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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, 2022
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-20220930_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, no par valueSPLPNew 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 3, 2022 was 21,654,228.


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
(Unaudited)
(in thousands, except common units)
September 30, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$361,517 $325,363 
Trade and other receivables - net of allowance for doubtful accounts of $2,765 and $3,510, respectively
206,704 193,976 
Receivables from related parties1,374 2,944 
Loans receivable, including loans held for sale of $403,356 and $198,632, respectively, net
881,524 529,529 
Inventories, net210,851 184,271 
Prepaid expenses and other current assets50,393 48,019 
Total current assets1,712,363 1,284,102 
Long-term loans receivable, net418,761 511,444 
Goodwill125,368 148,018 
Other intangible assets, net98,359 119,830 
Other non-current assets175,876 79,143 
Property, plant and equipment, net229,619 234,976 
Operating lease right-of-use assets44,268 36,636 
Long-term investments263,965 261,080 
Total Assets$3,068,579 $2,675,229 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$132,833 $123,282 
Accrued liabilities119,751 86,848 
Deposits1,117,149 447,152 
Payables to related parties2,737 1,885 
Short-term debt392 100 
Current portion of long-term debt67 1,071 
Other current liabilities72,238 54,674 
Total current liabilities1,445,167 715,012 
Long-term deposits314,364 377,735 
Long-term debt177,139 269,850 
Other borrowings59,305 333,963 
Preferred unit liability151,573 149,570 
Accrued pension liabilities64,308 82,376 
Deferred tax liabilities31,023 13,674 
Long-term operating lease liabilities36,649 27,511 
Other non-current liabilities41,384 36,490 
Total Liabilities2,320,912 2,006,181 
Commitments and Contingencies
Capital:
Partners' capital common units: 21,689,735 and 21,018,009 issued and outstanding (after deducting 17,816,365 and 16,810,932 units held in treasury, at cost of $305,603 and $264,284), respectively
883,132 795,140 
Accumulated other comprehensive loss(136,634)(131,803)
Total Partners' Capital746,498 663,337 
Noncontrolling interests in consolidated entities1,169 5,711 
Total Capital747,667 669,048 
Total Liabilities and Capital$3,068,579 $2,675,229 

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,
2022202120222021
Revenue:
Diversified Industrial net sales$312,200 $306,471 $986,113 $860,719 
Energy net revenue51,409 45,862 136,750 119,716 
Financial Services revenue62,064 39,780 149,963 112,604 
Total revenue425,673 392,113 1,272,826 1,093,039 
Costs and expenses:
Cost of goods sold273,657 252,819 830,640 712,101 
Selling, general and administrative expenses93,634 80,405 280,599 223,793 
Asset impairment charges2,449 — 2,884 — 
Finance interest expense4,770 1,790 7,606 6,649 
Provision for (benefit from) loan losses6,593 437 11,758 (1,845)
Interest expense5,110 5,089 14,452 16,059 
Gains from sales of businesses(295)— (85,480)(8,096)
Realized and unrealized (gains) losses on securities, net(3,641)21,453 22,570 40,232 
Other income, net(1,627)(1,091)(3,308)(28,888)
Total costs and expenses380,650 360,902 1,081,721 960,005 
Income from operations before income taxes and equity method investments45,023 31,211 191,105 133,034 
Income tax provision9,211 6,428 56,256 56,435 
(Income) loss of associated companies, net of taxes(616)2,685 1,767 (26,276)
Net income from continuing operations36,428 22,098 133,082 102,875 
Discontinued operations (see Note 3)
Net gain from discontinued operations, net of taxes— 7 — 135 
Net income36,428 22,105 133,082 103,010 
Net (income) loss attributable to noncontrolling interests in consolidated entities(111)195 (122)(519)
Net income attributable to common unitholders$36,317 $22,300 $132,960 $102,491 
Net income per common unit - basic
Net income from continuing operations$1.57 $1.06 $5.85 $4.69 
Net income from discontinued operations— — — 0.01 
Net income attributable to common unitholders$1.57 $1.06 $5.85 $4.70 
Net income per common unit - diluted
Net income from continuing operations$1.45 $0.92 $5.26 $3.63 
Net income from discontinued operations— — — — 
Net income attributable to common unitholders$1.45 $0.92 $5.26 $3.63 
Weighted-average number of common units outstanding - basic
23,147,644 21,018,615 22,737,902 21,816,833 
Weighted-average number of common units outstanding - diluted
27,245,770 27,672,551 27,038,551 30,715,447 

See accompanying Notes to Consolidated Financial Statements
3

STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income$36,428 $22,105 $133,082 $103,010 
Other comprehensive income (loss), net of taxes:
Unrealized gains on available-for-sale debt securities— 182 — 182 
Currency translation adjustments(2,178)(762)(4,831)(365)
Other comprehensive loss(2,178)(580)(4,831)(183)
Comprehensive income34,250 21,525 128,251 102,827 
Comprehensive (income) loss attributable to noncontrolling interests(111)195 (122)(519)
Comprehensive income attributable to common unitholders$34,139 $21,720 $128,129 $102,308 

