2025 Q3 Results

Summary by AI ^BETAClose X

Public Policy Holding Company, Inc. reported a revenue increase of 23.8% to $48.8 million for the third quarter of 2025, with organic growth contributing 4.5% and acquisitions driving the remainder. The company experienced a net loss of $7.4 million, an increase from $6.7 million in the prior year's quarter, primarily due to a $2.8 million rise in the change in fair value of contingent consideration, partially offset by a decrease in share-based accounting charges. Adjusted EBITDA rose by 15.2% to $11.5 million, representing a 23.6% margin, while Adjusted Net Income increased by 23.1% to $9.8 million. For the nine months ended September 30, 2025, revenue grew by 23.6% to $136.7 million, with GAAP net losses widening to $23.8 million from $17.3 million, largely due to increased post-combination compensation charges and changes in contingent consideration. Adjusted EBITDA reached a record $33.0 million, up 14.5%, and Adjusted Net Income was $25.3 million, up 21.1%.

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Public Policy Holding Company, Inc. (DI) (REG S, CAT3) (PPHC)

UK 100

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	September 30, 2025	December 31, 2024
	(Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents	$ 11,145	$ 14,536
Contract receivables, net	25,124	18,285
Notes receivable - related parties, current portion	350	863
Income taxes receivable	882	3,185
Prepaid post-combination compensation, current portion	6,039	6,070
Prepaid expenses and other current assets	5,672	2,726
Total current assets	49,211	45,665
Property and equipment at cost, less accumulated depreciation	856	751
Notes receivable - related parties, long term	1,550	1,050
Operating lease right of use asset	17,103	18,428
Goodwill	66,690	64,308
Other intangible assets, net of accumulated amortization	41,641	32,144
Deferred income tax asset	22,506	11,038
Prepaid post-combination compensation, long term	4,751	888
Other long-term assets	276	189
TOTAL ASSETS	$ 204,584	$ 174,460
LIABILITIES AND EQUITY:
Current liabilities:
Accounts payable and accrued expenses	21,912	20,044
Amounts owed to related parties	1,017	556
Deferred revenue	4,931	3,150
Operating lease liability, current portion	5,500	4,827
Contingent consideration, current portion	8,272	2,093
Other liability, current portion	602	1,135
Notes payable, current portion, net	8,177	6,031
Total current liabilities	50,411	37,836
Notes payable, long term, net	41,462	26,014
Contingent consideration, long term	9,777	8,803
Other liability, long term	7,013	3,745
Operating lease liability, long term	14,408	16,808
Total liabilities	$ 123,072	$ 93,206
Stockholders' equity:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 25,134,706 and 24,017,597 shares issued and outstanding as of September 30, 2025, and December 31, 2024, respectively	23	23
Additional paid-in capital	226,929	197,489
Accumulated deficit	(146,621)	(115,721)
Accumulated other comprehensive income (loss)	1,181	(536)
Total stockholders' equity	81,513	81,254
TOTAL LIABILITIES AND EQUITY	$ 204,584	$ 174,460

	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Revenue	$ 48,787	$ 39,415	$ 136,686	$ 110,549
Operating expenses:
Salaries and other personnel costs	41,940	33,537	114,605	92,421
Office and other direct costs	1,918	1,492	5,204	4,227
Cost of services	43,858	35,029	119,808	96,647
Salaries, general and administrative	6,882	8,412	23,908	21,088
Mergers and acquisitions expense	130	97	406	1,655
Depreciation and amortization expense	1,551	1,189	4,319	3,047
Change in fair value of contingent consideration	2,270	(498)	4,946	1,766
Total operating expenses	54,691	44,230	153,387	124,202
Loss from operations	(5,904)	(4,815)	(16,701)	(13,654)
Gain on bargain purchase	-	-	-	2,464
Interest income	27	42	89	140
Interest expense	(981)	(751)	(2,481)	(1,348)
Other expense	(7)	-	(30)	-
Net loss before income taxes	(6,866)	(5,524)	(19,124)	(12,399)
Income tax expense	(574)	(1,187)	(4,662)	(4,894)
Net loss	$ (7,440)	$ (6,711)	$ (23,786)	$ (17,292)

