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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Intercontinental Exchange Inc | NYSE:ICE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 126.54 | 0 | 12:35:00 |
(Mark One) | |||||
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Or | |||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) | ||||
For the transition period from to |
Delaware | 46-2286804 | ||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
5660 New Northside Drive, Atlanta, Georgia | 30328 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, $0.01 par value per share | ICE | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
PART I. | Financial Statements | |||||||
Item 1. | ||||||||
Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 | ||||||||
Consolidated Statements of Income for the six months and three months ended June 30, 2022 and 2021 | ||||||||
Consolidated Statements of Comprehensive Income for the six months and three months ended June 30, 2022 and 2021 | ||||||||
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the six months and three months ended June 30, 2022 and 2021 | ||||||||
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | Other Information | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
As of | As of December 31, 2021 | ||||||||||
June 30, 2022 | |||||||||||
(Unaudited) | |||||||||||
Assets: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 830 | $ | 607 | |||||||
Short-term restricted cash and cash equivalents | 6,045 | 1,035 | |||||||||
Cash and cash equivalent margin deposits and guaranty funds | 164,483 | 145,936 | |||||||||
Invested deposits, delivery contracts receivable and unsettled variation margin | 3,189 | 4,493 | |||||||||
Customer accounts receivable, net of allowance for doubtful accounts of $25 and $24 at June 30, 2022 and December 31, 2021, respectively | 1,371 | 1,208 | |||||||||
Prepaid expenses and other current assets | 457 | 1,021 | |||||||||
Total current assets | 176,375 | 154,300 | |||||||||
Property and equipment, net | 1,703 | 1,699 | |||||||||
Other non-current assets: | |||||||||||
Goodwill | 21,106 | 21,123 | |||||||||
Other intangible assets, net | 13,397 | 13,736 | |||||||||
Long-term restricted cash and cash equivalents | 405 | 398 | |||||||||
Other non-current assets | 2,221 | 2,246 | |||||||||
Total other non-current assets | 37,129 | 37,503 | |||||||||
Total assets | $ | 215,207 | $ | 193,502 | |||||||
Liabilities and Equity: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 719 | $ | 703 | |||||||
Section 31 fees payable | 172 | 57 | |||||||||
Accrued salaries and benefits | 220 | 354 | |||||||||
Deferred revenue | 473 | 194 | |||||||||
Short-term debt | 4 | 1,521 | |||||||||
Margin deposits and guaranty funds | 164,483 | 145,936 | |||||||||
Invested deposits, delivery contracts payable and unsettled variation margin | 3,189 | 4,493 | |||||||||
Other current liabilities | 162 | 153 | |||||||||
Total current liabilities | 169,422 | 153,411 | |||||||||
Non-current liabilities: | |||||||||||
Non-current deferred tax liability, net | 3,945 | 4,100 | |||||||||
Long-term debt | 18,109 | 12,397 | |||||||||
Accrued employee benefits | 191 | 200 | |||||||||
Non-current operating lease liability | 267 | 252 | |||||||||
Other non-current liabilities | 412 | 394 | |||||||||
Total non-current liabilities | 22,924 | 17,343 | |||||||||
Total liabilities | 192,346 | 170,754 | |||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Intercontinental Exchange, Inc. stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding | — | — | |||||||||
Common stock, $0.01 par value; 1,500 shares authorized; 633 and 631 issued at June 30, 2022 and December 31, 2021, respectively, and 558 and 561 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 6 | 6 | |||||||||
Treasury stock, at cost; 75 and 70 shares at June 30, 2022 and December 31, 2021, respectively | (6,223) | (5,520) | |||||||||
Additional paid-in capital | 14,201 | 14,069 | |||||||||
Retained earnings | 15,135 | 14,350 | |||||||||
Accumulated other comprehensive loss | (305) | (196) | |||||||||
Total Intercontinental Exchange, Inc. stockholders’ equity | 22,814 | 22,709 | |||||||||
Non-controlling interest in consolidated subsidiaries | 47 | 39 | |||||||||
Total equity | 22,861 | 22,748 | |||||||||
Total liabilities and equity | $ | 215,207 | $ | 193,502 |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Exchanges | $ | 3,247 | $ | 2,942 | $ | 1,604 | $ | 1,336 | |||||||||||||||
Fixed income and data services | 1,021 | 926 | 512 | 458 | |||||||||||||||||||
Mortgage technology | 604 | 695 | 297 | 340 | |||||||||||||||||||
Total revenues | 4,872 | 4,563 | 2,413 | 2,134 | |||||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Section 31 fees | 174 | 166 | 123 | 41 | |||||||||||||||||||
Cash liquidity payments, routing and clearing | 985 | 893 | 476 | 386 | |||||||||||||||||||
Total revenues, less transaction-based expenses | 3,713 | 3,504 | 1,814 | 1,707 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and benefits | 714 | 719 | 355 | 365 | |||||||||||||||||||
Professional services | 69 | 81 | 35 | 37 | |||||||||||||||||||
Acquisition-related transaction and integration costs | 62 | 28 | 53 | 10 | |||||||||||||||||||
Technology and communication | 344 | 327 | 169 | 165 | |||||||||||||||||||
Rent and occupancy | 41 | 41 | 20 | 20 | |||||||||||||||||||
Selling, general and administrative | 112 | 111 | 57 | 60 | |||||||||||||||||||
Depreciation and amortization | 510 | 506 | 256 | 251 | |||||||||||||||||||
Total operating expenses | 1,852 | 1,813 | 945 | 908 | |||||||||||||||||||
Operating income | 1,861 | 1,691 | 869 | 799 | |||||||||||||||||||
Other income/(expense): | |||||||||||||||||||||||
Interest income | 9 | — | 8 | — | |||||||||||||||||||
Interest expense | (264) | (213) | (161) | (106) | |||||||||||||||||||
Other income/(expense), net | (35) | 1,287 | 23 | 1,239 | |||||||||||||||||||
Other income/(expense), net | (290) | 1,074 | (130) | 1,133 | |||||||||||||||||||
Income before income tax expense | 1,571 | 2,765 | 739 | 1,932 | |||||||||||||||||||
Income tax expense | 338 | 862 | 173 | 679 | |||||||||||||||||||
Net income | $ | 1,233 | $ | 1,903 | $ | 566 | $ | 1,253 | |||||||||||||||
Net income attributable to non-controlling interest | (21) | (5) | (11) | (1) | |||||||||||||||||||
Net income attributable to Intercontinental Exchange, Inc. | $ | 1,212 | $ | 1,898 | $ | 555 | $ | 1,252 | |||||||||||||||
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: | |||||||||||||||||||||||
Basic | $ | 2.17 | $ | 3.38 | $ | 0.99 | $ | 2.23 | |||||||||||||||
Diluted | $ | 2.16 | $ | 3.36 | $ | 0.99 | $ | 2.22 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 560 | 562 | 558 | 563 | |||||||||||||||||||
Diluted | 562 | 565 | 560 | 565 |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 1,233 | $ | 1,903 | $ | 566 | $ | 1,253 | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax expense/(benefit) of ($1) for both the six and three months ended June 30, 2022 and $1 for the three months ended June 30, 2021 | (109) | 17 | (84) | 10 | |||||||||||||||||||
Change in equity method investment | — | 1 | — | — | |||||||||||||||||||
Other comprehensive income/(loss) | (109) | 18 | (84) | 10 | |||||||||||||||||||
Comprehensive income | $ | 1,124 | $ | 1,921 | $ | 482 | $ | 1,263 | |||||||||||||||
Comprehensive income attributable to non-controlling interest | (21) | (5) | (11) | (1) | |||||||||||||||||||
Comprehensive income attributable to Intercontinental Exchange, Inc. | $ | 1,103 | $ | 1,916 | $ | 471 | $ | 1,262 |
