Intercontinental Exchange Reports Strong Second Quarter 2022

ATLANTA & NEW YORK--(BUSINESS WIRE)--Aug 4, 2022--

 

  • 2Q22 net revenues of $1.8 billion, +6% y/y

 

  • 2Q22 GAAP diluted EPS of $0.99, down 55% y/y, primarily due to the 2Q21 pre-tax gain of $1.23 billion related to the full divestment of our stake in Coinbase

 

  • 2Q22 adj. diluted EPS of $1.32, +14% y/y

 

  • 2Q22 operating income of $869 million, +9% y/y; adj. operating income of $1.1 billion, +12% y/y

 

  • 2Q22 operating margin of 48%; adj. operating margin of 59%

 

 

Jeffrey C. Sprecher,
ICE Chair & Chief Executive Officer, said,
"We are pleased to report our second quarter results, which were highlighted by continued revenue and operating profit growth. Amidst a backdrop of continued volatility and uncertainty, our strong second quarter performance reflects the value of our markets, technology and data services. Our strategic diversification across asset classes and geographies enables us to better innovate for customers and drive growth across an array of macro environments. As we look to the second half of the year, we remain focused on connecting customers to data and technology and extending our track record of growth."

Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the second quarter of 2022. For the quarter ended June 30, 2022, consolidated net income attributable to ICE was $555 million on $1.8 billion of consolidated revenues, less transaction-based expenses. Second quarter GAAP diluted earnings per share (EPS) were $0.99. Adjusted net income attributable to ICE was $739 million in the second quarter and adjusted diluted EPS were $1.32. 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.

Warren Gardiner, ICE Chief Financial Officer, added: "Through the first half of the year, we have grown revenues, operating income and cash flow. Recurring revenues, which account for roughly 50% of our total revenue, continue to compound alongside growth in our diverse transaction-based businesses. This performance reflects the “all-weather” nature of our business model, and as we move into the second half of 2022, we are well-positioned to benefit from near-term cyclical tailwinds as well as longer-term secular trends and remain focused on creating value for stockholders."

Second Quarter 2022 Business Highlights

Second quarter consolidated net revenues were $1.8 billion, up 6% year-over-year including exchange net revenues of $1.0 billion, fixed income and data services revenues of $512 million and mortgage technology revenues of $297 million. Consolidated operating expenses were $945 million for the second quarter of 2022. On an adjusted basis, consolidated operating expenses were $740 million. Consolidated operating income for the second quarter was $869 million and the operating margin was 48%. On an adjusted basis, consolidated operating income for the second quarter was $1.1 billion and the adjusted operating margin was 59%.

$ (in millions)

Net
Revenue

Op
Margin

Adj Op
Margin

 

2Q22

Exchanges

$1,005

70%

71%

Fixed Income and Data Services

$512

34%

43%

Mortgage Technology

$297

(2)%

46%

Consolidated

$1,814

48%

59%

 

 

 

 

 

2Q22

2Q21

% Chg

Recurring Revenue

$931

$870

7%

Transaction Revenue, net

$883

$837

6%

Exchanges Segment Results

Second quarter exchange net revenues were $1.0 billion. Exchange operating expenses were $304 million and on an adjusted basis, were $287 million in the second quarter. Segment operating income for the second quarter was $701 million and the operating margin was 70%. On an adjusted basis, operating income was $718 million and the adjusted operating margin was 71%.

$ (in millions)

 

2Q22

2Q21

% Chg

Revenue, net:

 

 

 

Energy

$265

$274

(3)%

Ags and Metals

61

62

(1)%

Financials (1)

123

83

50%

Cash Equities and Equity Options

99

85

17%

OTC and Other (2)

108

78

39%

Data and Connectivity Services

218

208

4%

Listings

131

119

10%

Segment Revenue

$1,005

$909

11%

 

 

 

 

Recurring Revenue

$350

$327

7%

Transaction Revenue, net

$655

$582

13%

(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

Second quarter fixed income and data services revenues were $512 million. Fixed income and data services operating expenses were $338 million and adjusted operating expenses were $294 million in the second quarter. Segment operating income for the second quarter was $174 million and the operating margin was 34%. On an adjusted basis, operating income was $218 million and the adjusted operating margin was 43%.

