Slide 1: 2Q22 Earnings Supplement
2Q22 Earnings Supplement August 4, 2022 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-look
Slide 3: ICE Second Quarter 2022 Earnings Call Participants
ICE Second Quarter 2022 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Mary Caroline O'Neal Katia Gonzalez Chair & CEO President Chief Financial Officer President, NYSE Director, Investor Senior Analyst, Investor Chair, ICE Mortgage Chair, Fixed Income Relations Rel
Slide 4: Record 2Q22 ICE Performance
Record 2Q22 ICE Performance in millions except per share amounts +8 % Income statement highlights 2Q22 2Q21 % Chg, CC Total recurring revenue, CC Revenues, net $1,814 $1,707 8% Recurring Revenues 931 870 8% Transaction Revenues, net 883 837 8% Adj. Op Expenses $740 $744 1% +14 % Adj. Op Income Adj.
Slide 5: 2Q22 Exchanges Performance
2Q22 Exchanges Performance in millions Revenue, net 2Q22 2Q21 % Chg Const Curr Energy Ags $265 61 $274 62 (3)% (1)% (1)% —% +80 % Interest rate revenue, CC Financials 123 83 50% 62% Cash Equities & Equity Options, net 99 85 17% 17% OTC & Other 108 78 39% 45% +36 % Data & Connectivity Services 218 20
Slide 6: 2Q22 Fixed Income & Data Services Performance
2Q22 Fixed Income & Data Services Performance in millions Revenue 2Q22 2Q21 % Chg Const Curr +85 % ICE Bonds revenues, CC Fixed Income Execution $25 $13 84% 85% CDS Clearing 66 38 72% 76% Fixed Income Data & Analytics 274 268 3% 4% Other Data & Network Services Total Revenue Recurring Revenue 147 $5
Slide 7: 2Q22 Mortgage Technology Performance
2Q22 Mortgage Technology Performance in millions Revenue 2Q22 2Q21 % Chg +18 % Recurring revenue Origination Tech $196 $241 (19)% Closing Solutions 64 69 (6)% Data & Analytics 24 18 37% ~54 % Other 13 12 4% Mix of recurring Total Revenue $297 $340 (13)% revenue Recurring Revenue 160 136 18% Transact
Slide 8: Record 1H22 ICE Performance & 2022 Guidance
Record 1H22 ICE Performance & 2022 Guidance in millions except per share amounts Revenue Income statement highlights YTD ‘22 YTD ’21 % Chg ▪ FY2022 total recurring revenues: $3.68 - $3.75 billion Revenues, net(1) $3,713 $3,504 7% Recurring Revenues(1) 1,852 1,715 8% Expenses Transaction Revenues, ne
Slide 9: Positioned for Growth Across Asset Classes
Positioned for Growth Across Asset Classes Financials Energy Mortgage Technology Financial Futures ADV1 YTD’22 Energy Revenue Mix 5-year CAGR +15% +20% y/y Global Nat Gas + Environmentals ~$10 Billion 3.0 Total Lots in millions 40% 2.5 +18% y/y 2.0 Addressable 1.5 1.0 +21% y/y Market Other Energy 0.