Intercontinental Exchange, Inc. Stockholders’ Equity | Non- Controlling Interest in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, as of December 31, 2021 | 631 | $ | 6 | (70) | $ | (5,520) | $ | 14,069 | $ | 14,350 | $ | (196) | $ | 39 | $ | 22,748 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (109) | — | (109) | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | 20 | — | — | — | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | (4) | (632) | — | — | — | — | (632) | ||||||||||||||||||||||||||||||||||||||||||||
Payments relating to treasury shares | — | — | (1) | (71) | — | — | — | — | (71) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 88 | — | — | — | 88 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance under the employee stock purchase plan | — | — | — | — | 24 | — | — | — | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 2 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions of profits | — | — | — | — | — | — | — | (13) | (13) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | — | — | — | — | — | (427) | — | — | (427) | ||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | (21) | — | 21 | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,233 | — | — | 1,233 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, as of June 30, 2022 | 633 | $ | 6 | (75) | $ | (6,223) | $ | 14,201 | $ | 15,135 | $ | (305) | $ | 47 | $ | 22,861 |
Intercontinental Exchange, Inc. Stockholders’ Equity | Non- Controlling Interest in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, as of March 31, 2022 | 633 | $ | 6 | (74) | $ | (6,064) | $ | 14,153 | $ | 14,793 | $ | (221) | $ | 36 | $ | 22,703 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (84) | — | (84) | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | (1) | (157) | — | — | — | — | (157) | ||||||||||||||||||||||||||||||||||||||||||||
Payments relating to treasury shares | — | — | — | (2) | — | — | — | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 43 | — | — | — | 43 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | — | — | — | — | — | (213) | — | — | (213) | ||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | (11) | — | 11 | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 566 | — | — | 566 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, as of June 30, 2022 | 633 | $ | 6 | (75) | $ | (6,223) | $ | 14,201 | $ | 15,135 | $ | (305) | $ | 47 | $ | 22,861 |
Intercontinental Exchange, Inc. Stockholders’ Equity | Non- Controlling Interest in Consolidated Subsidiaries | Total Equity | Redeemable Non-Controlling Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, as of December 31, 2020 | 629 | $ | 6 | (68) | $ | (5,200) | $ | 13,845 | $ | 11,039 | $ | (192) | $ | 36 | $ | 19,534 | $ | 93 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 18 | — | 18 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | 8 | — | — | — | 8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments relating to treasury shares | — | — | — | (67) | — | — | — | — | (67) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 81 | — | — | — | 81 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under the employee stock purchase plan | — | — | — | — | 18 | — | — | — | 18 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 2 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions of profits | — | — | — | — | — | — | — | (11) | (11) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | — | — | — | — | — | (374) | — | — | (374) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | (5) | — | 11 | 6 | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,903 | — | — | 1,903 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, as of June 30, 2021 | 631 | $ | 6 | (68) | $ | (5,267) | $ | 13,952 | $ | 12,563 | $ | (174) | $ | 36 | $ | 21,116 | $ | 89 |
Intercontinental Exchange, Inc. Stockholders’ Equity | Non- Controlling Interest in Consolidated Subsidiaries | Total Equity | Redeemable Non-Controlling Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, as of March 31, 2021 | 631 | $ | 6 | (68) | $ | (5,265) | $ | 13,908 | $ | 11,498 | $ | (184) | $ | 31 | $ | 19,994 | $ | 91 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 10 | — | 10 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | 5 | — | — | — | 5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments relating to treasury shares | — | — | — | (2) | — | — | — | — | (2) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 39 | — | — | — | 39 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | — | — | — | — | — | (187) | — | — | (187) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | (1) | — | 5 | 4 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,253 | — | — | 1,253 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, as of June 30, 2021 | 631 | $ | 6 | (68) | $ | (5,267) | $ | 13,952 | $ | 12,563 | $ | (174) | $ | 36 | $ | 21,116 | $ | 89 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 1,233 | $ | 1,903 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 510 | 506 | |||||||||
Stock-based compensation | 76 | 73 | |||||||||
Deferred taxes | (147) | 154 | |||||||||
Gain on sale of Euroclear investment | (41) | — | |||||||||
Gain on sale of Coinbase investment | — | (1,227) | |||||||||
Net losses/(income) from unconsolidated investees | 57 | (34) | |||||||||
Other | 21 | 24 | |||||||||
Changes in assets and liabilities: | |||||||||||
Customer accounts receivable | (177) | (74) | |||||||||
Other current and non-current assets | (48) | (79) | |||||||||
Section 31 fees payable | 115 | (44) | |||||||||
Deferred revenue | 292 | 279 | |||||||||
Other current and non-current liabilities | (166) | 126 | |||||||||
Total adjustments | 492 | (296) | |||||||||
Net cash provided by operating activities | 1,725 | 1,607 | |||||||||
Investing activities: | |||||||||||
Capital expenditures | (70) | (95) | |||||||||
Capitalized software development costs | (134) | (145) | |||||||||
Purchases of invested margin deposits | (1,431) | (1,644) | |||||||||
Proceeds from sales of invested margin deposits | 3,815 | 2,222 | |||||||||
Cash paid for acquisitions, net of cash acquired | (36) | (6) | |||||||||
Purchases of equity and equity method investments | (43) | (23) | |||||||||
Proceeds from sale of Euroclear investment | 741 | — | |||||||||
Proceeds from sale of Coinbase investment | — | 1,237 | |||||||||
Other | 1 | (2) | |||||||||
Net cash provided by investing activities | 2,843 | 1,544 | |||||||||
Financing activities: | |||||||||||
Proceeds from debt facilities, net | 5,186 | 5 | |||||||||
Redemption of commercial paper, net | (1,012) | (2,097) | |||||||||
Repurchases of common stock | (632) | — | |||||||||
Dividends to stockholders | (427) | (374) | |||||||||
Change in cash and cash equivalent margin deposits and guaranty funds | 16,163 | 7,780 | |||||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (71) | (67) | |||||||||
Other | 31 | 15 | |||||||||
Net cash provided by financing activities | 19,238 | 5,262 | |||||||||
Effect of exchange rate changes on cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | (19) | — | |||||||||
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 23,787 | 8,413 | |||||||||
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 147,976 | 83,619 | |||||||||
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | $ | 171,763 | $ | 92,032 | |||||||
As of June 30, 2022 | As of June 30, 2021 | |||||||||||||
Supplemental cash flow disclosure: | ||||||||||||||
Cash paid for income taxes | $ | 524 | $ | 414 | ||||||||||
Cash paid for interest | $ | 226 | $ | 211 | ||||||||||
Reconciliation of the components of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the balance sheet: | ||||||||||||||
Cash and cash equivalents | $ | 830 | $ | 602 | ||||||||||
Short-term restricted cash and cash equivalents | 6,045 | 1,046 | ||||||||||||
Long-term restricted cash and cash equivalents | 405 | 398 | ||||||||||||
Cash and cash equivalent margin deposits and guaranty funds | 164,483 | 89,986 | ||||||||||||
