Intercontinental Exchange Reports Strong Third Quarter 2024
Intercontinental Exchange (NYSE: ICE) reported strong Q3 2024 results with record net revenues of $2.3 billion, up 17% year-over-year. The company achieved GAAP diluted EPS of $1.14 (+19% y/y) and adjusted diluted EPS of $1.55 (+6% y/y). Operating income reached a record $1.1 billion (+31% y/y), with an operating margin of 47%. The quarter saw strong performance across segments, with Exchange net revenues at $1.3 billion, Fixed Income and Data Services at $586 million, and Mortgage Technology at $509 million. Operating cash flow through Q3 2024 was $3.1 billion, with adjusted free cash flow of $2.6 billion.
Intercontinental Exchange (NYSE: ICE) ha riportato risultati solidi per il terzo trimestre 2024 con ricavi netti record di 2,3 miliardi di dollari, in aumento del 17% rispetto all'anno precedente. L'azienda ha raggiunto un utile per azione diluito GAAP di 1,14 dollari (+19% tendenziale) e un utile per azione diluito rettificato di 1,55 dollari (+6% tendenziale). L'utile operativo ha raggiunto un record di 1,1 miliardi di dollari (+31% tendenziale), con un margine operativo del 47%. Durante il trimestre si è registrata una forte performance nei vari segmenti, con ricavi netti da scambio pari a 1,3 miliardi di dollari, da servizi di reddito fisso e dati pari a 586 milioni di dollari, e da tecnologia ipotecaria pari a 509 milioni di dollari. Il flusso di cassa operativo nel terzo trimestre 2024 è stato di 3,1 miliardi di dollari, con un flusso di cassa libero rettificato di 2,6 miliardi di dollari.
Intercontinental Exchange (NYSE: ICE) reportó resultados sólidos para el tercer trimestre de 2024 con ingresos netos récord de 2.3 mil millones de dólares, un aumento del 17% en comparación con el año anterior. La compañía logró una utilidad por acción diluida GAAP de 1.14 dólares (+19% interanual) y una utilidad por acción diluida ajustada de 1.55 dólares (+6% interanual). El ingreso operativo alcanzó un récord de 1.1 mil millones de dólares (+31% interanual), con un margen operativo del 47%. Durante el trimestre se observó un fuerte desempeño en todos los segmentos, con ingresos netos de intercambio por 1.3 mil millones de dólares, Servicios de Renta Fija y Datos por 586 millones de dólares, y Tecnología Hipotecaria por 509 millones de dólares. El flujo de efectivo operativo hasta el tercer trimestre de 2024 fue de 3.1 mil millones de dólares, con un flujo de caja libre ajustado de 2.6 mil millones de dólares.
인터컨티넨탈 익스체인지 (NYSE: ICE)는 2024년 3분기 강력한 실적을 보고했습니다. 기록적인 순수익 23억 달러로 전년 대비 17% 증가했습니다. 회사는 GAAP 희석 주당 순이익 1.14달러 (+19% y/y)와 조정된 희석 주당 순이익 1.55달러 (+6% y/y)를 달성했습니다. 운영 소득은 기록적인 11억 달러에 도달했으며 (+31% y/y), 운영 마진은 47%에 달했습니다. 이번 분기 모든 분야에서 강력한 실적을 보였으며, 거래소 순수익은 13억 달러, 고정 수입 및 데이터 서비스는 5억 8,600만 달러, 주택 담보 대출 기술은 5억 900만 달러에 달했습니다. 2024년 3분기까지의 운영 현금 흐름은 31억 달러였으며, 조정된 자유 현금 흐름은 26억 달러였습니다.
Intercontinental Exchange (NYSE: ICE) a annoncé des résultats solides pour le troisième trimestre 2024 avec un chiffre d'affaires net record de 2,3 milliards de dollars, en hausse de 17 % par rapport à l'année précédente. L'entreprise a atteint un bénéfice par action dilué GAAP de 1,14 dollar (+19 % par rapport à l'année précédente) et un bénéfice par action dilué ajusté de 1,55 dollar (+6 % par rapport à l'année précédente). Le résultat opérationnel a atteint un record de 1,1 milliard de dollars (+31 % par rapport à l'année précédente), avec une marge opérationnelle de 47 %. Le trimestre a connu une forte performance dans tous les segments, avec des revenus nets d'échange de 1,3 milliard de dollars, des services de revenu fixe et de données à 586 millions de dollars et une technologie hypothécaire à 509 millions de dollars. Le flux de trésorerie opérationnel jusqu'au troisième trimestre 2024 s'élevait à 3,1 milliards de dollars, avec un flux de trésorerie libre ajusté de 2,6 milliards de dollars.
