Investment Banking Interview Guide

Framework — IS → CFS → BS, linked through net income and cash

The three statements are the income statement, cash flow statement, and balance sheet — and they're tightly linked. The income statement shows revenue minus expenses to arrive at net income over a period. Net income flows in two directions: it increases retained earnings on the balance sheet (boosting equity), and it's the starting point for the cash flow statement. The cash flow statement adjusts net income for non-cash items (depreciation, amortization), changes in working capital (AR, inventory, AP), and capital expenditures to arrive at actual cash generated. It has three sections: operating, investing, and financing activities. The ending cash balance flows to the balance sheet's cash line. The balance sheet is a point-in-time snapshot: assets = liabilities + shareholders' equity. The cash line reflects the CFS output. PP&E is reduced each period by accumulated depreciation. Retained earnings accumulates net income over time minus any dividends paid.

Framework — Work IS → CFS → BS in order. Net income effect = depreciation × (1 − tax rate)

Work through each statement in order: Income Statement: Depreciation is a non-cash expense. EBIT falls by $10. Taxes decrease by $4 (40%), so net income decreases by $6. Cash Flow Statement: Net income is down $6, but we add back the full $10 depreciation as a non-cash item. Cash from operations increases by $4 net. Balance Sheet: On the asset side, PP&E decreases by $10 (accumulated depreciation rises). Cash increases by $4. Total assets change: −$10 + $4 = −$6. On the liability and equity side, retained earnings decreases by $6 (from lower net income). Change in L+E: −$6. Balanced.

Framework — Net WC = (AR + Inventory) − (AP + Accrued Liabilities)

Working capital = current assets − current liabilities. In finance, we typically use operating (net) working capital, which strips out cash and debt since those are financing items: NWC = (Accounts Receivable + Inventory + Other Operating Current Assets) − (Accounts Payable + Accrued Liabilities). An increase in NWC is a use of cash — for example, if a company builds inventory, it spends cash before recognizing the sale. A decrease in NWC is a source of cash — for instance, collecting on AR faster. In a DCF model, changes in NWC appear in cash from operations and directly reduce or add to free cash flow. This is why a profitable company can run out of cash: rapid growth often requires significant working capital investment before cash is collected. Businesses with negative working capital (like subscriptions or retailers paid upfront) are especially valuable because customers fund operations before delivery.

Framework — IS + BS → back into CFS from changes in balance sheet accounts

The income statement and the balance sheet. From these two, you can reconstruct the cash flow statement. To derive cash from operations: take net income from the income statement, then calculate period-over-period changes in balance sheet accounts (AR, inventory, AP, accrued liabilities, etc.). Add back depreciation, which you can estimate from changes in gross PP&E and accumulated depreciation on the balance sheet. For investing activities, changes in PP&E (adjusted for depreciation) approximate capital expenditures. For financing activities, changes in debt and equity balances plus any dividends (sometimes disclosed in the equity section) round out the picture. The cash flow statement is fundamentally a bridge between the income statement and the balance sheet — it explains how cash moved given the P&L activity and the balance sheet changes. If you have both endpoints and the P&L, you can reconstruct the bridge.

Framework — Cash: record when paid/received. Accrual: record when earned/incurred.

Under cash-basis accounting, revenue is recorded when cash is received and expenses when cash is paid. Under accrual accounting (required by GAAP for public companies), revenue is recorded when earned — when the product is delivered or service rendered — and expenses when incurred, regardless of cash timing. This is why the income statement and cash flow statement often diverge. A company can book a large sale, record significant revenue and profit, and yet have negative operating cash flow if customers haven't paid yet — those uncollected amounts sit in accounts receivable. The most important implications for finance: (1) AR represents revenue earned but not yet collected; (2) AP represents expenses incurred but not yet paid; (3) deferred revenue (e.g., annual subscriptions paid upfront) is a liability representing cash received before service is delivered. All three create structural differences between net income and cash flow.

