Box estimates that the net proceeds from the offering will be approximately $389.2 million (or $447.8 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers' discounts and estimated offering expenses payable by Box. Box expects to use approximately $45.6 million of the net proceeds from the offering to pay the cost of the capped call transactions described below. Box also intends to use approximately $191.7 million of the net proceeds from this offering for the repurchase of $140.0 million principal amount of its outstanding 0% Convertible Senior Notes due 2026 (the "2026 Notes"). Box intends to use the remainder of the proceeds from this offering for working capital and other general corporate purposes, such as the repurchase or repayment of debt, repurchases of its capital stock and potential acquisitions.