1 hour lbo modeling test

1 hour lbo modeling test. 2) The BIWS is actually awful. Rank: Neanderthal 2,051. Hey All -. Get our gold-standard LBO Model to ace your modelling test! * Email. PE. Region. Download a free LBO modeling test from our courseenter your email below video. The LBO modeling test is used by many, perhaps most, PE firms both large and small as part of the interview process to test 3 things: Finance knowledge; Excel modeling skills; Executive presentation / communication skills A one-hour LBO modeling test is a common exercise used in private equity recruiting to assess a candidate's financial modeling skills. Was able to get everything done with BS and CF balancing, but my assumptions, esp. I have gotten through to the final round of a development finance boutique that is back by a big PE group (think KKR, TPG, Carlyle). around leverage, were pretty simplified. Misc. LBO Entry Valuation. Default LBO Sculpt Test (*This Tutorial*) – This is the level of difficulty is we’re going to cover here Oct 24, 2020 · 713. Hi all. ap2A_8. Any tips are apprecaited. Start with the Income Statement – EBITDA is $250mm per year. PM me if you want a REPE model test for an asset management analyst role. May Jun 27, 2018 · The LBO model aims to determine how much to pay for an acquisition and how much leverage can be used while maximizing the equity IRR. I recently tried a new LBO model 1 hour test, and there it Feb 28, 2019 · Excel test for TPG, Carlyle, KKR Real Estate? cornerback16. Thanks in advance! Do you want to ace the LBO modeling test in your next interview? Watch this video and learn how to complete a 60-minute test from scratch, with step-by-step guidance and tips from an experienced Aug 8, 2023 · Sharpen up your LBO modeling with this step-by-step LBO model test tutorial, similar to what you might receive in a private equity interview. 2. 5h for that - but i'd be prepared - make sure you can do consolidated BS quickly and know main adjustements such as goodwill calc, equity, etc - also you'll need to build quick CF statement) and an LBO - depends whether you will get Well, on the one hand, our training videos range from $229 – $299. Intern in PE - LBOs. I recently got through a couple rounds at a EB and now have to complete a 2-Hour LBO modeling case study to get into the final round. How much could a private equity firm pay for the company to achieve a 2. Use the following assumptions for the capital structure in the deal: • Term Loan A: 1. Sep 12, 2021 · They provide 120 pages of management interview/ company overview. I will get a car and go to the Salsa/Hip Hop dance studios near Santa Monica. A private equity firm plans to acquire a private, family-owned I-have-a-1-hour-lbo-model-test-coming-up-i-have-practiced-using-online-coursestests-but-does-anybody-have-experience-doing-a-1. As discussed in the PE case study articles, there are different types of “modeling tests” and “case studies”: simple paper LBOs, 1-3-hour timed tests, and open-ended take-home case graduate. POSTED BY Peter LynchTags:LBO Case Study. Peter Lynch. It is built not just for the basic valuation of a company but also to account for the debt raised to finance the transaction and forecast how much return the private equity firm can make. These types of tests can occur at any stage of the interview process, as well as additional interviews with other May 19, 2022 · I took a 3-hour infra 3-statement modeling test yesterday that had very detailed instruction around revenue assumptions (multiple revenue streams, multiple different customers all with different contract terms, add-on capex for new revenue stream, etc). Also did a top MM modeling test and it asked for LBO (basic sources and uses) and a one-pager on a particular industry, my thoughts on industry growth, comps in the industry, etc. During this test, candidates are given a limited time, typically one hour, to create a leveraged buyout (LBO) model. 4 of the Top 5 Private Equity firms globally use Wall Street Prep to train their incoming PE Analysts and Associates. Subscribe. Learn how to build an LBO model from just a blank Excel sheet in under 60 minutes. Office is in Santa Monica but can WFH daily. Monkey 51 O. 18d. BOOK YOUR FREE 15 MIN CALL. As an analyst or associate this is a common challenge. Where should I stay? Budget is around $2200-2600 a month for rent, and I’m okay with driving an hour or so a day (30 mins each way), getting to a dance studio or work. Compensation for PE associates is very lucrative — often $200,000 – $350,000 or more annually. Invited to an AC for a boutique advisory focusing on aerospace and defense (in London). Dec 12, 2017 · Description. An LBO model is usually built in Excel to help investors properly evaluate the Sep 29, 2020 · Know how to build an operating model and do basic industry research/build a slide if need be. Jun 9, 2020 · 3,559. The 1-3-hour timed tests are most common inside the on-cycle recruiting proceed at large firms in the U. Rank: Baboon 143. The leveraged buyout model (LBO) is often viewed as extraordinarily complex, but it shouldn’t be. If you don’t understand how the 3 financial stmts work then no. Step 2. 