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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% | 137.87 | 0 | 09:00:00 |
(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 September 30, 2022 and December 31, 2021 | ||||||||
Consolidated Statements of Income for the nine and three months ended September 30, 2022 and 2021 | ||||||||
Consolidated Statements of Comprehensive Income for the nine and three months ended September 30, 2022 and 2021 | ||||||||
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the nine and three months ended September 30, 2022 and 2021 | ||||||||
Consolidated Statements of Cash Flows for the nine months ended September 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 | ||||||||||
September 30, 2022 | |||||||||||
(Unaudited) | |||||||||||
Assets: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,183 | $ | 607 | |||||||
Short-term restricted cash and cash equivalents | 6,032 | 1,035 | |||||||||
Cash and cash equivalent margin deposits and guaranty funds | 156,789 | 145,936 | |||||||||
Invested deposits, delivery contracts receivable and unsettled variation margin | 7,902 | 4,493 | |||||||||
Customer accounts receivable, net of allowance for doubtful accounts of $25 and $24 at September 30, 2022 and December 31, 2021, respectively | 1,248 | 1,208 | |||||||||
Prepaid expenses and other current assets | 558 | 1,021 | |||||||||
Total current assets | 173,712 | 154,300 | |||||||||
Property and equipment, net | 1,720 | 1,699 | |||||||||
Other non-current assets: | |||||||||||
Goodwill | 21,075 | 21,123 | |||||||||
Other intangible assets, net | 13,210 | 13,736 | |||||||||
Long-term restricted cash and cash equivalents | 405 | 398 | |||||||||
Other non-current assets | 1,170 | 2,246 | |||||||||
Total other non-current assets | 35,860 | 37,503 | |||||||||
Total assets | $ | 211,292 | $ | 193,502 | |||||||
Liabilities and Equity: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 788 | $ | 703 | |||||||
Section 31 fees payable | 58 | 57 | |||||||||
Accrued salaries and benefits | 274 | 354 | |||||||||
Deferred revenue | 315 | 194 | |||||||||
Short-term debt | 7 | 1,521 | |||||||||
Margin deposits and guaranty funds | 156,789 | 145,936 | |||||||||
Invested deposits, delivery contracts payable and unsettled variation margin | 7,902 | 4,493 | |||||||||
Other current liabilities | 188 | 153 | |||||||||
Total current liabilities | 166,321 | 153,411 | |||||||||
Non-current liabilities: | |||||||||||
Non-current deferred tax liability, net | 3,565 | 4,100 | |||||||||
Long-term debt | 18,113 | 12,397 | |||||||||
Accrued employee benefits | 189 | 200 | |||||||||
Non-current operating lease liability | 267 | 252 | |||||||||
Other non-current liabilities | 417 | 394 | |||||||||
Total non-current liabilities | 22,551 | 17,343 | |||||||||
Total liabilities | 188,872 | 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; 634 and 631 issued at September 30, 2022 and December 31, 2021, respectively, and 559 and 561 shares outstanding at September 30, 2022 and December 31, 2021, respectively | 6 | 6 | |||||||||
Treasury stock, at cost; 75 and 70 shares at September 30, 2022 and December 31, 2021, respectively | (6,224) | (5,520) | |||||||||
Additional paid-in capital | 14,269 | 14,069 | |||||||||
Retained earnings | 14,731 | 14,350 | |||||||||
Accumulated other comprehensive loss | (403) | (196) | |||||||||
Total Intercontinental Exchange, Inc. stockholders’ equity | 22,379 | 22,709 | |||||||||
Non-controlling interest in consolidated subsidiaries | 41 | 39 | |||||||||
Total equity | 22,420 | 22,748 | |||||||||
Total liabilities and equity | $ | 211,292 | $ | 193,502 |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Exchanges | $ | 4,824 | $ | 4,376 | $ | 1,577 | $ | 1,434 | |||||||||||||||
Fixed income and data services | 1,555 | 1,403 | 534 | 477 | |||||||||||||||||||
Mortgage technology | 880 | 1,061 | 276 | 366 | |||||||||||||||||||
Total revenues | 7,259 | 6,840 | 2,387 | 2,277 | |||||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Section 31 fees | 332 | 204 | 158 | 38 | |||||||||||||||||||
Cash liquidity payments, routing and clearing | 1,403 | 1,330 | 418 | 437 | |||||||||||||||||||
Total revenues, less transaction-based expenses | 5,524 | 5,306 | 1,811 | 1,802 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and benefits | 1,058 | 1,093 | 344 | 374 | |||||||||||||||||||
Professional services | 101 | 124 | 32 | 43 | |||||||||||||||||||
Acquisition-related transaction and integration costs | 81 | 42 | 19 | 14 | |||||||||||||||||||
Technology and communication | 513 | 495 | 169 | 168 | |||||||||||||||||||
Rent and occupancy | 63 | 61 | 22 | 20 | |||||||||||||||||||
Selling, general and administrative | 166 | 163 | 54 | 52 | |||||||||||||||||||
Depreciation and amortization | 768 | 759 | 258 | 253 | |||||||||||||||||||
Total operating expenses | 2,750 | 2,737 | 898 | 924 | |||||||||||||||||||
Operating income | 2,774 | 2,569 | 913 | 878 | |||||||||||||||||||
Other income/(expense): | |||||||||||||||||||||||
Interest income | 42 | — | 33 | — | |||||||||||||||||||
Interest expense | (440) | (321) | (176) | (108) | |||||||||||||||||||
Other income/(expense), net | (1,132) | 1,341 | (1,097) | 54 | |||||||||||||||||||
Other income/(expense), net | (1,530) | 1,020 | (1,240) | (54) | |||||||||||||||||||
Income/(loss) before income tax expense/(benefit) | 1,244 | 3,589 | (327) | 824 | |||||||||||||||||||
Income tax expense/(benefit) | 186 | 1,049 | (152) | 187 | |||||||||||||||||||
Net income/(loss) | $ | 1,058 | $ | 2,540 | $ | (175) | $ | 637 | |||||||||||||||
Net income attributable to non-controlling interest | (37) | (9) | (16) | (4) | |||||||||||||||||||
Net income/(loss) attributable to Intercontinental Exchange, Inc. | $ | 1,021 | $ | 2,531 | $ | (191) | $ | 633 | |||||||||||||||
Earnings/(loss) per share attributable to Intercontinental Exchange, Inc. common stockholders: | |||||||||||||||||||||||
Basic | $ | 1.83 | $ | 4.50 | $ | (0.34) | $ | 1.12 | |||||||||||||||
Diluted | $ | 1.82 | $ | 4.48 | $ | (0.34) | $ | 1.12 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 559 | 563 | 558 | 563 | |||||||||||||||||||
Diluted | 561 | 565 | 560 | 566 |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income/(loss) | $ | 1,058 | $ | 2,540 | $ | (175) | $ | 637 | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax benefit of $1 for the nine months ended September 30, 2022 and $1 for both the nine and three months ended September 30, 2021 | (207) | (15) | (98) | (32) | |||||||||||||||||||
Change in equity method investment, net of tax expense of $1 for the nine months ended September 30, 2021 | — | 1 | — | — | |||||||||||||||||||
Other comprehensive loss | (207) | (14) | (98) | (32) | |||||||||||||||||||
Comprehensive income/(loss) | $ | 851 | $ | 2,526 | $ | (273) | $ | 605 | |||||||||||||||
Comprehensive income attributable to non-controlling interest | (37) | (9) | (16) | (4) | |||||||||||||||||||
