Company Quick10K Filing
Intercontinental Exchange
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 568 $48,570
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-02 Quarter: 2019-03-31
10-K 2019-02-07 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-02-07 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-07 Annual: 2016-12-31
10-Q 2016-11-01 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-02-04 Annual: 2015-12-31
10-Q 2015-10-28 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-05 Quarter: 2015-03-31
10-K 2015-02-05 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-K 2014-02-14 Annual: 2013-12-31
10-Q 2013-11-05 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
8-K 2019-10-30 Earnings, Amend Bylaw, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-17 Shareholder Vote
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-05-01 Other Events, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-13 Other Events, Exhibits
8-K 2018-08-09 Enter Agreement, Exhibits
8-K 2018-08-03 Other Events
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-05-28 Other Events, Exhibits
8-K 2018-05-21 Officers, Other Events, Exhibits
8-K 2018-05-18 Shareholder Vote
8-K 2018-05-03
8-K 2018-02-05 Earnings, Officers, Exhibits
ICE 2019-09-30
Part I. Financial Statements
Item 1. Consolidated Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1(A). Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ice2019930ex311.htm
EX-31.2 ice2019930ex312.htm
EX-32.1 ice2019930ex321.htm
EX-32.2 ice2019930ex322.htm

Intercontinental Exchange Earnings 2019-09-30

ICE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
GS 75,781 944,903 854,011 0 0 9,734 31,010 33,223 1.1 1%
BLK 73,149 163,347 130,687 13,880 0 4,216 5,646 75,366 0% 13.3 3%
MS 70,822 891,959 809,114 0 0 8,426 25,470 187,314 7.4 1%
CME 70,134 70,350 43,865 4,593 0 1,809 2,932 69,191 0% 23.6 3%
SCHW 53,868 276,321 255,001 10,652 0 3,759 6,408 27,167 0% 4.2 1%
ICE 48,570 90,930 73,712 6,357 0 2,046 3,427 54,296 0% 15.8 2%
CS 47,825 772,069 726,075 2,380 0 0 0 102,086 0% 0%
AMTD 27,244 41,119 32,626 0 0 2,265 3,142 21,533 6.9 6%
TROW 25,357 8,912 1,321 5,422 0 2,045 2,712 23,555 0% 8.7 23%
NDAQ 15,804 14,132 8,581 4,200 2,501 540 1,137 18,463 60% 16.2 4%

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
 
 
 
Form 10-Q
 
 
 
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                 to
Commission File Number 001-36198
 
 
 
 
 
INTERCONTINENTAL EXCHANGE, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
46-2286804
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification Number)
5660 New Northside Drive, 30328
Atlanta, Georgia (Zip Code)
(Address of principal executive offices)
 
(770857-4700
Registrant’s telephone number, including area code 
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per share
ICE
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
 
 
 
 
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company  
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of October 28, 2019, the number of shares of the registrant’s Common Stock outstanding was 556,849,511 shares.
 
 
 
 
 




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended September 30, 2019
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
PART I.
Financial Statements
 
Item 1.
 
 
Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018
 
Consolidated Statements of Income for the nine and three months ended September 30, 2019 and 2018
 
Consolidated Statements of Comprehensive Income for the nine and three months ended September 30, 2019 and 2018
 
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the nine and three months ended September 30, 2019 and 2018
 
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018
 
Item 2.
Item 3.
Item 4.
 
 
 
PART II.
Other Information
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




PART I. Financial Statements
Item 1.    Consolidated Financial Statements (Unaudited)

Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except per share amounts)
(Unaudited)
 
As of
 
As of
 
September 30, 2019
 
December 31, 2018
Assets:
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
655

 
$
724

Short-term restricted cash and cash equivalents
945

 
818

Customer accounts receivable, net of allowance for doubtful accounts of $8 and $7 at September 30, 2019 and December 31, 2018, respectively
1,056

 
953

Margin deposits, guaranty funds and delivery contracts receivable
65,988

 
63,955

Prepaid expenses and other current assets
227

 
242

Total current assets
68,871

 
66,692

Property and equipment, net
1,505

 
1,241

Other non-current assets:
 
 
 
Goodwill
13,310

 
13,085

Other intangible assets, net
10,330

 
10,462

Long-term restricted cash and cash equivalents
389

 
330

Other non-current assets
934

 
981

Total other non-current assets
24,963

 
24,858

Total assets
$
95,339

 
$
92,791

 
 
 
 
Liabilities and Equity:
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued liabilities
$
543

 
$
521

Section 31 fees payable
34

 
105

Accrued salaries and benefits
228

 
280

Deferred revenue
247

 
135

Short-term debt
1,329

 
951

Margin deposits, guaranty funds and delivery contracts payable
65,988

 
63,955

Other current liabilities
165

 
161

Total current liabilities
68,534

 
66,108

Non-current liabilities:
 
 
 
