$44.5 B

ICE Mkt cap, 20-Sep-2018

$3.1 B

Intercontinental Exchange Revenue Q2, 2018
Intercontinental Exchange Net income (Q2, 2018)936 M
Intercontinental Exchange EBIT (Q2, 2018)1.3 B
Intercontinental Exchange Cash, 30-Jun-2018532 M
Intercontinental Exchange EV48.3 B

Intercontinental Exchange Revenue Breakdown

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Intercontinental Exchange revenue breakdown by business segment: 7.0% from Listing Fees, 33.2% from Market Data, 56.8% from Clearing Fees and 3.0% from Other

Intercontinental Exchange Income Statement

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

1.3 b1.8 b1.7 b4.2 b4.7 b6 b5.8 b

Revenue growth, %

35%(4%)144%11%27%

Sales and marketing expense

945 m937 m

General and administrative expense

116 m155 m

Operating expense total

1.1 b2.3 b

Depreciation and amortization

535 m

EBIT

790 m1.4 b1.8 b2.2 b2.4 b

EBIT margin, %

44%34%37%36%41%

Interest expense

35 m39 m56 m96 m97 m178 m187 m

Pre tax profit

1.7 b2 b2.5 b

Income tax expense

358 m580 m(25 m)

Net Income

270 m270 m1 b1.3 b1.4 b2.5 b

Quarterly

USDQ1, 2013Q3, 2013Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

1.1 b1.2 b1.6 b3.1 b1.4 b1.5 b1.5 b1.6 b3.1 b

Sales and marketing expense

144 m150 m236 m472 m236 m245 m234 m240 m481 m

General and administrative expense

29 m24 m22 m52 m31 m41 m38 m33 m72 m

Operating expense total

367 m376 m570 m1.1 b604 m582 m569 m575 m1.2 b

Depreciation and amortization

138 m281 m

EBIT

430 m440 m584 m1.1 b474 m582 m609 m650 m1.3 b

EBIT margin, %

40%38%38%37%33%40%41%41%42%

Interest expense

23 m21 m46 m90 m44 m45 m45 m52 m107 m

Pre tax profit

1.1 b443 m723 m565 m617 m1.2 b

Income tax expense

109 m113 m163 m316 m93 m213 m139 m143 m292 m

Net Income

275 m235 m213 m323 m289 m310 m377 m740 m350 m510 m426 m474 m936 m

Intercontinental Exchange Balance Sheet

Annual

usdY, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

1.6 b823 m1.6 b961 m652 m627 m407 m

Accounts Receivable

Inventories

249 m135 m131 m97 m

Current Assets

44.3 b50.2 b53.3 b57.1 b53.6 b

PP&E

891 m874 m1 b1.1 b1.2 b

Goodwill

9.5 b8.5 b12.1 b12.3 b12.2 b

Total Assets

64.8 b68.3 b78 b82 b78.3 b

Accounts Payable

388 m462 m

Short-term debt

1.1 b2 b2.6 b2.5 b

Current Liabilities

44.3 b50.5 b54.7 b58.6 b54.2 b

Long-term debt

3.9 b2.2 b4.7 b3.9 b4.3 b

Non-Current Liabilities

7.5 b5.2 b8.4 b7.6 b7.1 b

Total Debt

5.1 b4.3 b7.3 b6.4 b4.3 b

Total Liabilities

51.9 b55.7 b63.1 b66.2 b61.3 b

Additional Paid-in Capital

9.8 b9.9 b12.3 b11.3 b11.4 b

Retained Earnings

2.5 b3.2 b4.1 b4.8 b6.8 b

Total Equity

12.6 b12.4 b14.8 b15.8 b17 b

Debt to Equity Ratio

0.4 x0.3 x0.5 x0.4 x

Debt to Assets Ratio

0.1 x0.1 x0.1 x0.1 x

Financial Leverage

5.1 x5.5 x5.3 x5.2 x4.6 x

Quarterly

USDQ1, 2013Q3, 2013Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

964 m10 2.1 b638 m752 m678 m687 m468 m390 m458 m360 m398 m523 m532 m

Current Assets

45.3 b10 50.2 b49.4 b48.5 b45.1 b48.1 b54.6 b50.6 b51.8 b55.1 b56.4 b56.6 b57.6 b

