Revenue was essentially flat, falling ($5K) or (0.04%), with both FY2024 and FY2025 at $11.2M. Lower volume was almost fully offset by higher prices and a mix shift. The analysis script ran without errors and confirmed that the price, volume and mix effects add up to the total change exactly, for every product family and segment.

**Bridge**

| Step | Amount |
| --- | --- |
| FY2024 | $11.2M |
| Volume | ($395K) |
| Mix | $135K |
| Price | $256K |
| FY2025 | $11.2M |

**What drove it**
- **Volume:** units fell from 176,462 to 170,256, down (3.5%). That cost ($395K), and every product family lost volume.
- **Price:** raised revenue by $256K. Paper led with $167K and Print Consumables added $125K. Desk Accessories at ($44K) and Writing Instruments at ($36K) lost on price.
- **Mix:** the shift between customer segments is the big story. Enterprise revenue fell ($749K), and ($627K) of that was mix. SMB added $409K and Mid-Market added $335K, with mix effects of $399K and $362K. Paper Enterprise alone had a mix effect of ($300K). These shifts net to the $135K mix gain because SMB and Mid-Market units earned more per unit than the Enterprise units they replaced.
- **Writing Instruments** had the biggest family decline at ($90K). It was the only family down on price, mix and volume.

**Questions to look into next**
- Did Enterprise customers leave, or did they buy less? Customer-level data would answer this.
- Why did Writing Instruments prices fall? List-price and discount history would show that.

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