This built-in template is used for creating React function components, for example, through the Extract Component refactoring. You can customize this template, for example, define components as arrow functions or change the definitions of prop types. You can also use predefined variables. These variables will be replaced with the corresponding values when the template is applied. This template is used in TypeScript and Flow.

Predefined variables will take the following values:
${NAME}		component name
${COMPONENT_BODY}		component body
${PROP_TYPES}		props type definition