Pre-tax unlevered free cash flow in a private equity interview?

I just got through a PE interview and I was pretty confident with the paper LBO
 

However, the interviewer quickly ran through the assumptions as I was trying to write it all down and label each assumption appropriately. I caught on to some of the key assumptions and asked him to run through it again, but given that he wasn’t being clear, I missed a few of the transaction assumptions again. He even gave me the free cash flow number to my surprise. And then, I asked him if he meant levered or unlevered free cash flow. He said he meant pre-tax unlevered free cash flow)… and because I was a bit confused with what he actually meant, what followed was a series of back and forth and back and forth dialogue between me and him as he was visibly growing a bit frustrated with trying to explain it to me. Eventually, he guided me through the calculations quite a bit (… I wouldn’t have needed the guidance if all the assumptions were clear). I ultimately arrived at the correct MOIC and the correct IRR, but not until we already harped back and forth on this for quite a while. Do you think I got dinged if the rest of the interview (the non-paper LBO portion of the interview) went really well? Also, going into this, I felt well prepared, but I was totally caught off guard by the confusing way the info was presented.

1 Comments
 

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