STOCKHOLDERS' EQUITY

6 Months Ended

Nov. 30, 2024

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

6.STOCKHOLDERS’ EQUITY

Common Stock Repurchases

Our Board of Directors has approved a program for us to repurchase shares of our common stock. As of November 30, 2024, approximately $6.7 billion remained available for stock repurchases pursuant to our stock repurchase program. We repurchased 2.0 million shares for $300 million during the six months ended November 30, 2024 and 5.3 million shares for $600 million during the six months ended November 30, 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 December 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 January 23, 2025 to stockholders of record as of the close of business on January 9, 2025. 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 half of fiscal 2025, we issued 34 million restricted stock-based units (RSUs), substantially all of which were part of our annual stock-based award process and 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 4 million shares during the first half of fiscal 2025.

The RSUs that were granted during the six months ended November 30, 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 November 30,				Six Months Ended November 30,
(in millions)	2024		2023		2024		2023
Cloud services and license support	$	158	$	137	$	299	$	248
Hardware		8		6		14		11
Services		53		45		96		78
Sales and marketing		195		174		356		309
Research and development		657		573		1,226		1,057
General and administrative		99		94		185		175
Total stock-based compensation	$	1,170	$	1,029	$	2,176	$	1,878