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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) of

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): February 6, 2025

 

Intercontinental Exchange, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware 001-36198 46-2286804
(State or other jurisdiction
of incorporation)		 (Commission
File No.)		 (I.R.S. Employer
Identification Number)

 

5660 New Northside Drive, Third Floor, Atlanta, Georgia 30328

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: (770) 857-4700

 

Securities registered pursuant to Section 12(b) of the Act:

 

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

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 6, 2025, Intercontinental Exchange, Inc. issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2024. A copy of the press release announcing such financial results is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information contained herein, including the attached press release, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as may be expressly set forth by specific reference in such filing.

 

Intercontinental Exchange makes references to non-GAAP financial information in the attached press release. A description of the non-GAAP financial information and a reconciliation of the non-GAAP financial information to the comparable GAAP financial measures are contained in the attached press release and Intercontinental Exchange’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

The following exhibits are filed as part of this Current Report on Form 8-K:

 

Exhibit No. Description
   
99.1 Press Release dated February 6, 2025.
   
104 The cover page from Intercontinental Exchange, Inc.’s Current Report on Form 8-K, formatted in Inline XBRL.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    INTERCONTINENTAL EXCHANGE, INC.
     
/s/ A. Warren Gardiner
    A. Warren Gardiner
    Chief Financial Officer
     
Date: February 6, 2025  

 

 

 

Exhibit 99.1

 

 

 

Intercontinental Exchange Reports Strong Full Year 2024 Results

 

19th consecutive year of record revenues

 

·  2024 net revenues of $9.3 billion, +16% y/y  

Jeffrey C. Sprecher,

ICE Chair & Chief Executive Officer, said, "We are pleased to report our 19th consecutive year of record revenues and continued earnings per share growth. Our track record of growth is a testament to the resilience of our "all-weather" business model, which through an array of macroeconomic environments, continues to deliver compounding growth as customers access our leading networks to manage risk, consume our mission-critical data and drive greater workflow efficiencies. As we shift to 2025, we remain focused on bringing efficiencies to our customers' workflows and creating value for our stockholders."

   
·  2024 GAAP diluted EPS of $4.78, +14% y/y  
   
·  2024 adj. diluted EPS of $6.07, +8% y/y  
   
·  Record 2024 operating income of $4.3 billion, +17% y/y; record adj. operating income of $5.5 billion, +16% y/y  
   
·  2024 operating margin of 46%; adj. operating margin of 59%  
   
· Record annual operating cash flow of $4.6 billion, +30%; record adj. free cash flow of over $3.6 billion, +13% y/y  
   
· Expect to resume share repurchases in the first quarter  

 

ATLANTA & NEW YORK, February 6, 2025 - Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the fourth quarter and full year of 2024. For the quarter ended December 31, 2024, consolidated net income attributable to ICE was $698 million on $2.3 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) were $1.21. Adjusted net income attributable to ICE was $875 million in the fourth quarter and adjusted diluted EPS were $1.52.

 

For the full year of 2024, consolidated net income attributable to ICE was $2.8 billion on $9.3 billion of consolidated revenues less transaction-based expenses. Full year 2024 GAAP diluted EPS was $4.78, up 14% year-over-year. On an adjusted basis, net income attributable to ICE for the year was $3.5 billion and adjusted diluted EPS was $6.07, up 8% year-over-year.

 

Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.

 

Warren Gardiner, ICE Chief Financial Officer, added: "As we look back on 2024, our record revenue and operating income demonstrate the strength and resiliency of our unique business model. Our strong and growing cash flows enabled us to reinvest in our business and pay dividends of over $1 billion to stockholders while also significantly reducing leverage. As we enter 2025, we are well positioned to achieve our growth objectives and to invest in our business to strengthen our foundation for continued growth in the future."

 

1 

 

 

Fourth Quarter and Full Year 2024 Business Highlights

 

Fourth quarter consolidated net revenues were $2.3 billion, up 6% year-over-year, including exchange net revenues of $1.2 billion, fixed income and data services revenues of $579 million and mortgage technology revenues of $508 million. Consolidated operating expenses were $1.2 billion for the fourth quarter of 2024. On an adjusted basis, consolidated operating expenses were $973 million. Consolidated operating income for the fourth quarter was $1.1 billion and the operating margin was 46%. On an adjusted basis, consolidated operating income for the fourth quarter was $1.4 billion and the adjusted operating margin was 58%.

