Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 137

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 137
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(1) Share-based compensation, for both periods for WBEF and, prior to July 1, 2024, for NDB Operating, represents the non-cash charge for the periodic fair market value changes associated with liability awards for which the cumulative vested amount is recognized ratably over the applicable vesting period. Incentive units were issued to certain members of management, and changes to the incentive units’ fair values are driven by changes in period end valuations, the issuance of new incentive units, and the vesting of previously issued incentive units. Subsequent to July 1, 2024, NDB Operating incentive units are reclassified as equity awards and are no longer required to be remeasured at fair value. (2) Litigation settlements and expenses consist of non-recurring costs incurred not in the ordinary course of business. Routine litigation has not been adjusted. (3) Non-recurring tax gain represents the release of a liability associated with transaction taxes recorded in conjunction with a historical acquisition. (4) Transaction related-expenses consist of non-capitalizable transaction costs associated with both completed and attempted acquisitions. (5) Other consists of abandoned well costs, abandoned project costs and other non-cash or non-recurring items. (6) Quarterly Adjusted EBITDA is annualized by multiplying by four. Semi-annual Adjusted EBITDA is annualized by multiplying by two.

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Factors Affecting the Comparability of Our Results of Operations</div>

In this prospectus, we present our predecessors’ historical results of operations for the six months ended June 30, 2025 and 2024 and for the years ended December 31, 2024 and 2023. The historical financial information contained in this section is that of (i) WaterBridge Equity Finance LLC (“WBEF”) and (ii) WaterBridge NDB Operating LLC, our predecessors, for periods prior to the WaterBridge Combination. Our future results of operations will not be directly comparable to the historical results of operations of our predecessors for the periods presented as a result of, among other items, the WaterBridge Combination, the Corporation Reorganization and the use of net proceeds from this offering as described in “Use of Proceeds.” For example, the (i) purchase of legacy equity interests, including purchases of the OpCo Interests that will be held by Elda River, (ii) repayment of outstanding indebtedness of WaterBridge Operating and its subsidiaries and (iii) refin