<SEC-DOCUMENT>0000070866-17-000061.txt : 20180110
<SEC-HEADER>0000070866-17-000061.hdr.sgml : 20180110
<ACCEPTANCE-DATETIME>20171116171335
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000070866-17-000061
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NCR CORP
		CENTRAL INDEX KEY:			0000070866
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				310387920
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		864 SPRING STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		9374455000

	MAIL ADDRESS:	
		STREET 1:		864 SPRING STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL CASH REGISTER CO
		DATE OF NAME CHANGE:	19740617
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<div><a name="s55CCDED5A66400D91439C519B9B7FE25"></a></div><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:144%;text-align:left;"><img src="nov2017correspondence_image1.jpg" alt="nov2017correspondence_image1.jpg" style="height:81px;width:81px;"></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">November 16, 2017</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">VIA EDGAR</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100 F Street, N.E.</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C.  20549</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Attn: </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">Kathleen Collins</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Accounting Branch Chief</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Office of Information Technologies and Services</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Re:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">NCR Corporation</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">From 10-K for the Fiscal Year Ended December 31, 2016</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed February 24, 2017</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">File No. 001-00395</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Ms. Collins:</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This letter sets forth the responses of NCR Corporation (the &#8220;Company&#8221;) to comments received from the Staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the Securities and Exchange Commission set forth in your letter of November 2, 2017 (the &#8220;Comment Letter&#8221;) with respect to the Company&#8217;s Form 10-K for the fiscal year ended December 31, 2016, and the Company&#8217;s October 27, 2017 response letter to the Staff. For the convenience of the Staff, each comment in the Comment Letter is reprinted in bold below, and is followed by the corresponding response of the Company. Unless the context requires otherwise, references to &#8220;we&#8221;, &#8220;our&#8221;, &#8220;us&#8221;, &#8220;NCR&#8221; or &#8220;the Company&#8221; in the responses below refer to NCR Corporation.</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Form 10-K for the Fiscal Year Ended December 31, 2016</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">General</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:42px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:11pt;padding-left:-6px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">We note your response to prior comment 1.  Please revise your qualitative discussion of cloud revenue growth in terms of prior cloud bookings to include a quantified discussion of your bookings and/or changes in net annual contract value, consistent with your earnings call transcript and presentation slides. </font></div></td></tr></table><div><br></div><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities and Exchange Commission</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ms. Kathleen Collins</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Page 2 of 4</font></div></div><div><br></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We acknowledge the Staff&#8217;s comment and will include in the &#8220;Overview&#8221; section of our future MD&amp;A disclosures a quantified discussion of period over period changes in net annual contract value (ACV) when it is material to an understanding of cloud revenue growth and trends in our cloud business. </font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As we first disclosed in our second quarter 2016 earnings conference call and related supplementary materials, net ACV is a forward-looking measure that NCR tracks and discloses as an indicator of potential cloud revenue growth in future periods.  We calculate net ACV for a particular period as twelve months of expected future cloud revenues under new contracts, less twelve months of expected future cloud revenues under expired or terminated contracts, adjusted for twelve months of expected pricing discounts or price increases from renewals of existing contracts.  Because growth in net ACV is a forward-looking indicator for our cloud business, we believe that a discussion of net ACV growth is most appropriately included in the &#8220;Overview&#8221; section of our MD&amp;A.</font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">However, net ACV growth for a particular period does not necessarily explain or drive actual cloud revenue growth during that period.  Actual cloud revenue growth for a particular period is driven instead as cloud revenue solutions from prior period cloud bookings are implemented and customers begin to pay subscription fees.  Implementation of a prior period cloud booking depends on the solution, customer requirements and contract terms, and can take up to 12 months after contract signing.  As such, as we noted in our October 27 letter to the Staff, where actual cloud revenue growth for a particular period is material, we will continue to include discussions of prior period cloud bookings and other significant drivers of such revenue growth in the Software Segment section of our MD&amp;A.</font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Separately, we note for the Staff that year over year cloud revenue growth, as disclosed on slide 21 of the related supplementary materials for our fourth quarter of 2016 earnings conference call, was not a significant driver of overall revenue growth relative to other segment revenue streams.</font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Form 8-K Filed July 20, 2017</font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:41px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:144%;text-align:justify;font-size:11pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">We note from your response to prior comment 3 that gross margin and gross margin rates by segment were provided pursuant to ASC 280 and were not intended to be non-GAAP measures.  As such, please include these measures in your segment footnote pursuant to ASC 280-10-50-27 and 28.  Also, revise your segments disclosure in MD&amp;A to include a discussion of these performance measures by segment pursuant to Section III.F. of SEC Release No. 33-6835 and Section III.B.2 of SEC Release No. 33-8250.</font></div></td></tr></table><div style="line-height:144%;text-align:justify;padding-left:36px;text-indent:-36px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We acknowledge the Staff&#8217;s comment and note for the Staff that we include segment gross margin and segment gross margin rate in our earnings call transcripts and presentation slides to provide the data in a readily accessible format to bridge segment revenue to segment operating income for our investors and stakeholders.</font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We have included segment operating income, but not, as the Staff noted, segment gross margin or gross margin rate in our segment footnote and segment disclosures in MD&amp;A.  Segment operating income, which also includes operating expenses such as sales and marketing, research and development as well as general and administrative expenses, is the measure of profit and loss used by NCR&#8217;s chief operating decision maker to allocate resources </font></div><div><br></div><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities and Exchange Commission</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ms. Kathleen Collins</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Page 3 of 4</font></div></div><div><br></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and assess performance.  Segment gross margin and gross margin rate are also measures of profit and loss (as we noted in our October 27 letter to the Staff), but they are incorporated in, and are components of, the more comprehensive measure of segment operating income.  Therefore, while we respect the Staff&#8217;s comment, we do not believe that it is necessary to separately disclose segment gross margin and gross margin rate in addition to segment operating income in our segment footnote or segment disclosures in MD&amp;A.  However, when segment gross margin is a significant driver of segment operating results, we have, and will continue to, include additional discussion in our segment disclosures in MD&amp;A.</font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;padding-left:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities and Exchange Commission</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ms. Kathleen Collins</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Page 4 of 4</font></div></div><div><br></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Please do not hesitate to contact me at (678) 808 7900 if there are any questions concerning the foregoing or if we can be of assistance in any way.</font></div><div style="line-height:144%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Sincerely,</font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:9px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:4px;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:60.15325670498084%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">/s/ Robert Fishman</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:2px;text-align:left;padding-left:4px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Robert Fishman</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:2px;text-align:left;padding-left:4px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Executive Vice President and Chief Financial Officer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:2px;text-align:left;padding-left:4px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NCR Corporation</font></div></td></tr></table></div></div><div style="line-height:144%;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">cc:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">Audit Committee of the Board of Directors</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">PricewaterhouseCoopers LLP</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">William Nuti, Chairman and Chief Executive Officer</font></div><div style="line-height:144%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
