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Stock-based compensation (Tables)

12 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement, Additional Disclosure [Abstract]

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:

		Fiscal year ended March 31,
(In thousands)		2023				2022				2021
Cost of sales		$	12,794			$	1,526			$	1,953
Selling, general and administrative expenses			19,200				1,522				2,353
Total stock-based compensation expense		$	31,994			$	3,048			$	4,306

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:

		Unrecognized compensation expense (in thousands)				Weighted- average remaining period (in years)
Options		$	9,861				3.04
RSU			23,455				2.14
PSU(1)			12,983				2.11
Total unrecognized compensation expense		$	46,299

(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.

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:

		Fiscal year ended March 31, 2023
Expected volatility			65% - 70%
Expected dividends			—%
Risk-free interest rate			2.5% - 2.7%

Summary of RSU Awards and PSU Awards Activity

The following table summarizes the RSU awards activity for the fiscal year ended March 31, 2023:

		Number of RSUs				Weighted average fair value per share
Unvested RSU awards outstanding, beginning of fiscal year			—			$	—
Granted			2,172,234				20.12
Vested			—				—
Forfeited(1)			(169,815	)			16.78
Unvested RSU awards outstanding, end of fiscal year			2,002,419			$	20.40

(1) awards forfeited due to employee terminations.

The following table summarizes the PSU awards activity for the fiscal year ended March 31, 2023:

		Fiscal year ended March 31,
		Number of PSUs				Weighted average fair value per share
Unvested PSU awards outstanding, beginning of fiscal year			—			$	—
Granted(2)			219,713				23.01
Vested			—				—
Forfeited(1)			—				—
Unvested PSU awards outstanding, end of fiscal year			219,713			$	23.01

(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.

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.

										Range of shares that may be issued(1)
Year of grant		Targeted number of awards as of March 31, 2023				Weighted average fair value per share				Minimum				Maximum
Awards with grant date and measurement date			219,713			$	23.01				—				439,426
Awards without a grant date and measurement date			512,663			$	23.01	(2)			—				1,025,326

(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.

Summary of Options Awards Activity

The following table summarizes the Options awards activity for the fiscal year ended March 31, 2023:

		Number of Options				Weighted average exercise price
Options awards outstanding, beginning of fiscal year			—				—
Granted			2,806,905			$	21.0
Exercised			—				—
Forfeited(1)			(114,286	)			21.0
Options awards outstanding, end of fiscal year			2,692,619			$	21.0
Options awards exercisable as of March 31, 2023			—				—
Options awards vested and expected to vest as of March 31, 2023			2,692,619			$	21.0

(1) awards forfeited due to employee terminations.

Summary of Vesting Information

Vesting information for these shares is further detailed in the table below.

Range of shares that may be issued(1)

Year of grant

Targeted number of awards as of March 31, 2023

Weighted average fair value per share

Minimum

Maximum

Options Performance Period end date

Fiscal 2023

2,692,619

$

6.30

—

2,692,619

March 31, 2026

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