Thursday, March 14, 2019

All 98 US Technology Cos With Stock Market Caps Above $10 Bil Posted Huge Total Pretax Earnings Growth Deceleration During 2018 and Particularly so in the 4Q 2018

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These 98 US Technology Cos Total Pretax Income Grew By an Exceptional 38% in the First Quarter of 2018 Over the First Quarter of 2017
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Then These Same 98 US Technology Cos Total Pretax Income Grew By a Very Robust But Decelerated 30% in the Second Quarter of 2018 Over the Second Quarter of 2017
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And Then These Same 98 US Technology Cos Total Pretax Income Grew By a Robust But Decelerated 26% in the Third Quarter of 2018 Over the Third Quarter of 2017
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And Finally, These Same 98 US Technology Cos Total Pretax Income Growth Decelerated Precipitously Down to Only Up 4% in the Fourth Quarter of 2018 Over the Fourth Quarter of 2017
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Of These 98 US Technology Cos, 52 of Them Are Headquartered in California.  These 52 California Tech Cos Saw Their Total Pretax Income Decline By 1% in the 4Q 2018, After Increasing By 20% in the 3Q 2018.  
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And of These 98 US Technology Cos, 6 of Them Are Headquartered in Washington State, Including 2 With Market Caps in the Top 4 in the World.  These 6 Washington State Tech Cos Saw Their Total Pretax Income Increase By a Superb 25% in the 4Q 2018, But a Sharp Growth Deceleration From Their 63% Increase in the 3Q 2018.  

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From a review of SEC filings and individual Company information in  MSN Money, I found 98 US Technology Companies with stock market caps sometime in 2018 of more than $10 Bil.

My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments.  It has nothing whatsoever to do with Company Operating Performance.

The first chart below shows the Gold-Standard US GAAP Total Pretax Income (Loss) From Continuing Operations for each quarter of 2018 and 2017 for each of these 98 US Technology Cos, sorted by January 2019, December 2018 and November 2018 quarter ends.


US US US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income Income Income
(Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Nov 18 Nov 17 Aug 18 Aug 17 May 18 May 17 Feb 18 Feb 17
Dec 18 Dec 17 Sept 18 Sept 17 June 18 June 17 Mar 18 Mar 17
or or Better or or Better or or Better or or Better
Jan 19 Jan 18 (Worse) Oct 18 Oct 17 (Worse) July 18 July 17 (Worse) Apr 18 Apr 17 (Worse)
US Technology Cos Quarter Quarter % Quarter Quarter % Quarter Quarter % Quarter Quarter %
Stock Market Caps > $10 Bil End End  Change End End  Change End End  Change End End  Change
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
January 2019 Quarter Ends
Cisco Systems      3,343      3,232 3%      3,909      2,962 32%      3,592      3,180 13%      3,253      3,191 2%
HP Inc         900         905 -1%      1,007         848 19%      1,018         899 13%           83         754 -89%
Applied Materials         888      1,183 -25%         998      1,074 -7%      1,239         978 27%      1,295         908 43%
Hewlett Packard Enterprises         655       (657) NM         576       (301) NM         465         125 272%       (116)         113 -203%
VMWare         591         625 -5%         345         413 -16%         772         494 56%      1,175         281 318%
Analog Devices         400         375 7%         458         382 20%         441         127 247%         402           87 362%
NVIDIA         324      1,078 -70%      1,081         896 21%      1,180         684 73%      1,311         536 145%
NetApp         319         504 -37%         293         222 32%         272         145 88%         303         248 22%
Broadcom Ltd         278         795 -65%      1,422         645 120%      1,229         548 124%      1,099         365 201%
Salesforce.com         239         221 8%         128         146 -12%         231           63 267%         385         (10) NM
Intuit         235         193 22%         (14)         (37) NM         (74)         (10) NM      1,617      1,439 12%
Synopsys         147         120 23%           52         100 -48%           72         113 -36%         119           62 92%
Veeva Systems           69           42 64%           68           44 55%           56           41 37%           46           39 18%
AutoDesk           33       (198) NM           12       (111) NM         (23)       (126) NM         (64)       (121) NM
Splunk           14           33 -58%         (54)         (30) NM       (103)         (78) NM       (120)       (114) NM
Palo Alto Networks             2         (24) NM         (42)         (55) NM             8         (31) NM         (50)         (53) NM
DocuSign         (65)           (4) NM         (59)         (14) NM         (35)         (12) NM       (270)         (20) NM
Marvell Technology         (69)           59 NM         (44)         156 -128%         (23)         132 -117%         132         105 26%
Workday       (105)         (88) NM       (156)         (84) NM         (87)         (81) NM         (75)         (62) NM
