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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, 2022
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)
 
Delaware46-2286804
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification Number)
5660 New Northside Drive,
Atlanta, Georgia
30328
(Address of principal executive offices) (Zip Code)
(770857-4700
Registrant’s telephone number, including area code 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per shareICENew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 (§232.405 of this chapter) 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 November 1, 2022, the number of shares of the registrant’s Common Stock outstanding was 558,551,625 shares.




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended September 30, 2022
TABLE OF CONTENTS
 
 
PART I.
Financial Statements
Item 1.
Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021
Consolidated Statements of Income for the nine and three months ended September 30, 2022 and 2021
Consolidated Statements of Comprehensive Income for the nine and three months ended September 30, 2022 and 2021
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the nine and three months ended September 30, 2022 and 2021
Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021
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

Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except per share amounts)

As ofAs of
December 31, 2021
September 30, 2022
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents
$1,183 $607 
Short-term restricted cash and cash equivalents
6,032 1,035 
Cash and cash equivalent margin deposits and guaranty funds156,789 145,936 
Invested deposits, delivery contracts receivable and unsettled variation margin7,902 4,493 
Customer accounts receivable, net of allowance for doubtful accounts of $25 and $24 at September 30, 2022 and December 31, 2021, respectively
1,248 1,208 
Prepaid expenses and other current assets
558 1,021 
Total current assets
173,712 154,300 
Property and equipment, net
1,720 1,699 
Other non-current assets:
Goodwill
21,075 21,123 
Other intangible assets, net
13,210 13,736 
Long-term restricted cash and cash equivalents
405 398 
Other non-current assets
1,170 2,246 
Total other non-current assets
35,860 37,503 
Total assets
$211,292 $193,502 
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities
$788 $703 
Section 31 fees payable
58 57 
Accrued salaries and benefits
274 354 
Deferred revenue
315 194 
Short-term debt
7 1,521 
Margin deposits and guaranty funds
156,789 145,936 
Invested deposits, delivery contracts payable and unsettled variation margin7,902 4,493 
Other current liabilities
188 153 
Total current liabilities
166,321 153,411 
Non-current liabilities:
Non-current deferred tax liability, net
3,565 4,100 
Long-term debt
18,113 12,397 
Accrued employee benefits
189 200 
Non-current operating lease liability
267 252 
Other non-current liabilities
417 394 
Total non-current liabilities
22,551 17,343 
Total liabilities
188,872 170,754 
Commitments and contingencies
2


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; 634 and 631 issued at September 30, 2022 and December 31, 2021, respectively, and 559 and 561 shares outstanding at September 30, 2022 and December 31, 2021, respectively
6 6 
Treasury stock, at cost; 75 and 70 shares at September 30, 2022 and December 31, 2021, respectively
(6,224)(5,520)
Additional paid-in capital
14,269 14,069 
Retained earnings
14,731 14,350 
Accumulated other comprehensive loss
(403)(196)
Total Intercontinental Exchange, Inc. stockholders’ equity
22,379 22,709 
Non-controlling interest in consolidated subsidiaries
41 39 
Total equity
22,420 22,748 
Total liabilities and equity
$211,292 $193,502 

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,
2022202120222021
Revenues:
Exchanges
$4,824 $4,376 $1,577 $1,434 
Fixed income and data services
1,555 1,403 534 477 
Mortgage technology
880 1,061 276 366 
Total revenues
7,259 6,840 2,387 2,277 
Transaction-based expenses:
Section 31 fees
332 204 158 38 
Cash liquidity payments, routing and clearing
1,403 1,330 418 437 
Total revenues, less transaction-based expenses
5,524 5,306 1,811 1,802 
Operating expenses:
Compensation and benefits
1,058 1,093 344 374 
Professional services
101 124 32 43 
Acquisition-related transaction and integration costs
81 42 19 14 
Technology and communication
513 495 169 168 
Rent and occupancy
63 61 22 20 
Selling, general and administrative
166 163 54 52 
Depreciation and amortization
768 759 258 253 
Total operating expenses
2,750 2,737 898 924 
Operating income
2,774 2,569 913 878 
Other income/(expense):
Interest income
42  33  
Interest expense
(440)(321)(176)(108)
Other income/(expense), net
(1,132)1,341 (1,097)54 
Other income/(expense), net
(1,530)1,020 (1,240)(54)
Income/(loss) before income tax expense/(benefit)
1,244 3,589 (327)824 
Income tax expense/(benefit)
186 1,049 (152)187 
Net income/(loss)
$1,058 $2,540 $(175)$637 
Net income attributable to non-controlling interest
(37)(9)(16)(4)
Net income/(loss) attributable to Intercontinental Exchange, Inc.
$1,021 $2,531 $(191)$633 
Earnings/(loss) per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic
$1.83 $4.50 $(0.34)$1.12 
Diluted
$1.82 $4.48 $(0.34)$1.12 
Weighted average common shares outstanding:
Basic
559 563 558 563 
Diluted
561 565 560 566 

