Slide 1: 2Q21 Earnings Supplement
2Q21 Earnings Supplement July 29, 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 Second Quarter 2021 Earnings Call Participants
ICE SECOND 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 Relati
Slide 4: 2Q21 ICE Performance
2Q21 ICE PERFORMANCE in millions except per share amounts INCOME STATEMENT Record 2Q Performance HIGHLIGHTS 2Q20 2Q21 % Chg Net Revenues $1,395 $1,707 22% 2Q21 pro forma recurring revenues Net Revenues, pro forma $1,629 $1,707 5% +10% y/y, CC Adj. Op Expenses $575 $744 29% Adj. Op Expenses, pro form
Slide 5: 2Q21 Exchanges Performance
2Q21 EXCHANGES PERFORMANCE ▪ July open interest (OI) +14% vs Dec '20; total energy +10%, nat gas +8%, environmentals +43%, financials +21%, ags +13% ▪ Recurring revenues +7% y/y, CC, including listings revenue +8% y/y ▪ Guidance: Expect 3Q21 recurring revenues of $324 to $329 million Revenue Mix in
Slide 6: 2Q21 Fixed Income & Data Services Performance
2Q21 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 +7% y/y, CC driven by ICE Global Network ▪ Guidance: Expect 3Q21 recurring revenues of $409 to $414 m
Slide 7: 2Q21 Mortgage Technology Performance
2Q21 MORTGAGE TECHNOLOGY PERFORMANCE ▪ Recurring revenues +36% y/y, driven by new customer growth and adoption of digital workflow tools ▪ Guidance: Expect 3Q21 recurring revenues of $137 to $142 million, +27-32% y/y Revenue Mix in millions 2Q20 Revenue, net Pro $340 $ (in millions) Forma 2Q21 % Chg
Slide 8: A Leading Global Energy & Environmental Network
A LEADING GLOBAL ENERGY & ENVIRONMENTAL NETWORK Global Environmentals Avg. Daily TTF + JKM(1) ADV & OI Volume (ADV) & OI lots in thousands lots in thousands ADV OI ADV OI 80 ADV CAGR 2,800 200 3,500 +22% ADV CAGR 3,000 OI CAGR 2,400 60 150 +46% +18% 2,500 OI CAGR 2,000 +39% 40 100 2,000 1,600 1,500
Slide 9: An End-to-End Leader in Digital Workflow Solutions
AN END-TO-END LEADER IN DIGITAL WORKFLOW SOLUTIONS ICE Mortgage Technology Offerings Span the Full Workflow Lead Generation Processing & Pre-Closing Closing Post-Closing Secondary & Application Underwriting Originate Order Collaborate Sign/Notarize Record Register Vault Deliver ~$10 Billion Total Ad
Slide 10: Passive Investing & Fixed Income Automation Drive Compounding Growth
PASSIVE INVESTING & FIXED INCOME AUTOMATION DRIVE COMPOUNDING GROWTH ETF Assets Under Management (AUM) Benchmarked to ICE Data Indices Fixed Income & Data Services $400 Annual Subscription Value +5.3% y/y, (ASV) CC $300 $1,600 CAGR +35% $ in billions $200 $100 $1,500 $— 2017 2Q21 $1,400 ICE Data Ind
Slide 11: Consistent Track Record of Growth
CONSISTENT TRACK RECORD OF GROWTH 1H21 Highlights Net revenues +19% y/y Pro forma net revenues +4% y/y Adjusted EPS(1) $4.41 Adj. op income +14% y/y Adj. EPS +9% y/y $3.79 $3.53 17% A GR 0C - '2 $2.93 '06 $2.76 $2.42 $2.50 $2.30 $1.93 $1.68 $1.50 $1.38 $1.07 $0.83 $0.85 $0.68 $0.48 2006 2007 2008 20
Slide 12: Appendix
APPENDIX 12 [ Ice’
Slide 13: Adjusted Operating Expense
ADJUSTED OPERATING EXPENSE Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June, 2020 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 365 $ 365 $ 273 $ 273 $ 719 $ 719 $ 551 $ 551 Technology and com
Slide 14: Adjusted Non Operating Income/Expense Reconciliation
ADJUSTED NON OPERATING INCOME/EXPENSE RECONCILIATION in millions 2Q21 1Q21 4Q20 3Q20 2Q20 Other Income / (Expense) Net income from unconsolidated investees $9 $25 $(13) $49 $18 Euroclear dividends — 30 — — — Gain on sale of Coinbase equity investment 1,227 — — — — Gain on equity investments — — 55 —
