Company: KD
Filing Date: 2025-07-21
Form Type: CORRESP
Source: 0001104659-25-069300
Chunk: 2

Company: Kyndryl Holdings, Inc.
Filing Date: 2025-07-21
Form: CORRESP
Chunk 2
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 customer signings is a useful or meaningful indicator in assessing value creation for the Company.

Instead, the Company currently focuses on signings aggregated
across all customers and believes that total signings (which includes signings with new customers, existing customers and additional scope,
together in the aggregate) is a more meaningful measure of customer engagement and the Company’s ability to drive growth. Management
uses total signings, which it discloses in the Company’s periodic reports on Forms 10-K and 10-Q, to assess the Company’s
performance and anticipated future revenues and believes that total signings is an indicator of value creation in the Company’s
early stages as an independent company.

In response to the Staff’s comment, the Company will
continue to monitor whether changes in the business have shifted the way management views signings and whether there are any additional
key performance measures that management may use in the future that may require disclosure under Item 303 of Regulation S-K and SEC Release
No. 33-10751.

2

| 3. | We note the company has taken actions to reduce unprofitable and low-margin components of your customer relationships. We also          
 note the references in your earnings call and investor presentation to pre-spin low margin signings compared to post-spin higher margin 
 signings. Please tell us your consideration to include a quantified discussion of the impact of pre- and post-spin signings on each of  
 your segment's revenue and results of operations.                                                                                       |

The Company respectfully acknowledges the Staff’s comment
and advises the Staff that, in preparing its disclosures, management considers both quantitative and qualitative factors in evaluating
material changes to the Company’s segment revenue and results of operations, in accordance with Item 303(b) of Regulation S-K.

The Company believes that its qualitative disclosure regarding
the impact of its strategic initiative to reduce low- and no-margin contracts is helpful to investors in order to provide context for
the margin trends that we have reported, and the Company has included such disclosure in the Company’s periodic reports on Forms
10-K and 10-Q. We do not believe it would be practicable, however, for the Company to provide the quantitative impact of pre- and post-spin
signings separately. The projections of the Company’s margins on signings following the Spin-off are typically based on the estimated
revenues and the estimated costs associated with these revenues. While the Company tracks the revenues and allocated costs on a customer-by-customer
basis, we frequently derive revenues for individual customers under multiple contracts. We do not separately track, or