Slide 1: 2Q24 Earnings Supplement
2Q24 Earnings Supplement August 1, 2024 1
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- loo
Slide 3: ICE Second Quarter 2024 Earnings Call Participants
ICE Second Quarter 2024 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Chris Edmonds Katia Gonzalez Chair & CEO President Chief Financial Officer President, NYSE President, Fixed Income Manager, Investor Chair, ICE Mortgage Chair, Fixed Income & Data Services Relati
Slide 4: Record 2Q24 ICE Performance
Record 2Q24 ICE Performance in millions except per share amounts Income statement highlights 2Q24 2Q23 % Chg, CC % Chg Pro forma, CC +7 % Record net revenues, pro forma, CC Revenues, net $2,317 $1,888 23% 7% Recurring Revenues 1,206 955 26% 1% Transaction Revenues, net 1,111 933 19% 14% Adj. Op Expe
Slide 5: 2Q24 Exchanges Performance
2Q24 Exchanges Performance in millions Revenues, net 2Q24 2Q23 % Chg Const Curr +32 Global gas revenues, CC % Energy $469 $355 32% 33% Ags 71 77 (8)% (8)% Financials 132 104 26% 26% Cash Equities & Equity Options, net OTC & Other 111 101 96 104 16% (3)% 16% (3)% +30 Global oil revenues % Data & Conn
Slide 6: 2Q24 Fixed Income & Data Services Performance
2Q24 Fixed Income & Data Services Performance +4.3 % in millions Annual subscription value Const Revenues 2Q24 2Q23 % Chg Curr (ASV), CC Fixed Income Execution $30 $28 3% 3% CDS Clearing 78 84 (6)% (6)% Fixed Income Data & Analytics 293 277 6% 6% Total Fixed Income & Data Other Data & Network Servic
Slide 7: 2Q24 Mortgage Technology Performance
2Q24 Mortgage Technology Performance JPMorgan Chase expands IMT relationship, signing on for DDA Encompass to MSP in millions integration Revenues 2Q24 2Q23 % Chg % Chg, Pro forma Origination Tech $180 $178 1% (4)% Closing Solutions 52 47 9% 5% Servicing Software Data & Analytics 212 62 — 24 n/a 165
Slide 8: Positioned for Growth Across Asset Classes
Positioned for Growth Across Asset Classes Secular Tailwinds Across ICE Platform • Globalization of natural gas • Global energy markets with key benchmarks and emerging markets across all key energy products Energy • Clean energy transition and growing • Energy revenues up 33% y/y, CC in the second
Slide 9: Consistent Track Record of Growth
Consistent Track Record of Growth 1H24 Highlights $5.62 Record net revenues +22% y/y, CC $5.30 $5.06 Record pro forma net revenues +6 y/y, CC Record adj. op income +19% y/y, CC $4.41 Record pro forma adj. op income +10% y/y, CC Record adj. EPS +6% y/y $3.77 $3.51 $2.93 $3.00 $2.76 $2.42 $1.93 $1.68
Slide 10: Appendix
Appendix 10
Slide 11: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 473 $ 473 $ 351 $ 351 $ 935 $ 935 $ 703 $ 703 Tec
Slide 12: Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 2Q24 1Q24 4Q23 3Q23 2Q23 Other income / (expense), net $(8) $112 $(190) $(51) $(35) Add/(Less): Loss on sale and fair value adjustment of equity investments and dividends received, net — 3 (4) 7 — Add: Net losses from and impairment of
Slide 13: Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Income before income taxes $861 $847 $1,825 $1,696 Income tax expense 222 32 403 207 Effective tax rate 26% 4% 22% 12
Slide 14: Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Six Months Ended Six Months Ended in millions June 30, 2024 June 30, 2023 Net cash provided by operating activities $2,205 $1,805 Less: Capital expenditures (133) (61) Less: Capitalized software development costs (177) (142) Free cash flow 1,895 1,602 (Less)/Ad
Slide 15: EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions June 30, 2024 Adjusted pro forma operating income (1) $5,218 Add: Adjusted pro forma depreciation and amortization (1) 515 Add: Adjusted non-operating expense less adjusted interest expense 133 Less: Net income attributable to non-contro
Slide 16: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 06/30/2024 12/31/2023 CHANGE Assets Unrestricted Cash $885 $899 $(14) ▪ $885M unrestricted cash Other Current Assets 86,106 84,074 2,032 ▪ Total debt of $21.8B; Adj. Debt-to- Current Assets $86,991 $84,973 $2,018 EBITDA(1) of 3.7x PPE (net) 1,992 1
Slide 17: Cash ROIC Supplement
Adjusted Cash ROIC Supplement 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Adj. Cash ROIC 10% 10% 10% 11% 10% 10% 10% 10% 10% 9% 17
Slide 18: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 2Q24 1Q24 4Q23 3Q23 2Q23 ASV(1) 1,795 $1,786 $1,752 $1,722 $1,724 Adjusted for: FX — (1) (5) 4 (3) ASV, CC $1,795 $1,785 $1,747 $1,726 $1,721 18 (1) ASV is defined as the annual value of subscriptions under contract fo
Slide 19: Average Daily Volume & Rate Per Contract (RPC) Trends
Average Daily Volume & Rate Per Contract (RPC) Trends lots in thousands Energy ADV & RPC ADV Ags ADV & RPC ADV 4,400 1.80 600 2.50 3,800 1.60 500 3,200 1.40 400 2.25 2,600 1.20 300 2,000 1.00 200 2.00 2019 2020 2021 2022 2023 YTD 2019 2020 2021 2022 2023 YTD 2Q24 2Q24 ADV RPC ADV RPC ADV Interest Ra
Slide 20: Average Daily Volume & Open Interest (OI) Trends
Average Daily Volume & Open Interest (OI) Trends lots in thousands ADV Energy ADV & OI OI ADV Ags ADV & OI OI 4,400 75,000 600 5,000 4,000 3,800 500 50,000 3,000 3,200 400 2,000 25,000 2,600 300 1,000 2,000 0 200 0 2019 2020 2021 2022 2023 YTD 2019 2020 2021 2022 2023 YTD 2Q24 2Q24 ADV OI ADV OI Int
Slide 21: GAAP Results
GAAP Results INCOME STATEMENT HIGHLIGHTS Three Months Ended Three Months Ended in millions except per share amounts June 30, 2024 June 30, 2023 % Chg Net revenues $2,317 $1,888 23% Operating expenses $1,251 $933 34% Operating income $1,066 $955 12% Operating margin 46% 51% (5) pts Net income attribu
Slide 22: 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 Six Months Ended Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 20
Slide 23: 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 June 30, June 30, June 30, June 30,
Slide 24: Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions except per share amounts June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net income attributable to ICE $ 632 $ 799 $ 1,399 $ 1,454 Add: Amortization of acquisition-related intangibl