Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 176

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 176
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7.5 million primarily attributable higher accounts receivable related to the higher revenues.

Net Cash Used in Investing Activities.Net cash used in investing activities increased $152.4 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase was primarily driven by $141.1 million of higher acquisition-related expenditures and $12.0 million of increased capital expenditures, inclusive of changes in associated working capital items, required to service our produced water handling contracts and volume, and expansion of our infrastructure network.

Net Cash Provided by Financing Activities.Net cash provided by financing activities increased $121.4 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023. Net cash provided by financing activities for the year ended December 31, 2024 totaled $250.2 million consisting of $252.2 million of debt-related proceeds, net of debt issuance costs, related to the execution of a new term loan agreement and amended credit facility partially offset by $2.0 million principal payments associated with notes payable and finance leases. The term loan and amended credit facility were primarily used to fund acquisitions and capital expenditures.

Net cash provided by financing activities for the year ended December 31, 2023 totaled $128.8 million consisting of $120.5 million of debt-related proceeds, net of debt issuance costs, primarily used to fund capital expenditures and $9.8 million of member cash contributions partially offset by $1.5 million principal payments associated with notes payable and finance leases.

Capital Requirements

We focus our business model on establishing long-term operating relationships with E&P companies to develop produced water handling infrastructure solutions throughout the full life cycle of their oil and natural gas wells. Our contracts generally include inflation escalators, which may assist in mitigating our exposure to broader inflationary pressures. While our business typically requires regular capital expenditures for maintenance of existing pipelines, water handling and recycling facilities, we may elect to increase capital spend for the acquisition or construction of new pipelines and facilities in order to take advantage of market opportunities or to support our customers’ development plans. As such, we proactively work with our customers to determine their near-term water handling and recycling needs to support their development activities.

The amount and allocation of future acquisition related capital expenditures will depend upon a number of factors, including the amount of capital required to support our customers’ development plans, size and expected return on investment for potential acquisition opportunities, our cash flows from operating activities and our