Total | $ | 171,763 | $ | 92,032 |
Six Months Ended June 30, 2021 | |||||||||||||||||
As Previously Presented | Adjustment | As Adjusted | |||||||||||||||
Purchases of invested margin deposits (within investing activities) | $ | — | $ | (1,644) | $ | (1,644) | |||||||||||
Proceeds from sales of invested margin deposits (within investing activities) | — | 2,222 | 2,222 | ||||||||||||||
Net cash provided by investing activities | 966 | 578 | 1,544 | ||||||||||||||
Change in cash and cash equivalent margin deposits and guaranty funds (within financing activities) | — | 7,780 | 7,780 | ||||||||||||||
Net cash provided by/(used in) financing activities | (2,518) | 7,780 | 5,262 | ||||||||||||||
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 55 | 8,358 | 8,413 | ||||||||||||||
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 1,991 | 81,628 | 83,619 | ||||||||||||||
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | $ | 2,046 | $ | 89,986 | $ | 92,032 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Six Months Ended June 30, 2022: | |||||||||||||||||||||||
Total revenues | $ | 3,247 | $ | 1,021 | $ | 604 | $ | 4,872 | |||||||||||||||
Transaction-based expenses | 1,159 | — | — | 1,159 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 2,088 | $ | 1,021 | $ | 604 | $ | 3,713 | |||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Services transferred at a point in time | $ | 1,197 | $ | 159 | $ | 270 | $ | 1,626 | |||||||||||||||
Services transferred over time | 891 | 862 | 334 | 2,087 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 2,088 | $ | 1,021 | $ | 604 | $ | 3,713 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Six Months Ended June 30, 2021: | |||||||||||||||||||||||
Total revenues | $ | 2,942 | $ | 926 | $ | 695 | $ | 4,563 | |||||||||||||||
Transaction-based expenses | 1,059 | — | — | 1,059 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 1,883 | $ | 926 | $ | 695 | $ | 3,504 | |||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Services transferred at a point in time | $ | 1,056 | $ | 107 | $ | 417 | $ | 1,580 | |||||||||||||||
Services transferred over time | 827 | 819 | 278 | 1,924 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 1,883 | $ | 926 | $ | 695 | $ | 3,504 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Total revenues | $ | 1,604 | $ | 512 | $ | 297 | $ | 2,413 | |||||||||||||||
Transaction-based expenses | 599 | — | — | 599 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 1,005 | $ | 512 | $ | 297 | $ | 1,814 | |||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Services transferred at a point in time | $ | 563 | $ | 83 | $ | 128 | $ | 774 | |||||||||||||||
Services transferred over time | 442 | 429 | 169 | 1,040 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 1,005 | $ | 512 | $ | 297 | $ | 1,814 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Total revenues | $ | 1,336 | $ | 458 | $ | 340 | $ | 2,134 | |||||||||||||||
Transaction-based expenses | 427 | — | — | 427 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 909 | $ | 458 | $ | 340 | $ | 1,707 | |||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Services transferred at a point in time | $ | 495 | $ | 47 | $ | 196 | $ | 738 | |||||||||||||||
Services transferred over time | 414 | 411 | 144 | 969 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 909 | $ | 458 | $ | 340 | $ | 1,707 |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Exchanges Segment: | |||||||||||||||||||||||
Data services revenues | $ | 432 | $ | 415 | $ | 218 | $ | 208 | |||||||||||||||
Services transferred over time related to risk management of open interest performance obligations | $ | 139 | $ | 125 | $ | 63 | $ | 59 | |||||||||||||||
Services transferred over time related to listings | $ | 260 | $ | 233 | $ | 131 | $ | 119 | |||||||||||||||
Services transferred over time related to regulatory fees, trading permits, and software licenses | $ | 60 | $ | 54 | $ | 30 | $ | 28 | |||||||||||||||
Total | $ | 891 | $ | 827 | $ | 442 | $ | 414 | |||||||||||||||
Fixed Income Data Services Segment: | |||||||||||||||||||||||
Data services revenues | $ | 843 | $ | 806 | $ | 421 | $ | 407 | |||||||||||||||
Services transferred over time related to risk management of open interest performance obligations in our CDS business | $ | 19 | $ | 13 | $ | 8 | $ | 4 | |||||||||||||||
Total | $ | 862 | $ | 819 | $ | 429 | $ | 411 | |||||||||||||||
Mortgage Technology Segment: | |||||||||||||||||||||||
Subscription revenues | $ | 312 | $ | 258 | $ | 159 | $ | 134 | |||||||||||||||
Professional service revenues and other | $ | 22 | $ | 20 | $ | 10 | $ | 10 | |||||||||||||||
Total | $ | 334 | $ | 278 | $ | 169 | $ | 144 | |||||||||||||||
Total consolidated revenues transferred over time | $ | 2,087 | $ | 1,924 | $ | 1,040 | $ | 969 |
Goodwill balance at December 31, 2021 | $ | 21,123 | |||
Acquisitions | 31 | ||||
Foreign currency translation | (46) | ||||
Other activity, net | (2) | ||||
Goodwill balance at June 30, 2022 | $ | 21,106 |
Other intangible assets balance at December 31, 2021 | $ | 13,736 | |||
Acquisitions | 7 | ||||
Foreign currency translation | (43) | ||||
Amortization of other intangible assets | (306) | ||||
Other activity, net | 3 | ||||
Other intangible assets balance at June 30, 2022 | $ | 13,397 |
Annual Listings Revenues | Original Listings Revenues | Other Listings Revenues | Data Services and Other Revenues | Mortgage Technology | Total | ||||||||||||||||||||||||||||||
Deferred revenue balance at December 31, 2021 | $ | — | $ | 19 | $ | 93 | $ | 93 | $ | 79 | $ | 284 | |||||||||||||||||||||||
Additions | 435 | 31 | 34 | 283 | 46 | 829 | |||||||||||||||||||||||||||||
Amortization | (219) | (19) | (23) | (222) | (55) | (538) | |||||||||||||||||||||||||||||
Deferred revenue balance at June 30, 2022 | $ | 216 | $ | 31 | $ | 104 | $ | 154 | $ | 70 | $ | 575 |
Annual Listings Revenues | Original Listings Revenues | Other Listings Revenues | Data Services and Other Revenues | Mortgage Technology | Total | ||||||||||||||||||||||||||||||
Deferred revenue balance at December 31, 2020 | $ | — | $ | 13 | $ | 92 | $ | 95 | $ | 59 | $ | 259 | |||||||||||||||||||||||
Additions | 384 | 19 | 34 | 265 | 37 | 739 | |||||||||||||||||||||||||||||
Amortization | (197) | (14) | (22) | (206) | (21) | (460) | |||||||||||||||||||||||||||||
Deferred revenue balance at June 30, 2021 | $ | 187 | $ | 18 | $ | 104 | $ | 154 | $ | 75 | $ | 538 |
As of June 30, 2022 | As of December 31, 2021 | ||||||||||
Debt: | |||||||||||
Short-term debt: | |||||||||||
Commercial Paper | $ | — | $ | 1,012 | |||||||
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) | — | 499 | |||||||||
Other short-term debt | 4 | 10 | |||||||||
Total short-term debt | 4 | 1,521 | |||||||||
Long-term debt: | |||||||||||
2023 Senior Notes (0.70% senior unsecured notes due June 15, 2023) | — | 997 | |||||||||
2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023) | — | 399 | |||||||||
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) | — | 797 | |||||||||
2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) | 1,242 | — | |||||||||
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) | 1,247 | 1,246 | |||||||||
2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) | 1,485 | — | |||||||||
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) | 497 | 497 | |||||||||
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) | 594 | 594 | |||||||||
2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) | 1,239 | — | |||||||||
2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) | 1,235 | 1,234 | |||||||||
2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) | 1,484 | 1,483 | |||||||||
2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) | 1,487 | — | |||||||||