5% sponsor fee on the purchase price. Our Focus: The second type of case study, which is arguably more of an Excel/shortcut test Apr 3, 2022 · 1 Hr. 5 hours. Know how an LBO works. Associate 2 in PE - LBOs. It also provides an opportunity to display information in your own format, which becomes increasingly important as you look at opportunities in different industries. 0 hours to create slides and refine Sep 15, 2010 · However, you will definitely need to have a basic understanding of how promote structures in RE PE work. Whether you're preparing for an LBO Modeling test or you want to learn to build an LBO model and become a better PE professional, this course has you covered. 5% financing fee on the total debt raised, and a 0. Jan 13, 2023 · Yes you can. Entry valuation, operating model, returns. Its all just a lot of "link cell B125 to cell H65", lots and lots of needless repetition, and it's just a mess. com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt15In this LBO Model tutorial, you'll learn May 7, 2023 · Download WSO's free Leveraged Buyout (LBO) model template below! This template allows you to build your own private equity LBO model using various financing/debt inputs and schedules. The final round is an excel test held by one of the above. Any guidance on prepping like specific materials / websites would be much appreciated. Provide certain debt assumptions and add those May 27, 2022 · 1y. Can anyone share an example of the model they had to complete or used to prepare for the modeling test? I'm currently using BIWS to prepare, but would appreciate your help. 3y. The firm will give you some source material on a company, which can range from a 10-k (if the company is public) to an internal investment committee memo (if the company is a portfolio company). But quite simply, the stakes for success or failure in your PE interviews are really freaking high. PE Associate Model Test. A MM PE fund is asking for a 4 to 5 hour on-site LBO modeling test. 1. That’s definitely a lot. Enroll in Course. This video series will teach you how to build an LBO model, and introduce you to purchase accounting, making balance sheet adjustments and detailed debt schedules. Great practice and review for private equity case study interviews!About me: My name is Josh Jia and I h Mar 8, 2017 · 1) None of the BIWS stuff seems relevant for a 2-3 hour test, unless I'm very much underestimating the speed they're expecting me to go at during the test. 3. The Private Equity Deal Process. I'll be given three hours for the test and will need to pull the company's historical financials from SEC filings (Edgar). Excel Template Preview. CB. Set up your model and sensitivity tables, and then use them to answer the following questions: Case Study Questions. Basically did 2 tranches (term loan / senior notes) with simple interest rates for each Simple LBO Model Steps. Debt covenant analysis. Authored by: Certified Real Estate Professional Sep 23, 2015 · we had to make 3 statement operating model. I'm not too sure what to expect, I've done full-blown 3-statement LBOs which I don't think I'm able to finish in one hour and I've also done short-form LBOs where I just built out the income statement and cash flow statement and exit analysis. 0 hours to refine operating model and top line growth assumptions and testing some value creation initiative sensitivities. If you have a decent grasp of accounting principals and aren’t starting at zero. Leave this field empty if you're human: Nov 15, 2016 · 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. How would you tackle this? 1. The exercise will usually last 1-3 hours; as such, to expedite things, you’ll usually In this LBO Modeling in Excel course, theory and practice go hand in hand. 5 hours for LBO model without BS, just cash flow to get return sensitivities. 