Kyndryl revises prior financials for $87M over-accrual; updates segment EBITDA allocation

Kyndryl Holdings, Inc.

Corrected $87M over-accrual in accrued contract costs from 2012-2021; immaterial revision to 2021 Annual Report and prior periods.
Updated allocation methodologies for segment adjusted EBITDA; no change to total reported adjusted EBITDA.
Revenue $18.7B in 2021, down 4% YoY; net loss $2.3B includes $469M goodwill impairment and $627M transaction-related costs.
Adjusted EBITDA $2.1B in 2021, down 5% from $2.2B in 2020.

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