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This Management Discussion and Analysis (“MD&A”) outlines FP Canada™’s financial position and results from operations for the year ended March 31, 2020. This should be read in conjunction with the summary audited financial statements for the same period.



At March 31, 2020, FP Canada’s net assets are $5.6 million, compared to $4.1 million in 2019. Internally restricted and unrestricted net assets are $2.7 million, compared to $2.0 million in 2019. To mitigate risk of unforeseen circumstances, FP Canada targets holding internally restricted and unrestricted net assets equal to six months’ operating expenses. Current surpluses account for less than three months’ operating expenses, as FP Canada has invested the vast majority of its accumulated surplus in recent years in new program development and infrastructure upgrades.

FP Canada’s cash, cash equivalents and investments total $13.7 million at March 31, 2020, compared to $11.9 million in 2019. Short- and long-term investments are invested in accordance with the Board approved investment policies and managed by external fund managers.

Capital expenditures in 2019/20 were $1.1 million, compared with $1.2 million in 2019, and relate mostly to development costs for the Professional Education Programs.



FP Canada’s excess of income over expenses is $1.5 million for the year ended March 31, 2020, compared to $0.5 million in 2019.

Revenue grew from $9.9 million in 2019 to $12.5 million in 2020, and comes primarily from certification fees, examination fees and Professional Education Program fees. In 2020, FP Canada earned $8.0 million in certification fees, representing 64% of total revenue, compared to $7.1 million in 2019, or 71% of total revenue. FP Canada earned $2.9 million from examination fees, compared with $1.9 million in 2019. This increase is attributable to a surge in exam writers in 2019. FP Canada also earned $0.8 million from Professional Education Program fees during the year, over the four months from its launch in December 2019 to the end of the fiscal year.

Management expects Professional Education Program revenue to grow dramatically in the coming fiscal year, which will support our goal of revenue diversification, and will contribute to replenishment of operating reserves.

Expenses before amortization grew from $9.2 million in 2019 to $10.7 million in 2020 primarily to support the corresponding growth in examination revenue and the new launch of the new Professional Education Programs.


FP Canada is in a financially sound position and has a solid strategy to continue to diversify revenue and replenish reserves available for operations.