4y. LBO Modeling. Jun 24, 2018 · Hello everyone, I am currently preparing for a few upcoming PE-interviews and I have a question concerning the LBO modelling tests you typically do in the second round ("standard" 90-120 minute test, building model from completely blank spreadsheet). Just had a difficult af test with a CIM, no assumptions whatsoever, and 1. During this test, candidates are typically given one hour to complete a series of tasks related to analyzing and modeling a leveraged buyout scenario. Oct 24, 2023 · Houlihan Lokey Modeling Test. 81 verified reviews. Do any of you have any idea what could be on it - or what to focus on revising? this is for their FAS group, entry level position. (Optional) $119. Monkey 33 CO. Welcome to Wall Street Pretty! Use code at checkout fork 15% off. Financial Forecast and Debt Schedule Build. Analyst 2 in IB - Gen. Had like 3 hours to complete. or. Download. Really did not expect to be part of this process, so trying to cram as efficiently as possible today. What I tried to do is have my template setup before hand so all I had to do was plug numbers in and flow through. Oct 13, 2020 · King Kong 1,326 IB. Either way, you'll get an unrivaled personalized experience based on your individual learning goal. It was pretty simple as it's literally just 2x 1 hour models basically with an extra hour to review and amend where needed. Mar 24, 2009 · LBO Modeling Test from Scratch with no CIM (Originally Posted: 12/26/2012) Hey guys, I've got this PE modeling test in a few days where I need to build an lbo model from scratch for a company. The interviewer was relatively vague regarding the scope of the test. Throughout the tutorial, a baseline understanding of the theory behind leveraged buyouts (LBOs) will be assumed. 5 hours to build a full 3-statement LBO. Based on the WSO Dataset, lateral analyst hires often face modeling tests that can vary significantly in complexity and focus, depending on the firm and the specific role they are applying for. Likewise, since we’ll be adding more tabs to the model, let’s color code the tabs. We introduce the fundamental approach behind leveraged buyouts (LBOs) and work on practical case studies that will reinforce theoretical concepts and teach you how to create an LBO model in an authentic work environment. As far as i've seen, model tests for lateral hires not usually from scratch and they generally ask for very basic models (i. She mentioned three skills that are important to being successful during the test: make sure to be comfortable putting together an income statement. 5-6 hours seems a bit long. Essential LBO Modeling Test – A relatively easy practice test so normal takes around 45 record (and with hour by most). All that was handed was a blank excel file and 3 yearly annual statements and the recent quarterly staement of an obscure company. Sources and Uses of Funds Table. View the BabyBurgers LLC case study, which was developed with the purpose of identifying junior team members for a private equity firm. This usually takes place on-site. Feb 27, 2023Feb 27, 2023. 5 Hour LBO Test. Reply. Lectures, bonus materials, detailed notes, and checkpoint models. Apr 26, 2024 · The leveraged buyout (LBO) model is used to model one of the most complex types of transactions in finance. Baboon 130 O. If you (or someone you know) happens to have access to the Wall Street Prep premium package, which has a tab of "free courses", there are 2 such free courses on restructuring that are short (3 hr, and 1 hour) and useful, including some template downloads with cap tables, priority waterfall, cash flow and debt balances, etc. Just wondering if anyone has done the excel test for one of Feb 17, 2015 · In this tutorial, part 1 of a 2-part series on LBO case studies, we’ll look at what you might expect in a case study modeling test given at an assessment cen Jan 29, 2020 · For 1-hour I would not expect a waterfall. Spend some time as well spreading Enterprise Value from 10Ks (a little more unlikely Growth equity modeling test. fill in the formulas). , debt schedule, operating model, etc. Build a full 3-statement (Income Statement, Cash Flow Statement and Balance Sheet) LBO model starting from blank excel sheet. Hey all, have an upcoming interview with a REPE firm that will have a 1 hour Excel modeling test. So just go S&U -> income statement -> abbreviated cash flow -> debt/interest -> returns analysis Types von LBO Scale Test. United States - Midwest. dddyyy. Then, in the Uses section, the management rollover reflects that after the sale, management owns some of the pro-forma business. then a dcf valuation. If you need help with 3-statement model building, PM me. While I’ m in LevFin, I feel pretty unprepared for my private credit interviews/1 hour modeling test today and tomorrow. They gave you the P&L and B/S but LBO analysis was entirely from scratch. Want me to model down to levered and unlettered IRR. Once you finish the model, respond to the case study questions at the bottom. 