Comprehensive income/(loss) attributable to Intercontinental Exchange, Inc. | $ | 814 | $ | 2,517 | $ | (289) | $ | 601 |
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 | — | — | — | — | — | — | (207) | — | (207) | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | 22 | — | — | — | 22 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | (4) | (632) | — | — | — | — | (632) | ||||||||||||||||||||||||||||||||||||||||||||
Payments relating to treasury shares | — | — | (1) | (72) | — | — | — | — | (72) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 129 | — | — | — | 129 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance under the employee stock purchase plan | 1 | — | — | — | 49 | — | — | — | 49 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 2 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions of profits | — | — | — | — | — | — | — | (35) | (35) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | — | — | — | — | — | (640) | — | — | (640) | ||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | (37) | — | 37 | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,058 | — | — | 1,058 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, as of September 30, 2022 | 634 | $ | 6 | (75) | $ | (6,224) | $ | 14,269 | $ | 14,731 | $ | (403) | $ | 41 | $ | 22,420 |
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 June 30, 2022 | 633 | $ | 6 | (75) | $ | (6,223) | $ | 14,201 | $ | 15,135 | $ | (305) | $ | 47 | $ | 22,861 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (98) | — | (98) | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Payments relating to treasury shares | — | — | — | (1) | — | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 41 | — | — | — | 41 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance under the employee stock purchase plan | 1 | — | — | — | 25 | — | — | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions of profits | — | — | — | — | — | — | — | (22) | (22) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | — | — | — | — | — | (213) | — | — | (213) | ||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | (16) | — | 16 | — | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (175) | — | — | (175) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, as of September 30, 2022 | 634 | $ | 6 | (75) | $ | (6,224) | $ | 14,269 | $ | 14,731 | $ | (403) | $ | 41 | $ | 22,420 |
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 | — | — | — | — | — | — | (14) | — | (14) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | 10 | — | — | — | 10 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments relating to treasury shares | — | — | (1) | (69) | — | — | — | — | (69) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 122 | — | — | — | 122 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under the employee stock purchase plan | — | — | — | — | 42 | — | — | — | 42 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 2 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions of profits | — | — | — | — | — | — | — | (21) | (21) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | — | — | — | — | — | (561) | — | — | (561) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | (9) | — | 18 | 9 | (9) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 2,540 | — | — | 2,540 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, as of September 30, 2021 | 631 | $ | 6 | (69) | $ | (5,269) | $ | 14,019 | $ | 13,009 | $ | (206) | $ | 33 | $ | 21,592 | $ | 87 |
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 June 30, 2021 | 631 | $ | 6 | (68) | $ | (5,267) | $ | 13,952 | $ | 12,563 | $ | (174) | $ | 36 | $ | 21,116 | $ | 89 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | (32) | — | (32) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | 2 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments relating to treasury shares | — | — | (1) | (2) | — | — | — | — | (2) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 41 | — | — | — | 41 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under the employee stock purchase plan | — | — | — | — | 24 | — | — | — | 24 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions of profits | — | — | — | — | — | — | — | (10) | (10) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | — | — | — | — | — | (187) | — | — | (187) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | (4) | — | 7 | 3 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 637 | — | — | 637 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, as of September 30, 2021 | 631 | $ | 6 | (69) | $ | (5,269) | $ | 14,019 | $ | 13,009 | $ | (206) | $ | 33 | $ | 21,592 | $ | 87 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 1,058 | $ | 2,540 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 768 | 759 | |||||||||
Stock-based compensation | 116 | 112 | |||||||||
Deferred taxes | (515) | 134 | |||||||||
Gain on sale of Euroclear investment | (41) | — | |||||||||
Gain on sale of Coinbase investment | — | (1,227) | |||||||||
Gain on equity investments | — | (34) | |||||||||
Net losses/(income) from unconsolidated investees | 1,112 | (42) | |||||||||
Impairment of Bakkt investment | 40 | — | |||||||||
Other | 31 | 36 | |||||||||
Changes in assets and liabilities: | |||||||||||
Customer accounts receivable | (72) | (109) | |||||||||
Other current and non-current assets | (170) | (63) | |||||||||
Section 31 fees payable | 1 | (193) | |||||||||
Deferred revenue | 130 | 163 | |||||||||
Other current and non-current liabilities | 4 | 54 | |||||||||
Total adjustments | 1,404 | (410) | |||||||||
Net cash provided by operating activities | 2,462 | 2,130 | |||||||||
Investing activities: | |||||||||||
Capital expenditures | (125) | (117) | |||||||||
Capitalized software development costs | (200) | (211) | |||||||||
Purchases of invested margin deposits | (6,935) | (2,828) | |||||||||
Proceeds from sales of invested margin deposits | 4,285 | 3,281 | |||||||||
Cash paid for acquisitions, net of cash acquired | (57) | (10) | |||||||||
Purchases of equity and equity method investments | (69) | (23) | |||||||||
Proceeds from sale of Euroclear investment | 741 | — | |||||||||
Proceeds from sale of Coinbase investment | — | 1,237 | |||||||||
Other | (1) | (4) | |||||||||
Net cash provided by/(used in) investing activities | (2,361) | 1,325 | |||||||||
Financing activities: | |||||||||||
Proceeds from debt facilities, net | 7,891 | — | |||||||||
Repayments of debt facilities | (2,702) | (1,248) | |||||||||
Redemption of commercial paper, net | (1,012) | (1,081) | |||||||||
Repurchases of common stock | (632) | — | |||||||||
Dividends to stockholders | (640) | (561) | |||||||||
Change in cash and cash equivalent margin deposits and guaranty funds | 13,503 | 24,094 | |||||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (72) | (69) | |||||||||
Other | 37 | 31 | |||||||||
Net cash provided by financing activities | 16,373 | 21,166 | |||||||||
