Dropbox announces $1.2B stock repurchase program

Dropbox (DBX) announced entry into a credit and guaranty agreement providing the company with up to $2B in secured term loan due 2029 and a $1.2B stock repurchase program. The company also announced the authorization of a new share repurchase program for the purchase of an additional $1.2B of its Class A common stock. Following this transaction, the company announced that it expects to meet or exceed its Q4 and FY24 financial guidance as described in its investor supplement posted on November 7.