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Intercontinental Exchange Reports Fourth Quarter & Full Year 2020

Feb 04, 2021

15th consecutive year of record revenues

ATLANTA & NEW YORK--(BUSINESS WIRE)--

  • 2020 net revenues of $6.0 billion, +16% y/y
  • 2020 GAAP diluted EPS of $3.77
  • 2020 adj. diluted EPS of $4.51, +16% y/y
  • 2020 operating margin of 50%; adj. operating margin of 59%
  • Over $1.9 billion returned to stockholders in 2020
  • Completed $11 billion acquisition of Ellie Mae on September 4, 2020
Jeffrey C. Sprecher,
ICE Chairman & Chief Executive Officer, said,
"We are pleased to report our 15th consecutive year of record revenues and another year of double-digit earnings per share growth. In this unprecedented year, we are grateful for our customers and their trust. As we begin 2021, we are focused on applying our expertise, technology and data services to solving problems for our customers and creating value for our shareholders."

Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listing services, today reported financial results for the fourth quarter and full year of 2020. For the quarter ended December 31, 2020, consolidated net income attributable to ICE was $526 million on $1.7 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) were $0.93. Adjusted net income attributable to ICE was $639 million in the fourth quarter and adjusted diluted EPS were $1.13.

For the full year of 2020 consolidated net income attributable to ICE was $2.1 billion on $6.0 billion of consolidated revenues less transaction-based expenses. Full year 2020 GAAP diluted EPS were $3.77. On an adjusted basis, net income attributable to ICE for the year was $2.5 billion and adjusted diluted EPS were $4.51, up 16% 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 free cash flow.

Scott A. Hill, ICE Chief Financial Officer, added: "In 2020 we generated record revenues, record operating income and record cash flows. This performance reflects the strength of our unique business model, the strategic investments we have made in the past and a remarkable contribution from our employees. As we enter 2021, we are well-positioned to invest in future growth and to continue building on our track record of success."

Fourth Quarter and Full Year 2020 Business Highlights

$ (in millions)

Net
Revenue

Op
Margin

Adj Op
Margin

 

Net
Revenue

Op
Margin

Adj Op
Margin

 

Full Year 2020

 

4Q20

Exchanges

$3,631

66%

68%

 

$871

63%

67%

Fixed Income and Data Services

$1,810

27%

38%

 

$450

27%

37%

Mortgage Technology

$595

25%

61%

 

$350

32%

60%

Consolidated

$6,036

50%

59%

 

$1,671

47%

57%

Fourth quarter consolidated net revenues were $1.7 billion up 29% year-over-year including exchange net revenues of $871 million, fixed income and data services revenues of $450 million and ICE Mortgage Technology revenues of $350 million. Consolidated operating expenses were $891 million for the fourth quarter of 2020. On an adjusted basis, consolidated operating expenses were $712 million. Consolidated operating income for the fourth quarter was $780 million and the operating margin was 47%. On an adjusted basis, consolidated operating income for the fourth quarter was $959 million and the adjusted operating margin was 57%.

Full year 2020 consolidated net revenues were $6.0 billion, up 16% year-over-year including exchange net revenues of $3.6 billion, fixed income and data services revenues of $1.8 billion and ICE Mortgage Technology revenues of $595 million. Consolidated operating expenses were $3.0 billion for 2020. On an adjusted basis, consolidated operating expenses were $2.5 billion. Consolidated operating income for the year was $3.0 billion and the operating margin was 50%. On an adjusted basis, consolidated operating income for the year was $3.5 billion and the adjusted operating margin was 59%.

ICE Exchanges Segment Results

Fourth quarter exchange net revenues were $871 million, up 7% year-over-year. Exchange operating expenses were $323 million and on an adjusted basis, were $289 million in the fourth quarter. Segment operating income for the fourth quarter was $548 million and the operating margin was 63%. On an adjusted basis, operating income was $582 million and the adjusted operating margin was 67%.

 

$ (in millions)

4Q20

4Q19

% Chg

Revenue, net:

 

 

 

Energy

$262

$243

8%

Ags and Metals

48

57

(15)%

Financials(1)

82

80

3%

Cash Equities and Equity Options

89

73

21%

OTC and Other(2)

77

60

27%

Data and Connectivity Services

201

190

6%

Listings

112

113

(1)%

Segment Revenue

$871

$816

7%

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

Full year exchange net revenues were $3.6 billion, up 10% year-over-year. Exchange operating expenses were $1.2 billion and on an adjusted basis, were $1.1 billion for the full year. Segment operating income for 2020 was $2.4 billion and the operating margin was 66%. On an adjusted basis, operating income was $2.5 billion and the adjusted operating margin was 68%.

