6 questions reported in Thoma Bravo interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
Easy · Medium
Hard
Model builds
Built in the spreadsheet grid
Strategic fit, synergy underwriting, dis-synergies and post-close ownership. 3 questions
Tests whether a corporate development analyst can reconcile headline consideration to the cash actually paid at closing.
A signed deal uses a $30m net-working-capital peg. At closing, accounts receivable are $18m, inventory is $11m, and accounts payable plus accrued operating expenses are $7m. Cash and debt are…
Tests commercial judgement when a corporate buyer must recommend terms, not merely compare headline valuations.
A founder-owned target prefers your $200m cash offer with a 45-day close and no financing condition. A financial sponsor offers $215m, but needs 90 days, debt financing, a broad…
A live-deal case that tests whether an analyst can triage issues rather than produce an unranked diligence list.
You have three weeks left in diligence. Revenue is concentrated in two customers, EBITDA contains large adjustments, and the target's core software is built on a third-party licence. How would you…
LBO modelling, leverage capacity, value creation plans and exit paths. 2 questions
Core to how sponsors think about people risk in a deal.
Why do sponsors want management to roll equity? How is a management incentive plan typically structured, and what does it tell you if management refuses to roll?
The standard private equity screening exercise. Expect to do it on paper in under 10 minutes.
A sponsor acquires a company with $100m LTM EBITDA at 10.0x, funded with 6.0x debt and the rest equity. Assume: - EBITDA grows to $140m by year 5 - Cumulative free cash flow over the hold pays down…
Unit economics, cohort retention, burn efficiency and minority protections. 1 question
A common software-investing shorthand that interviewers use to test judgement about growth and profitability.
Explain the Rule of 40. A SaaS company grows 32% and has an EBITDA margin of negative 12%: how would you use the result?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with Thoma Bravo.