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 2020-03-31 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 2020-05-26
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 ice2019630ex311.htm
EX-31.2 ice2019630ex312.htm
EX-32.1 ice2019630ex321.htm
EX-32.2 ice2019630ex322.htm

Intercontinental Exchange Earnings 2019-06-30

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

Document
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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, 2019
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)
 
Delaware
46-2286804
(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 Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per share
ICE
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
 
 
 
 
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 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 29, 2019, the number of shares of the registrant’s Common Stock outstanding was 560,414,755 shares.
 
 
 
 
 




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended June 30, 2019
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
PART I.
Financial Statements
 
Item 1.
 
 
Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018
 
Consolidated Statements of Income for the six and three months ended June 30, 2019 and 2018
 
Consolidated Statements of Comprehensive Income for the six and three months ended June 30, 2019 and 2018
 
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the six and three months ended June 30, 2019 and 2018
 
Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018
 
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 of
 
As of
 
June 30, 2019
 
December 31, 2018
Assets:
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
837

 
$
724

Short-term restricted cash and cash equivalents
880

 
818

Customer accounts receivable, net of allowance for doubtful accounts of $7 at June 30, 2019 and December 31, 2018
1,062

 
953

Margin deposits, guaranty funds and delivery contracts receivable
61,353

 
63,955

Prepaid expenses and other current assets
240

 
242

Total current assets
64,372

 
66,692

Property and equipment, net
1,525

 
1,241

Other non-current assets:
 
 
 
Goodwill
13,308

 
13,085

Other intangible assets, net
10,446

 
10,462

Long-term restricted cash and cash equivalents
354

 
330

Other non-current assets
925

 
981

Total other non-current assets
25,033

 
24,858

Total assets
$
90,930

 
$
92,791

 
 
 
 
Liabilities and Equity:
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued liabilities
$
518

 
$
521

Section 31 fees payable
167

 
105

Accrued salaries and benefits
177

 
280

Deferred revenue
360

 
135

Short-term debt
1,303

 
951

Margin deposits, guaranty funds and delivery contracts payable
61,353

 
63,955

Other current liabilities
253

 
161

Total current liabilities
64,131

 
66,108

Non-current liabilities:
 
 
 
Non-current deferred tax liability, net
2,296

 
2,337

Long-term debt
6,494

 
6,490

Accrued employee benefits
200

 
204

Non-current operating lease liability
298

 

Other non-current liabilities
293

 
350

Total non-current liabilities
9,581

 
9,381

Total liabilities
73,712

 
75,489

Commitments and contingencies


 


Redeemable non-controlling interest in consolidated subsidiaries
72

 
71

Equity:
 
 
 
Intercontinental Exchange, Inc. stockholders’ equity:
 
 
 
Preferred stock, $0.01 par value; 100 shares authorized; no shares issued or outstanding at June 30, 2019 and December 31, 2018

 


2


Common stock, $0.01 par value; 1,500 shares authorized; 606 and 604 shares issued at June 30, 2019 and December 31, 2018, respectively, and 561 and 569 shares outstanding at June 30, 2019 and December 31, 2018, respectively
6

 
6

Treasury stock, at cost; 45 and 35 shares at June 30, 2019 and December 31, 2018, respectively
(3,194
)
 
(2,354
)
Additional paid-in capital
11,651

 
11,547

Retained earnings
8,961

 
8,317

Accumulated other comprehensive loss
(309
)
 
(315
)
Total Intercontinental Exchange, Inc. stockholders’ equity
17,115

 
17,201

Non-controlling interest in consolidated subsidiaries
31

 
30

Total equity
17,146

 
17,231

Total liabilities and equity
$
90,930

 
$
92,791


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,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Transaction and clearing, net
$
1,769

 
$
1,762

 
$
907

 
$
864

Data services
1,099

 
1,046

 
553

 
526

Listings
222

 
220

 
111

 
111

Other revenues
127

 
108

 
63

 
55

Total revenues
3,217

 
3,136

 
1,634

 
1,556

Transaction-based expenses:
 
 
 
 
 
 
 
Section 31 fees
169

 
211

 
100

 
90

Cash liquidity payments, routing and clearing
480

 
454

 
236

 
220

Total revenues, less transaction-based expenses
2,568

 
2,471

 
1,298

 
1,246

Operating expenses:
 
 
 
 
 
 
 
Compensation and benefits
507

 
481

 
259

 
241

Professional services
62

 
59

 
29

 
29

Acquisition-related transaction and integration costs
1

 
27

 
1

 
15

Technology and communication
220

 
213

 
113

 
108

Rent and occupancy
35

 
33

 
18

 
16

Selling, general and administrative
83

 
72

 
41

 
39

Depreciation and amortization
315

 
281

 
157

 
143

Total operating expenses
1,223

 
1,166

 
618

 
591

Operating income
1,345

 
1,305

 
680

 
655

Other income (expense):
 
 
 
 
 
 
 
Interest income
19

 
9

 
10

 
5

Interest expense
(142
)
 
(107
)
 
(71
)
 
(55
)
Other income, net
32

 
21

 
9

 
6

Other income (expense), net
(91
)
 
