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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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(Mark One) | |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022
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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)
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Delaware | 46-2286804 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
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5660 New Northside Drive, Atlanta, Georgia | 30328 |
(Address of principal executive offices) | (Zip Code) |
(770) 857-4700
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
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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 |
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.
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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 May 2, 2022, the number of shares of the registrant’s Common Stock outstanding was 558,266,299 shares.
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended March 31, 2022
TABLE OF CONTENTS
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PART I. | Financial Statements | |
Item 1. | | |
| Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 | |
| Consolidated Statements of Income for the three months ended March 31, 2022 and 2021 | |
| Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021 | |
| Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the three months ended March 31, 2022 and 2021 | |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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PART II. | Other Information | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
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PART I. Financial Statements
Item 1. Consolidated Financial Statements
Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except per share amounts)
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| As of | | As of December 31, 2021 |
| March 31, 2022 | |
| (Unaudited) | |
Assets: | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 638 | | | $ | 607 | |
Short-term restricted cash and cash equivalents | 1,101 | | | 1,035 | |
Cash and cash equivalent margin deposits and guaranty funds | 161,147 | | | 145,936 | |
Invested deposits, delivery contracts receivable and unsettled variation margin | 3,776 | | | 4,493 | |
Customer accounts receivable, net of allowance for doubtful accounts of $24 at both March 31, 2022 and December 31, 2021 | 1,696 | | | 1,208 | |
Prepaid expenses and other current assets | 1,020 | | | 1,021 | |
Total current assets | 169,378 | | | 154,300 | |
Property and equipment, net | 1,733 | | | 1,699 | |
Other non-current assets: | | | |
Goodwill | 21,141 | | | 21,123 | |
Other intangible assets, net | 13,576 | | | 13,736 | |
Long-term restricted cash and cash equivalents | 405 | | | 398 | |
Other non-current assets | 2,255 | | | 2,246 | |
Total other non-current assets | 37,377 | | | 37,503 | |
Total assets | $ | 208,488 | | | $ | 193,502 | |
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Liabilities and Equity: | | | |
Current liabilities: | | | |
Accounts payable and accrued liabilities | $ | 733 | | | $ | 703 | |
Section 31 fees payable | 50 | | | 57 | |
Accrued salaries and benefits | 148 | | | 354 | |
Deferred revenue | 589 | | | 194 | |
Short-term debt | 1,777 | | | 1,521 | |
Margin deposits and guaranty funds | 161,147 | | | 145,936 | |
Invested deposits, delivery contracts payable and unsettled variation margin | 3,776 | | | 4,493 | |
Other current liabilities | 259 | | | 153 | |
Total current liabilities | 168,479 | | | 153,411 | |
Non-current liabilities: | | | |
Non-current deferred tax liability, net | 4,011 | | | 4,100 | |
Long-term debt | 12,401 | | | 12,397 | |
Accrued employee benefits | 195 | | | 200 | |
Non-current operating lease liability | 288 | | | 252 | |
Other non-current liabilities | 411 | | | 394 | |
Total non-current liabilities | 17,306 | | | 17,343 | |
Total liabilities | 185,785 | | | 170,754 | |
Commitments and contingencies | | | |
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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; 633 and 631 issued at March 31, 2022 and December 31, 2021, respectively, and 559 and 561 shares outstanding at March 31, 2022 and December 31, 2021, respectively | 6 | | | 6 | |
Treasury stock, at cost; 74 and 70 shares at March 31, 2022 and December 31, 2021, respectively | (6,064) | | | (5,520) | |
Additional paid-in capital | 14,153 | | | 14,069 | |
Retained earnings | 14,793 | | | 14,350 | |
Accumulated other comprehensive loss | (221) | | | (196) | |
Total Intercontinental Exchange, Inc. stockholders’ equity | 22,667 | | | 22,709 | |
Non-controlling interest in consolidated subsidiaries | 36 | | | 39 | |
Total equity | 22,703 | | | 22,748 | |
Total liabilities and equity | $ | 208,488 | | | $ | 193,502 | |
See accompanying notes.
Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
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| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
Revenues: | | | | | | | |
Exchanges | $ | 1,643 | | | $ | 1,606 | | | | | |
Fixed income and data services | 509 | | | 468 | | | | | |
Mortgage technology | 307 | | | 355 | | | | | |
Total revenues | 2,459 | | | 2,429 | | | | | |
Transaction-based expenses: | | | | | | | |
Section 31 fees | 51 | | | 125 | | | | | |
Cash liquidity payments, routing and clearing | 509 | | | 507 | | | | | |
Total revenues, less transaction-based expenses | 1,899 | | | 1,797 | | | | | |
Operating expenses: | | | | | | | |
Compensation and benefits | 359 | | | 354 | | | | | |
Professional services | 34 | | | 44 | | | | | |
Acquisition-related transaction and integration costs | 9 | | | 18 | | | | | |
Technology and communication | 175 | | | 162 | | | | | |
Rent and occupancy | 21 | | | 21 | | | | | |
Selling, general and administrative | 55 | | | 51 | | | | | |
Depreciation and amortization | 254 | | | 255 | | | | | |
Total operating expenses | 907 | | | 905 | | | | | |
Operating income | 992 | | | 892 | | | | | |
Other income/(expense): | | | | | | | |
Interest income | 1 | | | — | | | | | |
Interest expense | (103) | | | (107) | | | | | |
Other income/(expense), net | (58) | | | 48 | | | | | |
Other income/(expense), net | (160) | | | (59) | | | | | |
Income before income tax expense | 832 | | | 833 | | | | | |
Income tax expense | 165 | | | 183 | | | | | |
Net income | $ | 667 | | | $ | 650 | | | | | |
Net income attributable to non-controlling interest | (10) | | | (4) | | | | | |
Net income attributable to Intercontinental Exchange, Inc. | $ | 657 | | | $ | 646 | | | | | |
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: | | | | | | | |
Basic | $ | 1.17 | | | $ | 1.15 | | | | | |
Diluted | $ | 1.16 | | | $ | 1.14 | | | | | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 561 | | | 562 | | | | | |
Diluted | 564 | | | 565 | | | | | |
See accompanying notes.
Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
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| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
Net income | $ | 667 | | | $ | 650 | | | | | |
Other comprehensive income/(loss): | | | | | | | |
Foreign currency translation adjustments, net of tax benefit of $1 for the three months ended March 31, 2021 | (25) | | | 7 | | | | | |
Change in equity method investment | — | | | 1 | | | | | |
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Other comprehensive income/(loss) | (25) | | | 8 | | | | | |
Comprehensive income | $ | 642 | | | $ | 658 | | | | | |
Comprehensive income attributable to non-controlling interest | (10) | | | (4) | | | | | |
Comprehensive income attributable to Intercontinental Exchange, Inc. | $ | 632 | | | $ | 654 | | | | | |
See accompanying notes.
Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest
(In millions)
(Unaudited)
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| Intercontinental Exchange, Inc. Stockholders’ Equity | | Non- Controlling Interest in Consolidated Subsidiaries | | Total Equity | | |
| Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income/(Loss) | |
| Shares | | Value | | Shares | | Value | |
Balance, as of December 31, 2021 | 631 | | | $ | 6 | | | (70) | | | $ | (5,520) | | | $ | 14,069 | | | $ | 14,350 | | | $ | (196) | | | $ | 39 | | | $ | 22,748 | | | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (25) | | | — | | | (25) | | | |
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Exercise of common stock options | — | | | — | | | — | | | — | | | 15 | | | — | | | — | | | — | | | 15 | | | |
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Repurchases of common stock | — | | | — | | | (3) | | | (475) | | | — | | | — | | | — | | | — | | | (475) | | | |
Payments relating to treasury shares | — | | | — | | | (1) | | | (69) | | | — | | | — | | | — | | | — | | | (69) | | | |
Stock-based compensation | — | | | — | | | — | | | — | | | 45 | | | — | | | — | | | — | | | 45 | | | |
Issuance under the employee stock purchase plan | — | | | — | | | — | | | — | | | 24 | | | — | | | — | | | — | | | 24 | | | |
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Issuance of restricted stock | 2 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | |
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Distributions of profits | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (13) | | | (13) | | | |
Dividends paid to stockholders | — | | | — | | | — | | | — | | | — | | | (214) | | | — | | | — | | | (214) | | | |
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Net income/(loss) attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | (10) | | | — | | | 10 | | | — | | | |
Net income | — | | | — | | | — | | | — | | | — | | | 667 | | | — | | | — | | | 667 | | | |
Balance, as of March 31, 2022 | 633 | | | $ | 6 | | | (74) | | | $ | (6,064) | | | $ | 14,153 | | | $ | 14,793 | | | $ | (221) | | | $ | 36 | | | $ | 22,703 | | | |
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| 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 Income/(Loss) | |
| Shares | | Value | | Shares | | Value | |
Balance, as of December 31, 2020 | 629 | | | $ | 6 | | | (68) | | | $ | (5,200) | | | $ | 13,845 | | | $ | 11,039 | | | $ | (192) | | | $ | 36 | | | $ | 19,534 | | | $ | 93 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | — | | | 8 | | | — | | | 8 | | | — | |
Exercise of common stock options | — | | | — | | | — | | | — | | | 3 | | | — | | | — | | | — | | | 3 | | | — | |
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Payments relating to treasury shares | — | | | — | | | — | | | (65) | | | — | | | — | | | — | | | — | | | (65) | | | — | |
Stock-based compensation | — | | | — | | | — | | | — | | | 42 | | | — | | | — | | | — | | | 42 | | | — | |
Issuance under the employee stock purchase plan | — | | | — | | | — | | | — | | | 18 | | | — | | | — | | | — | | | 18 | | | — | |
Issuance of restricted stock | 2 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Distributions of profits | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (11) | | | (11) | | | — | |
Dividends paid to stockholders | — | | | — | | | — | | | — | | | — | | | (187) | | | — | | | — | | | (187) | | | — | |
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Net income/(loss) attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | (4) | | | — | | | 6 | | | 2 | | | (2) | |
Net income | — | | | — | | | — | | | — | | | — | | | 650 | | | — | | | — | | | 650 | | | — | |
Balance, as of March 31, 2021 | 631 | | | $ | 6 | | | (68) | | | $ | (5,265) | | | $ | 13,908 | | | $ | 11,498 | | | $ | (184) | | | $ | 31 | | | $ | 19,994 | | | $ | 91 | |
See accompanying notes.
Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited) | | | | | | | | | | | | |
| Three Months Ended March 31, | |
| 2022 | | 2021 | |
Operating activities: | | | | |
Net income | $ | 667 | | | $ | 650 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization | 254 | | | 255 | | |
Stock-based compensation | 38 | | | 36 | | |
Deferred taxes | (86) | | | (22) | | |
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Net losses/(income) from unconsolidated investees | 42 | | | (25) | | |
Other | 9 | | | 15 | | |
Changes in assets and liabilities: | | | | |
Customer accounts receivable | (480) | | | (303) | | |
Other current and non-current assets | (56) | | | (108) | | |
Section 31 fees payable | (7) | | | (84) | | |
Deferred revenue | 411 | | | 375 | | |
Other current and non-current liabilities | (36) | | | (55) | | |
Total adjustments | 89 | | | 84 | | |
Net cash provided by operating activities | 756 | | | 734 | | |
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Investing activities: | | | | |
Capital expenditures | (36) | | | (40) | | |
Capitalized software development costs | (67) | | | (76) | | |
Purchases of invested margin deposits | (651) | | | (1,140) | | |
Proceeds from sales of invested margin deposits | 1,709 | | | 1,700 | | |
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Other | (73) | | | — | | |
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Net cash provided by investing activities | 882 | | | 444 | | |
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Financing activities: | | | | |
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Proceeds from/(redemption of) commercial paper, net | 256 | | | (343) | | |
Repurchases of common stock | (475) | | | — | | |
Dividends to stockholders | (214) | | | (187) | | |
Change in cash and cash equivalent margin deposits and guaranty funds | 14,153 | | | 1,471 | | |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (69) | | | (65) | | |
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Other | 27 | | | 12 | | |
Net cash provided by financing activities | 13,678 | | | 888 | | |
