Sorry if this is a dumb question, I just haven't found this topic thorougly elaborated on this site so far. I wanted to clarify whether there was actually a difference between these two terms. I've seen both terms used pretty frequently in LBO scenarios and even interchangeably at times, so I'd appreciate if someone could just explain whether there is actually a technical difference between the two (perhaps from a modeling or PE interviewer's perspective), and if applicable please help define each term conceptually.
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