I've had some major issues with views php when working with Search API. Specifically, anything I do in the 'value' code box just flat doesn't make it to the output field.

Today I located a patch that was committed into Search API Views (https://drupal.org/node/2096275) that seems to clear this up. Not sure if other folks are having similar problems, but wanted to put something on this side of the fence to tie them together. The linked issue is a Search API patch, but it is directly in relation to functionality in Views PHP.

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One curious thing about this, the $data object in the value box is severely limited in what it contains. It does NOT contain nearly as much data as it does in the output box. Just be forewarned!

Thank you for sharing this, i spent most of the day trying to get this working and it was only after applying the patch mentioned did I finally to have views php working with my search api view