Intercontinental Exchange Reports Fourth Quarter & Full Year 2019

14th consecutive year of record full-year revenues

ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange (NYSE: ICE):


  • 2019 net revenues of $5.2 billion, +4% y/y

 

Jeffrey C. Sprecher,
ICE Chairman & Chief Executive Officer, said,

"We are pleased to report our 14th consecutive year of record revenues. Leveraging our leading technology and market expertise, we expanded our suite of risk management solutions, adding new products and services across an array of asset classes and geographies. And, as we shift to 2020, our relentless focus on innovation and delivering efficiencies for our customers should again provide the foundation for continued growth and stockholder value creation."

 

 

  • 2019 GAAP diluted EPS of $3.42

 

 

  • 2019 adj. diluted EPS of $3.88, +8% y/y

 

 

  • 2019 operating margin of 51%; adj.operating margin of 58%

 

 

  • Over $2 billion returned to stockholders in 2019, +19% y/y

 

 

  • New $2.4 billion share repurchase program effective January 1, 2020

 

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 and Full Year 2019 Business Highlights

$ (in millions)

Net
Revenue

Op
Margin

Adj Op
Margin

 

Net
Revenue

Op
Margin

Adj Op
Margin

 

Full Year 2019

 

4Q19

Data and Listings

$2,660

44%

52%

 

$672

44%

52%

Trading and Clearing

$2,542

59%

64%

 

$626

52%

61%

Consolidated

$5,202

51%

58%

 

$1,298

48%

56%

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%.

Data and Listings Segment Results

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%.

$ (in millions)

4Q19

4Q18

% Chg

Const
Curr(1)

Revenue:

 

 

 

 

Pricing and Analytics

$274

$264

4%

4%

Exchange Data and Feeds

176

174

2%

2%

Desktops and Connectivity

109

101

7%

7%

Data Total

559

539

4%

4%

Listings

113

112

Segment Revenue

$672

$651

3%

3%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 4Q18, 1.2861 and 1.1410, respectively.

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%.

$ (in millions)

FY19

FY18

% Chg

Const
Curr(1)

Revenue:

 

 

 

 

Pricing and Analytics

$1,083

$1,043

4%

4%

Exchange Data and Feeds

704

670

5%

5%

Desktops and Connectivity

424

402

5%

6%

Data Total

2,211

2,115

5%

5%

Listings

449

444

1%

1%

Segment Revenue

$2,660

$2,559

4%

4%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2018, 1.3356 and 1.1813, respectively.

Trading and Clearing Segment Results

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%.

$ (in millions)

4Q19

4Q18

% Chg

Revenue, net:

 

 

 

Energy

$243

$257

(5)%

Ags and Metals

57

54

5%

Financials(1)

80

92

(13)%

Cash Equities and Equity Options

73

93

(23)%

Fixed Income and Credit(2)

96

83

17%

OTC and Other Transactions(3)

11

13

(9)%

Other Revenue(4)

66

65

2%

Segment Revenue

$626

$657

(5)%

(1) Financials include interest rates and other financial futures and options.

(2) Fixed income and credit includes fixed income execution, CDS execution and clearing and ICE Mortgage Services.

(3) OTC & other transactions include physical energy.

(4) Other revenue includes interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, technology development fees, exchange member fees, and agriculture grading and certification fees.

  • Energy futures and options revenue in the fourth quarter decreased 5% year-over-year driven by a 10% decrease in average daily volume (ADV), partially offset by a 5% increase in rate per contract (RPC).
  • Ags and metals futures and options revenue in the fourth quarter increased 5% year-over-year driven by an 8% increase in ADV, partially offset by a 3% decrease in RPC.
  • Financials futures and options revenue in the fourth quarter decreased 13% year-over-year driven by a 27% decrease in ADV, partially offset by a 19% increase in RPC.
  • U.S. cash equities and equity options revenue in the fourth quarter decreased 23% year-over-year driven by a 20% decrease in U.S. cash equities ADV and a 19% decrease in equity options ADV.
  • Fixed income and credit revenue in the fourth quarter increased 17% year-over-year driven by in part by the addition of Simplifile.

