Note 14. Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2011

Condensed Consolidating Statement of Operations Table Text Block

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	298,056		$	99,804		$	—	$	397,860
Costs and expenses:
Costs of revenues		203,651			58,591			—		262,242
Selling, general and administrative expenses		55,139			28,994			—		84,133
Depreciation and amortization		34,081			13,358			—		47,439
Total costs and expenses		292,871			100,943			—		393,814
Income (loss) from operations		5,185			(1,139	)		—		4,046
Interest and other expenses, net		14,148			2,313			—		16,461
Loss before income taxes		(8,963	)		(3,452	)		—		(12,415	)
Provision (benefit) for income taxes		(5,331	)		1,249			—		(4,082	)
Net loss	$	(3,632	)	$	(4,701	)	$	—	$	(8,333	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	147,917		$	15,594		$	—	$	163,511
Costs and expenses:
Costs of revenues		94,238			9,368			—		103,606
Selling, general and administrative expenses		34,789			2,900			—		37,689
Depreciation and amortization		17,044			2,461			—		19,505
Total costs and expenses		146,071			14,729			—		160,800
Income from operations		1,846			865			—		2,711
Interest and other expenses, net		10,034			1,199			—		11,233
Loss before income taxes		(8,188	)		(334	)		—		(8,522	)
Provision (benefit) for income taxes		(2,538	)		54			—		(2,484	)
Net loss	$	(5,650	)	$	(388	)	$	—	$	(6,038	)

Condensed Consolidating Balance Sheet Table Text Block

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	6,044	$	2,372	$	—		$	—		$	8,416
Accounts receivable, net		44,690		99,351		—			—			144,041
Other receivables		26		14		—			—			40
Prepaid expenses		2,694		1,793		—			—			4,487
Deferred tax assets		1,373		267		—			—			1,640
Other current assets		14		1,159		—			—			1,173
Total current assets		54,841		104,956		—			—			159,797
Property, equipment and leasehold improvements, net		7,745		1,173		—			—			8,918
Goodwill		240,252		60,008		—			—			300,260
Intangible assets, net		84,833		61,335		—			—			146,168
Deferred tax assets, noncurrent		—		1,913		—			(1,913	)		—
Deferred financing costs, net		—		—		11,458			—			11,458
Other assets		438		—		—			—			438
Total assets	$	388,109	$	229,385	$	11,458		$	(1,913	)	$	627,039
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	16,728	$	25,914	$	—		$	—		$	42,642
Accrued expenses		4,272		24,138		—			—			28,410
Accrued interest expense		—		3,236		7,011			—			10,247
Deferred revenue		192		1,140		—			—			1,332
Current portion of subordinated unsecured notes payable		1,932		—		—			—			1,932
Current portion of contingent earnout obligation		91		—		—			—			91
Other current liabilities		2,925		2,534		—			—			5,459
Total current liabilities		26,140		56,962		7,011			—			90,113
Senior unsecured notes payable		—		—		250,000			—			250,000
Senior revolving credit facility and working capital facilities		—		39,063		5,000			—			44,063
Long-term subordinated unsecured notes payable, less current portion		717		—		—			—			717
Long-term contingent earnout obligation, less current portion		86		—		—			—			86
Deferred tax liability, noncurrent		4,072		—		—			(1,913	)		2,159
Other long-term liabilities		1,691		286		—			—			1,977
Total liabilities		32,706		96,311		262,011			(1,913	)		389,115
Commitments and contingencies
Stockholders’ equity (1)		355,403		133,074		(250,553	)		—			237,924
Total liabilities and stockholders' equity	$	388,109	$	229,385	$	11,458		$	(1,913	)	$	627,039

