The strongest revenue month in company history, the second one in a row. The shape of it is different from July though. In July we signed the units. In August they started paying.
Active units were essentially flat month over month while recurring revenue grew 17.3%. That is not a contradiction, it is the point. The portfolios signed in July began billing in August, and the percent-of-revenue contracts signed earlier in the year moved further into their ramp. Growth arrived from the book we already had rather than from new logos.
320 units began billing, making it our largest account by revenue as well as by unit count. More important than the revenue: on August 25 the client switched off the previous consultant's pricing feed into their property management system. Pacer now sets the rates in their system of record. That is the difference between recommending a price and owning it.
We co-hosted a webinar with Key Data, our exclusive revenue management partner, on reducing owner churn. Casago promoted it to their franchisees as an exclusive. Losing homeowners is how a property manager quietly shrinks even when bookings look fine, so it is the right subject. Every operator in that room already shares a corporate relationship with us and reference customers they can call.
One franchise finished its transition out of the Vacasa arrangement and now bills us directly on 124 units. This is the land-and-expand model working the whole way through: manage the inventory before the transfer, keep it through the transfer, hold the relationship after it. We had proven the front half. Now we have proven the exit.
Winning an enterprise account takes a pitch. Taking over the rates inside that client's property management system took another five weeks of integration work after the contract was signed. Most firms in this category never do the second half, because it is unglamorous and it requires engineering. It is also the half that makes the relationship durable.
Pricing software is a purchase an operator can cancel. A partner setting the number every night inside the system their business runs on is a dependency. Each system we earn that access into makes the next portfolio cheaper for us to run.
Percent-of-revenue contracts earn on reservations booked after their start date, so a new account bills below its true value for months. Seasonality moves that number both ways. Ramp does not reverse.
Our best accounts arrive through franchise networks and existing clients rather than campaigns. Each operator who signs becomes the reference for the next one inside the same network, which is why one room of franchisees matters more than a list of leads.
A record revenue month does not by itself change the shape of that problem. We still carry debt from earlier in the company's life, and as we grow, more of what we earn sits in receivables before it is cash. Demand is not the issue. Capital timing is.
On one of our larger accounts, the client's own property management software and our benchmarking partner reported materially different occupancy for the same period. Even when the pricing is right, that is a credibility problem. We are building the reconciliation layer that finds these gaps before a client does.
Across 82 clients running on a dozen different platforms, unit counts move constantly and manual billing does not scale through it. We are automating the connections and testing them hard, because getting an invoice wrong is the fastest way to undo good revenue work.
Two things move the needle for us right now, and both travel through the people already closest to Pacer.
20 to 500 unit independent short-term rental portfolios remain our ICP, and ultra-luxury boutique books are squarely in scope.
Investors open to an allocation in the active round, ideally with a view into property technology or hospitality.