Our Board of Directors has approved a program for us to repurchase shares of our common stock. On September 11, 2019, we announced that our Board of Directors approved an expansion of our stock repurchase program by an additional $15.0 billion. As of August 31, 2019, approximately $848 million remained available for stock repurchases pursuant to our stock repurchase program. We repurchased 89.5 million shares for $5.0 billion during the three months ended August 31, 2019 (including 0.7 million shares for $35 million that were repurchased but not settled) and 212.2 million shares for $10.0 billion during the three months ended August 31, 2018 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 plan. Our stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.

In September 2019, our Board of Directors declared a quarterly cash dividend of $0.24 per share of our outstanding common stock. The dividend is payable on October 24, 2019 to stockholders of record as of the close of business on October 10, 2019. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination of our Board of Directors.

During the first quarter of fiscal 2020, we issued 39 million restricted stock-based units (RSUs), substantially all of which were issued as a part of our annual stock-based award process and are subject to service-based vesting restrictions. These fiscal 2020 stock-based awards issuances were partially offset by forfeitures and cancellations of 6 million shares during the first quarter of fiscal 2020.

The RSUs that were granted during the three months ended August 31, 2019 have vesting restrictions, valuations and contractual lives of a similar nature to those described in Note 13 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2019.

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)	2019		2018
Cloud services and license support	$	31	$	24
Hardware		3		3
Services		14		13
Sales and marketing		88		94
Research and development		271		257
General and administrative		39		45
Total stock-based compensation	$	446	$	436