Effect of exchange rate changes on cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | (1) | | | (1) | | |
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 15,315 | | | 2,065 | | |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 147,976 | | | 83,619 | | |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | $ | 163,291 | | | $ | 85,684 | | |
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Supplemental cash flow disclosure: | | | | |
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Cash paid for income taxes | $ | 90 | | | $ | 131 | | |
Cash paid for interest | $ | 117 | | | $ | 128 | | |
Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (continued)
(In millions)
(Unaudited)
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Reconciliation of the components of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the balance sheet: | | As of March 31, 2022 | | As of March 31, 2021 | |
Cash and cash equivalents | | $ | 638 | | | $ | 562 | | |
Short-term restricted cash and cash equivalents | | 1,101 | | | 1,065 | | |
Long-term restricted cash and cash equivalents | | 405 | | | 398 | | |
Cash and cash equivalent margin deposits and guaranty funds | | 161,147 | | | 83,659 | | |
Total | | $ | 163,291 | | | $ | 85,684 | | |
See accompanying notes.
Intercontinental Exchange, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
1.Description of Business
Nature of Business and Organization
We are a provider of market infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and United States, or U.S., residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency.
•In our Exchanges segment, we operate regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities.
•In our Fixed Income and Data Services segment, we provide fixed income pricing, reference data, indices, analytics and execution services as well as global credit default swap, or CDS, clearing and multi-asset class data delivery solutions.
•In our Mortgage Technology segment, we provide an end-to-end technology platform that offers customers comprehensive, digital workflow tools that aim to address the inefficiencies that exist in the U.S. residential mortgage market, from application through closing and the secondary market.
We operate marketplaces, technology and provide data services in the U.S., United Kingdom, or U.K., European Union, or EU, Canada, Asia Pacific and the Middle East.
2. Summary of Significant Accounting Policies
Basis of Presentation
We prepared the accompanying unaudited consolidated financial statements in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2021. The accompanying unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. We believe that these adjustments are of a normal recurring nature.
Preparing financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the amounts that are reported in our consolidated financial statements and accompanying disclosures. Actual amounts could differ from those estimates. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for any future period or the full fiscal year.
These statements include the accounts of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in consolidation. For consolidated subsidiaries in which our ownership is less than 100% and for which we have control over the assets and liabilities and the management of the entity, the outside stockholders’ interests are shown as non-controlling interests.
We have considered the impacts of the ongoing conflict between Russia, Belarus and Ukraine on our financial statements. As of March 31, 2022, our businesses and operations, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of these events. There continues to be uncertainty surrounding the extent and duration of this ongoing conflict and the impact that it may have on the global economy and on our business.
Consolidated Statements of Cash Flows Presentation
As of December 31, 2021, we revised our consolidated statements of cash flows to include changes in cash and cash equivalent margin within cash flows from financing activities and changes in invested margin deposits within cash flows from investing activities. This immaterial revision did not have an effect on our previously reported consolidated balance sheets, statements of income, statements of comprehensive income, or statements of changes in equity and redeemable non-controlling interest or the related disclosures. Cash and cash equivalent margin amounts cannot be used to satisfy the Company's operating or other liabilities, as further discussed in Note 12. The following table summarizes the
immaterial revisions to our historical consolidated statements of cash flows for the three months ended March 31, 2021 (in millions):
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2021 |
| As Previously Presented | | Adjustment | | As Adjusted |
Purchases of invested margin deposits (within investing activities) | $ | — | | | $ | (1,140) | | | $ | (1,140) | |
Proceeds from sales of invested margin deposits (within investing activities) | — | | | 1,700 | | | 1,700 | |
Net cash provided by/(used in) investing activities | (116) | | | 560 | | | 444 | |
Change in cash and cash equivalent margin deposits and guaranty funds (within financing activities) | — | | | 1,471 | | | 1,471 | |
Net cash provided by/(used in) financing activities | (583) | | | 1,471 | | | 888 | |
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 34 | | | 2,031 | | | 2,065 | |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 1,991 | | | 81,628 | | | 83,619 | |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | $ | 2,025 | | | $ | 83,659 | | | $ | 85,684 | |
Recently Adopted Accounting Pronouncements
During the three months ended March 31, 2022, there were no significant changes to the new and recently adopted accounting pronouncements applicable to us from those disclosed in Note 2 to the consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021, or the 2021 Form 10-K.
