Kyndryl Holdings, Inc. (NYSE:KD) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET Company Participants Lori Chaitman - Global Head of Investor Relations Martin Schroeter - Chairman and Chief Executive Officer David Wyshner - Chief Financial Officer Conference Call Participants Tien-Tsin Huang - JP Morgan Millie Wu - Evercore ISI Jamie Friedman - Susquehanna Bill Cadigan - Deutsche Bank Operator 00:05 Good morning and welcome to the Kyndryl Quarter Earnings Conference Call. Currently all callers have ...

kyndryl. Quarter Ended March 31, 2022 Earnings May 5, 2022 Disclaimers Forward-looking statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements often contain words such as "will," "anticipate," "predict," "project," "plan," "forecast," "estimate," "expect," "intend," "target," "may," "should," "would," "could," "outlook" and other similar words or expressions or the negative thereof or other ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to _______________________ 001-40853 (Commission file number) Kyndryl Holdings, Inc. (Exact name of registrant as specified ...

Fourth Quarter 2021 Earnings March 1, 2022 Disclaimers Forward-looking statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements often contain words such as "will," "anticipate," "predict," "project," "plan," "forecast," "estimate," "expect," "intend," "target," "may," "should," "would," "could," "outlook" and other similar words or expressions or the negative thereof or other variations ther ...

Financial Data and Key Metrics Changes - In Q4 2021, Kyndryl reported pro forma revenue of $4.6 billion, reflecting a 4% year-over-year decline in constant currency, attributed to its previous operation as a captive subsidiary of IBM [49] - For the full year 2021, pro forma revenue was $18.5 billion, with pro forma adjusted EBITDA of $2.7 billion and pro forma adjusted pretax income of $114 million [51][62] - Pro forma adjusted pretax income for Q4 was $53 million, down from the prior year quarter primarily due to higher IBM software costs [49] Business Line Data and Key Metrics Changes - Kyndryl's revenue is divided into six global practices: cloud, core enterprise, security and resiliency, applications, data and AI, digital workplace, and network and edge, with cloud and core enterprise each representing about a third of revenues [58][60] - The company aims to grow its advisory and implementation services revenues, which tend to generate faster revenue compared to managed services [88] Market Data and Key Metrics Changes - The total addressable market for Kyndryl increased from approximately $240 billion pre-spin to $415 billion post-spin, expected to expand to about $510 billion by 2024 [17] - The company is positioned to benefit from trends in digital transformation, rapid data growth, and increased focus on cybersecurity and resiliency [12][15] Company Strategy and Development Direction - Kyndryl is focusing on three major global initiatives: alliances, advanced delivery, and accounts to drive profitable growth [31] - The company has established partnerships with major cloud providers like Microsoft, Google Cloud, and AWS to enhance its service offerings and market presence [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to revenue growth by 2025, emphasizing the importance of expanding partnerships and enhancing service delivery capabilities [80][67] - The company anticipates a decline in revenues for fiscal year 2023 but expects to achieve double-digit growth in signings over the same period [66][67] Other Important Information - Kyndryl is committed to environmental, social, and governance (ESG) principles, focusing on carbon management, diversity, and ethical governance [43][44][45] - The company reported a $469 million goodwill impairment, which is a non-cash charge and does not impact adjusted results [56] Q&A Session Summary Question: Insights on signings and revenue retention - Management is optimistic about achieving double-digit signings growth this year, with a focus on increasing share of wallet from existing customers while also adding new logos [87] Question: Capital allocation strategy and potential dividends - Management indicated that a dividend within the next 12 months is highly unlikely due to transition costs and the need to stabilize the company's financial footing [93] Question: Mechanics of recent partnerships - Partnerships involve co-investment in skills, joint go-to-market strategies, and co-innovation efforts, enhancing Kyndryl's capabilities and market presence [102]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO 001-40853 (Commission file number) Kyndryl Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...