Early Access

10-QPeriod: Q1 FY2022

Intercontinental Exchange, Inc. Quarterly Report for Q1 Ended Mar 31, 2022

Filed May 5, 2022For Securities:ICE

Summary

Intercontinental Exchange, Inc. (ICE) reported solid financial results for the first quarter of 2022. Total revenues, less transaction-based expenses, increased by 6% year-over-year to $1.9 billion, demonstrating continued growth across its diversified business segments. The company's operating income saw a robust increase of 11% to $992 million, reflecting effective cost management and operational efficiencies, with an operating margin of 52%. ICE continues to benefit from strong performance in its Exchanges and Fixed Income and Data Services segments, while the Mortgage Technology segment experienced a revenue decline but showed an increase in recurring revenue. The company also announced a significant acquisition of Black Knight, Inc. for approximately $13.1 billion, signaling a strategic expansion into the mortgage technology space. This acquisition, expected to close in the first half of 2023, will enhance ICE's end-to-end workflow solutions for the U.S. residential mortgage industry.

Financial Highlights

51 data points
Beta

Revenue

$2.46B

Net Income

$657.00M

0.3% Net Margin

EPS (Diluted)

$1.16

Total Assets

$208.49B

Cash & Equivalents

$638.00M

Free Cash Flow

$720.00M

Financial Statements
Beta
Revenue$2.46B
SG&A Expenses$55.00M
Operating Expenses$907.00M
Operating Income$992.00M
Interest Expense$103.00M
Net Income$657.00M
EPS (Basic)$1.17
EPS (Diluted)$1.16
Shares Outstanding (Basic)561.00M
Shares Outstanding (Diluted)564.00M

Key Highlights

  • 1Total revenues, less transaction-based expenses, grew 6% to $1.9 billion in Q1 2022 compared to Q1 2021.
  • 2Operating income increased by 11% to $992 million, with operating margin expanding to 52% from 50%.
  • 3The Exchanges segment saw a 11% increase in revenues (less transaction-based expenses) driven by strong performance in energy and financial futures.
  • 4Fixed Income and Data Services segment revenues grew 9%, supported by growth in data analytics and CDS clearing.
  • 5Mortgage Technology segment revenue decreased 13%, but recurring revenues within this segment increased by 24%.
  • 6ICE announced a definitive agreement to acquire Black Knight, Inc. for approximately $13.1 billion, a significant strategic move to bolster its mortgage technology offerings.
  • 7The company repurchased $475 million of its common stock during the quarter, underscoring a commitment to returning capital to shareholders.

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