## FY2025 revenue bridge

| Step | Amount | Customers |
|---|---:|---:|
| **FY2024 revenue** | **$11,243,300** | 42 |
| New customers | +462,893 | 6 |
| Churned customers | −1,288,224 | 5 |
| Expansion | +1,210,651 | |
| Contraction | −443,322 | |
| Timing | +53,080 | 3 |
| **FY2025 revenue** | **$11,238,378** | 43 |

The bridge reconciles to the FY2025 total exactly. Revenue is down $4,922 (−0.04%), which hides a lot of movement underneath.

**Method**
- **New:** FY24 revenue is 0.
- **Churn:** FY25 revenue is 0.
- **Timing:** I summed `timing_amount` for continuing customers and show it as its own bar.
- **Expansion and contraction:** For continuing customers, I split the change into expansion and contraction after removing the timing amount, so timing isn't counted twice. For example, Cobalt Dental's +98.5k change is +45.3k expansion and +53.2k timing.

**By segment**

| Segment | FY24 | New | Churn | Expansion | Contraction | Timing | FY25 |
|---|---:|---:|---:|---:|---:|---:|---:|
| Enterprise | 6,258,216 | 0 | −1,188,984 | 607,747 | −220,558 | 53,231 | 5,509,652 |
| Mid-Market | 4,036,244 | 0 | 0 | 500,692 | −165,706 | −151 | 4,371,079 |
| SMB | 948,840 | 462,893 | −99,240 | 102,212 | −57,058 | 0 | 1,357,647 |

**Takeaways**
- Two Enterprise churns drive the story: Birchway Foods (−$503k) and Fenwick Legal (−$686k). Together they are about 92% of all churn.
- Enterprise revenue fell $748k (−12%). Mid-Market grew $335k (+8%) and SMB grew $409k (+43%), led by six new logos.
- Net of timing, the underlying business is slightly down: the −$58k swing, excluding the $53k timing, is −$4.9k total.

**Timing amount:** The file doesn't define `timing_amount`. I assumed it is revenue shifted between years rather than true customer movement. If it means something else, such as a one-off, only the Timing bar and the expansion/contraction split change. Totals stay the same.

I haven't written a file or chart. I can export the bridge to CSV/Excel or make a waterfall chart if you want one.