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 | (41) | (4) | |||||||||
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 16,433 | 24,617 | |||||||||
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 | $ | 164,409 | $ | 108,236 | |||||||
As of September 30, 2022 | As of September 30, 2021 | |||||||||||||
Supplemental cash flow disclosure: | ||||||||||||||
Cash paid for income taxes | $ | 710 | $ | 809 | ||||||||||
Cash paid for interest | $ | 368 | $ | 329 | ||||||||||
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 | $ | 1,183 | $ | 618 | ||||||||||
Short-term restricted cash and cash equivalents | 6,032 | 1,045 | ||||||||||||
Long-term restricted cash and cash equivalents | 405 | 398 | ||||||||||||
Cash and cash equivalent margin deposits and guaranty funds | 156,789 | 106,175 | ||||||||||||
Total | $ | 164,409 | $ | 108,236 |
Nine Months Ended September 30, 2021 | |||||||||||||||||
As Previously Presented | Adjustment | As Adjusted | |||||||||||||||
Purchases of invested margin deposits (within investing activities) | $ | — | $ | (2,828) | $ | (2,828) | |||||||||||
Proceeds from sales of invested margin deposits (within investing activities) | — | 3,281 | 3,281 | ||||||||||||||
Net cash provided by investing activities | 872 | 453 | 1,325 | ||||||||||||||
Change in cash and cash equivalent margin deposits and guaranty funds (within financing activities) | — | 24,094 | 24,094 | ||||||||||||||
Net cash provided by/(used in) financing activities | (2,928) | 24,094 | 21,166 | ||||||||||||||
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 70 | 24,547 | 24,617 | ||||||||||||||
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 | $ | 2,061 | $ | 106,175 | $ | 108,236 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Nine Months Ended September 30, 2022: | |||||||||||||||||||||||
Total revenues | $ | 4,824 | $ | 1,555 | $ | 880 | $ | 7,259 | |||||||||||||||
Transaction-based expenses | 1,735 | — | — | 1,735 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 3,089 | $ | 1,555 | $ | 880 | $ | 5,524 | |||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Services transferred at a point in time | $ | 1,760 | $ | 263 | $ | 374 | $ | 2,397 | |||||||||||||||
Services transferred over time | 1,329 | 1,292 | 506 | 3,127 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 3,089 | $ | 1,555 | $ | 880 | $ | 5,524 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Nine Months Ended September 30, 2021: | |||||||||||||||||||||||
Total revenues | $ | 4,376 | $ | 1,403 | $ | 1,061 | $ | 6,840 | |||||||||||||||
Transaction-based expenses | 1,534 | — | — | 1,534 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 2,842 | $ | 1,403 | $ | 1,061 | $ | 5,306 | |||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Services transferred at a point in time | $ | 1,590 | $ | 162 | $ | 631 | $ | 2,383 | |||||||||||||||
Services transferred over time | 1,252 | 1,241 | 430 | 2,923 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 2,842 | $ | 1,403 | $ | 1,061 | $ | 5,306 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Three Months Ended September 30, 2022: | |||||||||||||||||||||||
Total revenues | $ | 1,577 | $ | 534 | $ | 276 | $ | 2,387 | |||||||||||||||
Transaction-based expenses | 576 | — | — | 576 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 1,001 | $ | 534 | $ | 276 | $ | 1,811 | |||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Services transferred at a point in time | $ | 563 | $ | 104 | $ | 104 | $ | 771 | |||||||||||||||
Services transferred over time | 438 | 430 | 172 | 1,040 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 1,001 | $ | 534 | $ | 276 | $ | 1,811 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Three Months Ended September 30, 2021: | |||||||||||||||||||||||
Total revenues | $ | 1,434 | $ | 477 | $ | 366 | $ | 2,277 | |||||||||||||||
Transaction-based expenses | 475 | — | — | 475 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 959 | $ | 477 | $ | 366 | $ | 1,802 | |||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Services transferred at a point in time | $ | 534 | $ | 55 | $ | 214 | $ | 803 | |||||||||||||||
Services transferred over time | 425 | 422 | 152 | 999 | |||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 959 | $ | 477 | $ | 366 | $ | 1,802 |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Exchanges Segment: | |||||||||||||||||||||||
Data services revenues | $ | 651 | $ | 623 | $ | 219 | $ | 208 | |||||||||||||||
Services transferred over time related to risk management of open interest performance obligations | $ | 201 | $ | 190 | $ | 62 | $ | 65 | |||||||||||||||
Services transferred over time related to listings | $ | 388 | $ | 356 | $ | 128 | $ | 123 | |||||||||||||||
Services transferred over time related to regulatory fees, trading permits, and software licenses | $ | 89 | $ | 83 | $ | 29 | $ | 29 | |||||||||||||||
Total | $ | 1,329 | $ | 1,252 | $ | 438 | $ | 425 | |||||||||||||||
Fixed Income Data Services Segment: | |||||||||||||||||||||||
Data services revenues | $ | 1,263 | $ | 1,220 | $ | 420 | $ | 414 | |||||||||||||||
Services transferred over time related to risk management of open interest performance obligations in our CDS business | $ | 29 | $ | 21 | $ | 10 | $ | 8 | |||||||||||||||
Total | $ | 1,292 | $ | 1,241 | $ | 430 | $ | 422 | |||||||||||||||
Mortgage Technology Segment: | |||||||||||||||||||||||
Subscription revenues | $ | 479 | $ | 404 | $ | 163 | $ | 143 | |||||||||||||||
Professional service revenues and other | $ | 27 | $ | 26 | $ | 9 | $ | 9 | |||||||||||||||
Total | $ | 506 | $ | 430 | $ | 172 | $ | 152 | |||||||||||||||
Total consolidated revenues transferred over time | $ | 3,127 | $ | 2,923 | $ | 1,040 | $ | 999 |
Goodwill balance at December 31, 2021 | $ | 21,123 | |||
Acquisitions | 46 | ||||
Foreign currency translation | (90) | ||||
Other activity, net | (4) | ||||
Goodwill balance at September 30, 2022 | $ | 21,075 |
Other intangible assets balance at December 31, 2021 | $ | 13,736 | |||
Acquisitions | 14 | ||||
Foreign currency translation | (84) | ||||
Amortization of other intangible assets | (459) | ||||
Other activity, net | 3 | ||||
Other intangible assets balance at September 30, 2022 | $ | 13,210 |
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 | 434 | 32 | 39 | 330 | 62 | 897 | |||||||||||||||||||||||||||||
Amortization | (327) | (28) | (33) | (301) | (82) | (771) | |||||||||||||||||||||||||||||
Deferred revenue balance at September 30, 2022 | $ | 107 | $ | 23 | $ | 99 | $ | 122 | $ | 59 | $ | 410 |
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 | 397 | 26 | 42 | 352 | 60 | 877 | |||||||||||||||||||||||||||||
Amortization | (301) | (24) | (31) | (319) | (39) | (714) | |||||||||||||||||||||||||||||
Deferred revenue balance at September 30, 2021 | $ | 96 | $ | 15 | $ | 103 | $ | 128 | $ | 80 | $ | 422 |
