Summary
Intercontinental Exchange (ICE) filed an 8-K on February 7, 2018, primarily to announce its financial results for the fiscal quarter and year ended December 31, 2017, through an accompanying press release (Exhibit 99.1). This filing also disclosed a significant change in its accounting leadership. Investors should review the attached press release for detailed financial performance metrics, including any non-GAAP measures and their reconciliations to GAAP, as these will provide the core operational and financial insights for the period.
Key Highlights
- 1ICE announced its fourth quarter and full year 2017 financial results via a press release filed as Exhibit 99.1.
- 2The company is providing the press release under Item 2.02 of Form 8-K, meaning the information is furnished, not deemed filed.
- 3The filing notes that ICE uses non-GAAP financial information and directs readers to the press release and upcoming 10-K for reconciliations.
- 4Dean Mathison will cease to serve as Chief Accounting Officer, Corporate Controller, and principal accounting officer, effective February 8, 2018.
- 5Mr. Mathison will remain with ICE as Senior Vice President, Accounting until April 30, 2018, to ensure a smooth transition.
- 6James Namkung has been appointed as the new Chief Accounting Officer, Corporate Controller, and principal accounting officer, effective February 8, 2018.
- 7The change in accounting leadership was not due to any disagreements regarding ICE's accounting practices, operations, or policies.
Frequently Asked Questions
The detailed financial results are available in the press release filed as Exhibit 99.1 to this 8-K filing. Investors should refer to this document for specific performance metrics and financial condition information.
Yes, the filing states that ICE makes references to non-GAAP financial information. A description of these measures and their reconciliation to comparable GAAP financial measures can be found in the attached press release (Exhibit 99.1) and ICE's Annual Report on Form 10-K for the year ended December 31, 2017.
Dean Mathison, the current Chief Accounting Officer, is stepping down from that role but will remain with ICE in a transitional capacity. James Namkung, who has extensive experience within ICE's accounting department, will assume the Chief Accounting Officer role. The company explicitly states this change was not due to any disagreements on accounting matters, suggesting a planned succession.
No, the filing indicates that Mr. Namkung's employment agreement is not being amended in connection with his appointment as Chief Accounting Officer. He will continue to participate in the same compensation and benefits plans as before and is party to ICE's standard form employment agreement.