$ (in millions)

2Q22

2Q21

% Chg

Const
Curr (1)

Revenue:

 

 

 

 

Fixed Income Execution

$25

$13

84%

85%

CDS Clearing

66

38

72%

76%

Fixed Income Data and Analytics

274

268

3%

4%

Other Data and Network Services

147

139

6%

8%

Segment Revenue

$512

$458

12%

13%

 

 

 

 

 

Recurring Revenue

$421

$407

4%

5%

Transaction Revenue

$91

$51

75%

78%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2Q21, 1.3985 and 1.2054, respectively.

Mortgage Technology Segment Results

Second quarter mortgage technology revenues were $297 million. Mortgage technology operating expenses were $303 million and adjusted operating expenses were $159 million in the second quarter. Segment operating loss for the second quarter was $6 million and the operating margin was (2)%. On an adjusted basis, operating income was $138 million and the adjusted operating margin was 46%.

$ (in millions)

2Q22

2Q21

% Chg

Revenue:

 

 

 

Origination Technology

$196

$241

(19)%

Closing Solutions

64

69

(6)%

Data and Analytics

24

18

37%

Other

13

12

4%

Segment Revenue

$297

$340

(13)%

 

 

 

 

Recurring Revenue

$160

$136

18%

Transaction Revenue

$137

$204

(33)%

Other Matters

  • The effective tax rate for the second quarter of 2022 was 23%.
  • Operating cash flow through the second quarter of 2022 was $1.7 billion and free cash flow was $1.4 billion.
  • Unrestricted cash was $830 million and outstanding debt was $18.1 billion as of June 30, 2022.
  • Through the second quarter of 2022, ICE repurchased $632 million of its common stock and paid $427 million in dividends. In connection with our pending acquisition of Black Knight, on May 4, 2022 we suspended share repurchases.

Updated Financial Guidance

  • ICE's full year 2022 GAAP operating expenses are expected to be in a range of $3.599 billion to $3.649 billion. Adjusted operating expenses (1) are expected to be in a range of $2.97 billion to $2.99 billion.
  • ICE's third quarter 2022 GAAP operating expenses are expected to be in a range of $903 million to $913 million. Adjusted operating expenses (1) are expected to be in a range of $743 million to $753 million.
  • ICE's third quarter 2022 GAAP non-operating expense (2) is expected to be in the range of $180 million to $185 million. Adjusted non-operating expense is expected to be in the range of $115 million to $120 million.
  • ICE's diluted share count for the third quarter is expected to be in the range of 558 million to 563 million weighted average shares outstanding.

(1) 2022 and 3Q22 non-GAAP operating expenses exclude amortization of acquisition-related intangibles and Ellie Mae transaction and 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, August 4, 2022, at 8:30 a.m. ET to review its second 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 093622 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 third quarter 2022 earnings has been scheduled for November 3rd, 2022 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)

 

 

Six Months Ended
June 30,

Three Months Ended
June 30,

Revenues:

2022

2021

2022

2021

Exchanges

$

3,247

 

$

2,942

 

$

1,604

 

$

1,336

 

Fixed income and data services

 

1,021

 

 

926

 

 

512

 

 

458

 

Mortgage technology

 

604

 

 

695

 

 

297

 

 

340

 

Total revenues

 

4,872

 

 

4,563

 

 

2,413

 

 

2,134

 

Transaction-based expenses:

 

 

 

 

Section 31 fees

 

174

 

 

166

 

 

123

 

 

41

 

Cash liquidity payments, routing and clearing

 

985

 

 