As of September 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 | 7 | 10 | |||||||||
Total short-term debt | 7 | 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) | 1,243 | — | |||||||||
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) | 1,488 | — | |||||||||
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) | 1,231 | 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) | 1,464 | — | |||||||||
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 | 18,113 | 12,397 | |||||||||
Total debt | $ | 18,120 | $ | 13,918 | |||||||
Nine Months Ended September 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) | (208) | — | — | (208) | ||||||||||||||||||||||
Income tax benefit/(expense) | 1 | — | — | 1 | ||||||||||||||||||||||
Net current period other comprehensive income/(loss) | (207) | — | — | (207) | ||||||||||||||||||||||
Balance, as of September 30, 2022 | $ | (357) | $ | 2 | $ | (48) | $ | (403) |
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 June 30, 2022 | $ | (259) | $ | 2 | $ | (48) | $ | (305) | ||||||||||||||||||
Other comprehensive income/(loss) | (98) | — | — | (98) | ||||||||||||||||||||||
Income tax benefit/(expense) | — | — | — | — | ||||||||||||||||||||||
Net current period other comprehensive income/(loss) | (98) | — | — | (98) | ||||||||||||||||||||||
Balance, as of September 30, 2022 | $ | (357) | $ | 2 | $ | (48) | $ | (403) |
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) | (16) | 2 | — | (14) | ||||||||||||||||||||||
Income tax benefit/(expense) | 1 | (1) | — | — | ||||||||||||||||||||||
Net current period other comprehensive income/(loss) | (15) | 1 | — | (14) | ||||||||||||||||||||||
Balance, as of September 30, 2021 | $ | (149) | $ | 2 | $ | (59) | $ | (206) |
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 June 30, 2021 | $ | (117) | $ | 2 | $ | (59) | $ | (174) | ||||||||||||||||||
Other comprehensive income/(loss) | (33) | — | — | (33) | ||||||||||||||||||||||
Income tax benefit/(expense) | 1 | — | — | 1 | ||||||||||||||||||||||
Net current period other comprehensive income/(loss) | (32) | — | — | (32) | ||||||||||||||||||||||
Balance, as of September 30, 2021 | $ | (149) | $ | 2 | $ | (59) | $ | (206) |
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 | $ | 113,708 | $ | 37,563 | $ | 3,331 | $ | — | $ | 4 | $ | 154,606 | |||||||||||||||||||||||
Unsettled variation margin, net | — | — | — | 747 | — | 747 | |||||||||||||||||||||||||||||
Guaranty fund | 3,928 | 3,476 | 588 | — | 4 | 7,996 | |||||||||||||||||||||||||||||
Delivery contracts receivable/payable, net | — | — | — | 1,342 | — | 1,342 | |||||||||||||||||||||||||||||
Total | $ | 117,636 | $ | 41,039 | $ | 3,919 | $ | 2,089 | $ | 8 | $ | 164,691 |
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 September 30, 2022 | ||||||||||||||||||||||||||||||||
ICE Clear Europe | ICE Clear Credit | ICE Clear U.S. | ICE NGX | Total | ||||||||||||||||||||||||||||
Original margin: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 81,061 | $ | 23,480 | $ | 13,842 | $ | — | $ | 118,383 | ||||||||||||||||||||||
Letters of credit | — | — | — | 3,869 | 3,869 | |||||||||||||||||||||||||||
ICE NGX cash deposits | — | — | — | 1,621 | 1,621 | |||||||||||||||||||||||||||
Total | $ | 81,061 | $ | 23,480 | $ | 13,842 | $ | 5,490 | $ | 123,873 | ||||||||||||||||||||||
Guaranty fund: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 742 | $ | 618 | $ | 291 | $ | — | $ | 1,651 |
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 September 30, 2022 | |||||||||||
(in millions) | |||||||||||
Debt: | Carrying Amount | Fair value | |||||||||
Other short-term debt | $ | 7 | $ | 7 | |||||||
2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) | 1,243 | 1,210 | |||||||||
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) | 1,247 | 1,207 | |||||||||
2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) | 1,485 | 1,423 | |||||||||
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) | 497 | 455 | |||||||||
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) | 594 | 553 | |||||||||
2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) | 1,239 | 1,183 | |||||||||
2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) | 1,235 | 999 | |||||||||
2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) | 1,484 | 1,096 | |||||||||
2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) | 1,488 | 1,400 | |||||||||
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) | 1,231 | 840 | |||||||||
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) | 1,231 | 1,019 | |||||||||
2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) | 1,221 | 817 | |||||||||
2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) | 1,464 | 1,332 | |||||||||
2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) | 1,471 | 893 | |||||||||
2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) | 983 | 900 | |||||||||
Total debt | $ | 18,120 | $ | 15,334 |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Energy futures and options | $ | 884 | $ | — | $ | — | $ | 884 | ||||||||||||||||||
Agricultural and metals futures and options | 179 | — | — | 179 | ||||||||||||||||||||||
Financial futures and options | 375 | — | — | 375 | ||||||||||||||||||||||
Cash equities and equity options | 2,021 | — | — | 2,021 | ||||||||||||||||||||||
OTC and other | 326 | — | — | 326 | ||||||||||||||||||||||
Data and connectivity services | 651 | — | — | 651 | ||||||||||||||||||||||
Listings | 388 | — | — | 388 | ||||||||||||||||||||||
Fixed income execution | — | 66 | — | 66 | ||||||||||||||||||||||
CDS clearing | — | 226 | — | 226 | ||||||||||||||||||||||
Fixed income data and analytics | — | 824 | — | 824 | ||||||||||||||||||||||
Other data and network services | — | 439 | — | 439 | ||||||||||||||||||||||
Origination technology | — | — | 586 | 586 | ||||||||||||||||||||||
Closing solutions | — | — | 187 | 187 | ||||||||||||||||||||||
Data and analytics | — | — | 66 | 66 | ||||||||||||||||||||||
Other | — | — | 41 | 41 | ||||||||||||||||||||||
Revenues | 4,824 | 1,555 | 880 | 7,259 | ||||||||||||||||||||||
Transaction-based expenses | 1,735 | — | — | 1,735 | ||||||||||||||||||||||
Revenues, less transaction-based expenses | 3,089 | 1,555 | 880 | 5,524 | ||||||||||||||||||||||
Operating expenses | 904 | 1,029 | 817 | 2,750 | ||||||||||||||||||||||
Operating income | $ | 2,185 | $ | 526 | $ | 63 | $ | 2,774 | ||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Energy futures and options | $ | 900 | $ | — | $ | — | $ | 900 | ||||||||||||||||||
Agricultural and metals futures and options | 177 | — | — | 177 | ||||||||||||||||||||||
Financial futures and options | 281 | — | — | 281 | ||||||||||||||||||||||
Cash equities and equity options | 1,800 | — | — | 1,800 | ||||||||||||||||||||||
OTC and other | 239 | — | — | 239 | ||||||||||||||||||||||
Data and connectivity services | 623 | — | — | 623 | ||||||||||||||||||||||
Listings | 356 | — | — | 356 | ||||||||||||||||||||||
