Companies on the list are limited to those that are identified as part of the tech and life sciences industries. Revenue data are based on Bloomberg quarterly data, adjusted by Fenwick to reflect a calendar-year revenue for each company for comparison purposes. This year, we have expanded the definition of “Silicon Valley” to include Marin County for the first time, in addition to Alameda, Contra Costa, San Francisco, San Mateo and Santa Clara counties. This resulted in a broader set of companies, with several newcomers to the list the result of this geographic expansion rather than increases in revenue or going public. Fitbit was excluded from the list because full-year revenue data was not available at the time of publishing.
In addition, Bloomberg has calculated adjusted revenue for LendingClub ($573M), reflecting that the net revenue required for GAAP reporting by financial institutions differs from revenue reported by operating companies more generally. These updated or adjusted revenues were not used for purposes of determining the Fenwick – Bloomberg Law SV 150 List, though Bloomberg generally provides them when reporting 2020 revenues for those companies.