Subsequent Events

12 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition

On November 1, 2019, we acquired Onshape, creators of the first Software as a Service (SaaS) product development platform that unites robust CAD with powerful data management and collaboration tools, for approximately $470 million, net of cash acquired. The acquisition is expected to accelerate our ability to attract new customers with a SaaS-based product offering and position the company to capitalize on an industry transition to SaaS.

Borrowings and Credit Facility

We borrowed $455 million under our existing credit facility to acquire Onshape, bringing our total outstanding indebtedness to approximately $1.1 billion. Subsequently, we amended the credit facility to increase the revolving loan commitment from $700 million to $1 billion and make other administrative amendments.

Equity Grants

In November 2019, we granted shares valued at approximately $16.8 million to our employees, including our executives ($3.3 million), in payment of amounts earned under our annual Corporate Incentive Plan.

In November 2019, we granted time-based restricted stock units (RSUs) valued at approximately $49.2 million to employees. The time-based RSUs will generally vest in three substantially equal annual installments on November 15, 2020, 2021 and 2022.