Intercontinental Exchange, Inc. (ICE) Q3 2022 Earnings Call Transcript

Intercontinental Exchange, Inc. (NYSE:ICE) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET

Company Participants

Katia Gonzalez - Investor Relations

Warren Gardiner - Chief Financial Officer

Ben Jackson - President

Jeff Sprecher - Chairman & Chief Executive Officer

Lynn Martin - President, NYSE Group and Chair, ICE

Conference Call Participants

Richard Repetto - Piper Sandler

Ken Worthington - JPMorgan

Daniel Fannon - Jefferies

Kyle Voigt - KBW

Alex Kramm - UBS

Operator

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

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

Katia Gonzalez

Good morning. ICE's third 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 2021 Form 10-K, third quarter Form 10-Q and other filings with the SEC. In addition, as we announced in May, ICE has agreed to acquire Black Knight. The transaction is pending customary regulatory approval and we expect to close in the first half of 2023. 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 the earnings supplement for additional details regarding the definition of certain items.