Nutanix       (121)         (61) NM         (98)         (59) NM         (65)         (83) NM         (87)         (94) NM
Dell Technologies       (275)       (623) NM       (995)    (1,092) NM       (468)    (1,210) NM       (623)    (1,844) NM
Total 21 Techs With Jan Qtr Ends      7,802      7,710 1%      8,887      6,105 46%      9,697      5,897 64%      9,815      5,809 69%
December 2018 Quarter Ends
Apple    23,906    27,030 -12%    16,421    13,917 18%    13,284    11,308 17%    16,168    14,684 10%
Microsoft    10,385      9,169 13%    10,221      7,984 28%    10,680      7,958 34%      8,641      7,094 22%
Alphabet    10,072      8,018 26%    10,083      7,979 26%      4,215      4,377 -4%    10,543      6,819 55%
Facebook      7,971      7,462 7%      5,912      5,236 13%      5,868      4,488 31%      5,610      3,408 65%
Intel      5,635      6,035 -7%      7,142      5,930 20%      5,529      4,572 21%      5,011      3,815 31%
International Business Machines      4,434      4,469 -1%      2,996      3,065 -2%      2,776      2,443 14%      1,136      1,424 -20%
Visa      3,630      3,239 12%      3,538      3,099 14%      2,812      2,914 -4%      3,217      2,702 19%
Amazon.com      3,354      1,872 79%      3,391         314 980%      2,608         664 293%      1,916         953 101%
Texas Instruments      1,503      1,550 -3%      1,924      1,789 8%      1,706      1,486 15%      1,553      1,255 24%
Mastercard      1,215      1,484 -18%      2,264      1,932 17%      1,922      1,628 18%      1,803      1,478 22%
Cognizant Technology         816         714 14%         662         658 1%         624         635 -2%         697         649 7%
Activision Blizzard         690         185 273%         121         220 -45%         408         293 39%         567         453 25%
PayPal Holdings         686         864 -21%         533         451 18%         609         447 36%         548         438 25%
Lam Research         660         734 -10%         591         688 -14%         958         603 59%         772         531 45%
Booking Holdings         632         942 -33%      2,241      2,067 8%      1,209         863 40%         753         528 43%
QUALCOMM         559         (60) NM       (775)         434 -279%         956         858 11%         358         857 -58%
eBay         516         561 -8%         948         694 37%         707         462 53%         547         558 -2%
DXC Technology         469         341 38%         332         284 17%         360           91 296%         661       (187) NM
Motorola Solutions         464         465 0%         270         286 -6%         227         205 11%         140         120 17%
KLA-Tencor         416         347 20%         428         336 27%         406         325 25%         366         319 15%
Seagate Technology         398         371 7%         468         188 149%         466         120 288%         393         212 85%
Skyworks Solutions         324         386 -16%         343         348 -1%         311         307 1%         292         281 4%
Qurate Retail         287         483 -41%           88           45 96%         223         250 -11%         285         272 5%
Check Point Software         267         280 -5%         243         237 3%         240         233 3%         228         221 3%
Electronic Arts         265         (16) NM         276         (38) NM         319         749 -57%         754         716 5%
Xilinx         257         167 54%         239         194 23%         213         171 25%         186         171 9%
IAC/Interactive         237           55 331%         153         (54) NM         312           61 411%           59             5 1080%
Verisign         234         142 65%         178         150 19%         165         160 3%         152         148 3%
First Data Corp         219         339 -35%         502         234 115%         365         271 35%         161           91 77%
Twitter         207           94 120%           87         (18) NM           66       (113) NM           64         (58) NM
CDW Corp         207         184 13%         238         207 15%         230         195 18%         166           75 121%
Arista Networks         198         142 39%         189         142 33%         163         117 39%         143           74 93%
ON Semiconductor         189         121 56%         216         168 29%         193         143 35%         157         115 37%
Citrix Systems         188         182 3%         159         134 19%         131         114 15%         151         120 26%
Juniper Networks         188         200 -6%         152         226 -33%         151         245 -38%           41         141 -71%
Ansys         185         102 81%           95         108 -12%         110         100 10%           97           86 13%
Maxim Integrated Products         183         198 -8%         234         181 29%         224         196 14%         222         170 31%
Verisk Analytics         180         179 1%         193         181 7%         185         170 9%         162         161 1%
F5 Networks         165         144 15%         159         154 3%         154         142 8%         146         140 4%
Leidos Holding         150           34 341%         170         116 47%         165         135 22%         125         108 16%