 

ADV
(lots in thousands)

RPC

 

4Q19

% Chg

4Q19

% Chg

Energy

2,609

(10)%

$1.46

5%

Ags & Metals

409

8%

$2.17

(3)%

Financials

2,148

(27)%

$0.57

19%

Interest Rates

1,710

(30)%

$0.39

5%

Other Financials

438

(8)%

$1.26

24%

Total Futures and Options

5,166

(17)%

$1.14

14%

 

 

 

 

 

Cash Equities

1,681

(20)%

$0.046

(4)%

Equity Options

3,132

(19)%

$0.11

(8)%

The fourth quarter of 2019 included 64 trading days for commodities, other financials, cash equities and equity options and 65 trading days for interest rates. The fourth quarter of 2018 included 64 trading days for commodities and other financials, 63 trading days for cash equities and equity options and 65 trading days for interest rates.

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%.

$ (in millions)

2019

2018

% Chg

Revenue, net:

 

 

 

Energy

$992

$965

3%

Ags and Metals

251

251

Financials(1)

332

354

(6)%

Cash Equities and Equity Options

298

327

(9)%

Fixed Income and Credit(2)

364

240

52%

OTC and Other Transactions(3)

45

49

(8)%

Other Revenue(4)

260

234

11%

Segment Revenue

$2,542

$2,420

5%

(1) Financials include interest rates and other financial futures and options.

(2) Fixed income and credit includes fixed income execution, CDS execution and clearing and ICE Mortgage Services.

(3) OTC & other transactions include physical energy.

(4) Other revenue includes interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, technology development fees, exchange member fees, and agriculture grading and certification fees.

  • Energy futures and options revenue for the full year 2019 increased 3% year-over-year driven by a 6% increase in RPC, partially offset by a 3% decrease in ADV.
  • Ags and metals futures and options revenue for the full year 2019 was flat year-over-year driven by a 4% increase in ADV, partially offset by a 4% decrease in RPC.
  • Financials futures and options revenue for the full year 2019 decreased 6% year-over-year driven by a 11% decrease in ADV, partially offset by a 6% increase in RPC.
  • U.S. cash equities and equity options revenue for the full year 2019 decreased 9% year-over-year driven by a 6% decrease in equity options ADV and an 8% and 5% decrease in U.S. cash equities and equity options RPC, respectively.
  • Fixed income and credit revenue for the full year 2019 increased 52% year-over-year driven in part by the addition of BondPoint, TMC Bonds, MERS and Simplifile.

 

ADV
(lots in thousands)

RPC

 

2019

% Chg

2019

% Chg

Energy

2,655

(3)%

$1.48

6%

Ags and Metals

442

4%

$2.25

(4)%

Financials

2,460

(11)%

$0.52

6%

Interest Rates

2,026

(13)%

$0.38

(2)%

Other Financials

434

(1)%

$1.20

14%

Total Futures and Options

5,557

(7)%

$1.11

8%

 

 

 

 

 

Cash Equities

1,740

$0.046

(8)%

Equity Options

3,172

(6)%

$0.12

(5)%

2019 included 252 trading days for commodities, other financials, cash equities and equity options and 257 trading days for interest rates. 2018 included 252 trading days for commodities and other financials, 251 trading days for cash equities and equity options and 257 trading days for interest rates.

Other Matters

  • ICE repurchased $1.5 billion of its common stock and paid $621 million in dividends in 2019.
  • Unrestricted cash was $841 million and outstanding debt was $7.8 billion as of December 31, 2019.
  • Operating cash flow for 2019 was $2.7 billion, up 5% from $2.5 billion one year ago. 2019 free cash flow was $2.3 billion, up 2% from one year ago.
  • The effective tax rate for the fourth quarter was 23%.

