Group 1 - The New York Stock Exchange (NYSE) is relocating its securities exchange to Dallas, to be reincorporated as NYSE Texas [1][3] - Texas holds the highest number of NYSE listings, with a total market value exceeding $3.7 trillion [1] - The move aims to provide public companies with a trading venue in the economically vibrant southwestern U.S. [1] Group 2 - NYSE Chicago, originally founded in 1882, was acquired by Intercontinental Exchange (ICE) in 2018 [2] - The relocation follows the Texas Stock Exchange's recent filing with the SEC to operate as a national securities exchange, with plans to launch trading in early 2026 [2][3] - If approved, the Texas Stock Exchange intends to have listings by the end of 2026 [2]

Core Insights - Intercontinental Exchange (ICE) reported fourth-quarter 2024 adjusted earnings per share of $1.52, exceeding the Zacks Consensus Estimate by 2% and reflecting a year-over-year increase of 14.3% [1][2] Financial Performance - Net revenues reached a record $2.3 billion, down 12.9% year over year, but exchange net revenues increased by 6% to $1.2 billion, beating the Zacks Consensus Estimate by 0.2% [3] - Total operating expenses decreased by 2.3% year over year to $1.2 billion, attributed to lower compensation, acquisition-related costs, and rent [3] - Adjusted operating income rose 8.1% year over year to $1.4 billion, with an adjusted operating margin expanding by 100 basis points to 58% [4] Segment Performance - Exchanges' net revenues were $1.2 billion, up 9% year over year, with adjusted operating income increasing by 13.3% to $923 million and an adjusted operating margin of 75% [5] - Fixed Income and Data Services revenues were $579 million, a 3% increase year over year, with adjusted operating income rising 3.7% to $250 million [6] - Mortgage Technology revenues increased by 1% to $508 million, but adjusted operating income declined by 8.3% to $177 million, with an adjusted operating margin contracting to 35% [7] Full-Year Highlights - For the full year, adjusted earnings per share were $6.07, an 8% increase year over year, with total revenues of $9.3 billion, also a 16% increase [8] Financial Update - As of December 31, 2024, cash and cash equivalents were approximately $2 billion, up 38.8% from the previous year, while long-term debt decreased by 16% to $17.3 billion [9] - Operating cash flow for 2024 was $4.6 billion, a 26.3% increase year over year, and adjusted free cash flow was $3.6 billion, up 13.2% [9] Dividend and Share Repurchase - Intercontinental paid out $1 billion in dividends in 2024 and plans to resume share repurchases in the first quarter of 2025 [10] Guidance - For the first quarter of 2025, GAAP operating expenses are expected to be between $1.22 billion and $1.23 billion, with adjusted operating expenses projected between $965 million and $975 million [11] - For the full year 2025, exchange recurring revenues are expected to grow in low single digits, while Fixed Income & Data Services recurring revenues are projected to grow in mid-single digits [12]

Core Insights - Intercontinental Exchange (ICE) reported solid growth and an earnings beat, with shares rallying 4.5% following the earnings announcement [1][3] - The company has achieved its 19th consecutive year of growth, demonstrating resilience in its business model that combines recurring subscriptions and trading activity [2] Financial Performance - In Q4, Intercontinental Exchange's revenue grew by 5% to $2.32 billion, while adjusted non-GAAP earnings per share increased by 14% to $1.52, surpassing analyst expectations [3] - Core Exchange revenue rose by 9%, driven by significant increases in energy and interest rate derivative trading, which grew by 16% and 30% respectively [4] - Fixed income revenue increased by 3%, with recurring analytics subscriptions growing by 5%, while mortgage technology revenue saw a modest increase of 1% despite a slow housing market [4] Future Guidance - The company did not provide full-year revenue guidance but projected low-single digit growth for Exchange recurring revenue, mid-single digit growth for Fixed Income and Data Services recurring revenue, and low-to-mid single digit growth for Mortgage Technology recurring revenue [5] Valuation - Intercontinental Exchange appears expensive on a GAAP basis at 40 times earnings, but adjusted earnings may better reflect the company's true earnings power due to significant amortization of intangible assets from prior acquisitions [6] - The adjusted earnings for 2024 were reported at $6.07, an 8% increase, resulting in a more reasonable P/E ratio of 27.8 times trailing earnings, indicating it is a high-quality compounder at a reasonable price [7]

