Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 58

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 58
---
677,163 |                             |            |                $1,463,160 |     | $1,299,476 |     |              $1,350,587 |     | $1,074,354 |     |                $3,505,657 |     |                         |     |                $3,750,817 |     |                         |
| Long-term debt, net of debt issuance costs                         |                             |           |                $1,113,865 |     | $1,100,476 |     |              $1,101,321 |     | $1,083,559 |                             |            |                  $620,380 |     |   $553,200 |     |                $586,417 |     |   $337,568 |     |                $1,779,800 |     |                         |     |                $1,680,800 |     |                         |
| Total liabilities                                                  |                             |           |                $1,201,060 |     | $1,171,231 |     |              $1,193,299 |     | $1,202,304 |                             |            |                  $769,893 |     |   $641,079 |     |                $687,538 |     |   $423,826 |     |                $2,005,186 |     |                         |     |                $2,097,690 |     |                         |

(1) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Margin, Adjusted Operating Margin per Barrel and Net Debt are non-GAAP financial measures. See “—Summary Historical and Pro Forma Financial Data—Non-GAAP Financial Measures” below for more information regarding these non-GAAP measures and reconciliations to the most comparable GAAP measures.

39

### Non-GAAP Financial Measures
We use certain non-GAAP performance measures to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with GAAP. These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures included below.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA Margin are used by our management and by external users of our financial statements, such as investors, research analysts and others, to assess the financial performance of our assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. We define Adjust