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) | 1,230 | 1,230 | |||||||||
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) | 1,231 | 1,230 | |||||||||
2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) | 1,221 | 1,220 | |||||||||
2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) | 1,463 | — | |||||||||
2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) | 1,471 | 1,470 | |||||||||
2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) | 983 | — | |||||||||
Total long-term debt | 18,109 | 12,397 | |||||||||
Total debt | $ | 18,113 | $ | 13,918 | |||||||
Six Months Ended June 30, | |||||||||||
Assumptions: | 2022 | 2021 | |||||||||
Risk-free interest rate | 1.72% | 0.64% | |||||||||
Expected life in years | 6.0 | 5.7 | |||||||||
Expected volatility | 23% | 24% | |||||||||
Expected dividend yield | 1.17% | 1.16% | |||||||||
Estimated weighted-average fair value of options granted per share | $28.18 | $22.70 |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | ||||||||||||||||||||||||||
Foreign currency translation adjustments | Comprehensive income from equity method investment | Employee benefit plans adjustments | Total | |||||||||||||||||||||||
Balance, as of December 31, 2021 | $ | (150) | $ | 2 | $ | (48) | $ | (196) | ||||||||||||||||||
Other comprehensive income/(loss) | (110) | — | — | (110) | ||||||||||||||||||||||
Income tax benefit/(expense) | 1 | — | — | 1 | ||||||||||||||||||||||
Net current period other comprehensive income/(loss) | (109) | — | — | (109) | ||||||||||||||||||||||
Balance, as of June 30, 2022 | $ | (259) | $ | 2 | $ | (48) | $ | (305) |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | ||||||||||||||||||||||||||
Foreign currency translation adjustments | Comprehensive income from equity method investment | Employee benefit plans adjustments | Total | |||||||||||||||||||||||
Balance, as of March 31, 2022 | $ | (175) | $ | 2 | $ | (48) | $ | (221) | ||||||||||||||||||
Other comprehensive income/(loss) | (85) | — | — | (85) | ||||||||||||||||||||||
Income tax benefit/(expense) | 1 | — | — | 1 | ||||||||||||||||||||||
Net current period other comprehensive income/(loss) | (84) | — | — | (84) | ||||||||||||||||||||||
Balance, as of June 30, 2022 | $ | (259) | $ | 2 | $ | (48) | $ | (305) |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | ||||||||||||||||||||||||||
Foreign currency translation adjustments | Comprehensive income from equity method investment | Employee benefit plans adjustments | Total | |||||||||||||||||||||||
Balance, as of December 31, 2020 | $ | (134) | $ | 1 | $ | (59) | $ | (192) | ||||||||||||||||||
Other comprehensive income/(loss) | 17 | 2 | — | 19 | ||||||||||||||||||||||
Income tax benefit/(expense) | — | (1) | — | (1) | ||||||||||||||||||||||
Net current period other comprehensive income/(loss) | 17 | 1 | — | 18 | ||||||||||||||||||||||
Balance, as of June 30, 2021 | $ | (117) | $ | 2 | $ | (59) | $ | (174) |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | ||||||||||||||||||||||||||
Foreign currency translation adjustments | Comprehensive income from equity method investment | Employee benefit plans adjustments | Total | |||||||||||||||||||||||
Balance, as of March 31, 2021 | $ | (127) | $ | 2 | $ | (59) | $ | (184) | ||||||||||||||||||
Other comprehensive income/(loss) | 11 | — | — | 11 | ||||||||||||||||||||||
Income tax benefit/(expense) | (1) | — | — | (1) | ||||||||||||||||||||||
Net current period other comprehensive income/(loss) | 10 | — | — | 10 | ||||||||||||||||||||||
Balance, as of June 30, 2021 | $ | (117) | $ | 2 | $ | (59) | $ | (174) |
Clearing House | Products Cleared | Exchange where Executed | Location | |||||||||||||||||
ICE Clear Europe | Energy, agricultural, interest rates and equity index futures and options contracts and OTC European CDS instruments | ICE Futures Europe, ICE Futures U.S., ICE Endex, ICE Futures Abu Dhabi and third-party venues | U.K. | |||||||||||||||||
ICE Clear U.S. | Agricultural, metals, foreign exchange, or FX, interest rate, equity index and digital asset futures and/or options contracts | ICE Futures U.S. | U.S. | |||||||||||||||||
ICE Clear Credit | OTC North American, European, Asian-Pacific and Emerging Market CDS instruments | Creditex and third-party venues | U.S. | |||||||||||||||||
ICE Clear Netherlands | Derivatives on equities and equity indices traded on regulated markets | ICE Endex | The Netherlands | |||||||||||||||||
ICE Clear Singapore | Energy, metals and financial futures products and digital assets futures contracts | ICE Futures Singapore | Singapore | |||||||||||||||||
ICE NGX | Physical North American natural gas and electricity | ICE NGX | Canada |
ICE Clear Europe (1) | ICE Clear Credit | ICE Clear U.S. | ICE NGX | Other ICE Clearing Houses | Total | ||||||||||||||||||||||||||||||
Original margin | $ | 98,940 | $ | 52,031 | $ | 4,788 | $ | — | $ | 4 | $ | 155,763 | |||||||||||||||||||||||
Unsettled variation margin, net | — | — | — | 841 | — | 841 | |||||||||||||||||||||||||||||
Guaranty fund | 3,940 | 4,942 | 614 | — | 4 | 9,500 | |||||||||||||||||||||||||||||
Delivery contracts receivable/payable, net | — | — | — | 1,568 | — | 1,568 | |||||||||||||||||||||||||||||
Total | $ | 102,880 | $ | 56,973 | $ | 5,402 | $ | 2,409 | $ | 8 | $ | 167,672 |
ICE Clear Europe (2) | ICE Clear Credit | ICE Clear U.S. | ICE NGX | Other ICE Clearing Houses | Total | ||||||||||||||||||||||||||||||
Original margin | $ | 94,010 | $ | 39,372 | $ | 6,963 | $ | — | $ | 27 | $ | 140,372 | |||||||||||||||||||||||
Unsettled variation margin, net | — | — | — | 226 | — | 226 | |||||||||||||||||||||||||||||
Guaranty fund | 4,175 | 3,952 | 597 | — | 4 | 8,728 | |||||||||||||||||||||||||||||
Delivery contracts receivable/payable, net | — | — | — | 1,103 | — | 1,103 | |||||||||||||||||||||||||||||
Total | $ | 98,185 | $ | 43,324 | $ | 7,560 | $ | 1,329 | $ | 31 | $ | 150,429 |
As of June 30, 2022 | ||||||||||||||||||||||||||||||||
ICE Clear Europe | ICE Clear Credit | ICE Clear U.S. | ICE NGX | Total | ||||||||||||||||||||||||||||
Original margin: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 71,965 | $ | 8,904 | $ | 15,141 | $ | — | $ | 96,010 | ||||||||||||||||||||||
Letters of credit | — | — | — | 4,420 | 4,420 | |||||||||||||||||||||||||||
ICE NGX cash deposits | — | — | — | 1,595 | 1,595 | |||||||||||||||||||||||||||
Total | $ | 71,965 | $ | 8,904 | $ | 15,141 | $ | 6,015 | $ | 102,025 | ||||||||||||||||||||||
Guaranty fund: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 612 | $ | 248 | $ | 260 | $ | — | $ | 1,120 |
As of December 31, 2021 | ||||||||||||||||||||||||||||||||
ICE Clear Europe | ICE Clear Credit | ICE Clear U.S. | ICE NGX | Total | ||||||||||||||||||||||||||||
Original margin: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 58,156 | $ | 8,425 | $ | 17,211 | $ | — | $ | 83,792 | ||||||||||||||||||||||
Letters of credit | — | — | — | 3,566 | 3,566 | |||||||||||||||||||||||||||
ICE NGX cash deposits | — | — | — | 987 | 987 | |||||||||||||||||||||||||||
Total | $ | 58,156 | $ | 8,425 | $ | 17,211 | $ | 4,553 | $ | 88,345 | ||||||||||||||||||||||
Guaranty fund: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 740 | $ | 152 | $ | 273 | $ | — | $ | 1,165 |
As of June 30, 2022 | |||||||||||
(in millions) | |||||||||||
Debt: | Carrying Amount | Fair value | |||||||||
Other short-term debt | $ | 4 | $ | 4 | |||||||
2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) | 1,242 | 1,242 | |||||||||
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) | 1,247 | 1,241 | |||||||||
2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) | 1,485 | 1,477 | |||||||||
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) | 497 | 473 | |||||||||