Intercontinental Exchange (NYSE: ICE) hat im dritten Quartal 2024 starke Ergebnisse bekannt gegeben mit Rekordnettoeinnahmen von 2,3 Milliarden US-Dollar, was einem Anstieg von 17% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein GAAP-diluted EPS von 1,14 US-Dollar (+19% im Jahresvergleich) und ein adjusted diluted EPS von 1,55 US-Dollar (+6% im Jahresvergleich). Der Betriebsgewinn erreichte mit 1,1 Milliarden US-Dollar (+31% im Jahresvergleich) einen Rekord, bei einer Betriebsgewinnmarge von 47%. Das Quartal verzeichnete eine starke Leistung in allen Segmenten, mit Nettoerlösen von Börsen in Höhe von 1,3 Milliarden US-Dollar, von Fixed-Income- und Datendienstleistungen in Höhe von 586 Millionen US-Dollar und von Hypothekentechnologie in Höhe von 509 Millionen US-Dollar. Der operative Cashflow bis zum dritten Quartal 2024 betrug 3,1 Milliarden US-Dollar, mit einem adjusted Free Cashflow von 2,6 Milliarden US-Dollar.
- Record Q3 net revenues of $2.3 billion, up 17% year-over-year
- Record operating income of $1.1 billion, increasing 31% year-over-year
- GAAP diluted EPS grew 19% to $1.14
- Strong operating cash flow of $3.1 billion through Q3 2024
- Mortgage Technology revenue increased 54% to $509 million
- Outstanding debt of $21.2 billion as of September 30, 2024
- Mortgage Technology segment reported operating loss of $54 million with -11% operating margin
- Listings revenue declined 1% year-over-year
Insights
ICE delivered an impressive Q3 2024 performance with record revenues of
Key highlights include adjusted EPS of
The mortgage technology segment showed remarkable growth with revenues up
|
|
Jeffrey C. Sprecher, ICE Chair & Chief Executive Officer, said, "We are pleased to report our third quarter results that extend our track record of revenue and earnings per share growth. Our customers continue to rely on our mission-critical data and technology to manage their risk and capture workflow efficiencies amid a dynamic macroeconomic environment. As we look to the balance of the year and beyond, our focus remains on capitalizing on our world class technology, innovative culture and operating expertise to better serve our customers and create value for our stockholders." |
Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the third quarter of 2024. For the quarter ended September 30, 2024, consolidated net income attributable to ICE was
Warren
Third Quarter 2024 Business Highlights
Third quarter consolidated net revenues were
$ (in millions) |
Net Revenues |
Op Margin |
Adj Op Margin |
|
3Q24 |
||
Exchanges |
|
|
|
Fixed Income and Data Services |
|
|
|
Mortgage Technology |
|
(11)% |
|
Consolidated |
|
|
|
|
|
|
|
|
3Q24 |
3Q23 |
% Chg |
Recurring Revenues |
|
|
|
Transaction Revenues, net |
|
|
|
Exchanges Segment Results
Third quarter exchange net revenues were
$ (in millions) |
3Q24 |
3Q23 |
% Chg |
Const
|
Revenues, net: |
|
|
|
|
Energy |
|
|
|
|
Ags and Metals |
60 |
61 |
(3)% |
(3)% |
Financials(2) |
141 |
112 |
|
|
Cash Equities and Equity Options, net |
107 |
93 |
|
|
OTC and Other(3) |
109 |
104 |
|
|
Data and Connectivity Services |
242 |
236 |
|
|
Listings |
122 |
124 |
(1)% |
(1)% |
Segment Revenues |
|
|
|
|
|
|
|
|
|
Recurring Revenues |
|
|
|
|
Transaction Revenues, net |
|
|
|
|
(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q23, 1.2660 and 1.0881, respectively. (2) Financials include interest rates and other financial futures and options.
