Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 162

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 162
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 |  1,284 |     |   |  8,711 |     |           |     (7,427 | ) |     |            |    (85 | )% |
| Total general and administrative expense                               |     | $                         | 14,175 |     | $ | 20,058 |     | $         |     (5,883 | ) |     |            |    (29 | )% |

General and administrative expense. General and administrative expense, excluding shared-based compensation expense, increased by $1.5 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was primarily attributable to increased allocation of corporate shared services costs of $2.7 million, partially offset by $1.2 million in bad debt reserve related to an uncollectible customer account during the six months ended June 30, 2024. Share-based compensation expense. Share-based compensation expense decreased $7.4 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease is primarily attributable to the change in the fair value of the WaterBridge NDB LLC incentive units accounted for as liability awards during the six months ended June 30, 2024, partially offset by amortization of new equity awards granted during the six months ended June 30, 2025. Share-based compensation consists of the WaterBridge NDB LLC incentive units. Prior to July 1, 2024 such incentive units were classified as liability awards at WaterBridge NDB LLC and shared-based compensation expense reflects the impacts of change in the liability remeasurement allocated to us. Effective July 1, 2024, the governing agreements were modified resulting in the incentive units now being accounted for as equity awards. This was considered as a modification under Accounting Standards Topic 718, Compensation – Stock Compensation (“ASC 718”). See Note 10—Share-Based Compensation within the notes to the NDB Operating consolidated financial statements included elsewhere in this prospectus. Any distributions associated with such incentive units are borne solely by WaterBridge NDB LLC and not by us. Distributions attributable to the incentive units are based on returns received by the investors of such entities once certain return thresholds have been met and are neither an obligation of the Company nor taken into consideration for distributions to investors in the Company. Loss on sale of assets. Loss on sale of assets increased $12.0