3. Divestiture
Bakkt Transaction
As discussed in Note 3 to the consolidated financial statements included in Part II, Item 8 of our 2021 Form 10-K, on October 15, 2021, Bakkt Holdings, LLC, or Bakkt, completed its merger with VPC Impact Acquisition Holdings, or VIH, a special purpose acquisition company sponsored by Victory Park Capital, or VPC. The newly combined company was renamed Bakkt Holdings, Inc. and is listed on the New York Stock Exchange, or NYSE.
Following the transaction, we held an approximate 68% economic interest in the combined company. As a result of limitations on ICE from the Bakkt voting agreement entered into in connection with the transaction, we hold a minority voting interest in the combined company. Prior to the closing, Bakkt revenues and operating expenses were reported within our consolidated revenues and operating expenses. Following the closing, as a consequence of holding a minority voting interest in the combined company, during the fourth quarter of 2021 we deconsolidated Bakkt and treat it as an equity method investment within our financial statements.
4. Investments
Equity Investments
Our equity investments, including our investment in Euroclear plc, or Euroclear, among others, are subject to valuation under ASU 2016-01, Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. See Note 14 for a discussion of our determination of fair value of our financial instruments.
Investment in Euroclear
We own a 9.8% stake in Euroclear as of March 31, 2022 that we originally purchased for $631 million, and we participate on the Euroclear Board of Directors. Euroclear is a provider of post-trade services, including settlement, central securities depositories and related services for cross-border transactions across asset classes. We classify our investment in Euroclear as an equity investment. As of March 31, 2022, the adjusted fair value of our Euroclear investment was $701 million.
On October 18, 2021, we announced that we had reached an agreement to sell our entire 9.8% stake in Euroclear for €709 million. As a result, the entire carrying value of our Euroclear investment is included in other current assets within our accompanying consolidated balance sheet. The sale is subject to customary closing conditions and regulatory approval.
We did not receive a dividend from Euroclear during the three months ended March 31, 2022. We recognized dividend income of $30 million during the three months ended March 31, 2021 from Euroclear, which is included in other income.
Equity Method Investments
Our equity method investments include the Options Clearing Corporation, or OCC, and Bakkt, among others. Our equity method investments are included in other non-current assets in the accompanying consolidated balance sheet. We carry our equity method investments at cost and assess the carrying value periodically if impairment indicators are present. At the end of each reporting period, we record our share of profits or losses of our equity method investments as equity earnings included in other income. We recognized ($42 million) and $25 million as our share of estimated (losses)/profits, net, from our equity method investments during the three months ended March 31, 2022 and 2021, respectively. The estimated losses during the three months ended March 31, 2022 are primarily related to our investment in Bakkt, and the estimated profits during the three months ended March 31, 2021 are related to our investment in OCC. Both periods include adjustments to reflect the difference between reported prior period actual results from our original estimates.
Investment in OCC
We own a 40% interest in OCC through a direct investment by the NYSE. OCC is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. OCC serves as a clearing house for securities options, security futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca and NYSE Amex Options, along with other non-affiliated exchanges.
Investment in Bakkt
Following Bakkt's October 15, 2021 merger with VIH, we held an approximate 68% economic interest in Bakkt and treat it as an equity method investment (see Note 3). As of March 31, 2022 the carrying value of our Bakkt investment is $1.5 billion.
