Intercontinental Exchange Reports Strong Third Quarter 2023

Intercontinental Exchange (NYSE: ICE)

  • Record 3Q23 net revenues of $2.0 billion, +11% y/y
  • 3Q23 GAAP diluted earnings per share (EPS) of $0.96
  • 3Q23 adj. diluted earnings per share of $1.46
  • 3Q23 operating income of $845 million, (7)% y/y; adj. operating income of $1.2 billion, +10% y/y
  • 3Q23 operating margin of 42%; adj. operating margin of 59%
  • Completed the strategic acquisition of Black Knight on September 5, 2023

 

 

Jeffrey C. Sprecher,

ICE Chair & Chief Executive Officer, said,

"We are pleased to report our third quarter results, which 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 risk and capture workflow efficiencies through an array of macroeconomic environments, reflecting the all-weather nature of our business model. In addition, in early September, we completed our strategic acquisition of Black Knight, expanding our mortgage network while also enhancing the resiliency of our long-term growth profile. As we look to balance of the year and beyond, we remain focused on continuing to drive innovation, deliver workflow efficiencies, and deliver value to our stockholders."

Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the third quarter of 2023. For the quarter ended September 30, 2023, consolidated net income attributable to ICE was $541 million on $2.0 billion of consolidated revenues, less transaction-based expenses. Third quarter GAAP diluted earnings per share was $0.96. Adjusted net income attributable to ICE was $824 million in the third quarter and adjusted diluted EPS was $1.46. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.

Warren Gardiner, ICE Chief Financial Officer, added: "In the third quarter, we once again generated revenue and earnings per share growth, driven by a continuation of robust trading results across our commodity complex and compounding growth in our recurring revenues. Our strong results are a testament to the power of our diverse business model and, as we approach the end of 2023, we are focused on extending our track record of growth and creating value for our stockholders."

Third Quarter 2023 Business Highlights

Third quarter consolidated net revenues were $2.0 billion including exchange net revenues of $1.1 billion, fixed income and data services revenues of $559 million and mortgage technology revenues of $330 million. Consolidated operating expenses were $1.2 billion for the third quarter of 2023. On an adjusted basis, consolidated operating expenses were $812 million. Consolidated operating income for the third quarter was $845 million and the operating margin was 42%. On an adjusted basis, consolidated operating income for the third quarter was $1.2 billion and the adjusted operating margin was 59%.

$ (in millions)

Net

Revenue

Op

Margin

Adj Op

Margin

 

3Q23

Exchanges

$1,114

72%

73%

Fixed Income and Data Services

$559

36%

44%

Mortgage Technology

$330

(48)%

39%

Consolidated

$2,003

42%

59%

 

 

 

 

 

3Q23

3Q22

% Chg

Recurring Revenue

$1,031

$930

11%

Transaction Revenue, net

$972

$881

10%

Exchanges Segment Results

Third quarter exchange net revenues were $1.1 billion. Exchange operating expenses were $313 million and on an adjusted basis, were $297 million in the third quarter. Segment operating income for the third quarter was $801 million and the operating margin was 72%. On an adjusted basis, operating income was $817 million and the adjusted operating margin was 73%.

$ (in millions)

3Q23

3Q22

% Chg

Const

Curr(1)

Revenue, net:

 

 

 

 

Energy

$384

$266

45%

42%

Ags and Metals

61

57

7%

6%

Financials(2)

112

122

(8)%

(13)%

Cash Equities and Equity Options

93

88

5%

5%

OTC and Other(3)

104

121

(15)%

(16)%

Data and Connectivity Services

236

219

8%

8%

Listings

124

128

(4)%

(4)%

Segment Revenue

$1,114

$1,001

11%

10%

 

 

 

 

 

Recurring Revenue

$360

$347

4%

4%

Transaction Revenue, net

$754

$654

15%

13%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q22, 1.1774 and 1.0071, respectively.

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

(3) OTC & other includes physical energy, interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, technology development fees, exchange member fees, and agriculture grading and certification fees.

