Bernanke will be delivering a key economic presentation at the University of Southern Indiana in Evansville, Indiana on March 23, 2015. It is open to the public and free of charge.
Thus, as a backdrop for this upcoming speech and continuing a much deserved tribute to Bernanke's key role in helping the US avoid a Deep, Prolonged Financial Depression, I think it would be helpful to update just what has been going on with the largest San Francisco/Silicon Valley Area Companies Audited Earnings since the disastrous 2008 Financial Meltdown.
From a very thorough review of SEC filings and Google's excellent financial website, I found 63 Technology, Health Care and Finance Companies headquartered in the San Francisco/Silicon Valley Area with Stock Market Capitalizations now of at least $5 bil and which have filed audited financial statements with the SEC with financial information disclosures for all years from 2008 through 2014.
So just how have these 63 largest San Francisco Bay/Silicon Valley Area Technology, Health Care and Finance Companies done on the audited earnings front since the 2008 financial meltdown? Just incredibly well.
The Total Audited Net Income from Continuing Operations of these 63 largest San Francisco/Silicon Valley Technology, Health Care and Finance Companies was a massive $162 bil in their Most Recent fiscal Years Ending in 2014, an increase of a very impressive 422% over the $31 bil earned by these same 63 companies in their 2008/9 fiscal year ends which included the 2008 US financial meltdown.
So if the question to answer is how much better off are the largest San Francisco Bay/Silicon Valley Technology, Health Care and Finance Companies now than they were during their financial meltdown fiscal years, the answer is more than 4 times better or $131 bil better as audited earnings under US generally accepted accounting principles (US GAAP) are measured by the very prestigious US accounting profession.
There has been something spectacular happening with San Francisco Bay/Silicon Valley Technology, Health Care and Finance Companies Earnings in the past 6 years and economic actions by former US Fed Chairman Ben Bernanke played a pivotal role here.
Below here are the US GAAP Net Income (Losses) of each of these 63 largest San Francisco Bay Area/Silicon Valley Area Technology, Health Care and Finance Companies for their 2014 fiscal years as well as for their 2008/9 fiscal years which included the 2008 US financial meltdown:
| 2008/9 | ||||||||
| Including | ||||||||
| FYE | US | FYE | ||||||
| 2014 | FYE | Financial | 2014 | |||||
| US | 2008/9 | Meltdown | Earnings | |||||
| GAAP | Including | US GAAP | Better | |||||
| Net | US | Net | (Worse) | |||||
| 2014 | Income | Financial | Income | Than | ||||
| FYE | (Loss) | Meltdown | (Loss) | 2008/9 | ||||
| California Company | HQs | mil $s | mil $s | mil $s | ||||
| San Francisco Bay and Silicon Valley Areas | ||||||||
| …..Technology | ||||||||
| Apple | Cupertino | Sep | 39,510 | Sep 08 | 4,834 | 34,676 | ||
| Mountain View | Dec | 13,928 | Dec 08 | 4,227 | 9,701 | |||
| Intel | Santa Clara | Dec | 11,704 | Dec 08 | 5,292 | 6,412 | ||
| Oracle | Redwood City | May | 10,955 | May 09 | 5,593 | 5,362 | ||
| Cisco Systems | San Jose | Jul | 7,853 | Jul 09 | 6,134 | 1,719 | ||
| Yahoo! | Sunnyvale | Dec | 7,532 | Dec 08 | 425 | 7,107 | ||
| Hewlett-Packard | Palo Alto | Oct | 5,013 | Oct 08 | 8,329 | (3,316) | ||
| Menlo Park | Dec | 2,940 | Dec 08 | (56) | 2,996 | |||
| Seagate Technology | Cupertino | Jun | 1,570 | Jun 09 | (3,125) | 4,695 | ||
| Applied Materials | Santa Clara | Oct | 1,072 | Oct 08 | 961 | 111 | ||
| SanDisk | Milpitas | Dec | 1,007 | Dec 08 | (1,987) | 2,994 | ||
