Slide 1: 1Q20 Earnings Supplement
Intercontinental Exchange Earnings Supplement First Quarter 2020 April 30, 2020 1Q20 Earnings Supplement April 30, 2020
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 1Q20 Earnings Call Participants
ICE 1Q20 EARNINGS CALL PARTICIPANTS Management: Jeff Sprecher Ben Jackson Scott Hill Chairman & CEO President Chief Financial Officer Chairman, NYSE Investor Relations: Warren Gardiner, CFA Vice President, Investor Relations warren.gardiner@theice.com Mary Caroline O'Neal, CPA Manager, Investor Rela
Slide 4: 1Q20 Highlights
1Q20 HIGHLIGHTS in millions except per share amounts Record operating performance INCOME STATEMENT HIGHLIGHTS 1Q20 1Q19 % Chg Record net revenue +23% y/y, CC Net Revenues $1,559 $1,270 23% Energy rev Adj. Op Expenses $597 $528 13% Data revenue +54% y/y Adj. Op Income $962 $742 30% +4% y/y, CC Financ
Slide 5: 1Q20 Trading & Clearing Segment
1Q20 TRADING & CLEARING SEGMENT ▪ Record 1Q20 trading & clearing revenue +45% y/y, CC driven by record volumes across asset classes ▪ 1Q20 average daily volume (ADV) records: total +42% y/y, energy +54% y/y, ags & metals +31% y/y, interest rate +28% y/y ▪ April energy open interest (OI) +23% y/y inc
Slide 6: 1Q20 Data & Listings Segment
1Q20 DATA & LISTINGS SEGMENT ▪ 1Q20 record data revenue +4% y/y, in constant currency driven by strong growth in the ICE Global Network, ICE Data Indices and continued growth in pricing and reference data ▪ Annual subscription value (ASV)(1) +4% y/y, CC(2) entering 2Q20; P&A ASV +3% y/y, CC ▪ The NY
Slide 7: A Platform Built on Transparency, Technology & Trust
A PLATFORM BUILT ON TRANSPARENCY, TECHNOLOGY & TRUST Opportunity to Develop Stronger, Long-term Customer Relationships ▪ Global futures complex relied on ▪ Enhanced and upgraded ▪ Human expertise combined with by a broad set of global market technology platform enabled the technology investments par
Slide 8: Consistent Track Record of Growth
CONSISTENT TRACK RECORD OF GROWTH 1Q20 Highlights Record net revenues +23% y/y Record trading & clearing rev +44% y/y Record data revenue +4% y/y, CC Adjusted EPS $3.88 (1) Record adj. op income +30% y/y $3.59 (1) Record adj. EBITDA +27% y/y 1 7% Record adj. EPS +39% y/y GR (1) CA $2.97 '19 (1) - $2
Slide 9: Appendix
APPENDIX Intercontinental Exchan 9
Slide 10: Average Daily Volume and Rate per Contract (RPC) Trends
AVERAGE DAILY VOLUME AND RATE PER CONTRACT (RPC) TRENDS lots in thousands Energy ADV & RPC ADV RPC ADV Ags ADV & RPC RPC 4,000 1.50 600 2.50 3,500 500 3,000 400 2,500 1.25 2.25 300 2,000 1,500 200 1,000 1.00 100 2.00 2017 2018 2019 1Q20 2017 2018 2019 1Q20 ADV RPC ADV RPC ADV Interest Rates ADV & RP
Slide 11: 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 4,000 45,000 600 4,400 3,500 500 3,300 3,000 30,000 400 2,500 2,200 300 2,000 15,000 1,100 1,500 200 1,000 0 100 0 2017 2018 2019 1Q20 2017 2018 2019 1Q20 ADV OI ADV OI ADV Interest Rates ADV & OI OI ADV
Slide 12: Data & Listings Supplemental Data
DATA & LISTINGS SUPPLEMENTAL DATA 1Q20 Data Revenue by Region, Constant Currency Annual Subscription Value (ASV) FX Impact in millions 1Q20 1Q19 EMEA APAC 19% 5% ASV(1) $2,029 $1,963 Adjusted for: FX — (11) ASV, CC 2,029 1,952 Americas 76% (1) ASV is defined as the annual value of subscriptions unde
Slide 13: 1Q20 GAAP Results
1Q20 GAAP RESULTS INCOME STATEMENT HIGHLIGHTS GAAP GAAP in millions except per share amounts 1Q20 1Q19 % Chg Net revenues $1,559 $1,270 23% Operating Expenses $677 $605 12% Operating Income $882 $665 32% Operating Margin 57% 52% +5 pts Net Income attributable to ICE $650 $484 34% Diluted EPS $1.17 $
Slide 14: 1Q20 Balance Sheet
1Q20 BALANCE SHEET in millions 03/31/2020 12/31/2019 CHANGE Assets ▪ $583 million unrestricted cash Unrestricted Cash $583 $841 $(258) Other Current Assets 111,670 67,138 44,532 ▪ Total debt of $8.3 billion; Adj. Debt-to- Current Assets 112,253 67,979 44,274 EBITDA(1) of 2.3x PPE (net) 1,503 1,536 (
Slide 15: Adjusted Net Income Attributable to ICE and EPS
ADJUSTED NET INCOME ATTRIBUTABLE TO ICE AND EPS Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Net income attributable to ICE $ 650 $ 484 Add: Amortization of acquisition-related intangibles 70 77 Add: Acquisition-related success fee 10 — Less: Income tax effect for the above it
Slide 16: Adjusted Net Income Attributable to ICE and EPS
ADJUSTED NET INCOME ATTRIBUTABLE TO ICE AND EPS 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months Ended Ended Ended Ended Ended Ended Ended in millions except per share amounts 12/31/19 12/31/18 12/31/17 12/31/16 12/31/15 12/31/14 12/31/13 Net income attributable to ICE $1,933 $1
Slide 17: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
ADJUSTED OPERATING INCOME, OPERATING MARGIN & OPERATING EXPENSE RECONCILIATION Trading and Clearing Data and Listings Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, 2020 2019 2020 2019 2020 2019 Total revenues, less transaction-bas
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Trailing Twelve Months in millions Ended 3/31/20 Adjusted net income $2,375 Add: Interest expense 286 Add: Adjusted income tax expense(1) 648 Add: Adjusted depreciation and amortization(1) 328 Adjusted EBITDA from Continuing Ops $3,637 Pro forma EBITDA (pre acquisition
Slide 19: Adjusted Effective Tax Rate Reconciliation
ADJUSTED EFFECTIVE TAX RATE RECONCILIATION Three Months Three Months in millions Ended 3/31/20 Ended 3/31/19 Income before income taxes $836 $626 Income tax expense 178 134 Effective tax rate 21% 21% Income before income taxes $836 $626 Add: Amortization of acquisition-related intangibles 70 77 Add: