{
  "docId": "019dd923-622c-750b-8b97-afb07f54b28c",
  "docSlug": "ae6eb7229943",
  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 19,
  "pageCount": 64,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "CYA stands for 'Cover Your Assets' or 'Cover Your Ass', implying a defensive legal/regulatory maneuver.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/19",
  "deckHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-19",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We suspect this language changed because whole engines make up a material portion of inventory and Aerospace Products’ revenue.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bec-f357ddc17a80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.55
      },
      "kind": "list",
      "text": "We suspect this language changed because whole engines make up a material portion of inventory and Aerospace Products' revenue.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09c2558a-b413-4665-bd19-38de3cb9d54d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.38
      },
      "kind": "list",
      "text": "FTAI's 10-Q Q3 2024 definition of Inventory newly adds stand-alone aircraft engines: \"We hold aircraft engines, engine modules, spare parts and used material inventory...\"2",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71bac64c-e1b6-4474-8611-24e499870260",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.67
      },
      "kind": "list",
      "text": "We note that when analysts previously asked about whole engines sales and their share among reported CFM56 module sales, management's replies were evasive.3",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "893e5bda-6e8b-477d-b1c3-0b21bf7c3209",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.2
      },
      "kind": "list",
      "text": "FTAI's 10-Q Q2 2024 definition of Inventory makes no mention of stand-alone aircraft engines: \"We hold aircraft engine modules, spare parts and used material inventory...\"1",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf05a564-f51a-4814-8556-1a734eead3b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"We hold aircraft engine modules, spare parts and used material inventory...\" — FTAI Aviation 10-Q Q2 2024; \"We hold aircraft engines, engine modules, spare parts and used material inventory...\" — FTAI Aviation 10-Q Q3 2024",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bec-f44ab75b6688",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.04,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "1 FTAI Aviation 10-Q Q2 2024, Pg. 12. 2 FTAI Aviation 10-Q Q3 2024, Pg. 12 (emphasis added). 3 FTAI Aviation Q1 2024 Earnings Call April 26, 2024.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86bc4122-9e24-434e-a54a-ba301456b4f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.75,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "FTAI's Inventory Disclosure in its 10-Q Now Includes Aircraft Engines, Which We See as a CYA Disclosure",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c157309c-7bbc-4079-9bc7-01ccc23f19be",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a25ea0e3-43b6-4d9d-9477-8caa47015a78",
      "evidence": "The slide identifies a change in financial disclosure as a potential indicator of management obfuscation.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "2897335b-844f-4613-bd0e-c83e0abf1f5d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Problem",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The deck exposes contradictions in FTAI's financial reporting",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}