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 2020-09-30 Filed 2020-11-03
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 2020-11-19 Other Events, Exhibits
8-K 2020-11-17 Other Events, Exhibits
8-K 2020-11-03 Earnings, Exhibits
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 3. Quantitative and Qualitative Disclosures About Market Risk
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-31.1 ex311splp09302010-q.htm
EX-31.2 ex312splp09302010q.htm
EX-32.1 ex321splp09302010q.htm
EX-32.2 ex322splp09302010q.htm

Steel Partners Holdings Earnings 2020-09-30

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 September 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-20200930_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 November 2, 2020 was 25,207,175.



STEEL PARTNERS HOLDINGS L.P.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATIONPage
Item 1.Financial Statements (unaudited)
Item 2.
Item 3.
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
(in thousands, except common units)
(Unaudited)
September 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$141,265 $139,467 
Marketable securities137 220 
Trade and other receivables - net of allowance for doubtful accounts of $3,433 and $2,512, respectively
175,822 175,043 
Receivables from related parties3,457 2,221 
Loans receivable, including loans held for sale of $80,169 and $225,013, respectively, net
299,943 546,908 
Inventories, net149,558 151,641 
Prepaid expenses and other current assets39,634 33,689 
Assets of discontinued operations 41,012 
Total current assets809,816 1,090,201 
Long-term loans receivable, net2,289,835 196,145 
Goodwill151,940 149,626 
Other intangible assets, net143,674 158,593 
Deferred tax assets83,380 88,645 
Other non-current assets37,995 70,616 
Property, plant and equipment, net231,946 250,225 
Operating lease right-of-use assets29,744 34,324 
Long-term investments219,156 275,836 
Assets of discontinued operations 18,143 
Total Assets$3,997,486 $2,332,354 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$117,042 $85,817 
Accrued liabilities72,261 114,941 
Deposits268,637 615,495 
Payables to related parties1,814 481 
Short-term debt70 1,800 
Current portion of long-term debt13,953 14,208 
Current portion of preferred unit liability 39,782 
Other current liabilities91,789 42,041 
Liabilities of discontinued operations 21,256 
Total current liabilities565,566 935,821 
Long-term deposits120,221 139,222 
Long-term debt288,676 322,081 
Other borrowings2,159,721  
Preferred unit liability146,218 144,247 
Accrued pension liabilities184,396 183,228 
Deferred tax liabilities1,753 2,497 
Long-term operating lease liabilities22,804 26,458 
Other non-current liabilities38,541 14,556 
Liabilities of discontinued operations 87,825 
Total Liabilities3,527,896 1,855,935 
Commitments and Contingencies
Capital:
Partners' capital common units: 25,189,613 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
639,186 664,035 
Accumulated other comprehensive loss(174,125)(191,422)
Total Partners' Capital465,061 472,613 
Noncontrolling interests in consolidated entities4,529 3,806 
Total Capital469,590 476,419 
Total Liabilities and Capital$3,997,486 $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
September 30,
Nine Months Ended
September 30,
2020201920202019
Revenue:
Diversified industrial net sales$274,094 $281,120 $788,566 $862,090 
Energy net revenue22,378 44,147 75,282 126,665 
Financial services revenue33,535 45,813 109,496 123,853 
Total revenue330,007 371,080 973,344 1,112,608 
Costs and expenses:
Cost of goods sold216,322 236,474 632,600 727,489 
Selling, general and administrative expenses67,418 76,265 219,018 256,018 
Goodwill impairment charges 24,219  24,219 
Asset impairment charges 659 617 849 
Finance interest expense2,537 4,568 9,446 12,693 
(Benefit from) provision for loan losses(9,684)11,230 30,706 32,415 
Interest expense6,988 9,622 23,025 30,099 
Realized and unrealized (gains) losses on securities, net(969)(30,234)25,515 (68,720)
Other income, net(1,577)(1,001)(4,544)(983)
Total costs and expenses281,035 331,802 936,383 1,014,079 
Income from continuing operations before income taxes and equity method investments48,972 39,278 36,961 98,529 
Income tax provision14,783 13,705 10,034 31,505 
(Income) loss of associated companies, net of taxes(3,194)1,855 26,420 (408)
Net income from continuing operations37,383 23,718 507 67,432 
Discontinued operations (see Note 3)
Loss from discontinued operations, net of taxes(21)(26,482)(2,602)(33,540)
Net income (loss) on deconsolidation of discontinued operations1,161  (22,666) 
Income (loss) from discontinued operations, net of taxes1,140 (26,482)(25,268)(33,540)
Net income (loss)38,523 (2,764)(24,761)33,892 
Net income attributable to noncontrolling interests in consolidated entities (continuing operations)(248)(114)(569)(29)
Net income (loss) attributable to common unitholders$38,275 $(2,878)$(25,330)$33,863 
Net income (loss) per common unit - basic
Net income from continuing operations$1.49 $0.94 $ $2.70 
Net income (loss) from discontinued operations0.05 (1.06)(1.02)(1.34)
Net income (loss) attributable to common unitholders$1.54 $(0.12)$(1.02)$1.36 
Net income (loss) per common unit - diluted
Net income from continuing operations$0.77 $0.94 $ $1.93 
Net income (loss) from discontinued operations0.02 (1.06)(1.02)(0.85)
Net income (loss) attributable to common unitholders$0.79 $(0.12)$(1.02)$1.08 
Weighted-average number of common units outstanding - basic
24,874,281 25,011,142 24,844,114 24,947,814 
Weighted-average number of common units outstanding - diluted
52,067,382 25,011,142 24,844,114 39,604,813 
See accompanying Notes to Consolidated Financial Statements
3