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) | 594 | 577 | |||||||||
2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) | 1,239 | 1,234 | |||||||||
2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) | 1,235 | 1,048 | |||||||||
2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) | 1,484 | 1,176 | |||||||||
2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) | 1,487 | 1,492 | |||||||||
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) | 1,230 | 919 | |||||||||
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) | 1,231 | 1,118 | |||||||||
2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) | 1,221 | 913 | |||||||||
2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) | 1,463 | 1,478 | |||||||||
2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) | 1,471 | 1,018 | |||||||||
2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) | 983 | 1,000 | |||||||||
Total debt | $ | 18,113 | $ | 16,410 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Energy futures and options | $ | 618 | $ | — | $ | — | $ | 618 | ||||||||||||||||||
Agricultural and metals futures and options | 122 | — | — | 122 | ||||||||||||||||||||||
Financial futures and options | 253 | — | — | 253 | ||||||||||||||||||||||
Cash equities and equity options | 1,357 | — | — | 1,357 | ||||||||||||||||||||||
OTC and other | 205 | — | — | 205 | ||||||||||||||||||||||
Data and connectivity services | 432 | — | — | 432 | ||||||||||||||||||||||
Listings | 260 | — | — | 260 | ||||||||||||||||||||||
Fixed income execution | — | 40 | — | 40 | ||||||||||||||||||||||
CDS clearing | — | 138 | — | 138 | ||||||||||||||||||||||
Fixed income data and analytics | — | 551 | — | 551 | ||||||||||||||||||||||
Other data and network services | — | 292 | — | 292 | ||||||||||||||||||||||
Origination technology | — | — | 399 | 399 | ||||||||||||||||||||||
Closing solutions | — | — | 134 | 134 | ||||||||||||||||||||||
Data and analytics | — | — | 44 | 44 | ||||||||||||||||||||||
Other | — | — | 27 | 27 | ||||||||||||||||||||||
Revenues | 3,247 | 1,021 | 604 | 4,872 | ||||||||||||||||||||||
Transaction-based expenses | 1,159 | — | — | 1,159 | ||||||||||||||||||||||
Revenues, less transaction-based expenses | 2,088 | 1,021 | 604 | 3,713 | ||||||||||||||||||||||
Operating expenses | 603 | 692 | 557 | 1,852 | ||||||||||||||||||||||
Operating income | $ | 1,485 | $ | 329 | $ | 47 | $ | 1,861 | ||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Energy futures and options | $ | 584 | $ | — | $ | — | $ | 584 | ||||||||||||||||||
Agricultural and metals futures and options | 121 | — | — | 121 | ||||||||||||||||||||||
Financial futures and options | 188 | — | — | 188 | ||||||||||||||||||||||
Cash equities and equity options | 1,246 | — | — | 1,246 | ||||||||||||||||||||||
OTC and other | 155 | — | — | 155 | ||||||||||||||||||||||
Data and connectivity services | 415 | — | — | 415 | ||||||||||||||||||||||
Listings | 233 | — | — | 233 | ||||||||||||||||||||||
Fixed income execution | — | 27 | — | 27 | ||||||||||||||||||||||
CDS clearing | — | 93 | — | 93 | ||||||||||||||||||||||
Fixed income data and analytics | — | 532 | — | 532 | ||||||||||||||||||||||
Other data and network services | — | 274 | — | 274 | ||||||||||||||||||||||
Origination technology | — | — | 495 | 495 | ||||||||||||||||||||||
Closing solutions | — | — | 139 | 139 | ||||||||||||||||||||||
Data and analytics | — | — | 36 | 36 | ||||||||||||||||||||||
Other | — | — | 25 | 25 | ||||||||||||||||||||||
Revenues | 2,942 | 926 | 695 | 4,563 | ||||||||||||||||||||||
Transaction-based expenses | 1,059 | — | — | 1,059 | ||||||||||||||||||||||
Revenues, less transaction-based expenses | 1,883 | 926 | 695 | 3,504 | ||||||||||||||||||||||
Operating expenses | 647 | 672 | 494 | 1,813 | ||||||||||||||||||||||
Operating income | $ | 1,236 | $ | 254 | $ | 201 | $ | 1,691 | ||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Energy futures and options | $ | 265 | $ | — | $ | — | $ | 265 | ||||||||||||||||||
Agricultural and metals futures and options | 61 | — | — | 61 | ||||||||||||||||||||||
Financial futures and options | 123 | — | — | 123 | ||||||||||||||||||||||
Cash equities and equity options | 698 | — | — | 698 | ||||||||||||||||||||||
OTC and other | 108 | — | — | 108 | ||||||||||||||||||||||
Data and connectivity services | 218 | — | — | 218 | ||||||||||||||||||||||
Listings | 131 | — | — | 131 | ||||||||||||||||||||||
Fixed income execution | — | 25 | — | 25 | ||||||||||||||||||||||
CDS clearing | — | 66 | — | 66 | ||||||||||||||||||||||
Fixed income data and analytics | — | 274 | — | 274 | ||||||||||||||||||||||
Other data and network services | — | 147 | — | 147 | ||||||||||||||||||||||
Origination technology | — | — | 196 | 196 | ||||||||||||||||||||||
Closing solutions | — | — | 64 | 64 | ||||||||||||||||||||||
Data and analytics | — | — | 24 | 24 | ||||||||||||||||||||||
Other | — | — | 13 | 13 | ||||||||||||||||||||||
Revenues | 1,604 | 512 | 297 | 2,413 | ||||||||||||||||||||||
Transaction-based expenses | 599 | — | — | 599 | ||||||||||||||||||||||
Revenues, less transaction-based expenses | 1,005 | 512 | 297 | 1,814 | ||||||||||||||||||||||
Operating expenses | 304 | 338 | 303 | 945 | ||||||||||||||||||||||
Operating income/(loss) | $ | 701 | $ | 174 | $ | (6) | $ | 869 | ||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Energy futures and options | $ | 274 | $ | — | $ | — | $ | 274 | ||||||||||||||||||
Agricultural and metals futures and options | 62 | — | — | 62 | ||||||||||||||||||||||
Financial futures and options | 83 | — | — | 83 | ||||||||||||||||||||||
Cash equities and equity options | 512 | — | — | 512 | ||||||||||||||||||||||
OTC and other | 78 | — | — | 78 | ||||||||||||||||||||||
Data and connectivity services | 208 | — | — | 208 | ||||||||||||||||||||||
Listings | 119 | — | — | 119 | ||||||||||||||||||||||
Fixed income execution | — | 13 | — | 13 | ||||||||||||||||||||||
CDS clearing | — | 38 | — | 38 | ||||||||||||||||||||||
Fixed income data and analytics | — | 268 | — | 268 | ||||||||||||||||||||||
Other data and network services | — | 139 | — | 139 | ||||||||||||||||||||||
Origination technology | — | — | 241 | 241 | ||||||||||||||||||||||
Closing solutions | — | — | 69 | 69 | ||||||||||||||||||||||
Data and analytics | — | — | 18 | 18 | ||||||||||||||||||||||
Other | — | — | 12 | 12 | ||||||||||||||||||||||
Revenues | 1,336 | 458 | 340 | 2,134 | ||||||||||||||||||||||
Transaction-based expenses | 427 | — | — | 427 | ||||||||||||||||||||||
Revenues, less transaction-based expenses | 909 | 458 | 340 | 1,707 | ||||||||||||||||||||||
Operating expenses | 326 | 337 | 245 | 908 | ||||||||||||||||||||||
Operating income | $ | 583 | $ | 121 | $ | 95 | $ | 799 | ||||||||||||||||||
Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Basic: | ||||||||||||||||||||
Net income attributable to Intercontinental Exchange, Inc. | $ | 1,212 | $ | 1,898 | $ | 555 | $ | 1,252 | ||||||||||||
Weighted average common shares outstanding | 560 | 562 | 558 | 563 | ||||||||||||||||
Basic earnings per common share | $ | 2.17 | $ | 3.38 | $ | 0.99 | $ | 2.23 | ||||||||||||
Diluted: | ||||||||||||||||||||
Weighted average common shares outstanding | 560 | 562 | 558 | 563 | ||||||||||||||||
Effect of dilutive securities - stock options and restricted stock | 2 | 3 | 2 | 2 | ||||||||||||||||
Diluted weighted average common shares outstanding | 562 | 565 | 560 | 565 | ||||||||||||||||
Diluted earnings per common share | $ | 2.16 | $ | 3.36 | $ | 0.99 | $ | 2.22 |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Revenues, less transaction-based expenses | $ | 3,713 | $ | 3,504 | 6 % | $ | 1,814 | $ | 1,707 | 6 % | |||||||||||||||||||||||||
Recurring revenues(1) | $ | 1,852 | $ | 1,715 | 8 % | $ | 931 | $ | 870 | 7 % | |||||||||||||||||||||||||