Non-current deferred tax liability, net
2,281

 
2,337

Long-term debt
6,496

 
6,490

Accrued employee benefits
197

 
204

Non-current operating lease liability
287

 

Other non-current liabilities
287

 
350

Total non-current liabilities
9,548

 
9,381

Total liabilities
78,082

 
75,489

Commitments and contingencies


 


Redeemable non-controlling interest in consolidated subsidiaries
72

 
71

Equity:
 
 
 
Intercontinental Exchange, Inc. stockholders’ equity:
 
 
 
Preferred stock, $0.01 par value; 100 shares authorized; no shares issued or outstanding at September 30, 2019 and December 31, 2018

 


2


Common stock, $0.01 par value; 1,500 shares authorized; 607 and 604 shares issued at September 30, 2019 and December 31, 2018, respectively, and 558 and 569 shares outstanding at September 30, 2019 and December 31, 2018, respectively
6

 
6

Treasury stock, at cost; 49 and 35 shares at September 30, 2019 and December 31, 2018, respectively
(3,538
)
 
(2,354
)
Additional paid-in capital
11,706

 
11,547

Retained earnings
9,335

 
8,317

Accumulated other comprehensive loss
(348
)
 
(315
)
Total Intercontinental Exchange, Inc. stockholders’ equity
17,161

 
17,201

Non-controlling interest in consolidated subsidiaries
24

 
30

Total equity
17,185

 
17,231

Total liabilities and equity
$
95,339

 
$
92,791


See accompanying notes.

3


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
 
Nine Months Ended 
 September 30,
 
Three Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Transaction and clearing, net
$
2,698

 
$
2,522

 
$
929

 
$
760

Data services
1,652

 
1,576

 
553

 
530

Listings
336

 
332

 
114

 
112

Other revenues
194

 
169

 
67

 
61

Total revenues
4,880

 
4,599

 
1,663

 
1,463

Transaction-based expenses:
 
 
 
 
 
 
 
Section 31 fees
274

 
272

 
105

 
61

Cash liquidity payments, routing and clearing
702

 
656

 
222

 
202

Total revenues, less transaction-based expenses
3,904

 
3,671

 
1,336

 
1,200

Operating expenses:
 
 
 
 
 
 
 
Compensation and benefits
768

 
732

 
261

 
251

Professional services
97

 
91

 
35

 
32

Acquisition-related transaction and integration costs
1

 
33

 

 
6

Technology and communication
346

 
320

 
126

 
107

Rent and occupancy
52

 
50

 
17

 
17

Selling, general and administrative
116

 
109

 
33

 
37

Depreciation and amortization
473

 
429

 
158

 
148

Total operating expenses
1,853

 
1,764

 
630

 
598

Operating income
2,051

 
1,907

 
706

 
602

Other income (expense):
 
 
 
 
 
 
 
Interest income
27

 
15

 
8

 
6

Interest expense
(214
)
 
(173
)
 
(72
)
 
(66
)
Other income, net
30

 
33

 
(2
)
 
12

Other income (expense), net
(157
)
 
(125
)
 
(66
)
 
(48
)
Income before income tax expense
1,894

 
1,782

 
640

 
554

Income tax expense
387

 
381

 
103

 
89

Net income
$
1,507

 
$
1,401

 
$
537

 
$
465

Net income attributable to non-controlling interest
(22
)
 
(24
)
 
(8
)
 
(7
)
Net income attributable to Intercontinental Exchange, Inc.
$
1,485

 
$
1,377

 
$
529

 
$
458

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
 
 
 
 
 
 
 
Basic
$
2.64

 
$
2.39

 
$
0.95

 
$
0.80

Diluted
$
2.62

 
$
2.37

 
$
0.94

 
$
0.79

Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
563

 
577

 
559

 
572

Diluted
566

 
581

 
563

 
576


See accompanying notes.

4


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
 
Nine Months Ended 
 September 30,
 
Three Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
1,507

 
$
1,401

 
$
537

 
$
465

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of tax benefit of $1 for both the nine months ended September 30, 2019 and 2018 and $1 for the three months ended September 30, 2019
(32
)
 
(51
)
 
(39
)
 
(9
)
Change in equity method investment
(1
)
 

 

 

Other comprehensive income (loss)
(33
)
 
(51
)
 
(39
)
 
(9
)
Comprehensive income
$
1,474

 
$
1,350

 
$
498

 
$
456

Comprehensive income attributable to non-controlling interest
(22
)
 
(24
)
 
(8
)
 
(7
)
Comprehensive income attributable to Intercontinental Exchange, Inc.
$
1,452

 
$
1,326

 
$
490

 
$
449


See accompanying notes.