(3) OTC & other includes net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our |
Fixed Income and Data Services Segment Results
Third quarter fixed income and data services revenues were
$ (in millions) |
3Q24 |
3Q23 |
% Chg |
Const
|
Revenues: |
|
|
|
|
Fixed Income Execution |
|
|
(2)% |
(2)% |
CDS Clearing |
97 |
94 |
|
|
Fixed Income Data and Analytics |
295 |
279 |
|
|
Other Data and Network Services |
166 |
157 |
|
|
Segment Revenues |
|
|
|
|
|
|
|
|
|
Recurring Revenues |
|
|
|
|
Transaction Revenues |
|
|
|
|
(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q23, 1.2660 and 1.0881, respectively. |
Mortgage Technology Segment Results
Third quarter mortgage technology revenues were
$ (in millions) |
3Q24 |
3Q23 |
% Chg |
Revenues: |
|
|
|
Origination Technology |
|
|
|
Closing Solutions |
54 |
48 |
|
Servicing Software |
209 |
69 |
n/a |
Data and Analytics |
64 |
41 |
|
Segment Revenues |
|
|
|
|
|
|
|
Recurring Revenues |
|
|
|
Transaction Revenues |
|
|
|
Other Matters
-
Operating cash flow through the third quarter of 2024 was
and adjusted free cash flow was$3.1 billion .$2.6 billion -
Unrestricted cash was
and outstanding debt was$755 million as of September 30, 2024.$21.2 billion -
Through the third quarter of 2024, ICE paid
in dividends.$780 million
Updated Financial Guidance
-
ICE's fourth quarter 2024 GAAP operating expenses are expected to be in a range of
to$1.23 billion . Adjusted operating expenses(1) are expected to be in a range of$1.24 billion to$977 million .$987 million -
ICE's fourth quarter 2024 GAAP and adjusted non-operating expense(2) are both expected to be in the range of
to$180 million .$185 million - ICE's diluted share count for the fourth quarter is expected to be in the range of 574 million to 580 million weighted average shares outstanding.
-
ICE's full year 2024 capital expenditures are now expected to be in a range of
to$700 million .$740 million
(1) 4Q 2024 non-GAAP operating expenses exclude amortization of acquisition-related intangibles, duplicate rent expenses, and Black Knight integration costs. |
(2) Non-operating expense includes interest income, interest expense and net other income/expense. Non-GAAP non-operating expense excludes equity earnings/losses from unconsolidated investees. |
Earnings Conference Call Information
ICE will hold a conference call today, October 31, 2024, at 8:30 a.m. ET to review its third quarter 2024 financial results. A live audio webcast of the earnings call will be available on the company's website at www.ice.com in the investor relations section. Participants may also listen via telephone by dialing 833-470-1428 from
The conference call for the fourth quarter 2024 earnings has been scheduled for February 6th, 2025 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: |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Exchanges |
$ |
5,498 |
|
$ |
4,754 |
|
$ |
1,938 |
|
$ |
1,540 |
|
Fixed income and data services |
|
1,719 |
|
|
1,668 |
|
|
586 |
|
|
559 |
|
Mortgage technology |
|
1,514 |
|
|
815 |
|
|
509 |
|
|
330 |
|
Total revenues |
|
8,731 |
|
|
7,237 |
|
|
3,033 |
|
|
2,429 |
|
Transaction-based expenses: |
|
|
|
|
||||||||
Section 31 fees |
|
437 |
|
|
231 |
|
|
232 |
|
|
56 |
|
