Company: WLTH
Filing Date: 2025-12-11
Form Type: S-1/A
Source: 0001628280-25-056439
Chunk: 169

Company: WEALTHFRONT CORP
Filing Date: 2025-12-11
Form: S-1/A
Chunk 169
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 Moreover, we have included Adjusted EBITDA and Adjusted EBITDA Margin in this prospectus because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, identify trends affecting our business and perform strategic planning and annual budgeting.

21 As of July 31, 2025, approximately 0.9% of funded clients had an account with assets of zero during the applicable measurement period.

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The following table presents a reconciliation of net income and net income margin, the most directly comparable GAAP measures, to Adjusted EBITDA and Adjusted EBITDA margin, respectively:

| (in thousands, except percentages)                                       |     | Fiscal Year Ended January 31, 
 2024                          |         |         |     | 2025 |    |         |     | Three Months Ended July 31, 
 2024                        |        |   |     | 2025 |        |   |     | Six Months Ended July 31, 
 2024                      |         |         |     | 2025 |    |         |
|:-------------------------------------------------------------------------|:----|:------------------------------|--------:|--------:|:----|:-----|---:|--------:|:----|:----------------------------|-------:|:--|:----|:-----|-------:|:--|:----|:--------------------------|--------:|--------:|:----|:-----|---:|--------:|
| Net income                                                               |     | $                             |         |  76,966 |     | $    |    | 194,447 |     | $                           | 34,178 |   |     | $    | 34,741 |   |     | $                         | 132,309 |         |     | $    |    |  60,688 |
| Add:                                                                     |     |                               |         |         |     |      |    |         |     |                             |        |   |     |      |        |   |     |                           |         |         |     |      |    |         |
| Interest expenses                                                        |     |                               |         |   2,000 |     |      |    |   2,810 |     |                             |    808 |   |     |      |     99 |   |     |                           |         |   1,526 |     |