Amdocs Ltd         135         122 11%           65         130 -50%         102         131 -22%         132         133 -1%
Match Group         135         102 32%         122           62 97%         143           54 165%           87           34 156%
Netflix         119         131 -9%         379         116 227%         429           14 2964%         300         224 34%
Akamai Technologies         113           32 253%         111           92 21%           52           86 -40%           68         105 -35%
CoStar Group         110           49 124%           73           55 33%           46           26 77%           56           35 60%
Cadence Design Systems         109           77 42%         100           87 15%           90           77 17%           78           74 5%
SS&C Technologies         109           87 25%         118           75 57%       (164)           62 -365%           62           58 7%
IPG Photonics         101         148 -32%         128         161 -20%         164         142 15%         142         101 41%
Symantec           97         705 -86%           28         (69) NM         (73)       (134) NM         (61)       (248) NM
Fortinet           92           45 104%           71           38 87%           51           33 55%           37             8 363%
Jack Henry & Associates           88           85 4%         104           97 7%         108           99 9%           96           88 9%
Western Digital           81         774 -90%         583         710 -18%         729         415 76%       (128)         304 -142%
Qorvo           71           65 9%           33           36 -8%         (62)         (40) NM         (44)         (37) NM
Take-Two Interactive           60           12 400%           31         (14) NM           77           47 64%           91         111 -18%
Expedia Group           56           76 -26%         612         415 47%         (14)           57 -125%       (169)       (131) NM
Microchip Technology           55         197 -72%         (39)         186 -121%           38         166 -77%         188           72 161%
GoDaddy           37           86 -57%           13             4 225%           19           19 0%             4           (2) NM
ANGI Homeservices           30         (36) NM           32       (113) NM           21           (4) NM         (13)             0 NM
Atlassian Corp           27         (12) NM       (240)         (20) NM         (22)         (32) NM           (8)         (23) NM
Ultimate Software Group           24           20 20%           17           14 21%           21             7 200%           22             3 633%
PTC Inc           20           23 -13%             1             5 -80%           10             1 900%           12           (1) NM
Advanced Micro Devices             3         (31) NM         114           83 37%         122         (39) NM           89         (28) NM
ServiceNow             2         (13) NM             7         (20) NM         (41)         (58) NM           (7)         (23) NM
Tableau Software             2         (40) NM         (11)         (45) NM         (14)         (41) NM         (49)         (52) NM
GrubHub           (5)           25 -120%           22           17 29%           34           22 55%           31           25 24%
Dropbox           (7)         (39) NM           (6)         (14) NM           (3)         (26) NM       (464)         (33) NM
Square Inc         (28)         (16) NM           21         (17) NM           (5)         (15) NM         (24)         (15) NM
Twilio         (47)         (19) NM         (27)         (23) NM         (24)           (7) NM         (24)         (14) NM
Carvana         (86)         (47) NM         (64)         (40) NM         (51)         (39) NM         (53)         (38) NM
Zillow Group       (106)       (167) NM         (15)             9 -267%         (14)         (22) NM         (16)           (5) NM
Wayfair       (143)         (73) NM       (151)         (76) NM       (100)         (39) NM       (108)         (56) NM
Snap       (192)       (353) NM       (325)       (455) NM       (352)       (443) NM       (384)    (2,212) NM
Total 72 Techs With Dec Qtr Ends    83,603    81,223 3%    75,532    61,752 22%    63,567    50,905 25%    64,934    49,604 31%
November 2018 Quarter Ends
Micron Technology      3,773      2,792 35%      4,346      2,322 87%      3,714      1,739 114%      3,454         932 271%
Oracle      2,774      2,826 -2%      2,540      2,500 2%      4,141      3,760 10%      3,300      2,698 22%
Adobe Systems         699         643 9%         701         541 30%         691         493 40%         703         461 52%
Red Hat         112         116 -3%         135         132 2%         111           87 28%         142           92 54%
IHS Markit Ltd           92           97 -5%         111         110 1%         126           98 29%           94           62 52%
Total 5 Techs With Nov Qtr Ends      7,450      6,474 15%      7,833      5,605 40%      8,783      6,177 42%      7,693      4,245 81%
Total all 98 US Technology Cos    98,855    95,407 4%    92,252    73,462 26%    82,047    62,979 30%    82,442    59,658 38%

And the chart below shows the same information sorted by US State Headquarters.