 

$ (in millions)

FY20

FY19

% Chg

Revenue, net:

 

 

 

Energy

$1,120

$992

13%

Ags and Metals

245

251

(2)%

Financials(1)

357

332

8%

Cash Equities and Equity Options

377

298

27%

OTC and Other(2)

296

233

27%

Data and Connectivity Services

790

752

5%

Listings

446

449

(1)%

Segment Revenue

$3,631

$3,307

10%

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

Fourth quarter fixed income and data services revenues were $450 million, up 3% year-over-year. Fixed income and data services operating expenses were $331 million and adjusted operating expenses were $284 million in the fourth quarter. Segment operating income for the fourth quarter was $119 million and the operating margin was 27%. On an adjusted basis, operating income was $166 million and the adjusted operating margin was 37%.

 

$ (in millions)

4Q20

4Q19

% Chg

Const
Curr(1)

Revenue:

 

 

 

 

Fixed Income Execution

$14

$19

(23)%

(23)%

CDS Clearing

42

48

(12)%

(14)%

Fixed Income Data and Analytics

262

244

7%

7%

Other Data and Network Services

132

125

5%

5%

Segment Revenue

$450

$436

3%

3%

 

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 4Q19, 1.2874 and 1.1070, respectively.

Full year 2020 fixed income and data services revenues were $1.8 billion, up 3% year-over-year. Fixed income and data services operating expenses were $1.3 billion and on an adjusted basis, were $1.1 billion for the year. Segment operating income for the full year was $492 million and the operating margin was 27%. On an adjusted basis, operating income was $691 million and the adjusted operating margin was 38%.

 

$ (in millions)

FY20

FY19

% Chg

Const
Curr(1)

Revenue:

 

 

 

 

Fixed Income Execution

$70

$83

(15)%

(15)%

CDS Clearing

208

214

(2)%

(3)%

Fixed Income Data and Analytics

1,018

969

5%

5%

Other Data and Network Services

514

490

5%

5%

Segment Revenue

$1,810

$1,756

3%

3%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2019, 1.2769 and 1.1195, respectively.

ICE Mortgage Technology Segment Results

Fourth quarter mortgage technology revenues were $350 million, including $276 million from Ellie Mae. Mortgage technology operating expenses were $237 million and adjusted operating expenses were $139 million in the fourth quarter. Segment operating income for the fourth quarter was $113 million and the operating margin was 32%. On an adjusted basis, operating income was $211 million and the adjusted operating margin was 60%.

 

$ (in millions)

4Q20

4Q19

% Chg

Revenue:

 

 

 

Origination Technology

$201

$—

n/a

Network and Closing Solutions

77

17

358%

Data and Analytics

17

n/a

Registrations and Other

55

29

86%

Segment Revenue

$350

$46

658%

 

Full year mortgage technology revenues were $595 million, including $351 million from Ellie Mae. Mortgage technology operating expenses were $443 million and adjusted operating expenses were $231 million in 2020. Segment operating income for the full year was $152 million and the operating margin was 25%. On an adjusted basis, operating income was $364 million and the adjusted operating margin was 61%.

 

$ (in millions)

FY20

FY19

% Chg

Revenue:

 

 

 

Origination Technology

$253

$—

n/a

Network and Closing Solutions

158

36

331%

Data and Analytics

22

n/a

Registrations and Other

162

103

56%

Segment Revenue

$595

$139

324%

 

Other Matters

  • ICE repurchased $1.2 billion of its common stock and paid $669 million in dividends in 2020.
  • Unrestricted cash was $583 million and outstanding debt was $16.5 billion as of December 31, 2020.
  • Operating cash flow for 2020 was $2.9 billion, up 8% from $2.7 billion one year ago. 2020 free cash flow was $2.4 billion, up 4% from one year ago.
  • The effective tax rate for the fourth quarter was 22%.