Cash liquidity payments, routing and clearing |
|
1,338 |
|
|
1,219 |
|
|
452 |
|
|
370 |
|
Total revenues, less transaction-based expenses |
|
6,956 |
|
|
5,787 |
|
|
2,349 |
|
|
2,003 |
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
||||||||
Compensation and benefits |
|
1,422 |
|
|
1,103 |
|
|
487 |
|
|
400 |
|
Professional services |
|
114 |
|
|
88 |
|
|
40 |
|
|
31 |
|
Acquisition-related transaction and integration costs |
|
88 |
|
|
201 |
|
|
37 |
|
|
155 |
|
Technology and communication |
|
631 |
|
|
529 |
|
|
212 |
|
|
184 |
|
Rent and occupancy |
|
89 |
|
|
65 |
|
|
30 |
|
|
20 |
|
Selling, general and administrative |
|
232 |
|
|
196 |
|
|
54 |
|
|
59 |
|
Depreciation and amortization |
|
1,148 |
|
|
836 |
|
|
386 |
|
|
309 |
|
Total operating expenses |
|
3,724 |
|
|
3,018 |
|
|
1,246 |
|
|
1,158 |
|
Operating income |
|
3,232 |
|
|
2,769 |
|
|
1,103 |
|
|
845 |
|
Other income/(expense): |
|
|
|
|
||||||||
Interest income |
|
105 |
|
|
287 |
|
|
39 |
|
|
94 |
|
Interest expense |
|
(697 |
) |
|
(557 |
) |
|
(223 |
) |
|
(206 |
) |
Other income/(expense), net |
|
83 |
|
|
(121 |
) |
|
(21 |
) |
|
(51 |
) |
Total other income/(expense), net |
|
(509 |
) |
|
(391 |
) |
|
(205 |
) |
|
(163 |
) |
Income before income tax expense |
|
2,723 |
|
|
2,378 |
|
|
898 |
|
|
682 |
|
Income tax expense |
|
630 |
|
|
330 |
|
|
227 |
|
|
123 |
|
Net income |
$ |
2,093 |
|
$ |
2,048 |
|
$ |
671 |
|
$ |
559 |
|
Net income attributable to non-controlling interest |
|
(37 |
) |
|
(53 |
) |
|
(14 |
) |
|
(18 |
) |
Net income attributable to Intercontinental Exchange, Inc. |
$ |
2,056 |
|
$ |
1,995 |
|
$ |
657 |
|
$ |
541 |
|
|
|
|
|
|
||||||||
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: |
|
|
|
|
||||||||
Basic |
$ |
3.59 |
|
$ |
3.56 |
|
$ |
1.15 |
|
$ |
0.96 |
|
Diluted |
$ |
3.57 |
|
$ |
3.55 |
|
$ |
1.14 |
|
$ |
0.96 |
|
Weighted average common shares outstanding: |
|
|
|
|
||||||||
Basic |
|
573 |
|
|
561 |
|
|
574 |
|
|
563 |
|
Diluted |
|
576 |
|
|
562 |
|
|
577 |
|
|
565 |
|
Consolidated Balance Sheets (In millions) |
||||||
|
As of |
|
||||
|
September 30, 2024 |
As of |
||||
|
(Unaudited) |
December 31, 2023 |
||||
Assets: |
|
|
||||
Current assets: |
|
|
||||
Cash and cash equivalents |
$ |
755 |
|
$ |
899 |
|
Short-term restricted cash and cash equivalents |
|
1,243 |
|
|
531 |
|
Short-term restricted investments |
|
500 |
|
|
680 |
|
Cash and cash equivalent margin deposits and guaranty funds |
|
78,774 |
|
|
78,980 |
|
Invested deposits, delivery contracts receivable and unsettled variation margin |
|
1,119 |
|
|
1,814 |
|
Customer accounts receivable, net |
|
1,565 |
|
|
1,366 |
|
Prepaid expenses and other current assets |
|
739 |
|
|
703 |
|
Total current assets |
|
84,695 |
|
|
84,973 |
|
Property and equipment, net |
|
2,029 |
|
|
1,923 |
|
Other non-current assets: |
|
|
||||
Goodwill |
|
30,598 |
|
|
30,553 |
|
Other intangible assets, net |
|
16,573 |
|
|
17,317 |
|
Long-term restricted cash and cash equivalents |
|
370 |
|
|
340 |
|
Other non-current assets |
|
936 |
|
|
978 |
|
Total other non-current assets |
|
48,477 |
|
|
49,188 |
|
Total assets |
$ |
135,201 |
|
$ |
136,084 |
|
|
|
|
||||
Liabilities and Equity: |
|
|
||||
Current liabilities: |
|
|
||||
Accounts payable and accrued liabilities |
