Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 358

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 358
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 asset in equity for the initial tax effects resulting from transactions among or with shareholders. As future changes in the deferred tax asset are not due to transactions among or with our shareholders, we intend to reflect those changes in earnings as component of income in the tax provision.

Adjustments to the obligation under the Tax Receivable Agreement, which might result from, among other things, changes in expectations about the extent to which tax benefits subject to the Tax Receivable Agreement will be realized and tax rate changes, would also be recognized in earnings. This arrangement does not represent a tax based on income, but rather a contractual relationship between an entity and its shareholders and is accounted for under ASC 450—Contingencies. The effects of these adjustments are not an element of income tax expense as they do not relate to costs incurred in connection with compliance with income tax law.

<div align='center'>F-17

WaterBridge Infrastructure LLC

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements</div>

The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma condensed combined statements of operations: (g) Reflects a reduction in share-based compensation expense associated with the remeasurement of incentive units classified as liability awards previously allocated to WBEF of $7.4 million for the six months ended June 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 this 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