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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
https://cdn.kscope.io/321f9c39cfcf536367a01b4484474173-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 $492,508 
Net income (loss)— — — 15,678 — 15,678 (56)15,622 
Unrealized gains on derivative financial instruments
— — — — 518 518 — 518 
Currency translation adjustments
— — — — 1,303 1,303 — 1,303 
Equity compensation - restricted units
170,000 — — 164 — 164 — 164 
Purchases of SPLP common units
— (505,336)(6,721)(6,721)— (6,721)— (6,721)
Balance as of March 31, 201937,606,531 (12,647,864)(198,781)675,152 (175,423)499,729 3,665 503,394 
Net income (loss)— — — 21,063 — 21,063 (29)21,034 
Unrealized losses on derivative financial instruments— — — — (425)(425)— (425)
Currency translation adjustments— — — — (1,797)(1,797)— (1,797)
Equity compensation - restricted units
52,475 — — 227 — 227 — 227 
Other, net— — — (22)— (22)— (22)
Balance as of June 30, 201937,659,006 (12,647,864)(198,781)696,420 (177,645)518,775 3,636 522,411 
Net (loss) income
— — — (2,878)— (2,878)114 (2,764)
Unrealized gains on derivative financial instruments— — — — 71 71 — 71 
Currency translation adjustments
— — — — (2,401)(2,401)— (2,401)
Equity compensation - restricted units
 — — 243 — 243 — 243 
Other, net
— — — 123 — 123 — 123 
Balance as of September 30, 2019
37,659,006 (12,647,864)$(198,781)$693,908 $(179,975)$513,933 $3,750 $517,683 
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,
20202019
Cash flows from operating activities:
Net income from continuing operations$507 $67,432 
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Provision for loan losses 30,706 32,415 
Loss (income) of associated companies, net of taxes26,420 (408)
Realized and unrealized losses (gains) on securities, net25,515 (68,720)
Derivative gains on economic interests in loans(3,692)(10,491)
Deferred income taxes5,231 27,349 
Depreciation and amortization48,735 49,046 
Non-cash lease expense6,890 8,594 
Equity-based compensation589 634 
Goodwill impairment charges 24,219 
Asset impairment charges617 849 
Other3,622 1,393 
Net change in operating assets and liabilities:
Trade and other receivables(22)(31,401)
Inventories1,444 (3,419)
Prepaid expenses and other assets(1,041)(2,143)
Accounts payable, accrued and other liabilities5,865 11,711 
Net decrease (increase) in loans held for sale144,844 (42,193)
Net cash provided by operating activities - continuing operations296,230 64,867 
Net cash used in operating activities - discontinued operations(1,649)(10,367)
Total cash provided by operating activities294,581 54,500 
Cash flows from investing activities:
Purchases of investments
(7,256)(79,731)
Proceeds from sales of investments
2,327 25,951 
Proceeds from maturities of investments
32,995 73,745 
Loan originations, net of collections
(2,022,276)(136,614)
Purchases of property, plant and equipment
(15,581)(26,523)
Proceeds from sales of assets
3,067 267 
Settlement of short positions, net
 (14,611)
Acquisitions, net of cash acquired(3,500)(45,559)
Net cash used in investing activities - continuing operations(2,010,224)(203,075)
Net cash used in investing activities - discontinued operations (2,585)
Net cash used in investing activities(2,010,224)(205,660)
Cash flows from financing activities:
Net revolver borrowings
(26,948)(53,498)
Net repayments of term loans
(8,181)(7,305)
Purchases of the Company's common units (6,721)
Net increase in other borrowings
2,159,721  
Redemption of SPLP preferred units(40,000) 
Deferred finance charges(1,474)(815)
Net decrease in deposits(365,859)(13,407)
Net cash provided by (used in) financing activities - continuing operations1,717,259 (81,746)
Net cash provided by (used in) financing activities - discontinued operations (2,595)
Net cash provided by (used in) financing activities1,717,259 (84,341)
Net change for the period
1,616 (235,501)
Effect of exchange rate changes on cash and cash equivalents182 316 
Cash, cash equivalents and restricted cash at beginning of period139,467 347,318 
Cash, cash equivalents and restricted cash at end of period
$141,265 $112,133 
See accompanying Notes to Consolidated Financial Statements
7


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

All amounts used in the Notes to Consolidated Financial Statements are in thousands, except common and preferred units, per common and preferred unit, share and per share data.

1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION

Nature of the Business

Steel Partners Holdings L.P. ("SPLP" or "Company") is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries and other interests. It owns and operates businesses and has significant interests in various companies, including diversified industrial products, energy, defense, supply chain management and logistics, direct marketing, banking and youth sports. SPLP operates through the following segments: Diversified Industrial, Energy, Financial Services, and Corporate and Other, which are managed separately and offer different products and services. For additional details related to the Company's reportable segments, see Note 18 - "Segment Information." Steel Partners Holdings GP Inc. ("SPH GP"), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC ("Manager"), pursuant to the terms of an amended and restated management agreement ("Management Agreement") discussed in further detail in Note 17 - "Related Party Transactions."

Risks and Uncertainties

In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The spread of the outbreak has caused significant disruptions in the U.S. and global economies, and economists expect the impact will be significant during the remainder of 2020 and potentially beyond. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The Company continues to evaluate the global risks and the slowdown in business activity related to COVID-19, including the potential impacts on its employees, customers, suppliers and financial results. As the situation surrounding COVID-19 remains fluid, it is expected to continue having a negative impact to the Company; however, it is difficult to predict the duration of the pandemic and its continued impact on the Company's business, operations, financial condition and cash flows. There is no certainty that federal, state or local regulations regarding safety measures to address the spread of COVID-19 will not adversely impact the Company's operations. As the COVID-19 pandemic progressed, the Company initiated cost reduction actions, including the reduction and waiver of management and board fees, hiring freezes, employee furloughs, staffing and force reductions, salary reductions, bonus payment deferrals and 401(k) match suspension to help mitigate the financial impact of the COVID-19 pandemic. The Company also froze all discretionary spend, implemented strict approvals for capital expenditures and aggressively managed working capital. The Company continues to evaluate further or continued actions as circumstances warrant.

The COVID-19 pandemic has adversely affected our consolidated financial results for the first nine months of 2020. We anticipate COVID-19 may continue to have an adverse impact on our business through the fourth quarter and potentially beyond. While the Company developed and implemented, and continues to develop and implement, health and safety protocols, business continuity plans and crisis management protocols in an effort to try to mitigate the negative impact of COVID-19 to its employees and business, the severity of the impact of the COVID-19 pandemic on the Company's business in the fourth quarter of 2020 and beyond will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic, governmental actions that have been taken, or may be taken in the future, in response to the pandemic, and the extent and severity of the impact on the Company's customers and suppliers, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, supply chain disruptions and uncertain demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operations challenges faced by its customers. As of the date of issuance of these consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity or results of operations is uncertain.

Basis of Presentation

The accompanying unaudited consolidated financial statements as of September 30, 2020 and for the three and nine month periods ended September 30, 2020 and 2019, which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three and nine months ended
8


September 30, 2020 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements on Form 10-K for the year ended December 31, 2019, from which the consolidated balance sheet as of December 31, 2019 has been derived.

Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the consolidated financial statements and the related footnote disclosures. While management uses its best judgment, actual results may differ from those estimates. Certain reclassifications have been made to the p