US US US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income Income Income
(Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Nov 18 Nov 17 Aug 18 Aug 17 May 18 May 17 Feb 18 Feb 17
Dec 18 Dec 17 Sept 18 Sept 17 June 18 June 17 Mar 18 Mar 17
or or Better or or Better or or Better or or Better
US Jan 19 Jan 18 (Worse) Oct 18 Oct 17 (Worse) July 18 July 17 (Worse) Apr 18 Apr 17 (Worse)
State US Technology Cos Quarter Quarter % Quarter Quarter % Quarter Quarter % Quarter Quarter %
Hqs Stock Market Caps > $10 Bil End End  Change End End  Change End End  Change End End  Change
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
California Tech Cos
 CA  Apple    23,906    27,030 -12%    16,421    13,917 18%    13,284    11,308 17%    16,168    14,684 10%
 CA  Alphabet    10,072      8,018 26%    10,083      7,979 26%      4,215      4,377 -4%    10,543      6,819 55%
CA Facebook      7,971      7,462 7%      5,912      5,236 13%      5,868      4,488 31%      5,610      3,408 65%
CA Intel      5,635      6,035 -7%      7,142      5,930 20%      5,529      4,572 21%      5,011      3,815 31%
 CA  Visa      3,630      3,239 12%      3,538      3,099 14%      2,812      2,914 -4%      3,217      2,702 19%
CA Cisco Systems      3,343      3,232 3%      3,909      2,962 32%      3,592      3,180 13%      3,253      3,191 2%
CA Oracle      2,774      2,826 -2%      2,540      2,500 2%      4,141      3,760 10%      3,300      2,698 22%
CA HP Inc         900         905 -1%      1,007         848 19%      1,018         899 13%           83         754 -89%
CA Applied Materials         888      1,183 -25%         998      1,074 -7%      1,239         978 27%      1,295         908 43%
CA Adobe Systems         699         643 9%         701         541 30%         691         493 40%         703         461 52%
CA Activision Blizzard         690         185 273%         121         220 -45%         408         293 39%         567         453 25%
CA PayPal Holdings         686         864 -21%         533         451 18%         609         447 36%         548         438 25%
CA Lam Research         660         734 -10%         591         688 -14%         958         603 59%         772         531 45%
CA Hewlett Packard Enterprises         655       (657) NM         576       (301) NM         465         125 272%       (116)         113 -203%
CA VMWare         591         625 -5%         345         413 -16%         772         494 56%      1,175         281 318%
CA QUALCOMM         559         (60) NM       (775)         434 -279%         956         858 11%         358         857 -58%
CA eBay         516         561 -8%         948         694 37%         707         462 53%         547         558 -2%
CA KLA-Tencor         416         347 20%         428         336 27%         406         325 25%         366         319 15%
CA Seagate Technology         398         371 7%         468         188 149%         466         120 288%         393         212 85%
CA NVIDIA         324      1,078 -70%      1,081         896 21%      1,180         684 73%      1,311         536 145%
CA NetApp         319         504 -37%         293         222 32%         272         145 88%         303         248 22%
CA Broadcom Ltd         278         795 -65%      1,422         645 120%      1,229         548 124%      1,099         365 201%
CA Check Point Software         267         280 -5%         243         237 3%         240         233 3%         228         221 3%
CA Electronic Arts         265         (16) NM         276         (38) NM         319         749 -57%         754         716 5%
CA Xilinx         257         167 54%         239         194 23%         213         171 25%         186         171 9%
CA Salesforce.com         239         221 8%         128         146 -12%         231           63 267%         385         (10) NM
CA Intuit         235         193 22%         (14)         (37) NM         (74)         (10) NM      1,617      1,439 12%
CA Twitter         207           94 120%           87         (18) NM           66       (113) NM           64         (58) NM
CA Arista Networks         198         142 39%         189         142 33%         163         117 39%         143           74 93%
CA Juniper Networks         188         200 -6%         152         226 -33%         151         245 -38%           41         141 -71%
CA Maxim Integrated Products         183         198 -8%         234         181 29%         224         196 14%         222         170 31%
CA Synopsys         147         120 23%           52         100 -48%           72         113 -36%         119           62 92%
CA Netflix         119         131 -9%         379         116 227%         429           14 2964%         300         224 34%