893

 

 

476

 

 

386

 

Total revenues, less transaction-based expenses

 

3,713

 

 

3,504

 

 

1,814

 

 

1,707

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Compensation and benefits

 

714

 

 

719

 

 

355

 

 

365

 

Professional services

 

69

 

 

81

 

 

35

 

 

37

 

Acquisition-related transaction and integration costs

 

62

 

 

28

 

 

53

 

 

10

 

Technology and communication

 

344

 

 

327

 

 

169

 

 

165

 

Rent and occupancy

 

41

 

 

41

 

 

20

 

 

20

 

Selling, general and administrative

 

112

 

 

111

 

 

57

 

 

60

 

Depreciation and amortization

 

510

 

 

506

 

 

256

 

 

251

 

Total operating expenses

 

1,852

 

 

1,813

 

 

945

 

 

908

 

Operating income

 

1,861

 

 

1,691

 

 

869

 

 

799

 

Other income/(expense):

 

 

 

 

Interest income

 

9

 

 

 

 

8

 

 

 

Interest expense

 

(264

)

 

(213

)

 

(161

)

 

(106

)

Other income/(expense), net

 

(35

)

 

1,287

 

 

23

 

 

1,239

 

Other income/(expense), net

 

(290

)

 

1,074

 

 

(130

)

 

1,133

 

Income before income tax expense

 

1,571

 

 

2,765

 

 

739

 

 

1,932

 

Income tax expense

 

338

 

 

862

 

 

173

 

 

679

 

Net income

$

1,233

 

$

1,903

 

$

566

 

$

1,253

 

Net income attributable to non-controlling interest

 

(21

)

 

(5

)

 

(11

)

 

(1

)

Net income attributable to Intercontinental Exchange, Inc.

$

1,212

 

$

1,898

 

$

555

 

$

1,252

 

 

 

 

 

 

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

 

 

 

 

Basic

$

2.17

 

$

3.38

 

$

0.99

 

$

2.23

 

Diluted

$

2.16

 

$

3.36

 

$

0.99

 

$

2.22

 

Weighted average common shares outstanding:

 

 

 

 

Basic

 

560

 

 

562

 

 

558

 

 

563

 

Diluted

 

562

 

 

565

 

 

560

 

 

565

 

Consolidated Balance Sheets

(In millions)

 

 

As of

 

 

June 30, 2022

As of

 

(Unaudited)

December 31, 2021

Assets:

 

 

Current assets:

 

 

Cash and cash equivalents

$

830

 

$

607

 

Short-term restricted cash and cash equivalents

 

6,045

 

 

1,035

 

Cash and cash equivalent margin deposits and guaranty funds

 

164,483

 

 

145,936

 

Invested deposits, delivery contracts receivable and unsettled variation margin

 

3,189

 

 

4,493

 

Customer accounts receivable, net

 

1,371

 

 

1,208

 

Prepaid expenses and other current assets

 

457

 

 

1,021

 

Total current assets

 

176,375

 

 

154,300

 

Property and equipment, net

 

1,703

 

 

1,699

 

Other non-current assets:

 

 

Goodwill

 

21,106

 

 

21,123

 

Other intangible assets, net

 

13,397

 

 

13,736

 

Long-term restricted cash and cash equivalents

 

405

 

 

398

 

Other non-current assets

 

2,221

 

 

2,246

 

Total other non-current assets

 

37,129

 

 

37,503

 

Total assets

$

215,207

 

$

193,502

 

 

 

 

Liabilities and Equity:

 

 

Current liabilities:

 

 

Accounts payable and accrued liabilities

$

719

 

$

703

 

Section 31 fees payable

 

172

 

 

57

 

Accrued salaries and benefits

 

220

 

 

354

 

Deferred revenue

 

473

 

 

194

 

Short-term debt

 

4

 

 

1,521

 

Margin deposits and guaranty funds

 

164,483

 