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, 2021
37,828,941 (16,810,932)$(264,284)$795,140 $(131,803)$663,337 $5,711 $669,048 
Net income (loss)— — — 4,565 — 4,565 (24)4,541 
Currency translation adjustments
— — — — (459)(459)— (459)
Equity compensation - restricted units
(37,315)— — 119 — 119 — 119 
Purchases of SPLP common units— (268,623)(10,418)(10,418)— (10,418)— (10,418)
Purchases of subsidiary shares from noncontrolling interests— — — (3,942)— (3,942)(4,664)(8,606)
Balance as of March 31, 202237,791,626 (17,079,555)(274,702)785,464 (132,262)653,202 1,023 654,225 
Net income — — — 92,078 — 92,078 35 92,113 
Currency translation adjustments— — — — (2,194)(2,194)— (2,194)
Equity compensation - incentive
units and restricted units
1,705,239 — — 354 — 354 — 354 
Purchases of SPLP common units— (500,064)(20,999)(20,999)— (20,999)— (20,999)
Other, net— — — 11 — 11 — 11 
Balance as of June 30, 202239,496,865 (17,579,619)$(295,701)$856,908 $(134,456)$722,452 $1,058 $723,510 
Net income— — — 36,317 — 36,317 111 36,428 
Currency translation adjustments— — — — (2,178)(2,178)— (2,178)
Equity compensation - restricted units
40,532 — — 369 — 369 — 369 
Tax withholding related to vesting of restricted units(31,297)— — (560)— (560)— (560)
Purchases of SPLP common units— (236,746)(9,902)(9,902)— (9,902)— (9,902)
Balance as of September 30, 202239,506,100 (17,816,365)$(305,603)$883,132 $(136,634)$746,498 $1,169 $747,667 


5

Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2020
37,837,439 (14,916,635)$(219,245)$707,309 $(172,649)$534,660 $4,562 $539,222 
Net income— — — 52,951 — 52,951 391 53,342 
Currency translation adjustments
— — — — (217)(217)— (217)
Equity compensation - restricted units
28,588 — — 363 — 363 — 363 
Balance as of March 31, 202137,866,027 (14,916,635)(219,245)760,623 (172,866)587,757 4,953 592,710 
Net income— — — 27,240 — 27,240 323 27,563 
Currency translation adjustments— — — — 614 614 — 614 
Equity compensation - restricted units
(36,104)— — 354 — 354 — 354 
Purchases of SPLP common units— (1,351,488)(28,612)(28,612)— (28,612)— (28,612)
Balance as of June 30, 202137,829,923 (16,268,123)$(247,857)$759,605 $(172,252)$587,353 $5,276 $592,629 
Net (loss) income
— — — 22,300 — 22,300 (195)22,105 
Unrealized gains on derivative financial instruments— — — — 182 182 — 182 
Currency translation adjustments
— — — — (762)(762)— (762)
Equity compensation - restricted units
3,972 — — 399 — 399 — 399 
Purchases of SPLP common units— (330,434)(9,690)(9,690)— (9,690)— (9,690)
Other, net— — — — — — 79 79 
Balance as of September 30, 202137,833,895 (16,598,557)$(257,547)$772,614 $(172,832)$599,782 $5,160 $604,942 

See accompanying Notes to Consolidated Financial Statements
6

STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net income$133,082 $103,010 
Gain from discontinued operations— 135 
Net income from continuing operations133,082 102,875 
Adjustments to reconcile net income from continuing operations to net cash (used in) provided by operating activities:
Provision for (benefit from) loan losses 11,758 (1,845)
Loss (income) of associated companies, net of taxes1,767 (26,276)
Realized and unrealized losses on securities, net22,570 40,232 
Gains on sales of businesses(85,480)(8,096)
Gain on sale of property, plant and equipment(945)(6,646)
Derivative gains on economic interests in loans(3,973)(3,819)
Deferred income taxes17,682 45,679 
Depreciation and amortization40,212 45,192 
Non-cash lease expense7,456 7,650 
Equity-based compensation842 1,116 
Asset impairment charges2,884 — 
Other(3,213)(340)
Net change in operating assets and liabilities:
Trade and other receivables(24,953)(42,365)
Inventories(38,556)(34,428)
Prepaid expenses and other assets(20,301)12,199 
Accounts payable, accrued and other liabilities85,368 (1,174)
Net increase in loans held for sale(204,724)(71,070)
Net cash (used in) provided by operating activities(58,524)58,884 
Net cash provided by operating activities - discontinued operations— 135 
Total cash (used in) provided by operating activities(58,524)59,019 
Cash flows from investing activities:
Purchases of investments(284,884)(9,018)
Proceeds from sales of investments— 24,667 
Proceeds from maturities of investments155,899 8,292 
Loan originations, net of collections(34,845)782,032 
Purchases of property, plant and equipment(30,188)(19,556)
Proceeds from sales of loans— 530,969 
Proceeds from sale of property, plant and equipment1,241 6,979 
Net proceeds from sales of businesses142,426 16,000 
Acquisition, net of cash acquired(35,298)— 
Other— 182 
Net cash (used in) provided by investing activities(85,649)1,340,547 
Cash flows from financing activities:
Net revolver repayments(93,359)(63,013)
Repayments of term loans(65)(7,697)
Purchases of the Company's common units(