30-hour modeling test followed by a 30-minute discussion in the provided context May 10, 2021 · Hey guys, Have a two hour in person modeling test for an analyst role for a capital markets team in Miami. 1:1 Coaching Pricing. Unlikely with 1h you will have debt paydown. i took a modeling test and had to do just that. As someone who works in distressed PE , I would not move a candidate to a case round unless 1) they had prior distressed experience, or 2) had conveyed strong interest and working knowledge of distressed during earlier interviews. The short-form model is recommended for educational use only. I've heard that there are LBO modeling tests when interviewing for some lateral positions. Advanced LBO Modeling Test (*This Post*) – You’re given a your, a 5-15 page packet of economic data, and 3 to 4 hours. This file will outline an example of an in-office LBO modeling test. It will also really help develop an understanding of capital Mar 2, 2020 · 74. So EBIT = $140mm. But if a certain concept is unclear, additional recommended resources will be linked below There are different types of “modeling tests” and “case studies,” so we need to start there: Type 1: “Paper LBO” (or “mental” version) Type 2: 1-3-Hour LBO Model (on-site or via email/Zoom) Type 3: Take-Home LBO Model and Presentation. Some people know exactly what they need ("I have an IB interview next week - help!"), while others work with their coach to determine the right lesson plan. But in the meantime, here are some free practice LBO modeling tests: LBO Modeling Test (Transacted. The 1-3-hour timed tests are mostly common in and on-cycle recruiting processing the large firms in the U. More important to have the correct answer than it is formatting down, but if you build out a Oct 8, 2020 · jbstar23 CO. Mar 4, 2020 · Houlihan Lokey Technical Test & case study. 5x cashon- - Two Statement LBO guide with step-by-step excel (1 hour of prep) Two Statement LBO model test (2 hours) Three Statement LBO step-by-step video (90 minutes) Additional LBO tests (5+ tests and counting; we develop new models regularly and upon request based on what we see in the market) About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features NFL Sunday Ticket Press Copyright I'll be posting the updated files here and on r/financialmodelling . Just had a modeling test and was given a CIM to build a 3-statement model in 1. Jun 16, 2014 · Learn more: https://breakingintowallstreet. I would definitely prepare for a one hour LBO test as well as other simple models for DCF and M&A. The EVR one that I was asked to do was an operating model which you would then use to do an LBO in 3 hours. S. Note: the numbering starts at 3; the first step is the tab labeled “LBO_3” - “3. This is the most common LBO Modeling Test given at lower-middle market and middle-market PE firms. Step 3. Assuming they will give me an OM and historic cash flows. Create a new tab called FINCASE. $399 Add to Cart. A one-hour LBO (Leveraged Buyout) modeling test is a common exercise used during the private equity recruiting process to assess a candidate's financial modeling and analytical skills. Time limit: 90 minutes. TKZ123. Told that i will be doing a 'simple' 2 hour modelling test on Excel that is likely to be either an LBO or Merger Analysis test. 2 hour modeling test - HELP. Test is this Wednesday in their office, they said it's going to be multifamily. I think it was one hour or 90 minutes, can't remember, but I'd assume it would be the same type of structure you might see. This is for the RX group. operating data to build items like LTV / CAC, retention metrics / ARR rollforward, cohort analysis, etc. To access this free long-form LBO model template, see the instructions below the preview. 5% M&A advisory fee on the purchase price, a 1. Course + One-on-one email access. 3 hours is enough time for a three statement model and dcf. 5-1. Most Helpful. The template is plug-and-play, and you can enter your own numbers or formulas to auto-populate output numbers. The 1-3-hour timed tests are most common in the on-cycle recruiting process at great firms in the U. $297. 152 IB. Sep 5, 2017 · Hi all, I have a modelling test coming up for a FT analyst position, and I'm told it will be an hour. Standard LBO Modeling Test – You’re given a laptop and 1–2 hours. Understand that a proforma FS (goodwill adjustment, retained May 3, 2024 · Step-by-Step Guide to Understanding the Basics of an LBO Model ("Cheat Sheet") Step 1. Jul 17, 2023 · Anyone familiar with Evercore ’s modeling/technical test and what it covers? It will be three hours long. Have only ever done DCFs on Excel before and Sep 8, 2022 · Hi monkeys, I just hit the desk and somehow found myself part of the on-cycle process. . The short-form LBO model bypasses many of the complexities associated with the long-form version, and can be used as a starting point for understanding LBO modeling. May 1, 2024 · Basic LBO Modeling Test – You’re given a laptop, simple instructions and ~30 minutes – this serves as a slightly more robust early-round screen than the Paper LBO. Coaching Perks: $150 WSP Credit. ”. What the title says. Authored by: Certified Real Estate Professional - NA. $59. Response 1 of 10: Can usually skip all the non crucial pieces like balance sheet, full cash flow statement, WC schedule. As discussed in the PE case studies article, there are different types of “modeling tests” and “case studies”: simple page LBOs, 1-3-hour timed tests, and open-ended take-home case surveys. The use of high leverage increases the potential returns on investors’ equity investments in the long-run. Subtract Depreciation of $35mm per year, and interest of $75mm per year. Within the model, assume that excess cash is NOT used to repay debt, and instead simply accumulates on the Balance Sheet. Apr 7, 2022 · Hello, I have a 1-hour corp dev financial modeling test coming up in the next couple days. May 27, 2023 · This makes sense to me as the management rolling over their equity proceeds from the transaction reduces the amount of equity the sponsor has to inject. and then an lbo model. As discussed in the PE case study article, there are different varieties of “modeling tests” and “case studies”: simple paper LBOs, 1-3-hour timed tests, and open-ended take-home case studies. My understanding is it' s an LBO but I'm pretty concerned. See if you're ready for the real deal. The 1-3-hour timed tests become most common in the on-cycle recruiting process at large firms in the U. Video solution + modeling file included so you can get realistic practice. You will be bombarded with data (far more that what has been provided here Apr 13, 2023 · About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features NFL Sunday Ticket Press Copyright Mar 23, 2018 · 1. So 1. Aug 20, 2023 · Standard LBO Modeling Test – You’re existing a laptop press around 1-2 hours – aforementioned remains the most common LBO modeling test given by lower-middle market and middle-market PE firms. 110+ Lessons, 12+ modules with Detailed Nike Case, 8+ hours of video lessons. Anonymous. While there isn't a direct mention of a Goldman Sachs (GS) 1. I had 2. dafuq IB. If you’re locate the default test in dieser article to be difficult, you should go back and start with this one. When applying for junior private equity positions, candidates must prepare for modeling tests on potential private equity investment opportunities. Aug 31, 2017 · This Excel file includes a tab for each step of the tutorial. Apr 15, 2024 · O. LBO Modeling is used to value a leveraged buyout (LBO) transaction where a target company is acquired using a significant amount of debt. Oct 6, 2018 · Hi all, May be taking a 5 hour-ish test soon wherein you have to create an LBO modeling test (starting from a blank excel) and a few pages of an IC Memo. Use the CIM to develop a projection that you think is reasonable based on your understanding of the company. As discussed in the P case study article, there are different types of “modeling tests” and “case studies”: simple paper LBOs, 1-3-hour timed tests, and open-ended take-home case studies. Mar 20, 2024 · Standard LBO Modeling Test – You’re given one laptop press around 1-2 years – this is the most common LBO modeling test given on lower-middle market and middle-market PE firm. I had a look on this forum but I couldn't find any 17,595 Students. United Per the video, candidates looking to test their LBO modeling skill set should build an annual LBO model with a 5-year projection that contains the following: A 50% cash flow sweep that pays down outstanding debt in order of priority. Nov 26, 2018 · Preparation for 2 hour LBO modelling test. Hi All, Is a one hour PE associate modeling test during the interview process more likely to ask for full 3 statements built out, or rather a "short form" LBO (operating model, LFCF, debt schedule & returns)? Thanks in advance and curious to her your thoughts. Types of LBO Modeling Tests. Anyone had experience with HL 's modeling test latey? Was told that it's going to be a 4-hour LBO test, and i just wanna get a sense of how comprehensive it's going to be and any tips on how to best prepare. This is for a lateral analyst position and inclusive of both the Excel model and a write-up. I can do it on my own, but have never really timed myself for a mock test this long. Feb 5, 2021 · Would recommend learning to do them from scratch. Who LBO Full Test refers to a customized interview motion given to prospective prospective during the privacy equity recruiting process. IB. due in 2 hours as well. The template also includes other tabs for other The key concepts in leveraged buyouts include walking through a simple LBO model, calculating the returns (the “internal rate of return” and the “cash-on-cash multiple”), and setting up a simple Debt schedule with support for the Debt repayment and possible Revolver draws to meet cash flow shortfalls. Step 4. 