{
  "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": 7,
  "pageCount": 64,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 20,
  "notes": "The slide uses a calculation to strip out leasing gains to isolate the 'gain on sale' component of the Aerospace Products segment.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/7",
  "deckHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "After normalizing for Leasing gain on sale, ~80% of Aerospace Product's Adj. EBITDA is gain on sale.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9beb-c64ca7044176",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "AP gain on sale / AP reported adj EBITDA: 80%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9beb-c853411b3039",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "FTAI's new Q3 2024 disclosure, discussed infra, implicitly acknowledges its AP segment (the MRO) performs limited repair and maintenance work on the engine assets sold.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00362d11-4628-41cd-9988-b69bf496f6a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "After normalizing for Leasing gain on sale, ~80% of Aerospace Product's Adj. EBITDA is gain on sale.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53e8fe93-71a5-400c-8039-bc4425aab376",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.05,
        "y": 0.8
      },
      "kind": "source-note",
      "text": "Source: Company filings, MW. Units: $ in millions, unless otherwise noted. Note: Module sales could also generate gains on sale, per GAAP accounting.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab4629a0-0505-4d39-882a-a5753d4dae23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.9,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "table",
      "text": "Table showing calculation of AP gain on sale as a percentage of AP reported adj EBITDA across Q1-Q3 2024 and YTD.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1d75139-cf18-4c5d-a6d1-d4492cc41955",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "~80% of Aerospace Products EBITDA Is Gain on Sale Which Supports Our View of the Materiality of Whole Engine Sales",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e70f9e1-2407-405a-90aa-598e34cc17cd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4ed3f511-1d14-417a-9865-86138ec80ce5",
      "evidence": "The slide uses financial data to expose that reported EBITDA is driven by accounting gains rather than operational performance.",
      "confidence": 0.9
    }
  ],
  "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": [
    {
      "to": 10,
      "from": 6,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "d0916ca9-68eb-43cb-b7af-1d6d663b3965",
      "evidence": "The deck presents evidence that FTAI's growth is driven by whole engine sales",
      "position": 0,
      "objective": "What is driving FTAI's revenue and EBITDA growth?",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}