rfl, page-10

Can anyone one explain why revenue growth was only $8M, while revenue attributable to acquisitions was $12M. This implies negative organic growth.

Also can someone shed light on why cash from operations exceeds revenue by $4M? as no additional liability has been recognised.

I am comfortable with the level of R&D it should be around 20% for a software business looking to grow as ambitiously as RFL. Also it is near impossible to accurately analyse a businesses profitability when they are making this many acquisitions. This will be flushed out of the system when management settle down, which may be a few years away yet. Until then I would be careful of the price I pay, decent profitability is harder to achieve than revenue growth and may be longer away than investors realise.