Financial Guidance

 

GAAP

Non-GAAP

2021 Operating Expenses

$3.465 - $3.515 billion

$2.830 - $2.880 billion(1)

1Q21 Operating Expenses

$885 - $895 million

$720 - $730 million(1)

1Q21 Non-Operating Expense(2)

$97 - $102 million

$105 - $110 million

2021 Capital Expenditures

$400 - $430 million for operational, non-operational capital expenditures and capitalized development

2021 Effective Tax Rate

22.5% - 24.5%(3)

1Q21 Weighted Average Shares Outstanding

562 - 568 million shares

 

(1) 2021 and 1Q21 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. Non-GAAP non-operating expense excludes the equity earnings from OCC.

(3) This represents 2021 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.

Earnings Conference Call Information

ICE will hold a conference call today, February 4, at 8:30 a.m. ET to review its fourth quarter 2020 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 888-317-6003 from the United States, 866-284-3684 from Canada or 412-317-6061 from outside of the United States and Canada. Telephone participants are required to provide the participant entry number 0682536 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 2021 earnings has been scheduled for April 29 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: http://ir.theice.com/investors-and-media/supplemental-volume-info/default.aspx.

 

Consolidated Statements of Income

(In millions, except per share amounts)

 

Twelve Months Ended
December 31,

Three Months Ended
December 31,

Revenues:

2020

2019

2020

2019

Exchanges

$

5,839

 

$

4,652

 

$

1,433

 

$

1,185

 

Fixed income and data services

1,810

 

1,756

 

450

 

436

 

Mortgage technology

595

 

139

 

350

 

46

 

Total revenues

8,244

 

6,547

 

2,233

 

1,667

 

Transaction-based expenses:

 

 

 

 

Section 31 fees

622

 

379

 

157

 

105

 

Cash liquidity payments, routing and clearing

1,586

 

966

 

405

 

264

 

Total revenues, less transaction-based expenses

6,036

 

5,202

 

1,671

 

1,298

 

Operating expenses:

 

 

 

 

Compensation and benefits

1,188

 

1,042

 

339

 

274

 

Professional services

144

 

125

 

44

 

28

 

Acquisition-related transaction and integration costs

105

 

2

 

15

 

1

 

Technology and communication

549

 

469

 

161

 

123

 

Rent and occupancy

81

 

68

 

22

 

16

 

Selling, general and administrative

185

 

161

 

53

 

45

 

Depreciation and amortization

751

 

662

 

257

 

189

 

Total operating expenses

3,003

 

2,529

 

891

 

676

 

Operating income

3,033

 

2,673

 

780

 

622

 

Other income (expense):

 

 

 

 

Interest income

10

 

35

 

1

 

8

 

Interest expense

(357

)

(285

)

(112

)

(71

)

Other income, net

80

 

58

 

5

 

28

 

Other income (expense), net

(267

)

(192

)

(106

)

(35

)

Income before income tax expense

2,766

 

2,481

 

674

 

587

 

Income tax expense

658

 

521

 

146

 

134

 

Net income

$

2,108

 

$

1,960

 

$

528

 

$

453

 

Net income attributable to non-controlling interest

(19

(27

(2

(5

Net income attributable to Intercontinental Exchange, Inc.

$

2,089

 

$

1,933

 

$

526

 

$

448

 

 

 

 

 

 

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:

 

 

 

 

Basic

$

3.79

 

$

3.44

 

$

0.94

 

$

0.81

 

Diluted

$

3.77

 

$

3.42

 

$

0.93

 

$

0.80

 

Weighted average common shares outstanding:

 

 

 

 

Basic

552

 

561

 

561

556

Diluted

555

 

565

 

564

560

 
 

Consolidated Balance Sheets

(In millions)

 

As of

As of

 

December 31, 2020

December 31, 2019

Assets:

 

 

Current assets:

 

 

Cash and cash equivalents

$

583

 

$

841

 

Short-term restricted cash and cash equivalents

1,000

 

943

 

Customer accounts receivable, net

1,230

 

988

 

Margin deposits, guaranty funds and delivery contracts receivable

84,083

 

64,987

 

Prepaid expenses and other current assets

323

 

220

 

Total current assets

87,219

 

67,979

 

Property and equipment, net

1,713

 

1,536

 

Other non-current assets:

 

 

Goodwill

21,291

 

13,342

 

Other intangible assets, net

14,408

 

10,258

 

