NICE Ltd. Files 20-F Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>NICE Ltd. has submitted its 2023 annual 20-F report detailing its financial performance and operations.</b>

AI Summary

NICE Ltd. (NCSYF) filed a Foreign Annual Report (20-F) with the SEC on March 27, 2024. NICE Ltd. filed its annual 20-F report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 13 Zarchin Street, Ra'anana, Israel. NICE Ltd. was formerly known as NICE SYSTEMS LTD, with a name change on November 22, 1995. The report is filed under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking NICE Ltd., this filing contains several important signals. This filing provides investors with a comprehensive overview of NICE Ltd.'s financial health and strategic direction for the fiscal year 2023. As a 20-F filing, it offers insights into the company's operations, risk factors, and executive compensation, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — NICE Ltd. shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a broad range of information but doesn't usually highlight immediate, significant changes or crises. The risk level is medium due to the inherent uncertainties in any public company's financial reporting and future outlook.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to assess NICE Ltd.'s performance and potential investment risks.

Key Numbers

• 20231231 — Fiscal Year End (The end date of the reporting period.)
• 20240327 — Filing Date (The date the 20-F report was filed.)
• 19951122 — Name Change Date (Date NICE Ltd. changed its name from NICE SYSTEMS LTD.)

Key Players & Entities

• NICE Ltd. (company) — Filer of the 20-F report.
• NICE SYSTEMS LTD (company) — Former name of NICE Ltd.
• 13 Zarchin Street (location) — Business and mailing address of NICE Ltd.
• Ra'anana (location) — City of NICE Ltd.'s business and mailing address.
• 19951122 (date) — Date of name change from NICE SYSTEMS LTD to NICE Ltd.
• 20231231 (date) — Conformed period of report for the 20-F filing.
• 20240327 (date) — Filed as of date for the 20-F filing.
• 0001003935 (company) — Central Index Key for NICE Ltd.

FAQ

Industry Context

NICE Ltd. operates in the software and services sector, specifically focusing on prepackaged software solutions.

Regulatory Implications

As a foreign private issuer, NICE Ltd. files a Form 20-F annually with the SEC, which is an annual report containing information similar to a U.S. domestic issuer's annual report on Form 10-K.

What Investors Should Do

1. Analyze the financial statements and management discussion and analysis (MD&A) within the 20-F for detailed performance metrics.
2. Review the risk factors section to understand potential challenges and uncertainties facing NICE Ltd.
3. Examine any disclosures related to corporate governance and executive compensation.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-03-27: Filing Date — The date NICE Ltd. submitted its 20-F annual report.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Comparative data from the previous year will be available within the report's financial statements.

Filing Documents

• nice-20231231.htm (20-F) — 2711KB
• exhibit81-20231.htm (EX-8.1) — 13KB
• exhibit121-20231.htm (EX-12.1) — 10KB
• exhibit122-20231.htm (EX-12.2) — 10KB
• exhibit131-20231.htm (EX-13.1) — 4KB
• exhibit132-20231.htm (EX-13.2) — 4KB
• exhibit151-20231.htm (EX-15.1) — 4KB
• exhibit971-2023.htm (EX-97.1) — 35KB
• nice-20231231_g1.jpg (GRAPHIC) — 380KB
• 0001628280-24-013301.txt (&nbsp;) — 13092KB
• nice-20231231.xsd (EX-101.SCH) — 76KB
• nice-20231231_cal.xml (EX-101.CAL) — 132KB
• nice-20231231_def.xml (EX-101.DEF) — 368KB
• nice-20231231_lab.xml (EX-101.LAB) — 847KB
• nice-20231231_pre.xml (EX-101.PRE) — 624KB
• nice-20231231_htm.xml (XML) — 1934KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). F-2 Yes No F-3 TABLE OF CONTENTS PART I Page Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 2 Item 4. History and Development of the Company 21 Item 4A. Unresolved Staff Comments 43 Item 5. Operating and Financial Review and Prospects 44 Item 6. Directors, Senior Management and Employees 57 Item 7. Major Shareholders and Related Party Transactions 71 Item 8. Financial Information 71 Item 9. The Offer and Listing 72 Item 10. Additional Information 72 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 88 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 90 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 92 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 92 Item 15.

Controls and Procedures

Controls and Procedures 92

[Reserved]

Item 16. [Reserved] Item 16A. Audit Committee Financial Expert 92 Item 16B. Code of Ethics 93 Item 16C. Principal Accountant Fees and Services 93 Item 16D. Exemptions from the Listing Standards for Audit Committees 94 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 94 Item 16F. Change in Registrant's Certifying Accountant 94 Item 16G. Corporate Governance 95 Item 16H. Mine Safety Disclosure 95 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 I tem 16K C ybersecurity 97 PART III Item 17.

Financial Statements

Financial Statements 97 Item 18.

Financial Statements

Financial Statements 97 Item 19. Exhibits 97 Index to Financial Statements F- 1 F-4 PRELIMINARY NOTE This annual report contains historical information and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to NICE's business, financial condition and results of operations. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "should," "strategy," "continue," "goal" and "target" and similar expressions, as they relate to NICE or its management, are intended to identify forward-looking statements. Such statements reflect the current beliefs, expectations and assumptions of NICE with respect to future events and are subject to various risks and uncertainties. The forward-looking statements relate to, among other things: operating results; anticipated cash flows; gross margins; adequacy of our resources to fund operations; our ability to maintain our average selling prices despite the aggressive marketing and pricing strategies of our competitors; our ability to maintain and develop profitable relationships with our key distribution channels; the financial strength of our key distribution channels; and the market's acceptance of our technologies, products and solutions. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by us; any such statement is qualified by reference to the following cautionary statements. Many factors could cause the actual results, performance or achievements of NICE to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business condi

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers . Not Applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable . Not Applicable. 1

Key Information

Item 3. Key Information . A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Our business faces significant risks. You should carefully consider all of the information set forth in this annual report and in our other filings with the Securities and Exchange Commission ("the SEC"), including the following risk factors which we face, and which are faced by our industry. The risks and uncertainties described below are not the only ones facing us. Other events, circumstances or factors that we do not currently anticipate or that we currently do not deem to be material risks may also affect our business, results of operations and financial condition. Our business, financial condition and results of operations could be materially and adversely affected by any of these risks. Risks Relating to our Business, Competition and Markets The markets in which we operate are highly competitive and we may be unable to compete successfully. The markets for our products, solutions and related services (also referred to elsewhere in this document as our "offerings") are, in general, highly competitive. Our competitors include a number of large, established software development vendors. Some of our principal competitors or potential competitors may have advantages over us, including greater resources, a broader portfolio of products, applications and services, greater brand recognition, larger patent and intellectual property portfolios and access to a larger customer base. These potential advantages could enable our competitors to better adapt to new market trends, emerging technologies including Artificial Intelligence ("AI"), or customer requirements, or devote more resources to the marketing and sale of their products and services. Additional competition from existing and new potential entrants to our markets, including new technology vendors competing in specific areas of

View Full Filing

View this 20-F filing on SEC EDGAR