10-K/A: Intercontinental Exchange Files Amended 10-K to Include Bakkt Financials

Intercontinental Exchange (ICE) has filed an amendment to its 2023 annual report to include the financial statements of Bakkt Holdings, Inc., a former significant equity investee.

Summary

• Intercontinental Exchange, Inc. (ICE) filed an amendment to its 2023 Form 10-K to include the financial statements of Bakkt Holdings, Inc.
• This amendment was required because Bakkt was a significant equity investee in 2022, although it no longer meets the significance test for 2023.
• The financial statements of Bakkt for the year ended December 31, 2023, were prepared and provided by Bakkt.
• The amendment does not modify or update the consolidated financial position, results of operations, or cash flows of ICE, nor does it reflect events after the initial 2023 Form 10-K filing.
• The original 2023 Form 10-K was filed on February 8, 2024, and this amendment is dated March 27, 2024.
• The amendment includes the consolidated financial statements of Bakkt as of and for the year ended December 31, 2023, audited by Ernst & Young LLP.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing, indicating no significant positive or negative sentiment. The inclusion of Bakkt's financials is a procedural matter.

Positives

• The filing ensures compliance with SEC regulations regarding significant equity investees.
• The amendment provides additional transparency by including Bakkt's financial statements.
• The document clearly states that ICE's financials remain unchanged.

Negatives

• The need for an amendment suggests a potential complexity in ICE's investment structure.
• The inclusion of Bakkt's financials may indicate a past relationship that is no longer as significant.

Risks

• The document highlights the need to read the amendment in conjunction with the original 2023 Form 10-K and any subsequent filings.
• Forward-looking statements in the original 2023 Form 10-K have not been updated to reflect events after the filing date.

Future Outlook

The document does not provide any specific future outlook for ICE, but it emphasizes that forward-looking statements in the original 2023 Form 10-K have not been updated.

Management Comments

• Jeffrey C. Sprecher, Chair and Chief Executive Officer, and A. Warren Gardiner, Chief Financial Officer, certified the accuracy of the report.
• Management confirms that the report complies with SEC requirements and fairly presents the company's financial condition and results of operations.

Industry Context

This filing is a routine regulatory update related to a prior investment, and it does not indicate any significant shifts in the broader exchange industry.

Comparison to Industry Standards

• The inclusion of Bakkt's financials is a specific requirement under SEC Rule 3-09 for significant equity investees, which is a standard practice for companies with such investments.
• Other exchange operators like Nasdaq and CME Group also follow similar reporting requirements for their investments.

Stakeholder Impact

• The filing provides shareholders with additional information about ICE's investment in Bakkt.
• The amendment ensures compliance with regulatory requirements, which is important for investor confidence.

Next Steps

• The document indicates that it should be read in conjunction with the original 2023 Form 10-K and any subsequent filings.
• ICE will furnish any exhibit upon request to Investor Relations.

Key Dates

Keywords

Intercontinental Exchange, Bakkt Holdings, Form 10-K/A, financial statements, equity investee, SEC filing, amendment, Ernst & Young