Asking how much money a company makes seems like an easy question, but the reality is that there is more nuance than first meets the eye. Nearly all companies in our coverage universe report non-GAAP, or generally accepted accounting principles, earnings. In this report, we look at our capital markets information services companies' non-GAAP earnings. Among the U.S. capital market data and analytics firms—which include S&P Global, Moody's, MSCI, and FactSet—we generally view earnings quality as high. Within the U.S. capital markets software and services firms—these include SEI Investments, Broadridge, SS&C Technologies, and Envestnet—earnings quality is much more mixed, in our view, with us questioning many of SS&C and Envestnet's adjustments. At current prices, we believe SEI Investments has a favorable balance of risk and reward with $5 per share of net cash and 88% of its revenue being U.S.-based, so it has lower foreign exchange headwinds than peers.