 

145,936

 

Invested deposits, delivery contracts payable and unsettled variation margin

 

3,189

 

 

4,493

 

Other current liabilities

 

162

 

 

153

 

Total current liabilities

 

169,422

 

 

153,411

 

Non-current liabilities:

 

 

Non-current deferred tax liability, net

 

3,945

 

 

4,100

 

Long-term debt

 

18,109

 

 

12,397

 

Accrued employee benefits

 

191

 

 

200

 

Non-current operating lease liability

 

267

 

 

252

 

Other non-current liabilities

 

412

 

 

394

 

Total non-current liabilities

 

22,924

 

 

17,343

 

Total liabilities

 

192,346

 

 

170,754

 

 

 

 

Equity:

 

 

Intercontinental Exchange, Inc. stockholders’ equity:

 

 

Common stock

 

6

 

 

6

 

Treasury stock, at cost

 

(6,223

)

 

(5,520

)

Additional paid-in capital

 

14,201

 

 

14,069

 

Retained earnings

 

15,135

 

 

14,350

 

Accumulated other comprehensive loss

 

(305

)

 

(196

)

Total Intercontinental Exchange, Inc. stockholders’ equity

 

22,814

 

 

22,709

 

Non-controlling interest in consolidated subsidiaries

 

47

 

 

39

 

Total equity

 

22,861

 

 

22,748

 

Total liabilities and equity

$

215,207

 

$

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 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

 

Six Months
Ended
June 30,

 

Six Months
Ended
June 30,

 

Six Months
Ended
June 30,

 

Six Months
Ended
June 30,

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

Total revenues, less transaction-based expenses

$2,088

 

$1,883

 

$1,021

 

$926

 

$604

 

$695

 

$3,713

 

$3,504

Operating expenses

603

 

647

 

692

 

672

 

557

 

494

 

1,852

 

1,813

Less: Amortization of acquisition-related intangibles

33

 

37

 

93

 

91

 

180

 

185

 

306

 

313

Less: Transaction and integration costs

 

10

 

 

 

60

 

17

 

60

 

27

Adjusted operating expenses

$570

 

$600

 

$599

 

$581

 

$317

 

$292

 

$1,486

 

$1,473

Operating income

$1,485

 

$1,236

 

$329

 

$254

 

$47

 

$201

 

$1,861

 

$1,691

Adjusted operating income

$1,518

 

$1,283

 

$422

 

$345

 

$287

 

$403

 

$2,227

 

$2,031

Operating margin

71%

 

66%

 

32%

 

27%

 

8%

 

29%

 

50%

 

48%

Adjusted operating margin

73%

 

68%

 

41%

 

37%

 

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
June 30,

 

Three Months
Ended
June 30,

 

Three Months
Ended
June 30,

 

Three Months
Ended
June 30,

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

Total revenues, less transaction-based expenses

$1,005

 

$909

 

$512

 

$458

 

$297

 

$340

 

$1,814

 

$1,707

Operating expenses

304

 

326

 

338

 

337

 

303

 

245

 

945

 

908

Less: Amortization of acquisition-related intangibles

17

 

19

 

44

 

46

 

92

 

90

 

153

 

155

Less: Transaction and integration costs

 

5

 

 

 

52

 

4

 

52

 

9

Adjusted operating expenses

$287

 

$302

 

$294

 

$291

 

$159

 

$151

 

$740

 

$744

Operating income/(loss)

$701

 

$583

 

$174

 

$121

 

$(6)

 

$95

 

$869

 

$799

Adjusted operating income

$718

 

$607

 

$218

 

$167

 

$138

 

$189

 

$1,074

 

$963

Operating margin

70%

 

64%

 

34%

 

26%

 

(2)%

 

28%

 

48%

 

47%

Adjusted operating margin

71%

 

67%

 

43%

 

36%

 

46%

 

56%

 

59%

 

56%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

 

 