Framework — Comps (market) → Precedents (transaction) → DCF (intrinsic)

The three core methodologies are: 1. Comparable Company Analysis ("Trading Comps"): Values a company based on how similar public companies currently trade on multiples like EV/EBITDA, EV/Revenue, or P/E. Reflects real-time market sentiment. Subject to market cycles — if the whole sector is overvalued, comps will be too. 2. Precedent Transactions ("Deal Comps"): Values based on multiples paid in prior M&A deals for similar companies. These are typically higher than trading comps because acquirers pay control premiums — usually 20–40% above market price — to gain ownership. Best used when there is a rich deal history in the sector. 3. Discounted Cash Flow (DCF): Intrinsic value derived by projecting unlevered free cash flows and discounting them at WACC. Not dependent on current market pricing. Highly sensitive to assumptions but provides a fundamental view. Bankers run all three and present the results as a "football field" chart showing implied valuation ranges. Each methodology cross-checks the others.

Framework — DCF for intrinsic/standalone value; comps for market-anchored benchmarking

Use a DCF when: (1) there are few or no good comparable public companies, making comps unreliable; (2) you have high conviction in long-term projections, such as for a stable, mature business with predictable cash flows; (3) the company is undergoing a transformation that makes current multiples misleading; (4) you need an intrinsic view independent of current market conditions — particularly important in fairness opinions and LBO models. Use trading comps when: (1) there are many closely comparable public companies and the market is reasonably efficient; (2) you need a quick market-anchored sanity check; (3) the company's cash flows are hard to project — early-stage, highly cyclical, or pre-revenue businesses; (4) market pricing is the most relevant reference point, such as in an IPO context. In practice, you always run both. The DCF is more important in situations where intrinsic value matters (LBOs, fairness opinions, deeply distressed situations); comps are more important when you need to understand where markets are pricing similar businesses today.

Framework — Business model → Size → Growth → Margins → Geography

In order of importance: 1. Business model similarity: Same industry, similar product or service mix, similar customer type (B2B vs. B2C, enterprise vs. SMB). This is the most critical factor — if the business models differ meaningfully, the multiples aren't comparable. 2. Size: Similar revenue scale, ideally within 50–200% of the target. Very large companies trade at liquidity and scale premiums; very small ones at size discounts. 3. Growth profile: Similar revenue and EBITDA growth rates. Higher-growth businesses command higher multiples, so mixing fast and slow growers without adjustment distorts the analysis. 4. Margin structure: Similar EBITDA, EBIT, and net margin profiles. Especially important for EBITDA-based multiples — a 30%-margin business is structurally different from a 10%-margin peer. 5. Geographic exposure: Domestic vs. international mix; developed vs. emerging market exposure affects risk profile and appropriate discount rate. In practice, perfect comps rarely exist. The job is to select the most relevant set, acknowledge the limitations, and apply judgment when adjusting multiples for size, growth, or quality differences.

Framework — Growth, margin quality, competitive position, revenue predictability, capital intensity

Multiple dispersion within an industry is driven by several factors: Growth: The single biggest driver. A company growing revenue at 25% per year will trade at a dramatically higher multiple than a peer growing at 3%, because investors are paying for future earnings power, not just current EBITDA. Margin quality and ROIC: Higher EBITDA margins and returns on invested capital signal a structurally superior business. A 35%-margin business converts more EBITDA to free cash flow, justifying a higher multiple. Revenue predictability: Subscription or contractual revenue is worth more than transactional revenue. A company with 80% recurring revenue deserves a premium over a project-based peer with identical EBITDA. Capital intensity: A high-capex business converts much less EBITDA to free cash flow. EV/EBITDA can look cheap while EV/FCF is expensive — savvy investors see through this. Competitive positioning: Businesses with pricing power, switching costs, or network effects deserve premium multiples because their cash flows are more durable. Leverage: Highly leveraged companies sometimes trade at discounts due to financial risk, even after stripping leverage from the EV/EBITDA calculation.

Framework — Project FCFs → Calculate WACC → Terminal Value → Discount → Bridge to equity value

A DCF values a company by discounting its projected future free cash flows back to the present at the weighted average cost of capital. Step 1 — Project unlevered free cash flows: Start from EBIT, calculate NOPAT (EBIT × (1 − tax rate)), add back D&A (non-cash), subtract capex, and adjust for changes in net working capital. Project for 5–10 years depending on industry. Step 2 — Calculate WACC: Weight the cost of equity (via CAPM) and after-tax cost of debt by their market-value proportions in the capital structure. Step 3 — Calculate terminal value: Use either the Gordon Growth Model — FCF_n × (1 + g) / (WACC − g) — or apply an exit EV/EBITDA multiple to the final projection year. Terminal value typically represents 60–80% of total enterprise value, which is why assumptions here matter so much. Step 4 — Discount all cash flows: Discount each year's UFCF and the terminal value back to the present using WACC. Sum them to get Enterprise Value. Step 5 — Bridge to equity value: Enterprise Value + Cash − Debt − Other non-operating liabilities = Equity Value. Divide by diluted share count for implied share price.

