Ann: Profit Guidance, page-14

while the points you raise are true, it can't be forgotten that some of the RnD is a cost of doing business. If RnD was stopped the business will quickly lose clients to competitors. It is simply not sustainable to end RnD so I think when comparing to the general market RnD should be treated as an expense.
Having said that, I would like to think some of the RnD is an invrstment in that it will lead to greater revenues in the future. I imagine something like 15% of the revenue is required to be spent on rnd to keep up with competitors and clients expectations. Anything beyond this is probably being spent on new software to generate new revenue streams. I would love to know how much of the rnd is being spent to keep cirrent clients and how much of it is being usrd to generate new revenue streams.

If the increased rnd results in even greater growth rates, we are on the money. But if the increased rnd doesnt lead to an increased growth rate, I would take that as meaning the cost of business has gone up.