 

Full year 2024 consolidated net revenues were $9.3 billion, up 16% year-over-year, including exchange net revenues of $5.0 billion, fixed income and data services revenues of $2.3 billion and mortgage technology revenues of $2.0 billion. Consolidated operating expenses were $5.0 billion for 2024. On an adjusted basis, consolidated operating expenses were $3.8 billion. Consolidated operating income for the year was $4.3 billion and the operating margin was 46%. On an adjusted basis, consolidated operating income for the year was $5.5 billion and the adjusted operating margin was 59%.

 

  Net
Revenue		   Op
Margin		   Adj Op
Margin		   Net
Revenue		   Op
Margin		   Adj Op
Margin		 
                         
$ (in millions)  Full Year 2024    4 Q24 
Exchanges  $4,959    73%   75%  $1,236    73%   75%
Fixed Income and Data Services  $2,298    37%   45%  $579    36%   43%
Mortgage Technology  $2,022    (8)%   36%  $508    (7)%   35%
Consolidated  $9,279    46%   59%  $2,323    46%   58%

 

    FY24    FY23    % Chg    4Q24   4Q23   % Chg 
Recurring Revenue  $4,829   $4,138    17%  $1,215   $1,199    1%
Transaction Revenue, net  $4,450   $3,850    16%  $1,108   $1,002    11%

 

2 

 

 

Exchanges Segment Results

 

Fourth quarter exchange net revenues were $1.2 billion, up 9% year-over-year. Exchange operating expenses were $334 million and on an adjusted basis, were $313 million in the fourth quarter. Segment operating income for the fourth quarter was $902 million and the operating margin was 73%. On an adjusted basis, operating income was $923 million and the adjusted operating margin was 75%.

 

$ (in millions)  4Q24   4Q23   % Chg   Const
Curr(1)		 
Revenue, net:                    
Energy  $477   $414    16%   16%
Ags and Metals   54    63    (13)%   (13)%
Financials(2)   151    116    30%   27%
Cash Equities and Equity Options   114    99    15%   15%
OTC and Other(3)   87    89    (3)%   (3)%
Data and Connectivity Services   230    234    (2)%   (2)%
Listings   123    121    1%   1%
Segment Revenue  $1,236   $1,136    9%   9%
                     
Recurring Revenue  $353   $355    (1)%   (1)%
Transaction Revenue, net  $883   $781    13%   13%

 

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 4Q23, 1.2420 and 1.0765, respectively.

 

(2) Financials include interest rates and other financial futures and options.

 

(3) OTC & other primarily includes physical energy, interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, technology development fees, exchange member fees, and agriculture grading and certification fees.

 

Full year exchange net revenues were $5.0 billion, up 12% year-over-year. Exchange operating expenses were $1.3 billion and on an adjusted basis, were $1.2 billion for the full year. Segment operating income for 2024 was $3.6 billion and the operating margin was 73%. On an adjusted basis, operating income was $3.7 billion and the adjusted operating margin was 75%.

 

3 

 

 

$ (in millions)  FY24   FY23   % Chg   Const
Curr(1)		 
Revenue, net:                    
Energy  $1,876   $1,498    25%   25%
Ags and Metals   257    271    (5)%   (5)%
Financials(2)   559    460    22%   19%
Cash Equities and Equity Options   431    383    13%   13%
OTC and Other(3)   400    398    —    — 
Data and Connectivity Services   947    933    2%   2%
Listings   489    497    (2)%   (2)%
Segment Revenue  $4,959   $4,440    12%   11%
                     
Recurring Revenue  $1,436   $1,430    —%   —%
Transaction Revenue, net  $3,523   $3,010    17%   17%

 

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2023, 1.2438 and 1.0817, respectively.

 

(2) Financials include interest rates and other financial futures and options.

 

(3) OTC & other primarily includes physical energy, interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, technology development fees, exchange member fees, and agriculture grading and certification fees.

 

Fixed Income and Data Services Segment Results

 

Fourth quarter fixed income and data services revenues were $579 million, up 3% year-over-year. Fixed income and data services operating expenses were $368 million and adjusted operating expenses were $329 million in the fourth quarter. Segment operating income for the fourth quarter was $211 million and the operating margin was 36%. On an adjusted basis, operating income was $250 million and the adjusted operating margin was 43%.

