Company Quick10K Filing
Steel Partners Holdings
Price1.00 EPS-33,977,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt302 EBIT97
TEV302 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-09
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-14
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-12
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-21
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-26
8-K 2020-08-19 Other Events, Exhibits
8-K 2020-08-07 Earnings, Regulation FD, Exhibits
8-K 2020-07-08 Exhibits
8-K 2020-06-30 Exhibits
8-K 2020-05-18
8-K 2020-05-18
8-K 2020-05-07
8-K 2020-04-30
8-K 2020-04-15
8-K 2020-03-25
8-K 2020-03-18
8-K 2020-03-10
8-K 2020-02-28
8-K 2020-02-20
8-K 2020-02-14
8-K 2020-01-31
8-K 2020-01-15
8-K 2019-12-23
8-K 2019-11-14
8-K 2019-11-12
8-K 2019-08-15
8-K 2019-08-08
8-K 2019-05-17
8-K 2019-05-17
8-K 2019-05-02
8-K 2019-04-08
8-K 2019-03-11
8-K 2019-02-28
8-K 2019-02-15
8-K 2019-01-31
8-K 2018-11-15
8-K 2018-11-01
8-K 2018-08-15
8-K 2018-08-07
8-K 2018-08-03
8-K 2018-07-25
8-K 2018-06-27
8-K 2018-05-24
8-K 2018-05-16
8-K 2018-05-07
8-K 2018-04-27
8-K 2018-04-13
8-K 2018-03-15
8-K 2018-03-12
8-K 2018-03-09
8-K 2018-03-05
8-K 2018-02-15
8-K 2017-12-15

SPLP 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 exhibit1016302010q.htm
EX-31.1 ex311splp6302010-q.htm
EX-31.2 ex312splp6302010q.htm
EX-32.1 ex321splp6302010q.htm
EX-32.2 ex322splp6302010q.htm

Steel Partners Holdings Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.52.01.51.00.50.02012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________

Commission File Number: 001-35493
splp-20200630_g1.jpg
STEEL PARTNERS HOLDINGS L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware13-3727655
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
590 Madison Avenue, 32nd Floor
New York, New York
10022
(Address of Principal Executive Offices)(Zip Code)
(212) 520-2300
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on which Registered
Common Units, $0 parSPLPNew York Stock Exchange
6.0% Series A Preferred UnitsSPLP-PRANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

The number of common units outstanding as of August 6, 2020 was 24,948,713.



STEEL PARTNERS HOLDINGS L.P.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATIONPage
Item 1.Financial Statements (unaudited)
Item 2.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
STEEL PARTNERS HOLDINGS L.P.
Consolidated Balance Sheets
(unaudited)
(in thousands, except common units)
June 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$107,083  $139,467  
Marketable securities155  220  
Trade and other receivables - net of allowance for doubtful accounts of $3,232 and $2,512, respectively
163,486  175,043  
Receivables from related parties2,875  2,221  
Loans receivable, including loans held for sale of $71,378 and $225,013, respectively, net
321,987  546,908  
Inventories, net143,923  151,641  
Prepaid expenses and other current assets32,172  33,689  
Assets of discontinued operations  41,012  
Total current assets771,681  1,090,201  
Long-term loans receivable, net2,250,656  196,145  
Goodwill151,931  149,626  
Other intangible assets, net148,643  158,593  
Deferred tax assets94,552  88,645  
Other non-current assets45,000  70,616  
Property, plant and equipment, net238,109  250,225  
Operating lease right-of-use assets31,756  34,324  
Long-term investments214,719  275,836  
Assets of discontinued operations  18,143  
Total Assets$3,947,047  $2,332,354  
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$107,936  $85,817  
Accrued liabilities72,739  114,941  
Deposits362,286  615,495  
Payables to related parties687  481  
Short-term debt357  1,800  
Current portion of long-term debt14,035  14,208  
Current portion of preferred unit liability  39,782  
Other current liabilities88,806  42,041  
Liabilities of discontinued operations  21,256  
Total current liabilities646,846  935,821  
Long-term deposits95,717  139,222  
Long-term debt350,653  322,081  
Other borrowings2,032,236    
Preferred unit liability145,544  144,247  
Accrued pension liabilities183,230  183,228  
Deferred tax liabilities  2,497  
Long-term operating lease liabilities24,649  26,458  
Other non-current liabilities38,883  14,556  
Liabilities of discontinued operations  87,825  
Total Liabilities3,517,758  1,855,935  
Commitments and Contingencies
Capital:
Partners' capital common units: 24,929,253 and 25,023,128 issued and outstanding (after deducting 12,647,864 and 12,647,864 units held in treasury, at cost of $198,781 and $198,781), respectively
600,578  664,035  
Accumulated other comprehensive loss(175,504) (191,422) 
Total Partners' Capital425,074  472,613  
Noncontrolling interests in consolidated entities4,215  3,806  
Total Capital429,289  476,419  
Total Liabilities and Capital$3,947,047  $2,332,354  
See accompanying Notes to Consolidated Financial Statements
2