$ |
1,045 |
|
$ |
1,003 |
|
Section 31 fees payable |
|
76 |
|
|
79 |
|
Accrued salaries and benefits |
|
353 |
|
|
459 |
|
Deferred revenue |
|
375 |
|
|
200 |
|
Short-term debt |
|
2,619 |
|
|
1,954 |
|
Margin deposits and guaranty funds |
|
78,774 |
|
|
78,980 |
|
Invested deposits, delivery contracts payable and unsettled variation margin |
|
1,119 |
|
|
1,814 |
|
Other current liabilities |
|
201 |
|
|
137 |
|
Total current liabilities |
|
84,562 |
|
|
84,626 |
|
Non-current liabilities: |
|
|
||||
Non-current deferred tax liability, net |
|
3,855 |
|
|
4,080 |
|
Long-term debt |
|
18,581 |
|
|
20,659 |
|
Accrued employee benefits |
|
178 |
|
|
193 |
|
Non-current operating lease liability |
|
318 |
|
|
299 |
|
Other non-current liabilities |
|
434 |
|
|
441 |
|
Total non-current liabilities |
|
23,366 |
|
|
25,672 |
|
Total liabilities |
|
107,928 |
|
|
110,298 |
|
|
|
|
||||
|
|
|
||||
Equity: |
|
|
||||
Intercontinental Exchange, Inc. stockholders’ equity: |
|
|
||||
Common stock |
|
7 |
|
|
6 |
|
Treasury stock, at cost |
|
(6,381 |
) |
|
(6,304 |
) |
Additional paid-in capital |
|
16,226 |
|
|
15,953 |
|
Retained earnings |
|
17,632 |
|
|
16,356 |
|
Accumulated other comprehensive loss |
|
(251 |
) |
|
(294 |
) |
Total Intercontinental Exchange, Inc. stockholders’ equity |
|
27,233 |
|
|
25,717 |
|
Non-controlling interest in consolidated subsidiaries |
|
40 |
|
|
69 |
|
Total equity |
|
27,273 |
|
|
25,786 |
|
Total liabilities and equity |
$ |
135,201 |
|
$ |
136,084 |
|
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, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Total revenues, less transaction-based expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
989 |
|
944 |
|
1,087 |
|
1,057 |
|
1,648 |
|
1,017 |
|
3,724 |
|
3,018 |
Less: Amortization of acquisition-related intangibles |
51 |
|
49 |
|
114 |
|
127 |
|
593 |
|
316 |
|
758 |
|
492 |
Less: Transaction and integration costs |
— |
|
— |
|
— |
|
— |
|
88 |
|
201 |
|
88 |
|
201 |
Less: Regulatory matter |
— |
|
11 |
|
10 |
|
— |
|
— |
|
— |
|
10 |
|
11 |
Less: Other |
11 |
|
6 |
|
20 |
|
— |
|
— |
|
— |
|
31 |
|
6 |
Adjusted operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
|
|
|
|
|
|
(9)% |
|
(25)% |
|
|
|
|
Adjusted operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Total revenues, less transaction-based expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
307 |
|
313 |
|
376 |
|
358 |
|
563 |
|
487 |
|
1,246 |
|
1,158 |
Less: Amortization of acquisition-related intangibles |
17 |
|
16 |
|
37 |
|
42 |
|
198 |
|
133 |
|
252 |
|
191 |
Less: Transaction and integration costs |
— |
|
— |
|
— |
|
— |
|
37 |
|
155 |
|
37 |
|
155 |
Less: Regulatory matter |
— |
|
— |
|
10 |
|
— |
|
— |
|
— |
|
10 |
|
— |
Less/(Add): Other |
(19) |
|
— |
|
6 |
|
— |
|
— |
|
— |
|
(13) |
|
— |
Adjusted operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
|
|
|
|
|
|
(11)% |
|
(48)% |
|
|
|
|
Adjusted operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income Attributable to ICE and Diluted EPS (In millions) (Unaudited) |
|||||||
|
Nine Months
|
|
Nine Months
|
||||
Net income attributable to ICE common stockholders |
$ |
2,056 |
|
|
$ |
1,995 |
|
Add: Amortization of acquisition-related intangibles |
|
758 |
