Cleaves phosphorylated sphingoid bases (PSBs), such as sphingosine-1-phosphate, into fatty aldehydes and phosphoethanolamine. Elevates stress-induced ceramide production and apoptosis (By similarity). sphinganine 1-phosphate = hexadecanal + phosphoethanolamine Lipid metabolism; sphingolipid metabolism. Belongs to the group II decarboxylase family. Sphingosine-1-phosphate lyase subfamily.