skills/lbo-model-build/references/deep/model-math

# Model Math

Runtime owns formulas. Review sequence: timeline, revenue, EBITDA, D&A, capex, NWC, taxes, FCF, S&U, debt/cash sweep/revolver/interest, PA, BS, covenants, exit equity, IRR/MOIC, dilution, sensitivities, reverse stress, checks, handoffs.

Revolver protects min cash; sweep repays ranked non-revolver debt; PIK grows principal; covenants cover leverage, coverage, DSCR, and liquidity.