Slide 1: 3Q21 Earnings Supplement
3Q21 Earnings Supplement October 28, 2021
Slide 2: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward-look
Slide 3: ICE Third Quarter 2021 Earnings Call Participants
ICE THIRD QUARTER 2021 EARNINGS CALL PARTICIPANTS Jeff Sprecher Ben Jackson Warren Gardiner Chairman & CEO President Chief Financial Chairman, NYSE Officer Lynn Martin Mary Caroline O'Neal Katia Gonzalez President, Fixed Income & Director, Investor Analyst, Investor 3 Data Services Relations Relatio
Slide 4: 3Q21 ICE Performance
3Q21 ICE PERFORMANCE in millions except per share amounts INCOME STATEMENT Strong 3Q Performance HIGHLIGHTS 3Q20 3Q21 % Chg Net Revenues(1) $1,411 $1,802 27% 3Q21 pro forma recurring revenues +10% y/y, CC (1) Net Revenues, pro forma $1,611 $1,802 11% Adj. Op Expenses(1) $611 $755 23% Adj. Op Expense
Slide 5: 3Q21 Exchanges Performance
3Q21 EXCHANGES PERFORMANCE ▪ European Natural Gas revenues +73% y/y, CC; Global Environmental revenues +72% y/y, CC; Oil revenues +34% y/y and interest rate revenues +30% y/y, CC ▪ Recurring revenues +6% y/y, CC, including listings revenue +10% y/y ▪ Guidance: Expect 4Q21 recurring revenues of $330
Slide 6: 3Q21 Fixed Income & Data Services Performance
3Q21 FIXED INCOME & DATA SERVICES PERFORMANCE ▪ Recurring revenues +6% y/y, CC • Fixed income data & analytics revenues +5% y/y, CC driven by PRD & indices • Other data and network services revenues +9% y/y, CC driven by ICE Global Network ▪ Guidance: Expect 4Q21 recurring revenues of $415 to $420 m
Slide 7: 3Q21 Mortgage Technology Performance
3Q21 MORTGAGE TECHNOLOGY PERFORMANCE ▪ Recurring revenues +33% y/y, driven by a combination of new customer growth, existing customer expansion and adoption of digital workflow tools ▪ Guidance: Expect 4Q21 recurring revenues of $147 to $152 million, +23-27% y/y Revenue Mix (in millions) $366 3Q20 O
Slide 8: Secular Tailwinds Driving Growth Across Asset Classes
SECULAR TAILWINDS DRIVING GROWTH ACROSS ASSET CLASSES Energy Fixed Income & Data Services Mortgage Technology Energy Revenue Mix Annual Subscription Value (ASV) 5 year CAGR +12% +5.4% y/y, Global Nat Gas + $1,700 CC ~$10 Billion Environmentals 40% Total $1,600 in millions Addressable Market $1,500 O
Slide 9: Consistent Track Record of Growth
CONSISTENT TRACK RECORD OF GROWTH YTD Highlights Net revenues +20% y/y, CC Pro forma net revenues +6% y/y, CC Adjusted EPS(1) $4.41 Adj. op income +18% y/y, CC Adj. EPS +17% y/y $3.79 $3.80 Free Cash Flow +22 y/y $3.53 17% $3.26 GR 0 CA '2 $2.93 '06- $2.76 $2.42 $1.93 $1.68 $1.50 $1.38 $1.07 $0.83 $
Slide 10: Appendix
APPENDIX 10 [ Ice’
Slide 11: Adjusted Operating Expense
ADJUSTED OPERATING EXPENSE Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 374 $ 374 $ 298 $ 298 $ 1,0
Slide 12: Adjusted Non Operating Income/Expense Reconciliation
ADJUSTED NON OPERATING INCOME/EXPENSE RECONCILIATION in millions 3Q21 2Q21 1Q21 4Q20 3Q20 Other Income / (Expense) $54 $1,239 $48 $5 $44 Gain on equity investments (34) — — (55) — Gain on sale of Coinbase equity investment — (1,227) — — — Accrual related to legal settlements 16 — — 30 — Gain related
Slide 13: Adjusted Effective Tax Rate Reconciliation
ADJUSTED EFFECTIVE TAX RATE RECONCILIATION Three Months Three Months Ended September Ended September in millions 30, 2021 30, 2020 Income before income taxes $824 $583 Income tax expense 187 189 Effective tax rate 23% 32% Income before income taxes $824 $583 Add: Amortization of acquisition-related
Slide 14: Free Cash Flow Calculation
FREE CASH FLOW CALCULATION Nine months ended Nine months ended in millions September 30, 2021 September 30, 2020 Cash flow from operations $2,130 $1,815 Less: Capital expenditures and capitalized software development costs (328) (268) Add: Section 31 fees, net 193 85 Free cash flow $1,995 $1,632 14
