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  "docSlug": "ae6eb7229943",
  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-15 00:00:00",
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  "pageNumber": 35,
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  "notes": "The slide uses a table of cash flows from investing activities to demonstrate that 'Acquisition of leasing equipment' is a major recurring expense.",
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      "kind": "callout",
      "text": "Leasing Equipment capex is a significant cost (see below).",
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      "text": "Recall, being on lease is not a prerequisite to taking depreciation.\nLeasing Equipment capex is a significant cost (see below).",
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      "kind": "metric",
      "text": "Acquisition of leasing equipment: (749,780)",
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      "kind": "source-note",
      "text": "1 FTAI 2023 10-K Pg. 57. Note: Per FTAI IR prior year cash flow statements include FIP US numbers for the 2022 and 2021 years; however, FIP US reported a negligible amount of leasing capex in prior years.",
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      "text": "Cash flows from investing activities table showing 2021-2023 data, highlighting Acquisition of leasing equipment.",
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      "kind": "title",
      "text": "If FTAI's Accounting Weren't Misleading, Its Leasing Equipment Capex Would Be Aerospace Products' COGS",
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