Fixed income execution | — | 39 | — | 39 | ||||||||||||||||||||||
CDS clearing | — | 144 | — | 144 | ||||||||||||||||||||||
Fixed income data and analytics | — | 804 | — | 804 | ||||||||||||||||||||||
Other data and network services | — | 416 | — | 416 | ||||||||||||||||||||||
Origination technology | — | — | 740 | 740 | ||||||||||||||||||||||
Closing solutions | — | — | 227 | 227 | ||||||||||||||||||||||
Data and analytics | — | — | 55 | 55 | ||||||||||||||||||||||
Other | — | — | 39 | 39 | ||||||||||||||||||||||
Revenues | 4,376 | 1,403 | 1,061 | 6,840 | ||||||||||||||||||||||
Transaction-based expenses | 1,534 | — | — | 1,534 | ||||||||||||||||||||||
Revenues, less transaction-based expenses | 2,842 | 1,403 | 1,061 | 5,306 | ||||||||||||||||||||||
Operating expenses | 977 | 1,010 | 750 | 2,737 | ||||||||||||||||||||||
Operating income | $ | 1,865 | $ | 393 | $ | 311 | $ | 2,569 | ||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Energy futures and options | $ | 266 | $ | — | $ | — | $ | 266 | ||||||||||||||||||
Agricultural and metals futures and options | 57 | — | — | 57 | ||||||||||||||||||||||
Financial futures and options | 122 | — | — | 122 | ||||||||||||||||||||||
Cash equities and equity options | 664 | — | — | 664 | ||||||||||||||||||||||
OTC and other | 121 | — | — | 121 | ||||||||||||||||||||||
Data and connectivity services | 219 | — | — | 219 | ||||||||||||||||||||||
Listings | 128 | — | — | 128 | ||||||||||||||||||||||
Fixed income execution | — | 26 | — | 26 | ||||||||||||||||||||||
CDS clearing | — | 88 | — | 88 | ||||||||||||||||||||||
Fixed income data and analytics | — | 273 | — | 273 | ||||||||||||||||||||||
Other data and network services | — | 147 | — | 147 | ||||||||||||||||||||||
Origination technology | — | — | 187 | 187 | ||||||||||||||||||||||
Closing solutions | — | — | 53 | 53 | ||||||||||||||||||||||
Data and analytics | — | — | 22 | 22 | ||||||||||||||||||||||
Other | — | — | 14 | 14 | ||||||||||||||||||||||
Revenues | 1,577 | 534 | 276 | 2,387 | ||||||||||||||||||||||
Transaction-based expenses | 576 | — | — | 576 | ||||||||||||||||||||||
Revenues, less transaction-based expenses | 1,001 | 534 | 276 | 1,811 | ||||||||||||||||||||||
Operating expenses | 301 | 337 | 260 | 898 | ||||||||||||||||||||||
Operating income | $ | 700 | $ | 197 | $ | 16 | $ | 913 | ||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Exchanges | Fixed Income and Data Services | Mortgage Technology | Consolidated | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Energy futures and options | $ | 316 | $ | — | $ | — | $ | 316 | ||||||||||||||||||
Agricultural and metals futures and options | 56 | — | — | 56 | ||||||||||||||||||||||
Financial futures and options | 93 | — | — | 93 | ||||||||||||||||||||||
Cash equities and equity options | 554 | — | — | 554 | ||||||||||||||||||||||
OTC and other | 84 | — | — | 84 | ||||||||||||||||||||||
Data and connectivity services | 208 | — | — | 208 | ||||||||||||||||||||||
Listings | 123 | — | — | 123 | ||||||||||||||||||||||
Fixed income execution | — | 12 | — | 12 | ||||||||||||||||||||||
CDS clearing | — | 51 | — | 51 | ||||||||||||||||||||||
Fixed income data and analytics | — | 272 | — | 272 | ||||||||||||||||||||||
Other data and network services | — | 142 | — | 142 | ||||||||||||||||||||||
Origination technology | — | — | 245 | 245 | ||||||||||||||||||||||
Closing solutions | — | — | 88 | 88 | ||||||||||||||||||||||
Data and analytics | — | — | 19 | 19 | ||||||||||||||||||||||
Other | — | — | 14 | 14 | ||||||||||||||||||||||
Revenues | 1,434 | 477 | 366 | 2,277 | ||||||||||||||||||||||
Transaction-based expenses | 475 | — | — | 475 | ||||||||||||||||||||||
Revenues, less transaction-based expenses | 959 | 477 | 366 | 1,802 | ||||||||||||||||||||||
Operating expenses | 330 | 338 | 256 | 924 | ||||||||||||||||||||||
Operating income | $ | 629 | $ | 139 | $ | 110 | $ | 878 | ||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Basic: | ||||||||||||||||||||
Net income/(loss) attributable to Intercontinental Exchange, Inc. | $ | 1,021 | $ | 2,531 | $ | (191) | $ | 633 | ||||||||||||
Weighted average common shares outstanding | 559 | 563 | 558 | 563 | ||||||||||||||||
Basic earnings/(loss) per common share | $ | 1.83 | $ | 4.50 | $ | (0.34) | $ | 1.12 | ||||||||||||
Diluted: | ||||||||||||||||||||
Weighted average common shares outstanding | 559 | 563 | 558 | 563 | ||||||||||||||||
Effect of dilutive securities - stock options and restricted stock | 2 | 2 | 2 | 3 | ||||||||||||||||
Diluted weighted average common shares outstanding | 561 | 565 | 560 | 566 | ||||||||||||||||
Diluted earnings/(loss) per common share | $ | 1.82 | $ | 4.48 | $ | (0.34) | $ | 1.12 |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Revenues, less transaction-based expenses | $ | 5,524 | $ | 5,306 | 4 % | $ | 1,811 | $ | 1,802 | 1 % | |||||||||||||||||||||||||
Recurring revenues(1) | $ | 2,781 | $ | 2,603 | 7 % | $ | 930 | $ | 888 | 5 % | |||||||||||||||||||||||||
Transaction revenues, net(1) | $ | 2,743 | $ | 2,703 | 1 % | $ | 881 | $ | 914 | (4) % | |||||||||||||||||||||||||
Operating expenses | $ | 2,750 | $ | 2,737 | — % | $ | 898 | $ | 924 | (3) % | |||||||||||||||||||||||||
Adjusted operating expenses(2) | $ | 2,213 | $ | 2,228 | (1) % | $ | 727 | $ | 755 | (4) % | |||||||||||||||||||||||||
Operating income | $ | 2,774 | $ | 2,569 | 8 % | $ | 913 | $ | 878 | 4 % | |||||||||||||||||||||||||
Adjusted operating income(2) | $ | 3,311 | $ | 3,078 | 8% | $ | 1,084 | $ | 1,047 | 4% | |||||||||||||||||||||||||
Operating margin | 50 | % | 48 | % | 2 pts | 50 | % | 49 | % | 1 pt | |||||||||||||||||||||||||
Adjusted operating margin(2) | 60 | % | 58 | % | 2 pts | 60 | % | 58 | % | 2 pts | |||||||||||||||||||||||||
Other income/(expense), net | $ | (1,530) | $ | 1,020 | n/a | $ | (1,240) | $ | (54) | n/a | |||||||||||||||||||||||||
Income tax expense/(benefit) | $ | 186 | $ | 1,049 | (82) % | $ | (152) | $ | 187 | (182) % | |||||||||||||||||||||||||
Effective tax rate | 15 | % | 29 | % | (14 pts) | 47 | % | 23 | % | 24 pts | |||||||||||||||||||||||||
Net income/(loss) attributable to ICE | $ | 1,021 | $ | 2,531 | (60) % | $ | (191) | $ | 633 | (130) % | |||||||||||||||||||||||||
Adjusted net income attributable to ICE(2) | $ | 2,276 | $ | 2,102 | 8 % | $ | 733 | $ | 711 | 3 % | |||||||||||||||||||||||||
Diluted earnings/(loss) per share attributable to ICE common stockholders | $ | 1.82 | $ | 4.48 | (59) % | $ | (0.34) | $ | 1.12 | (130) % | |||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to ICE common stockholders(2) | $ | 4.06 | $ | 3.72 | 9 % | $ | 1.31 | $ | 1.26 | 4 % | |||||||||||||||||||||||||
Cash flows from operating activities | $ | 2,462 | $ | 2,130 | 16 % |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Energy futures and options | $ | 884 | $ | 900 | (2) | % | $ | 266 | $ | 316 | (16) | % | |||||||||||||||||||||||
Agricultural and metals futures and options | 179 | 177 | 1 | 57 | 56 | 1 | |||||||||||||||||||||||||||||