| Symantec | Mountain View | Mar | 898 | Mar 09 | (6,786) | 7,684 | ||
| VMware | Palo Alto | Dec | 886 | Dec 08 | 290 | 596 | ||
| Intuit | Mountain View | Jul | 861 | Jul 09 | 447 | 414 | ||
| Check Point Software | San Carlos | Dec | 660 | Dec 08 | 324 | 336 | ||
| NetApp | Sunnyvale | Apr | 638 | Apr 09 | 65 | 573 | ||
| Lam Research | Fremont | Jun | 632 | Jun 09 | (302) | 934 | ||
| Xilinx | San Jose | Mar | 630 | Mar 09 | 362 | 268 | ||
| KLA-Tencor | Milpitas | Jun | 583 | Jun 09 | (523) | 1,106 | ||
| Agilent Technologies | Santa Clara | Oct | 504 | Oct 08 | 693 | (189) | ||
| Altera | San Jose | Dec | 473 | Dec 08 | 360 | 113 | ||
| Linear Technology | Milpitas | Jun | 460 | Jun 09 | 289 | 171 | ||
| NVIDIA | Santa Clara | Jan | 440 | Jan 09 | (30) | 470 | ||
| Flextronics | San Jose | Mar | 366 | Mar 09 | (6,136) | 6,502 | ||
| Maxim Integrated Products | San Jose | Jun | 355 | Jun 09 | 10 | 345 | ||
| Marvell Technology | Santa Clara | Jan | 315 | Jan 09 | 147 | 168 | ||
| Avago Technologies | San Jose | Oct | 309 | Oct 08 | 57 | 252 | ||
| Adobe Systems | San Jose | Nov | 268 | Nov 08 | 872 | (604) | ||
| Netflix | Los Gatos | Dec | 267 | Dec 08 | 83 | 184 | ||
| Synopsys | Mountain View | Oct | 259 | Oct 08 | 190 | 69 | ||
| Brocade Communication Syst | San Jose | Oct | 238 | Oct 08 | 166 | 72 | ||
| Autodesk | San Rafael | Jan | 229 | Jan 09 | 184 | 45 | ||
| Trimble Navigation | Sunnyvale | Dec | 214 | Dec 08 | 141 | 73 | ||
| Cadence Design Systems | San Jose | Dec | 159 | Dec 08 | (1,857) | 2,016 | ||
| eBay Inc | San Jose | Dec | 46 | Dec 08 | 1,779 | (1,733) | ||
| Fortinet | Sunnyvale | Dec | 25 | Dec 08 | 7 | 18 | ||
| Mountain View | Dec | 15 | Dec 08 | (5) | 20 | |||
| Electronic Arts | Redwood City | Mar | 8 | Mar 09 | (1,088) | 1,096 | ||
| Splunk | San Francisco | Jan | (79) | Jan 09 | (15) | (64) | ||
| NetSuite | San Mateo | Dec | (100) | Dec 08 | (17) | (83) | ||
| Workday | Pleasanton | Jan | (172) | Jan 09 | (51) | (121) | ||
| Palo Alto Networks | Santa Clara | Jul | (226) | Jul 09 | (19) | (207) | ||
| Salesforce.com | San Francisco | Jan | (232) | Jan 09 | 48 | (280) | ||
| Equinix | Redwood City | Dec | (261) | Dec 08 | 108 | (369) | ||
| Juniper Networks | Sunnyvale | Dec | (334) | Dec 08 | 512 | (846) | ||
| ...Health Care | ||||||||
| Gilead Sciences | Foster City | Dec | 12,059 | Dec 08 | 1,970 | 10,089 | ||
| McKesson | San Francisco | Mar | 1,354 | Mar 09 | 1,263 | 91 | ||
| Intuitive Surgical | Sunnyvale | Dec | 418 | Dec 08 | 204 | 214 | ||
| Varian Medical Systems | Palo Alto | Sep | 404 | Sep 08 | 295 | 109 | ||
| Medivation | San Francisco | Dec | 276 | Dec 08 | (62) | 338 | ||
| The Cooper Companies | Pleasanton | Oct | 272 | Oct 08 | 65 | 207 | ||
| Pharmacyclics | Sunnyvale | Dec | 86 | Dec 08 | (24) | 110 | ||
| Jazz Pharmaceuticals | Palo Alto | Dec | 57 | Dec 08 | (184) | 241 | ||
| BioMarin Pharmaceutical | San Rafael | Dec | (134) | Dec 08 | 31 | (165) | ||
| ...Financial | ||||||||
| Wells Fargo | San Francisco | Dec | 23,608 | Dec 08 | 2,698 | 20,910 | ||
| Visa | San Francisco | Sep | 5,438 | Sep 08 | 804 | 4,634 | ||
| Franklin Resources | San Mateo | Sep | 2,412 | Sep 08 | 1,588 | 824 | ||
| Charles Schwab | San Francisco | Dec | 1,321 | Dec 08 | 1,230 | 91 | ||
| Prologis | San Francisco | Dec | 739 | Dec 08 | (11) | 750 | ||
| First Republic Bank | San Francisco | Dec | 487 | Dec 08 | 10 | 477 | ||
| SVB Financial Group | Santa Clara | Dec | 479 | Dec 08 | 55 | 424 | ||
| Digital Realty Trust | San Francisco | Dec | 203 | Dec 08 | 68 | 135 | ||
| Essex Property Trust | Palo Alto | Dec | 134 | Dec 08 | 81 | 53 | ||
| Total all 63 | 162,031 | 31,013 | 131,018 | |||||
| Earnings % Increase 2014 Over 2008/9 | 422% | |||||||