Core Insights - Intercontinental Exchange (ICE) reported fourth-quarter revenues of $2.323 billion, slightly below the analysts' estimate of $2.327 billion, but exceeded earnings per share (EPS) expectations with an EPS of $1.52 compared to the consensus of $1.49 [1][2] Financial Performance - EPS for Q4 2024 was $1.52, a 14.3% increase from $1.33 in Q4 2023 [2] - Revenue for Q4 2024 was $2.323 billion, reflecting a 5.6% increase from $2.201 billion in Q4 2023 [2] - Net income reached $698 million, a significant increase of 87.1% from $373 million in Q4 2023 [2] - Operating margin improved to 46%, up 400 basis points from 42% in the previous year [2] Segment Performance - The exchanges segment generated $1.2 billion in net revenue, a 9% year-over-year increase, driven by a 16% rise in energy sector revenues and a 30% increase in financial sector revenues [5] - The fixed income and data services division saw a 3% revenue increase to $579 million, with an operating margin of 43% [6] - The mortgage technology sector experienced a modest 1% revenue growth to $508 million, with recurring revenues declining by 2% due to lower origination volumes [6] Strategic Focus - The company is concentrating on expanding its technological infrastructure, acquiring strategic assets, and fostering innovation across its segments [4] - Plans for stock buybacks in early 2025 indicate confidence in the company's financial stability despite challenges in certain segments [6] Future Outlook - ICE anticipates moderate revenue growth across its segments in 2025, with a focus on technological and infrastructure investments to enhance operational efficiency [7] - Management expresses optimism regarding future productivity and efficiency improvements [7]

Financial Data and Key Metrics Changes - Full year adjusted earnings per share totaled $6.07, an increase of 8% year-over-year, marking the best year in the company's history [8] - Full year net revenues totaled a record $9.3 billion, with a pro forma increase of 6% versus last year [8] - Full year adjusted operating expenses totaled $3,810 million, an increase of roughly 1% year-over-year on a pro forma basis [8] - Full year free cash flow reached $3.6 billion, with $1 billion returned to shareholders through dividends [10] Business Line Data and Key Metrics Changes - Exchange segment fourth quarter net revenues totaled $1.2 billion, up 9% year-over-year, driven by transaction revenues of $883 million, which increased by 13% [12][13] - Fixed Income and Data Services segment fourth quarter revenues totaled $579 million, with recurring revenues reaching a record $471 million, growing by 5% year-over-year [16][17] - Mortgage Technology segment fourth quarter revenues totaled $508 million, with recurring revenues of $391 million, slightly above guidance [18] Market Data and Key Metrics Changes - January 2025 volumes increased 21% year-over-year, with total open interest up 11% year-over-year [14] - Global Energy revenues reached a record $1.9 billion in 2024, up 25% year-over-year, driven by record Energy volumes [28] - Natural gas business revenues increased 30% year-over-year, with record revenues in the Title Transfer Facility benchmark [33] Company Strategy and Development Direction - The company aims to balance share repurchases with continued deleveraging until reaching leverage levels of approximately 3 times EBITDA [10] - Focus on investing in technology and growth initiatives across the business while achieving expense synergies from the Black Knight acquisition [22] - The company is positioned to capitalize on trends in energy demand growth, particularly in Asia, and the evolving regulatory landscape [60][61] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stabilization of the mortgage market and the potential for growth in recurring revenues [20][72] - The company anticipates mid-single-digit growth in Fixed Income and Data Services recurring revenues, supported by a strong ASV [18][101] - Management highlighted the importance of adapting to changing supply chain dynamics and regulatory policies impacting the energy markets [108] Other Important Information - The company achieved run rate expense synergies of $175 million from the Black Knight acquisition and raised the synergy target to $230 million [9] - The company expects to invest in its data center footprint to meet growing customer demand for additional capacity [23] Q&A Session Summary Question: Client wins in Mortgage and their impact on guidance for 2025 - Management noted that significant client wins are expected to come online throughout 2025, contributing positively to growth [66][68][70] Question: Trends in WTI markets and market share - Management highlighted innovations like the Midland WTI HOU contract, which has seen significant growth and contributed to market share gains [74][78] Question: Dynamics between refi versus purchase activity in the Mortgage market - Management indicated that while refi growth might be optimistic, improvements in purchase activity are expected, with a wide range of origination projections [81][84] Question: Timing of expense synergies from Black Knight acquisition - Management clarified that many synergies were realized quickly post-acquisition, with additional benefits expected in the coming years [89][94] Question: Fixed Income Data outlook and growth drivers - Management discussed the focus on vendor consolidation among clients and the potential for growth in recurring revenues [96][100] Question: Impact of new administration policies on Energy markets - Management expressed that increased U.S. production and changing supply chains could create new opportunities for risk management [106][108]

