FY2025 revenue was $11.2M, the same as FY2024 to the nearest $0.1M. The exact change was ($5K), or (0.04%). The script reconciled price, volume and mix to the cent.

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

- **Volume:** Total units fell 3.5%, from 176,462 to 170,256. That cost ($395K) at last year's prices.
- **Price:** Higher prices added $256K and offset most of the volume loss. Paper added $167K and Print Consumables added $125K. Writing Instruments (($36K)) and Desk Accessories (($44K)) went the other way.
- **Mix:** Mix added $135K, driven by a shift in units from Enterprise to the smaller segments.
  - Enterprise mix was ($627K), including ($300K) in Paper.
  - Mid-Market mix was $362K and SMB mix was $399K.
  - Enterprise revenue fell ($749K) in total.
  - Mid-Market revenue rose $335K and SMB revenue rose $409K.

The data doesn't show why Enterprise units fell or whether the price gains were list-price increases or less discounting. Contract or discount data by segment would answer both.

The note has the by-family table and the data notes. It's saved at `output/pvm-note.md`, and the figures are in `output/pvm.json`.