SUNDAY, APRIL 19, 2015

001

BAY AREA NEWS GROUP

E7

SV150 TOP 10 LISTS

SALES

WORKFORCE

SALES PER EMPLOYEE

Sales growth for the SV150 more than doubled to 12% in 2014
from 4% in 2013. The number of companies reporting sales
gains jumped to 124, up from 105 the year before. Depomed
reported the biggest percentage increase, with sales nearly
tripling. Sales at Hewlett-Packard fell for the fourth year in a row
while sales at its spin-off, Agilent, fell for a third year in a row.

The SV150 boosted total employment in 2014 to a record

1.4 million jobs, up 7% from the year before. It was the biggest
growth in employees since 2011. Two out of three of the SV150
boosted employment, with the median change being a gain of
107 workers. For the second year, the clean tech sector had the
biggest increase, boosting its workforce by 9,888, or 57%.

Sales per employee among the SV150 grew for a fth year,
rising 6% to a record $570,815. Productivity rose at
101 companies, 54 of which had increases in both sales and
workforce. For the second year in a row, Tessera Technologies
cut its workforce in half, and in the process boosted its worker
productivity by more than 300%.

Biggest percentage gains

Biggest percentage gains

Biggest percentage gains

SV150
Rank rank

Company

1
2
3
4
5
6
7
8
9
10

Depomed
Pharmacyclics
FireEye
Medivation
Glu Mobile
Gilead Sciences
Twitter
Nimble Storage
LendingClub*
Rocket Fuel

97
69
94
71
129
7
50
128
87
95

2014 sales
(millions)

1-year
change

SV150
Rank rank

Company

$390
730
426
710
223
24,890
1,403
228
492
409

191%
180%
163%
160%
123%
122%
111%
81%
72%
70%

1
2
3
4
5
6
7
8
9
10

Synnex
Extreme Networks
SolarCity
Inphi
Rocket Fuel
LendingClub
Tesla Motors
Ubiquiti Networks
SanDisk
WageWorks

Biggest percentage drops

SV150
Rank rank

Company

1
2
3
4
5
6
7
8
9
10

Silver Spring Networks

Leapfrog Enterprises
Silicon Graphics
Zynga
Applied Micro Circuits
Aviat Networks
QuinStreet
Oclaro
Agilent Technologies
Harmonic

136
103
85
72
138
109
120
102
15
93

Company

1
2
3
4
5
6
7
8
9
10

Apple
Gilead Sciences
Google
Facebook
Intel
Synnex
eBay
Salesforce.com
Tesla Motors
Netix

1
7
3
10
4
9
8
20
28
19

Rank

59,000
1,563
9,051
446
1,123
843
10,161
312
8,696
1,675

307%
150%
110%
95%
81%
77%
73%
70%
59%
57%

1
2
3
4
5
6
7
8
9
10

Biggest percentage drops

1-year
change

SV150
Rank rank

Company

$191
362
516
690
180
342
275
367
6,328
434

-41%
-35%
-23%
-21%
-19%
-16%
-8%
-7%
-7%
-6%

1
2
3
4
5
6
7
8
9
10

Tessera Technologies
Oclaro
Fair Isaac
Nvidia
Sigma Designs
Quantum
Silicon Graphics
Integrated Device Technology
Electronic Arts
Advanced Micro Devices

2014 sales
(millions)

1-yr. chg.
(millions)

$199,800
24,890
66,001
12,466
55,870
14,015
17,902
5,374
3,198
5,505

$25,808
13,688
10,482
4,594
3,162
2,604
1,855
1,303
1,185
1,130

1-yr. chg.
(millions)

SV150
Rank rank

-$1,954
-453
-184
-183
-161
-150
-136
-133
-64
-62

1
2
3
4
5
6
7
8
9
10

118
102
63
22
137
82
85
83
26
18

SV150
Rank rank

Company

1
2
3
4
5
6
7
8
9
10

Synnex
Apple
Google
SolarCity
Tesla Motors
VMware
Finisar
SanDisk
Facebook
Salesforce.com

9
1
3
126
28
17
55
12
10
20

203
1,437
1,775
6,658
716
1,290
1,150
1,484
8,300
9,700

1-year
change

Rank

-61%
-48%
-28%
-24%
-24%
-22%
-18%
-15%
-11%
-9%

1
2
3
4
5
6
7
8
9
10

Company

2014 sales
(millions)

1
2
3
4
5
6
7
8
9
10

Hewlett-Packard
Agilent Technologies
Leapfrog Enterprises
Symantec
Zynga
NetApp
Silicon Graphics
Silver Spring Networks
Intuitive Surgical
Aviat Networks

