Revenue was essentially flat: $11.2M in both FY2024 and FY2025, a change of ($5K), or (0.04%). Underneath, we sold fewer units, charged more for them, and the mix shifted toward smaller customers.

| Effect | Amount | What happened |
| --- | --- | --- |
| Volume (units sold) | ($395K) | Units fell from 176,462 to 170,256 cartons, down (3.5%) |
| Price (what we charged) | $256K | Paper added $167K and Print Consumables $125K. Writing Instruments lost ($36K) and Desk Accessories ($44K). |
| Mix | $135K | Units moved away from Enterprise and toward the other two segments |

**The mix did shift, mainly between customer segments rather than between product families:**
- **Enterprise** lost ($749K) in total, of which ($627K) was mix. Paper sold to Enterprise accounts for ($300K) of that mix on its own.
- **SMB** added $409K and **Mid-Market** added $335K, nearly all of it mix: $399K and $362K.

To know whether Enterprise customers left or just bought less, you'd need customer-level data. This file doesn't have it.

The split reconciles to the cent: prior-year revenue plus volume, mix and price equals current-year revenue in total, for every family and for every segment. Every row is measured in cartons, so adding units across products is valid.

Files are in `output/`:
- `pvm-note.md`
- `pvm.json`