Renewal rates above 90% demonstrate that members perceive ongoing value exceeding the annual fee, creating a recurring revenue stream that compounds as the member base grows. The ability to raise fees (September 2024) without materially impairing renewals suggests latent pricing power in the membership itself, distinct from merchandise margin.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedsix sentences · whole, uncut
the claims it rests on · in our words, not the filing’s