In Q1 2024, the high operating cash flow was primarily driven by a **rise in net income**, which included a **$160 million gain** from a PennyMac arbitration award, along with **working capital improvements**—such as increased accounts receivable collections and lower Section 31 fees—and a significant increase in **depreciation and amortization** from **$260 million** in Q1 2023 to **$381 million** in Q1 2024.  **[0001571949-24-000011_ice-20240331.htm:5]** **[0001571949-24-000011_ice-20240331.htm:60]** 

Why was Operating Cash Flow so high in Q1 2024?

The increase in operating cash flow in Q4 2024 was primarily driven by two factors. **Net income increased by $686 million**, largely reflecting the full period impact of the **Black Knight acquisition** and higher operating income from the **Exchanges segment**. In addition, there was a **$451 million increase in changes in working capital**, which included **$381 million** from the timing of Section 31 fee rate changes and payments, as well as **$70 million** from other timing-related working capital adjustments.  **[0001571949-25-000003_ice-20241231.htm:101]** 

What drove the Operating Cash Flow increase in Q4 2024?

The **capital expenditures** expanded significantly in Q4 2024 due to ICE's strategic investments in **technology infrastructure**, **business integration**, and broader **growth initiatives**. These efforts notably include the integration of its acquisition of **Black Knight**, which was finalized in late 2023, reinforcing ICE's commitment to enhancing operational efficiency and supporting its expansion goals.  **[0001104659-25-009884_tm255453d1_ex99-1.htm:8]** **[0001571949-25-000003_ice-20241231.htm:106]** **[ICE_3414619_2]** 

Why did Capital Expenditures expand so significantly in Q4 2024?

The higher FY 2024 operating cash flow was driven by two key factors. First, there was a **$686 million** increase in net income (excluding depreciation and amortization), which was primarily due to the full period impact of the Black Knight acquisition and increased operating income from the Exchanges segment. Second, the operating activities benefited from a **$451 million** increase in changes in working capital accounts, including **$381 million** related to the timing of the Section 31 fee rate changes and payments and an additional **$70 million** from timing differences in other underlying working capital accounts.  **[0001571949-25-000003_ice-20241231.htm:101]** 

What factors contributed to the higher FY 2024 Operating Cash Flow?

The net increase in cash in Q4 2024 was driven by several factors. **Operating activities** contributed with a **$686 million** increase in net income (excluding depreciation and amortization) and **$451 million** due to favorable changes in working capital, particularly related to timing adjustments in fee rate changes and other working capital accounts.  **[0001571949-25-000003_ice-20241231.htm:101]**  **Investing activities** used less cash, primarily because cash paid for acquisitions decreased significantly, and there were favorable proceeds from restricted investments and asset sales, which helped reduce the outflows compared to the previous period.  **[0001571949-25-000003_ice-20241231.htm:101]**  However, the most substantial impact came from **financing activities**, where there was a remarkable turnaround—a **$64.4 billion improvement** from a massive cash outflow in Q4 2023 to a small inflow in Q4 2024. This improvement was largely due to changes in cash and cash equivalent margin deposits and guaranty fund liabilities in a less volatile market environment.  **[0001571949-25-000003_ice-20241231.htm:102]** 

Why was the net increase in cash so high in Q4 2024?

7199753920d4d022d48bbfec408e3c2c549dec63d48d0fc1a3454a7f59ed29ac

The nearly **doubled Mortgage Technology revenue** in Q1 2024 was primarily driven by the **Black Knight acquisition**, which significantly boosted ICE's offerings. This acquisition not only added new revenue streams through **servicing software** (bringing in **$214 million** in Q1 2024) but also enhanced the **data and analytics** segment (which saw a **210% increase**) and a modest boost from **closing solutions**. These combined factors contributed to the strong growth from **$236 million in Q1 2023 to $499 million in Q1 2024**.  **[0001571949-24-000011_ice-20240331.htm:52]** **[0001571949-24-000011_ice-20240331.htm:53]** **[0001571949-24-000011_ice-20240331.htm:51]** 

Why did Mortgage technology revenue nearly double in Q1 2024?

The **increase in Exchange revenues** in Q4 2024 was driven by **record trading volumes**—with over **2 billion futures and options contracts traded**, including record volumes in **commodity contracts ($1.2 billion)** and **interest rate contracts ($753 million)**, which supported a 20% growth in futures revenue, including 15% in Q4.  **[ICE_3414619_5]**  Additionally, the **global energy business** showed strong performance with revenues growing by **16%** in Q4, highlighting record trading in oil, natural gas, and environmental products.  **[ICE_3414619_2]** **[ICE_3414619_5]**  Furthermore, the **interest rate derivatives** segment experienced **38% year-over-year growth** due to diversifying central bank rate paths and robust demand in European, U.K., and Swiss markets.  **[ICE_3414619_9]**  Lastly, **recurring revenue growth** from exchange data services and NYSE listings added to the overall boost in Exchange revenues.  **[ICE_3414619_2]** 

What drove the increase in Exchange revenues in Q4 2024?

