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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "presentationDate": "2025-01-15 00:00:00",
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  "notes": "Highlights the shift in reporting metrics to maintain a narrative despite stopping direct sales disclosures.",
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      "text": "After FTAI Stopped Disclosing Module Sales, Management Still Pushes the Module Narrative",
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      "text": "Q2 2024\n- Q2'24 Total Revenue growth of 164.5% versus Q2 2023\n- 82 modules sold in Q2 2024\n- Consistently generating Adj. EBITDA margins of between 30% - 40%\n- 06/30 Engine parts inventory of $373.3mm to support backlog",
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      "text": "Q3 2024\n- Q3'24 Total Revenue growth of 155.7% versus Q3 2023\n- Annual Shop Visit Capacity for 1,350 CFM56 Modules\n- Consistently generating Adj. EBITDA margins of between 30% - 40%\n- 09/30 Engine parts inventory of $491.0mm to support backlog",
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      "text": "1 FTAI Aviation Earnings Supplement Q2 2024, Pg. 9. 2 FTAI Aviation Earnings Supplement Q3 2024, Pg. 9.",
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