Slide 1: 3Q22 Earnings Supplement
3Q22 Earnings Supplement November 3, 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 Third Quarter 2022 Earnings Call Participants
ICE Third Quarter 2022 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Katia Gonzalez Chair & CEO President Chief Financial Officer President, NYSE Senior Analyst, Investor Chair, ICE Mortgage Chair, Fixed Income Relations Technology & Data Services 3
Slide 4: Record 3Q22 ICE Performance
Record 3Q22 ICE Performance in millions except per share amounts +6 % Income statement highlights 3Q22 3Q21 % Chg, CC Total recurring revenue, CC Revenues, net $1,811 $1,802 3% Recurring Revenues 930 888 6% Transaction Revenues, net 881 914 —% Adj. Op Expenses $727 $755 (2)% +6 % Adj. Op Income Adj.
Slide 5: 3Q22 Exchanges Performance
3Q22 Exchanges Performance in millions Revenue, net 3Q22 3Q21 % Chg Const Curr Energy Ags $266 57 $316 56 (16)% 1% (13)% 2% +54 % Interest rate revenue, CC Financials 122 93 30% 46% Cash Equities & Equity Options, net 88 79 13% 13% OTC & Other 121 84 45% 53% +23 % Data & Connectivity Services 219 20
Slide 6: Record 3Q22 Fixed Income & Data Services Performance
Record 3Q22 Fixed Income & Data Services Performance in millions Revenue 3Q22 3Q21 % Chg Const Curr +14 % Total segment revenue growth, CC Fixed Income Execution $26 $12 121% 122% CDS Clearing 88 51 72% 75% Fixed Income Data & Analytics 273 272 —% 2% Other Data & Network Services Total Revenue Recur
Slide 7: 3Q22 Mortgage Technology Performance
3Q22 Mortgage Technology Performance in millions Revenue 3Q22 3Q21 % Chg +14 % Recurring revenue Origination Tech $187 $245 (24)% Closing Solutions 53 88 (39)% Data & Analytics 22 19 22% ~60 % Other 14 14 (5)% Mix of recurring Total Revenue $276 $366 (25)% revenue Recurring Revenue 163 143 14% Trans
Slide 8: Record YTD ICE Performance
Total Revenues Record YTD ICE Performance 8% CAGR $880 16% CAGR $558 $1,555 6% CAGR in millions except per share amounts $1,320 7% CAGR Income statement highlights YTD ‘22 YTD ‘21 % Chg, CC $3,089 $2,491 Revenues, net $5,524 $5,306 6% (2) Pro Forma YTD'19 YTD'22 Recurring Revenues 2,781 2,603 7% Exc
Slide 9: A Diverse and Balanced Business Model
A Diverse and Balanced Business Model Financials Fixed Income & Data Services Mortgage Technology Financial Futures ADV(1) Total Revenues Total Recurring Revenues +14% y/y, CC +14% y/y +35% y/y 3.0 114 Lots in millions 63 2.5 $ in millions $ in millions 2.0 1.5 163 414 420 143 1.0 ICE 0.5 Mortgage I
Slide 10: Automating the Mortgage Workflow
Automating the Mortgage Workflow ~$10 Billion Total • End-to-end platform drives efficiencies across the ecosystem Addressable • Data & analytics are critical to addressing current workflow inefficiencies Market ICE ICE z Mortgage Mortgage Tech Tech ~$1.4 ~$1.2Bn Bn 225 3,500 200 175 3,000 150 125 2
Slide 11: Consistent Track Record of Growth
Consistent Track Record of Growth YTD Highlights $5.06 Record net revenues +6% y/y, CC Record recurring revenues +7% y/y, CC $4.41 Record adj. op income +10% y/y, CC $4.06 Adj. EPS +9% y/y $3.77 $3.72 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 $1.50 $1.38 $1.07 $0.83 $0.85 $0.68 $0.48 2006 2007 2008 2009 2
Slide 12: Appendix
Appendix 12
Slide 13: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 344 $ 344 $ 374 $ 374 $ 1,0
Slide 14: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 3Q22 2Q22 1Q22 4Q21 3Q21 Other Income / (Expense) $(1,097) $23 $(58) $1,330 $54 Less: Gain on deconsolidation of Bakkt — — — (1,419) — Less: Gain on Euroclear equity investment and dividends received — (41) — — (64) Add: Impairment on
Slide 15: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Three Months Nine Months Nine Months in millions Ended 9/30/2022 Ended 9/30/2021 Ended 9/30/2022 Ended 9/30/2021 Income/(loss) before income taxes ($327) $824 $1,244 $3,589 Income tax expense/(benefit) (152) 187 186 1,049 Effective tax rate 47%
Slide 16: Adjusted Free Cash Flow Calculation
Adjusted Free Cash Flow Calculation Nine Months Ended Nine Months Ended in millions September 30, 2022 September 30, 2021 Cash flow from operations $2,462 $2,130 Less: Capital expenditures and capitalized software development costs (325) (328) Add/(Less): Section 31 fees, net (1) 193 Adjusted free c
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions 9/30/2022 Adjusted net income(1) $3,037 Add: Adjusted interest expense(1) 433 Add: Adjusted income tax expense(1) 889 Add: Adjusted depreciation and amortization(1) 407 Adjusted EBITDA from Continuing Ops $4,766 Debt, as reported $18,120
Slide 18: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 09/30/2022 12/31/2021 CHANGE Assets Unrestricted Cash $1,183 $607 $576 ▪ $1.2B unrestricted cash Other Current Assets 172,529 153,693 18,836 ▪ Total debt of $18.1B; Adj. Debt-to- Current Assets 173,712 154,300 19,412 EBITDA(1) of 2.8x PPE (net) 1,7
Slide 19: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 3Q22 2Q22 1Q22 4Q21 3Q21 ASV(1) $1,643 $1,660 $1,665 $1,646 $1,624 Adjusted for: FX — (17) (33) (39) (40) ASV, CC 1,643 1,643 1,632 1,607 1,584 19 (1) ASV is defined as the annual value of subscriptions under contract
Slide 20: 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 20 ADV RPC ADV RPC
Slide 21: 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 21 ADV OI ADV OI
Slide 22: 3Q22 GAAP Results
3Q22 GAAP Results INCOME STATEMENT HIGHLIGHTS in millions except per share amounts GAAP 3Q22 GAAP 3Q21 % Chg Net revenues $1,811 $1,802 1% Operating expenses $898 $924 (3)% Operating income $913 $878 4% Operating margin 50% 49% 1 pt Net income/(loss) attributable to ICE $(191) $633 (130)% Diluted ea
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 in millions Exchanges Segment Segment Segment Consolidated Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 3
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 in millions Exchanges Segment Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended Three Months Ended September 30, September 30, Septemb
Slide 25: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions except per share amounts September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Net income/(loss) attributable to ICE $ (191) $ 633 $ 1,021 $ 2,531 Add: Amortization o
Slide 26: 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