Framework — WACC = (E/V × Ke) + (D/V × Kd × (1 − T))

WACC is the weighted average cost of capital — the blended required rate of return across all of a company's capital providers, weighted by their proportion in the capital structure. It represents the minimum return the company must generate to create value for all stakeholders. Formula: WACC = (E/V × Ke) + (D/V × Kd × (1 − T)) Where: E = market value of equity, D = market value of debt, V = E + D, Ke = cost of equity, Kd = pretax cost of debt, T = marginal tax rate. Cost of equity (Ke) via CAPM: Ke = Rf + β × (Rm − Rf), where Rf = risk-free rate (typically the 10-year Treasury yield), β = the company's levered beta, and (Rm − Rf) = equity risk premium, typically estimated at 5–6%. Cost of debt (Kd): the company's current borrowing rate, estimated from its bond yield or credit rating. Multiplied by (1 − T) because interest is tax-deductible — this is the tax shield on debt. Common errors: using book value instead of market value for equity; using the coupon rate of old debt instead of current market rates; forgetting to unlever and re-lever beta when applying a comparable company's beta to a different capital structure.

Framework — Gordon Growth: FCF × (1+g) / (WACC − g) | Exit Multiple: EBITDA × multiple

There are two standard methods: Gordon Growth Model (perpetuity growth): Terminal Value = FCF_n × (1 + g) / (WACC − g), where g is the assumed long-term growth rate in perpetuity. The growth rate should be conservative — roughly in line with long-run nominal GDP growth (2–3%), since no company can grow faster than the overall economy forever. Very sensitive to small changes in g. Exit Multiple Method: Apply an EV/EBITDA multiple (or EV/EBIT) to the final projection year's EBITDA. The multiple is typically derived from current trading comps or precedent transactions — the idea is that whatever the market pays for similar businesses today is a reasonable estimate of what it will pay in 5–10 years. I prefer the exit multiple method in most cases because it grounds the terminal value in current market reality rather than requiring a perpetuity growth assumption that is highly uncertain. It also cross-checks the DCF against comps. Best practice: run both methods and use them as a sanity check on each other. If they produce very different answers, understand why.

Framework — Terminal value sensitivity, WACC sensitivity, projection quality, market disconnect

The DCF is powerful but has significant limitations: 1. Terminal value dominates: In most DCFs, 60–80% of the total value comes from the terminal value. Yet this number rests on a long-term growth or exit multiple assumption that is highly uncertain. Small changes in terminal assumptions produce enormous valuation swings. 2. WACC sensitivity: Small changes in beta, the equity risk premium, or the risk-free rate substantially change the discount rate and therefore the output. WACC is more of an estimate than a fact. 3. Garbage in, garbage out: The model is only as good as the revenue, margin, and cash flow projections. For early-stage companies, high-growth technology businesses, or companies in distress, multi-year projections are largely speculative. 4. Disconnected from markets: A DCF can produce an intrinsic value completely disconnected from current market pricing. This can be correct (markets are wrong) or a red flag (your assumptions are wrong). There's no automatic market anchor. 5. Ignores optionality: DCFs struggle to value embedded options — a biotech pipeline, a real estate development optionality, or a platform company's adjacency moves.

Framework — Scale, capabilities, vertical integration, synergies, financial engineering

Acquisitions happen for strategic and financial reasons: Strategic: (1) Scale and market share — buying a competitor to gain size, pricing power, or geographic reach faster than organic growth allows; (2) Capabilities acquisition — buying technology, talent, or IP that would take years and higher risk to build internally; (3) Vertical integration — acquiring suppliers or distributors to control the value chain and protect margins; (4) Diversification — entering new markets or products to reduce concentration risk. Financial: (5) EPS accretion — if the acquisition is structured so the cost of financing is less than the target's earnings yield, combined EPS increases; (6) Synergies — cost savings from eliminating redundant functions (G&A, overlapping sales teams) and revenue synergies from cross-selling or bundling; (7) Tax optimization — using a target's net operating loss carryforwards or optimizing capital structure. Bad reasons that still happen: management empire-building, buying growth to mask organic decline, or overpaying due to competitive auction dynamics and hubris.

