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

9 Months Ended

Sep. 30, 2012

Condensed Consolidating Statement Of Operations Table Text Block

	Guarantor Subsidiaries			Non- Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	78,054		$	31,164		$	—	$	109,218
Costs and expenses:
Costs of revenues		53,781			18,367			—		72,148
Selling, general and administrative expenses		13,441			9,362			—		22,803
Depreciation and amortization		8,848			4,221			—		13,069
Total costs and expenses		76,070			31,950			—		108,020
Income (loss) from operations		1,984			(786	)		—		1,198
Interest and other expenses, net		5,204			83			—		5,287
Loss before income taxes		(3,220	)		(869	)		—		(4,089	)
Benefit for income taxes		(1,316	)		(96	)		—		(1,412	)
Net loss	$	(1,904	)	$	(773	)	$	—	$	(2,677	)
Comprehensive Loss:
Net loss	$	(1,904	)	$	(773	)	$	—	$	(2,677	)
Foreign currency translation adjustments, net of tax		—			(2,627	)		—		(2,627	)
Total comprehensive loss	$	(1,904	)	$	(3,400	)	$	—	$	(5,304	)

	Guarantor Subsidiaries			Non- Guarantor  Subsidiaries			ExamWorks  Group, Inc.  (Parent Corporation)		Consolidated Totals
Revenues	$	217,597		$	64,951		$	—	$	282,548
Costs and expenses:
Costs of revenues		147,845			38,380			—		186,225
Selling, general and administrative expenses		40,336			18,449			—		58,785
Depreciation and amortization		24,569			8,584			—		33,153
Total costs and expenses		212,750			65,413			—		278,163
Income (loss) from operations		4,847			(462	)		—		4,385
Interest and other expenses, net		7,738			1,775			—		9,513
Loss before income taxes		(2,891	)		(2,237	)		—		(5,128	)
Benefit for income taxes		(1,408	)		(412	)		—		(1,820	)
Net loss	$	(1,483	)	$	(1,825	)	$	—	$	(3,308	)
Comprehensive Loss:
Net loss	$	(1,483	)	$	(1,825	)	$	—	$	(3,308	)
Foreign currency translation adjustments, net of tax		—			(2,857	)		—		(2,857	)
Total comprehensive loss	$	(1,483	)	$	(4,682	)	$	—	$	(6,165	)

	Guarantor  Subsidiaries			Non- Guarantor Subsidiaries			ExamWorks  Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	84,785		$	45,300		$	—	$	130,085
Costs and expenses:
Costs of revenues		60,025			26,055			—		86,080
Selling, general and administrative expenses		15,003			13,278			—		28,281
Depreciation and amortization		8,480			5,978			—		14,458
Total costs and expenses		83,508			45,311			—		128,819
Income (loss) from operations		1,277			(11	)		—		1,266
Interest and other expenses, net		5,937			1,609			—		7,546
Loss before income taxes		(4,660	)		(1,620	)		—		(6,280	)
Provision (benefit) for income taxes		(3,692	)		2,038			—		(1,654	)
Net loss	$	(968	)	$	(3,658	)	$	—	$	(4,626	)
Comprehensive Income (Loss):
Net loss	$	(968	)	$	(3,658	)	$	—	$	(4,626	)
Foreign currency translation adjustments, net of tax		(159	)		4,572			—		4,413
Total comprehensive income (loss)	$	(1,127	)	$	914		$	—	$	(213	)

	Guarantor Subsidiaries			Non- Guarantor  Subsidiaries			ExamWorks Group, Inc.  (Parent Corporation)		Consolidated Totals
Revenues	$	260,442		$	121,158		$	—	$	381,600
Costs and expenses:
Costs of revenues		182,747			68,729			—		251,476
Selling, general and administrative expenses		47,449			37,193			—		84,642
Depreciation and amortization		25,881			16,364			—		42,245
Total costs and expenses		256,077			122,286			—		378,363
Income (loss) from operations		4,365			(1,128	)		—		3,237
Interest and other expenses, net		16,391			3,902			—		20,293
Loss before income taxes		(12,026	)		(5,030	)		—		(17,056	)
Provision (benefit) for income taxes		(6,938	)		2,138			—		(4,800	)
Net loss	$	(5,088	)	$	(7,168	)	$	—	$	(12,256	)
Comprehensive Loss:
Net loss	$	(5,088	)	$	(7,168	)	$	—	$	(12,256	)
Foreign currency translation adjustments, net of tax		(159	)		5,286			—		5,127
Total comprehensive loss	$	(5,247	)	$	(1,882	)	$	—	$	(7,129	)