$110,139
6,328
6,615
690
6,232
516
191
2,132
342
4,618

2
22
102
5
26
18
4
63
13
23

118
97
69
71
7
129
102
94
50
63

Company

Sales per
employee in 2014

1-year
change

$1,373,433
1,204,821
1,202,189
1,464,922
3,555,676
341,724
255,651
170,265
385,652
447,432

327%
177%
124%
99%
94%
86%
79%
77%
57%
51%

Tessera Technologies
Depomed
Pharmacyclics
Medivation
Gilead Sciences
Glu Mobile
Oclaro
FireEye
Twitter
Fair Isaac

SV150
rank

9
136
78
103
12
126
123
147
76
73

Company

Sales per
employee in 2014

Synnex
Silver Spring Networks
Extreme Networks
Leapfrog Enterprises
SanDisk
SolarCity
WageWorks
Inphi
Ubiquiti Networks
Zynga

1-year
change

$237,543
332,097
371,425
625,399
762,155
28,177
159,900
350,094
1,947,314
349,752

-70%
-39%
-37%
-35%
-33%
-26%
-22%
-22%
-21%
-19%

Sales per
employee in 2014

1-year
change

Biggest dollar gains

2014
1-yr. chg.
employees (employees)

59,000
92,600
53,600
9,051
10,161
18,000
13,000
8,696
9,199
16,000

44,500
12,300
5,844
4,739
4,302
3,700
3,280
3,237
2,862
2,700

Rank

1
2
3
4
5
6
7
8
9
10

SV150
rank

7
118
98
72
70
19
22
132
129
64

Company

Gilead Sciences
Tessera Technologies
Depomed
Medivation
Pharmacyclics
Netix
Nvidia
Aemetis Inc.
Glu Mobile
Fair Isaac

$3,555,676 $1,719,305
1,373,433 1,051,704
1,204,821
769,087
1,464,922
727,241
1,202,189 664,650
2,514,690
351,207
703,140 234,230
1,585,366
176,525
341,724
157,983
447,432
150,185

Biggest dollar drops

Biggest total drops

SV150
Rank rank

SV150
rank

Biggest percentage drops

2014
employees

Biggest total gains

Biggest dollar drops

2
15
103
13
72
16
85
136
39
109

1-year
change

2014 sales
(millions)

Biggest dollar gains

SV150
Rank rank

9
78
126
147
95
87
28
75
12
123

2014
employees

Company

2014
1-yr. chg.
employees (employees)

Rank

Hewlett-Packard
Nvidia
Oclaro
Cisco Systems
Electronic Arts
Advanced Micro Devices
Intel
Fair Isaac
Symantec
Juniper Networks

302,000
6,658
1,437
74,042
8,300
9,700
106,700
1,775
20,800
8,806

1
2
3
4
5
6
7
8
9
10

-15,500
-2,150
-1,345
-1,007
-1,000
-971
-900
-707
-700
-677

SV150
rank

9
75
12
79
136
147
39
51
120
73

Company

Sales per
employee in 2014

1-year
change

Synnex
$237,543 -$549,443
Ubiquiti Networks
$1,947,314 -525,435
SanDisk
$762,155 -368,089
Leapfrog Enterprises
$625,399 -330758
Extreme Networks
$371,425 -220,838
Silver Spring Networks $332,097 -210,856
Inphi
$350,094
-98,220
Intuitive Surgical
$715,816
-95,466
GoPro Inc
$1,437,325
-88,589
QuinStreet
$412,783
-84,429

BIGGEST PROFITS

BEST PROFIT MARGINS

BIGGEST NET LOSSES

Net prot for the SV150 rose 24 percent to a record

$128 billion. However the number of SV150 companies that
were protable last year slipped to 87, or 58%, the lowest since
2009. Gilead Sciences increased its prots by $9 billion in
2014, which was a 294% increase on a 122% increase in sales.

Prot margin is net prot divided by sales. The SV150 increased

its prot margin to a record 16.4% in 2014 from 14.7% the year
before. Net prot can be dramatically affected by one-time
events, as demonstrated by Yahoo which reaped a $10.3 billion
windfall from its stake in Alibaba, the Chinese e-commerce
giant that held its initial public offering in September 2014.

Four out of 10 companies in the SV150 reported that they lost

money in 2014. Among them, Twitter reported the greatest
amount with a $577.8 million loss that was only slightly smaller
than the year before when it also topped this list. To date, the
company has an accumulated decit of nearly $1.6 billion.

