Redeemable Convertible Preferred Stock and Stockholders' Deficit

3 Months Ended

Apr. 30, 2023

Stockholders' Equity Note [Abstract]

Redeemable Convertible Preferred Stock and Stockholders' Deficit

Note 9. 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 for the three months ended April 30, 2023 from those disclosed in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the year ended January 31, 2023.

During the three months ended April 30, 2023, we paid cash dividends to our Series A Preferred Stockholders in the amount of $3.7 million and as of April 30, 2023, we had accrued dividends of $1.2 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

On November 29, 2022, our board of directors authorized the repurchase of additional $150 million shares of our Class A common stock. During the three months ended April 30, 2023, we repurchased 1.7 million shares at a weighted average price of $26.43 per share for a total amount of $43.9 million. As of April 30, 2023, $96.8 million remained available for additional repurchases.