Company Quick10K Filing
Intercontinental Exchange
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 2020-06-30 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 2020-09-08 Other Events, Exhibits
8-K 2020-09-04 M&A, Sale of Shares, Regulation FD, Exhibits
8-K 2020-08-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-08-20 Other Events, Exhibits
8-K 2020-08-14 Enter Agreement, Exhibits
8-K 2020-08-13 Officers, Regulation FD, Exhibits
8-K 2020-08-06 Regulation FD, Exhibits
8-K 2020-08-06 Enter Agreement, Sale of Shares, Exhibits
8-K 2020-07-30 Earnings, Exhibits
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 ice2020630ex311.htm
EX-31.2 ice2020630ex312.htm
EX-32.1 ice2020630ex321.htm
EX-32.2 ice2020630ex322.htm

Intercontinental Exchange Earnings 2020-06-30

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 June 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 July 27, 2020, the number of shares of the registrant’s Common Stock outstanding was 543,276,671 shares.




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended June 30, 2020
TABLE OF CONTENTS
 
 
PART I.
Financial Statements
Item 1.
Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019
Consolidated Statements of Income for the six months and three months ended June 30, 2020 and 2019
Consolidated Statements of Comprehensive Income for the six months and three months ended June 30, 2020 and 2019
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the six months and three months ended June 30, 2020 and 2019
Consolidated Statements of Cash Flows for the six months ended June 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
June 30, 2020December 31, 2019
Assets:
Current assets:
Cash and cash equivalents
$880  $841  
Short-term restricted cash and cash equivalents
993  943  
Customer accounts receivable, net of allowance for doubtful accounts of $24 and $8, respectively
1,279  988  
Margin deposits, guaranty funds and delivery contracts receivable
93,960  64,987  
Prepaid expenses and other current assets
323  220  
Total current assets
97,435  67,979  
Property and equipment, net
1,510  1,536  
Other non-current assets:
Goodwill
13,534  13,342  
Other intangible assets, net
10,149  10,258  
Long-term restricted cash and cash equivalents
408  404  
Other non-current assets
1,024  974  
Total other non-current assets
25,115  24,978  
Total assets
$124,060  $94,493  
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities
$520  $505  
Section 31 fees payable
316  138  
Accrued salaries and benefits
199  291  
Deferred revenue
383  129  
Short-term debt
705  2,569  
Margin deposits, guaranty funds and delivery contracts payable
93,960  64,987  
Other current liabilities
110  197  
Total current liabilities
96,193  68,816  
Non-current liabilities:
Non-current deferred tax liability, net
2,317  2,314  
Long-term debt
7,703  5,250  
Accrued employee benefits
190  198  
Non-current operating lease liability
274  281  
Other non-current liabilities
294  270  
Total non-current liabilities
10,778  8,313  
Total liabilities
106,971  77,129  
Commitments and contingencies
Redeemable non-controlling interest in consolidated subsidiaries
95  78  
Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
2


Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding at June 30, 2020 and December 31, 2019
    
Common stock, $0.01 par value; 1,500 shares authorized; 609 and 607 issued at June 30, 2020 and December 31, 2019, respectively, and 544 and 554 shares outstanding at June 30, 2020 and December 31, 2019, respectively
6  6  
Treasury stock, at cost; 65 and 53 shares, respectively
(5,050) (3,879) 
Additional paid-in capital
11,856  11,742  
Retained earnings
10,462  9,629  
Accumulated other comprehensive loss
(321) (243) 
Total Intercontinental Exchange, Inc. stockholders’ equity
16,953  17,255  
Non-controlling interest in consolidated subsidiaries
41  31  
Total equity
16,994  17,286  
Total liabilities and equity
$124,060  $94,493  

See accompanying notes.
3


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
Six Months Ended June 30,Three Months Ended June 30,
2020201920202019
Revenues:
Transaction and clearing, net
$2,571  $1,769  $1,207  $907  
Data services
1,138  1,099  574  553  
Listings
223  222  111  111  
Other revenues
149  127  74  63  
Total revenues
4,081  3,217  1,966  1,634  
Transaction-based expenses:
Section 31 fees
320  169  154  100  
Cash liquidity payments, routing and clearing
807  480  417  236  
Total revenues, less transaction-based expenses
2,954  2,568  1,395  1,298  
Operating expenses:
Compensation and benefits
551  507  273  259  
Professional services
63  62  34  29  
Acquisition-related transaction and integration costs
14  1  2  1  
Technology and communication
257  220  126  113  
Rent and occupancy
40  35  19  18  
Selling, general and administrative
89  83  40  41  
Depreciation and amortization
314  315  157  157  
Total operating expenses
1,328  1,223  651  618  
Operating income
1,626  1,345  744  680  
Other income (expense):
Interest income
8  19  2  10  
Interest expense
(156) (142) (84) (71) 
Other income, net
31  32  11  9  
Other income (expense), net
(117) (91) (71) (52) 
Income before income tax expense
1,509  1,254  673  628  
Income tax expense
323  284  145  150  
Net income
$1,186  $970  $528  $478  
Net income attributable to non-controlling interest
(13) (14) (5) (6) 
Net income attributable to Intercontinental Exchange, Inc.
$1,173  $956  $523  $472  
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic
$2.14  $1.69  $0.96  $0.84  
Diluted
$2.13  $1.68  $0.95  $0.84  
Weighted average common shares outstanding:
Basic
549  565  546  563  
Diluted
552  568  549  566  

See accompanying notes.
4


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Six Months Ended June 30,Three Months Ended June 30,
2020201920202019
Net income
$1,186  $970  $528  $478  
Other comprehensive income (loss):
Foreign currency translation adjustments, with no tax benefit for both the six months and three months ended June 30, 2020 and 2019
(78) 7  12  (19) 
Change in equity method investment
  (1)     
Other comprehensive income (loss)
(78) 6  12  (19) 
Comprehensive income
$1,108  $976  $540  $459  
Comprehensive income attributable to non-controlling interest
(13) (14) (5) (6) 
Comprehensive income attributable to Intercontinental Exchange, Inc.
$1,095  $962  $535  $453  

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
—  —  —  —  —  —  (78) —  (78) —  
Exercise of common stock options
—  —  —  —  22  —  —  —  22  —  
Repurchases of common stock
—  —  (12) (1,099) —  —  —  —  (1,099) —  
Payments relating to treasury shares
—  —  —  (72) —  —  —  —  (72) —  
Stock-based compensation
—  —  —  —  73  —  —  —  73  8  
Issuance under the employee stock purchase plan
—  —  —  —  16  —  —  —  16  —  
Warrants issued to minority interest holders
—  —  —  —  3  —  —  —  3  2  
Issuance of restricted stock
2  —  —  —  —  —  —  —  —  —  
Distributions of profits
—  —  —  —  —  —  —  (15) (15) —  
Dividends paid to stockholders
—  —  —  —  —  (330) —  —  (330) —  
Redeemable non-controlling interest
—  —  —  —  —  —  —  —    10  
Issuance of non-controlling interest
—  —  —  —  —  —  —  9  9  —  
Net income (loss) attributable to non-controlling interest
—  —  —  —  —  (13) —  16  3  (3) 
Net income
—  —  —  —  —  1,186  —  —  1,186  —  
Balance, as of June 30, 2020
609  $6  (65) $(5,050) $11,856  $10,462  $(321) $41  $16,994  $95  


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 March 31, 2020609  $6  (61) $(4,647)