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Start with working capital. Then explain how a software business turns revenue into cash. This bank has 36 prompts across recorded First Round and Superday interviews in Technology.
13 frameworks help you build your own behavioral and strategy answers. One research checklist needs fresh facts before your interview. They are not counted as worked answers.
Get the guide - $29.99Try the questions belowBy Ledger Shelf · Updated September 30, 2026
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36 prompts: 22 worked answers, 13 frameworks and 1 research checklist. Filter the workbook by recorded round, category or answer type. Hide the answer column, speak your answer aloud, then check the reasoning.
The technical prompts cover operating working capital, deferred revenue, software valuation, DCF, beta and WACC. The frameworks cover acquisition ideas, motivation and your own experience. The research prompt asks which technology trend you are following.
Questions collected from 2020 onward. Individual interview years are not recorded. Round labels describe the source bank, not a promise about your interview process.
Use EV/Revenue. Revenue is an operating measure before interest, so pair it with a value belonging to all capital providers. Equity Value belongs only to shareholders. Pairing it with revenue makes otherwise identical businesses look different just because their debt balances differ.
The check: the numerator and denominator should belong to the same capital providers.
Holding everything else constant, an inventory increase ties up cash in operating working capital. Unlevered free cash flow falls in that period, reducing enterprise value by the present value of that cash outflow.
If inventory later unwinds, model the cash release in that later period. If more inventory is needed every year as revenue grows, model the recurring investment rather than treating it as a one-off.
Assume a customer pays $120 in Year 0, all revenue is earned in Year 1, there are no associated costs, and a 20% cash tax is paid when the revenue is earned. No tax is paid on the advance receipt.
Year 0: no income statement change. Deferred revenue increases $120, giving a $120 cash inflow. On the balance sheet, cash and deferred revenue both rise $120.
Year 1: revenue rises $120, tax is $24 and net income is $96. On the cash flow statement, net income of $96 less the $120 decline in deferred revenue gives a $24 cash outflow. On the balance sheet, cash falls $24, deferred revenue falls $120 and retained earnings rise $96.
Operating NWC excludes cash and debt. Deferred revenue is an operating liability, so the advance receipt reduces NWC and releases cash. Recognizing the revenue reverses that working-capital benefit.
First Round starts with working capital, three-statement links and valuation choices. Superday adds the DCF walk-through, beta, WACC, statement checks and technology acquisition questions. Build your own motivation answers rather than memorizing somebody else's story.
For more practice, use the accounting guide or the DCF and WACC guide. Topic and firm guides may overlap; choose the format you need.
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