A Letter From Mara & Wayne

Dear FreshBookers,

As mentioned in Mike’s message, we must refocus our efforts on the largest and most impactful opportunities we are pursuing. Business Owners and Accountants trust FreshBooks with one of the most fundamental parts of their business, and operating in their best interest requires difficult decisions.

As such, after careful consideration, we will be saying goodbye to approximately 6 % of our global workforce; this includes closing operations in Raleigh, North Carolina, and saying goodbye to some of our senior leaders. We join Mike and the board, on behalf of our customers, our teams, and our shareholders, in thanking each of these remarkable FreshBookers for the role they played in building FreshBooks.

We are treating all those impacted with compassion, fairness, and respect. This morning, we notified employees regarding the elimination of their roles in North America. Today, our management and HR teams will meet with these FreshBookers to help them with the next steps of their career.

This is a journey; we must lean into our collective strength and mission to chart our path forward. We are a people-powered business, and we deeply care about our customers and employees; that’s what allows us to execute on our mission.

It is important to us that you feel valued and connected to the meaningful and impactful work we do. We are renewing our dedication to our customer experience, to our employees, and to bringing focus and direction on the journey ahead.

Tomorrow at All Hands, we will share more about our way forward and our commitments to our customers, shareholders, partners, and to you, our employees. In the coming weeks, we will deep dive into what these changes mean for our strategic priorities and focus. We will identify our challenges, confront them, and fix them. Together, we will continue to do extraordinary things for our customers and each other.

Again, we thank all of those leaving today for their dedication and efforts. Thank you for the opportunity to lead FreshBooks into the future. We will continue to show up every day to deliver for our customers.