Intercontinental Exchange (ICE) reported financial results for the fourth quarter and full year 2015.
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Q4 consolidated revenues, less transaction-based expenses, increased 9% to $875 million compared to the same period in 2014. Included in this amount are $470 million of transaction and clearing revenues, less transaction-based expenses.
Consolidated data services revenues for the fourth quarter of 2015 were a record $257 million, up 35% year-over-year and listings revenues were a record $102 million, up 8% compared to the prior fourth quarter. Consolidated other revenues were $46 million.
Consolidated operating expenses were $457 million for the fourth quarter of 2015, including $52 million in Interactive Data acquisition-related costs, NYSE integration costs, and other deal-related success fees.
Consolidated operating income for the fourth quarter was $418 million and operating margin was 48%. The effective tax rate for the fourth quarter was 5%, driven lower primarily by the deferred tax benefit associated with future UK income tax rate reductions that were enacted in the fourth quarter.
Full year 2015 results
Consolidated revenues, less transaction-based expenses, for the year ended December 31, 2015 increased 8% to $3.3 billion compared to the same period in 2014. Included in this amount are $1.9 billion of transaction and clearing revenues, less transaction-based expenses.
Consolidated data services revenues for the year ended December 31, 2015 were a record $871 million, up 26% year-over-year and listings revenues were a record $405 million, up 10% compared to the prior period. Consolidated other revenues were $178 million.
Consolidated 2015 net income from continuing operations was $1.3 billion and diluted EPS from continuing operations were $11.39.
Adjusted net income from continuing operations was $1.4 billion and adjusted diluted EPS from continuing operations were $12.15 for the year, representing a 26% increase year over year. Please refer to the reconciliation of non-GAAP financial measures included in this press release.
Consolidated operating expenses were $1.6 billion for the year ended December 31, 2015, including $83 million in Interactive Data acquisition-related costs, NYSE integration costs, and other deal related success fees.
Consolidated operating margin was 52%. The effective tax rate for the year ended December 31, 2015 was 22%.
Consolidated cash flows from operations were $1.3 billion for the year ended December 31, 2015. Operational capital expenditures were $109 million and capitalized software development costs totaled $87 million. Dividends paid during 2015 were $331 million and share repurchases totaled $660 million.
Unrestricted cash was $627 million and outstanding debt was $7.3 billion as of December 31, 2015, including $2.6 billion in commercial paper.
Intercontinental Exchange announced its first quarter dividend will be $0.85 per share, up 13% from $0.75 per share in the fourth quarter of 2015. ICE expects the annual dividend for 2016 to be $3.40 per share, subject to quarterly board authorization. ■