XML 22 R16.htm IDEA: XBRL DOCUMENT v3.24.3
Redeemable Convertible Preferred Stock and Stockholders' Deficit
 9 Months Ended
Oct. 31, 2024
Stockholders' Equity Note [Abstract]  
Redeemable Convertible Preferred Stock and Stockholders' Deficit

Note 7. Redeemable Convertible Preferred Stock and Stockholders’ Deficit

Series A Convertible Preferred Stock

On April 7, 2021, we entered into an investment agreement with a group of investors led by KKR & Co. Inc. (collectively “KKR”) relating to the issuance and sale of 500,000 shares of our Series A Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $500 million, or $1,000 per share.

There have been no changes to the terms and conditions of the Series A Preferred Stock during the nine months ended October 31, 2024 from those disclosed in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the year ended January 31, 2024.

During the nine months ended October 31, 2024, we paid cash dividends to our Series A Preferred Stockholders in the amount of $11.3 million and as of October 31, 2024, we had accrued dividends of $1.3 million on the Series A Preferred Stock. Accrued dividends are recorded against additional paid-in capital due to Box being in an accumulated deficit position.

Share Repurchase Plan

Our Board of Directors has authorized a share repurchase plan to opportunistically repurchase shares of our outstanding Class A common stock in open market transactions and on August 25, 2024, our Board of Directors authorized the repurchase of an additional $100 million shares of our Class A common stock. We periodically enter into pre-set trading plans adopted in accordance with Rule 10b5-1 to effect repurchases under our share repurchase plan.

During the three months ended October 31, 2024, we repurchased 1.0 million shares at a weighted average price of $29.78 per share for a total amount of $29.9 million. During the nine months ended October 31, 2024, we repurchased 6.3 million shares at a weighted average price of $27.01 per share for a total amount of $169.0 million. As of October 31, 2024, $94.6 million remained available for additional repurchases.