Net loss per share attributable to common stockholders, basic and diluted	$ (0.45)	$ (0.67)	$ (1.51)	$ (1.89)
Basic and diluted	17,403,040	13,654,190	17,165,104	13,126,771

Net loss	$ (7,440)	$ (6,711)	$ (23,786)	$ (17,292)
Foreign currency translation gain (loss)	(524)	1,265	1,717	1,003
Total comprehensive loss	$ (7,965)	$ (5,446)	$ (22,069)	$ (16,290)

	Common Stock		Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity
	Shares (Revised)	Amount	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity
Balance at December 31, 2024	24,017,597	$ 23	$ 197,489	$ (115,721)	$ (536)	$ 81,254
Long term incentive program charges	-	-	1,179	-	-	1,179
Vesting of stock issued from Multistate acquisition	-	-	1	(1)	-	-
Repayment of note receivable by Alpine Group	(63,356)	-	(532)	-	-	(532)
Post-combination compensation charge-shares	-	-	605	-	-	605
Share-based accounting charge	-	-	7,444	-	-	7,444
Foreign currency translation gain	-	-	-	-	721	721
Net loss	-	-	-	(10,615)	-	(10,615)
Balance at March 31, 2025	23,954,241	23	206,185	(126,337)	186	80,056
Long term incentive program charges	-	-	1,148	-	-	1,148
Issuance of unvested legally outstanding shares	719,547	-	-	-	-	-
Forfeiture of unvested restricted stock	(2,630)	-	-	-	-	-
Dividends	-	-	-	(5,765)	-	(5,765)
Vesting of restricted stock awards	-	-	1	(1)	-	-
Vesting of restricted stock units	100,333	-	-	(1)	-	-
Issuance of common stock for acquisition	134,915	-	1,190	-	-	1,190
Post-combination compensation charge-shares	-	-	893	-	-	893
Issuance of common stock for settlement of other liability	-	-	342	-	-	342
Share-based accounting charge	-	-	7,394	-	-	7,394
Foreign currency translation gain	-	-	-	-	1,520	1,520
Net loss	-	-	-	(5,730)	-	(5,730)
Balance at June 30, 2025	24,906,406	23	217,153	(137,834)	1,706	81,048
Long term incentive program charges	-	-	1,626	-	-	1,626
Dividends	-	-	-	(1,347)	-	(1,347)
Vesting of restricted stock units	185,471	-	-	-	-	-
Issuance of common stock for acquisition	42,829	-	94	-	-	95
Post-combination compensation charge-shares	-	-	662	-	-	662
Share-based accounting charge	-	-	7,394	-	-	7,394
Foreign currency translation loss	-	-	-	-	(524)	(524)
Net loss	-	-	-	(7,440)	-	(7,440)
Balance at September 30, 2025	25,134,706	$ 23	$ 226,929	$ (146,621)	$ 1,181	$ 81,513

