2018 to 2024, reaching $149.6 million in 2024 and $87.9 million for the first half of 2025.

• Adjusted EBITDA for 2024 was $38.6 million (25.8% margin); net loss for 2024 was $24.0 million, primarily due to non-cash share-based charges.

• Organic revenue growth was 2.7% in 2024 and 7.6% for the first half of 2025.

• Cash flow from operations increased to $16.4 million in 2024; net debt rose to $17.5 million at year-end 2024 and $42.2 million at June 2025, reflecting acquisition financing.

• Top 10 clients accounted for 9.4% of revenue in 2025, down from 10.8% in 2023, indicating diversified revenue streams.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for working capital, general corporate purposes, and potential future acquisitions.

• No specific acquisitions are currently under contract or in advanced negotiations.

• Dividend policy targets a payout ratio of approximately 30% of Adjusted Net Income, subject to board discretion and debt covenants.