KD manipulates reported Adj EBITDA + Adj. FCF to artificially give the appearance that it generates profits and cash flow. In reality, KD generates losses and burns cash.

•	KD faces higher incremental IBM cost of services, which will pressure earnings far below consensus, for ’25 & ‘26.
•	As a result of the issues identified in this report, we believe shares are worth between $4.71-$11.50 and $0.00 per share, implying 67%-100% downside to current levels.
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More ... latest change: 2025-03-30