	Common Stock		Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss)	Total Stockholders' Equity
	Shares (Revised)	Amount	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss)	Total Stockholders' Equity
Balance at December 31, 2023	23,054,393	$ 22	$ 156,972	$ (74,925)	$ -	$ 82,069
Long term incentive program charges	-	-	597	-	-	597
Issuance of unvested legally outstanding shares	34,019	-	-	-	-	-
Vesting of stock issued from Multistate acquisition	-	-	1	(1)	-	-
Post-combination compensation charge-shares	-	-	424	-	-	424
Share-based accounting charge	-	-	7,597	-	-	7,597
Net loss	-	-	-	(5,416)	-	(5,416)
Balance at March 31, 2024	23,088,412	22	165,591	(80,342)	-	85,271
Long term incentive program charges	-	-	690	-	-	690
Issuance of unvested legally outstanding shares	499,701	-	-	-	-	-
Dividends	-	-	-	(11,202)	-	(11,202)
Vesting of restricted stock units	98,336	-	-	-	-	-
Issuance of common stock for acquisition	179,528	-	1,443	-	-	1,443
Post-combination compensation charge-shares	-	-	1,178	-	-	1,178
Common stock issued to Multistate as settlement of contingent consideration	88,287	-	691	-	-	691
Share-based accounting charge	-	-	7,597	-	-	7,597
Foreign currency translation loss	-	-	-	-	(262)	(262)
Net loss	-	-	-	(5,166)	-	(5,166)
Balance at June 30, 2024	23,954,264	23	177,190	(96,710)	(262)	80,240
Long term incentive program charges	-	-	1,378	-	-	1,378
Vesting of restricted stock units	20,000	-	-	-	-	-
Post-combination compensation charge-shares	-	-	(15)	-	-	(15)
Share-based accounting charge	-	-	8,659	-	-	8,659
Foreign currency translation gain	-	-	-	-	1,265	1,265
Net loss	-	-	-	(6,711)	-	(6,711)
Balance at September 30, 2024	23,974,264	$ 23	$ 187,211	$ (103,421)	$ 1,003	$ 84,816

	Nine months ended September 30,
	2025	2024
Cash Flows from Operating Activities:
Net loss	$ (23,786)	$ (17,292)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	146	80
Amortization expense - intangibles	4,486	4,451
Amortization of right of use assets	3,397	3,020
Amortization of prepaid post-combination compensation	6,474	3,886
Accretion of other liability	4,069	2,118
Amortization of debt discount	164	128
Provision for deferred income taxes	(1,609)	(241)
Share-based accounting charge	22,232	23,853
Stock-based compensation	4,623	2,962
Post-combination compensation charge-shares	2,160	1,078
Change in fair value of contingent consideration	4,950	1,814
Gain on bargain purchase	-	(2,464)
Credit losses on accounts receivable	2,349	656
(Increase) decrease in:
Accounts receivable	(8,321)	(4,640)
Prepaid post-combination expense	(10,306)	(4,498)
Prepaid expenses and other assets	(1,097)	2,187
Increase (decrease) in:
Accounts payable and accrued expenses	342	(6,324)
Income taxes payable and receivable	2,326	(3,873)
Deferred revenue	1,765	2,450
Contingent considerations	(3)	-
Operating lease liability	(3,797)	(3,055)
Other liabilities	(996)	-
Transactions with members and related parties	461	1,593
Net Cash Provided by Operating Activities	10,030	7,889
Cash Flows from Investing Activities:
Purchases of property and equipment	(222)	(29)
Proceeds issued for notes receivable - related parties	(500)	-
Cash paid for acquisitions	(20,991)	(20,200)
Net Cash Used in Investing Activities	(21,713)	(20,229)
Cash Flows from Financing Activities:
Proceeds from notes payable	24,000	25,000
Payment of debt issuance costs	(115)	(806)
Payment of deferred equity offering costs	(1,472)	-
Principal payment of note payable	(6,455)	(2,355)
Payment of contingent considerations	(726)	(1,018)
Dividends paid	(7,112)	(11,202)
Net Cash Provided by Financing Activities	8,120	9,619
Effect of foreign exchange rate changes on cash and cash equivalents	172	35
Net Decrease in Cash and Cash Equivalents	(3,391)	(2,686)
Cash and Cash Equivalents as of Beginning of Period	14,536	15,396
Cash and Cash Equivalents at the End of Period	$ 11,145	$ 12,710

	As previously reported	Adjustment	As revised
For the year ended December 31, 2024
Net loss per share - basic and diluted:
Net loss per share - basic and diluted	$ (1.07)	$ (1.27)	$ (2.34)
Net loss attributable to common stockholders	(23,957)	(7,396)	(31,353)
Shares used to compute basic and diluted net loss per share	22,365	(8,956)	13,409

