Company: KD
Filing Date: 2025-07-21
Form Type: CORRESP
Source: 0001104659-25-069300
Chunk: 1

Company: Kyndryl Holdings, Inc.
Filing Date: 2025-07-21
Form: CORRESP
Chunk 1
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 We further note from your risk factor disclosure on page 14 that      
 your revenues may be impacted by your ability to attract new customers, retain existing customers and sell additional services with greater 
 gross margins. Please tell us your consideration to provide a quantified discussion of the impact of new versus existing customers on       
 your signings. We refer you to the revised disclosures provided in response to comment 5 of our September 17, 2021 letter. Alternatively,   
 tell us what measures management uses to monitor your ability to attract new customers and retain existing customers, and revise to include 
 a quantified discussion of such measures for each period presented. Refer to SEC Release No. 33-10751.                                      |

The Company respectfully acknowledges the Staff’s comment
and advises the Staff that, in preparing its disclosures, the Company regularly reviews and considers key performance indicators or metrics
that are used by management to manage the business and that would enable investors to see the Company through the eyes of management,
in accordance with SEC Release No. 33-10751.

As context, the Company’s former parent had distinguished
the impact of new versus existing customers in signings in response to the Staff’s comment in September 2021; as a result, the Company
previously reported signings for new and existing customers on a limited basis (i.e., only for signings greater than $100 million). Over
the nearly four years since the Company’s spin-off in November 2021 as an independent public company (the “Spin-off”),
however, the Company's business has evolved. Specifically, the Company’s strategy and approach to signings and customer engagement
are shifting toward project-focused transformative work to complement the large portfolio of managed services arrangements, making this
distinction in signings between new and existing customers less relevant to the way in which the Company manages the business and reports
to stockholders. For example, in the third quarter of fiscal 2024, the Company signed a $2 million advisory project for a new customer.
Following the start of the project, the Company signed additional contracts with this customer for $49 million of managed services revenue.
In this example, only the initial $2 million signing would be counted as a new customer signing and the $49 million of additional services
would be considered as coming from an existing customer, which the Company does not view as a useful or meaningful distinction. As a result
of the foregoing, management no longer views signings for new versus existing customers separately in managing the business and does not
believe distinguishing new versus existing