Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 359

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 359
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 Credit Facility, the WBM Revolving Credit Facility, and the Desert Environmental Term Loan. (i) Reflects estimated incremental income tax expense of $1.9 million for the six months ended June 30, 2025 and $5.5 million for the year ended December 31, 2024 associated with the Company’s results of operations assuming the Company’s earnings had been subject to federal income tax as a subchapter C Corporation using a statutory tax rate of approximately 21.5% and based on the Company’s ownership of approximately 29.6% (32.1% if the underwriters’ option to purchase additional Class A shares is exercised in full) of OpCo following completion of the contemplated transactions. This rate is inclusive of U.S. federal and state income taxes. (j) Reflects the reduction in condensed combined net income attributable to non-controlling interest for OpCo’s historical results of operations. Upon completion of the Corporate Reorganization, the non-controlling interest will be approximately 70.4% (67.9% if the underwriters’ option to purchase additional Class A shares is exercised in full). (k) On a pro forma basis, basic net loss per share and diluted net loss per share are the same, as the effect of potentially dilutive securities is anti-dilutive given the Company’s net loss during the periods presented. The weighted-average number of Class A shares outstanding for the six months ended June 30, 2025 reflects the vesting of RSUs associated with initial IPO grants, assuming the IPO had occurred on January 1, 2024, which would result in an initial vesting date of January 1, 2025. Net loss per share on a pro forma basis is computed as follows:

|                                                                          |     |   | Six Months Ended June 30, 2025 |   |     |   | Year Ended December 31, 2024 |   |
|:-------------------------------------------------------------------------|:----|:--|-------------------------------:|:--|:----|:--|-----------------------------:|:--|
| Pro forma, as adjusted loss before income taxes                          |     | $ |                        (30,932 | ) |     | $ |                      (95,530 | ) |
| Pro forma, as adjusted income tax benefit                                |     |   |                          1,762 |   |     |   |                        5,139 |   |
| Pro forma, as adjusted net loss attributable to members’ equity          |