Company Overview - CyberArk Software Ltd. is a leading provider of identity security solutions, including privileged access management, endpoint privilege, cloud entitlement, and identity authentication services [6][9] - The company operates a subscription-based business model with a mix of software licensing and SaaS offerings, serving a global client base across various sectors such as financial services, healthcare, energy, manufacturing, government, and technology [13] Financial Performance - As of September 30, 2025, CyberArk reported a market capitalization of $22.81 billion, total revenue of $1.30 billion, and a net income of -$226.92 million [5] - In the third quarter, CyberArk posted total revenue of $342.8 million, reflecting a 43% year-over-year increase, while annual recurring revenue (ARR) climbed 45% to $1.34 billion [10] - Subscription ARR surged 57%, now representing approximately 86% of total ARR [10] - Profitability remains challenging on a GAAP basis with a $50.1 million operating loss, but non-GAAP operating income expanded to a 19% margin [11] Investment Position - Decagon Asset Management established a new position in CyberArk, acquiring 74,990 shares valued at $36.23 million, which accounts for 18.29% of the fund's reported U.S. equity assets under management (AUM) [3][4][7] - CyberArk is now the largest holding in Decagon's portfolio, surpassing other significant positions [4][8]