Financial Performance Highlights - Record net revenues for 2024 reached $9.279 billion, a 16% increase year-over-year[9] - Adjusted operating income for 2024 was a record $5.469 billion, up 15% year-over-year[9] - Adjusted diluted EPS for 2024 was a record $6.07, an 8% increase year-over-year[9] - Adjusted free cash flow for 2024 was a record $3.620 billion, a 13% increase year-over-year[9] - For 4Q24, net revenues were $2.323 billion, a 5% increase year-over-year[10] - Adjusted diluted EPS for 4Q24 was $1.52, a 14% increase year-over-year[10] Segment Performance - Exchanges segment net revenues for 4Q24 were $1.236 billion, a 9% increase year-over-year[13] - Energy revenues within the Exchanges segment increased by 16% in 4Q24[13] - Fixed Income & Data Services revenues for 4Q24 were $579 million, a 3% increase year-over-year[16] - Mortgage Technology revenues for 4Q24 were $508 million, a 1% increase year-over-year[20] Guidance - The company expects full year 2025 adjusted expenses to be between $3.915 billion and $3.965 billion[26]

IntercontinentalExchange (ICE) came out with quarterly earnings of $1.52 per share, beating the Zacks Consensus Estimate of $1.49 per share. This compares to earnings of $1.33 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.01%. A quarter ago, it was expected that this owner of the New York Stock Exchange and other stock markets would post earnings of $1.55 per share when it actually produced earnings of $1.55, delivering no ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36198 INTERCONTINENTAL EXCHANGE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

Exhibit 99.1 Intercontinental Exchange Reports Strong Full Year 2024 Results 19th consecutive year of record revenues · 2024 net revenues of $9.3 billion, +16% y/y Jeffrey C. Sprecher, · 2024 GAAP diluted EPS of $4.78, +14% y/y · 2024 adj. diluted EPS of $6.07, +8% y/y Warren Gardiner, ICE Chief Financial Officer, added: "As we look back on 2024, our record revenue and operating income demonstrate the strength and resiliency of our unique business model. Our strong and growing cash flows enabled us to reinv ...

Intercontinental Exchange Inc. (ICE) is slated to report fourth-quarter 2024 earnings on Feb. 6, before market open. ICE delivered an earnings surprise in two of the last four quarters while matching estimates in the other two, the average beat being 1.28%.See the Zacks Earnings Calendar to stay ahead of market-making news.Factors to NoteContinued strong trends across fixed-income data and analytics and an acceleration in growth in other data and network services businesses are likely to have aided the four ...