Exactly the point I was implicitly making. Trying to lump Costco's business model into what Alphabet has always been, but not so visibly to most users, and the goldmine Amazon stumbled upon, is more than a bit misleading.
On the other hand, it is a useful and probably necessary way to view Costco, as their renewal numbers possibly change over time.
On the other hand, it is a useful and probably necessary way to view Costco, as their renewal numbers possibly change over time.