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		—		—		10,247			—			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		53,726		10,247			—			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		93,075		265,247			(1,913	)		389,115
Commitments and contingencies
Stockholders’ equity (deficit) (1)		355,403		136,310		(253,789	)		—			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	$	3,207	$	3,199	$	—		$	—	$	6,406
Accounts receivable, net		45,742		125,355		—			—		171,097
Other receivables		32		30		—			—		62
Prepaid expenses		2,078		2,934		—			—		5,012
Other current assets		13		1,213		—			—		1,226
Total current assets		51,072		132,731		—			—		183,803
Property, equipment and leasehold improvements, net		8,580		1,969		—			—		10,549
Goodwill		242,027		109,999		—			—		352,026
Intangible assets, net		62,494		98,011		—			—		160,505
Deferred tax assets, noncurrent		7,167		4,440		—			—		11,607
Deferred financing costs, net		—		—		10,771			—		10,771
Other assets		493		609		—			—		1,102
Total assets	$	371,833	$	347,759	$	10,771		$	—	$	730,363
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	11,567	$	33,728	$	—		$	—	$	45,295
Accrued expenses		10,414		35,773		—			—		46,187
Accrued interest expense		—		—		5,133			—		5,133
Deferred revenue		166		3,203		—			—		3,369
Current portion of subordinated unsecured notes payable		1,251		—		—			—		1,251
Deferred tax liability		335		23		—			—		358
Current portion of contingent earnout obligation		83		—		—			—		83
Current portion of working capital facilities		—		6,292		—			—		6,292
Other current liabilities		2,498		3,507		—			—		6,005
Total current liabilities		26,314		82,526		5,133			—		113,973
Senior unsecured notes payable		—		—		250,000			—		250,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		28,920		94,905			—		123,825
Long-term subordinated unsecured notes payable, less current portion		528		—		—			—		528
Other long-term liabilities		1,386		424		—			—		1,810
Total liabilities		28,228		111,870		350,038			—		490,136
Commitments and contingencies
Stockholders’ equity (1)		343,605		235,889		(339,267	)		—		240,227
Total liabilities and stockholders' equity	$	371,833	$	347,759	$	10,771		$	—	$	730,363

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	$	57,414		$	(30,608	)	$	—		$	26,806
Investing activities:
Cash paid for acquisitions, net		(297,930	)		(2,303	)		—			(300,233	)
Purchases of equipment and leasehold improvements, net		(3,301	)		(820	)		—			(4,121	)
Working capital and other settlements for acquisitions		(168	)		(1,716	)		—			(1,884	)
Net cash used in investing activities		(301,399	)		(4,839	)		—			(306,238	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			268,000			268,000
Borrowings under senior unsecured notes payable		—			—			250,000			250,000
Proceeds from the exercise of options and warrants		—			—			2,215			2,215
Excess tax benefit related to share-based compensation		3,112			—			—			3,112
Payment of deferred financing costs		—			—			(9,746	)		(9,746	)
Repayment of subordinated unsecured notes payable		(2,101	)		—			—			(2,101	)
Net borrowings under working capital facilities		—			36,098			—			36,098
Purchases of stock for treasury		—			—			(3,548	)		(3,548	)
Repayment under senior secured revolving credit facility		—			—			(268,000	)		(268,000	)
Intercompany investments and other		238,563			—			(238,921	)		(358	)
Net cash provided by financing activities		239,574			36,098			—			275,672
Exchange rate impact on cash and cash equivalents		—			5			—			5
Net increase (decrease) in cash and cash equivalents		(4,411	)		656			—			(3,755	)
Cash and cash equivalents, beginning of period		31,192			2,432			—			33,624
Cash and cash equivalents, end of period	$	26,781		$	3,088		$	—		$	29,869

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidated  Totals
Net cash provided by operating activities	$	10,938		$	4,149		$	—		$	15,087
Investing activities:
Cash paid for acquisitions, net		(96,942	)		1,141			—			(95,801	)
Purchases of equipment and leasehold improvements, net		(4,379	)		(478	)		—			(4,857	)
Working capital and other settlements for acquisitions		(857	)		1,404			—			547
Net cash provided by (used in) investing activities		(102,178	)		2,067			—			(100,111	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			160,640			160,640
Proceeds from the exercise of options and warrants		—			—			1,254			1,254
Purchases of stock for treasury		—			—			(387	)		(387	)
Payment of deferred financing costs		—			—			(1,034	)		(1,034	)
Repayment of subordinated unsecured notes payable		(975	)		—			—			(975	)
Net repayments of working capital facilities		—			(5,517	)		—			(5,517	)
Repayment under senior secured revolving credit facility		—			—			(71,000	)		(71,000	)
Intercompany investments and other		89,378			—			(89,473	)		(95	)
Net cash provided by (used in) financing activities		88,403			(5,517	)		—			82,886
Exchange rate impact on cash and cash equivalents		—			128			—			128
Net increase (decrease) in cash and cash equivalents		(2,837	)		827			—			(2,010	)
Cash and cash equivalents, beginning of period		6,044			2,372			—			8,416
Cash and cash equivalents, end of period	$	3,207		$	3,199		$	—		$	6,406