Slide 1: 1Q22 Earnings Supplement
1Q22 Earnings Supplement May 5, 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 First Quarter 2022 Earnings Call Participants
ICE First Quarter 2022 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Joe Tyrrell Mary Caroline O'Neal Katia Gonzalez Chair & CEO President Chief Financial Officer President, Director, Investor Senior Analyst, Investor ICE Mortgage Technology Relations Relations 3
Slide 4: 1Q22 ICE Performance
1Q22 ICE Performance in millions except per share amounts Income statement highlights 1Q22 1Q21 % Chg +9 % Total recurring revenue, CC Revenues, net(1) $1,899 $1,797 6% +9 % Recurring Revenues(1) 921 845 9% Transaction Revenues, net(1) 978 952 4% Adj. Op Income, CC Adj. Op Expenses(1) $746 $729 3% A
Slide 5: 1Q22 Exchanges Performance
1Q22 Exchanges Performance in millions Const Global natural gas + +30 % Revenue, net 1Q22 1Q21 % Chg Curr Environmentals Energy $353 $310 14% 16% revenue, CC Ags 61 59 3% 4% Financials 130 105 24% 26% Cash Equities & Equity Options, net 99 102 (3)% (3)% +36 % OTC & Other 97 77 25% 28% Interest rate
Slide 6: 1Q22 Fixed Income & Data Services Performance
1Q22 Fixed Income & Data Services Performance in millions Revenue 1Q22 1Q21 % Chg Const Curr +6.2 % Annual subscription value (ASV), CC Fixed Income Execution $15 $14 9% 9% CDS Clearing 72 55 32% 33% Fixed Income Data & Analytics 277 264 5% 5% Double- Index revenue Other Data & Network Services 145
Slide 7: 1Q22 Mortgage Technology Performance
1Q22 Mortgage Technology Performance in millions Revenue 1Q22 1Q21 % Chg +24 % Recurring revenue Origination Tech $203 $254 (20)% Closing Solutions 70 70 —% ~51 % Data & Analytics 20 18 6% Mix of recurring Other 14 13 13% revenue Total Revenue $307 $355 (13)% Recurring Revenue 156 125 24% Transactio
Slide 8: Consistent Track Record of Growth
Consistent Track Record of Growth 1Q22 Highlights $5.15 Net revenues +6% y/y, CC Recurring revenues +9% y/y, CC $4.41 Adj. op income +9% y/y, CC Adj. EPS + 7% y/y $3.79 $3.53 $2.93 $2.76 $2.42 $1.93 $1.68 $1.50 $1.43 $1.38 $1.34 $1.07 $0.83 $0.85 $0.68 $0.48 2006 2007 2008 2009 2010 2011 2012 2013 2
Slide 9: Appendix
Appendix 9
Slide 10: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended March 31, Three Months Ended March 31, in millions 2022 2021 GAAP Adjusted GAAP Adjusted Compensation and benefits $ 359 $ 359 $ 354 $ 354 Technology and communication 175 175 162 162 Professional services 34 34 44 44 Rent and occupancy 21 21 21 21 Acqui
Slide 11: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 1Q22 4Q21 3Q21 2Q21 1Q21 Other Income / (Expense) $(58) $1,330 $54 $1,239 $48 Less: Gain on deconsolidation of Bakkt — (1,419) — — — Less: Gain on value of Euroclear equity investment — — (34) — — Less: Gain on sale of Coinbase equity
Slide 12: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Three Months in millions Ended 3/31/2022 Ended 3/31/2021 Income before income taxes $832 $833 Income tax expense 165 183 Effective tax rate 20% 22% Income before income taxes $832 $833 Add: Amortization of acquisition-related intangibles 153 15
Slide 13: Free Cash Flow Calculation
Free Cash Flow Calculation Three Months Ended Three Months Ended in millions March 31, 2022 March 31, 2021 Cash flow from operations $756 $734 Less: Capital expenditures and capitalized software development costs (103) (116) Add: Section 31 fees, net 7 84 Free cash flow $660 $702 13
Slide 14: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions 3/31/2022 Adjusted net income(1) $2,956 Add: Adjusted interest expense(1) 415 Add: Adjusted income tax expense(1) 880 Add: Adjusted depreciation and amortization(1) 391 Adjusted EBITDA from Continuing Ops $4,642 Debt, as reported $14,178
Slide 15: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 03/31/2022 12/31/2021 CHANGE Assets Unrestricted Cash $638 $607 $31 ▪ $638M unrestricted cash Other Current Assets 168,740 153,693 15,047 Current Assets 169,378 154,300 15,078 ▪ Total debt of $14.2B; Adj. Debt-to- EBITDA(1) of 3.1x PPE (net) 1,733
Slide 16: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 1Q22 4Q21 3Q21 2Q21 1Q21 ASV(1) $1,672 $1,646 $1,624 $1,602 $1,580 Adjusted for: FX (7) (7) (7) (14) (13) ASV, CC $1,665 $1,639 $1,617 $1,588 $1,567 16 (1) ASV is defined as the annual value of subscriptions under cont
Slide 17: 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 ADV RPC ADV RPC Interest Rates ADV & RPC RPC ADV Total Financials ADV & RPC RPC 17 ADV RPC ADV RPC
Slide 18: Average Daily Volume and OI Trends
Average Daily Volume and OI Trends lots in thousands Energy ADV & OI ADV OI ADV Ags ADV & OI OI ADV OI ADV OI Interest Rates ADV & OI OI ADV Total Financials ADV & OI OI 18 ADV OI ADV OI
Slide 19: GAAP Results
GAAP Results INCOME STATEMENT HIGHLIGHTS in millions except per share amounts GAAP 1Q22 GAAP 1Q21 % Chg Net revenues $1,899 $1,797 6% Operating Expenses $907 $905 —% Operating Income $992 $892 11% Operating Margin 52% 50% 2 pts Net Income attributable to ICE $657 $646 2% Diluted EPS $1.16 $1.14 2% 1
Slide 20: 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 March 31, March 31, March 31, March
Slide 21: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended in millions except per share amounts March 31, 2022 March 31, 2021 Net income attributable to ICE $ 657 $ 646 Add: Amortization of acquisition-related intangibles 153 158 Add: Transaction and integration costs 8 18 Add: Accrual relating