|
|
|
492 |
|
Add: Transaction and integration costs |
|
88 |
|
|
|
201 |
|
(Less)/Add: Litigation and regulatory matters |
|
(150 |
) |
|
|
11 |
|
Add: Net losses from unconsolidated investees |
|
63 |
|
|
|
91 |
|
Add: Loss on sale and fair value adjustments of equity investments and dividends received |
|
1 |
|
|
|
7 |
|
Less: Net interest income on pre-acquisition-related debt |
|
— |
|
|
|
(12 |
) |
Add: Other |
|
31 |
|
|
|
22 |
|
Less: Income tax effect for the above items |
|
(199 |
) |
|
|
(178 |
) |
Less: Deferred tax adjustments on acquisition-related intangibles |
|
(26 |
) |
|
|
(131 |
) |
Less: Other tax adjustments |
|
— |
|
|
|
(81 |
) |
Adjusted net income attributable to ICE common stockholders |
$ |
2,622 |
|
|
$ |
2,417 |
|
|
|
|
|
||||
Diluted earnings per share attributable to ICE common stockholders |
$ |
3.57 |
|
|
$ |
3.55 |
|
|
|
|
|
||||
Adjusted diluted earnings per share attributable to ICE common stockholders |
$ |
4.55 |
|
|
$ |
4.30 |
|
|
|
|
|
||||
Diluted weighted average common shares outstanding |
|
576 |
|
|
|
562 |
|
Adjusted Net Income Attributable to ICE and Diluted EPS (In millions) (Unaudited) |
|||||||
|
Three Months
|
|
Three Months
|
||||
Net income attributable to ICE common stockholders |
$ |
657 |
|
|
$ |
541 |
|
Add: Amortization of acquisition-related intangibles |
|
252 |
|
|
|
191 |
|
Add: Transaction and integration costs |
|
37 |
|
|
|
155 |
|
Add: Regulatory matter |
|
10 |
|
|
|
— |
|
Add: Net losses from unconsolidated investees |
|
18 |
|
|
|
26 |
|
(Less)/Add: Loss on sale and fair value adjustments of equity investments and dividends received |
|
(2 |
) |
|
|
7 |
|
(Less)/Add: Other |
|
(13 |
) |
|
|
16 |
|
Less: Income tax effect for the above items |
|
(74 |
) |
|
|
(66 |
) |
Add/(Less): Deferred tax adjustments on acquisition-related intangibles |
|
9 |
|
|
|
(46 |
) |
|
|
|
|
||||
Adjusted net income attributable to ICE common stockholders |
$ |
894 |
|
|
$ |
824 |
|
|
|
|
|
||||
Diluted earnings per share attributable to ICE common stockholders |
$ |
1.14 |
|
|
$ |
0.96 |
|
|
|
|
|
||||
Adjusted diluted earnings per share attributable to ICE common stockholders |
$ |
1.55 |
|
|
$ |
1.46 |
|
|
|
|
|
||||
Diluted weighted average common shares outstanding |
|
577 |
|
|
|
565 |
|
Adjusted Free Cash Flow Calculation (In millions) (Unaudited) |
|||||||
|
Nine Months Ended September 30, 2024 |
Nine Months Ended September 30, 2023 |
|||||
Net cash provided by operating activities |
$ |
3,103 |
|
$ |
2,573 |
|
|
Less: Capital expenditures |
|
(212 |
) |
|
(104 |
) |
|
Less: Capitalized software development costs |
|
(264 |
) |
|
(222 |
) |
|
Free cash flow |
|
2,627 |
|
|
2,247 |
|
|
Add: Section 31 fees, net |
|
4 |
|
|
205 |
|
|
Adjusted free cash flow |
$ |
2,631 |
|
$ |
2,452 |
|
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
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, 2023, as filed with the SEC on February 8, 2024. 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031546804/en/
ICE Investor Relations Contact:
Katia Gonzalez
+1 678 981 3882
katia.gonzalez@ice.com
ICE Media Contact:
Damon Leavell
+1 212 323 8587
damon.leavell@ice.com
Source: Intercontinental Exchange
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