Dropbox secures $2B term loan, announces $1.2B buyback; reaffirms FY2024 guidance

DROPBOX, INC.

Entered into Credit Agreement providing up to $2.0B secured term loan due 2029; initial $1.0B borrowed.
New $1.2B share repurchase program authorized for Class A common stock; prior revolver terminated.
Expects Q4 and full-year 2024 financial results at or above prior guidance for revenue, non-GAAP operating margin, and free cash flow.
Facility led by Blackstone Credit & Insurance; delayed draw of up to $1.0B available through Dec 2026.

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