We granted approximately 3 million restricted stock units (RSUs), including performance-based RSUs (PBRSUs), with a weighted average grant date fair value of $128.21 per share during the three months ended July 26, 2024.

In the three months ended July 26, 2024, we granted PBRSUs to certain of our executives. Each PBRSU has performance-based vesting criteria (in addition to the service-based vesting criteria) such that the PBRSUs cliff-vest at the end of a three year performance period, which began on the date specified in the grant agreements and typically ends on the last day of the third fiscal year, following the grant date. The number of shares that will be used to calculate the settlement amount for all of these PBRSUs at the end of the applicable performance and service period will range from 0% to 200% of a target number of shares originally granted. For half of the PBRSUs granted in the three months ended July 26, 2024, the number of shares used to calculate the settlement amount will depend upon our Total Stockholder Return (TSR) as compared to the TSR of a specified group of benchmark peer companies (each expressed as a growth rate percentage) calculated as of the end of the performance period. For the remaining half of the PBRSUs granted in the three months ended July 26, 2024, the number of shares used to calculate the settlement amount will depend upon the Company's billings result average over the three-year performance period. The billings result average is computed based on achievement against annual billings targets, with each target set at the beginning of the respective fiscal year, during the three-year performance period. Billings for purposes of measuring the performance of these PBRSUs means the total obtained by adding net

revenues as reported on the Company's Consolidated Statements of Income to the amount reported as the change in deferred revenue and financed unearned services revenue on the Consolidated Statements of Cash Flows for the applicable measurement period, excluding the impact of fluctuations in foreign currency exchange rates. The aggregate grant date fair value of PBRSUs granted in the current year was $61 million, which is being recognized to compensation expense over the remaining performance / service periods.

Stock-based compensation expense is included in the condensed consolidated statements of income as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
Cost of product revenues	$	1	$	1
Cost of services revenues		6		6
Sales and marketing		35		36
Research and development		31		32
General and administrative		12		12
Total stock-based compensation expense	$	85	$	87

As of July 26, 2024, total unrecognized compensation expense related to equity awards was $846 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.3 years.

As of July 26, 2024, our Board of Directors has authorized the repurchase of up to $17.1 billion of our common stock. Under this program, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management. The stock repurchase program may be suspended or discontinued at any time.

The following table summarizes activity related to the stock repurchase program for the three months ended July 26, 2024 (in millions, except for per share amounts):


Number of shares repurchased		3
Average price per share	$	120.46
Stock repurchases allocated to additional paid-in capital	$	16
Stock repurchases allocated to retained earnings	$	384
Remaining authorization at end of period	$	1,102

Since the May 13, 2003 inception of our stock repurchase program through July 26, 2024, we repurchased a total of 375 million shares of our common stock at an average price of $42.73 per share, for an aggregate purchase price of $16 billion.

The following is a summary of our activities related to dividends on our common stock (in millions, except per share amounts):


	Three Months Ended
	July 26, 2024		July 28, 2023
Dividends per share declared	$	0.52	$	0.50
Dividend payments allocated to additional paid-in capital	$	35	$	68
Dividend payments allocated to retained earnings	$	72	$	38

On August 22, 2024, we declared a cash dividend of $0.52 per share of common stock, payable on October 23, 2024 to holders of record as of the close of business on October 4, 2024. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by us to be legally authorized under the laws of the state in which we are incorporated.

Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, are summarized below (in millions):


	Foreign Currency Translation Adjustments			Defined Benefit Obligation Adjustments			Unrealized Gains (Losses) on Derivative Instruments			Total
Balance as of April 26, 2024	$	(53	)	$	(7	)	$	1		$	(59	)
Other comprehensive income (loss), net of tax		1			—			(1	)		—
Total other comprehensive income (loss)		1			—			(1	)		—
Balance as of July 26, 2024	$	(52	)	$	(7	)	$	—		$	(59	)

The amounts reclassified out of AOCI are as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023			Statements of Income Classification
Realized gains on cash flow hedges	$	—	$	(1	)	Net revenues
Total reclassifications	$	—	$	(1	)