Company Announcements

Intercontinental Exchange Reports Strong Third Quarter 2022

ATLANTA & NEW YORK--(BUSINESS WIRE)--Nov. 3, 2022-- Intercontinental Exchange (NYSE: ICE):

  • 3Q22 net revenues of $1.8 billion; +1% y/y; +3% y/y, constant currency (CC)*

  • 3Q22 GAAP diluted loss per share of $0.34, primarily due to net losses from Bakkt

  • 3Q22 adj. diluted earnings per share (EPS) of $1.31

  • 3Q22 operating income, +4% y/y; +7% y/y, CC*. Adj. operating income +4% y/y; +6% y/y, CC*

  • 3Q22 operating margin of 50%, +164 basis points y/y; adj. operating margin of 60%, +176 basis points y/y

 

 

Jeffrey C. Sprecher ,

ICE Chair & Chief Executive Officer, said,
"We are pleased to report strong third quarter results that extend our track record of growth. Amidst a backdrop of continued geopolitical and macroeconomic uncertainty, our strong third quarter performance reflects the "all weather" nature of our business model. Our customers continue to rely on our mission-critical data, technology, and liquid markets through an array of macroeconomic environments. As we look to the balance of the year and beyond, we remain focused on driving innovation, helping to serve our customers' risk management needs and delivering value to our stockholders."

Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the third quarter of 2022. For the quarter ended September 30, 2022, consolidated net loss attributable to ICE was $191 million on $1.8 billion of consolidated revenues, less transaction-based expenses. Third quarter GAAP diluted loss per share was $0.34, primarily due to net losses from Bakkt. Adjusted net income attributable to ICE was $733 million in the third quarter and adjusted diluted EPS was $1.31. 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: "Through the first nine months of the year, we have grown revenues and operating income. This strong performance, including compounding growth in our recurring revenues across all three business segments is a testament to the power of our diverse business model. As we approach the end of 2022, we remain focused on extending our track record of growth and creating value for our stockholders."

*Constant currency (CC) percentage changes are calculated holding both the pound sterling and euro at the average exchange rate from 3Q21, 1.3784 and 1.1788, respectively.

Third Quarter 2022 Business Highlights

Third quarter consolidated net revenues were $1.8 billion, up 1% year-over-year including exchange net revenues of $1.0 billion, fixed income and data services revenues of $534 million and mortgage technology revenues of $276 million. Consolidated operating expenses were $898 million for the third quarter of 2022. On an adjusted basis, consolidated operating expenses were $727 million. Consolidated operating income for the third quarter was $913 million and the operating margin was 50%. On an adjusted basis, consolidated operating income for the third quarter was $1.1 billion and the adjusted operating margin was 60%.

$ (in millions)

Net Revenue

Op Margin

Adj Op Margin

 

3Q22

Exchanges

$1,001

70%

72%

Fixed Income and Data Services

$534

37%

45%

Mortgage Technology

$276

6%

46%

Consolidated

$1,811

50%

60%

 

 

 

 

 

3Q22

3Q21

% Chg

Recurring Revenue

$930

$888

5%

Transaction Revenue, net

$881

$914

(4)%

Exchanges Segment Results

Third quarter exchange net revenues were $1.0 billion. Exchange operating expenses were $301 million and on an adjusted basis, were $284 million in the third quarter. Segment operating income for the third quarter was $700 million and the operating margin was 70%. On an adjusted basis, operating income was $717 million and the adjusted operating margin was 72%.

$ (in millions)

3Q22

3Q21

% Chg

Const Curr (1)

Revenue, net:

 

 

 

 

Energy

$266

$316

(16)%

(13)%

Ags and Metals

57

56

1%

2%

Financials(2)

122

93

30%

46%

Cash Equities and Equity Options

88

79

13%

13%

OTC and Other(3)

121

84

45%

53%

Data and Connectivity Services

219

208

6%

6%

Listings

128

123

3%

3%

Segment Revenue

$1,001

$959

4%

8%

 

 

 

 

 

Recurring Revenue

$347

$331

5%

5%

Transaction Revenue, net

$654

$628

4%

9%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q21, 1.3784 and 1.1788, respectively.

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

(3) OTC & other 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

Third quarter fixed income and data services revenues were $534 million. Fixed income and data services operating expenses were $337 million and adjusted operating expenses were $293 million in the third quarter. Segment operating income for the third quarter was $197 million and the operating margin was 37%. On an adjusted basis, operating income was $241 million and the adjusted operating margin was 45%.

$ (in millions)

3Q22

3Q21

% Chg

Const Curr (1)

Revenue:

 

 

 

 

Fixed Income Execution

$26

$12

121%

122%

CDS Clearing

88

51

72%

75%

Fixed Income Data and Analytics

273

272

—%

2%

Other Data and Network Services

147

142

4%

6%

Segment Revenue

$534

$477

12%

14%

 

 

 

 

 

Recurring Revenue

$420

$414

1%

3%

Transaction Revenue

$114

$63

81%

84%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q21, 1.3784 and 1.1788, respectively.

Mortgage Technology Segment Results

Third quarter mortgage technology revenues were $276 million. Mortgage technology operating expenses were $260 million and adjusted operating expenses were $150 million in the third quarter. Segment operating income for the third quarter was $16 million and the operating margin was 6%. On an adjusted basis, operating income was $126 million and the adjusted operating margin was 46%.