CA Cadence Design Systems         109           77 42%         100           87 15%           90           77 17%           78           74 5%
CA Symantec           97         705 -86%           28         (69) NM         (73)       (134) NM         (61)       (248) NM
CA Fortinet           92           45 104%           71           38 87%           51           33 55%           37             8 363%
CA Western Digital           81         774 -90%         583         710 -18%         729         415 76%       (128)         304 -142%
CA Veeva Systems           69           42 64%           68           44 55%           56           41 37%           46           39 18%
CA AutoDesk           33       (198) NM           12       (111) NM         (23)       (126) NM         (64)       (121) NM
CA Atlassian Corp           27         (12) NM       (240)         (20) NM         (22)         (32) NM           (8)         (23) NM
CA Splunk           14           33 -58%         (54)         (30) NM       (103)         (78) NM       (120)       (114) NM
CA Advanced Micro Devices             3         (31) NM         114           83 37%         122         (39) NM           89         (28) NM
CA ServiceNow             2         (13) NM             7         (20) NM         (41)         (58) NM           (7)         (23) NM
CA Palo Alto Networks             2         (24) NM         (42)         (55) NM             8         (31) NM         (50)         (53) NM
CA Dropbox           (7)         (39) NM           (6)         (14) NM           (3)         (26) NM       (464)         (33) NM
CA Square Inc         (28)         (16) NM           21         (17) NM           (5)         (15) NM         (24)         (15) NM
CA Twilio         (47)         (19) NM         (27)         (23) NM         (24)           (7) NM         (24)         (14) NM
CA DocuSign         (65)           (4) NM         (59)         (14) NM         (35)         (12) NM       (270)         (20) NM
CA Marvell Technology         (69)           59 -217%         (44)         156 -128%         (23)         132 -117%         132         105 26%
CA Workday       (105)         (88) NM       (156)         (84) NM         (87)         (81) NM         (75)         (62) NM
CA Nutanix       (121)         (61) NM         (98)         (59) NM         (65)         (83) NM         (87)         (94) NM
CA Snap       (192)       (353) NM       (325)       (455) NM       (352)       (443) NM       (384)    (2,212) NM
Total 52 California Tech Cos    68,110    68,527 -1%    60,200    50,368 20%    53,051    43,383 22%    59,181    44,970 32%
Massachusetts Tech Cos
MA Analog Devices         400         375 7%         458         382 20%         441         127 247%         402           87 362%
MA Skyworks Solutions         324         386 -16%         343         348 -1%         311         307 1%         292         281 4%
MA Akamai Technologies         113           32 253%         111           92 21%           52           86 -40%           68         105 -35%
MA IPG Photonics         101         148 -32%         128         161 -20%         164         142 15%         142         101 41%
MA PTC Inc           20           23 -13%             1             5 -80%           10             1 900%           12           (1) NM
MA Wayfair       (143)         (73) NM       (151)         (76) NM       (100)         (39) NM       (108)         (56) NM
Total 6 Massachusetts Tech Cos         815         891 -9%         890         912 -2%         878         624 41%         808         517 56%
New York Tech Cos
NY International Business Machines      4,434      4,469 -1%      2,996      3,065 -2%      2,776      2,443 14%      1,136      1,424 -20%
NY Mastercard      1,215      1,484 -18%      2,264      1,932 17%      1,922      1,628 18%      1,803      1,478 22%
NY IAC/Interactive         237           55 331%         153         (54) NM         312           61 411%           59             5 1080%
NY First Data Corp         219         339 -35%         502         234 115%         365         271 35%         161           91 77%
NY Take-Two Interactive           60           12 400%           31         (14) NM           77           47 64%           91         111 -18%
NY ANGI Homeservices           30         (36) NM           32       (113) NM           21           (4) NM         (13)             0 NM
Total 6 New York Tech Cos      6,195      6,323 -2%      5,978      5,050 18%      5,473      4,446 23%      3,237      3,109 4%
Washington State Tech Cos
WA Microsoft    10,385      9,169 13%    10,221      7,984 28%    10,680      7,958 34%      8,641      7,094 22%