 

4 

 

 

 

$ (in millions)  4Q24   4Q23   % Chg   Const
Curr(1)		 
Revenue:                
Fixed Income Execution  $33   $35    (7)%   (7)%
CDS Clearing   75    81    (8)%   (8)%
Fixed Income Data and Analytics   301    286    5%   5%
Other Data and Network Services   170    161    6%   5%
Segment Revenue  $579   $563    3%   2%
                     
Recurring Revenue  $471   $447    5%   5%
Transaction Revenue  $108   $116    (8)%   (8)%

 

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 4Q23, 1.2420 and 1.0765, respectively.

 

Full year 2024 fixed income and data services revenues were $2.3 billion, up 3% year-over-year. Fixed income and data services operating expenses were $1.5 billion and on an adjusted basis, were $1.3 billion for the year. Segment operating income for the full year was $843 million and the operating margin was 37%. On an adjusted basis, operating income was $1.0 billion and the adjusted operating margin was 45%.

 

$ (in millions)  FY24   FY23   % Chg   Const
Curr(1)		 
Revenue:                
Fixed Income Execution  $117   $124    (6)%   (6)%
CDS Clearing   343    360    (5)%   (5)%
Fixed Income Data and Analytics   1,177    1,118    5%   5%
Other Data and Network Services   661    629    5%   5%
Segment Revenue  $2,298   $2,231    3%   3%
                     
Recurring Revenue  $1,838   $1,747    5%   5%
Transaction Revenue  $460   $484    (5)%   (5)%

 

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2023, 1.2438 and 1.0817, respectively.

 

5 

 

 

Mortgage Technology Segment Results

 

Fourth quarter mortgage technology revenues were $508 million. Mortgage technology operating expenses were $544 million and adjusted operating expenses were $331 million in the fourth quarter. Segment operating loss for the fourth quarter was $36 million and the operating margin was (7)%. On an adjusted basis, operating income was $177 million and the adjusted operating margin was 35%.

 

$ (in millions)  4Q24   4Q23   % Chg 
Revenue:               
Origination Technology  $177   $170    4%
Closing Solutions   52    43    22%
Servicing Software   213    219    (3)%
Data and Analytics   66    70    (5)%
Segment Revenue  $508   $502    1%
                
Recurring Revenue  $391   $397    (2)%
Transaction Revenue  $117   $105    12%

 

Full year mortgage technology revenues were $2.0 billion. Mortgage technology operating expenses were $2.2 billion and adjusted operating expenses were $1.3 billion in 2024. Segment operating loss for the full year was $170 million and the operating margin was (8)%. On an adjusted basis, operating income was $724 million and the adjusted operating margin was 36%.

 

$ (in millions)  FY24   FY23   % Chg 
Revenue:            
Origination Technology  $713   $694    3%
Closing Solutions   202    179    13%
Servicing Software   848    288    194%
Data and Analytics   259    156    66%
Segment Revenue  $2,022   $1,317    54%
                
Recurring Revenue  $1,555   $961    62%
Transaction Revenue  $467   $356    31%

 

6 

 

 

Other Matters

 

·Operating cash flow for 2024 was $4.6 billion and adjusted free cash flow was $3.6 billion.
   
 ·As of December 31, 2024, unrestricted cash and cash equivalents were $844 million and outstanding debt was $20.4 billion.

 

·ICE paid over $1.0 billion in dividends in 2024.

 

Financial Guidance

 

  GAAP Non-GAAP
2025 Exchange Recurring Revenue (% growth) Low-single digits
2025 Fixed Income & Data Services Recurring Revenue (% growth) Mid-single digits
2025 Mortgage Technology Revenue (% growth) Low-to-mid single digits
2025 Operating Expenses $4.915 - $4.965 billion $3.915 - $3.965 billion(1)
1Q25 Operating Expenses $1.220 - $1.230 billion $965 - $975 million(1)
1Q25 Non-Operating Expense(2) $175 - $180 million
2025 Capital Expenditures $730 - $780 million
2025 Effective Tax Rate(3) 24% - 26%
1Q25 Weighted Average Shares Outstanding 575 - 581 million

 

(1) 2025 and 1Q25 non-GAAP operating expenses exclude amortization of acquisition-related intangibles and integration expenses.