Long-term restricted cash and cash equivalents

408

 

404

 

Other non-current assets

1,161

 

974

 

Total other non-current assets

37,268

 

24,978

 

Total assets

$

126,200

 

$

94,493

 

 

 

 

Liabilities and Equity:

 

 

Current liabilities:

 

 

Accounts payable and accrued liabilities

$

639

 

$

505

 

Section 31 fees payable

207

 

138

 

Accrued salaries and benefits

346

 

291

 

Deferred revenue

158

 

129

 

Short-term debt

2,411

 

2,569

 

Margin deposits, guaranty funds and delivery contracts payable

84,083

 

64,987

 

Other current liabilities

155

 

197

 

Total current liabilities

87,999

 

68,816

 

Non-current liabilities:

 

 

Non-current deferred tax liability, net

3,563

 

2,314

 

Long-term debt

14,126

 

5,250

 

Accrued employee benefits

206

 

198

 

Non-current operating lease liability

320

 

281

 

Other non-current liabilities

359

 

270

 

Total non-current liabilities

18,574

 

8,313

 

Total liabilities

106,573

 

77,129

 

Commitments and contingencies

 

 

Redeemable non-controlling interests in consolidated subsidiaries

93

 

78

 

Equity:

 

 

Intercontinental Exchange, Inc. stockholders’ equity:

 

 

Common stock

6

 

6

 

Treasury stock, at cost

(5,200)

 

(3,879)

 

Additional paid-in capital

13,845

 

11,742

 

Retained earnings

11,039

 

9,629

 

Accumulated other comprehensive loss

(192

)

(243

)

Total Intercontinental Exchange, Inc. stockholders’ equity

19,498

 

17,255

 

Non-controlling interest in consolidated subsidiaries

36

 

31

 

Total equity

19,534

 

17,286

 

Total liabilities and equity

$

126,200

 

$

94,493

 

 

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.

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE common stockholders, adjusted diluted earnings per share and 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,

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

Total revenues, less transaction-based expenses

$3,631

 

$3,307

 

$1,810

 

$1,756

 

$595

 

$139

 

$6,036

 

$5,202

Operating expenses

1,242

 

1,140

 

1,318

 

1,317

 

443

 

72

 

3,003

 

2,529

Less: Amortization of acquisition-related intangibles

74

 

68

 

191

 

225

 

123

 

16

 

388

 

309

Less: Transaction and integration costs and acquisition-related success fees

12

 

 

 

 

89

 

 

101

 

Less: Impairment of developed software

11

 

 

 

 

 

 

11

 

Less: Impairment of exchange registration intangible assets on ICE Futures Singapore

 

31

 

 

 

 

 

 

31

Less: Accruals relating to a regulatory settlement

 

 

8

 

 

 

 

8

 

Adjusted operating expenses

$1,145

 

$1,041

 

$1,119

 

$1,092

 

$231

 

$56

 

$2,495

 

$2,189

Operating income

$2,389

 

$2,167

 

$492

 

$439

 

$152

 

$67

 

$3,033

 

$2,673

Adjusted operating income

$2,486

 

$2,266

 

$691

 

$664

 

$364

 

$83

 

$3,541

 

$3,013

Operating margin

66%

 

66%

 

27%

 

25%

 

25%

 

48%

 

50%

 

51%

Adjusted operating margin

68%

 

69%

 

38%

 

38%

 

61%

 

59%

 

59%

 

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
December 31,

 

Three Months
Ended
December 31,

 

Three Months
Ended
December 31,

 

Three Months
Ended
December 31,

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

Total revenues, less transaction-based expenses

$871

 

$816

 

$450

 

$436

 

$350

 

$46

 

$1,671

 

$1,298

Operating expenses

323

 

323

 

331

 

330

 

237

 

23

 

891

 

676

Less: Amortization of acquisition-related intangibles

21

 

16

 

47

 

54

 

85

 

5

 

153

 

75

Less: Transaction and integration costs

2

 

 

 

 

13

 

 

15

 

Less: Impairment of developed software

11

 

 

 

 

 

 

11

 

Less: Impairment of exchange registration intangible assets on ICE Futures Singapore

 

31

 

 

 

 

 

 

31

Adjusted operating expenses

$289

 

$276

 

$284

 

$276

 

$139

 

$18

 

$712

 

$570

Operating income

$548

 

