I've written the note, and the bridge reconciles to the cent. Revenue was flat: FY2025 was $11,238K against $11,243K in FY2024, a change of ($5K), (0.04%). Two lost accounts account for most of the loss, and upsell and new business offset it.

| Step | Amount |
| --- | --- |
| FY2024 | $11,243K |
| Timing | $53K |
| Loss | ($1,288K) |
| Decline | ($443K) |
| Upsell | $1,211K |
| New | $463K |
| FY2025 | $11,238K |

- **Lost (4 customers, ($1,288K)):** Fenwick Legal lost ($686K) and Birchway Foods lost ($503K).
- **Shrank (11 customers, ($443K)):** Driftwood Media fell ($113K) and Juniper Schools fell ($107K).
- **Grew (23 customers, $1,211K):** Harbor Freight Partners added $148K and Ember Analytics added $136K.
- **New (6 customers, $463K):** Thistle Gardens added $116K.
- **Timing ($53K):** this is revenue that billing attributes to renewal-date shifts, so I treated it as separate from customer movement.

The data doesn't say why Fenwick Legal or Birchway Foods left, and the note says so. That's the question the VP will likely ask next.

Each figure is rounded on its own, so the rows don't add exactly to the FY2025 total. The note says this too.

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