Financial futures and options | 375 | 281 | 33 | 122 | 93 | 30 | |||||||||||||||||||||||||||||
Futures and options | 1,438 | 1,358 | 6 | 445 | 465 | (5) | |||||||||||||||||||||||||||||
Cash equities and equity options | 2,021 | 1,800 | 12 | 664 | 554 | 20 | |||||||||||||||||||||||||||||
OTC and other | 326 | 239 | 37 | 121 | 84 | 45 | |||||||||||||||||||||||||||||
Transaction and clearing, net | 3,785 | 3,397 | 11 | 1,230 | 1,103 | 11 | |||||||||||||||||||||||||||||
Data and connectivity services | 651 | 623 | 4 | 219 | 208 | 6 | |||||||||||||||||||||||||||||
Listings | 388 | 356 | 9 | 128 | 123 | 3 | |||||||||||||||||||||||||||||
Revenues | 4,824 | 4,376 | 10 | 1,577 | 1,434 | 10 | |||||||||||||||||||||||||||||
Transaction-based expenses(1) | 1,735 | 1,534 | 13 | 576 | 475 | 21 | |||||||||||||||||||||||||||||
Revenues, less transaction-based expenses | 3,089 | 2,842 | 9 | 1,001 | 959 | 4 | |||||||||||||||||||||||||||||
Other operating expenses | 725 | 778 | (7) | 241 | 265 | (9) | |||||||||||||||||||||||||||||
Depreciation and amortization | 178 | 186 | (4) | 60 | 62 | (2) | |||||||||||||||||||||||||||||
Acquisition-related transaction and integration costs | 1 | 13 | (92) | — | 3 | (103) | |||||||||||||||||||||||||||||
Operating expenses | 904 | 977 | (7) | 301 | 330 | (9) | |||||||||||||||||||||||||||||
Operating income | $ | 2,185 | $ | 1,865 | 17 | % | $ | 700 | $ | 629 | 11 | % | |||||||||||||||||||||||
Recurring revenues | $ | 1,039 | $ | 979 | 6 | % | $ | 347 | $ | 331 | 5 | % | |||||||||||||||||||||||
Transaction revenues, net | $ | 2,050 | $ | 1,863 | 10 | % | $ | 654 | $ | 628 | 4 | % |
Volume and Rate per Contract |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Number of contracts traded (in millions): | |||||||||||||||||||||||||||||||||||
Energy futures and options | 572 | 581 | (1) | % | 173 | 200 | (13) | % | |||||||||||||||||||||||||||
Agricultural and metals futures and options | 77 | 76 | 1 | 25 | 24 | 4 | |||||||||||||||||||||||||||||
Financial futures and options | 504 | 477 | 5 | 176 | 152 | 15 | |||||||||||||||||||||||||||||
Total | 1,153 | 1,134 | 2 | % | 374 | 376 | (1) | % | |||||||||||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Average daily volume of contracts traded (in thousands): | |||||||||||||||||||||||||||||||||||
Energy futures and options | 3,046 | 3,089 | (1) | % | 2,706 | 3,126 | (13) | % | |||||||||||||||||||||||||||
Agricultural and metals futures and options | 408 | 404 | 1 | 393 | 379 | 4 | |||||||||||||||||||||||||||||
Financial futures and options | 2,622 | 2,495 | 5 | 2,668 | 2,320 | 15 | |||||||||||||||||||||||||||||
Total | 6,076 | 5,988 | 1 | % | 5,767 | 5,825 | (1) | % | |||||||||||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Rate per contract: | |||||||||||||||||||||||||||||||||||
Energy futures and options | $ | 1.54 | $ | 1.55 | (1) | % | $ | 1.54 | $ | 1.58 | (3) | % | |||||||||||||||||||||||
Agricultural and metals futures and options | $ | 2.33 | $ | 2.33 | — | % | $ | 2.26 | $ | 2.33 | (3) | % | |||||||||||||||||||||||
Financial futures and options | $ | 0.74 | $ | 0.58 | 27 | % | $ | 0.69 | $ | 0.61 | 13 | % | |||||||||||||||||||||||
Open Interest |
As of September 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Open interest — in thousands of contracts: | |||||||||||||||||
Energy futures and options | 42,853 | 44,625 | (4) | % | |||||||||||||
Agricultural and metals futures and options | 3,948 | 4,056 | (3) | ||||||||||||||
Financial futures and options | 26,636 | 32,318 | (18) | ||||||||||||||
Total | 73,437 | 80,999 | (9) | % |
Exchanges Segment: | Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Operating expenses | $ | 904 | $ | 977 | (7) | % | $ | 301 | $ | 330 | (9) | % | |||||||||||||||||||||||
Adjusted operating expenses(1) | $ | 854 | $ | 909 | (6) | % | $ | 284 | $ | 309 | (8) | % | |||||||||||||||||||||||
Operating income | $ | 2,185 | $ | 1,865 | 17 | % | $ | 700 | $ | 629 | 11 | % | |||||||||||||||||||||||
Adjusted operating income(1) | $ | 2,235 | $ | 1,933 | 16 | % | $ | 717 | $ | 650 | 10 | % | |||||||||||||||||||||||
Operating margin | 71 | % | 66 | % | 5 pts | 70 | % | 66 | % | 4 pts | |||||||||||||||||||||||||
Adjusted operating margin(1) | 72 | % | 68 | % | 4 pts | 72 | % | 68 | % | 4 pts |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Fixed income execution | $ | 66 | $ | 39 | 69 | % | $ | 26 | $ | 12 | 121 | % | |||||||||||||||||||||||
CDS clearing | 226 | 144 | 57 | 88 | 51 | 72 | |||||||||||||||||||||||||||||
Fixed income data and analytics | 824 | 804 | 2 | 273 | 272 | — | |||||||||||||||||||||||||||||
Fixed income and credit | 1,116 | 987 | 13 | 387 | 335 | 15 | |||||||||||||||||||||||||||||
Other data and network services | 439 | 416 | 6 | 147 | 142 | 4 | |||||||||||||||||||||||||||||
Revenues | 1,555 | 1,403 | 11 | 534 | 477 | 12 | |||||||||||||||||||||||||||||
Other operating expenses | 766 | 752 | 2 | 250 | 252 | (1) | |||||||||||||||||||||||||||||
Depreciation and amortization | 262 | 257 | 2 | 86 | 85 | 1 | |||||||||||||||||||||||||||||
Acquisition-related transaction and integration costs | 1 | 1 | 45 | 1 | 1 | (43) | |||||||||||||||||||||||||||||
Operating expenses | 1,029 | 1,010 | 2 | 337 | 338 | — | |||||||||||||||||||||||||||||
Operating income | $ | 526 | $ | 393 | 34 | % | $ | 197 | $ | 139 | 42 | % | |||||||||||||||||||||||
Recurring revenues | $ | 1,263 | $ | 1,220 | 3 | % | $ | 420 | $ | 414 | 1 | % | |||||||||||||||||||||||
Transaction revenues | $ | 292 | $ | 183 | 59 | % | $ | 114 | $ | 63 | 81 | % |
Fixed Income and Data Services Segment: | Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Operating expenses | $ | 1,029 | $ | 1,010 | 2 | % | $ | 337 | $ | 338 | — | % | |||||||||||||||||||||||
Adjusted operating expenses(1) | $ | 892 | $ | 874 | 2 | % | $ | 293 | $ | 293 | — | % | |||||||||||||||||||||||
Operating income | $ | 526 | $ | 393 | 34 | % | $ | 197 | $ | 139 | 42 | % | |||||||||||||||||||||||
Adjusted operating income(1) | $ | 663 | $ | 529 | 25 | % | $ | 241 | $ | 184 | 31 | % | |||||||||||||||||||||||
Operating margin | 34 | % | 28 | % | 6 pts | 37 | % | 29 | % | 8 pts | |||||||||||||||||||||||||
Adjusted operating margin(1) | 43 | % | 38 | % | 5 pts | 45 | % | 39 | % | 6 pts |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Origination technology | 586 | 740 | (21)% | 187 | 245 | (24)% | |||||||||||||||||||||||||||||
Closing solutions | 187 | 227 | (17) | 53 | 88 | (39) | |||||||||||||||||||||||||||||
Data and analytics | 66 | 55 | 22 | 22 | 19 | 22 | |||||||||||||||||||||||||||||
Other | 41 | 39 | 2 | 14 | 14 | (8) | |||||||||||||||||||||||||||||
Revenues | 880 | 1,061 | (17) | 276 | 366 | (25) | |||||||||||||||||||||||||||||
Other operating expenses | 410 | 406 | 1 | 130 | 140 | (6) | |||||||||||||||||||||||||||||
Depreciation and amortization | 328 | 316 | 4 | 112 | 106 | 5 | |||||||||||||||||||||||||||||
