Company: WLTH
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000486
Chunk: 147

Company: WEALTHFRONT CORP
Filing Date: 2025-07-28
Form: DRS/A
Chunk 147
---
 in the referring client’s own investing account within a specified period of time, and from time to time we have also paid consideration to referring clients for certain account referrals in the form of a fixed amount flat fee cash bonus. Consideration paid to clients for referring a new client, other than consideration paid in the form of a fee waiver, is accounted for as a marketing expense.

We intend to keep investing in marketing to support client growth and expect marketing expense to fluctuate on an absolute and percentage of revenue basis from period to period depending on the attractiveness of efficient client acquisition opportunities.

Operations and Support

Operations and support expense primarily consists of personnel-related costs, including stock-based compensation and allocated overhead, inclusive of amortization of internally-developed software costs.

We plan to continue to invest in operations and support expenses to adequately support significant client growth and expect operations and support to increase on an absolute basis. As a percentage of revenue, we expect operations and support expenses to decrease in the long term as we benefit from the scalability of our platform.

#### Interest Expense
Interest expense primarily consists of interest expense related to the Bridge Loan (as defined below) from a related party.

#### Other Expense (Income), Net
Other expense (income), net primarily consists of fair value changes arising from remeasurements of our convertible note, warrant liabilities, and SAFEs.

#### Provision for (Benefit From) Income Taxes
The provision for (benefit from) income taxes primarily consists of federal, state, and local income taxes. Our effective tax rate fluctuates from period to period due to changes in the mix of income and losses in jurisdictions with a wide range of tax rates, changes resulting from the amount of recorded valuation allowance, permanent differences between GAAP and local tax laws, certain one-time items, and changes in tax contingencies.

<div align='center'>106</div>

### Results of Operations
The results of operations presented below should be reviewed in conjunction with the consolidated financial statements and notes included elsewhere in this prospectus.

|                                           | (in thousands) | Fiscal Year Ended January 31, |    2024 |     |   |    2025 |
|:------------------------------------------|:---------------|:------------------------------|--------:|:----|:--|--------:|
| Revenue:                                  |                |                               |         |     |   |         |
| Cash management                           |                | $                             | 154,800 |     | $ | 230,946 |
| Investment advisory                       |                |                               |  56,095