<SEC-DOCUMENT>0001193125-24-100768.txt : 20240611
<SEC-HEADER>0001193125-24-100768.hdr.sgml : 20240611
<ACCEPTANCE-DATETIME>20240418160556
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-100768
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sabre Corp
		CENTRAL INDEX KEY:			0001597033
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				208647322
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3150 SABRE DRIVE
		CITY:			SOUTHLAKE
		STATE:			TX
		ZIP:			76092
		BUSINESS PHONE:		682 605 1000

	MAIL ADDRESS:	
		STREET 1:		3150 SABRE DRIVE
		CITY:			SOUTHLAKE
		STATE:			TX
		ZIP:			76092
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>CORRESP</TITLE>
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<IMG SRC="g828091g0417220910880.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ann Bruder&#8195; </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President and Chief Legal Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3150 Sabre
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Southlake, TX 76092 USA </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;18, 2024 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Via EDGAR </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Joseph Cascarano </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.&nbsp;20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sabre Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2023, filed February&nbsp;15, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-36422</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Cascarano: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Sabre Corporation (the
&#147;Company&#148;), I am submitting this letter in response to the comments contained in the letter dated April&nbsp;8, 2024 from the Staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) to the
Company. For convenience, the Staff&#146;s comments are included below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended
December&nbsp;31, 2023 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 19. Segment Information, page 95 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Staff Comment No.&nbsp;1 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Please disclose revenues from
external customers by reportable segment pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-22.</FONT></FONT></FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Company&#146;s Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will revise its
Segment Information footnote in its future filings to present revenue from external customers by reportable segment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Staff Comment No.&nbsp;2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We note that Corporate does not appear to be a reportable segment and should be excluded from your reportable segment total disclosed under &#147;Adjusted
Operating Income (Loss)&#148; in the table on page 96. Accordingly, please revise your presentation of your reportable segments&#146; measure of profit or loss and the accompanying reconciliation to comply with ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-30(b).</FONT></FONT></FONT> In this regard, the required reconciliation should begin with your reportable segments&#146; measures of profit or loss (excluding Corporate) and be
reconciled to your consolidated income before income taxes. Allocations and other adjustments (including Corporate) should be made after your total reportable segments&#146; measure of profit or loss. See also ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-55-49.</FONT></FONT></FONT> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Company&#146;s Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will revise its Segment Information footnote in its future filings to present total segment operating income (loss) for its Travel Solutions and
Hospitality Solutions segments (and excluding Corporate). In addition, the Company will include a reconciliation of this total segment operating income (loss) to its consolidated income (loss) from continuing operations before income taxes in its
Segment Information footnote in its future filings. </P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Joseph Cascarano </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;18, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Staff Comment No.&nbsp;3 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Refer to your presentation of your reportable segments&#146; measure of profit or loss. In light of the adjustment to eliminate intersegment revenue, it is
unclear why you do not have an adjustment to eliminate intersegment profits. Please revise or advise us. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Company&#146;s Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to determine segment profitability, which is a measure used by the chief operating decision maker, the Travel Solutions segment records revenue at the
estimated current market prices when it charges the Hospitality Solutions segment when bookings are made on the GDS, resulting in the Hospitality Solutions segment recognizing those inter-segment transactions as expense at the same amount.
Therefore, there is no profit elimination required for purposes of the segment disclosure. For example, during the year ended December&nbsp;31, 2023, Travel Solutions recognized $39&nbsp;million of Distribution revenue and Hospitality Solutions
recognized $39&nbsp;million of cost of revenue within segment profit, resulting in no remaining profit for elimination. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Staff Comment No.&nbsp;4
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Please delete the reconciliation of Operating income (loss) to the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Adjusted
Operating Income (Loss),&#148; appearing on page 96 of your GAAP financial statements. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Company&#146;s Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will no longer include the reconciliation of Operating income (loss) to the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Adjusted
Operating Income (Loss)&#148; in its Segment Information footnote in its future filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions concerning this letter, please contact
the undersigned at <FONT STYLE="white-space:nowrap">(682)&nbsp;213-4605.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ann Bruder </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ann Bruder </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michael Randolfi, Sabre Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David Lopez, Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP </P>
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