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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, 2021
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 October 25, 2021, the number of shares of the registrant’s Common Stock outstanding was 563,404,336 shares.




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended September 30, 2021
TABLE OF CONTENTS
 
 
PART I.
Financial Statements
Item 1.
Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
Consolidated Statements of Income for the nine and three months ended September 30, 2021 and 2020
Consolidated Statements of Comprehensive Income for the nine and three months ended September 30, 2021 and 2020
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the nine and three months ended September 30, 2021 and 2020
Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020
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)

As ofAs of
December 31, 2020
September 30, 2021
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents
$618 $583 
Short-term restricted cash and cash equivalents
1,045 1,000 
Customer accounts receivable, net of allowance for doubtful accounts of $23 and $27 at September 30, 2021 and December 31, 2020, respectively
1,327 1,230 
Margin deposits, guaranty funds and delivery contracts receivable
108,698 84,083 
Prepaid expenses and other current assets
1,032 323 
Total current assets
112,720 87,219 
Property and equipment, net
1,723 1,713 
Other non-current assets:
Goodwill
21,309 21,291 
Other intangible assets, net
13,928 14,408 
Long-term restricted cash and cash equivalents
398 408 
Other non-current assets
584 1,161 
Total other non-current assets
36,219 37,268 
Total assets
$150,662 $126,200 
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities
$696 $639 
Section 31 fees payable
14 207 
Accrued salaries and benefits
275 346 
Deferred revenue
322 158 
Short-term debt
1,831 2,411 
Margin deposits, guaranty funds and delivery contracts payable
108,698 84,083 
Other current liabilities
196 155 
Total current liabilities
112,032 87,999 
Non-current liabilities:
Non-current deferred tax liability, net
3,689 3,563 
Long-term debt
12,394 14,126 
Accrued employee benefits
200 206 
Non-current operating lease liability
274 320 
Other non-current liabilities
394 359 
Total non-current liabilities
16,951 18,574 
Total liabilities
128,983 106,573 
Commitments and contingencies
Redeemable non-controlling interest in consolidated subsidiaries
87 93 
2


Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding at September 30, 2021 and December 31, 2020
  
Common stock, $0.01 par value; 1,500 shares authorized; 631 and 629 issued at September 30, 2021 and December 31, 2020, respectively, and 562 and 561 shares outstanding at September 30, 2021 and December 31, 2020, respectively
6 6 
Treasury stock, at cost; 69 shares at September 30, 2021 and 68 shares at December 31, 2020
(5,269)(5,200)
Additional paid-in capital
14,019 13,845 
Retained earnings
13,009 11,039 
Accumulated other comprehensive loss
(206)(192)
Total Intercontinental Exchange, Inc. stockholders’ equity
21,559 19,498 
Non-controlling interest in consolidated subsidiaries
33 36 
Total equity
21,592 19,534 
Total liabilities and equity
$150,662 $126,200 

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,
2021202020212020
Revenues:
Exchanges
$4,376 $4,406 $1,434 $1,337 
Fixed income and data services
1,403 1,360 477 450 
Mortgage technology
1,061 245 366 143 
Total revenues
6,840 6,011 2,277 1,930 
Transaction-based expenses:
Section 31 fees
204 465 38 145 
Cash liquidity payments, routing and clearing
1,330 1,181 437 374 
Total revenues, less transaction-based expenses
5,306 4,365 1,802 1,411 
Operating expenses:
Compensation and benefits
1,093 849 374 298 
Professional services
124 100 43 37 
Acquisition-related transaction and integration costs
42 90 14 76 
Technology and communication
495 388 168 131 
Rent and occupancy
61 59 20 19 
Selling, general and administrative
163 132 52 43 
Depreciation and amortization
759 494 253 180 
Total operating expenses
2,737 2,112 924 784 
Operating income
2,569 2,253 878 627 
Other income (expense):
Interest income
 9  1 
Interest expense
(321)(245)(108)(89)
Other income, net
1,341 75 54 44 
Other income (expense), net
1,020 (161)(54)(44)
Income before income tax expense
3,589 2,092 824 583 
Income tax expense
1,049 512 187 189 
Net income
$2,540 $1,580 $637 $394 
Net income attributable to non-controlling interest
(9)(17)(4)(4)
Net income attributable to Intercontinental Exchange, Inc.
$2,531 $1,563 $633 $390 
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic
$4.50 $2.85 $1.12 $0.71 
Diluted
$4.48 $2.83 $1.12 $0.71 
Weighted average common shares outstanding:
Basic
563 549 563 548 
Diluted
565 552 566 551 

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,
2021202020212020
Net income
$2,540 $1,580 $637 $394 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax benefit of $1 for both the nine and three months ended September 30, 2021 and tax expense of $1 for both the nine and three months ended September 30, 2020
(15)(30)(32)48 
Change in equity method investment
1    
Other comprehensive income (loss)
(14)(30)(32)48 
Comprehensive income
$2,526 $1,550 $605 $442 
Comprehensive income attributable to non-controlling interest
(9)(17)(4)(4)
Comprehensive income attributable to Intercontinental Exchange, Inc.
$2,517 $1,533 $601 $438 

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
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
— — — — — (187)— — (187)— 
Net income (loss) attributable to non-controlling interest
— — — — — (4)— 7 3 (3)
Net income
— — — — — 637 — — 637 — 
Balance, as of September 30, 2021
631 $6 (69)$(5,269)$14,019 $13,009 $(206)$33 $21,592 $87 

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’ 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, 2019
607 $6 (53)$(3,879)$11,742 $9,629 $(243)$31 $17,286 $78 
Impact of adoption of ASU 2016-13, net of tax— — — — — (10)— — (10)— 
Other comprehensive loss
— — — — — — (30)— (30)— 
Stock consideration issued for acquisition
18 — — — 1,895 1,895 
Exercise of common stock options
1 — — — 26 — — — 26 — 
Repurchases of common stock
— — (14)(1,247)— — — — (1,247)— 
Payments relating to treasury shares
— — — (72)— — — — (72)— 
Stock-based compensation
— — — — 105 — — — 105 9 
Issuance under the employee stock purchase plan
— — — — 33 — — — 33 — 
Warrants issued to minority interest holders— — — — 3 — — — 3 2 
Issuance of restricted stock
2 — — — — — — — — — 
Distributions of profits
— — — — — — — (31)(31)— 
Dividends paid to stockholders
— — — — — (500)— — (500)— 
Redeemable non-controlling interest— — — — — — — — — 10 
Issuance of non-controlling interest— — — — — — — 9 9 — 
Net income (loss) attributable to non-controlling interest
— — — — — (17)— 22 5 (5)
Net income
— — — — — 1,580 — — 1,580 — 
Balance, as of September 30, 2020
628 $6 (67)$(5,198)$13,804 $10,682 $(273)$31 $19,052 $94 



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, 2020609 $6 (65)$(5,050)$11,856 $10,462 $(321)$41 $16,994 $95 
Other comprehensive income
— — — — — — 48 — 48 — 
Stock consideration issued for acquisition
18 — — — 1,895 — — — 1,895 — 
Exercise of common stock options
1 — — — 4 — — — 4 — 
Repurchases of common stock
— — (