Sphingosine-1-phosphate lyase that cleaves phosphorylated sphingoid bases (PSBs), such as sphingosine-1-phosphate, into fatty aldehydes and phosphoethanolamine (PubMed:20696404, PubMed:25345524, PubMed:9334171). Prefers C-16 dihydrosphingosine-l-phosphate (DHS-P) as a substrate. Regulates intracellular levels of sphingolipid long-chain base phosphates (LCBPs) (PubMed:11795842). Plays a role in the regulation of global responses to nutrient deprivation in yeast (PubMed:10329480). sphinganine 1-phosphate = hexadecanal + phosphoethanolamine (4R)-hydroxysphinganine 1-phosphate = (2R)-hydroxyhexadecanal + phosphoethanolamine Lipid metabolism; sphingolipid metabolism. Homodimer. Localizes to the cortical and the perinuclear ER. Glycosylated. Leads to the accumulation of endogenous phosphorylated sphingoid bases, and exhibits unregulated proliferation upon approach to stationary phase (PubMed:10329480). Causes a reduction in total C15 and C17 phosphatidylcholine levels (PubMed:25345524). Present with 13100 molecules/cell in log phase SD medium. Belongs to the group II decarboxylase family. Sphingosine-1-phosphate lyase subfamily.