5


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest
(In millions)
(Unaudited)
 
Intercontinental Exchange, Inc. Stockholders’ Equity
 
Non-
Controlling
Interest in
Consolidated
Subsidiaries
 
Total
Equity
 
Redeemable Non-Controlling Interest
 
Common
 Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
 
Shares
 
Value
 
Shares
 
Value
 
Balance, as of December 31, 2018
604

 
$
6

 
(35
)
 
$
(2,354
)
 
$
11,547

 
$
8,317

 
$
(315
)
 
$
30

 
$
17,231

 
$
71

Other comprehensive loss

 

 

 

 

 

 
(33
)
 

 
(33
)
 

Exercise of common stock options
1

 

 

 

 
22

 

 

 

 
22

 

Repurchases of common stock

 

 
(14
)
 
(1,120
)
 

 

 

 

 
(1,120
)
 

Payments relating to treasury shares

 

 

 
(64
)
 

 

 

 

 
(64
)
 

Stock-based compensation

 

 

 

 
109

 

 

 

 
109

 
3

Issuance under the employee stock purchase plan

 

 

 

 
28

 

 

 

 
28

 

Issuance of restricted stock
2

 

 

 

 

 

 

 

 

 

Distributions of profits

 

 

 

 

 

 

 
(29
)
 
(29
)
 

Dividends paid to stockholders

 

 

 

 

 
(467
)
 

 

 
(467
)
 

Net income attributable to non-controlling interest

 

 

 

 

 
(22
)
 

 
23

 
1

 
(2
)
Net income

 

 

 

 

 
1,507

 

 

 
1,507

 

Balance, as of September 30, 2019
607

 
$
6

 
(49
)
 
$
(3,538
)
 
$
11,706

 
$
9,335

 
$
(348
)
 
$
24

 
$
17,185

 
$
72


 
Intercontinental Exchange, Inc. Stockholders’ Equity
 
Non-
Controlling
Interest in
Consolidated
Subsidiaries
 
Total
Equity
 
Redeemable Non-Controlling Interest
 
Common
 Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
 
Shares
 
Value
 
Shares
 
Value
 
Balance, as of June 30, 2019
606

 
$
6

 
(45
)
 
$
(3,194
)
 
$
11,651

 
$
8,961

 
$
(309
)
 
$
31

 
$
17,146

 
$
72

Other comprehensive loss

 

 

 

 

 

 
(39
)
 

 
(39
)
 

Exercise of common stock options
1

 

 

 

 
5

 

 

 

 
5

 

Repurchases of common stock

 

 
(4
)
 
(340
)
 

 

 

 

 
(340
)
 

Payments relating to treasury shares

 

 

 
(4
)
 

 

 

 

 
(4
)
 

Stock-based compensation

 

 

 

 
36

 

 

 

 
36

 
1

Issuance under the employee stock purchase plan

 

 

 

 
14

 

 

 

 
14

 

Distributions of profits

 

 

 

 

 

 

 
(15
)
 
(15
)
 

Dividends paid to stockholders

 

 

 

 

 
(155
)
 

 

 
(155
)
 

Net income attributable to non-controlling interest

 

 

 

 

 
(8
)
 

 
8

 

 
(1
)
Net income

 

 

 

 

 
537

 

 

 
537

 

Balance, as of September 30, 2019
607

 
$
6

 
(49
)
 
$
(3,538
)
 
$
11,706

 
$
9,335

 
$
(348
)
 
$
24

 
$
17,185

 
$
72


See accompanying notes.



















6




Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest — (Continued)
(In millions)
(Unaudited)
 
Intercontinental Exchange, Inc. Stockholders’ Equity
 
Non-
Controlling
Interest in
Consolidated
Subsidiaries
 
Total
Equity
 
Redeemable Non-Controlling Interest
 
Common
 Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
 
Shares
 
Value
 
Shares
 
Value
 
Balance, as of December 31, 2017
600

 
$
6

 
(17
)
 
$
(1,076
)
 
$
11,392

 
$
6,858

 
$
(223
)
 
$
28

 
$
16,985

 
$

Other comprehensive loss

 

 

 

 

 

 
(51
)
 

 
(51
)
 

Exercise of common stock options

 

 

 

 
19

 

 

 

 
19

 

Repurchases of common stock

 

 
(14
)
 
(1,059
)
 

 

 

 

 
(1,059
)
 

Payments relating to treasury shares

 

 
(1
)
 
(78
)
 

 

 

 

 
(78
)
 

Stock-based compensation

 

 

 

 
107

 

 

 

 
107

 

Issuance of restricted stock
3

 

 

 

 

 

 

 

 

 

Acquisition of non-controlling interest

 

 

 

 
(23
)
 

 

 
(2
)
 
(25
)
 

Distributions of profits

 

 

 

 

 

 

 
(28
)
 
(28
)
 

Dividends paid to stockholders

 

 

 

 

 
(417
)
 

 

 
(417
)
 

Net income attributable to non-controlling interest

 

 

 

 

 
(24
)
 

 
24

 

 

Net income

 

 

 

 

 
1,401

 

 

 
1,401

 

Balance, as of September 30, 2018
603

 
$
6

 
(32
)
 
$
(2,213
)
 
$
11,495

 
$
7,818

 
$
(274
)
 
$
22

 
$
16,854

 
$