Company: KD
Filing Date: 2025-07-21
Form Type: CORRESP
Source: 0001104659-25-069300
Chunk: 3

Company: Kyndryl Holdings, Inc.
Filing Date: 2025-07-21
Form: CORRESP
Chunk 3
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 disaggregate, the
margins resulting from pre- and post-spin signings, and such information is not accumulated or communicated to management. Further, the
Company believes that attempts to provide such quantitative detail surrounding the quarterly or annual margins related to pre- and post-spin
signings separately would suggest a level of precision that could be misinterpreted and would not be meaningful given the limitations
previously discussed. That said, in future filings, we will continue to consider both quantitative and qualitative factors in evaluating
material changes to the Company’s segment revenue and results of operations, including the impact of pre-spin and post-spin contracts
on our operating performance at the segment level to the extent such information is reasonably available and that management believes
is necessary to an understanding of the Company’s performance.

The Company respectfully acknowledges the Staff’s comment.
As disclosed in the Company's quarterly investor presentations, “our gross profit book-to-bill is defined as our projected gross
profit on signings for the trailing twelve months divided by our actual gross profit for the same period.” The Company confirms
that the actual gross profit used in the denominator for the calculation of projected gross profit book-to-bill metric agrees to revenue
less cost of services, as provided in the Company’s income statement.

3

The calculations for projected gross profit on signings and
gross profit book-to-bill ratio for the trailing twelve months are as follows:

| Projected gross margin 
 on signings (%)        | x | Total signings 
 ($)            | = | Projected gross profit          
 on signings (“book”)            | =                  | Gross profit |
|                        |   |                |   | Reported gross profit           
 (revenue less cost of services) 
 (“bill”)                        | book-to-bill ratio |              |

During the Company’s second quarter fiscal 2024 earnings
call, the Company introduced this gross profit book-to-bill ratio measure and included a slide in its investor presentation that disclosed
this calculation. The calculation has not changed since then. Consistent with the Staff’s comment, in future investor presentations
when we discuss gross profit book-to-bill ratio, the Company will enhance its disclosure to clarify the calculation of projected gross
margin on signings as described above.

In response to the Staff’s comment, the Company notes
that it considered whether these metrics that are disclosed in its earnings presentations should also be presented in its periodic filings.
In determining not to include these metrics in its periodic filings, the Company took into account that it does not view either book-to-bill
or gross