Fixed Income and Data Services Segment Results

Third quarter fixed income and data services revenues were $559 million. Fixed income and data services operating expenses were $358 million and adjusted operating expenses were $316 million in the third quarter. Segment operating income for the third quarter was $201 million and the operating margin was 36%. On an adjusted basis, operating income was $243 million and the adjusted operating margin was 44%.

$ (in millions)

3Q23

3Q22

% Chg

Const

Curr(1)

Revenue:

 

 

 

 

Fixed Income Execution

$29

$26

10%

9%

CDS Clearing

94

88

6%

5%

Fixed Income Data and Analytics

279

273

2%

2%

Other Data and Network Services

157

147

7%

6%

Segment Revenue

$559

$534

5%

4%

 

 

 

 

 

Recurring Revenue

$436

$420

4%

3%

Transaction Revenue

$123

$114

7%

6%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q22, 1.1774 and 1.0071, respectively.

Mortgage Technology Segment Results

Third quarter mortgage technology revenues were $330 million. Mortgage technology operating expenses were $487 million and adjusted operating expenses were $199 million in the third quarter. Segment operating loss for the third quarter was $157 million and the operating margin was (48)%. On an adjusted basis, operating income was $131 million and the adjusted operating margin was 39%.

$ (in millions)

3Q23

3Q22

% Chg

Revenue:

 

 

 

Origination Technology

$172

$197

(13)%

Closing Solutions

48

56

(14)%

Servicing Software

69

n/a

Data and Analytics

41

23

76%

Segment Revenue

$330

$276

20%

 

 

 

 

Recurring Revenue

$235

$163

44%

Transaction Revenue

$95

$113

(16)%

Other Matters

  • Operating cash flow through the third quarter of 2023 was $2.6 billion and adjusted free cash flow was $2.5 billion.
  • Unrestricted cash was $837 million and outstanding debt was $23.3 billion as of September 30, 2023.
  • Through the third quarter of 2023, ICE paid $713 million in dividends.

Updated Financial Guidance

  • ICE's fourth quarter 2023 GAAP operating expenses are expected to be in a range of $1.21 billion to $1.22 billion. Adjusted operating expenses(1) are expected to be in a range of $955 million to $965 million.
  • ICE's fourth quarter 2023 GAAP non-operating expense(2) is expected to be in the range of $240 million to $245 million. Adjusted non-operating expense is expected to be in the range of $225 million to $230 million.
  • ICE's diluted share count for the fourth quarter is expected to be in the range of 572 million to 576 million weighted average shares outstanding.
  • ICE's full year capital expenditures is now expected to be in the range of $500 million to $525 million; includes four months of Black Knight.

(1) 4Q23 non-GAAP operating expenses exclude amortization of acquisition-related intangibles, 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, November 2, 2023, at 8:30 a.m. ET to review its third quarter 2023 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 833-470-1428 from the United States or 929-526-1599 from outside of the United States. Telephone participants are required to provide the participant entry number 746760 and are recommended to call 10 minutes prior to the start of the call. The call will be archived on the company's website for replay.

The conference call for the fourth quarter 2023 earnings has been scheduled for February 8th, 2024 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:

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Exchanges

$

4,754

 

$

4,824

 

$

1,540

 

$

1,577

 

Fixed income and data services

 

1,668

 

 

1,555

 

 

559

 

 

534

 

Mortgage technology

 

815

 

 

880

 

 

330

 

 

276

 

Total revenues

 

7,237

 

 

7,259

 

 

2,429

 

 

2,387

 

Transaction-based expenses:

 

 

 

 

Section 31 fees

 

231

 

 

332

 

 

56

 

 

158

 

Cash liquidity payments, routing and clearing

 

1,219

 

 

1,403

 

 

370

 

 

418

 

Total revenues, less transaction-based expenses

 

5,787

 

 

5,524

 

 

2,003

 

 

1,811

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Compensation and benefits

 

1,103

 

 

1,058

 

 

400

 

 

344

 

Professional services

 