Framework — Goodwill = Purchase Price − Fair Value of Net Identifiable Assets

Goodwill is an intangible asset that appears on the acquirer's balance sheet when a company is purchased for more than the fair market value of its identifiable net assets. How it's created: In purchase price allocation (PPA), the acquisition price is first allocated to all identifiable tangible assets (PP&E, working capital) and identifiable intangible assets (brand, customer relationships, patents, technology). Whatever cannot be specifically identified — the premium for future synergies, assembled workforce, market position, and strategic value — is recorded as goodwill. Example: Pay $100M for a company with $60M of identifiable net assets at fair value → $40M is recorded as goodwill. Afterward: Under US GAAP, goodwill is not amortized. Instead, it must be tested for impairment at least annually. If the carrying value of the reporting unit (including goodwill) exceeds its fair value, goodwill must be written down. This creates a non-cash impairment charge on the income statement, directly reducing net income — and often signals that the acquirer overpaid or the business has deteriorated.

Framework — Accretive if earnings yield of target > after-tax cost of acquisition financing

An accretion/dilution analysis compares the acquirer's standalone EPS to its pro forma EPS after closing the acquisition. If combined EPS is higher, the deal is accretive; if lower, dilutive. For a stock deal: accretive if the target's P/E is lower than the acquirer's P/E (the acquirer is "buying" earnings at a cheaper multiple than the market values its own). Dilutive if the acquirer's stock is cheap relative to the target. For a cash deal (debt-financed): accretive if the target's earnings yield (Net Income / Equity Purchase Price) exceeds the after-tax cost of debt used to fund it. If the target earns more on the capital than the interest cost, EPS increases. Synergies can flip an initially dilutive deal to accretive once cost savings or revenue upside are realized. Important caveat: EPS accretion does not equal value creation. A deal can be accretive while still destroying economic value if the acquirer overpays and earns a return below its cost of capital. Bankers run accretion/dilution analysis as a metric, but IRR and NPV of synergies are more meaningful measures of value.

Framework — Cash: taxable, no dilution, adds debt. Stock: tax-free option, dilutive, no debt.

In a cash deal, the acquirer pays cash to target shareholders. Their equity is retired. The acquirer typically borrows to fund the purchase, relying on the target's cash flows to repay that debt over time. In a stock deal, the acquirer issues new shares to target shareholders in exchange for their equity. No cash changes hands. Target shareholders become shareholders in the combined company. Key differences: Tax: Cash deals are taxable to the target's shareholders — they realize a capital gain immediately at closing. Stock deals can be structured as tax-free reorganizations under IRC Section 368 if certain conditions are met. Risk sharing: In a stock deal, target shareholders participate in the combined entity's upside and downside. In a cash deal, they exit with certainty. The acquirer bears all integration and execution risk. Dilution: Stock deals dilute existing acquirer shareholders by increasing share count. Cash deals do not dilute but increase financial leverage. Signaling: Acquirers often prefer to issue stock when they believe their shares are overvalued — they're using expensive currency. Savvy target shareholders and their advisors know to scrutinize the acquirer's valuation carefully in stock deals.

Framework — Buy with debt, improve operations, repay debt with cash flows, exit at a profit

A leveraged buyout is the acquisition of a company — typically by a private equity firm — using a significant amount of borrowed money to fund the purchase price, with the target company's future cash flows used to service and repay that debt. Typical deal structure: 50–70% debt (a mix of senior secured loans, high-yield bonds, and sometimes mezzanine or second-lien debt) and 30–50% equity from the PE sponsor. The target's assets and cash flows serve as collateral and debt service coverage. The PE firm's goal: acquire the business at an attractive valuation, improve its operations or grow it during a 3–7 year hold period, repay the debt with the company's cash flows, and sell it — to a strategic acquirer, another PE firm, or via IPO — for more than it paid. Leverage amplifies equity returns because the sponsor puts in less equity upfront; a given increase in business value translates to a much larger percentage return on their invested capital. Success is measured by IRR (internal rate of return) and MOIC (multiple on invested capital). Most PE firms target 20–25%+ IRR and a 2–3× MOIC.

