Kyndryl Q1 FY2023 revenue $4.3B, net loss $250M, reaffirms FY guidance with currency hit

Kyndryl Holdings, Inc.

2023-Q1 EPS reported -$1.11 revenue$4,288,000,000

Revenue $4.3B (-10% YoY; -3% constant currency); net loss $250M ($1.11 diluted EPS loss); adjusted pretax loss $50M.
Adjusted EBITDA $491M vs $749M pro forma prior year; adjusted free cash flow ($32M) and operating cash flow $104M.
Reaffirmed FY2023 outlook: revenue $16.3-16.5B (includes $1.2B negative currency impact), adjusted EBITDA margin 13-14%, adjusted pretax margin 0-1%.
Alliances initiative: signed $235M hyperscaler contracts; 21,800 certifications (+36% in six months); advisory & implementation signings +27% YoY constant currency.
Advanced Delivery saved $100M annualized; Accounts initiative delivered $52M annualized benefits; transaction costs $103M from spin-off.

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