Slide 10: Consistent Track Record of Growth
Consistent Track Record of Growth 1H22 Highlights $5.06 Net revenues +7% y/y, CC Recurring revenues +8% y/y, CC $4.41 Adj. op income +11% y/y, CC Adj. EPS +12% y/y $3.77 $3.51 $2.93 $2.76 $2.75 $2.42 $2.46 $1.93 $1.68 $1.50 $1.38 $1.07 $0.83 $0.85 $0.68 $0.48 2006 2007 2008 2009 2010 2011 2012 2013
Slide 11: Appendix
Appendix 11
Slide 12: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 355 $ 355 $ 365 $ 365 $ 714 $ 714 $ 719 $ 719 Tec
Slide 13: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 2Q22 1Q22 4Q21 3Q21 2Q21 Other Income / (Expense) $23 $(58) $1,330 $54 $1,239 Less: Gain on deconsolidation of Bakkt — — (1,419) — — Less: Gain on Euroclear equity investment and dividends received (41) — — (64) — Less: Gain on sale of
Slide 14: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Three Months Six Months Six Months in millions Ended 6/30/2022 Ended 6/30/2021 Ended 6/30/2022 Ended 6/30/2021 Income before income taxes $739 $1,932 $1,571 $2,765 Income tax expense 173 679 338 862 Effective tax rate 23% 35% 22% 31% Income bef
Slide 15: Free Cash Flow Calculation
Free Cash Flow Calculation Six Months Ended Six Months Ended in millions June 30, 2022 June 30, 2021 Cash flow from operations $1,725 $1,607 Less: Capital expenditures and capitalized software development costs (204) (240) Add/(Less): Section 31 fees, net (115) 44 Free cash flow $1,406 $1,411 15
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions 6/30/2022 Adjusted net income(1) $3,015 Add: Adjusted net interest expense(1) 417 Add: Adjusted income tax expense(1) 894 Add: Adjusted depreciation and amortization(1) 398 Adjusted EBITDA from Continuing Ops $4,724 Debt, as reported $18
Slide 17: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 06/30/2022 12/31/2021 CHANGE Assets Unrestricted Cash $830 $607 $223 ▪ $830M unrestricted cash Other Current Assets 175,545 153,693 21,852 ▪ Total debt of $18.1B; Adj. Debt-to- Current Assets 176,375 154,300 22,075 EBITDA(1) of 2.8x PPE (net) 1,703
Slide 18: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 2Q22 1Q22 4Q21 3Q21 2Q21 ASV(1) $1,682 $1,672 $1,646 $1,624 $1,602 Adjusted for: FX (22) (23) (23) (23) (30) ASV, CC $1,660 $1,649 $1,623 $1,601 $1,572 18 (1) ASV is defined as the annual value of subscriptions under c
Slide 19: Average Daily Volume & Rate Per Contract (RPC) Trends
Average Daily Volume & Rate Per Contract (RPC) Trends lots in thousands Energy ADV & RPC Ags ADV & RPC ADV RPC ADV RPC ADV RPC ADV RPC Interest Rates ADV & RPC RPC ADV Total Financials ADV & RPC RPC 19 ADV RPC ADV RPC
Slide 20: Average Daily Volume & Open Interest (OI) Trends
Average Daily Volume & Open Interest (OI) Trends lots in thousands Energy ADV & OI Ags ADV & OI ADV OI ADV OI ADV OI ADV OI Interest Rates ADV & OI OI ADV Total Financials ADV & OI OI 20 ADV OI ADV OI
Slide 21: 2Q22 GAAP Results
2Q22 GAAP Results INCOME STATEMENT HIGHLIGHTS in millions except per share amounts GAAP 2Q22 GAAP 2Q21 % Chg Net Revenues $1,814 $1,707 6% Operating Expenses $945 $908 4% Operating Income $869 $799 9% Operating Margin 48% 47% 1 pt Net Income attributable to ICE $555 $1,252 (56)% Diluted EPS $0.99 $2
Slide 22: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Mortgage Technology in millions Exchanges Segment Services Segment Segment Consolidated Six Months Ended Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 20
Slide 23: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Mortgage Technology in millions Exchanges Segment Services 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: Adjusted 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, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net income attributable to ICE $ 555 $ 1,252 $ 1,212 $ 1,898 Add: Amortization of acquisition-related intangi
Slide 25: Adjusted Net Income & EPS
Adjusted Net Income & EPS Twelve Months Twelve Months Twelve Months Twelve Months in millions except per share amounts Ended 12/31/21 Ended 12/31/20 Ended 12/31/19 Ended 12/31/18 Net income attributable to ICE $ 4,058 $ 2,089 $ 1,933 $ 1,988 Add: Acquisition and integration costs 98 101 — 30 Less: G