 

Financial Guidance

 

 

GAAP

Non-GAAP

2020 Data Revenue

$2.29 - $2.33 billion

1Q20 Data Revenue

$560 - $565 million

2020 Operating Expenses

$2.545 - $2.595 billion

$2.275 - $2.325 billion(1)

1Q20 Operating Expenses

$638 - $648 million

$570 - $580 million(1)

1Q20 Non-Operating Expense(3)

$55 - $60 million

2020 Capital Expenditures

$290 - $320 million for operational, non-operational capital expenditures and capitalized development

2020 Effective Tax Rate

22% - 24%(2)

1Q20 Weighted Average Shares Outstanding

553 - 559 million shares reflecting January 2020 share repurchases

(1) 2020 and 1Q20 non-GAAP operating expenses exclude amortization of acquisition-related intangibles.

(2) This represents 2020 full year guidance for both the GAAP and non-GAAP effective tax rates but note that the GAAP effective tax rate is more susceptible to diverging from this guidance based on items outside the normal course of business that are adjusted for to derive our non-GAAP results. Such items can be unknown, unpredictable or uncertain, requiring unreasonable efforts to determine with any precision and which could potentially be confusing or misleading.

(3) Non-operating expense includes interest income, interest expense and net other income.

Earnings Conference Call Information

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 www.theice.com 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. Telephone participants are required to provide the participant entry number 8946214 and are recommended to call 10 minutes prior to the start of the call. 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 www.ir.theice.com for additional information.

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: http://ir.theice.com/investors-and-media/supplemental-volume-info/default.aspx.

 

Consolidated Statements of Income

(In millions, except per share amounts)

 

Twelve Months Ended
December 31,

Three Months Ended
December 31,

Revenues:

2019

2018

2019

2018

Transaction and clearing, net

$

3,627

 

$

3,483

 

$

929

 

$

961

 

Data services

2,211

 

2,115

 

559

 

539

 

Listings

449

 

444

 

113

 

112

 

Other revenues

260

 

234

 

66

 

65

 

Total revenues

6,547

 

6,276

 

1,667

 

1,677

 

Transaction-based expenses:

 

 

 

 

Section 31 fees

379

 

357

 

105

 

85

 

Cash liquidity payments, routing and clearing

966

 

940

 

264

 

284

 

Total revenues, less transaction-based expenses

5,202

 

4,979

 

1,298

 

1,308

 

Operating expenses:

 

 

 

 

Compensation and benefits

1,042

 

994

 

274

 

262

 

Professional services

125

 

131

 

28

 

40

 

Acquisition-related transaction and integration costs

2

 

34

 

1

 

1

 

Technology and communication

469

 

432

 

123

 

112

 

Rent and occupancy

68

 

68

 

16

 

18

 

Selling, general and administrative

161

 

151

 

45

 

42

 

Depreciation and amortization

662

 

586

 

189

 

157

 

Total operating expenses

2,529

 

2,396

 

676

 

632

 

Operating income

2,673

 

2,583

 

622

 

676

 

Other income (expense):

 

 

 

 

Interest income

35

 

22

 

7

 

7

 

Interest expense

(285

)

(244

)

(71

)

(71

)

Other income, net

58

 

159

 

29

 

126

 

Other income (expense), net

(192

)

(63

)

(35

)

62

 

Income before income tax expense

2,481

 

2,520

 

587

 

738

 

Income tax expense

521

 

500

 

134

 

119

 

Net income

$

1,960

 

$

2,020

 

$

453

 

$

619

 

Net income attributable to non-controlling interest

(27

)

(32

)

(5

)

(8

)

Net income attributable to Intercontinental Exchange, Inc.