 

(2) Non-operating expense includes interest income, interest expense and net other income/expense. Adjusted non-operating expense excludes equity earnings from unconsolidated investees.

 

(3) This represents 2025 full year guidance for both the GAAP and non-GAAP effective tax rates but note that the GAAP effective tax rate is more susceptible to diverging from this guidance based on items outside the normal course of business that are adjusted for to derive our non-GAAP results. Such items can be unknown, unpredictable or uncertain, requiring unreasonable efforts to determine with any precision and which could potentially be confusing or misleading.

 

7 

 

 

Earnings Conference Call Information

 

ICE will hold a conference call today, February 6, at 8:30 a.m. ET to review its fourth quarter 2024 financial results. A live audio webcast of the earnings call will be available on the company's website at www.theice.com in the investor relations section. Participants may also listen via telephone by dialing 833-470-1428 from the United States or 404-975-4839 from outside of the United States. Telephone participants are required to provide the participant entry number 092546 and are recommended to call 10 minutes prior to the start of the call. The call will be archived on the company's website for replay.

 

The conference call for the first quarter 2025 earnings has been scheduled for May 1st at 8:30 a.m. ET. Please refer to the Investor Relations website at www.ir.theice.com for additional information.

 

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: https://ir.theice.com/investor-resources/supplemental-information/default.aspx

 

8 

 

 

Consolidated Statements of Income

(In millions, except per share amounts)

 

  

Twelve Months Ended 

December 31,

  

Three Months Ended 

December 31,

 
Revenues:  2024   2023   2024   2023 
Exchanges  $7,441   $6,355   $1,943   $1,601 
Fixed income and data services   2,298    2,231    579    563 
Mortgage technology   2,022    1,317    508    502 
Total revenues   11,761    9,903    3,030    2,666 
Transaction-based expenses:                    
Section 31 fees   679    293    242    62 
Cash liquidity payments, routing and clearing   1,803    1,622    465    403 
Total revenues, less transaction-based expenses   9,279    7,988    2,323    2,201 
Operating expenses:                    
Compensation and benefits   1,909    1,595    487    492 
Professional services   154    123    40    35 
Acquisition-related transaction and integration costs   104    269    16    68 
Technology and communication   848    734    217    205 
Rent and occupancy   111    92    22    27 
Selling, general and administrative   307    266    75    70 
Depreciation and amortization   1,537    1,215    389    379 
Total operating expenses   4,970    4,294    1,246    1,276 
Operating income   4,309    3,694    1,077    925 
Other income/(expense):                    
Interest income   141    319    36    32 
Interest expense   (910)   (808)   (213)   (251)
Other income/(expense), net   88    (311)   5    (190)
Total other income/(expense), net   (681)   (800)   (172)   (409)
Income before income tax expense   3,628    2,894    905    516 
Income tax expense   826    456    196    126 
Net income  $2,802   $2,438   $709   $390 
Net income attributable to non-controlling interest   (48)   (70)   (11)   (17)
Net income attributable to Intercontinental Exchange, Inc.  $2,754   $2,368   $698   $373 
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:                    
Basic  $4.80   $4.20   $1.22   $0.65 
Diluted  $4.78   $4.19   $1.21   $0.65 
Weighted average common shares outstanding:                    
Basic   573    564    574    572 
Diluted   576    565    577    574 

 

9 

 

 

Consolidated Balance Sheets

(In millions)

 

