ICE reports consolidated net loss of $191M for Q3 2022
Intercontinental Exchange (NYSE:ICE) today reported financial results for the third quarter of 2022.
For the quarter ended September 30, 2022, consolidated net loss attributable to ICE was $191 million on $1.8 billion of consolidated revenues, less transaction-based expenses. Third quarter GAAP diluted loss per share was $0.34, primarily due to net losses from Bakkt.
Adjusted net income attributable to ICE was $733 million in the third quarter and adjusted diluted EPS was $1.31.
Third quarter consolidated net revenues were $1.8 billion, up 1% year-over-year including exchange net revenues of $1.0 billion, fixed income and data services revenues of $534 million and mortgage technology revenues of $276 million.
Consolidated operating expenses were $898 million for the third quarter of 2022. On an adjusted basis, consolidated operating expenses were $727 million. Consolidated operating income for the third quarter was $913 million and the operating margin was 50%. On an adjusted basis, consolidated operating income for the third quarter was $1.1 billion and the adjusted operating margin was 60%.
Third quarter exchange net revenues were $1.0 billion, whereas third quarter fixed income and data services revenues were $534 million. Third quarter mortgage technology revenues were $276 million.
Jeffrey C. Sprecher, ICE Chair and Chief Executive Officer, said:
“We are pleased to report strong third quarter results that extend our track record of growth. Amidst a backdrop of continued geopolitical and macroeconomic uncertainty, our strong third quarter performance reflects the “all weather” nature of our business model. Our customers continue to rely on our mission-critical data, technology, and liquid markets through an array of macroeconomic environments. As we look to the balance of the year and beyond, we remain focused on driving innovation, helping to serve our customers’ risk management needs and delivering value to our stockholders.”
Warren Gardiner, ICE Chief Financial Officer, added:
“Through the first nine months of the year, we have grown revenues and operating income. This strong performance, including compounding growth in our recurring revenues across all three business segments is a testament to the power of our diverse business model. As we approach the end of 2022, we remain focused on extending our track record of growth and creating value for our stockholders.”
ICE announced today a $0.38 per share dividend for the fourth quarter of 2022, which is up 15% from the $0.33 per share dividend paid in the fourth quarter of 2021. The cash dividend is payable on December 30, 2022 to stockholders of record as of December 15, 2022. The ex-dividend date is December 14, 2022.