"The review included "cash management practices, related disclosures, the effectiveness of internal control of our financial reporting and certain other matters," he said. "We are cooperating with the SEC. We do not expect a restatement or other impact to our financial statements. Due to the ongoing nature of these matters, we will not be able to comment further at this time," Schroeter said."
"Kyndryl said it was "reviewing its cash management practices and related disclosures, regarding its adjusted free cash flow metric and other measures." "Due to this review, the finalization of the Quarterly Report, including the Company's assessment of internal control over financial reporting, requires additional time to complete," it said."
Kyndryl reported Q3 revenue of $3.86 billion, a 3% year-over-year increase, but missed analyst revenue and EPS forecasts. The company filed a late notification while reviewing cash management practices and disclosures, including its adjusted free cash flow metric and related measures. The review delayed finalization of the Quarterly Report and the assessment of internal control over financial reporting. Management said the review followed a voluntary SEC document request and covers internal controls and other matters. Kyndryl appointed interim finance and legal officers after the CFO, general counsel, and senior controller departed, and stated it is cooperating with the SEC and does not expect a restatement.
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