The boost in **Operating Income** in Q3 2024 was driven by several factors. **Revenue growth** played a key role, with consolidated net revenues increasing by **17% year-over-year**; this was supported by strengthened performances in the **Exchange segment** (notably, revenues up by **13%** with strong transaction numbers in energy and financials), **Fixed Income and Data Services** (rising by **5%**), and **Mortgage Technology** (up by **54%**). Additionally, **improved operating margins**—rising from **42%** to **47%**—reflect better cost management and higher productivity. Finally, **controlled operating expenses** and enhanced performance across individual segments, particularly the turnaround in the Mortgage Technology segment and the robust contribution from the Exchange segment, further boosted the operating income.  **[0001104659-24-112854_tm2426975d1_ex99-1.htm:0]** **[0001571949-24-000017_ice-20240930.htm:46]** **[0001571949-24-000017_ice-20240930.htm:77]** 

What factors boosted Operating Income in Q3 2024?

EPS nearly doubled in Q4 2024 because of **significantly higher net income** driven by strong revenue growth—particularly in the **Exchanges segment** with record performances in interest rate and global energy markets—and **improved operating performance**. In addition, **cost efficiencies** helped narrow expenses and, alongside a modest increase in weighted average shares, boosted earnings per share from **$0.64 to $1.21**.  **[ICE_3414619_2]** **[0001104659-25-009884_tm255453d1_ex99-1.htm:7]** **[0001104659-25-009884_tm255453d1_ex99-1.htm:0]** 

Why did EPS nearly double in Q4 2024?

9b6fe23867c8df66096ab8633436d91c8022f1727bb90f829bf7418f22723907

Revenues: Exchanges (USD, millions)

Revenues: Fixed income and data services (USD, millions)

Revenues: Mortgage technology (USD, millions)

Total revenues (USD, millions)

Transaction-based expenses: Section 31 fees (USD, millions)

Transaction-based expenses: Cash liquidity payments, routing and clearing (USD, millions)

Total revenues, less transaction-based expenses (USD, millions)

Operating expenses: Compensation and benefits (USD, millions)

Operating expenses: Professional services (USD, millions)

Operating expenses: Acquisition-related transaction and integration costs (USD, millions)

Operating expenses: Technology and communication (USD, millions)

Operating expenses: Rent and occupancy (USD, millions)

Operating expenses: Selling, general and administrative (USD, millions)

Operating expenses: Depreciation and amortization (USD, millions)

Total operating expenses (USD, millions)

Operating income (USD, millions)

Other income/(expense): Interest income (USD, millions)

Other income/(expense): Interest expense (USD, millions)

Other income/(expense): Other income/(expense), net (USD, millions)

Total other income/(expense), net (USD, millions)

Income before income tax expense (USD, millions)

Income tax expense (USD, millions)

Net income (USD, millions)

Net income attributable to non-controlling interests (USD, millions)

Net income attributable to Intercontinental Exchange, Inc. (USD, millions)

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: Basic (USD)

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: Diluted (USD)

Weighted average common shares outstanding: Basic (Millions)

Weighted average common shares outstanding: Diluted (Millions)

fcd841e62f53d9a15b0dfd12276465ee7168fc453f804d225c2f30cb8e7f2f61

Net cash provided by operating activities (USD, millions)

Capital expenditures (USD, millions)

Capitalized software development costs (USD, millions)

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877b1feeb2a6d550ebb3c513b1f015d284bf96abec283b74796902ac09945ebf

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

4dc06655752e2a15d692be2ac1b234bb074c9c7e7f22565cd0ae4139ed4a14a8

6f6248fd63fb9baa5400c3ada6672fa88abc438ac8c3631d51c440df6e5dfed3

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

9ca28c03574f72293717746f7db9b1051477529c942fbfae9945f62f52cf05da

01f31d7cf45e454fc2951b17f83ea981971ffbbf80cd46315665e2ce16090322

3b55b7225068bb59711d4c72a1bb23120a74c2e81cbaa66b226162dd91bd442e

United States

Foreign Countries

Total Revenue

2129a922f7a7e54689ea5a430cddcf14ff2c1eae8cd61a9e9505150b4f2a7862

Intercontinental Exchange (ICE)

Financials