$儒博实业(ROP)$ 2021年报：

现金投资回报率（cash return on investment, CRI）仍然是Roper的北极星，在过去20多年里一直如此。它为商业模式的质量提供了一个公正、客观和分析性的观点，即专注于持续产生现金流和尽量减少产生现金流所需的费用。CRI将继续帮助我们确定最高质量的企业进行收购，并确保我们投资组合中的企业能够产生股东价值。

Cash return on investment (CRI) remains Roper’s north star, as it has been for the past 20+ years. It provides an unbiased, objective, and analytical view of business model quality of focusing on the consistent generation of cash flow and minimizing the asst required to generate cash flow. CRI will continue to help us identify the highest quality businesses for acquisition and ensure the businesses in our portfolio are generating shareholder value.

正如我经常说的，我们在Roper所做的事情非常简单。我们致力于现金流的复利增长。我们执行一个低风险的战略，专注于在可防御的利基市场上收购市场领先的企业，并为这些伟大的企业提供一个运营环境，使其在一段时间内变得更好。我们分散的运营结构和对超额自由现金流的部署纪律相结合，旨在为股东创造长期价值。这些简单的想法带来了强大的结果。

As I often say, what we do at Roper is very simple. We compound cash flow. We execute a low-risk strategy focused on acquiring market-leading businesses in defensible niche markets and providing an operating environment for these great businesses to get even better over the arc of time. The combination of our decentralized operating structure and disciplined deployment of excess free cash flow are designed for long-term shareholder value creation. These simple ideas deliver powerful results.

hint: CRI=(Net income+D&A-Maintenance CAPEX)/(Net working capital+Net PP&E+Accumulated depreciation)