Balance at December 31, 2023	$ 794
Provision for expected credit losses	1,024
(Write-off)/Recoveries	(716)
Balance at December 31, 2024	$ 1,102
Provision for expected credit losses	2,349
(Write-off)/Recoveries	(945)
Balance at September 30, 2025	$ 2,506

Balance at December 31, 2023	$ 47,910
Acquired goodwill	16,779
Foreign currency translation	(381)
Balance at December 31, 2024	$ 64,308
Acquired goodwill	1,170
Foreign currency translation	1,212
Balance at September 30, 2025	$ 66,690

	September 30, 2025
	Weighted Average Useful Life (in Years)	Gross Book Value	Accumulated Amortization	Net Book Value
Customer relationships	7.5	$ 43,310	$ (19,134)	$ 24,176
Developed technology	7.0	3,938	(1,453)	2,485
Noncompete agreements	4.5	3,327	(1,141)	2,186
Total definite lived assets		50,575	(21,729)	28,846
Trade names		12,795		12,795
Total intangible assets		$ 63,370	$ (21,729)	$ 41,641

	September 30, 2025	December 31, 2024
Accounts payable	$ 5,715	$ 4,753
Bonus payable	10,354	9,927
Other accrued expenses	5,843	5,364
Total	$ 21,912	$ 20,044

Year		Amount
2025 (Excluding the Nine months ended September 30, 2025		$ 1,573
2026		6,297
2027		5,354
2028		4,650
2029		2,799
Thereafter		1,436
Total future minimum lease payments		22,108
Amount representing interest		(2,200)
Present value of net future minimum lease payments		$ 19,909

	Original Loan Amount	September 30, 2025	December 31, 2024
2023 Facility 2	$ 14,000	$ 5,250	$ 7,875
2024 Term Loan A	6,000	5,175	5,850
2024 Term Loan B	19,000	16,388	18,525
2025 Term Loan C	24,000	23,004	-
Other debt	-	133	154
Less: unamortized debt issuance costs	748	310	359
Total debt, net of unamortized issuance costs	$ 62,252	49,639	32,045
Less: current portion		(8,177)	(6,031)
Total debt, long-term		$ 41,462	$ 26,014

	Unrecognized compensation	Weighted average period
Options	$ 249	0.5 years
RSUs	8,319	1.0 years
RSAs	2,802	1.0 year
Total	$ 11,370

	Number of Shares	Weighted Average Exercise Price- (USD)⁽¹⁾	Weighted Average Exercise Price-(GBP)	Weighted Average Contractual Term (in years)
Outstanding as of December 31, 2024	676,709	$ 11.55	£8.60	7.8
Granted	62,588	11.25	8.35	10.0
Exercised	-		-	-
Cancelled/Forfeited	(27,397)	10.15	7.55	-
Outstanding as of September 30, 2025	711,900	11.60	8.65	7.3
Exercisable as of September 30, 2025	433,392	11.65	8.65	6.5
Vested and expected to vest as of September 30, 2025	711,900	$ 11.60	£8.65	7.3

	Number of RSUs	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024	869,330	$ 7.00
Granted	498,532	8.75
Vested	(285,804)	7.60
Cancelled/Forfeited	(35,600)	5.45
Nonvested as of September 30, 2025	1,046,458	$ 7.70

Nonvested as of December 31, 2023	445,000	7.05
Granted	586,000	7.05
Vested	(118,336)	7.60
Cancelled/Forfeited	-	-
Nonvested as of September 30, 2024	912,664	$ 7.00

	September 30, 2025	December 31, 2024
Estimated dividend yield	4.0%	4.0%
Expected stock price volatility	40.0%	45.0%
Risk-free interest rate	3.6%	4.4% to 4.5%
Expected life of instrument (in years)	2.1 to 3.5 years	2.9 to 3.9 years
Weighted-average fair value per share	$ 4.64	$ 2.55