88

 

 

101

 

 

31

 

 

32

 

Acquisition-related transaction and integration costs

 

201

 

 

81

 

 

155

 

 

19

 

Technology and communication

 

529

 

 

513

 

 

184

 

 

169

 

Rent and occupancy

 

65

 

 

63

 

 

20

 

 

22

 

Selling, general and administrative

 

196

 

 

166

 

 

59

 

 

54

 

Depreciation and amortization

 

836

 

 

768

 

 

309

 

 

258

 

Total operating expenses

 

3,018

 

 

2,750

 

 

1,158

 

 

898

 

Operating income

 

2,769

 

 

2,774

 

 

845

 

 

913

 

Other income/(expense):

 

 

 

 

Interest income

 

287

 

 

42

 

 

94

 

 

33

 

Interest expense

 

(557

)

 

(440

)

 

(206

)

 

(176

)

Other expense, net

 

(121

)

 

(1,132

)

 

(51

)

 

(1,097

)

Total other income/(expense), net

 

(391

)

 

(1,530

)

 

(163

)

 

(1,240

)

Income/(loss) before income tax expense

 

2,378

 

 

1,244

 

 

682

 

 

(327

)

Income tax expense/(benefit)

 

330

 

 

186

 

 

123

 

 

(152

)

Net income/(loss)

$

2,048

 

$

1,058

 

$

559

 

$

(175

)

Net income attributable to non-controlling interest

 

(53

)

 

(37

)

 

(18

)

 

(16

)

Net income/(loss) attributable to Intercontinental Exchange, Inc.

$

1,995

 

$

1,021

 

$

541

 

$

(191

)

 

 

 

 

 

Earnings/(loss) per share attributable to Intercontinental Exchange, Inc. common stockholders:

 

 

 

 

Basic

$

3.56

 

$

1.83

 

$

0.96

 

$

(0.34

)

Diluted

$

3.55

 

$

1.82

 

$

0.96

 

$

(0.34

)

Weighted average common shares outstanding:

 

 

 

 

Basic

 

561

 

 

559

 

 

563

 

 

558

 

Diluted

 

562

 

 

561

 

 

565

 

 

560

 

Consolidated Balance Sheets

(In millions)

 

 

As of

 

 

September 30, 2023

As of

 

(Unaudited)

December 31, 2022

Assets:

 

 

Current assets:

 

 

Cash and cash equivalents

$

837

 

$

1,799

 

Short-term restricted cash and cash equivalents

 

471

 

 

6,149

 

Restricted short-term investments

 

730

 

 

 

Cash and cash equivalent margin deposits and guaranty funds

 

79,297

 

 

141,990

 

Invested deposits, delivery contracts receivable and unsettled variation margin

 

1,899

 

 

5,382

 

Customer accounts receivable, net

 

1,422

 

 

1,169

 

Prepaid expenses and other current assets

 

741

 

 

458

 

Total current assets

 

85,397

 

 

156,947

 

Property and equipment, net

 

1,918

 

 

1,767

 

Other non-current assets:

 

 

Goodwill

 

30,463

 

 

21,111

 

Other intangible assets, net

 

17,595

 

 

13,090

 

Long-term restricted cash and cash equivalents

 

190

 

 

405

 

Long-term restricted investments

 

199

 

 

 

Other non-current assets

 

1,260

 

 

1,018

 

Total other non-current assets

 

49,707

 

 

35,624

 

Total assets

$

137,022

 

$

194,338

 

 

 

 

Liabilities and Equity:

 

 

Current liabilities:

 

 

Accounts payable and accrued liabilities

$

964

 

$

866

 

Section 31 fees payable

 

18

 

 

223

 

Accrued salaries and benefits

 

377

 

 

352

 

Deferred revenue

 

334

 

 

170

 

Short-term debt

 

2,257

 

 

4

 

Margin deposits and guaranty funds

 

79,297

 

 

141,990

 

Invested deposits, delivery contracts payable and unsettled variation margin

 

1,899

 

 

5,382

 

