Intercontinental Exchange, Inc. (ICE) Q4 2022 Earnings Call Transcript

Intercontinental Exchange, Inc. (NYSE:ICE) Q4 2022 Earnings Conference Call February 2, 2023 8:30 AM ET

Company Participants

Katia Gonzalez - IR

Warren Gardiner - CFO

Benjamin Jackson - President

Jeff Sprecher - Chairman & CEO

Lynn Martin - President, NYSE Group and Chair, ICE

Conference Call Participants

Richard Repetto - Piper Sandler

Daniel Fannon - Jefferies

Ken Worthington - JPMorgan

Chris Allen - Citi

Alex Kramm - UBS

Alex Blostein - Goldman Sachs

Simon Clinch - Atlantic Equities

Craig Siegenthaler - Bank of America Merrill Lynch

Brian Bedell - Deutsche Bank

Michael Cyprys - Morgan Stanley

Operator

Hello, and welcome to the ICE Fourth Quarter 2022 Earnings Conference Call and Webcast. My name is Alex and I'll be coordinating the call today. [Operator Instructions]

I'll now hand over to your host, Katia Gonzalez, Investor Relations and Senior Analyst. Katia, please go ahead.

Katia Gonzalez

Good morning. ICE's fourth quarter 2022 earnings release and presentation can be found in the Investors section of the ice.com. These items will be archived and our call will be available for replay.

Today's call may contain forward-looking statements. These statements which we undertake no obligation to update, represent our current judgment and are subject to risks, assumptions and uncertainties. For a description of the risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2022 Form 10-K, and other filings with the SEC.

In addition, as we announced last year, ICE has agreed to acquire Black Knight. The transaction is pending customary regulatory approval and we expect to close in the first half of this year. In connection with the proposed transaction, ICE has filed with the SEC a registration statement on Form S-4 to register the shares of ICE common stock to be issued in connection with the transaction. The registration statement includes a proxy statement of Black Knight that also constitutes a prospectus of ICE. Please see the Form S-4 filing for additional information regarding the transaction.

In our earnings supplement, we refer to certain non-GAAP measures. We believe our non-GAAP measures are more reflective of our cash operations and core business performance. You'll find a reconciliation to the equivalent GAAP terms in the earnings materials. When used on this call, net revenue refers to revenue net of transaction-based expenses and adjusted earnings refers to adjusted diluted earnings per share. Throughout this presentation, unless otherwise indicated, references to revenue growth are on a constant currency basis. Please see the explanatory notes on the second page of our earnings supplement for additional details regarding the definition of certain items.