	Level 1	Level 2	Level 3
Other liabilities	$ -	$ -	$ 7,651
Contingent consideration	-	-	18,049
Total liabilities	$ -	$ -	$ 25,700

	Level 1	Level 2	Level 3
Other liabilities	$ -	$ -	$ 4,880
Contingent consideration	-	-	10,896
Total liabilities	$ -	$ -	$ 15,776

	Number of RSAs	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024	479,491	$ 6.15
Granted	195,588	9.45
Vested	(134,177)	7.15
Cancelled/Forfeited	(61,005)	5.65
Nonvested as of September 30, 2025	479,897	$ 5.45

Nonvested as of December 31, 2023	437,789	5.95
Granted	140,748	7.15
Vested	-	-
Cancelled/Forfeited	-	-
Nonvested as of September 30, 2024	578,537	$ 6.25

	Number of Shares	Weighted Average Exercise Price
Outstanding as of December 31, 2023	352,000	$ 8.50
Granted	-	-
Exercised	-	-
Cancelled/Forfeited	(11,000)	8.35
Outstanding as of December 31, 2024	341,000	$ 8.05
Granted	-	-
Exercised	-	-
Cancelled/Forfeited	(30,000)	8.95
Outstanding as of September 30, 2025	311,000	8.95
Exercisable as of September 30, 2025	311,000	8.95
Vested and expected to vest as of September 30, 2025	207,337	$ 8.90

Balance at December 31, 2024	$ 10,896
Fair value at issuance	3,165
Payout of contingent consideration	(729)
Change in fair value	4,956
Effect of currency translation adjustment	54
Purchase price adjustment	(294)
Balance at September 30, 2025	$ 18,049

Balance at December 31, 2023	$ 6,920
Fair value at issuance	3,755
Cash and stock payout of contingent consideration	(1,709)
Change in fair value	1,784
Effect of currency translation adjustment	128
Balance at September 30, 2024	$ 10,878

Balance at December 31, 2023	$ 2,120
Fair value at issuance	-
Accretion of liability	2,260
Payout of post combination compensation	(707)
Change in fair value	574
Balance at September 30, 2024	$ 4,247

September 30, 2025
Significant Input	Weighted Average Input	Input Range
Discount rate for credit risk and time value	4.5%	4.3% to 4.9%
Discount rate for future profit after tax	15.0%	11.0% to 20.4%
Expected volatility of future annual profit after tax	32.5%	30.0% to 37.0%
Forecasted growth rate	13.6%	(23.5)% to 62.5%

September 30, 2024
Significant Input	Weighted Average Input	Input Range
Discount rate for credit risk and time value	4.7%	4.4% to 5.4%
Discount rate for future profit after tax	15.1%	11.0% to 20.8%
Expected volatility of future annual profit after tax	32.6%	31.0% to 36.0%
Forecasted growth rate	11.1%	4.9% to 52.1%

Cash paid	$ 18,607
Common stock issued	1,190
Contingent consideration	2,189
Total	$ 21,986

Cash acquired	$ 85
Accounts receivable	758
Other current assets	172
Property and equipment	27
Right of use asset	2,067
Customer relationships	7,796
Tradename	2,760
Noncompete agreements	786
Deferred tax asset	8,804
Goodwill	1,170
Accounts payable and accrued expenses	(372)
Operating lease liability	(2,067)
Total preliminary purchase price	$ 21,986

Definite-lived	Weighted-average useful life
intangible assets	(in years)	Amount
Customer relationship	7.0	$ 7,796
Noncompete agreements	5.0	$ 786

2025 Q3 Results

Summary by AI BETAClose X

Companies

UK 100

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Summary by AI ^BETAClose X

Significant unobservable input	Range
Discount rate for credit risk and time value	5.0% to 5.3%
Discount rate applicable to future annual EBITDA	14.2% to 15.7%
Expected volatility of future annual EBITDA	31.0% to 33.0%
Forecasted growth rate	3.0% to 13.6%

Cash paid	$ 2,550
Common stock issued	95
Contingent consideration	682
Total	$ 3,327

