Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 139

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 139
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, amortization expense increased $4.9 million related to customer contracts intangibles acquired in May 2024. See “Note 4—Asset Acquisitions” within the notes to the NDB Operating consolidated financial statements included elsewhere in this prospectus.

General and administrative expense.General and administrative expense, excluding shared-based compensation expense, increased by $9.2 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase was primarily attributable to increased allocation of corporate shared services costs of $5.5 million, $1.2 million in bad debt reserve related to an uncollectible customer account, $1.1 million in employee compensation expense for acquisition-related bonus payments and professional fees of $0.9 million associated with growth of the business. General and administrative expense, inclusive of share-based compensation expense, increased $19.1 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase is attributable to the change in share-based compensation expense of $9.9 million and increased cash expenses of $9.2 million noted above.

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 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 threshold have been met and are neither an obligation of the Company nor taken into consideration for distributions to investors in the Company.

Interest expense, net.Interest expense, net increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to higher total indebtedness, which resulted in an additional $18.5 million in interest expense. This increase was driven by borrowings used to fund asset acquisitions and capital expenditures related to the continued