Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 358

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 358
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30, 2025, and $6.8 million for the year ended December 31, 2024. The adjustment assumes that the WBEF incentive units were converted into Class B shares as of January 1, 2024. The reduction in share-based compensation expense related to such incentive units is offset by the recognition of restricted share unit (“RSU”) expense associated with initial IPO grants of $2.6 million for the six months ended June 30, 2025, and $5.2 million for the year ended December 31, 2024, based on the assumption that the Company’s RSUs were granted on January 1, 2024. The RSU expense has been calculated by recognizing the grant-date fair value of the RSUs, determined using the midpoint of the price range set forth on the cover page of the preliminary prospectus, amortized over the three-year vesting period. (h) Reflects reduction in interest expense of $2.3 million for the six months ended June 30, 2025, and $15.2 million for the year ended December 31, 2024 associated with the pay down of the NDB Revolving Credit Facility, the WBM Revolving Credit Facility, and the Desert Environmental Term Loan. (i) Reflects estimated incremental income tax expense of $2.5 million for the six months ended June 30, 2025 and $6.9 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 32.4% (35.0% 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 67.6% (65.0% 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