Framework — Stable FCF → Strong margins → Defensible position → Improvement potential → Clear exit

PE firms look for these characteristics: 1. Stable, predictable free cash flows: Debt must be serviced regardless of business conditions. Highly cyclical businesses with volatile cash flows are poor LBO candidates. 2. Strong margins and low capex requirements: High EBITDA margins and limited reinvestment needs mean more cash is available for debt repayment rather than being consumed by the business. 3. Defensible market position: Pricing power, loyal customers, or switching costs protect cash flows and margins under new ownership with significant leverage. 4. Clear operational improvement opportunities: PE firms add value through cost rationalization, bolt-on acquisitions, geographic expansion, or pricing optimization. They need a thesis for how to grow EBITDA. 5. Reasonable entry valuation: Paying a sensible multiple limits required leverage and creates margin of safety. 6. Asset-light model: Businesses that don't require heavy ongoing capital investment can direct more cash to debt repayment. 7. Multiple viable exit paths: Strategic buyers, other PE firms, or IPO viability must exist within 3–7 years. Classic examples: mature consumer brands, SaaS businesses with high retention, business services companies, healthcare services, specialty distribution.

Framework — EBITDA growth + Multiple expansion + Debt paydown = LBO equity return

LBO equity returns come from three distinct levers: 1. EBITDA growth: Growing revenue and/or expanding margins directly increases the exit enterprise value (exit EV = exit EBITDA × exit multiple). This is the most fundamental and controllable driver — PE firms create value by making the business bigger or more profitable. 2. Multiple expansion: Buying at a lower EV/EBITDA multiple than the exit multiple captures the spread as pure return. For example, buying at 7× and selling at 9× on the same EBITDA generates 2 additional turns of value. PE firms don't rely on this (markets are unpredictable), but it contributes meaningfully when it occurs. 3. Debt paydown (deleveraging): As the business uses its free cash flows to repay debt over the hold period, equity value increases mechanically — enterprise value stays roughly constant but debt shrinks, so the equity residual grows. Simple illustration: Buy a company for $100M with $70M debt and $30M equity. If at exit the company is worth $110M with only $50M of debt remaining (from paydown), equity is worth $60M — a 2× MOIC purely from deleveraging, with no EBITDA growth or multiple expansion.

Framework — Sources & Uses → Debt Schedule → Operating Model → Exit → Returns

An LBO model has five core components: 1. Sources & Uses: Determine the total purchase price (entry multiple × LTM EBITDA + net debt). "Uses" shows where the money goes: acquire equity, refinance existing debt, pay transaction fees. "Sources" shows how it's funded: senior secured term loans, revolving credit facility, high-yield bonds, mezzanine debt, and PE equity. Sources must equal uses. 2. Debt schedule: Model each debt tranche with its interest rate (fixed or floating), mandatory amortization requirements, cash sweep provisions, and repayment priority. Run for the full hold period. Available free cash flow is swept to pay down the most senior debt first. 3. Operating model: Project P&L and cash flows. Revenue and EBITDA are driven by operating assumptions. Subtract interest expense (from the debt schedule), taxes, capex, and working capital changes to arrive at free cash flow available for debt service. 4. Exit: Apply an exit EV/EBITDA multiple (often similar to entry, sometimes sensitized) to the final projection year's EBITDA. Subtract remaining debt to calculate equity proceeds. 5. Returns: Calculate IRR (the rate that equates initial equity invested to exit equity proceeds, accounting for timing) and MOIC (exit equity / initial equity). Key sensitivities: entry multiple, exit multiple, revenue growth rate, EBITDA margin, and leverage ratio.

Framework — Origin story → Why IB specifically → Where it takes you

A strong answer has three components: 1. A genuine origin story: When and why you first became interested — not "I've always loved finance" but a specific experience. A deal you read about, an internship that exposed you to capital markets, a class or project, or a conversation with a banker. 2. A logical connection to what IB offers: The transaction exposure, breadth of industries covered, analytical rigor, speed of learning, and client relationships. Be specific about what appeals to you, not generic. 3. A forward-looking rationale: Where do you want to be in 5–10 years, and why does IB get you there? Private equity, corporate development, starting a company, staying in banking long-term? IB is often framed as the best two-year apprenticeship in business. What NOT to say: "I want to make a lot of money," "I'm good at Excel," or anything generic that could apply to any business job. These signal lack of research or genuine interest.

