Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 161

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 161
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23,932 |   |     |           |      3,812 |     |            |     16 | %  |
| Share-based compensation                                               |     |                         |  6,801 |     |     | (12,010 | ) |     |           |     18,811 |     |            |   (157 | )% |
| Total general and administrative expense                               |     |                         | 34,545 |     |     |  11,922 |   |     |           |     22,623 |     |            |    190 | %  |

General and administrative expense. General and administrative expense, excluding share-based compensation expense, increased by $3.8 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase was primarily attributable to higher professional fees of $3.3 million related to modifications of our credit agreements and non-recurring litigation and $1.2 million in bad debt reserve related to an uncollectible customer account, partially offset by an increase in net corporate shared service costs of $0.7 million charged to affiliates. Share-based compensation expense. Share-based compensation expense increased $18.8 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase is attributable to the change in the fair value of the WaterBridge Resources and WaterBridge II incentive units accounted for as liability awards. Share-based compensation consists of the WaterBridge Resources and WaterBridge II incentive units. Such incentive units are classified as liability awards and shared-based compensation expense reflects the impacts of change in the liability remeasurement allocated to us. Any distributions associated with such incentive units are borne solely by WaterBridge Resources and WaterBridge II 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 our obligation nor taken into consideration for distributions to our investors. See Note 11— Share-Based Compensation within the notes to the WBEF consolidated financial statements included elsewhere in this prospectus. Other operating expense, net. Other operating expense, net decreased $2.8 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily attributable to lower casualty losses of $3.1 million associated with lightning strikes at produced water handling facilities during the year ended December 31, 202