PP&E

898 m845 m839 m879 m911 m904 m1 b1 b1.1 b1.1 b1.2 b1.2 b1.2 b

Goodwill

9.5 b8.6 b8.5 b8.5 b8.5 b8.5 b12.1 b12 b12 b12.3 b12 b12.5 b12.5 b

Total Assets

65.9 b1.3 m68.5 b67.3 b66.4 b63.1 b65.9 b79.2 b75.2 b76.3 b79.5 b80.3 b82.1 b82.8 b

Accounts Payable

357 m293 m282 m392 m324 m297 m399 m350 m383 m451 m415 m476 m405 m

Short-term debt

1.3 b1.7 b1.9 b1.9 b1 b1.3 b2 b1.8 b1.6 b

Current Liabilities

45.4 b1.3 m49.7 b49.3 b48.8 b45.6 b48.5 b55.6 b51.4 b52.4 b56 b56.8 b57.9 b58.9 b

Long-term debt

3.6 b2.2 b2.2 b2.2 b2.2 b2.2 b4.7 b4.7 b4.7 b3.9 b3.9 b4.3 b4.3 b

Non-Current Liabilities

7.3 b5.3 b5.2 b5.1 b5 b5 b8.4 b8.4 b8.4 b7.6 b7.6 b7.1 b7.1 b

Total Debt

4.9 b3.9 b4.1 b4.2 b3.3 b3.5 b6.8 b6.5 b6.3 b3.9 b3.9 b4.3 b4.3 b

Total Liabilities

52.7 b1.3 m54.9 b54.5 b53.9 b50.6 b53.4 b64 b59.9 b60.7 b63.6 b64.4 b65.1 b66 b

Additional Paid-in Capital

9.8 b9 9.9 b9.9 b10 b10 b10.1 b12.3 b12.4 b12.4 b11.4 b11.4 b11.4 b11.5 b

Retained Earnings

2.7 b2.9 b3 b3.4 b3.6 b3.9 b4.4 b4.7 b4.9 b5.2 b5.5 b7.2 b7.5 b

Total Equity

12.9 b10 13.3 b12.6 b12.3 b12.4 b12.4 b15.1 b15.3 b15.5 b15.8 b15.9 b17 b16.8 b

Financial Leverage

5.1 x132.9 k x5.2 x5.3 x5.4 x5.1 x5.3 x5.2 x4.9 x4.9 x5 x5 x4.8 x4.9 x

Intercontinental Exchange Cash Flow

Annual

usdFY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

270 m1 b1.3 b1.4 b2.5 b

Depreciation and Amortization

161 m333 m374 m610 m535 m

Accounts Receivable

Inventories

7 m70 m(5 m)7 m

Accounts Payable

Cash From Operating Activities

(651 m)735 m1.5 b1.3 b2.1 b2.1 b

Cash From Investing Activities

(2.5 b)36 m(3.3 b)(898 m)92 m

Long-term Borrowings

(2.5 b)(552 m)(1 b)

Cash From Financing Activities

1.1 b(1.7 b)2 b(1.5 b)(2 b)

Interest Paid

32 m140 m123 m170 m171 m

Income Taxes Paid

198 m338 m542 m460 m594 m

Free Cash Flow

871 m1.6 b1.5 b1.9 b1.9 b

Quarterly

USDQ1, 2013Q3, 2013Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

275 m509 m722 m323 m612 m922 m377 m740 m1.1 b510 m936 m474 m936 m

Depreciation and Amortization

88 m161 m244 m89 m182 m276 m143 m289 m470 m134 m276 m138 m281 m

Cash From Operating Activities

1.3 m1.1 b1.5 b611 m1.1 b573 m1.2 b

Cash From Investing Activities

(108 m)209 m(755 m)(818 m)

Long-term Borrowings

(161 m)1.1 b768 m(35 m)918 m681 m

Cash From Financing Activities

(1.3 m)(1 b)(1.4 b)(551 m)(1.3 b)270 m(301 m)

Interest Paid

5 m101 m107 m1 m89 m90 m7 m88 m89 m7 m87 m27 m104 m

Income Taxes Paid

46 m215 m265 m51 m233 m419 m56 m275 m362 m65 m429 m144 m346 m

Free Cash Flow

1 b1.3 b579 m1 b559 m1.2 b

Intercontinental Exchange Ratios

USDY, 2018

EV/EBIT

37 x

EV/CFO

39.1 x

EV/FCF

40.1 x

Financial Leverage

4.9 x
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Intercontinental Exchange Operating Metrics

FY, 2014FY, 2015FY, 2016

Clearing Houses

7 6 6

Derivatives Exchanges

7 7 7

Securities Trading and Listing Marketplaces

3 3 3
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