Core Insights - Kinder Morgan, Inc. (KMI) utilizes Adjusted Net Income as a supplemental measure to provide insights into its operational performance and earnings generation capabilities [1] - Adjusted Net Income Attributable to Common Stock is calculated to allow for the determination of Adjusted EPS, which is essential for evaluating per-share performance [2] - Adjusted Segment EBDA is a key performance metric that helps management and investors understand segment contributions and performance trends [3] - Adjusted EBITDA is a critical measure for assessing leverage and comparing valuations across the industry [4] - Net Debt is calculated to evaluate leverage and is used in conjunction with Adjusted EBITDA for performance targets [7] - Free Cash Flow (FCF) is an important metric for understanding cash flow generation and leverage [9] Financial Metrics - Adjusted Net Income Attributable to Kinder Morgan, Inc. is derived from net income adjusted for certain items, providing a clearer view of ongoing operations [1] - Adjusted EPS is calculated from Adjusted Net Income Attributable to Common Stock divided by weighted average shares outstanding, reflecting per-share performance [2] - Adjusted Segment EBDA is calculated by adjusting segment earnings for certain items, providing insights into segment performance and management [3] - Adjusted EBITDA includes adjustments for DD&A, income tax expense, and interest, and is used to evaluate leverage [4] - Net Debt is determined by subtracting cash and equivalents from total debt, providing a measure of financial leverage [7] - FCF is calculated by reducing cash flow from operations for capital expenditures, offering insights into cash generation after dividends [9] Joint Ventures - Amounts associated with Joint Ventures are included in Adjusted EBITDA calculations, reflecting the performance of both consolidated and unconsolidated JVs [5][6] - Adjusted EBITDA for JVs includes similar adjustments as those for wholly-owned subsidiaries, but excludes non-controlling interests [6] Project Evaluation - Project EBITDA is calculated for individual capital projects, providing a basis for evaluating return on investment before uncontrollable expenses [8]