5. Revenue Recognition
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than rebates, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our deferred revenue.
Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues, certain data services, clearing services, mortgage technology services and other revenues. Deferred revenue is our only significant contract liability. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition.
For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration. In addition, we have elected the practical expedient of excluding sales taxes from transaction prices. We have assessed the costs incurred to obtain or fulfill a contract with a customer and determined them to be immaterial.
Certain judgments and estimates are used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers. Refer to Note 5 to the consolidated financial statements included in Part II, Item 8 of our 2021 Form 10-K where our primary revenue contract classifications are described in detail.
The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15:
| | | | | | | | | | | | | | | | | | | | | | | |
| Exchanges Segment | | Fixed Income and Data Services Segment | | Mortgage Technology Segment | | Total Consolidated |
Three Months Ended March 31, 2022: | | | | | | | |
Total revenues | $ | 1,643 | | | $ | 509 | | | $ | 307 | | | $ | 2,459 | |
Transaction-based expenses | 560 | | | — | | | — | | | 560 | |
Total revenues, less transaction-based expenses | $ | 1,083 | | | $ | 509 | | | $ | 307 | | | $ | 1,899 | |
| | | | | | | |
Timing of Revenue Recognition | | | | | | | |
Services transferred at a point in time | $ | 634 | | | $ | 76 | | | $ | 142 | | | $ | 852 | |
Services transferred over time | 449 | | | 433 | | | 165 | | | 1,047 | |
Total revenues, less transaction-based expenses | $ | 1,083 | | | $ | 509 | | | $ | 307 | | | $ | 1,899 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Exchanges Segment | | Fixed Income and Data Services Segment | | Mortgage Technology Segment | | Total Consolidated |
Three Months Ended March 31, 2021: | | | | | | | |
Total revenues | $ | 1,606 | | | $ | 468 | | | $ | 355 | | | $ | 2,429 | |
Transaction-based expenses | 632 | | | — | | | — | | | 632 | |
Total revenues, less transaction-based expenses | $ | 974 | | | $ | 468 | | | $ | 355 | | | $ | 1,797 | |
| | | | | | | |
Timing of Revenue Recognition | | | | | | | |
Services transferred at a point in time | $ | 561 | | | $ | 60 | | | $ | 221 | | | $ | 842 | |
Services transferred over time | 413 | | | 408 | | | 134 | | | 955 | |
Total revenues, less transaction-based expenses | $ | 974 | | | $ | 468 | | | $ | 355 | | | $ | 1,797 | |
The Exchanges segment revenues above include $214 million and $207 million of data services revenues for the three months ended March 31, 2022 and 2021, respectively. Fixed Income and Data Services segment revenues above include $422 million and $399 million of data services revenues for the three months ended March 31, 2022 and 2021, respectively. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period.
The Exchanges segment revenues above also include $129 million and $113 million for the three months ended March 31, 2022 and 2021, respectively, of services transferred over time related to listings, as well as $76 million and $66 million for the three months ended March 31, 2022 and 2021, respectively, for services transferred over time related to risk management of open interest performance obligations. In addition, the Exchanges segment revenues include $30 million and $27 million for the three months ended March 31, 2022 and 2021, respectively, of services transferred over time related to regulatory fees, trading permits, and software licenses.
The Fixed Income and Data Services segment revenues above also include $11 million and $9 million for the three months ended March 31, 2022 and 2021, respectively, for services transferred over time related to risk management of open interest performance obligations, primarily in our CDS business.
The Mortgage Technology segment revenues transferred over time in the table above primarily relate to our origination technology revenue where performance obligations consist of a series of distinct services and are recognized over the contract terms as subscription performance obligations are satisfied, and to a lesser extent, professional services revenues.
