Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 166

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 166
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 asset acquisitions and capital expenditures related to the continued expansion of our produced water handling infrastructure network in the Texas-New Mexico state line area. Additionally, amortization expense increased $4.9 million related to customer contracts intangibles acquired in May

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2024. See “Note 4—Asset Acquisitions” within the notes to the NDB Operating consolidated financial statements included elsewhere in this prospectus.

|                                                                        |     | Year Ended December 31, |   2024 |     |     |   2023 |   |     | Amount of 
 Increase  | (Decrease) |     | Percentage | Change |    |
|:-----------------------------------------------------------------------|:----|:------------------------|-------:|:----|:----|-------:|:--|:----|:----------|-----------:|:----|:-----------|-------:|:---|
| General and administrative expense, excluding share-based compensation |     |                         | 24,312 |     |     | 15,052 |   |     |           |      9,260 |     |            |     62 | %  |
| Share-based compensation                                               |     |                         |  9,474 |     |     |   (359 | ) |     |           |      9,833 |     |            | (2,739 | )% |
| Total general and administrative expense                               |     |                         | 33,786 |     |     | 14,693 |   |     |           |     19,093 |     |            |    130 | %  |

General and administrative expense. General and administrative expense, excluding shared-based compensation expense, increased by $9.3 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase was primarily attributable to increased allocation of corporate shared services costs of $5.5 million, $1.2 million in bad debt reserve related to an uncollectible customer account, $1.1 million in employee compensation expense for acquisition-related bonus payments and professional fees of $0.9 million associated with growth of the business. Share-based compensation expense . Share-based compensation expense increased $9.8 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase is primarily attributable to the change in the fair value of the WaterBridge NDB LLC incentive units accounted