Six Months
Ended June 30,
2022

 

Six Months
Ended June 30,
2021

Net income attributable to ICE

$

1,212

 

 

$

1,898

 

Add: Amortization of acquisition-related intangibles

 

306

 

 

 

313

 

Add: Transaction and integration costs

 

60

 

 

 

27

 

Add: Accrual relating to legal settlement

 

9

 

 

 

 

Add: Net interest expense on pre-acquisition-related debt

 

18

 

 

 

 

Add: Extinguishment of 2022 and 2023 Senior Notes

 

30

 

 

 

 

Less: Gain on sale of Euroclear equity investment and dividends received

 

(41

)

 

 

(30

)

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

 

57

 

 

 

(34

)

Add/(Less): Income tax effect for the above items

 

(123

)

 

 

254

 

Add: Deferred tax adjustments on acquisition-related intangibles

 

15

 

 

 

197

 

Adjusted net income attributable to ICE

$

1,543

 

 

$

1,391

 

 

 

 

 

Basic earnings per share

$

2.17

 

 

$

3.38

 

Diluted earnings per share

$

2.16

 

 

$

3.36

 

 

 

 

 

Adjusted basic earnings per share

$

2.76

 

 

$

2.47

 

Adjusted diluted earnings per share

$

2.75

 

 

$

2.46

 

 

 

 

 

Basic weighted average common shares outstanding

 

560

 

 

 

562

 

Diluted weighted average common shares outstanding

 

562

 

 

 

565

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

 

 

Three Months
Ended June 30,
2022

 

Three Months
Ended June 30,
2021

Net income attributable to ICE

$

555

 

 

$

1,252

 

Add: Amortization of acquisition-related intangibles

 

153

 

 

 

155

 

Add: Transaction and integration costs

 

52

 

 

 

9

 

Add: Net interest expense on pre-acquisition-related debt

 

18

 

 

 

 

Add: Extinguishment of 2022 and 2023 Senior Notes

 

30

 

 

 

 

Less: Gain on sale of Euroclear equity investment

 

(41

)

 

 

 

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

 

15

 

 

 

(9

)

Add/(Less): Income tax effect for the above items

 

(65

)

 

 

288

 

Add: Deferred tax adjustments on acquisition-related intangibles

 

22

 

 

 

196

 

Adjusted net income attributable to ICE

$

739

 

 

$

657

 

 

 

 

 

Basic earnings per share

$

0.99

 

 

$

2.23

 

Diluted earnings per share

$

0.99

 

 

$

2.22

 

 

 

 

 

Adjusted basic earnings per share

$

1.32

 

 

$

1.17

 

Adjusted diluted earnings per share

$

1.32

 

 

$

1.16

 

 

 

 

 

Basic weighted average common shares outstanding

 

558

 

 

 

563

 

Diluted weighted average common shares outstanding

 

560

 

 

 

565

 

Free Cash Flow Calculation

(In millions)

(Unaudited)

 

 

Six Months Ended
June 30, 2022

Six Months Ended
June 30, 2021

Cash flow from operations

$

1,725

 

$

1,607

 

Less: Capital expenditures and capitalized software development costs

 

(204

)

 

(240

)

Add/(Less): Section 31 fees, net

 

(115

)

 

44

 

Free cash flow

$

1,406

 

$

1,411

 

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

View source version on businesswire.com:https://www.businesswire.com/news/home/20220804005386/en/

CONTACT: ICE Investor Relations Contact:

Mary Caroline O'Neal

+1 770 738 2151

[email protected]@ice.comICE Media Contact:

Josh King

+1 212 656 2490

[email protected]@ice.com

KEYWORD: NEW YORK GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE

SOURCE: Intercontinental Exchange

Copyright Business Wire 2022.

PUB: 08/04/2022 07:30 AM/DISC: 08/04/2022 07:32 AM

http://www.businesswire.com/news/home/20220804005386/en

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