Slide 1: 1Q24 Earnings Supplement
1Q24 Earnings Supplement May 2, 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 First Quarter 2024 Earnings Call Participants
ICE First 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 Relatio
Slide 4: Record 1Q24 ICE Performance
Record 1Q24 ICE Performance in millions except per share amounts +5 % Record net revenues, pro forma, CC Income statement highlights 1Q24 1Q23 % Chg, CC % Chg Pro forma, CC Revenues, net $2,290 $1,896 20% 5% Recurring Revenues Transaction Revenues, net 1,196 1,094 953 943 25% 15% —% 10% +8 % Record
Slide 5: 1Q24 Exchanges Performance
1Q24 Exchanges Performance in millions Revenues, net 1Q24 1Q23 % Chg Const Curr +42 % Record global gas revenues, CC Energy $457 $345 33% 32% Ags 72 70 3% 2% Financials 135 128 6% 3% Cash Equities & Equity Options, net OTC & Other Data & Connectivity Services 99 103 235 95 101 232 4% 2% 1% 4% 2% 1%
Slide 6: 1Q24 Fixed Income & Data Services Performance
1Q24 Fixed Income & Data Services Performance % in millions +4.5 Annual subscription value Const (ASV), CC Revenues 1Q24 1Q23 % Chg Curr Fixed Income Execution $26 $32 (15)% (15)% CDS Clearing 93 101 (8)% (8)% Fixed Income Data & Analytics 288 276 4% 4% Other Data & Network Services 161 154 4% 4% Fi
Slide 7: 1Q24 Mortgage Technology Performance
1Q24 Mortgage Technology Performance in millions ~80 % Mix of recurring revenues Revenues 1Q24 1Q23 % Chg % Chg, Pro forma Origination Tech $174 $174 —% (4)% Closing Solutions 44 41 9% 4% Servicing Software — +8 214 n/a (3)% Data & Analytics 67 21 210% (5)% % Total Revenues $499 $236 111% (3)% Adj.
Slide 8: Innovation Driving Transparency and Efficiency
Innovation Driving Transparency and Efficiency Energy Fixed Income & Data Services Mortgage Technology ■ 800+ oil products serving ■ Data services is a core ■ Life-of-loan platform from commercial customers competency that is applied application through closing, demanding additional and more across
Slide 9: Consistent Track Record of Growth
Consistent Track Record of Growth 1Q24 Highlights $5.62 Record net revenues +20% y/y, CC $5.30 $5.06 Record pro forma net revenues +5 y/y, CC Record adj. op income +17% y/y, CC $4.41 Record pro forma adj. op income +8% y/y, CC Record adj. EPS +5% y/y $3.77 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 $1.50 $
Slide 10: Appendix
Appendix 10
Slide 11: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended Three Months Ended in millions March 31, 2024 March 31, 2023 GAAP Adjusted GAAP Adjusted Compensation and benefits $ 462 $ 462 $ 352 $ 352 Professional services 36 36 28 28 Acquisition-related transaction and integration costs 36 — 21 — Technology and co
Slide 12: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 1Q24 4Q23 3Q23 2Q23 1Q23 Other Income / (Expense), net $112 $(190) $(51) $(35) $(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 o
Slide 13: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended in millions March 31, 2024 March 31, 2023 Income before income taxes $964 $849 Income tax expense 181 175 Effective tax rate 19% 21% Income before income taxes $964 $849 Add: Amortization of acquisition-related intangib
Slide 14: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended Three Months Ended in millions March 31, 2024 March 31, 2023 Net cash provided by operating activities $1,009 $653 Less: Capital expenditures (58) (21) Less: Capitalized software development costs (87) (64) Free cash flow 864 568 Add: Section
Slide 15: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions March 31, 2024 Adjusted pro forma operating income (1) $5,078 Add: Adjusted pro forma depreciation and amortization (1) 522 Add: Adjusted non-operating income less adjusted interest expense 137 Less: Net income attributable to non-contro
Slide 16: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 03/31/2024 12/31/2023 CHANGE Assets Unrestricted Cash $863 $899 $(36) ▪ $863M unrestricted cash Other Current Assets 79,679 84,074 (4,395) ▪ Total debt of $22B; Adj. Debt-to- Current Assets 80,542 84,973 (4,431) EBITDA(1) of 3.9x PPE (net) 1,960 1,
Slide 17: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 1Q24 4Q23 3Q23 2Q23 1Q23 ASV(1) $1,786 $1,752 $1,722 $1,724 $1,708 Adjusted for: FX — (4) 6 (2) — ASV, CC $1,786 $1,748 $1,728 $1,722 $1,708 17 (1) ASV is defined as the annual value of subscriptions under contract for
Slide 18: 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 2020 2021 2022 2023 1Q24 2020 2021 2022 2023 1Q24 ADV RPC ADV RPC ADV Interest Rates ADV & RPC RPC
Slide 19: 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 60,000 600 5,000 4,000 3,800 45,000 500 3,000 3,200 30,000 400 2,000 2,600 15,000 300 1,000 2,000 0 200 0 2020 2021 2022 2023 1Q24 2020 2021 2022 2023 1Q24 ADV OI ADV OI Interest Rates
Slide 20: GAAP Results
GAAP Results INCOME STATEMENT HIGHLIGHTS Three Months Ended Three Months Ended in millions except per share amounts March 31, 2024 March 31, 2023 % Chg Net Revenues $2,290 $1,896 21% Operating Expenses $1,227 $927 32% Operating Income $1,063 $969 10% Operating Margin 46% 51% (5) pts Net Income attri
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 Three Months Ended Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, March
Slide 22: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended in millions except per share amounts March 31, 2024 March 31, 2023 Net income attributable to ICE $ 767 $ 655 Add: Amortization of acquisition-related intangibles 254 150 Add: Transaction and integration costs 36 21 (Less)/Add: Litigati