STOCKHOLDERS' EQUITY

3 Months Ended

Aug. 31, 2024

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

5.STOCKHOLDERS’ EQUITY

Common Stock Repurchases

Our Board of Directors has approved a program for us to repurchase shares of our common stock. As of August 31, 2024, approximately $6.8 billion remained available for stock repurchases pursuant to our stock repurchase program. We repurchased 1.1 million shares for $150 million during the three months ended August 31, 2024 and 1.3 million shares for $150 million during the three months ended August 31, 2023 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 September 2024, our Board of Directors declared a quarterly cash dividend of $0.40 per share of our outstanding common stock. The dividend is payable on October 24, 2024 to stockholders of record as of the close of business on October 10, 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 2025 Stock‑Based Awards Activity and Compensation Expense

During the first quarter of fiscal 2025, we issued 3 million restricted stock-based units (RSUs), all of which are subject to service-based vesting restrictions. These fiscal 2025 stock-based award issuances were partially offset by stock-based award forfeitures and cancellations of 1 million shares during the first quarter of fiscal 2025.

The RSUs that were granted during the three months ended August 31, 2024 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, 2024.

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

	Three Months Ended August 31,
(in millions)	2024		2023
Cloud services and license support	$	141	$	111
Hardware		6		5
Services		43		34
Sales and marketing		162		135
Research and development		569		484
General and administrative		86		80
Total stock-based compensation	$	1,007	$	849