This is a built-in template used for creating React function components, e.g. when using the 'Extract Component' refactoring. You can customize this template, for example, to define components as arrow functions or to define prop types differently. You can also use predefined variables that will be then expanded into the corresponding values. 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