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This case was researched using publicly available sources, including Mercury Systems financial filings and press releases, news stories about the seasoned equity offering, financial information from Bloomberg and industry information from IBISWorld Industry Reports and articles related to seasoned/secondary equity offerings, intangible asset valuation and the use of revolving lines of credit. Quotes are taken from Mercury financial reports and press releases and express the (optimistic) opinions of company executives.

Mercury Systems, a technology company in the aerospace and defense industry, announced a six million share seasoned stock offering in June 2019. This resulted in a 6% stock price decrease. A stock price decrease is a typical event when a firm announces the issuance of new common shares, but with Mercury Systems, there were concerns about how much money the firm needed to fund its strategy of growth through acquisitions. If internally generated funds were not sufficient, should the firm issue debt or have another seasoned equity issue? Students will look at the objectives and success of the most recent seasoned equity issue, determine future funds needs and how the firm should finance these needs.

This case is appropriate for undergraduate and graduate students in corporate finance electives. Typically, topics such as seasoned equity offerings are not covered in introductory courses, so this is recommended for finance electives. Even in advanced finance courses, sometimes there is insufficient time to cover seasoned equity offerings.

The current inquiry advances the public relations field and practice in several ways. First, this research addresses a clear gap in research on subjective well-being, specifically among PR professionals across career stages and generations. Second, the findings reveal important generational similarities and differences in how PR practitioners talk about well-being. This provides an empirical basis for developing tailored, multi-generational approaches to supporting well-being in PR workplaces. Lastly, this research provides practical implications for PR professionals to understand generational perspectives and to implement flexible policies to improve well-being.

The current study explored subjective well-being (SWB) across generations of public relations professionals. Using a qualitative approach, semi-structured interviews were conducted with 12 PR practitioners at various career levels – entry, mid-level and senior.

Analysis revealed several similarities but a key disparity among cohorts. Senior-level professionals specifically reported struggling with work–life balance and the perceived ability to be autonomous, while entry-level professionals expressed commitment to setting boundaries on their time. These findings highlight a need for the PR industry to establish flexible workplace standards that enable employees at different career stages to collaborate and support one another’s well-being.

Our findings will appeal to your readers who seek to cultivate employee subjective well-being and understand generational issues via qualitative methods. By conducting a qualitative study in an understudied area, PR industry leaders and managers can support employee well-being across generations and career stages.

Our study is the first to examine generational dispositions as it relates to SWB across the public relations industry.