6. Goodwill and Other Intangible Assets
The following is a summary of the activity in the goodwill balance for the three months ended March 31, 2022 (in millions):
| | | | | |
Goodwill balance at December 31, 2021 | $ | 21,123 | |
Acquisitions | 32 | |
Foreign currency translation | (11) | |
Other activity, net | (3) | |
Goodwill balance at March 31, 2022 | $ | 21,141 | |
The following is a summary of the activity in the other intangible assets balance for the three months ended March 31, 2022 (in millions):
| | | | | |
Other intangible assets balance at December 31, 2021 | $ | 13,736 | |
| |
| |
Foreign currency translation | (10) | |
| |
Amortization of other intangible assets | (153) | |
Other activity, net | 3 | |
Other intangible assets balance at March 31, 2022 | $ | 13,576 | |
Foreign currency translation adjustments result from a portion of our goodwill and other intangible assets being held at our U.K., EU and Canadian subsidiaries, whose functional currencies are not the U.S. dollar. The changes in other activity, net, in the table above primarily relate to adjustments to the fair value of the net tangible and intangible assets made within one year of acquisitions, with a corresponding adjustment to goodwill. We have performed an analysis of impairment indicators and did not recognize any impairment losses on goodwill or other intangible assets during the three months ended March 31, 2022.
7. Deferred Revenue
Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $695 million as of March 31, 2022, including $589 million in current deferred revenue and $106 million in other non-current liabilities. The changes in our deferred revenue during the three months ended March 31, 2022 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Annual Listings Revenues | | Original Listings Revenues | | Other Listings Revenues | | Data Services and Other Revenues | | Mortgage Technology | | Total |
Deferred revenue balance at December 31, 2021 | $ | — | | | $ | 19 | | | $ | 93 | | | $ | 93 | | | $ | 79 | | | $ | 284 | |
Additions | 419 | | | 26 | | | 27 | | | 186 | | | 26 | | | 684 | |
Amortization | (108) | | | (9) | | | (12) | | | (112) | | | (32) | | | (273) | |
Deferred revenue balance at March 31, 2022 | $ | 311 | | | $ | 36 | | | $ | 108 | | | $ | 167 | | | $ | 73 | | | $ | 695 | |
The changes in our deferred revenue during the three months ended March 31, 2021 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Annual Listings Revenues | | Original Listings Revenues | | Other Listings Revenues | | Data Services and Other Revenues | | Mortgage Technology | | Total |
Deferred revenue balance at December 31, 2020 | $ | — | | | $ | 13 | | | $ | 92 | | | $ | 95 | | | $ | 59 | | | $ | 259 | |
Additions | 377 | | | 9 | | | 24 | | | 175 | | | 19 | | | 604 | |
Amortization | (96) | | | (6) | | | (12) | | | (105) | | | (10) | | | (229) | |
Deferred revenue balance at March 31, 2021 | $ | 281 | | | $ | 16 | | | $ | 104 | | | $ | 165 | | | $ | 68 | | | $ | 634 | |
Included in the amortization recognized during the three months ended March 31, 2022 is $73 million related to the deferred revenue balance as of December 31, 2021. Included in the amortization recognized for the three months ended March 31, 2021 is $62 million related to the deferred revenue balance as of December 31, 2020. As of March 31, 2022, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 5.
8. Debt
Our total debt, including short-term and long-term debt, consisted of the following (in millions):
| | | | | | | | | | | | |
| As of March 31, 2022 | | As of December 31, 2021 | |
Debt: | | | | |
Short-term debt: | | | | |
Commercial Paper | $ | 1,268 | | | $ | 1,012 | | |
| | | | |
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) | 500 | | | 499 | | |
Other short-term debt | 9 | | | 10 | | |
Total short-term debt | 1,777 | | | 1,521 | | |
Long-term debt: | | | | |
| | | | |
2023 Senior Notes (0.70% senior unsecured notes due June 15, 2023) | 998 | | | 997 | | |
2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023) | 399 | | | 399 | | |
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) | 798 | | | 797 | | |
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) | 1,246 | | | 1,246 | | |
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) | 497 | | | 497 | | |
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) | 594 | | | 594 | | |
2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) | 1,235 | | | 1,234 | | |
2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) | 1,483 | | | 1,483 | | |
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) | 1,230 | | | 1,230 | | |
2048 Senior Notes ( |