   As of   As of 
   December 31, 2024   December 31, 2023 
Assets:        
Current assets:          
Cash and cash equivalents  $844   $899 
Short-term restricted cash and cash equivalents   1,142    531 
Short-term restricted investments   594    680 
Cash and cash equivalent margin deposits and guaranty funds   82,149    78,980 
Invested deposits, delivery contracts receivable and unsettled variation margin   2,163    1,814 
Customer accounts receivable, net   1,490    1,366 
Prepaid expenses and other current assets   713    703 
Total current assets   89,095    84,973 
Property and equipment, net   2,153    1,923 
Other non-current assets:          
Goodwill   30,595    30,553 
Other intangible assets, net   16,306    17,317 
Long-term restricted cash and cash equivalents   368    340 
Other non-current assets   911    978 
Total other non-current assets   48,180    49,188 
Total assets  $139,428   $136,084 
Liabilities and Equity:          
Current liabilities:          
Accounts payable and accrued liabilities  $1,051   $1,003 
Section 31 fees payable   316    79 
Accrued salaries and benefits   438    459 
Deferred revenue   236    200 
Short-term debt   3,027    1,954 
Margin deposits and guaranty funds   82,149    78,980 
Invested deposits, delivery contracts payable and unsettled variation margin   2,163    1,814 
Other current liabilities   173    137 
Total current liabilities   89,553    84,626 
Non-current liabilities:          
Non-current deferred tax liability, net   3,904    4,080 
Long-term debt   17,341    20,659 
Accrued employee benefits   170    193 
Non-current operating lease liability   335    299 
Other non-current liabilities   405    441 
Total non-current liabilities   22,155    25,672 
Total liabilities   111,708    110,298 
Commitments and contingencies          
Redeemable non-controlling interest in consolidated subsidiaries   22    — 
Equity:        
Intercontinental Exchange, Inc. stockholders’ equity:          
Common stock   7    6 
Treasury stock, at cost   (6,385)   (6,304)
Additional paid-in capital   16,292    15,953 
Retained earnings   18,071    16,356 
Accumulated other comprehensive loss   (338)   (294)
Total Intercontinental Exchange, Inc. stockholders’ equity   27,647    25,717 
Non-controlling interest in consolidated subsidiaries   51    69 
Total equity   27,698    25,786 
Total liabilities and equity  $139,428   $136,084 

 

10 

 

 

Non-GAAP Financial Measures and Reconciliation

 

We use non-GAAP measures internally to evaluate our performance and in making financial and operational decisions. When viewed in conjunction with our GAAP results and the accompanying reconciliation, we believe that our presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparison of results because the items described below as adjustments to GAAP are not reflective of our core business performance. These financial measures are not in accordance with, or an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We strongly recommend that investors review the GAAP financial measures and additional non-GAAP information included in our Annual Report on Form 10-K, including our consolidated financial statements and the notes thereto.

 

11 

 

 

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE, adjusted diluted earnings per share and adjusted free cash flow for the periods presented below are calculated by adding or subtracting the adjustments described below, which are not reflective of our cash operations and core business performance, and their related income tax effect and other tax adjustments (in millions, except for per share amounts):

 

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

 

   Exchanges
Segment		   Fixed Income
and Data
Services
Segment		   Mortgage
Technology
Segment		   Consolidated 
   Year Ended
December 31,		   Year Ended
December 31,		   Year Ended
December 31,		   Year Ended
December 31,		 
   2024   2023   2024   2023   2024   2023   2024   2023 
Total revenues, less transaction-based expenses  $4,959   $4,440   $2,298   $2,231   $2,022   $1,317   $9,279   $7,988 
Operating expenses   1,323    1,281    1,455    1,420    2,192    1,593    4,970    4,294 
Less: Amortization of acquisition-related intangibles   67    65    152    168    792    515    1,011    748 
Less: Transaction and integration costs   —    —    —    —    102    269    102    269 
Less: Regulatory matters   5    11    10    —    —    —    15    11 
Less: Other   11    6    21    —    —    —    32    6 
Adjusted operating expenses  $1,240   $1,199   $1,272   $1,252   $1,298   $809   $3,810   $3,260 
Operating income/(loss)  $3,636   $3,159   $843   $811   $(170)  $(276)  $4,309   $3,694 
Adjusted operating income  $3,719   $3,241   $1,026   $979   $724   $508   $5,469   $4,728 
Operating margin   73%   71%   37%   36%   (8)%   (21)%   46%   46%
Adjusted operating margin   75%   73%   45%   44%   36%   39%   59%   59%

 

12 

 

 

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

 