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	31,192	$	2,432		$	—		$	—	$	33,624
Accounts receivable, net		19,271		19,367			—			—		38,638
Other receivables		48		(15	)		—			—		33
Prepaid expenses		1,586		589			—			—		2,175
Deferred tax assets		14		54			—			—		68
Other current assets		42		—			—			—		42
Total current assets		52,153		22,427			—			—		74,580
Property, equipment and leasehold improvements, net		4,712		158			—			—		4,870
Goodwill		67,676		22,906			—			—		90,582
Intangible assets, net		50,844		16,070			—			—		66,914
Deferred tax assets, noncurrent		5,448		2,221			—			—		7,669
Deferred financing costs, net		—		—			4,176			—		4,176
Other assets		271		—			—			—		271
Total assets	$	181,104	$	63,782		$	4,176		$	—	$	249,062
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	14,376	$	5,623		$	—		$	—	$	19,999
Accrued expenses		4,907		4,507			—			—		9,414
Accrued interest expense		—		1,079			(1,079	)		—		—
Deferred revenue		159		113			—			—		272
Current portion of subordinated unsecured notes payable		2,312		—			—			—		2,312
Current portion of contingent earnout obligation		2,478		—			—			—		2,478
Other current liabilities		1,344		1,761			—			—		3,105
Total current liabilities		25,576		13,083			(1,079	)		—		37,580
Senior revolving credit facility and working capital facilities		—		4,998			—			—		4,998
Long-term subordinated unsecured notes payable, less current portion		2,546		—			—			—		2,546
Long-term contingent earnout obligation, less current portion		2,032		—			—			—		2,032
Other long-term liabilities		1,666		—			—			—		1,666
Total liabilities		31,820		18,081			(1,079	)		—		48,822
Commitments and contingencies
Stockholders’ equity (1)		149,284		45,701			5,255			—		200,240
Total liabilities and stockholders' equity	$	181,104	$	63,782		$	4,176		$	—	$	249,062

Condensed Consolidating Statement of Cash Flows Table Text Block

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidated Totals
Net cash provided by operating activities	$	33,994		$	5,549		$	—		$	39,543
Investing activities:
Cash paid for acquisitions, net		(320,496	)		(1,752	)		—			(322,248	)
Purchases of equipment and leasehold improvements, net		(6,048	)		(808	)		—			(6,856	)
Working capital and other settlements for acquisitions		(5,007	)		(1,703	)		—			(6,710	)
Net cash used in investing activities		(331,551	)		(4,263	)		—			(335,814	)
Financing activities:
Borrowings under credit facilities		—			—			278,000			278,000
Borrowings under senior unsecured notes payable		—			—			250,000			250,000
Net borrowings under working capital facilities		37,145			(1,524	)		—			35,621
Proceeds from the exercise of options and warrants		—			—			2,292			2,292
Repayment of subordinated unsecured notes payable		(2,421	)		—			—			(2,421	)
Purchases of stock for treasury		—			—			(9,421	)		(9,421	)
Payment of deferred financing costs		—			—			(9,746	)		(9,746	)
Repayment under credit facilities		—			—			(273,000	)		(273,000	)
Intercompany investments and other		237,685			—			(238,125	)		(440	)
Net cash provided by (used in) financing activities		272,409			(1,524	)		—			270,885
Exchange rate impact on cash and cash equivalents		—			178			—			178
Net decrease in cash and cash equivalents		(25,148	)		(60	)		—			(25,208	)
Cash and cash equivalents, beginning of year		31,192			2,432			—			33,624
Cash and cash equivalents, end of year	$	6,044		$	2,372		$	—		$	8,416

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidated Totals
Net cash provided by operating activities	$	14,565		$	3,738		$	—		$	18,303
Investing activities:
Cash paid for acquisitions, net		(115,331	)		106			—			(115,225	)
Purchases of equipment and leasehold improvements, net		(1,728	)		(2	)		—			(1,730	)
Working capital and other settlements for acquisitions		418			—			—			418
Net cash provided by (used in) investing activities		(116,641	)		104			—			(116,537	)
Financing activities:
Borrowings under credit facilities		—			—			67,315			67,315
Net borrowings (repayments) under working capital facilities		6,447			(1,450	)		—			4,997
Excess tax benefit related to share-based compensation		—			—			974			974
Proceeds from the exercise of options and warrants		—			—			703			703
Issuance of preferred stock, net		—			—			32,421			32,421
Issuance of common stock, net		—			—			136,660			136,660
Repayments of related party notes		(3,500	)		—			—			(3,500	)
Repayment of subordinated unsecured notes payable		(2,167	)		—			—			(2,167	)
Purchases of stock for treasury		—			—			—			—
Payment of deferred financing costs		—			—			(6,534	)		(6,534	)
Repayment under credit facilities		—			—			(100,550	)		(100,550	)
Intercompany investments and other		130,989			—			(130,989	)		—
Net cash provided by (used in) financing activities		131,769			(1,450	)		—			130,319
Exchange rate impact on cash and cash equivalents		—			40			—			40
Net increase in cash and cash equivalents		29,693			2,432			—			32,125
Cash and cash equivalents, beginning of year		1,499			—			—			1,499
Cash and cash equivalents, end of year	$	31,192		$	2,432		$	—		$	33,624