v3.23.1
Leases
 12 Months Ended
Mar. 31, 2023
Lessee Disclosure [Abstract]  
Leases
3.
Leases
Nextracker
 has
several commitments under operating leases for warehouses, buildings, and equipment. Leases have initial lease terms ranging from one year to five years.
The components of lease cost recognized under ASC 842 were as follow (in thousands):
 

 
  
Fiscal year ended March 31,
 
 
  
2023
 
  
2022
 
  
2021
 
Operating lease cost
   
$
1,922
 
  
$
1,769
 
  
$
1,624
  
Amounts reported in the consolidated balance sheet as of March 31, 2023 and 2022 were as follows (in thousands, except weighted average lease term and discount
rate):
 

 
  
As of March 31,
 
 
  
2023
 
 
2022
 
Operating Leases:
                 
Operating lease right of use assets
   
$
3,337
 
 
$
4,359
  
Operating lease liabilities
   
$
3,394
 
 
$
4,508
  
Weighted-average remaining lease term (In years)
     
2.6
 
    
2.8
 
Weighted-average discount rate
     
4.7
% 
    
3.1
% 

 
Other information related to leases was as follow (in thousands):
 

 
  
Fiscal year ended March 31,
 
 
  
2023
 
  
2022
 
  
2021
 
Cash paid for amounts included in the measurement of lease liabilities:
                           
Operating cash flows from operating leases
   
$
1,928
 
  
$
1,818
 
  
$
1,610
  
Future lease payments under
non-cancellable
leases as of March 31, 2023 are as follows:


 
  
Operating Leases
 
Fiscal year ended March 31,
  
 
(in thousands)
 
2024
   
$
1,997
  
2025
     
626
  
2026
     
493
  
2027
     
423
  
2028
     
106
  
 
  
 
 
 
Total undiscounted lease payments
     
3,645
  
Less: imputed interest
     
251
  
 
 
 
 
 
Total lease liabilities
    $
3,394