Leases

12 Months Ended

Mar. 31, 2023

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:



(in thousands)	Operating Leases

Fiscal year ended March 31,
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