$493

 

$119

 

$106

 

$113

 

$23

 

$780

 

$622

Adjusted operating income

$582

 

$540

 

$166

 

$160

 

$211

 

$28

 

$959

 

$728

Operating margin

63%

 

60%

 

26%

 

24%

 

32%

 

51%

 

47%

 

48%

Adjusted operating margin

67%

 

66%

 

37%

 

37%

 

60%

 

61%

 

57%

 

56%

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

 

Twelve Months
Ended
12/31/2020

 

Twelve Months
Ended
12/31/2019

Net income attributable to ICE common stockholders

$

2,089

 

 

$

1,933

 

Add: Amortization of acquisition-related intangibles

388

 

 

309

 

Add: Transaction and integration costs and acquisition-related success fees

101

 

 

 

Less: Gain on equity investments

(55

)

 

 

Add: Extinguishment of 2020 Senior Notes

14

 

 

 

Add: Pre-acquisition interest expense on debt issued for Ellie Mae acquisition

5

 

 

 

Less: Impairment of developed software

11

 

 

 

Add: Impairment of CAT promissory notes

2

 

 

16

 

Add: Impairment of exchange registration intangible assets on ICE Futures Singapore

 

 

31

 

Add: Accrual for potential legal settlements

30

 

 

 

Add: Accruals relating to a regulatory settlement

8

 

 

 

Less: Income tax effect for the above items

(129

)

 

(90

)

Add/(Less): Deferred tax adjustments on acquisition-related intangibles

36

 

 

(8

)

Add: Other tax adjustments

 

 

3

 

Adjusted net income attributable to ICE common stockholders

$

2,500

 

 

$

2,194

 

 

 

 

 

Basic earnings per share attributable to ICE common stockholders

$

3.79

 

 

$

3.44

 

Diluted earnings per share attributable to ICE common stockholders

$

3.77

 

 

$

3.42

 

 

 

 

 

Adjusted basic earnings per share attributable to ICE common stockholders

$

4.53

 

 

$

3.91

 

Adjusted diluted earnings per share attributable to ICE common stockholders

$

4.51

 

 

$

3.88

 

 

 

 

 

Basic weighted average common shares outstanding

552

 

 

561

 

Diluted weighted average common shares outstanding

555

 

 

565

 

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

 

Three Months
Ended
12/31/2020

 

Three Months
Ended
12/31/2019

Net income attributable to ICE

$

526

 

 

$

448

 

Add: Amortization of acquisition-related intangibles

153

 

 

75

 

Add: Transaction and integration costs

15

 

 

 

Add: Impairment of exchange registration intangible assets on ICE Futures Singapore

 

 

31

 

Less: Gain on equity investments

(55

)

 

 

Add: Impairment of developed software

11

 

 

 

Add: Accrual for potential legal settlements

30

 

 

 

Less: Income tax effect related to the items above

(44

)

 

(25

)

Add: Deferred tax adjustments on acquisition-related intangibles

3

 

 

5

 

Adjusted net income attributable to ICE

$

639

 

 

$

534

 

 

 

 

 

Basic earnings per share

$

0.94

 

 

$

0.81

 

Diluted earnings per share

$

0.93

 

 

$

0.80

 

 

 

 

 

Adjusted basic earnings per share

$

1.14

 

 

$

0.96

 

Adjusted diluted earnings per share

$

1.13

 

 

$

0.95

 

 

 

 

 

Basic weighted average common shares outstanding

561

 

 

556

 

Diluted weighted average common shares outstanding

564

 

 

560

 

 

Free Cash Flow Calculation

(In millions)

(Unaudited)

 

Twelve Months Ending
December 31, 2020

Twelve Months Ending
December 31, 2019

Cash flow from operations

$2,881

 

$2,659

 

Less: Capital expenditures and capitalized software development costs

(410

)

(305

)

Less: Section 31 fees, net

(69

)

(34

)

Free cash flow

$2,402

 

$2,320

 

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.

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 here. 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 ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.

SOURCE: Intercontinental Exchange

ICE-CORP

ICE Investor Relations Contact:
Warren Gardiner
+1 770 835 0114
warren.gardiner@theice.com

investors@theice.com

ICE Media Contact:
Josh King
+1 212 656 2490
josh.king@theice.com

media@theice.com

Source: Intercontinental Exchange

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