$

1,933

 

$

1,988

 

$

448

 

$

611

 

 

 

 

 

 

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

 

 

 

 

Basic

$

3.44

 

$

3.46

 

$

0.81

 

$

1.07

 

Diluted

$

3.42

 

$

3.43

 

$

0.80

 

$

1.07

 

Weighted average common shares outstanding:

 

 

 

 

Basic

561

 

575

 

556

569

Diluted

565

 

579

 

560

573

Consolidated Balance Sheets

(In millions)

 

As of

As of

 

December 31, 2019

December 31, 2018

Assets:

 

 

Current assets:

 

 

Cash and cash equivalents

$

841

 

$

724

 

Short-term restricted cash and cash equivalents

943

 

818

 

Customer accounts receivable, net

988

 

953

 

Margin deposits, guaranty funds and delivery contracts receivable

64,987

 

63,955

 

Prepaid expenses and other current assets

220

 

242

 

Total current assets

67,979

 

66,692

 

Property and equipment, net

1,536

 

1,241

 

Other non-current assets:

 

 

Goodwill

13,342

 

13,085

 

Other intangible assets, net

10,258

 

10,462

 

Long-term restricted cash and cash equivalents

404

 

330

 

Other non-current assets

974

 

981

 

Total other non-current assets

24,978

 

24,858

 

Total assets

$

94,493

 

$

92,791

 

 

 

 

Liabilities and Equity:

 

 

Current liabilities:

 

 

Accounts payable and accrued liabilities

$

505

 

$

521

 

Section 31 fees payable

138

 

105

 

Accrued salaries and benefits

291

 

280

 

Deferred revenue

129

 

135

 

Short-term debt

2,569

 

951

 

Margin deposits, guaranty funds and delivery contracts payable

64,987

 

63,955

 

Other current liabilities

197

 

161

 

Total current liabilities

68,816

 

66,108

 

Non-current liabilities:

 

 

Non-current deferred tax liability, net

2,314

 

2,337

 

Long-term debt

5,250

 

6,490

 

Accrued employee benefits

198

 

204

 

Non-current operating lease liability

281

 

 

Other non-current liabilities

270

 

350

 

Total non-current liabilities

8,313

 

9,381

 

Total liabilities

77,129

 

75,489

 

Commitments and contingencies

 

 

Redeemable non-controlling interests in consolidated subsidiaries

78

 

71

 

Equity:

 

 

Intercontinental Exchange, Inc. stockholders’ equity:

 

 

Common stock

6

 

6

 

Treasury stock, at cost

(3,879

)

(2,354

)

Additional paid-in capital

11,742

 

11,547

 

Retained earnings

9,629

 

8,317

 

Accumulated other comprehensive loss

(243

)

(315

)

Total Intercontinental Exchange, Inc. stockholders’ equity

17,255

 

17,201

 

Non-controlling interest in consolidated subsidiaries

31

 

30

 

Total equity

17,286

 

17,231

 

Total liabilities and equity

$

94,493

 

$

92,791

 

Non-GAAP Financial Measures and Reconciliation

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):

 

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

 

Trading and Clearing
Segment

 

Data and Listings
Segment

 

Consolidated

 

Twelve Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2019

2018

 

2019

2018

 

2019

2018

Total revenues, less transaction-based expenses

$2,542

$2,420

 

$2,660

$2,559

 

$5,202

$4,979

Operating expenses

$1,033

$911

 

$1,496

$1,485

 

$2,529

$2,396

Less: Interactive Data transaction and integration costs and acquisition-related success fees

6

 

24

 

30

Less: Amortization of acquisition-related intangibles

94

73

 

215

214

 

309

287

Less: Impairment of exchange registration intangible assets on ICE Futures Singapore

31

 

 

31

Less: Impairment of exchange registration intangible assets on closure of ICE Futures Canada and ICE Clear Canada

4

 

 

4

Less: Employee severance costs related to ICE Futures Canada and ICE Clear Canada operations

4

 

 

4

Adjusted operating expenses

$908

$824

 

$1,281

$1,247

 

$2,189

$2,071

Operating income

$1,509

$1,509

 

$1,164

$1,074

 

