{
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  "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",
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  "pageNumber": 50,
  "pageCount": 64,
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  "density": "balanced",
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  "notes": "The slide uses a Muddy Waters Research branding and highlights a specific row (Implied MRO-Module EBITDA Margin) to show the decline from 47% to 38%.",
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      "kind": "callout",
      "text": "We estimate that net of USM, FTAI's module business is currently delivering EBITDA margins ~600bps lower than in H1 2024.",
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      "text": "Implied MRO-Module EBITDA Margin: 38%",
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      "kind": "paragraph",
      "text": "We estimate that net of USM, FTAI's module business is currently delivering EBITDA margins ~600bps lower than in H1 2024. In Q3 2024, Aerospace Products added ~$60m of revenue QoQ at a ~20% EBITDA margin.",
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      "kind": "source-note",
      "text": "1 Margin estimate vetted with former employees, industry experts, and the sell side. Above totals may not add due to rounding. 2 H1-2023 Adj. EBITDA number is as FTAI reported in FY 2024.",
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      "kind": "table",
      "text": "Table showing H1 2023, H1 2024, and Q3 2024 financial metrics for USM and MRO-Module business.",
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      "kind": "title",
      "text": "Margins are Inflecting Lower, Despite What Should Be a Significant USM Tailwind",
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      "arcName": "Overcoming the Monster",
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      "beatName": "The Conclusion",
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    {
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck highlights the risks and consequences of FTAI's financial manipulation",
      "position": 1,
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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