{
  "docId": "019dd923-622b-71dc-a6da-ec9fdcc5ff89",
  "docSlug": "c9a111b83a1b",
  "documentTitle": "AerCap Holdings (AER)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-07 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 67,
  "pageCount": 89,
  "prevPage": 66,
  "nextPage": 68,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 15,
  "notes": "The slide uses a red circle and arrow to draw attention to the 'Taxes paid related to net share settlement of stock awards' line item in the cash flow statement.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-ec9fdcc5ff89/67",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-ec9fdcc5ff89",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-ec9fdcc5ff89.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-ec9fdcc5ff89#slide-67",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "athena wants everyone to back out the stock compensation because it’s a “non-cash” expense. Yet, it pays out cash taxes as part of its stock compensation scheme. At $28 million, that’s more than the company’s entire free cash flow.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-8964-3c8ad7c6f4b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Taxes paid related to net share settlement of stock awards: (28,879)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-8964-439990e6ac4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.13,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "But look at this excerpt from the cash flow statement. athena wants everyone to back out the stock compensation because it’s a “non-cash” expense. Yet, it pays out cash taxes as part of its stock compensation scheme. At $28 million, that’s more than the company’s entire free cash flow.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6dbf7f6-570c-4047-b978-12bc2c0619da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.13,
        "y": 0.61
      },
      "kind": "source-note",
      "text": "Source: ATHN 2014 Form 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5ff7d6e-dd58-42c3-aa17-c6b7f59f1ca6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.76,
        "x": 0.12,
        "y": 0.17
      },
      "kind": "table",
      "text": "Cash flow statement excerpt showing financing activities and tax payments related to stock awards.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "efb01ba0-c61d-42ed-a742-af2860b4dea5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.35,
        "y": 0.1
      },
      "kind": "title",
      "text": "Reality GAAP",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1dd6a6e-5e86-471a-8dfb-9dbea6a57657",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "81863a6b-5e31-4e7b-98aa-9a08f0168fb2",
      "evidence": "The slide explicitly points out a discrepancy between management's narrative ('non-cash expense') and the actual cash impact shown in the financial statements.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 89,
      "from": 61,
      "beatId": "c821301c-db16-417e-b1fe-c78938326689",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Resolution",
      "beatSlug": "resolution",
      "evidence": "Conclusion and final thoughts on navigating the challenges.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}