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

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Statement Of Operations Table Text Block

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	56,858		$	9,730		$	—	$	66,588
Costs and expenses:
Costs of revenues		37,862			5,707			—		43,569
Selling, general and administrative expenses		12,094			2,234			—		14,328
Depreciation and amortization		7,156			1,453			—		8,609
Total costs and expenses		57,112			9,394			—		66,506
Income (loss) from operations		(254	)		336			—		82
Interest and other expenses, net		430			582			—		1,012
Loss before income taxes		(684	)		(246	)		—		(930	)
Benefit for income taxes		(318	)		(53	)		—		(371	)
Net loss	$	(366	)	$	(193	)	$	—	$	(559	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	87,195		$	36,543		$	—	$	123,738
Costs and expenses:
Costs of revenues		60,415			20,758			—		81,173
Selling, general and administrative expenses		17,022			11,610			—		28,632
Depreciation and amortization		8,719			5,306			—		14,025
Total costs and expenses		86,156			37,674			—		123,830
Income (loss) from operations		1,039			(1,131	)		—		(92	)
Interest and other expenses, net		5,312			1,261			—		6,573
Loss before income taxes		(4,273	)		(2,392	)		—		(6,665	)
Provision (benefit) for income taxes		(2,485	)		143			—		(2,342	)
Net loss	$	(1,788	)	$	(2,535	)	$	—	$	(4,323	)

Condensed Consolidating Balance Sheet Table Text Block

Assets	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries			Consolidated Totals
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 secured 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

Assets	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries			Consolidated Totals
Current assets:
Cash and cash equivalents	$	5,690	$	2,776	$	—		$	—		$	8,466
Accounts receivable, net		43,586		106,174		—			—			149,760
Other receivables		65		—		—			—			65
Prepaid expenses		2,278		2,673		—			—			4,951
Deferred tax assets		1,509		—		—			—			1,509
Other current assets		13		1,199		—			—			1,212
Total current assets		53,141		112,822		—			—			165,963
Property, equipment and leasehold improvements, net		8,629		1,204		—			—			9,833
Goodwill		242,111		60,908		—			—			303,019
Intangible assets, net		77,174		58,042		—			—			135,216
Deferred tax assets, noncurrent		—		2,869		—			(1,881	)		988
Deferred financing costs, net		—		—		11,343			—			11,343
Other assets		432		—		—			—			432
Total assets	$	381,487	$	235,845	$	11,343		$	(1,881	)	$	626,794
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	15,117	$	27,998	$	—		$	—		$	43,115
Accrued expenses		9,300		27,993		—			—			37,293
Accrued interest expense		—		4,502		317			—			4,819
Deferred revenue		174		1,746		—			—			1,920
Current portion of subordinated unsecured notes payable		1,629		—		—			—			1,629
Current portion of contingent earnout obligation		91		—		—			—			91
Other current liabilities		2,378		2,704		—			—			5,082
Total current liabilities		28,689		64,943		317			—			93,949
Senior unsecured notes payable		—		—		250,000			—			250,000
Senior secured revolving credit facility and working capital facilities		—		36,557		5,000			—			41,557
Long-term subordinated unsecured notes payable, less current portion		513		—		—			—			513
Long-term contingent earnout obligation, less current portion		86		—		—			—			86
Deferred tax liability, noncurrent		1,881		—		—			(1,881	)		—
Other long-term liabilities		1,527		336		—			—			1,863
Total liabilities		32,696		101,836		255,317			(1,881	)		387,968
Commitments and contingencies
Stockholders’ equity (1)		348,791		134,009		(243,974	)		—			238,826
Total liabilities and stockholders' equity	$	381,487	$	235,845	$	11,343		$	(1,881	)	$	626,794

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	$	4,953		$	1,313		$	—		$	6,266
Investing activities:
Cash paid for acquisitions, net		(185,000	)		(2,303	)		—			(187,303	)
Purchases of equipment and leasehold improvements, net		(1,872	)		(96	)		—			(1,968	)
Working capital and other settlements for acquisitions		49			(374	)		—			(325	)
Net cash used in investing activities		(186,823	)		(2,773	)		—			(189,596	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			165,000			165,000
Proceeds from the exercise of options and warrants		—			—			263			263
Excess tax benefit related to share-based compensation		438			—			—			438
Payment of deferred financing costs		—			—			(445	)		(445	)
Repayment of subordinated unsecured notes payable		(361	)		—			—			(361	)
Net borrowings under working capital facilities		—			130			—			130
Intercompany investments and other		164,800			—			(164,818	)		(18	)
Net cash provided by financing activities		164,877			130			—			165,007
Exchange rate impact on cash and cash equivalents		—			80			—			80
Net decrease in cash and cash equivalents		(16,993	)		(1,250	)		—			(18,243	)
Cash and cash equivalents, beginning of period		31,192			2,432			—			33,624
Cash and cash equivalents, end of period	$	14,199		$	1,182		$	—		$	15,381

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidated Totals
Net cash provided by operating activities	$	1,398		$	3,401		$	—		$	4,799
Investing activities:
Purchases of equipment and leasehold improvements, net		(407	)		(145	)		—			(552	)
Working capital and other settlements for acquisitions		47			861			—			908
Net cash provided by (used in) investing activities		(360	)		716			—			356
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			11,000			11,000
Proceeds from the exercise of options and warrants		—			—			50			50
Purchases of stock for treasury		—			—			(387	)		(387	)
Payment of deferred financing costs		—			—			(414	)		(414	)
Repayment of subordinated unsecured notes payable		(546	)		—			—			(546	)
Net repayments of working capital facilities		—			(3,789	)		—			(3,789	)
Repayment under credit facilities		—			—			(11,000	)		(11,000	)
Intercompany investments and other		(846	)		—			751			(95	)
Net cash used in financing activities		(1,392	)		(3,789	)		—			(5,181	)
Exchange rate impact on cash and cash equivalents		—			76			—			76
Net increase (decrease) in cash and cash equivalents		(354	)		404			—			50
Cash and cash equivalents, beginning of period		6,044			2,372			—			8,416
Cash and cash equivalents, end of period	$	5,690		$	2,776		$	—		$	8,466