Slide 15: Adjusted Effective Tax Rate Reconciliation
ADJUSTED EFFECTIVE TAX RATE RECONCILIATION Three Months Three Months Ended June 30, Ended June 30, in millions 2021 2020 Income before income taxes $1,932 $673 Less: Income tax expense 679 145 Effective tax rate 35% 22% Income before income taxes $1,932 $673 Add: Amortization of acquisition-related
Slide 16: Free Cash Flow Calculation
FREE CASH FLOW CALCULATION Six months ended Six months ended June 30, 2021 June 30, 2020 Cash flow from operations $1,607 $1,378 Less: Capital expenditures and capitalized software development costs (240) (144) Add/(Less): Section 31 fees, net 44 (178) Free cash flow $1,411 $1,056 16
Slide 17: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Twelve Months Ended in millions June 30, 2021 Adjusted net income $2,597 Add: Adjusted interest expense(1) 409 Add: Adjusted income tax expense(1) 784 Add: Adjusted depreciation and amortization(1) 372 Adjusted EBITDA from Continuing Ops $4,162 Pro forma EBITDA (pre ac
Slide 18: ICE Summary Balance Sheet
ICE SUMMARY BALANCE SHEET in millions BALANCE SHEET 06/30/2021 12/31/2020 CHANGE Assets ▪ $602M unrestricted cash Unrestricted Cash $602 $583 $19 Other Current Assets 95,464 86,636 8,828 ▪ Total debt of $14.5B; Adj. Debt-to- Current Assets 96,066 87,219 8,847 EBITDA(1) of 3.4x PPE (net) 1,745 1,713
Slide 19: Fixed Income & Data Services Supplemental Data
FIXED INCOME & DATA SERVICES SUPPLEMENTAL DATA Annual Subscription Value (ASV) in millions 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 ASV(1) $1,602 $1,580 $1,569 $1,538 $1,503 $1,478 Adjusted for: FX — 1 (2) 9 18 21 ASV, CC $1,602 $1,581 $1,567 $1,547 $1,521 $1,499 (1) ASV is defined as the annual value of subsc
Slide 20: 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 2Q21 2018 2019 2020 YTD 2Q21 ADV RPC ADV RPC ADV Interest Rates ADV & RPC RPC ADV Total Financials ADV & RPC R
Slide 21: 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 2Q21 2Q21 ADV OI ADV OI ADV Interest Rates ADV & OI OI ADV Total Financials A
Slide 22: 2Q21 GAAP Results
2Q21 GAAP RESULTS INCOME STATEMENT HIGHLIGHTS in millions except per share amounts GAAP 2Q21 GAAP 2Q20 % Chg Net revenues $1,707 $1,395 22% Operating Expenses $908 $651 39% Operating Income $799 $744 7% Operating Margin 47% 53% (6 pts) Net Income attributable to ICE $1,252 $523 139% Diluted EPS $2.2
Slide 23: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
ADJUSTED OPERATING INCOME, OPERATING MARGIN & OPERATING EXPENSE RECONCILIATION Fixed Income and Data Services Mortgage Technology 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, 2021 2020 2021 2020
Slide 24: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
ADJUSTED OPERATING INCOME, OPERATING MARGIN & OPERATING EXPENSE RECONCILIATION Fixed Income and Data Services Mortgage Technology 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, 2021 2020 2
Slide 25: Adjusted Net Income and EPS
ADJUSTED NET INCOME AND EPS Three Months Three Months Six Months Six Months Ended June 30, Ended June 30, Ended June 30, Ended June 30, 2021 2020 2021 2020 Net income attributable to ICE $ 1,252 $ 523 $ 1,898 $ 1,173 Add: Amortization of acquisition-related intangibles 155 71 313 141 Add: Transactio
Slide 26: Adjusted Net Income and EPS
ADJUSTED NET INCOME AND EPS Twelve Months Twelve Months Ended Ended 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 integration costs and acquisition-related success fees 101 —
Slide 27: Adjusted Net Income and EPS
ADJUSTED NET INCOME AND EPS 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 $1,429 $1,274 $9