STOCKHOLDERS' EQUITY (DEFICIT)

6 Months Ended

Nov. 30, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY (DEFICIT)

7.STOCKHOLDERS’ EQUITY (DEFICIT)

Common Stock Repurchases

Our Board of Directors has approved a program for us to repurchase shares of our common stock. As of November 30, 2023, approximately $7.6 billion remained available for stock repurchases pursuant to our stock repurchase program. We repurchased 5.3 million shares for $600 million during the six months ended November 30, 2023 and 13.6 million shares for $981 million during the six months ended November 30, 2022 under the stock repurchase program.

Our stock repurchase authorization does not have an expiration date and the pace of our repurchase activity will depend on factors such as our working capital needs, our cash requirements for acquisitions and dividend payments, our debt repayment obligations or repurchases of our debt, our stock price and economic and market conditions. Our stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 trading plan. Our stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.

Dividends on Common Stock

In December 2023, our Board of Directors declared a quarterly cash dividend of $0.40 per share of our outstanding common stock. The dividend is payable on January 25, 2024 to stockholders of record as of the close of business on January 11, 2024. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination of our Board of Directors.

Fiscal 2024 Stock‑Based Awards Activity and Compensation Expense

During the first half of fiscal 2024, we issued 44 million stock-based awards, substantially all of which were restricted stock-based units (RSUs) issued as a part of our annual stock-based award process, which are subject to service-based vesting restrictions. These fiscal 2024 stock-based award issuances were partially offset by stock-based award forfeitures and cancellations of 4 million shares during the first half of fiscal 2024.

The RSUs that were granted during the six months ended November 30, 2023 have similar vesting restrictions and contractual lives and were valued using methodologies of a similar nature as those described in Note 12 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2023.

Stock-based compensation expense is included in the following operating expense line items in our condensed consolidated statements of operations:

	Three Months Ended November 30,				Six Months Ended November 30,
(in millions)	2023		2022		2023		2022
Cloud services and license support	$	137	$	113	$	248	$	204
Hardware		6		5		11		9
Services		45		35		78		60
Sales and marketing		174		151		309		275
Research and development		573		510		1,057		932
General and administrative		94		95		175		179
Total stock-based compensation	$	1,029	$	909	$	1,878	$	1,659