 WA  Amazon.com      3,354      1,872 79%      3,391         314 980%      2,608         664 293%      1,916         953 101%
WA F5 Networks         165         144 15%         159         154 3%         154         142 8%         146         140 4%
WA Expedia Group           56           76 -26%         612         415 47%         (14)           57 -125%       (169)       (131) NM
WA Tableau Software             2         (40) NM         (11)         (45) NM         (14)         (41) NM         (49)         (52) NM
WA Zillow Group       (106)       (167) NM         (15)             9 -267%         (14)         (22) NM         (16)           (5) NM
Total 6 Washington State Tech Cos    13,856    11,054 25%    14,357      8,831 63%    13,400      8,758 53%    10,469      7,999 31%
Tech Cos in Other US States
AZ ON Semiconductor         189         121 56%         216         168 29%         193         143 35%         157         115 37%
AZ Microchip Technology           55         197 -72%         (39)         186 -121%           38         166 -77%         188           72 161%
AZ GoDaddy           37           86 -57%           13             4 225%           19           19 0%             4           (2) NM
AZ Carvana         (86)         (47) NM         (64)         (40) NM         (51)         (39) NM         (53)         (38) NM
CO Qurate Retail         287         483 -41%           88           45 96%         223         250 -11%         285         272 5%
CO IHS Markit Ltd           92           97 -5%         111         110 1%         126           98 29%           94           62 52%
CT Booking Holdings         632         942 -33%      2,241      2,067 8%      1,209         863 40%         753         528 43%
CT SS&C Technologies         109           87 25%         118           75 57%       (164)           62 -365%           62           58 7%
DC CoStar Group         110           49 124%           73           55 33%           46           26 77%           56           35 60%
FL Citrix Systems         188         182 3%         159         134 19%         131         114 15%         151         120 26%
FL Ultimate Software Group           24           20 20%           17           14 21%           21             7 200%           22             3 633%
ID Micron Technology      3,773      2,792 35%      4,346      2,322 87%      3,714      1,739 114%      3,454         932 271%
 IL  Motorola Solutions         464         465 0%         270         286 -6%         227         205 11%         140         120 17%
IL CDW Corp         207         184 13%         238         207 15%         230         195 18%         166           75 121%
IL GrubHub           (5)           25 -120%           22           17 29%           34           22 55%           31           25 24%
MO Amdocs Ltd         135         122 11%           65         130 -50%         102         131 -22%         132         133 -1%
MO Jack Henry & Associates           88           85 4%         104           97 7%         108           99 9%           96           88 9%
NC Red Hat         112         116 -3%         135         132 2%         111           87 28%         142           92 54%
NC Qorvo           71           65 9%           33           36 -8%         (62)         (40) NM         (44)         (37) NM
NJ Cognizant Technology         816         714 14%         662         658 1%         624         635 -2%         697         649 7%
NJ Verisk Analytics         180         179 1%         193         181 7%         185         170 9%         162         161 1%
PA Ansys         185         102 81%           95         108 -12%         110         100 10%           97           86 13%
TX Texas Instruments      1,503      1,550 -3%      1,924      1,789 8%      1,706      1,486 15%      1,553      1,255 24%
TX Match Group         135         102 32%         122           62 97%         143           54 165%           87           34 156%
TX Dell Technologies       (275)       (623) NM       (995)    (1,092) NM       (468)    (1,210) NM       (623)    (1,844) NM
VA DXC Technology         469         341 38%         332         284 17%         360           91 296%         661       (187) NM
VA Verisign         234         142 65%         178         150 19%         165         160 3%         152         148 3%
VA Leidos Holding         150           34 341%         170         116 47%         165         135 22%         125         108 16%
Total 28 Tech Cos in Other US States      9,879      8,612 15%    10,827      8,301 30%      9,245      5,768 60%      8,747      3,063 186%
Total all 98 US Technology Cos    98,855    95,407 4%    92,252    73,462 26%    82,047    62,979 30%    82,442    59,658 38%