$KD
Kyndryl Holdings, Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021016281 Filed on November 22, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $4.555B $4.579B $19.35B
YoY Change -76.46% -5.7%
Cost Of Revenue $3.843B $4.182B $17.14B
YoY Change -77.58% -3.46%
Gross Profit $712.0M $397.0M $2.209B
YoY Change -67.77% -24.24%
Gross Profit Margin 15.63% 8.67% 11.41%
Selling, General & Admin $354.0M $854.0M $3.811B
YoY Change -90.71% 30.58%
% of Gross Profit 49.72% 215.11% 172.52%
Research & Development $14.00M
YoY Change -17.65%
% of Gross Profit 3.53%
Depreciation & Amortization $306.0M $161.0M $952.0M
YoY Change -67.86%
% of Gross Profit 42.98% 40.55% 43.1%
Operating Expenses $331.0M $868.0M $3.912B
YoY Change -91.54% 29.36%
Operating Profit $381.0M -$471.0M -$1.703B
YoY Change -122.37% 220.41%
Interest Expense -$18.00M $17.00M -$63.00M
YoY Change -71.43% 6.25%
% of Operating Profit -4.72%
Other Income/Expense, Net $2.000M -$1.000M
YoY Change
Pretax Income -$731.0M -$469.0M -$1.766B
YoY Change -58.61% 175.88%
Income Tax $8.000M $223.0M $246.0M
% Of Pretax Income
Net Earnings -$739.0M -$692.0M -$2.012B
YoY Change -63.27% 190.76%
Net Earnings / Revenue -16.22% -15.11% -10.4%
Basic Earnings Per Share -$3.26 -$3.08
Diluted Earnings Per Share -$3.299M -$3.087M -$8.985M
COMMON SHARES
Basic Shares Outstanding 224.1M 224.1M
Diluted Shares Outstanding 224.2M 224.1M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.223B $735.0M
YoY Change
Cash & Equivalents $2.223B $735.0M $24.00M
Short-Term Investments
Other Short-Term Assets $1.213B $1.295B
YoY Change
Inventory
Prepaid Expenses
Receivables $2.279B $1.746B $1.444B
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.777B $3.856B $2.843B
YoY Change 103.2%
LONG-TERM ASSETS
Property, Plant & Equipment $2.923B $3.480B $3.991B
YoY Change -26.76%
Goodwill $732.0M $1.201B $1.230B
YoY Change -40.49% 5.85%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $385.0M $78.00M $85.00M
YoY Change 352.94%
Total Long-Term Assets $7.436B $8.207B $8.362B
YoY Change -11.07%
TOTAL ASSETS
Total Short-Term Assets $5.777B $3.856B $2.843B
Total Long-Term Assets $7.436B $8.207B $8.362B
Total Assets $13.21B $12.06B $11.21B
YoY Change 17.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.140B $798.0M $919.0M
YoY Change 24.05%
Accrued Expenses $498.0M $570.0M $440.0M
YoY Change 13.18%
Deferred Revenue
YoY Change
Short-Term Debt $105.0M $112.0M $69.00M
YoY Change 52.17%
Long-Term Debt Due $105.0M $112.0M
YoY Change
Total Short-Term Liabilities $4.457B $3.709B $3.838B
YoY Change 16.13%
LONG-TERM LIABILITIES
Long-Term Debt $3.128B $280.0M $140.0M
YoY Change 2134.29%
Other Long-Term Liabilities $522.0M $255.0M $300.0M
YoY Change 74.0%
Total Long-Term Liabilities $3.650B $535.0M $440.0M
YoY Change 729.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.457B $3.709B $3.838B
Total Long-Term Liabilities $3.650B $535.0M $440.0M
Total Liabilities $10.45B $6.581B $6.220B
YoY Change 67.94%
SHAREHOLDERS EQUITY
Retained Earnings -$375.0M
YoY Change
Common Stock $7.045B $5.972B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.000M
YoY Change
Treasury Stock Shares $0.00
Shareholders Equity $2.765B $5.430B $4.927B
YoY Change
Total Liabilities & Shareholders Equity $13.21B $12.06B $11.21B
YoY Change 17.92%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$739.0M -$692.0M -$2.012B
YoY Change -63.27% 190.76%
Depreciation, Depletion And Amortization $306.0M $161.0M $952.0M
YoY Change -67.86%
Cash From Operating Activities $608.0M -$237.0M $537.0M
YoY Change 13.22%
INVESTING ACTIVITIES
Capital Expenditures -$152.0M -$193.0M -$564.0M
YoY Change -73.05%
Acquisitions
YoY Change
Other Investing Activities $5.000M $79.00M $44.00M
YoY Change -88.64%
Cash From Investing Activities -$147.0M -$114.0M -$520.0M
YoY Change -71.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.039B 1.069B -20.00M
YoY Change -5295.0%
NET CHANGE
Cash From Operating Activities 608.0M -237.0M 537.0M
Cash From Investing Activities -147.0M -114.0M -520.0M
Cash From Financing Activities 1.039B 1.069B -20.00M
Net Change In Cash 1.500B 718.0M -3.000M
YoY Change -50100.0%
FREE CASH FLOW
Cash From Operating Activities $608.0M -$237.0M $537.0M
Capital Expenditures -$152.0M -$193.0M -$564.0M
Free Cash Flow $760.0M -$44.00M $1.101B
YoY Change -30.97%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt -0.2pt 10pt 0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts that are reported in the combined financial statements and accompanying disclosures. Estimates are used in determining the allocation of costs and expenses from IBM, and are used in determining the following, among others: revenue, costs to complete service contracts, income taxes, pension assumptions, valuation of assets including goodwill and intangible assets, the depreciable and amortizable lives of other long-lived assets, loss contingencies, allowance for credit losses, deferred transition costs and other matters. These estimates are based on management’s knowledge of current events, historical experience and actions that the Company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances, including the macroeconomic impacts of the COVID-19 pandemic (beginning in 2020). Actual results may be different from these estimates. </p>
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