Customer relationships	$ 1,584
Tradename	268
Noncompete agreements	402
Deferred tax asset	1,073
Total preliminary purchase price	$ 3,327

	Three months ended September 30, 2025
	Government Relations Consulting	Corporate Communications & Public Affairs Consulting	Compliance and Insights Services	Total
Revenue	$ 27,478	$ 18,022	$ 3,287	$ 48,787
Costs and expenses:
Staff costs	$ 12,573	$ 10,417	$ 1,261	$ 24,251
Non-staff costs	$ 3,372	$ 2,128	$ 240	$ 5,741
Segment Adjusted Pre-Bonus EBITDA	$ 11,533	$ 5,476	$ 1,786	$ 18,795
Reconciliation to net loss before income taxes:
Unallocated bonuses				(4,293)
Unallocated corporate level expenses				(3,115)
Depreciation				(53)
Share-based accounting charge				(7,394)
Post-combination compensation charges				(3,963)
Long term incentive program charges				(1,972)
Change in contingent consideration				(2,270)
Amortization of intangibles				(1,639)
Loss from operations				(5,904)
Gain on bargain purchase				-
Interest, net				(955)
Other expense				(7)
Net loss before income taxes				(6,866)
Income tax expense				574
Net loss after income taxes				$ (7,440)

	Three months ended September 30, 2024
	Government Relations Consulting	Corporate Communications & Public Affairs Consulting	Compliance and Insights Services	Total
Revenue	$ 26,286	$ 10,501	$ 2,628	$ 39,415
Costs and expenses:
Staff costs	11,837	6,317	1,241	19,395
Non-staff costs	2,240	1,148	201	3,589
Segment Adjusted Pre-Bonus EBITDA	$ 12,209	$ 3,036	$ 1,186	16,431
Reconciliation to net loss before income taxes:
Unallocated bonuses				(3,679)
Unallocated corporate level expenses				(2,858)
Depreciation				(37)
Share-based accounting charge				(8,659)
Post-combination compensation charges				(3,619)
Long term incentive program charges				(1,599)
Change in contingent consideration				498
Amortization of intangibles				(1,293)
Loss from operations				(4,815)
Gain on bargain purchase				-
Interest, net				(709)
Net loss before income taxes				(5,524)
Income tax expense				1,187
Net loss after income taxes				$ (6,711)

	Nine months ended September 30, 2025
	Government Relations Consulting	Corporate Communications & Public Affairs Consulting	Compliance and Insights Services	Total
Revenue	$ 80,943	$ 46,178	$ 9,565	$ 136,686
Costs and expenses:
Staff costs	37,471	27,145	3,847	68,463
Non-staff costs	7,697	6,314	527	14,538
Segment Adjusted Pre-Bonus EBITDA	$ 35,775	$ 12,719	$ 5,191	53,685
Reconciliation to net loss before income taxes:
Unallocated bonuses				(11,176)
Unallocated corporate level expenses				(9,930)
Depreciation				(146)
Share-based accounting charge				(22,232)
Post-combination compensation charges				(12,739)
Long term incentive program charges				(4,623)
Change in contingent consideration				(4,946)
Amortization of intangibles				(4,595)
Loss from operations				(16,701)
Interest, net				(2,393)
Other expense				(30)
Net loss before income taxes				(19,124)
Income tax expense				4,662
Net loss after income taxes				$ (23,786)

	Nine months ended September 30, 2024
	Government Relations Consulting	Corporate Communications & Public Affairs Consulting	Compliance and Insights Services	Total
Revenue	$ 76,615	$ 26,038	$ 7,895	$ 110,549
Costs and expenses:
Staff costs	35,108	17,258	3,640	56,007
Non-staff costs	6,091	3,823	513	10,426
Segment Adjusted Pre-Bonus EBITDA	$ 35,416	$ 4,957	$ 3,742	44,115
Reconciliation to net loss before income taxes:
Unallocated bonuses				(7,072)
Unallocated corporate level expenses				(9,908)
Depreciation				(99)
Share-based accounting charge				(23,853)
Post-combination compensation charges				(8,740)
Long term incentive program charges				(2,962)
Change in contingent consideration				(1,766)
Amortization of intangibles				(3,369)
Loss from operations				(13,654)
Gain on bargain purchase				2,464
Interest, net				(1,209)
Net loss before income taxes				(12,399)
Income tax expense				4,894
Net loss after income taxes				$ (17,292)

