Stock-based compensation (Tables)
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12 Months Ended |
Mar. 31, 2023 |
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| Share-Based Payment Arrangement, Additional Disclosure [Abstract] |
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| Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs |
The following table summarizes the Company’s stock-based compensation expense under the 2022 Plan and the Flex 2017 Plan:
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Fiscal year ended March 31, |
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Cost of sales |
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$ |
12,794 |
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$ |
1,526 |
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$ |
1,953 |
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Selling, general and administrative expenses |
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19,200 |
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1,522 |
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2,353 |
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Total stock-based compensation expense |
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$ |
31,994 |
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$ |
3,048 |
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$ |
4,306 |
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| Summary of Unrecognized Compensation Expense For Unvested Awards |
As of March 31, 2023, the total unrecognized compensation expense for unvested awards under the 2022 Plan and the related remaining weighted average period for expensing is summarized as follow:
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Unrecognized
compensation
expense |
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Weighted-
average
remaining
period |
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Options |
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$ |
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RSU |
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23,455 |
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2.14 |
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PSU (1) |
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12,983 |
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2.11 |
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Total unrecognized compensation expense |
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46,299 |
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| (1) |
includes an estimated $11.8 million of expense related to 512,663 PSUs that do not meet the criteria for a grant date under ASC 718 as of March 31, 2023. |
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| Summary of Fair Value of the Company's Awards Granted Under the 2022 Plan |
The fair value of the Company’s awards granted under the 2022 Plan was estimated based on the following assumptions:
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Fiscal year ended
March 31, 2023 |
Expected volatility |
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65% - 70% |
Expected dividends |
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—% |
Risk-free interest rate |
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2.5% - 2.7% |
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| Summary of RSU Awards and PSU Awards Activity |
The following table summarizes the RSU awards activity for the fiscal year ended March 31, 2023:
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Weighted
average
fair value
per share |
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Unvested RSU awards outstanding, beginning of fiscal year |
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— |
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$ |
— |
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Granted |
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2,172,234 |
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20.12 |
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Vested |
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— |
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— |
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Forfeited (1) |
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(169,815 |
) |
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16.78 |
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Unvested RSU awards outstanding, end of fiscal year |
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2,002,419 |
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$20.40 |
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| (1) |
awards forfeited due to employee terminations. | The following table summarizes the PSU awards activity for the fiscal year ended March 31, 2023:
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Fiscal year ended
March 31, |
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Weighted
average
fair value
per share |
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Unvested PSU awards outstanding, beginning of fiscal year |
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— |
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$ |
— |
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Granted (2) |
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219,713 |
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23.01 |
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Vested |
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— |
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— |
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Forfeited (1) |
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— |
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— |
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Unvested PSU awards outstanding, end of fiscal year |
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219,713 |
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$ |
23.01 |
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| (1) |
awards forfeited due to employee terminations. |
| (2) |
excludes 512,663 PSUs that do not meet the criteria for a grant date under ASC 718 as of March 31, 2023. |
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| Summary of Additional Information PSUs Awarded |
Additional information for the PSUs awarded during the fiscal year ended March 31, 2023 is further detailed in the table below and the PSU Performance Period end date for these awards is March 31, 2025.
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Range of shares that
may be issued (1) |
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Targeted number
of awards as of
March 31, 2023 |
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Weighted
average fair
value per share |
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Awards with grant date and measurement date |
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219,713 |
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$ |
23.01 |
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— |
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439,426 |
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Awards without a grant date and measurement date |
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512,663 |
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$ |
23.01 |
(2) |
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— |
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1,025,326 |
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| (1) |
Payouts can range from 0% to 200% of the applicable Tranche targets based on the achievement levels of the Company’s Total Shareholder Return (“TSR”), as determined in the Restricted Incentive Unit Award Agreement under the 2022 Plan for performance-based vesting awards. |
| (2) |
Represents the weighted average fair value per share of awards that had a grant date and measurement date as of March 31, 2023 as these PSUs do not have a grant date or measurement date as of March 31, 2023. |
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| Summary of Options Awards Activity |
The following table summarizes the Options awards activity for the fiscal year ended March 31, 2023:
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Weighted
average
exercise
price |
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Options awards outstanding, beginning of fiscal year |
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— |
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— |
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Granted |
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2,806,905 |
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$ |
21.0 |
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Exercised |
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— |
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— |
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Forfeited (1) |
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(114,286 |
) |
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21.0 |
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Options awards outstanding, end of fiscal year |
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2,692,619 |
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$ |
21.0 |
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Options awards exercisable as of March 31, 2023 |
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— |
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— |
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Options awards vested and expected to vest as of March 31, 2023 |
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2,692,619 |
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$ |
21.0 |
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| (1) |
awards forfeited due to employee terminations. |
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| Summary of Vesting Information |
Vesting information for these shares is further detailed in the table below.
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Range of shares that
may be issued (1) |
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Targeted number
of awards as of
March 31, 2023 |
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Weighted
average
fair value
per share |
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Options
Performance
Period end date |
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Fiscal 2023 |
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2,692,619 |
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$ |
6.30 |
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— |
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2,692,619 |
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March 31, 2026 |
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