Kyndryl Holdings, Inc. (NYSE:KD) Q1 2024 Earnings Conference Call August 8, 2023 8:30 AM ET

Company Participants

Lori Chaitman - Global Head, IR

Martin Schroeter - Chairman & CEO

David Wyshner - CFO

Conference Call Participants

Tien-Tsin Huang - JPMorgan Chase & Co.

James Friedman - Susquehanna Financial Group

Divya Goyal - Scotiabank

Operator

Good morning, ladies and gentlemen. Welcome to Kyndryl's First Fiscal Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Lori Chaitman, Head of Investor Relations. Please go ahead.

Lori Chaitman

Good morning, everyone, and welcome to Kyndryl's earnings call for the first fiscal quarter ended June 30, 2023. Before we begin, I'd like to remind you that our remarks today will include forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied, and these statements speak only to our expectations as of today.

For more details on these risks, please see the Risk Factors section of our annual report on Form 10-K for the year ended March 31, 2023. Kyndryl does not update forward-looking statements and disclaims any obligation to do so. In today's remarks, we'll also refer to certain non-GAAP financial measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP measures for historical periods are provided in the presentation materials for today's event, which are available on our website at investor.kyndryl.com. With me here today are Kyndryl's Chairman and Chief Executive Officer, Martin Schroeter, and Kyndryl's Chief Financial Officer, David Wyshner. Following our prepared remarks, we will hold a Q&A session. I'd like to now turn the call over to Martin. Martin?

Martin Schroeter

Thank you, Lori, and thanks to each of you for joining us. On today's call, I'll update you on the substantial progress we're making as a company and the meaningful implications of that progress. David will then review our recent financial results, our updated and improved fiscal 2024 outlook and how we're changing the margin profile of our focus accounts.

We are off to a very strong start in fiscal 2024. Our first quarter results exceeded our expectations and positioned us well for the year as a whole. Our 3A initiatives, Alliances, Advanced Delivery and Accounts were at the core of our success. Kyndryl Consult, Kyndryl Bridge and our efficiency efforts also helped drive our results. We extended and expanded customer relationships in ways that will be mutually beneficial, and we're raising our earnings outlook for fiscal 2024. In short, we're moving even faster than before to deliver progress, and we'll talk more about our achievements on the 3As and our updated full year outlook. But before we do that, there are 3 declarative statements I want to make.