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Monday April 6th, 2020 12:35PM

Intercontinental Exchange Reports Fourth Quarter & Full Year 2019

By The Associated Press

ATLANTA & NEW YORK--(BUSINESS WIRE)--Feb 6, 2020--

Intercontinental Exchange (NYSE: ICE):

Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listing services, today reported financial results for the fourth quarter and full year of 2019. For the quarter ended December 31, 2019, consolidated net income attributable to ICE was $448 million on $1.3 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) were $0.80. Adjusted net income attributable to ICE was $534 million in the fourth quarter and adjusted diluted EPS were $0.95.

For the full year of 2019 consolidated net income attributable to ICE was $1.9 billion on $5.2 billion of consolidated revenues less transaction-based expenses. Full year 2019 GAAP diluted EPS were $3.42. On an adjusted basis, net income attributable to ICE for the year was $2.2 billion and adjusted diluted EPS were $3.88, up 8% year-over-year.

Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and free cash flow.

Scott A. Hill, ICE Chief Financial Officer, added: "In 2019 we generated record revenues, record operating income, and record cash flows. This performance enabled us to return more capital to shareholders than any year in our history while also investing in future growth. As we enter 2020, our commitment to prudent allocation of capital, disciplined investment and continued growth has never been stronger."

Fourth quarter consolidated net revenues were $1.3 billion. Data and listings revenues in the fourth quarter were $672 million and trading and clearing net revenues were $626 million. Consolidated operating expenses were $676 million for the fourth quarter of 2019. On an adjusted basis, consolidated operating expenses were $570 million. Consolidated operating income for the fourth quarter was $622 million and the operating margin was 48%. On an adjusted basis, consolidated operating income for the fourth quarter was $728 million and the adjusted operating margin was 56%.

Full year 2019 consolidated net revenues were $5.2 billion, up 4% year-over-year. Full year 2019 data and listings revenues were $2.7 billion and trading and clearing net revenues were $2.5 billion, up 4% and up 5% year-over-year, respectively. Consolidated operating expenses were $2.5 billion for 2019. On an adjusted basis, consolidated operating expenses were $2.2 billion. Consolidated operating income for the year was $2.7 billion and the operating margin was 51%. On an adjusted basis, consolidated operating income for the year was $3.0 billion and the adjusted operating margin was 58%.

Fourth quarter data and listings revenues were $672 million, including data revenues of $559 million and listings revenues of $113 million. Data and listings operating expenses were $375 million and on an adjusted basis, were $324 million in the fourth quarter. Segment operating income for the fourth quarter was $297 million and the operating margin was 44%. On an adjusted basis, operating income was $348 million and the adjusted operating margin was 52%.

Full year 2019 data and listings revenues were $2.7 billion, including data revenues of $2.2 billion, up 5% year-over-year, and listings revenues of $449 million, up 1% year-over-year. Data and listings operating expenses were $1.5 billion and on an adjusted basis, were $1.3 billion for the year. Segment operating income for the full year was $1.2 billion and the operating margin was 44%. On an adjusted basis, operating income was $1.4 billion and the adjusted operating margin was 52%.

Fourth quarter trading and clearing net revenues were $626 million. Trading and clearing operating expenses were $301 million and adjusted operating expenses were $246 million in the fourth quarter. Segment operating income for the fourth quarter was $325 million and the operating margin was 52%. On an adjusted basis, operating income was $380 million and the adjusted operating margin was 61%.

Full year 2019 trading and clearing net revenues were $2.5 billion, up 5% from one year ago. Trading and clearing operating expenses were $1.0 billion and adjusted operating expenses were $908 million in 2019. Segment operating income for the year was $1.5 billion and the operating margin was 59%. On an adjusted basis, operating income was $1.6 billion and the adjusted operating margin was 64%.

 

ICE will hold a conference call today, February 6, at 8:30 a.m. ET to review its fourth quarter 2019 financial results. A live audio webcast of the earnings call will be available on the company's website at in the investor relations section. Participants may also listen via telephone by dialing 888-317-6003 from the United States, 866-284-3684 from Canada or 412-317-6061 from outside of the United States and Canada. . The call will be archived on the company's website for replay.

The conference call for the first quarter 2020 earnings has been scheduled for April 30 at 8:30 a.m. ET. Please refer to the Investor Relations website at for additional information.

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at:

We use non-GAAP measures internally to evaluate our performance and in making financial and operational decisions. When viewed in conjunction with our GAAP results and the accompanying reconciliation, we believe that our presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparison of results because the items described below as adjustments to GAAP are not reflective of our core business performance. These financial measures are not in accordance with, or an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We strongly recommend that investors review the GAAP financial measures and additional non-GAAP information included in our Annual Report on Form 10-K, including our consolidated financial statements and the notes thereto.

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE common stockholders, adjusted diluted earnings per share and free cash flow for the periods presented below are calculated by adding or subtracting the adjustments described below, which are not reflective of our cash operations and core business performance, and their related income tax effect and other tax adjustments (in millions, except for per share amounts):

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company is the premier venue for raising capital in the world, driving economic growth and transforming markets.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at . Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020. We caution you not to place undue reliance on these forward looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

SOURCE: Intercontinental Exchange

ICE-CORP

View source version on businesswire.com:

CONTACT: ICE Investor Relations Contact:

Warren Gardiner

+1 770 835 0114

warren.gardiner@theice.com

investors@theice.com

ICE Media Contact:

Josh King

+1 212 656 2490

josh.king@theice.com

media@theice.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK GEORGIA

INDUSTRY KEYWORD: FINANCE DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE

SOURCE: Intercontinental Exchange

Copyright Business Wire 2020.

PUB: 02/06/2020 07:30 AM/DISC: 02/06/2020 07:30 AM

http://www.businesswire.com/news/home/20200206005421/en

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