Rank

1
2
3
4
5
6
7
8
9
10

SV150
rank

7
1
24
4
3
10
26
11
5
21

Company

2014 net prot

(millions)

1-year
change

$12,101
44,462
7,522
11,704
14,444
2,925
847
1,201
8,653
716

$9,027
7,431
6,155
2,084
1,524
1,435
883
726
480
377

Gilead Sciences
Apple
Yahoo
Intel
Google
Facebook
Electronic Arts
Applied Materials
Cisco Systems
Lam Research

Rank

1
2
3
4
5
6
7
8
9
10

SV150
rank

24
118
7
71
46
97
75
6
33
41

Company

Yahoo
Tessera Technologies
Gilead Sciences
Medivation
Linear Technology
Depomed
Ubiquiti Networks
Oracle
Xilinx
Altera

2014 net prot 2014 prot

(millions)
margin

$7,522
170
12,101
276
500
132
179
10,827
670
473

162.9%
61.1%
48.6%
38.9%
34.8%
33.8%
29.4%
27.9%
27.6%
24.5%

Rank

1
2
3
4
5
6
7
8
9
10

SV150
rank

50
94
18
23
28
20
32
68
65
72

Company

Net loss in 2014

(millions)

Twitter
FireEye
Advanced Micro Devices
Juniper Networks
Tesla Motors
Salesforce.com
Equinix
Palo Alto Networks
Workday
Zynga

($577.8)
(443.8)
(403.0)
(334.3)
(294.0)
(262.7)
(259.5)
(251.7)
(248.0)
(225.9)

1-yr. chg.
(millions)

$67.5
-323.2
-320.0
-774.1
-220.0
-30.5
-354.2
-180.8
-75.5
-188.9

BIGGEST MARKET
VALUE GAINS

MARKET-VALUETO-SALES RATIO

BIGGEST MARKET
VALUE DROPS

The combined market value of companies in the SV150 rose

22% over the last year to $3 trillion. It was the rst time the
SV150 surpassed the $2.5 trillion it was worth at the height of
the dot.com boom in March 2000. However, in todays dollars,
that previous record would translate to $3.4 trillion. The
biggest gain in value was had by Cypress Semiconductor, which
acquired Spansion, another local chip company in March 2015.

One way to see how investors value a company is by looking at

what they are willing to pay for it relative to its sales. Investors
valued the SV150 as a group at 3.8 times sales as of March 31, up
from 3.4 the year before, and the highest level since 1999 when it
soared to 8.1 at the height of the dot.com bubble. Investors are
willing to pay higher sales multiples for these companies now,
betting on better-than-average growth in the future.

The market value of 59 of the companies in the SV150 dropped

over the last year, including two of the ve companies that held
their initial public offerings in 2014. The biggest decline was
recorded by Rocket Fuel, a digital advertising services provider
that announced it was seeking a new chief executive in March
2015 to succeed co-founder George John, who will remain as
the companys chairman.

Market value
SV150
Rank rank

Company

1
2
3
4
5
6
7
8
9
10

Cypress Semiconductor
Pharmacyclics
Palo Alto Networks
Super Micro Computer
Innera
Medivation
Electronic Arts
Affymetrix
Impax Laboratories
Depomed

70
69
68
43
74
71
26
106
76
97

Market value
(millions)

1-Yr. Chg.

$4,935
$19,622
$11,969
$1,709
$2,445
$10,392
$17,397
$971
$3,328
$1,479

206%
162%
136%
125%
120%
112%
94%
88%
81%
80%

* These companies held their initial public offering in 2014.

Rank

1
2
3
4
5
6
7
8
9
10

SV150
rank

69
50
65
126
10
73
91
68
94
87

Company

Pharmacyclics
Twitter
Workday
SolarCity
Facebook
ServiceNow
Splunk
Palo Alto Networks
FireEye
LendingClub*

Market value
(millions)

$19,622
31,148
15,850
4,817
232,637
12,145
7,692
11,969
6,719
7,377

Value-tosales ratio

26.9
22.2
20.1
18.9
18.7
17.8
17.1
16.2
15.8
15.0

Rank

1
2
3
4
5
6
7
8
9
10

SV150
rank

95
139
103
121
130
138
60
102
136
99

Company

Rocket Fuel
A10 Networks*
Leapfrog Enterprises
ServiceSource
Coupons.com*
Applied Micro Circuits
Pandora Media
Oclaro
Silver Spring Networks
Yelp

Market value
(millions)

1-Yr. Chg.

$411
266
153
292
859
423
3,402
192
484
3,338

-73%
-70%
-58%
-55%
-42%
-42%
-42%
-42%
-38%
-38%