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Toyota Motor Credit (TM/28)

Calendar

5 Aug 22
12 Aug 22
31 Mar 23
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Mar 22 Mar 21 Mar 20 Mar 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial report summary

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Risks
  • We face various risks related to health epidemics and other outbreaks, which have had and may continue to have material adverse effects on our business, financial condition, results of operations and cash flows.
  • General business, economic, and geopolitical conditions, as well as other market events, may adversely affect our business, results of operations and financial condition.
  • Our results of operations and financial condition are substantially dependent upon the sale of Toyota, Lexus, and private label vehicles, as well as our ability to offer competitive financing and voluntary protection products.
  • Changes in consumer behavior could affect the automotive industry, TMNA and TMC, and, as a result, our business, results of operations and financial condition.
  • Recalls and other related announcements by TMNA or private label companies could affect our business, results of operations and financial condition.
  • If we are unable to compete successfully or if competition increases in the businesses in which we operate, our results of operations could be negatively affected.
  • A failure or interruption in our operations could adversely affect our results of operations and financial condition.
  • Our private label financial services for third-party automotive and mobility companies may expose us to additional risks that could adversely affect our business, results of operations and financial condition.
  • Our borrowing costs and access to the unsecured debt capital markets depend significantly on the credit ratings of TMCC and its parent companies and our credit support arrangements.
  • A disruption in our funding sources and access to the capital markets would have an adverse effect on our liquidity.
  • Our allowance for credit losses may not be adequate to cover actual losses, which may adversely affect our results of operations and financial condition.
  • Our business and operations make extensive use of quantitative models, estimates and assumptions. If our design, implementation or use of models is flawed or if actual results differ from our estimates or assumptions, our results of operations and financial condition could be materially and adversely affected.
  • Fluctuations in the valuation of investment securities or significant fluctuations in investment market prices could negatively affect our Net financing revenues and results of operations.
  • A decrease in the residual values of our off-lease vehicles and a higher number of returned lease assets could negatively affect our results of operations and financial condition.
  • We are exposed to customer and dealer credit risk, which could negatively affect our results of operations and financial condition.
  • Our results of operations, financial condition and cash flows may be adversely affected by changes in interest rates, foreign currency exchange rates and market prices.
  • The transition away from the London Interbank Offered Rate (“LIBOR”) and the adoption of alternative reference rates could adversely impact our business and results of operations.
  • The failure or commercial soundness of our counterparties and other financial institutions may have an effect on our liquidity, results of operations or financial condition.
  • Our voluntary protection operations could suffer losses if our reserves are insufficient to absorb actual losses.
  • Changes in accounting standards issued by the Financial Accounting Standards Board (“FASB”) could adversely affect our results of operations and financial condition.
  • A failure or interruption of our information systems could adversely affect our business, results of operations and financial condition.
  • A security breach or a cyber-attack could adversely affect our business, results of operations and financial condition.
  • Our enterprise data practices, including the collection, use, sharing, disposal and security of personal and financial information of our customers, employees, and third-party individuals are subject to increasingly complex, restrictive, and punitive laws and regulations which could adversely affect our business, results of operations and financial condition.
  • Adverse economic conditions or changes in state laws in states in which we have customer concentrations may negatively affect our results of operations and financial condition.
Management Discussion
  • During the first quarter of the fiscal year ending March 31, 2023 (“fiscal 2023”), the United States (“U.S.”) economy continued to be impacted by the global coronavirus and related variants (“COVID-19”) pandemic and the governmental measures intended to slow its spread, in addition to inflationary pressures and higher interest rates.  The ongoing challenging economic conditions caused by the COVID-19 pandemic and the current conflict in Ukraine, including production halts and supply shortages affecting the automotive industry and additional delays affecting the supply chain and logistics networks, have resulted in a decrease in the availability of new vehicles from pre-pandemic levels. The lack of availability of new vehicles resulted in decreases in industry-wide vehicle sales and sales incentives in the U.S. the first quarter of fiscal 2023, compared to the same period in fiscal 2022.  For more information regarding the potential impact of current market conditions, refer to Part I. Item 1A. Risk Factors in our Form 10-K for the fiscal year ended March 31, 2022.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: challenging, commonly, conflict, coverage, gained, heightened, identification, inflationary, larger, lead, lessor, method, path, published, refinancing, Ukraine, Vintage
Removed: administrator, auction, authority, automobile, broadly, calculation, case, categorize, classification, Codification, commencing, compelling, Cumulative, curtailment, delayed, deposited, designate, designed, earliest, easing, employee, encouraging, entering, extraordinary, Facilitation, FCA, floorplan, government, ICE, intention, July, Kingdom, lender, lifting, longer, mentioned, observed, optional, outbreak, partnering, persuading, practicable, received, recovery, reevaluate, reflecting, relief, restrictive, sale, spending, stable, stop, strength, submit, Subtopic, tire, transitioning, unchanged, vaccination, wheel, Zealand
Proxies
No filings