Framework — Specific capabilities + People you've met + Fit with your goals

The weakest answers reference league table rankings ("you're one of the top M&A advisors"). The strongest answers are specific and demonstrate genuine research and outreach. Hit three points: (1) Something specific about the bank's deal flow, sector strength, or product capabilities — a recent transaction, a group they dominate, a strategic initiative you admire; (2) Conversations you've had — specific individuals at the firm, what you discussed, what you learned about the culture and team; (3) How this particular platform fits your specific goals (e.g., you want to focus on healthcare TMT transactions and they are a leading advisor in that space). Research to do beforehand: Read the bank's recent press releases and deal tombstones. Know their revenue breakdown and sector strengths. Talk to at least 2–3 analysts or associates before the interview and reference those conversations specifically. Avoid: "I liked the culture at your info session," "you're ranked #1 in M&A," or anything that could apply equally to any bulge bracket firm.

Framework — Education → Most relevant experience → Supporting experiences → Why IB now

This is your 90-second elevator pitch. The goal is not to recite bullet points — the interviewer has your resume in front of them. The goal is to tell a coherent, forward-moving story that leads naturally to "which is why I'm here today." Structure: Start with your school and major (briefly). Cover your most relevant experience first — focus on impact and what you learned, not just responsibilities. Mention any supporting experiences that reinforce the story. Close with a one-sentence bridge to why this specific role at this specific firm is the logical next step. Common mistakes: running over 2 minutes; spending too much time on early or irrelevant experience; listing responsibilities without showing judgment or impact; sounding like you're reading; not practicing until it flows naturally. This question sets the tone for the entire interview. Practice it until you could deliver it half-asleep.

Framework — STAR: Situation → Task → Action (your specific decisions) → Result (quantified)

Use the STAR framework. Pick an example with genuine stakes — not just a busy week, but a situation where the outcome mattered and the timeline was tight. Strong examples: a deliverable that required a complete rebuild overnight due to new information, a live project where a key team member was unavailable and you stepped in, an unexpected data issue discovered hours before a client presentation. Focus on what YOU specifically did: how you triaged, what trade-offs you made, how you communicated with stakeholders, and what quality standards you maintained under pressure. Interviewers want to see your decision-making process, not just that you worked hard. Quantify the result where possible: "The deliverable was delivered on time and the client proceeded with the transaction" or "We flagged the error before it reached the client and resolved it within 4 hours." Keep it to 90 seconds.

Framework — Parties + Strategic rationale + Structure + Market reaction + Your view

This question tests market awareness and genuine intellectual curiosity. You should always have one or two deals prepared — ideally in the sector you're interviewing for. A strong answer covers: (1) who the acquirer and target are, and what each does; (2) the strategic rationale — why this deal makes sense for the buyer; (3) deal structure — cash vs. stock, enterprise value, EV/EBITDA multiple paid; (4) market reaction — did the acquirer's stock go up or down at announcement and why; (5) your own informed view on whether this was a smart transaction and what the key risks are. Where to find deals: The Wall Street Journal, Bloomberg, Financial Times, and Reuters M&A. Make it a daily habit to read at least one deal story every morning for 4–6 weeks before recruiting. Common mistake: naming a deal you cannot speak to in depth. If you mention it, know the multiple, the synergy rationale, and whether the deal has closed or is pending regulatory review.

Framework — 2-year analyst foundation → specific next step → clear rationale

Be honest and specific. For most IB candidates, the genuine answer involves: spending 2 years as an analyst building technical and deal skills, then moving to a buyside role (private equity, growth equity, hedge fund) or continuing to associate and eventually VP, depending on what you discover you enjoy most. What interviewers want to hear: evidence that you've thought deliberately about your career, that IB is a meaningful and logical step in a coherent plan, and that you're not just using it as a default or placeholder. Don't say: "I want to be a CEO in 5 years" (not credible) or "I'm not sure yet" (signals lack of direction) or "I want to stay in banking forever" unless you genuinely mean it and can explain why. Do say: A specific, realistic path that flows logically from the IB experience — with the honest acknowledgment that your view may evolve as you learn more about what you enjoy.