Intercontinental Exchange (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the first quarter of 2023.

For the quarter ended March 31, 2023, consolidated net income attributable to ICE was $655 million on $1.9 billion of consolidated revenues, less transaction-based expenses. First quarter GAAP diluted earnings per share was $1.17. Adjusted net income attributable to ICE was $791 million in the first quarter and adjusted diluted EPS was $1.41.

First quarter consolidated net revenues were $1.9 billion year-over-year including exchange net revenues of $1.1 billion, fixed income and data services revenues of $563 million and mortgage technology revenues of $236 million.

Consolidated operating expenses were $927 million for the first quarter of 2023. On an adjusted basis, consolidated operating expenses were $740 million. Consolidated operating income for the first quarter was $969 million and the operating margin was 51%.

On an adjusted basis, consolidated operating income for the first quarter was $1.2 billion and the adjusted operating margin was 61%.

The effective tax rate for the first quarter of 2023 was 21%.

Operating cash flow in the first quarter of 2023 was $653 million and adjusted free cash flow was $673 million.

Unrestricted cash was $2.1 billion and outstanding debt was $18.1 billion as of March 31, 2023.

Through the first quarter of 2023, ICE paid $236 million in dividends.

Warren Gardiner, ICE Chief Financial Officer, commented:

“We delivered another quarter of strong operating results, including compounding growth in our recurring revenues across all three business segments. We remain well positioned to benefit from near-term cyclical tailwinds, longer-term secular trends and are focused on investing in profitable growth to create value for our stockholders.”

ICE announced today a $0.42 per share dividend for the second quarter of 2023, which is up 11% from the $0.38 per share dividend paid in the second quarter of 2022. The cash dividend is payable on June 30, 2023, to stockholders of record as of June 15, 2023. The ex-dividend date is June 14, 2023.