   Exchanges
Segment		   Fixed Income
and Data
Services
Segment		   Mortgage
Technology
Segment		   Consolidated 
   Three Months
Ended
December 31,		   Three Months
Ended
December 31,		   Three Months
Ended
December 31,		   Three Months
Ended
December 31,		 
   2024   2023   2024   2023   2024   2023   2024   2023 
Total revenues, less transaction-based expenses  $1,236   $1,136   $579   $563   $508   $502   $2,323   $2,201 
Operating expenses   334    337    368    363    544    576    1,246    1,276 
Less: Amortization of acquisition-related intangibles   16    16    38    41    199    199    253    256 
Less: Transaction and integration costs   —    —    —    —    14    68    14    68 
Less: Regulatory matter   5    —    —    —    —    —    5    — 
Less: Other   —    —    1    —    —    —    1    — 
Adjusted operating expenses  $313   $321   $329   $322   $331   $309   $973   $952 
Operating income/(loss)  $902   $799   $211   $200   $(36)  $(74)  $1,077   $925 
Adjusted operating income  $923   $815   $250   $241   $177   $193   $1,350   $1,249 
Operating margin   73%   70%   36%   36%   (7)%   (15)%   46%   42%
Adjusted operating margin   75%   72%   43%   43%   35%   39%   58%   57%

 

13 

 

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

 

   Twelve Months
Ended
December 31,
2024		   Twelve Months
Ended
December 31,
2023		 
Net income attributable to ICE  $2,754   $2,368 
Add: Amortization of acquisition-related intangibles   1,011    748 
Add: Transaction and integration costs   102    269 
(Less)/Add: Litigation and regulatory matters   (145)   11 
Add: Net losses from unconsolidated investees   62    122 
Add: Loss on sale and fair value adjustments of equity investments and dividends received   1    3 
Less: Net interest income on pre-acquisition-related debt   —    (12)
Add: Other   26    182 
Less: Net income tax effect for the above items and deferred tax adjustments   (268)   (309)
Less: Deferred tax adjustments on acquisition-related intangibles   (43)   (126)
Less: Other tax adjustments   (3)   (79)
           
Adjusted net income attributable to ICE  $3,497   $3,177 
           
Diluted earnings per share attributable to ICE common stockholders  $4.78   $4.19 
           
Adjusted diluted earnings per share attributable to ICE common stockholders  $6.07   $5.62 
           
Diluted weighted average common shares outstanding   576    565 

 

14 

 

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

 

   Three Months
Ended
December 31,
2024		   Three Months
Ended
December 31,
2023		 
Net income attributable to ICE  $698   $373 
Add: Amortization of acquisition-related intangibles   253    256 
Add: Transaction and integration costs   14    68 
Add: Regulatory matter   5    — 
(Less)/Add: Net (profits)/losses from unconsolidated investees   (1)   31 
Less: Gain on sale of equity investments and dividends received   —    (4)
(Less)/Add: Other   (5)   160 
Less: Net income tax effect for the above items and deferred tax adjustments   (69)   (131)
(Less)/Add: Deferred tax adjustments on acquisition-related intangibles   (17)   5 
(Less)/Add: Other tax adjustments   (3)   2 
           
Adjusted net income attributable to ICE  $875   $760 
           
Diluted earnings per share attributable to ICE common stockholders  $1.21   $0.65 
           
Adjusted diluted earnings per share attributable to ICE common stockholders  $1.52   $1.33 
           
Diluted weighted average common shares outstanding   577    574 

 

15 

 

 

Adjusted Free Cash Flow Calculation

(In millions)

(Unaudited)

 

   Twelve Months Ended
December 31, 2024		   Twelve Months Ended
December 31, 2023		 
Net cash provided by operating activities  $4,609   $3,542 
Less: Capital expenditures   (406)   (190)
Less: Capitalized software development costs   (346)   (299)
Free cash flow   3,857    3,053 
(Less)/Add: Section 31 fees, net   (237)   144 
Adjusted free cash flow  $3,620   $3,197 

 

16 

 

 

About Intercontinental Exchange

 

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

 

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

SOURCE: Intercontinental Exchange

 

ICE-CORP

 

ICE Investor Relations Contact:

Katia Gonzalez

+1 678 981 3882

katia.gonzalez@ice.com

 

investors@ice.com

 

ICE Media Contact:

Damon Leavell

+1 212 323 8587

damon.leavell@ice.com

 

media@ice.com

 

17 

 

 

 

 

 

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Feb. 06, 2025
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Entity File Number 001-36198
Entity Registrant Name Intercontinental Exchange, Inc.
Entity Central Index Key 0001571949
Entity Tax Identification Number 46-2286804
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 5660 New Northside Drive
Entity Address, Address Line Two Third Floor
Entity Address, City or Town Atlanta
Entity Address, State or Province GA
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Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value per share
Trading Symbol ICE
Security Exchange Name NYSE
Entity Emerging Growth Company false
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