Intercontinental Exchange (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today reported financial results for the fourth quarter and full year of 2022.
Net income attributable to ICE shareholders amounted to $425 million in the final quarter of 2022, compared to $1.53 billion a year earlier.
For the quarter ended December 31, 2022, consolidated net income attributable to ICE was $425 million on $1.8 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) was $0.76. Adjusted net income attributable to ICE was $698 million in the fourth quarter and adjusted diluted EPS was $1.25.
For the full year of 2022 consolidated net income attributable to ICE was $1.4 billion on $7.3 billion of consolidated revenues less transaction-based expenses. Full year 2022 GAAP diluted EPS was $2.58, down 64% year-over-year, primarily due to net losses from Bakkt during 2022 and the divestment of Coinbase and deconsolidation of Bakkt during 2021. On an adjusted basis, net income attributable to ICE for the year was $3.0 billion and adjusted diluted EPS was $5.30, up 5% year-over-year.
Fourth quarter consolidated net revenues were $1.8 billion, down 4% year-over-year, including exchange net revenues of $982 million, fixed income and data services revenues of $537 million and mortgage technology revenues of $249 million. Consolidated operating expenses were $904 million for the fourth quarter of 2022. On an adjusted basis, consolidated operating expenses were $740 million. Consolidated operating income for the fourth quarter was $864 million and the operating margin was 49%. On an adjusted basis, consolidated operating income for the fourth quarter was $1.0 billion and the adjusted operating margin was 58%.
Full year 2022 consolidated net revenues were $7.3 billion, up 2% year-over-year, including exchange net revenues of $4.1 billion, fixed income and data services revenues of $2.1 billion and mortgage technology revenues of $1.1 billion. Consolidated operating expenses were $3.7 billion for 2022. On an adjusted basis, consolidated operating expenses were $3.0 billion. Consolidated operating income for the year was $3.6 billion and the operating margin was 50%. On an adjusted basis, consolidated operating income for the year was $4.3 billion and the adjusted operating margin was 59%.
Fourth quarter exchange net revenues were $982 million, down 3% year-over-year. Exchange operating expenses were $305 million and on an adjusted basis, were $288 million in the fourth quarter. Segment operating income for the fourth quarter was $677 million and the operating margin was 69%. On an adjusted basis, operating income was $694 million and the adjusted operating margin was 71%.
Jeffrey C. Sprecher, ICE Chair & Chief Executive Officer, said:
“We are pleased to report our 17th consecutive year of record revenues. Amidst a dynamic macroeconomic environment, our strong results reflect the “all-weather” nature of our business model. Our customers continue to rely on our mission-critical data and technology to manage risk and capture workflow efficiencies through an array of macroeconomic environments. As we look to 2023 and beyond, we remain focused on helping to serve our customers’ needs and extending our track record of growth.”