$ (in millions)

3Q22

3Q21

% Chg

Revenue:

 

 

 

Origination Technology

$187

$245

(24)%

Closing Solutions

53

88

(39)%

Data and Analytics

22

19

22%

Other

14

14

(8)%

Segment Revenue

$276

$366

(25)%

 

 

 

 

Recurring Revenue

$163

$143

14%

Transaction Revenue

$113

$223

(49)%

Other Matters

  • Operating cash flow through the third quarter of 2022 was $2.5 billion and adjusted free cash flow was $2.1 billion.
  • Unrestricted cash was $1.2 billion and outstanding debt was $18.1 billion as of September 30, 2022.
  • The effective tax rate for the third quarter of 2022 was 47%, primarily due to net losses from Bakkt.
  • Through the third quarter of 2022, ICE repurchased $632 million of its common stock and paid $640 million in dividends. In connection with ICE's pending acquisition of Black Knight, on May 4, 2022 ICE suspended its share repurchases.

Updated Financial Guidance

  • ICE's fourth quarter 2022 GAAP operating expenses are expected to be in a range of $890 millionto $900 million. Adjusted operating expenses(1) are expected to be in a range of $730 million to $740 million.
  • ICE's fourth quarter 2022 GAAP non-operating expense(2) is expected to be in the range of $137 million to $142 million. Adjusted non-operating expense is expected to be in the range of $105 million to $110 million.
  • ICE's diluted share count for the fourth quarter is expected to be in the range of 558 million to 563 million weighted average shares outstanding.
 

(1) 4Q22 non-GAAP operating expenses exclude amortization of acquisition-related intangibles, pending Black Knight acquisition costs, and Ellie Mae integration costs.

(2) Non-operating income / expense includes interest income, interest expense and net other income. Non-GAAP non-operating expense excludes equity earnings from unconsolidated investees, net interest expense on pre-acquisition-related debt and costs associated with re-financing existing debt.

Earnings Conference Call Information

ICE will hold a conference call today, November 3, 2022, at 8:30 a.m. ET to review its third quarter 2022 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 844-200-6205 from the United States or 929-526-1599 from outside of the United States. Telephone participants are required to provide the participant entry number 047703 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 fourth quarter 2022 earnings has been scheduled for February 2nd, 2023 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

 

Consolidated Statements of Income

(In millions, except per share amounts)

(Unaudited)

 

 

Nine Months Ended

September 30,

Three Months Ended

September 30,

Revenues:

 

2022

 

 

2021

 

 

2022

 

 

2021

 

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

 

 

Consolidated Balance Sheets

(In millions)

 

 

As of

 

 

September 30, 2022

As of

 

(Unaudited)

December 31, 2021

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

 

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

 

 

 

 

Equity:

 

 

Intercontinental Exchange, Inc. stockholders’ equity:

 

 

Common stock

 

6

 

 

6

 

Treasury stock, at cost

 

(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

 

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 Quarterly Report on Form 10-Q, including our consolidated financial statements and the notes thereto.

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE common stockholders, 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

 

Nine Months

Ended

September 30,

 

Nine Months

Ended

September 30,

 

Nine Months

Ended

September 30,

 

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%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

September 30,

 

Three Months Ended

September 30,

 

Three Months Ended

September 30,

 

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%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

 

 

Nine Months Ended September 30, 2022

 

Nine Months Ended September 30, 2021

Net income attributable to ICE

$

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

$

2,276

 

 

$

2,102

 

 

 

 

 

Basic earnings per share

$

1.83

 

 

$

4.50

 

Diluted earnings per share

$

1.82

 

 

$

4.48

 

 

 

 

 

Adjusted basic earnings per share

$

4.07

 

 

$

3.74

 

Adjusted diluted earnings per share

$

4.06

 

 

$

3.72

 

 

 

 

 

Basic weighted average common shares outstanding

 

559

 

 

 

563

 

Diluted weighted average common shares outstanding

 

561

 

 

 

565

 

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

 

 

Three Months Ended September 30, 2022

 

Three Months Ended September 30, 2021

Net income/(loss) attributable to ICE

$

(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

$

733

 

 

$

711

 

 

 

 

 

Basic earnings/(loss) per share

$

(0.34

)

 

$

1.12

 

Diluted earnings/(loss) per share

$

(0.34

)

 

$

1.12

 

 

 

 

 

Adjusted basic earnings per share

$

1.31

 

 

$

1.26

 

Adjusted diluted earnings per share

$

1.31

 

 

$

1.26

 

 

 

 

 

Basic weighted average common shares outstanding

 

558

 

 

 

563

 

Diluted weighted average common shares outstanding

 

560

 

 

 

566

 

Adjusted Free Cash Flow Calculation

(In millions)

(Unaudited)

 

 

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

Cash flow from operations

$2,462

$2,130

Less: Capital expenditures and capitalized software development costs

(325)

(328)

Add/(Less): Section 31 fees, net

(1)

193

Adjusted free cash flow

$2,136

$1,995

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate 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, 2021, as filed with the SEC on February 3, 2022. 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:
Josh King
+1 212 656 2490
josh.king@ice.com

media@ice.com

Source: Intercontinental Exchange