(77
)
 
(52
)
 
(44
)
Income before income tax expense
1,254

 
1,228

 
628

 
611

Income tax expense
284

 
292

 
150

 
149

Net income
$
970

 
$
936

 
$
478

 
$
462

Net income attributable to non-controlling interest
(14
)
 
(17
)
 
(6
)
 
(7
)
Net income attributable to Intercontinental Exchange, Inc.
$
956

 
$
919

 
$
472

 
$
455

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
 
 
 
 
 
 
 
Basic
$
1.69

 
$
1.59

 
$
0.84

 
$
0.79

Diluted
$
1.68

 
$
1.58

 
$
0.84

 
$
0.78

Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
565

 
580

 
563

 
578

Diluted
568

 
583

 
566

 
581


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,
 
2019
 
2018
 
2019
 
2018
Net income
$
970

 
$
936

 
$
478

 
$
462

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of tax benefit of $1 for both the six months and three months ended June 30, 2018
7

 
(42
)
 
(19
)
 
(75
)
Change in equity method investment
(1
)
 

 

 

Other comprehensive income (loss)
6

 
(42
)
 
(19
)
 
(75
)
Comprehensive income
$
976

 
$
894

 
$
459

 
$
387

Comprehensive income attributable to non-controlling interest
(14
)
 
(17
)
 
(6
)
 
(7
)
Comprehensive income attributable to Intercontinental Exchange, Inc.
$
962

 
$
877

 
$
453

 
$
380


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’ 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
Loss
 
 
Shares
 
Value
 
Shares
 
Value
 
Balance, as of December 31, 2018
604

 
$
6

 
(35
)
 
$
(2,354
)
 
$
11,547

 
$
8,317

 
$
(315
)
 
$
30

 
$
17,231

 
$
71

Other comprehensive income

 

 

 

 

 

 
6

 

 
6

 

Exercise of common stock options

 

 

 

 
17

 

 

 

 
17

 

Repurchases of common stock

 

 
(10
)
 
(780
)
 

 

 

 

 
(780
)
 

Payments relating to treasury shares

 

 

 
(60
)
 

 

 

 

 
(60
)
 

Stock-based compensation

 

 

 

 
73

 

 

 

 
73

 
2

Issuance under the employee stock purchase plan

 

 

 

 
14

 

 

 

 
14

 

Issuance of restricted stock
2

 

 

 

 

 

 

 

 

 

Distributions of profits

 

 

 

 

 

 

 
(14
)
 
(14
)
 

Dividends paid to stockholders

 

 

 

 

 
(312
)
 

 

 
(312
)
 

Net income attributable to non-controlling interest

 

 

 

 

 
(14
)
 

 
15

 
1

 
(1
)
Net income

 

 

 

 

 
970

 

 

 
970

 

Balance, as of June 30, 2019
606

 
$
6

 
(45
)
 
$
(3,194
)
 
$
11,651

 
$
8,961

 
$
(309
)
 
$
31

 
$
17,146

 
$
72


 
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
Loss
 
 
Shares
 
Value
 
Shares
 
Value
 
Balance, as of March 31, 2019
606

 
$
6

 
(41
)
 
$
(2,851
)
 
$
11,597

 
$
8,644

 
$
(290
)
 
$
24

 
$
17,130

 
$
71

Other comprehensive loss

 

 

 

 

 

 
(19
)
 

 
(19
)
 

Exercise of common stock options

 

 

 

 
12

 

 

 

 
12

 

Repurchases of common stock

 

 
(4
)
 
(340
)
 

 

 

 

 
(340
)
 

Payments relating to treasury shares

 

 

 
(3
)
 

 

 

 

 
(3
)
 

Stock-based compensation

 

 

 

 
40

 

 

 

 
40

 
2

Issuance under the employee stock purchase plan

 

 

 

 
2

 

 

 

 
2

 

Dividends paid to stockholders

 

 

 

 

 
(155
)
 

 

 
(155
)
 

Net income attributable to non-controlling interest

 

 

 

 

 
(6
)
 

 
7

 
1

 
(1
)
Net income

 

 

 

 

 
478

 

 

 
478

 

Balance, as of June 30, 2019
606

 
$
6

 
(45
)
 
$
(3,194
)
 
$
11,651

 
$
8,961

 
$
(309
)
 
$
31

 
$
17,146

 
$
72























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’ 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
Loss
 
 
Shares
 
Value
 
Shares
 
Value
 
Balance, as of December 31, 2017
600

 
$
6

 
(17
)
 
$
(1,076
)
 
$
11,392

 
$
6,858

 
$
(223
)
 
$
28

 
$
16,985

 
$

Other comprehensive income (loss)

 

 

 

 

 

 
(42
)
 

 
(42
)
 

Exercise of common stock options

 

 

 

 
12

 

 

 

 
12

 

Repurchases of common stock

 

 
(10
)
 
(759
)
 

 

 

 

 
(759
)
 

Payments relating to treasury shares

 

 
(2
)
 
(76
)
 

 

 

 

 
(76
)
 

Stock-based compensation