Call with recruiter, then hiring manager, then take home exercise, then presentation to the hiring manager plus additional team members. I was told I would have 30 minutes to present my presentation, however instead I did not have the opportunity to present at all and was asked very specific questions that had nothing to do with the strategic thinking and basis of the exercise. The exercise took a lot longer than the estimated time stated (2-4 hours). The one positive note was that the recruiter did provide feedback in a timely manner after each round.