Kyndryl Announces $300 Million Share Repurchase Authorization

Kyndryl Holdings, Inc., a leading IT infrastructure services provider, disclosed on November 21, 2024, the authorization of a $300 million share repurchase program. The company’s Board of Directors has greenlighted this initiative to exhibit confidence in the business’s trajectory of profitable growth.

Martin Schroeter, Chairman, and CEO of Kyndryl, expressed confidence in the business’s future, stating, “Our significant progress in expanding our margins and generating free cash flow is allowing us to begin returning capital to shareholders, while maintaining a prudent capital structure and flexibility to execute on our strategic initiatives.”

Under this share repurchase program, Kyndryl is empowered to repurchase its common stock through various means, including open market transactions, accelerated share buyback programs, tender offers, or privately negotiated transactions. Repurchases may also occur under a Rule 10b5-1 trading plan. The timing and volume of repurchases will be dictated by the Company’s management based on multiple factors such as market conditions, share price, and legal requirements. The program has no set expiration date and can be suspended, modified, or terminated at any time without prior notice.

In parallel to this announcement, Kyndryl will be hosting an Investor Day commencing at 9:00 a.m. ET on the same day of the share repurchase authorization disclosure. During the event, executive leaders, including Mr. Schroeter, will delve into Kyndryl’s market opportunities and growth strategies. A live video webcast of the Investor Day can be accessed on Kyndryl’s investor relations website, investors.kyndryl.com, and a replay will be available for twelve months via webcast.

Kyndryl, listed on the New York Stock Exchange under the symbol KD, stands as the world’s largest IT infrastructure services provider, catering to a broad range of enterprise clients across more than 60 countries. The Company specializes in designing, building, managing, and modernizing mission-critical information systems integral to daily operations globally.

Cautionary forward-looking statements in this press release seek to inform investors about potential risks and uncertainties that could impact the actual performance and results of Kyndryl. Such risks include, among others, customer retention, competition, technological developments, economic conditions, cybersecurity, compliance issues, and market fluctuations.

For further insights into Kyndryl’s financial standings, operations, and risk factors, interested parties can refer to the Company’s filings with the Securities and Exchange Commission, particularly Form 10-K for the fiscal year concluded on March 31, 2024. The Company emphasizes that any forward-looking statements made in this release are valid only as of the date of publication and holds no obligation to update them in the future.

Contact:
Investor Relations: [email protected]
Media Relations: [email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Kyndryl’s 8K filing here.

Kyndryl Company Profile

Kyndryl Holdings, Inc operates as a technology services company and IT infrastructure services provider worldwide. The company offers cloud services; core enterprise and zCloud services; application, data, and artificial intelligence services; digital workplace services; security and resiliency services; and network services and edge services.