Company Quick10K Filing
International Card Establishment
Price92.40 EPS4
Shares566 P/E25
MCap52,298 P/FCF28
Net Debt5,836 EBIT2,719
TEV58,134 TEV/EBIT21
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-29
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-06
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-07
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-07
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-07
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-04
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-05
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-07
8-K 2020-11-04
8-K 2020-10-29
8-K 2020-09-09
8-K 2020-09-08
8-K 2020-09-04
8-K 2020-08-21
8-K 2020-08-20
8-K 2020-08-14
8-K 2020-08-13
8-K 2020-08-06
8-K 2020-08-06
8-K 2020-07-30
8-K 2020-05-26
8-K 2020-05-15
8-K 2020-04-30
8-K 2020-02-06
8-K 2020-01-21
8-K 2019-10-30
8-K 2019-08-01
8-K 2019-05-17
8-K 2019-05-02
8-K 2019-05-01
8-K 2019-02-07
8-K 2018-10-31
8-K 2018-08-13
8-K 2018-08-09
8-K 2018-08-03
8-K 2018-08-02
8-K 2018-05-28
8-K 2018-05-21
8-K 2018-05-18
8-K 2018-05-03
8-K 2018-02-05

ICE 10Q Quarterly Report

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 ice2020930ex311.htm
EX-31.2 ice2020930ex312.htm
EX-32.1 ice2020930ex321.htm
EX-32.2 ice2020930ex322.htm

International Card Establishment Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1008060402002012201420172020
Assets, Equity
2.11.71.30.80.40.02012201420172020
Rev, G Profit, Net Income
3.72.10.5-1.0-2.6-4.22012201420172020
Ops, Inv, Fin

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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, 2020
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, 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 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 26, 2020, the number of shares of the registrant’s Common Stock outstanding was 561,283,772 shares.




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended September 30, 2020
TABLE OF CONTENTS
 
 
PART I.
Financial Statements
Item 1.
Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019
Consolidated Statements of Income for the nine and three months ended September 30, 2020 and 2019
Consolidated Statements of Comprehensive Income for the nine and three months ended September 30, 2020 and 2019
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the nine and three months ended September 30, 2020 and 2019
Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019
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 ofAs of
September 30, 2020December 31, 2019
Assets:
Current assets:
Cash and cash equivalents
$610 $841 
Short-term restricted cash and cash equivalents
993 943 
Customer accounts receivable, net of allowance for doubtful accounts of $25 and $8, respectively
1,310 988 
Margin deposits, guaranty funds and delivery contracts receivable
85,900 64,987 
Prepaid expenses and other current assets
324 220 
Total current assets
89,137 67,979 
Property and equipment, net
1,693 1,536 
Other non-current assets:
Goodwill
21,243 13,342 
Other intangible assets, net
14,507 10,258 
Long-term restricted cash and cash equivalents
408 404 
Other non-current assets
1,092 974 
Total other non-current assets
37,250 24,978 
Total assets
$128,080 $94,493 
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities
$594 $505 
Section 31 fees payable
53 138 
Accrued salaries and benefits
274 291 
Deferred revenue
267 129 
Short-term debt
2,463 2,569 
Margin deposits, guaranty funds and delivery contracts payable
85,900 64,987 
Other current liabilities
135 197 
Total current liabilities
89,686 68,816 
Non-current liabilities:
Non-current deferred tax liability, net
3,567 2,314 
Long-term debt
14,869 5,250 
Accrued employee benefits
187 198 
Non-current operating lease liability
315 281 
Other non-current liabilities
310 270 
Total non-current liabilities
19,248 8,313 
Total liabilities
108,934 77,129 
Commitments and contingencies
Redeemable non-controlling interest in consolidated subsidiaries
94 78 
2


Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding at September 30, 2020 and December 31, 2019
  
Common stock, $0.01 par value; 1,500 shares authorized; 628 and 607 issued at September 30, 2020 and December 31, 2019, respectively, and 561 and 554 shares outstanding at September 30, 2020 and December 31, 2019, respectively
6 6 
Treasury stock, at cost; 67 and 53 shares, respectively
(5,198)(3,879)
Additional paid-in capital
13,804 11,742 
Retained earnings
10,682 9,629 
Accumulated other comprehensive loss
(273)(243)
Total Intercontinental Exchange, Inc. stockholders’ equity
19,021 17,255 
Non-controlling interest in consolidated subsidiaries
31 31 
Total equity
19,052 17,286 
Total liabilities and equity
$128,080 $94,493 

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,
2020201920202019
Revenues:
Transaction and clearing, net
$3,726 $2,698 $1,155 $929 
Data services
1,727 1,652 589 553 
Listings
334 336 111 114 
Other revenues
224 194 75 67 
Total revenues
6,011 4,880 1,930 1,663 
Transaction-based expenses:
Section 31 fees
465 274 145 105 
Cash liquidity payments, routing and clearing
1,181 702 374 222 
Total revenues, less transaction-based expenses
4,365 3,904 1,411 1,336 
Operating expenses:
Compensation and benefits
849 768 298 261 
Professional services
100 97 37 35 
Acquisition-related transaction and integration costs
90 1 76  
Technology and communication
388 346 131 126 
Rent and occupancy
59 52 19 17 
Selling, general and administrative
132 116 43 33 
Depreciation and amortization
494 473 180 158 
Total operating expenses
2,112 1,853 784 630 
Operating income
2,253 2,051 627 706 
Other income (expense):
Interest income
9 27 1 8 
Interest expense
(245)(214)(89)(72)
Other income, net
75 30 44 (2)
Other income (expense), net
(161)(157)(44)(66)
Income before income tax expense
2,092 1,894 583 640 
Income tax expense
512 387 189 103 
Net income
$1,580 $1,507 $394 $537 
Net income attributable to non-controlling interest
(17)(22)(4)(8)
Net income attributable to Intercontinental Exchange, Inc.
$1,563 $1,485 $390 $529 
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic
$2.85 $2.64 $0.71 $0.95 
Diluted
$2.83 $2.62 $0.71 $0.94 
Weighted average common shares outstanding:
Basic
549 563 548 559 
Diluted
552 566 551 563 

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,
2020201920202019
Net income
$1,580 $1,507 $394 $537 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax expense of $1 for both the nine and three months ended September 30, 2020 and tax benefit of $1 for both the nine and three months ended September 30, 2019
(30)(32)48 (39)
Change in equity method investment
 (1)  
Other comprehensive income (loss)
(30)(33)48 (39)
Comprehensive income
$1,550 $1,474 $442 $498 
Comprehensive income attributable to non-controlling interest
(17)(22)(4)(8)
Comprehensive income attributable to Intercontinental Exchange, Inc.
$1,533 $1,452 $438 $490 

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, 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
— — (2)(148)— — — — (148)— 
Stock-based compensation
— — — — 32 — — — 32 1 
Issuance under the employee stock purchase plan
— — — — 17 — — — 17 — 
Distributions of profits
— — — — — — — (16)(16)— 
Dividends paid to stockholders
— — — — — (170)— — (170)— 
Net income (loss) attributable to non-controlling interest
— — — — — (4)— 6 2 (2)
Net income
— — — — — 394 — — 394 — 
Balance, as of September 30, 2020
628 $6 (67)$(5,198)$13,804 $10,682 $(273)$31 $19,052 $94 

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, 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)— — —