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,
2022202120222021
Net income/(loss)$1,058 $2,540 $(175)$637 
Other comprehensive income/(loss):
Foreign currency translation adjustments, net of tax benefit of $1 for the nine months ended September 30, 2022 and $1 for both the nine and three months ended September 30, 2021
(207)(15)(98)(32)
Change in equity method investment, net of tax expense of $1 for the nine months ended September 30, 2021
 1   
Other comprehensive loss(207)(14)(98)(32)
Comprehensive income/(loss)$851 $2,526 $(273)$605 
Comprehensive income attributable to non-controlling interest
(37)(9)(16)(4)
Comprehensive income/(loss) attributable to Intercontinental Exchange, Inc.$814 $2,517 $(289)$601 
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’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
SharesValueSharesValue
Balance, as of December 31, 2021
631 $6 (70)$(5,520)$14,069 $14,350 $(196)$39 $22,748 
Other comprehensive loss
— — — — — — (207)— (207)
Exercise of common stock options
— — — — 22 — — — 22 
Repurchases of common stock— — (4)(632)— — — — (632)
Payments relating to treasury shares
— — (1)(72)— — — — (72)
Stock-based compensation
— — — — 129 — — — 129 
Issuance under the employee stock purchase plan
1 — — — 49 — — — 49 
Issuance of restricted stock
2 — — — — — — — — 
Distributions of profits
— — — — — — — (35)(35)
Dividends paid to stockholders
— — — — — (640)— — (640)
Net income/(loss) attributable to non-controlling interest
— — — — — (37)— 37  
Net income
— — — — — 1,058 — — 1,058 
Balance, as of September 30, 2022
634 $6 (75)$(6,224)$14,269 $14,731 $(403)$41 $22,420 



Intercontinental Exchange, Inc. Stockholders’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
SharesValueSharesValue
Balance, as of June 30, 2022633 $6 (75)$(6,223)$14,201 $15,135 $(305)$47 $22,861 
Other comprehensive loss
— — — — — — (98)— (98)
Exercise of common stock options
— — — — 2 — — — 2 
Payments relating to treasury shares
— — — (1)— — — — (1)
Stock-based compensation
— — — — 41 — — — 41 
Issuance under the employee stock purchase plan
1 — — — 25 — — — 25 
Distributions of profits
— — — — — — — (22)(22)
Dividends paid to stockholders
— — — — — (213)— — (213)
Net income/(loss) attributable to non-controlling interest
— — — — — (16)— 16  
Net loss
— — — — — (175)— — (175)
Balance, as of September 30, 2022
634 $6 (75)$(6,224)$14,269 $14,731 $(403)$41 $22,420 



















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’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Redeemable Non-Controlling Interest
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
SharesValueSharesValue
Balance, as of December 31, 2020
629 $6 (68)$(5,200)$13,845 $11,039 $(192)$36 $19,534 $93 
Other comprehensive income
— — — — — — (14)— (14)— 
Exercise of common stock options
— — — — 10 — — — 10 — 
Payments relating to treasury shares
— — (1)(69)— — — — (69)— 
Stock-based compensation
— — — — 122 — — — 122 3 
Issuance under the employee stock purchase plan
— — — — 42 — — — 42 — 
Issuance of restricted stock
2 — — — — — — — — — 
Distributions of profits
— — — — — — — (21)(21)— 
Dividends paid to stockholders
— — — — — (561)— — (561)— 
Net income/(loss) attributable to non-controlling interest
— — — — — (9)— 18 9 (9)
Net income
— — — — — 2,540 — — 2,540 — 
Balance, as of September 30, 2021
631 $6 (69)$(5,269)$14,019 $13,009 $(206)$33 $21,592 $87 



Intercontinental Exchange, Inc. Stockholders’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Redeemable Non-Controlling Interest
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
SharesValueSharesValue
Balance, as of June 30, 2021631 $6 (68)$(5,267)$13,952 $12,563 $(174)$36 $21,116 $89 
Other comprehensive income
— — — — — — (32)— (32)— 
Exercise of common stock options
— — — — 2 — — — 2 — 
Payments relating to treasury shares
— — (1)(2)— — — — (2)— 
Stock-based compensation
— — — — 41 — — — 41 1 
Issuance under the employee stock purchase plan
— — — — 24 — — — 24 — 
Distributions of profits
— — — — — — — (10)(10)— 
Dividends paid to stockholders
— — — — —