Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 163

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 163
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 |        106 |   |     |            |      2 | %  |
| Share-based compensation                                               |     |                             |   988 |     |   |  8,063 |     |           |     (7,075 | ) |     |            |    (88 | )% |
| Total general and administrative expense                               |     | $                           | 7,583 |     | $ | 14,552 |     | $         |     (6,969 | ) |     |            |    (48 | )% |

General and administrative expense. General and administrative expense, excluding share-based compensation expense, remained relatively flat with an increase of $0.1 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Share-based compensation expense. Share-based compensation expense decreased $7.0 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The decrease is primarily attributable to the change in the fair value of the WaterBridge NDB LLC incentive units accounted for as liability awards during the three months ended June 30, 2024, partially offset by amortization of new equity awards granted in 2025. 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 WaterBridge 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 7—Share-Based Compensation within the notes to the NDB Operating unaudited condensed 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 thresholds have been met and are neither an obligation of us nor taken into consideration for distributions to investors. Other operating expense, net . Other operating expense, net increased $4.8 million for the three months ended June 30, 2025 as compared with the three months ended June 30, 2024 primarily due to lower