STEEL PARTNERS HOLDINGS L.P.

CIK:0001452857|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Total revenue	$ 2,027,848	$ 1,905,457
Costs and expenses:
Cost of goods sold	1,152,355	1,103,017
Selling, general and administrative expenses	547,125	504,960
Asset impairment charges	671	865
Finance interest expense	89,000	80,432
Provision for credit losses	7,740	51,824
Interest expense	8,015	18,400
Gains from sales of businesses	0	(58)
Realized and unrealized losses (gains) on securities, net	2,983	(7,074)
Other income, net	(3,623)	(8,115)
Total costs and expenses	1,804,266	1,744,251
Income from operations before income taxes and equity method investments	223,582	161,206
Income tax benefit	(53,255)	(1,674)
Loss of associated companies, net of taxes	$ 5,615	$ 8,878
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Loss of associated companies, net of taxes	Loss of associated companies, net of taxes
Net income	$ 271,222	$ 154,002
Net income attributable to noncontrolling interests in consolidated entities	9,660	3,173
Net income attributable to common unitholders	$ 261,562	$ 150,829
Net income per common unit - basic
Net income attributable to common unitholders (in dollars per share)	$ 13.07	$ 7.04
Net income per common unit - diluted
Net income attributable to common unitholders (in dollars per share)	$ 11.38	$ 6.43
Weighted-average number of common units outstanding - basic (in shares)	20,006,429	21,433,900
Weighted-average number of common units outstanding - diluted (in shares)	24,053,388	25,356,796
Diversified Industrial net sales
Revenue:
Total revenue	$ 1,242,970	$ 1,193,964
Energy net revenue
Revenue:
Total revenue	145,019	179,438
Financial Services revenue
Revenue:
Total revenue	454,225	416,911
Supply Chain revenue
Revenue:
Total revenue	$ 185,634	$ 115,144

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 271,222	$ 154,002
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	7,740	51,824
Loss of associated companies, net of taxes	5,615	8,878
Realized and unrealized losses (gains) on securities, net	2,983	(7,074)
Gains from sale of businesses	0	(58)
Derivative gains on economic interests in loans	(5,940)	(4,713)
Non-cash pension expense	5,326	11,806
Deferred income taxes	(93,912)	(30,069)
Depreciation and amortization	59,310	56,565
Non-cash lease expense	23,081	18,377
Equity-based compensation	2,228	1,617
Asset impairment charges	671	865
Other	1,351	4,166
Net change in operating assets and liabilities:
Trade and other receivables	(11,948)	4,802
Inventories	6,116	19,247
Prepaid expenses and other assets	4,807	(7,718)
Accounts payable, accrued and other liabilities	(44,430)	4,914
Net decrease (increase) in loans held for sale	129,062	(266,209)
Net cash provided by operating activities	363,282	21,222
Cash flows from investing activities:
Purchases of investments	(142,412)	(208,836)
Proceeds from maturities of investments	263,459	45,731
Proceeds from sales of investments	20,619	213,319
Principal repayment on Steel Connect Convertible Note	0	1,000
Loan originations, net of collections	32,670	(208,571)
Purchases of property, plant and equipment	(64,963)	(51,451)
Proceeds from sale of property, plant and equipment	2,093	1,846
Increase in cash upon consolidation of Steel Connect	0	65,896
Other	(305)	(1,136)
Net cash provided by (used in) investing activities	111,161	(142,202)
Cash flows from financing activities:
Net revolver (repayments) borrowings	(71,648)	11,115
Repayments of term loans	(68)	(67)
Purchases of the Company's common units	(109,411)	(20,040)
Purchases of the Company's preferred units	(1,945)	0
Net decrease in other borrowings	(11,814)	(26,486)
Distribution to preferred unitholders	(9,519)	(9,633)
Purchase of subsidiary shares from noncontrolling interests	(16,181)	(2,934)
Tax withholding related to vesting of restricted units	(1,077)	(605)
Net (decrease) increase in deposits	(424,649)	513,211
Net cash (used in) provided by financing activities	(646,312)	464,561
Net change for the period	(171,869)	343,581
Effect of exchange rate changes on cash and cash equivalents	(1,617)	(101)
Cash and cash equivalents at beginning of period	577,928	234,448
Cash and cash equivalents at end of period	$ 404,442	$ 577,928

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 404,442	$ 577,928
Trade and other receivables - net of allowance for doubtful accounts of $1,509 and $2,481, respectively	227,996	216,429
Loans receivable, including loans held for sale of $739,822 and $868,884, respectively, net	1,566,981	1,582,536
Inventories, net	195,617	202,294
Prepaid expenses and other current assets	48,649	48,169
Total current assets	2,443,685	2,627,356
Long-term loans receivable, net	231,262	386,072
Goodwill	145,670	148,838
Other intangible assets, net	97,280	114,177
Deferred tax assets	80,273	581
Other non-current assets	149,429	341,465
Property, plant and equipment, net	275,775	253,980
Pension asset	5,903	0
Operating lease right-of-use assets	66,297	76,746
Long-term investments	84,693	41,225
Total Assets	3,580,267	3,990,440
Current liabilities:
Accounts payable	131,768	131,922
Accrued liabilities	101,592	117,943
Deposits	1,483,241	1,711,585
Other current liabilities	101,768	103,682
Total current liabilities	1,818,369	2,065,132
Long-term deposits	173,801	370,107
Long-term debt	119,588	191,304
Other borrowings	1,632	15,065
Preferred unit liability	155,613	154,925
Accrued pension liabilities	16,447	46,195
Deferred tax liabilities	10,047	18,353
Long-term operating lease liabilities	53,134	61,790
Other non-current liabilities	58,212	62,161
Total Liabilities	2,406,843	2,985,032
Commitments and Contingencies
Capital:
Partners' capital common units: 19,078,201 and 21,296,067 issued and outstanding (after deducting 20,727,941 and 18,367,307 units held in treasury, at cost of $438,708 and $329,297, respectively	1,234,793	1,079,853
Accumulated other comprehensive loss	(102,381)	(121,223)
Total Partners' Capital	1,132,412	958,630
Noncontrolling interests in consolidated entities	41,012	46,778
Total Capital	1,173,424	1,005,408
Total Liabilities and Capital	$ 3,580,267	$ 3,990,440