Acquisition-related transaction and integration costs | 79 | 28 | 182 | 18 | 10 | 67 | |||||||||||||||||||||||||||||
Operating expenses | 817 | 750 | 9 | 260 | 256 | 2 | |||||||||||||||||||||||||||||
Operating income | $ | 63 | $ | 311 | (80)% | $ | 16 | $ | 110 | (86)% | |||||||||||||||||||||||||
Recurring revenues | $ | 479 | $ | 404 | 19% | $ | 163 | $ | 143 | 14% | |||||||||||||||||||||||||
Transaction revenues | $ | 401 | $ | 657 | (39)% | $ | 113 | $ | 223 | (49)% |
Mortgage Technology Segment: | Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Change* | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Operating expenses | $ | 817 | $ | 750 | 9% | $ | 260 | $ | 256 | 2% | |||||||||||||||||||||||||
Adjusted operating expenses(1) | $ | 467 | $ | 445 | 5% | $ | 150 | $ | 153 | (2)% | |||||||||||||||||||||||||
Operating income | $ | 63 | $ | 311 | (80)% | $ | 16 | $ | 110 | (86)% | |||||||||||||||||||||||||
Adjusted operating income(1) | $ | 413 | $ | 616 | (33)% | $ | 126 | $ | 213 | (41)% | |||||||||||||||||||||||||
Operating margin | 7 | % | 29 | % | (22 pts) | 6 | % | 30 | % | (24 pts) | |||||||||||||||||||||||||
Adjusted operating margin(1) | 47 | % | 58 | % | (11 pts) | 46 | % | 58 | % | (12 pts) | |||||||||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Compensation and benefits | $ | 1,058 | $ | 1,093 | (3) | % | $ | 344 | $ | 374 | (8) | % | |||||||||||||||||||||||
Professional services | 101 | 124 | (19) | 32 | 43 | (27) | |||||||||||||||||||||||||||||
Acquisition-related transaction and integration costs | 81 | 42 | 93 | 19 | 14 | 38 | |||||||||||||||||||||||||||||
Technology and communication | 513 | 495 | 4 | 169 | 168 | 1 | |||||||||||||||||||||||||||||
Rent and occupancy | 63 | 61 | 2 | 22 | 20 | 5 | |||||||||||||||||||||||||||||
Selling, general and administrative | 166 | 163 | 2 | 54 | 52 | 6 | |||||||||||||||||||||||||||||
Depreciation and amortization | 768 | 759 | 1 | 258 | 253 | 2 | |||||||||||||||||||||||||||||
Total operating expenses | $ | 2,750 | $ | 2,737 | — | % | $ | 898 | $ | 924 | (3) | % |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Employee headcount | 8,935 | 9,381 | (5) | % | |||||||||||||||||||||||||||||||
Stock-based compensation expenses | $ | 110 | $ | 112 | — | % | $ | 37 | $ | 39 | (6) | % |
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change* | 2022 | 2021 | Change* | |||||||||||||||||||||||||||||||||
Other income/(expense): | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 42 | $ | — | n/a | $ | 33 | $ | — | n/a | ||||||||||||||||||||||||||||
Interest expense | (440) | (321) | 37 | (176) | (108) | 62 | ||||||||||||||||||||||||||||||||
Other income/(expense), net | (1,132) | 1,341 | n/a | (1,097) | 54 | n/a | ||||||||||||||||||||||||||||||||
Total other income/(expense), net | $ | (1,530) | $ | 1,020 | n/a | $ | (1,240) | $ | (54) | n/a | ||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | $ | (37) | $ | (9) | 300% | $ | (16) | $ | (4) | 284% |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by/(used in): | |||||||||||
Operating activities | $ | 2,462 | $ | 2,130 | |||||||
Investing activities | (2,361) | 1,325 | |||||||||
Financing activities | 16,373 | 21,166 | |||||||||
Effect of exchange rate changes | (41) | (4) | |||||||||
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | $ | 16,433 | $ | 24,617 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 3,089 | $ | 2,842 | $ | 1,555 | $ | 1,403 | $ | 880 | $ | 1,061 | $ | 5,524 | $ | 5,306 | ||||||||||||||||||||||||||||||||||
Operating expenses | 904 | 977 | 1,029 | 1,010 | 817 | 750 | 2,750 | 2,737 | ||||||||||||||||||||||||||||||||||||||||||
Less: Amortization of acquisition-related intangibles | 50 | 56 | 137 | 136 | 271 | 277 | 458 | 469 | ||||||||||||||||||||||||||||||||||||||||||
Less: Transaction and integration costs | — | 12 | — | — | 79 | 28 | 79 | 40 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating expenses | $ | 854 | $ | 909 | $ | 892 | $ | 874 | $ | 467 | $ | 445 | $ | 2,213 | $ | 2,228 | ||||||||||||||||||||||||||||||||||
Operating income | $ | 2,185 | $ | 1,865 | $ | 526 | $ | 393 | $ | 63 | $ | 311 | $ | 2,774 | $ | 2,569 | ||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 2,235 | $ | 1,933 | $ | 663 | $ | 529 | $ | 413 | $ | 616 | $ | 3,311 | $ | 3,078 | ||||||||||||||||||||||||||||||||||
Operating margin | 71 | % | 66 | % | 34 | % | 28 | % | 7 | % | 29 | % | 50 | % | 48 | % | ||||||||||||||||||||||||||||||||||
Adjusted operating margin | 72 | % | 68 | % | 43 | % | 38 | % | 47 | % | 58 | % | 60 | % | 58 | % | ||||||||||||||||||||||||||||||||||
Net income attributable to ICE common stockholders | $ | 1,021 | $ | 2,531 | ||||||||||||||||||||||||||||||||||||||||||||||
Add: Amortization of acquisition-related intangibles | 458 | 469 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Transaction and integration costs | 79 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Accelerated unamortized costs related to the early payoff of the June 2023 floating rate senior notes | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Impairment on Bakkt equity method investment | 40 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Accrual relating to legal settlement | 9 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Net interest expense on pre-acquisition-related debt | 49 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Extinguishment of 2022 and 2023 Senior Notes | 30 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gain on sale and fair value adjustment of Euroclear equity investment and dividends received | (41) | (94) | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | 1,112 | (42) | ||||||||||||||||||||||||||||||||||||||||||||||||
Add/(Less): Income tax effect for the above items | (478) | 216 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add/(Less): Deferred tax adjustments on acquisition-related intangibles | (3) | 196 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to ICE common stockholders | $ | 2,276 | $ | 2,102 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share attributable to ICE common stockholders | $ | 1.83 | $ | 4.50 | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share attributable to ICE common stockholders | $ | 1.82 | $ | 4.48 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted basic earnings per share attributable to ICE common stockholders | $ | 4.07 | $ | 3.74 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to ICE common stockholders | $ | 4.06 | $ | 3.72 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | 559 | 563 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 561 | 565 |
Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Total revenues, less transaction-based expenses | $ | 1,001 | $ | 959 | $ | 534 | $ | 477 | $ | 276 | $ | 366 | $ | 1,811 | $ | 1,802 | ||||||||||||||||||||||||||||||||||
Operating expenses | 301 | 330 | 337 | 338 | 260 | 256 | 898 | 924 | ||||||||||||||||||||||||||||||||||||||||||