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Net income (loss)$38,523 $(2,764)$(24,761)$33,892 
Other comprehensive income (loss), net of taxes:
Gross unrealized gains on derivative financial instruments 71  164 
Currency translation adjustments1,379 (2,401)(184)(2,895)
Other comprehensive income (loss) 1,379 (2,330)(184)(2,731)
Comprehensive income (loss)39,902 (5,094)(24,945)31,161 
Comprehensive income attributable to noncontrolling interests(248)(114)(569)(29)
Comprehensive income (loss) attributable to common unitholders$39,654 $(5,208)$(25,514)$31,132 
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 $476,419 
Net (loss) income — — — (61,737)— (61,737)130 (61,607)
Currency translation adjustments
— — — — (2,936)(2,936)— (2,936)
Equity compensation - restricted units
(9,854)— — 104 — 104 — 104 
Deconsolidation of API (see Note 3)
— — — — 17,481 17,481 — 17,481 
Other, net
— — — (2)— (2)60 58 
Balance as of March 31, 202037,661,138 (12,647,864)(198,781)602,400 (176,877)425,523 3,996 429,519 
Net (loss) income — — — (1,868)— (1,868)191 (1,677)
Currency translation adjustments— — — — 1,373 1,373 — 1,373 
Equity compensation - restricted units
(84,021)— — 49 — 49 — 49 
Other, net— — — (3)— (3)28 25 
Balance as of June 30, 202037,577,117 (12,647,864)(198,781)600,578 (175,504)425,074 4,215 429,289 
Net income— — — 38,275 — 38,275 248 38,523 
Currency translation adjustments— — — — 1,379 1,379 — 1,379 
Equity compensation - restricted units
260,360 — — 334 — 334 — 334 
Other, net— — — (1)— (1)66 65 
Balance as of September 30, 2020
37,837,477 (12,647,864)$(198,781)$639,186 $(174,125)$465,061 $4,529 $469,590 
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
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2018
37,436,531 (12,142,528)$(192,060)$666,031 $(177,244)$488,787 $3,721 $492,508 
Net income (loss)— — — 15,678 — 15,678 (56)15,622 
Unrealized gains on derivative financial instruments
— — — — 518 518 — 518 
Currency translation adjustments
— — — — 1,303 1,303 — 1,303 
Equity compensation - restricted units
170,000 — — 164 — 164 — 164 
Purchases of SPLP common units
— (505,336)(6,721)(6,721)— (6,721)— (6,721)
Balance as of March 31, 201937,606,531 (12,647,864)(198,781)675,152 (175,423)499,729 3,665 503,394 
Net income (loss)— — — 21,063 — 21,063 (29)21,034 
Unrealized losses on derivative financial instruments— — — — (425)(425)— (425)
Currency translation adjustments— — — — (1,797)(1,797)— (1,797)
Equity compensation - restricted units
52,475 — — 227 — 227 — 227 
Other, net— — — (22)— (22)— (22)
Balance as of June 30, 201937,659,006 (12,647,864)(198,781)696,420 (177,645)518,775 3,636 522,411 
Net (loss) income
— — — (2,878)— (2,878)114 (2,764)
Unrealized gains on derivative financial instruments— — — — 71 71 — 71 
Currency translation adjustments
— — — — (2,401)(2,401)— (2,401)