Transaction revenues, net(1) | $ | 1,861 | $ | 1,789 | 4 % | $ | 883 | $ | 837 | 6 % | |||||||||||||||||||||||||
Operating expenses | $ | 1,852 | $ | 1,813 | 2 % | $ | 945 | $ | 908 | 4 % | |||||||||||||||||||||||||
Adjusted operating expenses(2) | $ | 1,486 | $ | 1,473 | 1 % | $ | 740 | $ | 744 | — % | |||||||||||||||||||||||||
Operating income | $ | 1,861 | $ | 1,691 | 10 % | $ | 869 | $ | 799 | 9 % | |||||||||||||||||||||||||
Adjusted operating income(2) | $ | 2,227 | $ | 2,031 | 10% | $ | 1,074 | $ | 963 | 12% | |||||||||||||||||||||||||
Operating margin | 50 | % | 48 | % | 2 pts | 48 | % | 47 | % | 1 pt | |||||||||||||||||||||||||
Adjusted operating margin(2) | 60 | % | 58 | % | 2 pt | 59 | % | 56 | % | 3 pts | |||||||||||||||||||||||||
Other income/(expense), net | $ | (290) | $ | 1,074 | (127) % | $ | (130) | $ | 1,133 | (112) % | |||||||||||||||||||||||||
Income tax expense | $ | 338 | $ | 862 | (61) % | $ | 173 | $ | 679 | (75) % | |||||||||||||||||||||||||
Effective tax rate | 22 | % | 31 | % | (9 pts) | 23 | % | 35 | % | (12 pts) | |||||||||||||||||||||||||
Net income attributable to ICE | $ | 1,212 | $ | 1,898 | (36) % | $ | 555 | $ | 1,252 | (56) % | |||||||||||||||||||||||||
Adjusted net income attributable to ICE(2) | $ | 1,543 | $ | 1,391 | 11 % | $ | 739 | $ | 657 | 12 % | |||||||||||||||||||||||||
Diluted earnings per share attributable to ICE common stockholders | $ | 2.16 | $ | 3.36 | (36) % | $ | 0.99 | $ | 2.22 | (55) % | |||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to ICE common stockholders(2) | $ | 2.75 | $ | 2.46 | 12 % | $ | 1.32 | $ | 1.16 | 14 % | |||||||||||||||||||||||||
Cash flows from operating activities | $ | 1,725 | $ | 1,607 | 7 % |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Energy futures and options | $ | 618 | $ | 584 | 6 | % | $ | 265 | $ | 274 | (3) | % | |||||||||||||||||||||||
Agricultural and metals futures and options | 122 | 121 | 1 | 61 | 62 | (1) | |||||||||||||||||||||||||||||
Financial futures and options | 253 | 188 | 35 | 123 | 83 | 50 | |||||||||||||||||||||||||||||
Futures and options | 993 | 893 | 11 | 449 | 419 | 7 | |||||||||||||||||||||||||||||
Cash equities and equity options | 1,357 | 1,246 | 9 | 698 | 512 | 37 | |||||||||||||||||||||||||||||
OTC and other | 205 | 155 | 32 | 108 | 78 | 39 | |||||||||||||||||||||||||||||
Transaction and clearing, net | 2,555 | 2,294 | 11 | 1,255 | 1,009 | 25 | |||||||||||||||||||||||||||||
Data and connectivity services | 432 | 415 | 4 | 218 | 208 | 4 | |||||||||||||||||||||||||||||
Listings | 260 | 233 | 12 | 131 | 119 | 10 | |||||||||||||||||||||||||||||
Revenues | 3,247 | 2,942 | 10 | 1,604 | 1,336 | 20 | |||||||||||||||||||||||||||||
Transaction-based expenses(1) | 1,159 | 1,059 | 9 | 599 | 427 | 40 | |||||||||||||||||||||||||||||
Revenues, less transaction-based expenses | 2,088 | 1,883 | 11 | 1,005 | 909 | 11 | |||||||||||||||||||||||||||||
Other operating expenses | 484 | 513 | (6) | 244 | 260 | (6) | |||||||||||||||||||||||||||||
Depreciation and amortization | 118 | 124 | (5) | 60 | 61 | (2) | |||||||||||||||||||||||||||||
Acquisition-related transaction and integration costs | 1 | 10 | (89) | — | 5 | (93) | |||||||||||||||||||||||||||||
Operating expenses | 603 | 647 | (7) | 304 | 326 | (7) | |||||||||||||||||||||||||||||
Operating income | $ | 1,485 | $ | 1,236 | 20 | % | $ | 701 | $ | 583 | 20 | % | |||||||||||||||||||||||
Recurring revenues | $ | 693 | $ | 648 | 7 | % | 350 | 327 | 7 | % | |||||||||||||||||||||||||
Transaction revenues, net | $ | 1,395 | $ | 1,235 | 13 | % | 655 | 582 | 13 | % |
Volume and Rate per Contract |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Number of contracts traded (in millions): | |||||||||||||||||||||||||||||||||||
Energy futures and options | 399 | 381 | 5 | % | 177 | 175 | 2 | % | |||||||||||||||||||||||||||
Agricultural and metals futures and options | 52 | 51 | — | 26 | 25 | — | |||||||||||||||||||||||||||||
Financial futures and options | 328 | 325 | 1 | 158 | 148 | 7 | |||||||||||||||||||||||||||||
Total | 779 | 757 | 3 | % | 361 | 348 | 4 | % | |||||||||||||||||||||||||||
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Average daily volume of contracts traded (in thousands): | |||||||||||||||||||||||||||||||||||
Energy futures and options | 3,221 | 3,070 | 5 | % | 2,862 | 2,774 | 3 | % | |||||||||||||||||||||||||||
Agricultural and metals futures and options | 416 | 417 | — | 416 | 409 | 2 | |||||||||||||||||||||||||||||
Financial futures and options | 2,599 | 2,587 | — | 2,523 | 2,342 | 8 | |||||||||||||||||||||||||||||
Total | 6,236 | 6,074 | 3 | % | 5,801 | 5,525 | 5 | % | |||||||||||||||||||||||||||
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Rate per contract: | |||||||||||||||||||||||||||||||||||
Energy futures and options | $ | 1.55 | $ | 1.53 | 1 | % | $ | 1.49 | $ | 1.57 | (5) | % | |||||||||||||||||||||||
Agricultural and metals futures and options | $ | 2.37 | $ | 2.34 | 1 | % | $ | 2.36 | $ | 2.39 | (1) | % | |||||||||||||||||||||||
Financial futures and options | $ | 0.76 | $ | 0.57 | 35 | % | $ | 0.77 | $ | 0.55 | 41 | % | |||||||||||||||||||||||
Open Interest |
As of June 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Open interest — in thousands of contracts: | |||||||||||||||||
Energy futures and options | 43,985 | 44,602 | (1) | % | |||||||||||||
Agricultural and metals futures and options | 3,519 | 3,654 | (4) | ||||||||||||||
Financial futures and options | 28,129 | 32,758 | (14) | ||||||||||||||
Total | 75,633 | 81,014 | (7) | % |
Exchanges Segment: | Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Operating expenses | $ | 603 | $ | 647 | (7) | % | $ | 304 | $ | 326 | (7) | % | |||||||||||||||||||||||
Adjusted operating expenses(1) | $ | 570 | $ | 600 | (5) | % | $ | 287 | $ | 302 | (5) | % | |||||||||||||||||||||||
Operating income | $ | 1,485 | $ | 1,236 | 20 | % | $ | 701 | $ | 583 | 20 | % | |||||||||||||||||||||||
Adjusted operating income(1) | $ | 1,518 | $ | 1,283 | 18 | % | $ | 718 | $ | 607 | 18 | % | |||||||||||||||||||||||
Operating margin | 71 | % | 66 | % | 5 pts | 70 | % | 64 | % | 6 pts | |||||||||||||||||||||||||
Adjusted operating margin(1) | 73 | % | 68 | % | 5 pts | 71 | % | 67 | % | 4 pts |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Fixed income execution | $ | 40 | $ | 27 | 46 | % | $ | 25 | $ | 13 | 84 | % | |||||||||||||||||||||||
CDS clearing | 138 | 93 | 48 | 66 | 38 | 72 | |||||||||||||||||||||||||||||
Fixed income data and analytics | 551 | 532 | 4 | 274 | 268 | 3 | |||||||||||||||||||||||||||||
Fixed income and credit | 729 | 652 | 12 | 365 | 319 | 14 | |||||||||||||||||||||||||||||
Other data and network services | 292 | 274 | 7 | 147 | 139 | 6 | |||||||||||||||||||||||||||||
Revenues | 1,021 | 926 | 10 | 512 | 458 | 12 | |||||||||||||||||||||||||||||
Other operating expenses | 516 | 500 | 3 | 252 | 251 | 1 | |||||||||||||||||||||||||||||
Depreciation and amortization | 176 | 172 | 2 | 86 | 86 | (1) | |||||||||||||||||||||||||||||
Operating expenses | 692 | 672 | 3 | 338 | 337 | — | |||||||||||||||||||||||||||||
Operating income | $ | 329 | $ | 254 | 29 | % | $ | 174 | $ | 121 | 43 | % | |||||||||||||||||||||||
Recurring revenues | $ | 843 | $ | 806 | 5 | % | $ | 421 | $ | 407 | 4 | % | |||||||||||||||||||||||
Transaction revenues | $ | 178 | $ | 120 | 48 | % | $ | 91 | $ | 51 | 75 | % |
Fixed Income and Data Services Segment: | Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Operating expenses | $ | 692 | $ | 672 | 3 | % | $ | 338 | $ | 337 | — | % | |||||||||||||||||||||||
Adjusted operating expenses(1) | $ | 599 | $ | 581 | 3 | % | $ | 294 | $ | 291 | 1 | % | |||||||||||||||||||||||
Operating income | $ | 329 | $ | 254 | 29 | % | $ | 174 | $ | 121 | 43 | % | |||||||||||||||||||||||
