Intercontinental Exchange Inc
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
ICE$176.36+1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Consolidated Financial Statements (Unaudited)
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets
(In millions, except per share amounts)
| As of | As ofDecember 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $863 | $899 |
| Short-term restricted cash and cash equivalents | 1,227 | 531 |
| Short-term restricted investments | — | 680 |
| Cash and cash equivalent margin deposits and guaranty funds | 74,123 | 78,980 |
| Invested deposits, delivery contracts receivable and unsettled variation margin | 2,056 | 1,814 |
| Customer accounts receivable, net of allowance for doubtful accounts of $19 and $21 at March 31, 2024 and December 31, 2023, respectively | 1,645 | 1,366 |
| Prepaid expenses and other current assets | 628 | 703 |
| Total current assets | 80,542 | 84,973 |
| Property and equipment, net | 1,960 | 1,923 |
| Other non-current assets: | ||
| Goodwill | 30,549 | 30,553 |
| Other intangible assets, net | 17,056 | 17,317 |
| Long-term restricted cash and cash equivalents | 278 | 340 |
| Long-term restricted investments | 62 | — |
| Other non-current assets | 950 | 978 |
| Total other non-current assets | 48,895 | 49,188 |
| Total assets | $131,397 | $136,084 |
| Liabilities and Equity: | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $967 | $1,003 |
| Section 31 fees payable | 66 | 79 |
| Accrued salaries and benefits | 180 | 459 |
| Deferred revenue | 590 | 200 |
| Short-term debt | 1,916 | 1,954 |
| Margin deposits and guaranty funds | 74,123 | 78,980 |
| Invested deposits, delivery contracts payable and unsettled variation margin | 2,056 | 1,814 |
| Other current liabilities | 150 | 137 |
| Total current liabilities | 80,048 | 84,626 |
| Non-current liabilities: | ||
| Non-current deferred tax liability, net | 4,030 | 4,080 |
| Long-term debt | 20,068 | 20,659 |
| Accrued employee benefits | 183 | 193 |
| Non-current operating lease liability | 325 | 299 |
| Other non-current liabilities | 454 | 441 |
| Total non-current liabilities | 25,060 | 25,672 |
| Total liabilities | 105,108 | 110,298 |
| Commitments and contingencies | ||
| Equity: | ||
|---|---|---|
| Intercontinental Exchange, Inc. stockholders’ equity: | ||
| Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding | — | — |
| Common stock, $0.01 par value; 1,500 shares authorized; 650 and 649 issued at March 31, 2024 and December 31, 2023, respectively, and 573 shares outstanding at both March 31, 2024 and December 31, 2023 | 7 | 6 |
| Treasury stock, at cost; 77 and 76 shares at March 31, 2024 and December 31, 2023, respectively | (6,375) | (6,304) |
| Additional paid-in capital | 16,047 | 15,953 |
| Retained earnings | 16,865 | 16,356 |
| Accumulated other comprehensive loss | (305) | (294) |
| Total Intercontinental Exchange, Inc. stockholders’ equity | 26,239 | 25,717 |
| Non-controlling interest in consolidated subsidiaries | 50 | 69 |
| Total equity | 26,289 | 25,786 |
| Total liabilities and equity | $131,397 | $136,084 |
Consolidated Statements of Income
(In millions, except per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenues: | ||
| Exchanges | $1,734 | $1,673 |
| Fixed income and data services | 568 | 563 |
| Mortgage technology | 499 | 236 |
| Total revenues | 2,801 | 2,472 |
| Transaction-based expenses: | ||
| Section 31 fees | 67 | 119 |
| Cash liquidity payments, routing and clearing | 444 | 457 |
| Total revenues, less transaction-based expenses | 2,290 | 1,896 |
| Operating expenses: | ||
| Compensation and benefits | 462 | 352 |
| Professional services | 36 | 28 |
| Acquisition-related transaction and integration costs | 36 | 21 |
| Technology and communication | 205 | 172 |
| Rent and occupancy | 29 | 20 |
| Selling, general and administrative | 78 | 74 |
| Depreciation and amortization | 381 | 260 |
| Total operating expenses | 1,227 | 927 |
| Operating income | 1,063 | 969 |
| Other income/(expense): | ||
| Interest income | 30 | 91 |
| Interest expense | (241) | (176) |
| Other income/(expense), net | 112 | (35) |
| Total other income/(expense), net | (99) | (120) |
| Income before income tax expense | 964 | 849 |
| Income tax expense | 181 | 175 |
| Net income | $783 | $674 |
| Net income attributable to non-controlling interest | (16) | (19) |
| Net income attributable to Intercontinental Exchange, Inc. | $767 | $655 |
| Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: | ||
| Basic | $1.34 | $1.17 |
| Diluted | $1.33 | $1.17 |
| Weighted average common shares outstanding: | ||
| Basic | 573 | 559 |
| Diluted | 575 | 561 |
Consolidated Statements of Comprehensive Income
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net income | $783 | $674 |
| Other comprehensive income/(loss): | ||
| Foreign currency translation adjustments | (18) | 16 |
| Change in equity method investment | 7 | — |
| Other comprehensive income/(loss) | (11) | 16 |
| Comprehensive income | $772 | $690 |
| Comprehensive income attributable to non-controlling interest | (16) | (19) |
| Comprehensive income attributable to Intercontinental Exchange, Inc. | $756 | $671 |
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest
| Intercontinental Exchange, Inc. Stockholders’ Equity · Non-ControllingInterest inConsolidatedSubsidiaries · TotalEquity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Common Stock · Treasury Stock · AdditionalPaid-inCapital · RetainedEarnings · AccumulatedOtherComprehensiveLoss | |||||||||
| Shares · Value · Shares · Value | |||||||||
| Balance, as of December 31, 2023 | 649 | $6 | (76) | $(6,304) | $15,953 | $16,356 | $(294) | $69 | $25,786 |
| Other comprehensive loss | — | — | — | — | — | — | (11) | — | (11) |
| Exercise of common stock options | — | — | — | — | 6 | — | — | — | 6 |
| Payments relating to treasury shares | — | — | (1) | (71) | — | — | — | — | (71) |
| Stock-based compensation | — | — | — | — | 63 | — | — | — | 63 |
| Issuance under the employee stock purchase plan | — | — | — | — | 25 | — | — | — | 25 |
| Issuance of restricted stock | 1 | 1 | — | — | — | — | — | — | 1 |
| Distributions of profits | — | — | — | — | — | — | — | (35) | (35) |
| Dividends paid to stockholders | — | — | — | — | — | (258) | — | — | (258) |
| Net income attributable to non-controlling interest | — | — | — | — | — | (16) | — | 16 | — |
| Net income | — | — | — | — | — | 783 | — | — | 783 |
| Balance, as of March 31, 2024 | 650 | $7 | (77) | $(6,375) | $16,047 | $16,865 | $(305) | $50 | $26,289 |
| Intercontinental Exchange, Inc. Stockholders’ Equity · Non-ControllingInterest inConsolidatedSubsidiaries · TotalEquity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Common Stock · Treasury Stock · AdditionalPaid-inCapital · RetainedEarnings · AccumulatedOtherComprehensiveLoss | |||||||||
| Shares · Value · Shares · Value | |||||||||
| Balance, as of December 31, 2022 | 634 | $6 | (75) | $(6,225) | $14,313 | $14,943 | $(331) | $55 | $22,761 |
| Other comprehensive income | — | — | — | — | — | — | 16 | — | 16 |
| Exercise of common stock options | — | — | — | — | 10 | — | — | — | 10 |
| Payments relating to treasury shares | — | — | (1) | (49) | — | — | — | — | (49) |
| Stock-based compensation | — | — | — | — | 47 | — | — | — | 47 |
| Issuance under the employee stock purchase plan | — | — | — | — | 18 | — | — | — | 18 |
| Issuance of restricted stock | 1 | — | — | — | — | — | — | — | — |
| Distributions of profits | — | — | — | — | — | — | — | (30) | (30) |
| Dividends paid to stockholders | — | — | — | — | — | (236) | — | — | (236) |
| Net income attributable to non-controlling interest | — | — | — | — | — | (19) | — | 19 | — |
| Net income | — | — | — | — | — | 674 | — | — | 674 |
| Balance, as of March 31, 2023 | 635 | $6 | (76) | $(6,274) | $14,388 | $15,362 | $(315) | $44 | $23,211 |
Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities: | ||
| Net income | $783 | $674 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 381 | 260 |
| Stock-based compensation | 57 | 40 |
| Deferred taxes | (50) | (83) |
| Loss on investments | 3 | — |
| Net losses from unconsolidated investees | 42 | 35 |
| Other | 14 | 10 |
| Changes in assets and liabilities: | ||
| Customer accounts receivable | (285) | (484) |
| Other current and non-current assets | (76) | (88) |
| Section 31 fees payable | (13) | (105) |
| Deferred revenue | 393 | 406 |
| Other current and non-current liabilities | (240) | (12) |
| Total adjustments | 226 | (21) |
| Net cash provided by operating activities | 1,009 | 653 |
| Investing activities: | ||
| Capital expenditures | (58) | (21) |
| Capitalized software development costs | (87) | (64) |
| Purchases of invested margin deposits | (536) | (463) |
| Proceeds from sales of invested margin deposits | 230 | 2,605 |
| Proceeds from sale of Promissory Note | 75 | — |
| Purchases of restricted investments | (64) | — |
| Proceeds from sales of restricted investments | 702 | — |
| Other | (3) | (12) |
| Net cash provided by investing activities | 259 | 2,045 |
| Financing activities: | ||
| Repayments of debt | (600) | (4) |
| Redemption of commercial paper, net | (38) | — |
| Dividends to stockholders | (258) | (236) |
| Change in cash and cash equivalent margin deposits and guaranty funds liability | (4,551) | (42,059) |
| Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (71) | (49) |
| Other | (4) | (3) |
| Net cash used in financing activities | (5,522) | (42,351) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | (5) | 1 |
| Net decrease in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | (4,259) | (39,652) |
| Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 80,750 | 150,343 |
| Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | $76,491 | $110,691 |
Consolidated Statements of Cash Flows (Continued)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental cash flow disclosure: | ||
| Cash paid for income taxes | $142 | $149 |
| Cash paid for interest | $222 | $167 |
| Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets: | As of March 31, 2024 | As of March 31, 2023 |
| Cash and cash equivalents | $863 | $2,069 |
| Short-term restricted cash and cash equivalents | 1,227 | 6,145 |
| Long-term restricted cash and cash equivalents | 278 | 405 |
| Cash and cash equivalent margin deposits and guaranty funds | 74,123 | 102,072 |
| Total | $76,491 | $110,691 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.