NEW
YORK, Nov. 21, 2024 /PRNewswire/ --
Kyndryl Holdings, Inc. (NYSE: KD), the world's largest IT
infrastructure services provider, today announced that its
Board of Directors has authorized a $300
million share repurchase program.
"Our share repurchase authorization reflects the
confidence we have in our business and our outlook for profitable
growth," said Martin Schroeter,
Kyndryl Chairman and Chief Executive Officer. "Our
significant progress in expanding our margins and generating free
cash flow is allowing us to begin returning capital to
shareholders, while maintaining a prudent capital structure and
flexibility to execute on our strategic
initiatives."
Under the share repurchase program, the Company may
repurchase shares of its common stock from time to time in open
market transactions and may also repurchase shares in accelerated
share buyback programs, tender offers, privately negotiated
transactions or by other means. Repurchases may also be made
under a Rule 10b5-1 trading plan. The timing and amount of
repurchase transactions will be determined by the Company's
management based on its evaluation of market conditions, share
price, legal requirements and other factors. The program does
not have a set expiration date and may be suspended, modified or
discontinued at any time without prior notice.
Additionally, as previously announced, Kyndryl will host
an Investor Day today beginning at 9:00 a.m.
ET. Mr. Schroeter, along with additional members of
the executive leadership team, will discuss Kyndryl's market
opportunities and growth strategy. A live video webcast of
the event can be accessed by visiting investors.kyndryl.com on
Kyndryl's investor relations website. A slide presentation
will be made available on Kyndryl's investor relations website
immediately following the event. A replay of the event will
be available via webcast for twelve months at
investors.kyndryl.com.
About Kyndryl
Kyndryl (NYSE: KD) is the world's largest IT
infrastructure services provider, serving thousands of enterprise
customers in more than 60 countries. The Company designs,
builds, manages and modernizes the complex, mission-critical
information systems that the world depends on every day. For more
information, visit www.kyndryl.com.
Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical
fact included in this press release, including statements
concerning the Company's plans, objectives, goals, beliefs,
business strategies, future events, business condition, results of
operations, financial position, business outlook and business
trends and other non-historical statements, are forward-looking
statements. Such forward-looking statements often contain
words such as "aim," "anticipate," "believe," "contemplate,"
"could," "estimate," "expect," "forecast," "intend," "may,"
"objective," "opportunity," "plan," "poised," "position,"
"predict," "project," "should," "seek," "target," "will," "would"
and other similar words or expressions or the negative thereof or
other variations thereon. Forward-looking statements are
based on the Company's current assumptions and beliefs regarding
future business and financial performance.
The Company's actual business, financial condition or
results of operations may differ materially from those suggested by
forward-looking statements as a result of risks and uncertainties
which include, among others: failure to attract new customers,
retain existing customers or sell additional services to customers;
failure to meet growth and productivity objectives; competition;
impacts of relationships with critical suppliers and partners;
failure to address and adapt to technological developments and
trends; inability to attract and retain key personnel and other
skilled employees; impact of economic, political, public health and
other conditions; damage to the Company's reputation; inability to
accurately estimate the cost of services and the timeline for
completion of contracts; service delivery issues; the Company's
ability to successfully manage acquisitions and dispositions,
including integration challenges, failure to achieve objectives,
the assumption of liabilities and higher debt levels; the impact of
our business with government customers; failure of the Company's
intellectual property rights to prevent competitive offerings and
the failure of the Company to obtain, retain and extend necessary
licenses; the impairment of our goodwill or long-lived assets;
risks relating to cybersecurity, data governance and privacy; risks
relating to non-compliance with legal and regulatory requirements;
adverse effects from tax matters and environmental matters; legal
proceedings and investigatory risks; the impact of changes in
market liquidity conditions and customer credit risk on
receivables; the Company's pension plans; the impact of currency
fluctuations; risks related to the Company's spin-off; and risks
related to the Company's common stock and the securities
market.
Additional risks and uncertainties include, among others,
those risks and uncertainties described in the "Risk Factors"
section of the Company's Annual Report on Form 10-K for the fiscal
year ended March 31, 2024, and may be
further updated from time to time in the Company's subsequent
filings with the Securities and Exchange Commission. Any
forward-looking statement in this press release speaks only as of
the date on which it is made. Except as required by law, the
Company assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Kyndryl Investor Contact:
investors@kyndryl.com
Kyndryl Media Contact:
press@kyndryl.com
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SOURCE Kyndryl