Adjusted operating income(1) | $ | 422 | $ | 345 | 22 | % | $ | 218 | $ | 167 | 31 | % | |||||||||||||||||||||||
Operating margin | 32 | % | 27 | % | 5 pts | 34 | % | 26 | % | 8 pts | |||||||||||||||||||||||||
Adjusted operating margin(1) | 41 | % | 37 | % | 4 pts | 43 | % | 36 | % | 7 pts |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change* | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Origination technology | 399 | 495 | (19)% | 196 | 241 | (19)% | |||||||||||||||||||||||||||||
Closing solutions | 134 | 139 | (3) | 64 | 69 | (6) | |||||||||||||||||||||||||||||
Data and analytics | 44 | 36 | 21 | 24 | 18 | 37 | |||||||||||||||||||||||||||||
Other | 27 | 25 | 8 | 13 | 12 | 4 | |||||||||||||||||||||||||||||
Revenues | 604 | 695 | (13) | 297 | 340 | (13) | |||||||||||||||||||||||||||||
Other operating expenses | 280 | 266 | 5 | 140 | 136 | 3 | |||||||||||||||||||||||||||||
Acquisition-related transaction and integration costs | 61 | 18 | 260 | 53 | 5 | n/a | |||||||||||||||||||||||||||||
Depreciation and amortization | 216 | 210 | 3 | 110 | 104 | 6 | |||||||||||||||||||||||||||||
Operating expenses | 557 | 494 | 13 | 303 | 245 | 24 | |||||||||||||||||||||||||||||
Operating income/(loss) | $ | 47 | $ | 201 | (77)% | $ | (6) | $ | 95 | (107)% | |||||||||||||||||||||||||
Recurring revenues | $ | 316 | $ | 261 | 21% | $ | 160 | $ | 136 | 18% | |||||||||||||||||||||||||
Transaction revenues | $ | 288 | $ | 434 | (34)% | $ | 137 | $ | 204 | (33)% |
Mortgage Technology Segment: | Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Change* | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Operating expenses | $ | 557 | $ | 494 | 13% | $ | 303 | $ | 245 | 24% | |||||||||||||||||||||||||
Adjusted operating expenses(1) | $ | 317 | $ | 292 | 9% | $ | 159 | $ | 151 | 6% | |||||||||||||||||||||||||
Operating income/(loss) | $ | 47 | $ | 201 | (77)% | $ | (6) | $ | 95 | (107)% | |||||||||||||||||||||||||
Adjusted operating income(1) | $ | 287 | $ | 403 | (29)% | $ | 138 | $ | 189 | (27)% | |||||||||||||||||||||||||
Operating margin | 8 | % | 29 | % | (21 pts) | (2) | % | 28 | % | (30 pts) | |||||||||||||||||||||||||
Adjusted operating margin(1) | 47 | % | 58 | % | (11 pts) | 46 | % | 56 | % | (10 pts) | |||||||||||||||||||||||||
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Compensation and benefits | $ | 714 | $ | 719 | (1) | % | $ | 355 | $ | 365 | (3) | % | |||||||||||||||||||||||
Professional services | 69 | 81 | (15) | 35 | 37 | (7) | |||||||||||||||||||||||||||||
Acquisition-related transaction and integration costs | 62 | 28 | 121 | 53 | 10 | 435 | |||||||||||||||||||||||||||||
Technology and communication | 344 | 327 | 5 | 169 | 165 | 3 | |||||||||||||||||||||||||||||
Rent and occupancy | 41 | 41 | 1 | 20 | 20 | 4 | |||||||||||||||||||||||||||||
Selling, general and administrative | 112 | 111 | 1 | 57 | 60 | (4) | |||||||||||||||||||||||||||||
Depreciation and amortization | 510 | 506 | 1 | 256 | 251 | 2 | |||||||||||||||||||||||||||||
Total operating expenses | $ | 1,852 | $ | 1,813 | 2 | % | $ | 945 | $ | 908 | 4 | % |
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Employee headcount | 8,936 | 9,088 | (2) | % | |||||||||||||||||||||||||||||||
Stock-based compensation expenses | $ | 73 | $ | 71 | 3 | % | $ | 36 | $ | 36 | 1 | % |
Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||
Other income/(expense): | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 9 | $ | — | n/a | $ | 8 | $ | — | n/a | ||||||||||||||||||||||||||||
Interest expense | (264) | (213) | 24 | (161) | (106) | 53 | ||||||||||||||||||||||||||||||||
Other income/(expense), net | (35) | 1,287 | n/a | 23 | 1,239 | (98) | ||||||||||||||||||||||||||||||||
Total other income/(expense), net | $ | (290) | $ | 1,074 | n/a | $ | (130) | $ | 1,133 | n/a | ||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | $ | (21) | $ | (5) | 313% | $ | (11) | $ | (1) | 919% |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by/(used in): | |||||||||||
Operating activities | $ | 1,725 | $ | 1,607 | |||||||
Investing activities | 2,843 | 1,544 | |||||||||
Financing activities | 19,238 | 5,262 | |||||||||
Effect of exchange rate changes | (19) | — | |||||||||
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | $ | 23,787 | $ | 8,413 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 2,088 | $ | 1,883 | $ | 1,021 | $ | 926 | $ | 604 | $ | 695 | $ | 3,713 | $ | 3,504 | ||||||||||||||||||||||||||||||||||
Operating expenses | 603 | 647 | 692 | 672 | 557 | 494 | 1,852 | 1,813 | ||||||||||||||||||||||||||||||||||||||||||
Less: Amortization of acquisition-related intangibles | 33 | 37 | 93 | 91 | 180 | 185 | 306 | 313 | ||||||||||||||||||||||||||||||||||||||||||
Less: Transaction and integration costs | — | 10 | — | — | 60 | 17 | 60 | 27 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating expenses | $ | 570 | $ | 600 | $ | 599 | $ | 581 | $ | 317 | $ | 292 | $ | 1,486 | $ | 1,473 | ||||||||||||||||||||||||||||||||||
Operating income | $ | 1,485 | $ | 1,236 | $ | 329 | $ | 254 | $ | 47 | $ | 201 | $ | 1,861 | $ | 1,691 | ||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 1,518 | $ | 1,283 | $ | 422 | $ | 345 | $ | 287 | $ | 403 | $ | 2,227 | $ | 2,031 | ||||||||||||||||||||||||||||||||||
Operating margin | 71 | % | 66 | % | 32 | % | 27 | % | 8 | % | 29 | % | 50 | % | 48 | % | ||||||||||||||||||||||||||||||||||
Adjusted operating margin | 73 | % | 68 | % | 41 | % | 37 | % | 47 | % | 58 | % | 60 | % | 58 | % | ||||||||||||||||||||||||||||||||||
Net income attributable to ICE common stockholders | $ | 1,212 | $ | 1,898 | ||||||||||||||||||||||||||||||||||||||||||||||
Add: Amortization of acquisition-related intangibles | 306 | 313 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Transaction and integration costs | 60 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Accrual relating to legal settlement | 9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Net interest expense on pre-acquisition-related debt | 18 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Extinguishment of 2022 and 2023 Senior Notes | 30 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gain on sale of Euroclear equity investment and dividends received | (41) | (30) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gain on sale of Coinbase equity investment | — | (1,227) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gain related to the settlement of an acquisition-related indemnification claim | — | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||
Add/(Less): Net losses/(income) from unconsolidated investees | 57 | (34) | ||||||||||||||||||||||||||||||||||||||||||||||||
Add/(Less): Income tax effect for the above items | (123) | 254 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Deferred tax adjustments on acquisition-related intangibles | 15 | 197 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to ICE common stockholders | $ | 1,543 | $ | 1,391 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share attributable to ICE common stockholders | $ | 2.17 | $ | 3.38 | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share attributable to ICE common stockholders | $ | 2.16 | $ | 3.36 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted basic earnings per share attributable to ICE common stockholders | $ | 2.76 | $ | 2.47 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to ICE common stockholders | $ | 2.75 | $ | 2.46 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | 560 | 562 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 562 | 565 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 1,005 | $ | 909 | $ | 512 | $ | 458 | $ | 297 | $ | 340 | $ | 1,814 | $ | 1,707 | ||||||||||||||||||||||||||||||||||
Operating expenses | 304 | 326 | 338 | 337 | 303 | 245 | 945 | 908 | ||||||||||||||||||||||||||||||||||||||||||