	($ in millions except share and per share amounts)
	Three months ended September 30,				Nine months ended September 30,
	2025	2024	$ Change	% Change	2025	2024	$ Change	% Change
Revenue	$ 48.8	$ 39.4	$ 9.4	23.8%	136.7	$ 110.5	$ 26.2	23.6%
Net Loss	$ (7.4)	$ (6.7)	$ (0.7)	10.4%	$ (23.8)	$ (17.3)	$ (6.5)	37.6%
Adjusted EBITDA	$ 11.5	$ 10.0	$ 1.5	15.2%	$ 33.0	$ 28.8	$ 4.2	14.5%
Adjusted EBITDA margin	23.6%	25.3%	(1.8)pts		24.1%	26.0%	(1.9)pts
Adjusted Net Income	$ 9.8	$ 8.0	$ 1.8	23.1%	$ 25.3	$ 20.9	$ 4.4	21.1%
Basic and diluted loss per share	$ (0.45)	$ (0.67)	0.22	32.8%	$ (1.51)	$ (1.89)	0.38	20.1%
Adjusted EPS fully diluted	$ 0.36	$ 0.31	0.05	17.0%	$ 0.97	$ 0.85	$ 0.12	14.4%
Dividend paid, per share	$ 0.054	$ -	$ 0.054	-%	$ 0.283	$ 0.467	$ (0.18)	(39.4)%
Cash and cash equivalents at end of period					$ 11.1	$ 12.7	$ (1.6)	(12.3)%
Net Debt at period-end					$ (38.5)	$ (20.2)	$ (18.3)	90.6%

	($ in millions) (unaudited)
	Three months ended September 30,
	2025			2024
	Revenue from acquisitions	Organic revenue	Total revenue	Total revenue	Organic Revenue Growth⁽¹⁾	Total Growth
Government Relations Consulting	$ 0.5	$ 27.0	$ 27.5	$ 26.3	2.8%	4.5%
Corporate Communications & Public Affairs Consulting	7.1	10.9	18.0	10.5	3.9%	71.6%
Compliance and Insights Services	-	3.3	3.3	2.6	25.1%	25.1%
Total	$ 7.6	$ 41.2	$ 48.8	$ 39.4	4.5%	23.8%

	($ in millions)
	Three months ended September 30,				Nine months ended September 30,
	2025	2024	$ Change	% Change	2025	2024	$ Change	% Change
Salaries and other personnel costs
Personnel cost	$ 29.7	$ 22.7	$ 7.0	31.0%	$ 78.0	$ 62.4	$ 15.6	25.1%
Long-term incentive program charges	1.6	1.2	0.5	41.8%	3.8	1.9	2.0	104.9%
Share-based accounting charge	6.7	6.1	0.5	8.9%	20.0	19.4	0.6	3.0%
Post-combination compensation charge	4.0	3.6	0.3	9.5%	12.7	8.7	4.0	45.8%
Total personnel costs	41.9	33.5	8.4	25.1%	114.6	92.4	22.2	24.0%
Office and other direct costs
Amortization developed software	0.1	0.1	-	-%	0.4	0.4	-	-%
Occupancy expense	1.8	1.4	0.4	31.5%	4.8	3.8	1.0	25.7%
Total office and other direct costs	1.9	1.5	0.4	28.5%	5.2	4.2	1.0	23.1%
Cost of services	$ 43.9	$ 35.0	$ 8.8	25.2%	$ 119.8	$ 96.6	$ 23.2	24.0%