Intercontinental Exchange, Inc. (ICE) reported significant financial performance improvements for the nine months ended September 30, 2024, compared to the same period in 2023. Total revenues reached $8,731 million, a 20.7% increase from $7,237 million. The Exchanges segment contributed $5,498 million, up 15.6% from $4,754 million, while the Fixed Income and Data Services segment saw revenues rise to $1,719 million from $1,668 million, and the Mortgage Technology segment surged to $1,514 million from $815 million, largely due to the acquisition of Black Knight, Inc. in September 2023.
Operating income for the nine months increased to $3,232 million, a 16.7% rise from $2,769 million. Net income attributable to ICE was $2,056 million, reflecting a modest increase of 3% from $1,995 million in the prior year. For the three months ended September 30, 2024, net income was $657 million, compared to $541 million in 2023, marking a 21.5% increase.
The acquisition of Black Knight, valued at approximately $11.8 billion, significantly impacted ICE's financials. The integration of Black Knight's operations contributed to a substantial rise in revenues, particularly in the Mortgage Technology segment, which reported a $699 million increase in revenues for the nine months ended September 30, 2024. Operating expenses related to Black Knight were $850 million for the nine months, up from $139 million in the same period of 2023.
ICE's total assets decreased slightly to $135,201 million as of September 30, 2024, from $136,084 million at the end of 2023. Total liabilities also decreased to $107,928 million from $110,298 million. The company reported total stockholders' equity of $27,233 million, up from $25,717 million.
Cash and cash equivalents decreased to $755 million from $899 million, while short-term restricted cash increased significantly to $1,243 million from $531 million. The company’s effective tax rate rose to 23% from 14% due to prior period tax benefits and changes in the U.K. corporate income tax rate.
ICE's operational segments showed resilience amid macroeconomic conditions, with increased trading activity in various products, particularly in energy and financial futures. The company continues to monitor regulatory changes and market conditions that may impact its operations and customer activities.
About Intercontinental Exchange, Inc.
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