Dropbox, Inc. (NasdaqGS:DBX) will seek M&A. Timothy Regan Chief Financial Officer said during the Third Quarter 2020 Earnings Conference Call, “As we work to achieve our stated long-term targets, we plan to leverage our ability to generate cash by allocating a significant portion of our annual free cash flow to share repurchases on an ongoing basis with the intention of maintaining a spend level that will at least offset dilution and potentially reduce share count. We also expect to invest in future M&A opportunities, utilizing the cash on our balance sheet, cash we generate and do not spend on buybacks and our balance sheet debt capacity”.