Summary Of Accounting Policies (Tables)
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12 Months Ended |
Mar. 31, 2023 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Summary of Allowance for Doubtful Accounts |
The following table summarizes the activity in Nextracker’s allowance for doubtful accounts during fiscal years 2023, 2022, and 2021:
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Allowance for doubtful accounts: |
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| Year ended March 31, 2021 (1) |
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$ |
1,214 |
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$ |
2,440 |
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$ |
(59 |
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$ |
3,595 |
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| Year ended March 31, 2022 |
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$ |
3,595 |
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$ |
(21 |
) |
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$ |
— |
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$ |
3,574 |
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| Year ended March 31, 2023 |
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$ |
3,574 |
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$ |
(1,054 |
) |
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$ |
(752 |
) |
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$ |
1,768 |
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| (1) |
Charges incurred during fiscal year 2021 are primarily for costs and expenses related to various distressed customers. |
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| Summary of Product Warranty |
The following table summarizes the activity related to the estimated accrued warranty reserve for the fiscal years ended March 31, 2023 and 2022:
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| Beginning balance |
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$ |
10,485 |
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$ |
17,085 |
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| Provision (release) for warranties issued (1) |
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13,099 |
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(5,159 |
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| Payments |
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(993 |
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(1,441 |
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| Ending balance |
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$ |
22,591 |
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$ |
10,485 |
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| (1) |
During fiscal year ended March 31, 2023, the Company identified a specific design issue with a non-core product, and recorded an additional $8.7 million charge to cost of sales on its consolidated statement of operations and comprehensive income, related to future remediation costs, which may include replacement parts and services. |
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| Summary of Property, Plant and Equipment |
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| Machinery and equipment |
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3-8 |
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$ |
9,062 |
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$ |
8,535 |
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| Leasehold improvements |
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Up to 5 |
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4,302 |
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4,148 |
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| Furniture, fixtures, computer equipment and software |
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3-7 |
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10,080 |
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6,111 |
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— |
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1,111 |
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2,511 |
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24,555 |
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21,305 |
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| Accumulated depreciation |
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(17,300 |
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(13,882 |
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| Property and equipment, net |
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$ |
7,255 |
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$ |
7,423 |
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| Summary of Redeemable Noncontrolling Interest |
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Fiscal year ended March 31, 2023 |
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Balance at beginning of period |
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$ |
— |
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| Establishment of non-controlling interests |
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265,564 |
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Net income attributable to redeemable non-controlling interests |
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2,446 |
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Redemption value adjustment |
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3,292,618 |
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