Less: Amortization of acquisition-related intangibles | 17 | 19 | 44 | 45 | 91 | 92 | 152 | 156 | ||||||||||||||||||||||||||||||||||||||||||
Less: Transaction and integration costs | — | 2 | — | — | 19 | 11 | 19 | 13 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating expenses | $ | 284 | $ | 309 | $ | 293 | $ | 293 | $ | 150 | $ | 153 | $ | 727 | $ | 755 | ||||||||||||||||||||||||||||||||||
Operating income | $ | 700 | $ | 629 | $ | 197 | $ | 139 | $ | 16 | $ | 110 | $ | 913 | $ | 878 | ||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 717 | $ | 650 | $ | 241 | $ | 184 | $ | 126 | $ | 213 | $ | 1,084 | $ | 1,047 | ||||||||||||||||||||||||||||||||||
Operating margin | 70 | % | 66 | % | 37 | % | 29 | % | 6 | % | 30 | % | 50 | % | 49 | % | ||||||||||||||||||||||||||||||||||
Adjusted operating margin | 72 | % | 68 | % | 45 | % | 39 | % | 46 | % | 58 | % | 60 | % | 58 | % | ||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to ICE common stockholders | $ | (191) | $ | 633 | ||||||||||||||||||||||||||||||||||||||||||||||
Add: Amortization of acquisition-related intangibles | 152 | 156 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Transaction and integration costs | 19 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Accrual relating to legal settlement | — | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Net interest expense on pre-acquisition-related debt | 31 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Accelerated unamortized costs related to the early payoff of the June 2023 floating rate senior notes | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Impairment on Bakkt equity method investment | 40 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gain on sale and fair value adjustment of Euroclear equity investment and dividends received | — | (64) | ||||||||||||||||||||||||||||||||||||||||||||||||
Add/(Less): Net losses/(income) from unconsolidated investees | 1,055 | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Income tax effect for the above items | (355) | (38) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Deferred tax adjustments on acquisition-related intangibles | (18) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to ICE common stockholders | $ | 733 | $ | 711 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings/(loss) per share attributable to ICE common stockholders | $ | (0.34) | $ | 1.12 | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings/(loss) per share attributable to ICE common stockholders | $ | (0.34) | $ | 1.12 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted basic earnings per share attributable to ICE common stockholders | $ | 1.31 | $ | 1.26 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to ICE common stockholders | $ | 1.31 | $ | 1.26 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | 558 | 563 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 560 | 566 |
Nine Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | Three Months Ended September 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 | 1.2589 | 1.0649 | 1.1774 | 1.0071 | 1.3854 | 1.1967 | 1.3784 | 1.1788 | |||||||||||||||||||||||||||||||||||||||
Average exchange rate to the U.S. dollar in the same period in the prior year | 1.3854 | 1.1967 | 1.3784 | 1.1788 | 1.2708 | 1.1242 | 1.2916 | 1.1691 | |||||||||||||||||||||||||||||||||||||||
Average exchange rate increase/ (decrease) | (9) | % | (11) | % | (15) | % | (15) | % | 9 | % | 6 | % | 7 | % | 1 | % | |||||||||||||||||||||||||||||||
Foreign denominated percentage of: | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues, less transaction-based expenses | 8 | % | 6 | % | 7 | % | 6 | % | 7 | % | 6 | % | 7 | % | 6 | % | |||||||||||||||||||||||||||||||
Operating expenses | 8 | % | 2 | % | 7 | % | 2 | % | 8 | % | 2 | % | 8 | % | 2 | % | |||||||||||||||||||||||||||||||
Operating income | 7 | % | 11 | % | 8 | % | 11 | % | 5 | % | 10 | % | 5 | % | 11 | % | |||||||||||||||||||||||||||||||
Impact of the currency fluctuations (1) on: | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues, less transaction-based expenses | $ | (42) | $ | (44) | $ | (22) | $ | (20) | $ | 29 | $ | 18 | $ | 8 | $ | 1 | |||||||||||||||||||||||||||||||
Operating expenses | $ | (21) | $ | (6) | $ | (11) | $ | (2) | $ | 18 | $ | 3 | $ | 5 | $ | — | |||||||||||||||||||||||||||||||
Operating income | $ | (21) | $ | (38) | $ | (11) | $ | (18) | $ | 11 | $ | 15 | $ | 3 | $ | 1 |
As of September 30, 2022 | |||||||||||||||||
Position in pounds sterling | Position in Canadian dollars | Position in euros | |||||||||||||||
Assets | £ | 729 | $ | 3,475 | € | 171 | |||||||||||
of which goodwill represents | 565 | 395 | 92 | ||||||||||||||
Liabilities | 117 | 3,021 | 57 | ||||||||||||||
Net currency position | £ | 612 | $ | 454 | € | 114 | |||||||||||
Net currency position, in $USD | $ | 683 | $ | 328 | $ | 112 | |||||||||||
Negative impact on consolidated equity of a 10% decrease in foreign currency exchange rates | $ | 68 | $ | 33 | $ | 11 |
Changes in Accumulated Other Comprehensive Loss from Foreign Currency Translation Adjustments (in millions) | ||||||||
Balance, as of December 31, 2021 | $ | (150) | ||||||
Other comprehensive income/(loss) | (208) | |||||||
Income tax benefit/(expense) | 1 | |||||||
Net current period other comprehensive loss | (207) | |||||||
Balance, as of September 30, 2022 | $ | (357) |
Changes in Accumulated Other Comprehensive Loss from Foreign Currency Translation Adjustments (in millions) | ||||||||
Balance, as of June 30, 2022 | $ | (259) | ||||||
Other comprehensive income/(loss) | (98) | |||||||
Income tax benefit/(expense) | — | |||||||
Net current period other comprehensive loss | (98) | |||||||
Balance, as of September 30, 2022 | $ | (357) |
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) | ||||||||||
July 1 - July 31 | — | N/A | 4,955 | $2,518 | ||||||||||
August 1 - August 31 | — | N/A | 4,955 | $2,518 | ||||||||||
September 1 - September 30 | — | N/A | 4,955 | $2,518 | ||||||||||
Total | — | N/A | 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 | $129.30 | $475 | 3,674 | $2,675 | ||||||||||||
June 30, 2022 | 1,281 | $122.54 | $157 | 4,955 | $2,518 | ||||||||||||
September 30, 2022 | — | N/A | $— | 4,955 | $2,518 | ||||||||||||
Total (1) | 4,955 | $127.56 | $632 |
Exhibit Number | Description of Document | ||||||||||||||||
3.1 | — | ||||||||||||||||
3.2 | — | ||||||||||||||||
31.1 | — | ||||||||||||||||
31.2 | — | ||||||||||||||||
32.1 | — | ||||||||||||||||
32.2 | — | ||||||||||||||||
0.101 | — | The following materials from Intercontinental Exchange, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 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 September 30, 2022 formatted in Inline XBRL. |
Intercontinental Exchange, Inc. (Registrant) | |||||||||||
Date: November 3, 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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