Kyndryl Reports $19.1B Revenue in FY24 10-K

TL;DR

Kyndryl's FY24 revenue hit $19.1B, down slightly from last year. Still a major player in IT services.

AI Summary

Kyndryl Holdings, Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company reported net revenues of $19.1 billion for the fiscal year 2024, a decrease from $19.5 billion in fiscal year 2023. The filing details their business operations, financial performance, and risk factors, including significant investments in technology and infrastructure.

Why It Matters

This filing provides a comprehensive overview of Kyndryl's financial health and strategic direction, impacting investors and clients who rely on their IT infrastructure services.

Risk Assessment

Risk Level: medium — The company faces risks related to competition, technological changes, and its ability to manage large-scale IT projects.

Key Numbers

• $19.1B — Net Revenues FY24 (Represents the company's top-line performance for the most recent fiscal year.)
• $19.5B — Net Revenues FY23 (Provides a year-over-year comparison point for revenue trends.)
• 229200000 — Property, Plant and Equipment, Net (Indicates the company's investment in physical assets.)

Key Players & Entities

• Kyndryl Holdings, Inc. (company) — Filer of the 10-K
• 20240331 (date) — Fiscal year end
• $19.1 billion (dollar_amount) — Net revenues for fiscal year 2024
• $19.5 billion (dollar_amount) — Net revenues for fiscal year 2023

FAQ

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share KD New York Stock Exchang
• $16.1 billion — led us to reach significant scale, with $16.1 billion in revenue in fiscal year 2024, which e
• $586 billion — rvices market, collectively represent a $586 billion opportunity in calendar year 2024. Grow

Filing Documents

• kd-20240331x10k.htm (10-K) — 4752KB
• kd-20240331xex4d5.htm (EX-4.5) — 27KB
• kd-20240331xex19d1.htm (EX-19.1) — 71KB
• kd-20240331xex21d1.htm (EX-21.1) — 63KB
• kd-20240331xex23d1.htm (EX-23.1) — 2KB
• kd-20240331xex24d1.htm (EX-24.1) — 47KB
• kd-20240331xex31d1.htm (EX-31.1) — 10KB
• kd-20240331xex31d2.htm (EX-31.2) — 10KB
• kd-20240331xex32d1.htm (EX-32.1) — 6KB
• kd-20240331xex32d2.htm (EX-32.2) — 6KB
• kd-20240331xex97d1.htm (EX-97.1) — 42KB
• kd-20240331x10k002.jpg (GRAPHIC) — 60KB
• kd-20240331x10k003.jpg (GRAPHIC) — 47KB
• 0001558370-24-008788.txt ( ) — 23047KB
• kd-20240331.xsd (EX-101.SCH) — 108KB
• kd-20240331_cal.xml (EX-101.CAL) — 120KB
• kd-20240331_def.xml (EX-101.DEF) — 502KB
• kd-20240331_lab.xml (EX-101.LAB) — 859KB
• kd-20240331_pre.xml (EX-101.PRE) — 858KB
• kd-20240331x10k_htm.xml (XML) — 5650KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26

Cybersecurity

Item 1C. Cybersecurity 26

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

(Reserved)

Item 6. (Reserved) 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 49

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 106

Controls and Procedures

Item 9A. Controls and Procedures 106

Other Information

Item 9B. Other Information 108

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 108

Executive Compensation

Item 11. Executive Compensation 108

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 108

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 108 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 109

Form 10-K Summary

Item 16. Form 10-K Summary 112

SIGNATURES

SIGNATURES 113 2 Table of Contents PART I

Business

Item 1. Business . Our Company Kyndryl Holdings, Inc. ("we," "Kyndryl" or the "Company") is a leading technology services company and the largest IT infrastructure services provider in the world, serving thousands of enterprise customers and with operations in over 60 countries. We have a long track record of helping enterprises navigate major technological changes, particularly by enabling our customers to focus on the core aspects of their businesses during these shifts while trusting us with their most critical systems. Our purpose is to design, build and manage secure and responsive private, public and multi-cloud environments to serve our customers' needs and accelerate their digital transformations. We provide engineering talent, operating solutions and insights derived from our knowledge and data around IT systems. This enables us to deliver advisory, implementation and managed services at scale across technology infrastructures that allow our customers to de-risk and realize the full value of their digital transformations. We do this while embracing new technologies and solutions and continually expanding our skills and capabilities, as we help advance the vital systems that power progress for our customers. We deliver technology services capabilities, insights and depth of expertise to modernize and manage IT environments based on our customers' unique needs. We offer services across domains such as cloud services, core enterprise and zCloud services, applications, data and artificial intelligence ("AI") services, digital workplace services, security and resiliency services and network and edge services as we continue to support our customers through technological change. Our services enable us to modernize and manage cloud and on-premises environments as "one" for our customers, enabling them to scale seamlessly. To deliver these services, we rely on our team of skilled practitioners, consisting of approximately 80,000 professionals. Since our large a

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View this 10-K filing on SEC EDGAR