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      "text": "Reflecting our leadership position in identity security, durable demand for our identity security platform, and our strong execution",
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      "text": "Based on information available as of February 13, 2025, CyberArk is issuing guidance for the first quarter and full year 2025 as indicated above. *as of December 31, 2025 **Adjusted free cash flow is calculated as free cash flow plus one-time tax payment on the capital gain from the intercompany migration of intellectual property. Venafi only contributed to CyberArk's results in the fourth quarter of 2024 and were not included in the comparable first, second or third quarter in 2024.",
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