Slide 15: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Twelve Months Ended in millions September 30, 2021 Adjusted net income $2,799 Add: Adjusted interest expense(1) 429 Add: Adjusted income tax expense(1) 839 Add: Adjusted depreciation and amortization(1) 383 Adjusted EBITDA from Continuing Ops $4,450 Debt, as reported $
Slide 16: ICE Summary Balance Sheet
ICE SUMMARY BALANCE SHEET in millions BALANCE SHEET 09/30/2021 12/31/2020 CHANGE Assets ▪ $618M unrestricted cash Unrestricted Cash $618 $583 $35 Other Current Assets 112,102 86,636 25,466 ▪ Total debt of $14.2B; Adj. Debt-to- Current Assets 112,720 87,219 25,501 EBITDA(1) of 3.2x PPE (net) 1,723 1,
Slide 17: Fixed Income & Data Services Supplemental Data
FIXED INCOME & DATA SERVICES SUPPLEMENTAL DATA Annual Subscription Value (ASV) in millions 3Q21 2Q21 1Q21 4Q20 3Q20 ASV(1) $1,624 $1,602 $1,580 $1,569 $1,538 Adjusted for: FX — (6) (5) (8) 3 ASV, CC $1,624 $1,596 $1,575 $1,561 $1,541 (1) ASV is defined as the annual value of subscriptions under cont
Slide 18: Average Daily Volume and RPC Trends
AVERAGE DAILY VOLUME AND RPC TRENDS lots in thousands Energy ADV & RPC Ags ADV & RPC ADV RPC ADV RPC 3,500 1.60 500 2.50 3,000 400 1.40 2.25 2,500 300 2,000 1.20 200 2.00 2018 2019 2020 YTD 3Q21 2018 2019 2020 YTD 3Q21 ADV RPC ADV RPC ADV Interest Rates ADV & RPC RPC ADV Total Financials ADV & RPC R
Slide 19: Average Daily Volume and OI Trends
AVERAGE DAILY VOLUME AND OI TRENDS lots in thousands Energy ADV & OI Ags ADV & OI ADV OI ADV OI 3,500 45,000 500 4,400 3,300 3,000 30,000 400 2,200 2,500 15,000 300 1,100 2,000 0 200 0 2018 2019 2020 YTD 2018 2019 2020 YTD 3Q21 3Q21 ADV OI ADV OI ADV Interest Rates ADV & OI OI ADV Total Financials A
Slide 20: 3Q21 GAAP Results
3Q21 GAAP RESULTS INCOME STATEMENT HIGHLIGHTS in millions except per share amounts GAAP 3Q21 GAAP 3Q20 % Chg Net revenues $1,802 $1,411 28% Operating Expenses $924 $784 18% Operating Income $878 $627 40% Operating Margin 49% 44% 5 pts Net Income attributable to ICE $633 $390 62% Diluted EPS $1.12 $0
Slide 21: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
ADJUSTED OPERATING INCOME, OPERATING MARGIN & OPERATING EXPENSE RECONCILIATION Fixed Income and Data Services Mortgage Technology in millions Exchanges Segment Segment Segment Consolidated Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 3
Slide 22: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
ADJUSTED OPERATING INCOME, OPERATING MARGIN & OPERATING EXPENSE RECONCILIATION Fixed Income and Data Services Mortgage Technology in millions Exchanges Segment Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended Three Months Ended September 30, September 30, Septemb
Slide 23: Adjusted Net Income and EPS Reconciliation
ADJUSTED NET INCOME AND EPS RECONCILIATION Three Months Three Months Nine Months Nine Months Ended September Ended September Ended September Ended September in millions except per share amounts 30, 2021 30, 2020 30, 2021 30, 2020 Net income attributable to ICE $ 633 $ 390 $ 2,531 $ 1,563 Add: Amorti
Slide 24: Adjusted Net Income and EPS Reconciliation
ADJUSTED NET INCOME AND EPS RECONCILIATION Twelve Months Twelve Months Ended Ended in millions except per share amounts 12/31/2020 12/31/2019 Net income attributable to ICE common stockholders $ 2,089 $ 1,933 Add: Amortization of acquisition-related intangibles 388 309 Add: Transaction and integrati
Slide 25: Adjusted Net Income and EPS Reconciliation
ADJUSTED NET INCOME AND EPS RECONCILIATION Twelve Twelve Twelve Twelve Twelve Twelve Months Ended Months Ended Months Ended Months Ended Months Ended Months Ended in millions except per share amounts 12/31/18 12/31/17 12/31/16 12/31/15 12/31/14 12/31/13 Net income attributable to ICE $1,988 $2,526 $