Other current liabilities

 

136

 

 

184

 

Total current liabilities

 

85,282

 

 

149,171

 

Non-current liabilities:

 

 

Non-current deferred tax liability, net

 

4,210

 

 

3,493

 

Long-term debt

 

21,042

 

 

18,118

 

Accrued employee benefits

 

177

 

 

160

 

Non-current operating lease liability

 

306

 

 

254

 

Other non-current liabilities

 

493

 

 

381

 

Total non-current liabilities

 

26,228

 

 

22,406

 

Total liabilities

 

111,510

 

 

171,577

 

 

 

 

Equity:

 

 

Intercontinental Exchange, Inc. stockholders’ equity:

 

 

Common stock

 

6

 

 

6

 

Treasury stock, at cost

 

(6,278

)

 

(6,225

)

Additional paid-in capital

 

15,837

 

 

14,313

 

Retained earnings

 

16,225

 

 

14,943

 

Accumulated other comprehensive loss

 

(331

)

 

(331

)

Total Intercontinental Exchange, Inc. stockholders’ equity

 

25,459

 

 

22,706

 

Non-controlling interest in consolidated subsidiaries

 

53

 

 

55

 

Total equity

 

25,512

 

 

22,761

 

Total liabilities and equity

$

137,022

 

$

194,338

 

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,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Total revenues, less transaction-based expenses

$

3,304

 

 

$

3,089

 

 

$

1,668

 

 

$

1,555

 

 

$

815

 

 

$

880

 

 

$

5,787

 

 

$

5,524

 

Operating expenses

 

944

 

 

 

904

 

 

 

1,057

 

 

 

1,029

 

 

 

1,017

 

 

 

817

 

 

 

3,018

 

 

 

2,750

 

Less: Amortization of acquisition-related intangibles

 

49

 

 

 

50

 

 

 

127

 

 

 

137

 

 

 

316

 

 

 

271

 

 

 

492

 

 

 

458

 

Less: Transaction and integration costs

 

 

 

 

 

 

 

 

 

 

 

 

 

201

 

 

 

79

 

 

 

201

 

 

 

79

 

Less: Other

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

 

Adjusted operating expenses

$

878

 

 

$

854

 

 

$

930

 

 

$

892

 

 

$

500

 

 

$

467

 

 

$

2,308

 

 

$

2,213

 

Operating income/(loss)

$

2,360

 

 

$

2,185

 

 

$

611

 

 

$

526

 

 

$

(202

)

 

$

63

 

 

$

2,769

 

 

$

2,774

 

Adjusted operating income

$

2,426

 

 

$

2,235

 

 

$

738

 

 

$

663

 

 

$

315

 

 

$

413

 

 

$

3,479

 

 

$

3,311

 

Operating margin

 

71

%

 

 

71

%

 

 

37

%

 

 

34

%

 

 

(25

)%

 

 

7

%

 

 

48

%

 

 

50

%

Adjusted operating margin

 

73

%

 

 

72

%

 

 

44

%

 

 

43

%

 

 

39

%

 

 

47

%

 

 

60

%

 

 

60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Total revenues, less transaction-based expenses

$

1,114

 

 

$

1,001

 

 

$

559

 

 

$

534

 

 

$

330

 

 

$

276

 

 

$

2,003

 

 

$

1,811

 

Operating expenses

 

313

 

 

 

301

 

 

 

358

 

 

 

337

 

 

 

487

 

 

 

260

 

 

 

1,158

 

 

 

898

 

Less: Amortization of acquisition-related intangibles

 

16

 

 

 

17

 

 

 

42

 

 

 

44

 

 

 

133

 

 

 

91

 

 

 

191

 

 

 

152

 

Less: Transaction and integration costs

 

 

 

 

 

 

 

 

 

 

 

 

 

155

 

 

 

19

 

 

 

155

 

 

 

19

 

Adjusted operating expenses

$

297

 

 

$

284

 

 

$

316

 

 

$

293

 

 

$

199

 

 

$

150

 

 