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Operations
(unaudited)
(in thousands, except common units and per common unit data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Revenue:
Diversified industrial net sales
$252,172  $300,049  $514,472  $580,970  
Energy net revenue
14,302  43,532  52,904  82,518  
Financial services revenue
28,963  42,134  75,961  78,040  
Total revenue
295,437  385,715  643,337  741,528  
Costs and expenses:
Cost of goods sold
195,199  252,548  416,278  491,015  
Selling, general and administrative expenses
74,936  97,430  151,600  179,753  
Asset impairment charges
  190  617  190  
Finance interest expense
3,475  4,201  6,909  8,125  
Provision for loan losses
14,253  12,715  40,390  21,185  
Interest expense
7,722  10,272  16,037  20,477  
Realized and unrealized losses (gains) on securities, net
8,482  (36,377) 26,484  (38,486) 
Other (income) expense, net
(2,000) (1,132) (2,967) 18  
Total costs and expenses
302,067  339,847  655,348  682,277  
(Loss) income from continuing operations before income taxes and equity method investments(6,630) 45,868  (12,011) 59,251  
Income tax (benefit) provision
(1,320) 14,798  (4,749) 17,800  
(Income) loss of associated companies, net of taxes
(4,893) 7,118  29,614  (2,263) 
Net (loss) income from continuing operations
(417) 23,952  (36,876) 43,714  
Discontinued operations (see Note 3)
Loss from discontinued operations, net of taxes
(280) (2,918) (2,581) (7,058) 
Net loss on deconsolidation of discontinued operations
(980)   (23,827)   
Loss from discontinued operations, net of taxes
(1,260) (2,918) (26,408) (7,058) 
Net (loss) income
(1,677) 21,034  (63,284) 36,656  
Net (income) loss attributable to noncontrolling interests in consolidated entities (continuing operations)
(191) 29  (321) 85  
Net (loss) income attributable to common unitholders$(1,868) $21,063  $(63,605) $36,741  
Net (loss) income per common unit - basic
Net (loss) income from continuing operations$(0.02) $0.96  $(1.49) $1.75  
Net loss from discontinued operations(0.05) (0.12) (1.06) (0.28) 
Net (loss) income attributable to common unitholders$(0.07) $0.84  $(2.55) $1.47  
Net (loss) income per common unit - diluted
Net (loss) income from continuing operations$(0.02) $0.69  $(1.49) $1.27  
Net loss from discontinued operations(0.05) (0.08) (1.06) (0.18) 
Net (loss) income attributable to common unitholders$(0.07) $0.61  $(2.55) $1.09  
Weighted-average number of common units outstanding - basic
24,958,026  24,982,728  24,989,440  24,915,446  
Weighted-average number of common units outstanding - diluted
24,958,026  39,138,599  24,989,440  39,158,510  
See accompanying Notes to Consolidated Financial Statements
3


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive (Loss) Income
(unaudited)
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net (loss) income$(1,677) $21,034  $(63,284) $36,656  
Other comprehensive income (loss), net of taxes:
Gross unrealized (losses) gains on derivative financial instruments  (425)   93  
Currency translation adjustments1,373  (1,797) (1,563) (494) 
Other comprehensive income (loss) 1,373  (2,222) (1,563) (401) 
Comprehensive (loss) income(304) 18,812  (64,847) 36,255  
Comprehensive (income) loss attributable to noncontrolling interests(191) 29  (321) 85  
Comprehensive (loss) income attributable to common unitholders$(495) $18,841  $(65,168) $36,340  
See accompanying Notes to Consolidated Financial Statements
4


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Changes in Capital
(unaudited)
(in thousands, except common units and treasury units)
Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2019
37,670,992  (12,647,864) $(198,781) $664,035  $(191,422) $472,613  $3,806  $476,419  
Net (loss) income —  —  —  (61,737) —  (61,737) 130  (61,607) 
Currency translation adjustments
—  —  —  —  (2,936) (2,936) —  (2,936) 
Equity compensation - restricted units
(9,854) —  —  104  —  104  —  104  
Deconsolidation of API (see Note 3)
—  —  —  —  17,481  17,481  —  17,481  
Other, net
—  —  —  (2) —  (2) 60  58  
Balance as of March 31, 202037,661,138  (12,647,864) (198,781) 602,400  (176,877) 425,523  3,996  429,519  
Net (loss) income —  —  —  (1,868) —  (1,868) 191  (1,677) 
Currency translation adjustments
—  —  —  —  1,373  1,373  —  1,373  
Equity compensation - restricted units
(84,021) —  —  49  —  49  —  49  
Other, net
—  —  —  (3) —  (3) 28  25  
Balance as of June 30, 202037,577,117  (12,647,864) $(198,781) $600,578  $(175,504) $425,074  $4,215  $429,289  
5


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Changes in Capital
(unaudited)
(in thousands, except common units and treasury units)
Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntities