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| STOCKHOLDERS' EQUITY | 7. STOCKHOLDERS’ EQUITY Common Stock Repurchases Our Board of Directors (the Board) has approved a program for us to repurchase shares of our common stock. As of November 30, 2025, approximately $6.3 billion remained available for stock repurchases pursuant to our stock repurchase program. We repurchased 0.4 million shares for $93 million during the six months ended November 30, 2025 and 2.0 million shares for $300 million during the six months ended November 30, 2024 under the stock repurchase program. Our stock repurchase authorization does not have an expiration date and the pace of any future repurchase activity will depend on factors such as our working capital needs, our cash requirements for capital expenditures, 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 2025, the Board declared a quarterly cash dividend of $0.50 per share of our outstanding common stock. The dividend is payable on January 23, 2026 to stockholders of record as of the close of business on January 9, 2026. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination of the Board. Fiscal 2026 Stock‑Based Awards Activity and Compensation Expense During the first half of fiscal 2026, we issued 18 million restricted stock-based units (RSUs) and stock options for 14 million shares of common stock (consisting of 13 million service-based stock options (SOs) and 1 million performance-based stock options (PSOs)). The majority of these awards were part of our annual stock-based award process. All of these awards are subject to service-based vesting restrictions, with the PSOs additionally having performance-based vesting restrictions. These fiscal 2026 stock-based award issuances were partially offset by stock-based award forfeitures and cancellations of 16 million shares during the first half of fiscal 2026. The SOs were granted at not less than fair market value, generally become exercisable 25% annually over four years of service, and generally expire ten years from the date of grant. The PSOs were granted at not less than fair market value and expire ten years from the date of grant. We estimated the fair values of our SOs and PSOs using the Black-Scholes-Merton option-pricing model, which was developed for use in estimating the fair values of SOs. Option valuation models, including the Black-Scholes-Merton option-pricing model, require the input of assumptions, including stock price volatility. Changes in the input assumptions can affect the fair value estimates and ultimately how much we recognize as stock-based compensation expense. The RSUs that were granted during the six months ended November 30, 2025 generally vest 25% annually over four years of service and were valued using methodologies of a similar nature as those described in Note 11 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2025. Stock-based compensation expense is included in the following operating expense line items in our condensed consolidated statements of operations:
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