{
  "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": 52,
  "pageCount": 64,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a direct quote from an investor relations call to frame the contradiction.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/52",
  "deckHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-52",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "FTAI Management Claims to be Immune From a Significant Supply-Demand Shift in the Market. But if This Were True, Why Would EBITDA Margins Be Falling So Quickly?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81d2-0fee3c5f71eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81d2-16734e569b89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Investor: \"Given the macro situation for CFM-56 7B [prices] have gone up quite a bit, like some say on the order of 30 to 50 percent, is that something that could flow through Products margin? How should I model the cost of engines flowing through the business?\"\n\nIR: \"The key thing to note is the difference between the market in general and FTAI when it comes to procuring engines, the market is just pricing serviceable green time engines...We specifically go out to look for opportunities to find unserviceable engines, at significant discounts and then repairing that and then obviously then reselling it to market with green time...when you do note that 30 to 50 increase in the market rate, that isn't reflective of what the unserviceable market looks like.\"\n\nInvestor: \"Got it. Okay, so that's sort of the Special Sauce a little bit.\"\n\nIR: \"Exactly.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5cfc2593-68fd-45e0-83e5-c8a376961059",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "IR: \"The key thing to note is the difference between the market in general and FTAI when it comes to procuring engines... when you do note that 30 to 50 increase in the market rate, that isn't reflective of what the unserviceable market looks like.\" — FTAI IR",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81d2-1179cbc387a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "1 FTAI IR call with Investor, October 2024.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d427605c-73c7-4033-a0e4-ada313e6b9ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "FTAI Management Claims to be Immune From a Significant Supply-Demand Shift in the Market. But if This Were True, Why Would EBITDA Margins Be Falling So Quickly?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a91df285-46b9-4894-956d-42239d5a9c1e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "6f372142-8db7-4ab4-a645-b3b15c42ef77",
      "evidence": "The slide explicitly contrasts management's claim of immunity with the reality of falling margins using a direct quote.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 64,
      "from": 41,
      "beatId": "a9cb613d-f388-47fc-b02a-1d4f2321ab2e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Conclusion",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck concludes with a summary of findings and implications",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 54,
      "from": 49,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "07953916-f602-4c19-aea2-ea34ee8b83d5",
      "evidence": "The deck highlights the risks and consequences of FTAI's financial manipulation",
      "position": 1,
      "objective": "What are the implications of FTAI's financial manipulation?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}