3 Statement Model. Oct 2, 2021 · a Consultant 1. 1:44. Hello guys, I have a technical test & case study (2 hours total) coming up with HL. Taxes = $140mm * 40%, so Net Income = $140mm – $56mm = $84mm. Sort by: Jun 13, 2020 · First, some general cleanup: Let’s move the LBO tab to the far left (out of the four tabs). Advanced LBO Modeling Test: Training Guide The following Advanced LBO Modeling Test training guide provides a step-by-step tutorial to complete a 3-hour practice LBO modeling test of advanced difficul Jan 7, 2019 · IB - LBO Modeling Test. Feb 27, 2023 · Private Equity ForumPE. Make the LBO tab dark blue, and you can make the other tabs all another color. LBO Modeling Test from Blank Excel Sheet – 60 Minutes. Relocating to LA soon and looking for a studio/1 bdr apt. Sep 28, 2022 · Associate 1 in IB - Cov. 5 hours to do a 3-statement model with an add-on component that you were meant to Get started now! Course Only. There are two things that I believe make this case study unique: The first is the level of detail provided in the operating model, which allows the candidate to decide how much detail to include in their analysis. We'll cover tra Watch me build a 3-statement LBO model from scratch. Given this is my first time and I have very little experience with LBO models, had a couple of quick questions regarding this. Wish I had more time. Hey guys I now have hour modeling test. Jan 18, 2021 · This fund gave you a distressed LBO model, which you stated you don't have any experience in. LBO should take you no more than an hour or so and rest of the time should be focused on understanding the business and articulating your thoughts elegantly in the memo. The RE mega-fund ($40+ billion) I work at doesn't do modeling tests, although interviews can get very personal (all fit based) or depending on who interviews you, very technical. The LBO analysis should be supporting the rationale for your thesis rather than the sole focus. In banking now and had several modeling tests when I lateraled. Now, for the main course. io) Paper LBO (Wall Street Prep) Simple LBO Model Test (BIWS) Paper LBO Model (10X EBITDA) LBO Modeling Test (A Simple Model) Share Add a Comment. I was wondering if anyone has gone through a similar process for an IB analyst Jan 12, 2022 · PE. Was given one for a top JPM coverage group over the summer. 5h is theoretically enough to build 3-statement model (typically you get 2-2. How in depth would you expect such a modeling test to be - like 40 - 50 lines or more? Do you think it would include a waterfall for just 1 hour? Region. e. Cheers! Keywords. Types of LBO Modeling Test. I tried my best to construct everything (i. Was able to get all my assumptions and IRR /MOIC. Fortgeschrittenen LBO Modeling Test (*This Post*) – You’re given a personal, a 5-15 page batch of financial data, and 3 to 4 hours. ), but wasn't able to build out a clean BS and CFS. in 5 hours. Four hours will likely be an LBO and an investment memo so keep that in mind. Let’s continue our conversation (from the last post) about the private equity LBO modeling test. To Help You Thrive in the Most Prestigious Jobs on Wall Street Excellent. Be sure to reference the term sheets for covenants. Like the unadjusted- only with a little bit extra. Assume a 0. Just enter your email in the field below. You have 60 minutes to complete this LBO modelling test from scratch, starting with a blank Excel sheet and using no outside resources or templates. Feb 20, 2024 · The following Short-Form LBO Model tutorial will walk through building a simple LBO model step-by-step in Excel, with a template provided. You should try to follow along, step-by-step, building your own model from the blank file. 0x LTM EBITDA; amortized equally over 5 years; L + 350 interest • Term Loan B: Nov 26, 2017 · I was told that it's going to be three statement modeling test with DCF and possibly WACC calculations. Sometimes I find myself cringe when it comes to timed model tests --- while I can nail a test at home, it comes different when it's actually a test. Filling in Transaction Assumptions. Apr 1, 2023 · 1. Master LBO Modeling from Elite Pros. 2y. yf jy gb fp ey hz oi er ed xn