Your question is LBO Model Levers. Take a moment with it on the right.
Talk me through your thinking if you like. When you're confident, submit your answer and I'll grade it like a real screen (7/10 or better passes).
Describe an LBO model from the perspective of an incoming ComCap Associate; what are the key levers that drive IRR? Explain how you would build the model from sources and uses through the five-year exit, including operating projections, debt paydown, mandatory and optional amortization, management rollover, sponsor equity, and exit proceeds. Identify the key sensitivities and distinguish operating performance from multiple expansion and financing effects. No transaction-specific financials or assumptions are provided, so address the mechanics and formulas rather than calculating a transaction-specific return.