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

6 Months Ended

Jun. 30, 2012

Condensed Consolidating Statement Of Operations Table Text Block

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	82,685	$	24,057		$	—	$	106,742
Costs and expenses:
Costs of revenues		56,202		14,306			—		70,508
Selling, general and administrative expenses		14,801		6,853			—		21,654
Depreciation and amortization		8,565		2,910			—		11,475
Total costs and expenses		79,568		24,069			—		103,637
Income (loss) from operations		3,117		(12	)		—		3,105
Interest and other expenses, net		2,104		1,110			—		3,214
Income (loss) before income taxes		1,013		(1,122	)		—		(109	)
Provision (benefit) for income taxes		226		(263	)		—		(37	)
Net income (loss)	$	787	$	(859	)	$	—	$	(72	)

Comprehensive Income (Loss):
Net income (loss)	$	787	$	(859	)	$	—	$	(72	)
Foreign currency translation adjustments, net of tax		—		(1,074	)		—		(1,074	)
Total comprehensive income (loss)	$	787	$	(1,933	)	$	—	$	(1,146	)

	Guarantor  Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	139,543		$	33,787		$	—	$	173,330
Costs and expenses:
Costs of revenues		94,064			20,013			—		114,077
Selling, general and administrative expenses		26,895			9,087			—		35,982
Depreciation and amortization		15,721			4,363			—		20,084
Total costs and expenses		136,680			33,463			—		170,143
Income from operations		2,863			324			—		3,187
Interest and other expenses, net		2,534			1,692			—		4,226
Income (loss) before income taxes		329			(1,368	)		—		(1,039	)
Benefit for income taxes		(92	)		(316	)		—		(408	)
Net income (loss)	$	421		$	(1,052	)	$	—	$	(631	)

Comprehensive Income (Loss):
Net income (loss)	$	421	$	(1,052	)	$	—	$	(631	)
Foreign currency translation adjustments, net of tax		—		(230	)		—		(230	)
Total comprehensive income (loss)	$	421	$	(1,282	)	$	—	$	(861	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	88,462		$	39,315		$	—	$	127,777
Costs and expenses:
Costs of revenues		62,307			21,916			—		84,223
Selling, general and administrative expenses		15,424			12,305			—		27,729
Depreciation and amortization		8,682			5,080			—		13,762
Total costs and expenses		86,413			39,301			—		125,714
Income from operations		2,049			14			—		2,063
Interest and other expenses, net		5,142			1,032			—		6,174
Loss before income taxes		(3,093	)		(1,018	)		—		(4,111	)
Benefit for income taxes		(761	)		(43	)		—		(804	)
Net loss	$	(2,332	)	$	(975	)	$	—	$	(3,307	)

Comprehensive Loss:
Net loss	$	(2,332	)	$	(975	)	$	—	(3,307	)
Foreign currency translation adjustments, net of tax		—			(1,736	)		—	(1,736	)
Total comprehensive loss	$	(2,332	)	$	(2,711	)	$	—	(5,043	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	175,657		$	75,858		$	—	$	251,515
Costs and expenses:
Costs of revenues		122,722			42,674			—		165,396
Selling, general and administrative expenses		32,446			23,915			—		56,361
Depreciation and amortization		17,401			10,386			—		27,787
Total costs and expenses		172,569			76,975			—		249,544
Income (loss) from operations		3,088			(1,117	)		—		1,971
Interest and other expenses, net		10,454			2,293			—		12,747
Loss before income taxes		(7,366	)		(3,410	)		—		(10,776	)
Provision (benefit) for income taxes		(3,246	)		100			—		(3,146	)
Net loss	$	(4,120	)	$	(3,510	)	$	—	$	(7,630	)

Comprehensive Loss:
Net loss	$	(4,120	)	$	(3,510	)	$	—	(7,630	)
Foreign currency translation adjustments, net of tax		—			714			—	714
Total comprehensive loss	$	(4,120	)	$	(2,796	)	$	—	(6,916	)

