Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 46

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 46
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 by us may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) and other measures prepared in accordance with GAAP, such as gross margin, operating income or cash flows from operating activities. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Margin and Adjusted Operating Margin per Barrel should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP.

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The following table sets forth a reconciliation of net income (loss) and net income (loss) margin as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin, respectively, and sets forth a reconciliation of gross margin as determined in accordance with GAAP to Adjusted Operating Margin and Adjusted Operating Margin per Barrel for the periods indicated.

|                                           | (Dollars in thousands, except per barrel data) | WBEF | Year Ended December 31, 2024 |    |     |   | Year Ended December 31, 2023 |    |     | NDB Operating | Year Ended December 31, 2024 |   |     |   | Year Ended December 31, 2023 |   |
|:------------------------------------------|:-----------------------------------------------|:-----|-----------------------------:|:---|:----|:--|-----------------------------:|:---|:----|:--------------|-----------------------------:|:--|:----|:--|-----------------------------:|:--|
| Net (loss) income                         |                                                | $    |                      (76,803 | )  |     | $ |                       (6,339 | )  |     | $             |                        2,992 |   |     | $ |                       14,667 |   |
| Adjustments:                              |                                                |      |                              |    |     |   |                              |    |     |               |                              |   |     |   |                              |   |
| Depreciation, amortization, and accretion |                                                |      |                      120,048 |    |     |   |                      111,096 |    |     |               |                       78,315 |   |     |   |                       48,436 |   |
| Interest expense, net                     |                                                |      |                      134,671 |    |     |   |                      122,811 |    |     |