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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "presentationDate": "2025-01-15 00:00:00",
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  "notes": "The slide uses a competitor quote to frame the accounting practice as a deliberate manipulation of margins.",
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      "text": "We believe this explains the significant difference in EBITDA margin between FTAI and its peers.",
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      "text": "Notes to table: 1 Excludes intercompany revenue. 2 2024E EBITDA margin per S&PCapIQ. 3 2023 GE CES figures = (5600 CES op profit + ~800 D&A) / 23,900 = 27% EBITDA margin. 4 EBIT margin - FTAI's Aerospace Products reports minimal D&A...",
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      "text": "Adj. EBITDA Margins: ~36%",
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      "text": "FTAI depreciates engines in Leasing to boost Aerospace Products' margin. High depreciation rates in the Leasing segment help AP report lower COGS. Because AP realizes lower COGS, it reports a materially higher gross margin than it would otherwise.",
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      "kind": "quote",
      "text": "Something to think about when you're studying them is, kind of, why are their margins so high, and my theory is that their [Aerospace Products] asset base is at [the] depreciated book value and that's the cost that gets baked into their margins.",
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      "text": "Something to think about when you're studying them is, kind of, why are their margins so high, and my theory is that their [Aerospace Products] asset base is at [the] depreciated book value and that's the cost that gets baked into their margins. — MRO Competitor",
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      "text": "FTAI is Deliberately Inflating the Profitability of Aerospace Products",
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