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 (Deficit)
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 (deficit) (1)		355,403		133,074		(250,553	)		—			237,924
Total liabilities and stockholders' equity (deficit)	$	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	$	8,516	$	3,846	$	—		$	—	$	12,362
Accounts receivable, net		45,307		110,621		—			—		155,928
Other receivables		49		37		—			—		86
Prepaid expenses		1,377		2,396		—			—		3,773
Other current assets		13		1,171		—			—		1,184
Total current assets		55,262		118,071		—			—		173,333
Property, equipment and leasehold improvements, net		9,191		1,154		—			—		10,345
Goodwill		242,101		62,514		—			—		304,615
Intangible assets, net		69,751		51,935		—			—		121,686
Deferred tax assets, noncurrent		5,717		3,452		—			—		9,169
Deferred financing costs, net		—		—		11,078			—		11,078
Other assets		459		—		—			—		459
Total assets	$	382,481	$	237,126	$	11,078		$	—	$	630,685
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	13,592	$	27,934	$	—		$	—	$	41,526
Accrued expenses		14,289		30,305		—			—		44,594
Accrued interest expense		—		5,424		4,997			—		10,421
Deferred revenue		176		2,468		—			—		2,644
Current portion of subordinated unsecured notes payable		1,440		—		—			—		1,440
Deferred tax liability		154		316		—			—		470
Current portion of contingent earnout obligation		91		—		—			—		91
Other current liabilities		2,637		2,936		—			—		5,573
Total current liabilities		32,379		69,383		4,997			—		106,759
Senior unsecured notes payable		—		—		250,000			—		250,000
Senior secured revolving credit facility and working capital facilities		—		35,173		—			—		35,173
Long-term subordinated unsecured notes payable, less current portion		520		—		—			—		520
Long-term contingent earnout obligation, less current portion		86		—		—			—		86
Other long-term liabilities		1,461		373		—			—		1,834
Total liabilities		34,446		104,929		254,997			—		394,372
Commitments and contingencies
Stockholders’ equity (deficit) (1)		348,035		132,197		(243,919	)		—		236,313
Total liabilities and stockholders' equity (deficit)	$	382,481	$	237,126	$	11,078		$	—	$	630,685

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 (used in) operating activities	$	50,490		$	(34,097	)	$	—		$	16,393
Investing activities:
Cash paid for acquisitions, net		(278,239	)		(2,303	)		—			(280,542	)
Purchases of equipment and leasehold improvements, net		(2,219	)		(415	)		—			(2,634	)
Working capital and other settlements for acquisitions		70			(1,706	)		—			(1,636	)
Net cash used in investing activities		(280,388	)		(4,424	)		—			(284,812	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			264,000			264,000
Proceeds from the exercise of options and warrants		—			—			1,313			1,313
Excess tax benefit related to share-based compensation		1,886			—			—			1,886
Payment of deferred financing costs		—			—			(1,838	)		(1,838	)
Repayment of subordinated unsecured notes payable		(1,027	)		—			—			(1,027	)
Net borrowings under working capital facilities		—			37,794			—			37,794
Repayment under senior secured revolving credit facility		—			—			(60,000	)		(60,000	)
Intercompany investments and other		203,200			—			(203,475	)		(275	)
Net cash provided by financing activities		204,059			37,794			—			241,853
Exchange rate impact on cash and cash equivalents		—			148			—			148
Net decrease in cash and cash equivalents		(25,839	)		(579	)		—			(26,418	)
Cash and cash equivalents, beginning of period		31,192			2,432			—			33,624
Cash and cash equivalents, end of period	$	5,353		$	1,853		$	—		$	7,206

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidated Totals
Net cash provided by operating activities	$	11,578		$	4,644		$	—		$	16,222
Investing activities:
Purchases of equipment and leasehold improvements, net		(2,671	)		(284	)		—			(2,955	)
Working capital and other settlements for acquisitions		102			1,404			—			1,506
Net cash provided by (used in) investing activities		(2,569	)		1,120			—			(1,449	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			11,000			11,000
Proceeds from the exercise of options and warrants		—			—			328			328
Purchases of stock for treasury		—			—			(387	)		(387	)
Payment of deferred financing costs		—			—			(624	)		(624	)
Repayment of subordinated unsecured notes payable		(759	)		—			—			(759	)
Net repayments of working capital facilities		—			(4,341	)		—			(4,341	)
Repayment under credit facilities		—			—			(16,000	)		(16,000	)
Intercompany investments and other		(5,778	)		—			5,683			(95	)
Net cash used in financing activities		(6,537	)		(4,341	)		—			(10,878	)
Exchange rate impact on cash and cash equivalents		—			51			—			51
Net increase in cash and cash equivalents		2,472			1,474			—			3,946
Cash and cash equivalents, beginning of period		6,044			2,372			—			8,416
Cash and cash equivalents, end of period	$	8,516		$	3,846		$	—		$	12,362