ICE registers 6% Y/Y rise in revenues in Q1 2022
Intercontinental Exchange (NYSE:ICE) today reported financial results for the first quarter of 2022.
For the quarter ended March 31, 2022, consolidated net income attributable to ICE was $657 million on $1.9 billion of consolidated revenues, less transaction-based expenses.
First quarter GAAP diluted earnings per share (EPS) were $1.16. Adjusted net income attributable to ICE was $804 million in the first quarter and adjusted diluted EPS were $1.43.
First quarter consolidated net revenues were $1.9 billion, up 6% year-over-year including exchange net revenues of $1.1 billion, fixed income and data services revenues of $509 million and mortgage technology revenues of $307 million.
Consolidated operating income for the first quarter was $992 million and the operating margin was 52%. On an adjusted basis, consolidated operating income for the first quarter was $1.2 billion and the adjusted operating margin was 61%.
First quarter exchange net revenues were $1.1 billion. Exchange operating expenses were $299 million and on an adjusted basis, were $283 million in the first quarter. Segment operating income for the first quarter was $784 million and the operating margin was 72%. On an adjusted basis, operating income was $800 million and the adjusted operating margin was 74%.
First quarter fixed income and data services revenues were $509 million. Fixed income and data services operating expenses were $354 million and adjusted operating expenses were $305 million in the first quarter. Segment operating income for the first quarter was $155 million and the operating margin was 30%. On an adjusted basis, operating income was $204 million and the adjusted operating margin was 40%.
Through the first quarter of 2022, ICE repurchased $475 million of its common stock and paid $214 million in dividends.
ICE announced today a $0.38 per share dividend for the second quarter of 2022, which is up 15% from the $0.33 per share dividend paid in the second quarter of 2021. The cash dividend is payable on June 30, 2022 to stockholders of record as of June 15, 2022. The ex-dividend date is June 14, 2022.
Jeffrey C. Sprecher, ICE Chairman and Chief Executive Officer, said,
“We are pleased to report our first quarter results including another quarter of revenue and earnings per share growth. A dynamic macro environment and strong secular tailwinds across our business continue to drive customers to our diverse, liquid markets and our mission-critical data and technologies to manage risk and capture efficiencies. Importantly, the “all-weather” nature of our business model enabled us to grow through geopolitical unrest, inflationary concerns and rising interest rates. We remain focused on innovating across asset classes to serve the needs of our customers and deliver growth for stockholders.”
Warren Gardiner, ICE Chief Financial Officer, added:
“In the first quarter, we once again grew revenues, operating income and cash flows. This performance was driven by compounding recurring revenue growth across segments combined with growth in our diverse transaction-based businesses. Additionally, our strong cash generation enabled us to return $689 million to stockholders while continuing to invest in the future growth of our business.”