Less: Amortization of acquisition-related intangibles | 17 | 19 | 44 | 46 | 92 | 90 | 153 | 155 | ||||||||||||||||||||||||||||||||||||||||||
Less: Transaction and integration costs | — | 5 | — | — | 52 | 4 | 52 | 9 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating expenses | $ | 287 | $ | 302 | $ | 294 | $ | 291 | $ | 159 | $ | 151 | $ | 740 | $ | 744 | ||||||||||||||||||||||||||||||||||
Operating income | $ | 701 | $ | 583 | $ | 174 | $ | 121 | $ | (6) | $ | 95 | $ | 869 | $ | 799 | ||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 718 | $ | 607 | $ | 218 | $ | 167 | $ | 138 | $ | 189 | $ | 1,074 | $ | 963 | ||||||||||||||||||||||||||||||||||
Operating margin | 70 | % | 64 | % | 34 | % | 26 | % | (2) | % | 28 | % | 48 | % | 47 | % | ||||||||||||||||||||||||||||||||||
Adjusted operating margin | 71 | % | 67 | % | 43 | % | 36 | % | 46 | % | 56 | % | 59 | % | 56 | % | ||||||||||||||||||||||||||||||||||
Net income attributable to ICE common stockholders | $ | 555 | $ | 1,252 | ||||||||||||||||||||||||||||||||||||||||||||||
Add: Amortization of acquisition-related intangibles | 153 | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Transaction and integration costs | 52 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Net interest expense on pre-acquisition-related debt | 18 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Extinguishment of 2022 and 2023 Senior Notes | 30 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gain on sale of Euroclear equity investment | (41) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gain on sale of Coinbase equity investment | — | (1,227) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gain related to the settlement of an acquisition-related indemnification claim | — | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||
Add/(Less): Net losses/(income) from unconsolidated investees | 15 | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||
Add/(Less): Income tax effect for the above items | (65) | 288 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Deferred tax adjustments on acquisition-related intangibles | 22 | 196 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to ICE common stockholders | $ | 739 | $ | 657 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share attributable to ICE common stockholders | $ | 0.99 | $ | 2.23 | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share attributable to ICE common stockholders | $ | 0.99 | $ | 2.22 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted basic earnings per share attributable to ICE common stockholders | $ | 1.32 | $ | 1.17 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to ICE common stockholders | $ | 1.32 | $ | 1.16 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | 558 | 563 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 560 | 565 |
Six Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Pound Sterling | Euro | Pound Sterling | Euro | Pound Sterling | Euro | Pound Sterling | Euro | ||||||||||||||||||||||||||||||||||||||||
Average exchange rate to the U.S. dollar in the current year period | 1.2996 | 1.0939 | 1.2568 | 1.0648 | 1.3889 | 1.2057 | 1.3985 | 1.2054 | |||||||||||||||||||||||||||||||||||||||
Average exchange rate to the U.S. dollar in the same period in the prior year | 1.3889 | 1.2057 | 1.3985 | 1.2054 | 1.2603 | 1.1018 | 1.2413 | 1.1011 | |||||||||||||||||||||||||||||||||||||||
Average exchange rate increase/ (decrease) | (6) | % | (9) | % | (10) | % | (12) | % | 10 | % | 9 | % | 13 | % | 9 | % | |||||||||||||||||||||||||||||||
Foreign denominated percentage of: | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues, less transaction-based expenses | 8 | % | 7 | % | 8 | % | 6 | % | 7 | % | 6 | % | 6 | % | 6 | % | |||||||||||||||||||||||||||||||
Operating expenses | 8 | % | 2 | % | 8 | % | 2 | % | 8 | % | 2 | % | 8 | % | 2 | % | |||||||||||||||||||||||||||||||
Operating income | 7 | % | 11 | % | 7 | % | 11 | % | 5 | % | 10 | % | 4 | % | 10 | % | |||||||||||||||||||||||||||||||
Impact of the currency fluctuations (1) on: | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues, less transaction-based expenses | $ | (20) | $ | (24) | $ | (16) | $ | (14) | $ | 21 | $ | 17 | $ | 12 | $ | 8 | |||||||||||||||||||||||||||||||
Operating expenses | $ | (10) | $ | (4) | $ | (8) | $ | (3) | $ | 13 | $ | 3 | $ | 8 | $ | 1 | |||||||||||||||||||||||||||||||
Operating income | $ | (10) | $ | (20) | $ | (8) | $ | (11) | $ | 8 | $ | 14 | $ | 4 | $ | 7 |
As of June 30, 2022 | |||||||||||||||||
Position in pounds sterling | Position in Canadian dollars | Position in euros | |||||||||||||||
Assets | £ | 705 | $ | 3,679 | € | 170 | |||||||||||
of which goodwill represents | 555 | 396 | 92 | ||||||||||||||
Liabilities | 90 | 3,244 | 59 | ||||||||||||||
Net currency position | £ | 615 | $ | 435 | € | 111 | |||||||||||
Net currency position, in $USD | $ | 749 | $ | 338 | $ | 117 | |||||||||||
Negative impact on consolidated equity of a 10% decrease in foreign currency exchange rates | $ | 75 | $ | 34 | $ | 12 |
Changes in Accumulated Other Comprehensive Loss from Foreign Currency Translation Adjustments (in millions) | ||||||||
Balance, as of December 31, 2021 | $ | (150) | ||||||
Other comprehensive income (loss) | (110) | |||||||
Income tax benefit (expense) | 1 | |||||||
Net current period other comprehensive loss | (109) | |||||||
Balance, as of June 30, 2022 | $ | (259) |
Changes in Accumulated Other Comprehensive Loss from Foreign Currency Translation Adjustments (in millions) | ||||||||
Balance, as of March 31, 2022 | $ | (175) | ||||||
Other comprehensive income (loss) | (85) | |||||||
Income tax benefit (expense) | 1 | |||||||
Net current period other comprehensive loss | (84) | |||||||
Balance, as of June 30, 2022 | $ | (259) |
Period (2022) | Total number of shares purchased (in thousands) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs (in thousands) (1) | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) (1) | ||||||||||
April 1 - April 30 | 1,111 | $123.9 | 4,785 | $2,537 | ||||||||||
May 1 - May 31 | 170 | $113.68 | 4,955 | $2,518 | ||||||||||
June 1 - June 30 | — | N/A | 4,955 | $2,518 | ||||||||||
Total | 1,281 | $122.54 | 4,955 | $2,518 |
Three months ended | Total number of shares purchased (in thousands)(1) | Average price paid per share | Amount of repurchases (in millions) | Total cumulative year-to-date shares purchased as part of publicly announced plans or programs (in thousands) | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) | ||||||||||||
March 31, 2022 | 3,674 | $129.3 | $475 | 3,674 | $2,675 | ||||||||||||
June 30, 2022 | 1,281 | $122.54 | $157 | 4,955 | $2,518 | ||||||||||||
Total (1) | 4,955 | $127.56 | $632 |
Exhibit Number | Description of Document | ||||||||||
2.1 | — | ||||||||||
4.1 | — | ||||||||||
4.2 | — | ||||||||||
4.3 | — | ||||||||||
4.4 | — | ||||||||||
4.5 | — | ||||||||||
4.6 | — | ||||||||||
4.7 | — | ||||||||||
10.1 | — | ||||||||||
10.2 | — | ||||||||||
10.3 | — | ||||||||||
10.4 | — | ||||||||||
10.5 | — | ||||||||||
31.1 | — | ||||||||||
31.2 | — | ||||||||||
32.1 | — | ||||||||||
32.2 | — | ||||||||||
101 | — | The following materials from Intercontinental Exchange, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text. | |||||||||
104 | — | The cover page from Intercontinental Exchange, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 formatted in Inline XBRL. |
Intercontinental Exchange, Inc. (Registrant) | |||||||||||
Date: August 4, 2022 | By: | /s/ A. Warren Gardiner | |||||||||
A. Warren Gardiner | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
1 Year Intercontinental Exchange Chart |
1 Month Intercontinental Exchange Chart |
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