$2,673

$2,583

Adjusted operating income

$1,634

$1,596

 

$1,379

$1,312

 

$3,013

$2,908

Operating margin

59%

62%

 

44%

42%

 

51%

52%

Adjusted operating margin

64%

66%

 

52%

51%

 

58%

58%

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

 

Trading and Clearing
Segment

 

Data and Listings
Segment

 

Consolidated

 

Three Months Ended
December 31,

 

Three Months Ended
December 31,

 

Three Months Ended
December 31,

 

2019

2018

 

2019

2018

 

2019

2018

Total revenues, less transaction-based expenses

$626

$657

 

$672

$651

 

$1,298

$1,308

Operating expenses

$301

$256

 

$375

$376

 

$676

$632

Less: Acquisition-related success fees

1

 

 

1

Less: Amortization of acquisition-related intangibles

24

23

 

51

55

 

75

78

Less: Impairment of exchange registration intangible assets on ICE Futures Singapore

31

 

 

31

Adjusted operating expenses

$246

$232

 

$324

$321

 

$570

$553

Operating income

$325

$401

 

$297

$275

 

$622

$676

Adjusted operating income

$380

$425

 

$348

$330

 

$728

$755

Operating margin

52%

61%

 

44%

42%

 

48%

52%

Adjusted operating margin

61%

65%

 

52%

51%

 

56%

58%

Adjusted Net Income Attributable to ICE and EPS

(In millions)

 

Twelve Months
Ended
12/31/2019

Twelve Months

Ended
12/31/2018

Net income attributable to ICE common stockholders

$

1,933

 

$

1,988

 

Add: Interactive Data transaction and integration costs and acquisition-related success fees

 

30

 

Add: Amortization of acquisition-related intangibles

309

 

287

 

Add: Impairment of CAT promissory notes

16

 

 

Add: Impairment of exchange registration intangible assets on ICE Futures Singapore

31

 

 

Less: Gain on acquisition of MERS

 

(110

)

Add: Impairment of exchange registration intangible assets on closure of ICE Futures Canada and ICE Clear Canada

 

4

 

Add: Employee severance costs related to ICE Futures Canada and ICE Clear Canada operations

 

4

 

Add: Gain on divestiture of Trayport, net

 

1

 

Less: Income tax effect for the above items

(90

)

(98

)

Less: Deferred tax adjustments from U.S. tax rate reduction

 

(11

)

Less: Deferred tax adjustments on acquisition-related intangibles

(8

)

(5

)

Add/(Less): Other tax adjustments

3

 

(13

)

Adjusted net income attributable to ICE

$

2,194

 

$

2,077

 

 

 

 

Diluted earnings per share attributable to ICE

$

3.42

 

$

3.43

 

 

 

 

Adjusted diluted earnings per share attributable to ICE

$

3.88

 

$

3.59

 

Diluted weighted average common shares outstanding

 

565

 

 

579

 

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

 

Three Months
Ended
12/31/2019

Three Months
Ended
12/31/2018

Net income attributable to ICE common stockholders

$

448

 

$

611

 

Add: Acquisition-related success fees

 

1

 

Add: Amortization of acquisition-related intangibles

75

 

78

 

Add: Impairment of exchange registration intangible assets on ICE Futures Singapore

31

 

 

Less: Gain on acquisition of MERS

 

(110

)

Less: Income tax effect related to the items above

(25

)

(35

)

Add: Tax adjustments on U.S. tax reform

 

1

 

Add/(Less): Deferred tax adjustments on acquisition-related intangibles

5

 

(10

)

Adjusted net income attributable to ICE

$

534

 

$

536

 

 

 

 

Diluted earnings per share attributable to ICE

$

0.80

 

$

1.07

 

 

 

 

Adjusted diluted earnings per share attributable to ICE

$

0.95

 

$

0.94

 

Diluted weighted average common shares outstanding

 

560

 

 

573

 


Contacts

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


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