$

812

 

 

$

727

 

Operating income/(loss)

$

801

 

 

$

700

 

 

$

201

 

 

$

197

 

 

$

(157

)

 

$

16

 

 

$

845

 

 

$

913

 

Adjusted operating income

$

817

 

 

$

717

 

 

$

243

 

 

$

241

 

 

$

131

 

 

$

126

 

 

$

1,191

 

 

$

1,084

 

Operating margin

 

72

%

 

 

70

%

 

 

36

%

 

 

37

%

 

 

(48

)%

 

 

6

%

 

 

42

%

 

 

50

%

Adjusted operating margin

 

73

%

 

 

72

%

 

 

44

%

 

 

45

%

 

 

39

%

 

 

46

%

 

 

59

%

 

 

60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income Attributable to ICE and Diluted EPS

(In millions)

(Unaudited)

 

 

Nine Months

Ended

September 30,

2023

 

Nine Months

Ended

September 30,

2022

Net income attributable to ICE

$

1,995

 

 

$

1,021

 

Add: Amortization of acquisition-related intangibles

 

492

 

 

 

458

 

Add: Transaction and integration costs

 

201

 

 

 

79

 

Add/(Less): Net interest (income)/expense on pre-acquisition-related debt and debt extinguishment

 

(12

)

 

 

79

 

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

 

 

 

 

(41

)

Add: Net losses from and impairment of unconsolidated investees

 

91

 

 

 

1,152

 

Add: Other

 

40

 

 

 

9

 

Less: Income tax effect for the above items

 

(178

)

 

 

(478

)

Less: Deferred tax adjustments on acquisition-related intangibles

 

(131

)

 

 

(3

)

Less: Other tax adjustments

 

(81

)

 

 

 

Adjusted net income attributable to ICE

$

2,417

 

 

$

2,276

 

 

 

 

 

Diluted earnings per share

$

3.55

 

 

$

1.82

 

 

 

 

 

Adjusted diluted earnings per share

$

4.30

 

 

$

4.06

 

 

 

 

 

Diluted weighted average common shares outstanding

 

562

 

 

 

561

 

Adjusted Net Income Attributable to ICE and Diluted EPS

(In millions)

(Unaudited)

 

 

Three Months

Ended

September 30,

2023

 

Three Months

Ended

September 30,

2022

Net income/(Loss) attributable to ICE

$

541

 

 

$

(191

)

Add: Amortization of acquisition-related intangibles

 

191

 

 

 

152

 

Add: Transaction and integration costs

 

155

 

 

 

19

 

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

 

 

 

 

31

 

Add: Net losses from and impairment of unconsolidated investees

 

26

 

 

 

1,095

 

Add: Other

 

23

 

 

 

 

Less: Income tax effect for the above items

 

(66

)

 

 

(355

)

Less: Deferred tax adjustments on acquisition-related intangibles

 

(46

)

 

 

(18

)

Adjusted net income attributable to ICE

$

824

 

 

$

733

 

 

 

 

 

Diluted earnings/(loss) per share

$

0.96

 

 

$

(0.34

)

 

 

 

 

Adjusted diluted earnings per share

$

1.46

 

 

$

1.31

 

 

 

 

 

Diluted weighted average common shares outstanding

 

565

 

 

 

560

 

Adjusted Free Cash Flow Calculation

(In millions)

(Unaudited)

 

 

Nine Months Ended

September 30, 2023

Nine Months Ended

September 30, 2022

Net cash provided by operating activities

$

2,573

 

$

2,462

 

Less: Capital expenditures

 

(104

)

 

(125

)

Less: Capitalized software development costs

 

(222

)

 

(200

)

Free cash flow

 

2,247

 

 

2,137

 

Add/(Less): Section 31 fees, net

 

205

 

 

(1

)

Adjusted free cash flow

$

2,452

 

$

2,136

 

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, 2022, as filed with the SEC on February 2, 2023. 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.

Category: Corporate

SOURCE: Intercontinental Exchange

ICE-CORP

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