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

6 Months Ended

Jun. 30, 2013

Condensed Consolidating Financial Information Of Guarantor Subsidiaries

Condensed Income Statement [Table Text Block]

	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	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	95,493		$	60,655		$	—	$	156,148
Costs and expenses:
Costs of revenues		67,073			35,045			—		102,118
Selling, general and administrative expenses		17,280			16,796			—		34,076
Depreciation and amortization		8,256			7,566			—		15,822
Total costs and expenses		92,609			59,407			—		152,016
Income from operations		2,884			1,248			—		4,132
Interest and other expenses, net		5,788			1,912			—		7,700
Loss before income taxes		(2,904	)		(664	)		—		(3,568	)
Provision (benefit) for income taxes		(1,820	)		1,035			—		(785	)
Net loss	$	(1,084	)	$	(1,699	)	$	—	$	(2,783	)
Comprehensive Income (Loss):
Net loss	$	(1,084	)	$	(1,699	)	$	—	$	(2,783	)
Foreign currency translation adjustments, net of tax		2,757			(8,488	)		—		(5,731	)
Total comprehensive income (loss)	$	1,673		$	(10,187	)	$	—	$	(8,514	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)		Consolidated Totals
Revenues	$	186,671		$	118,180		$	—	$	304,851
Costs and expenses:
Costs of revenues		131,204			68,298			—		199,502
Selling, general and administrative expenses		35,404			31,929			—		67,333
Depreciation and amortization		16,879			15,269			—		32,148
Total costs and expenses		183,487			115,496			—		298,983
Income from operations		3,184			2,684			—		5,868
Interest and other expenses, net		11,347			3,883			—		15,230
Loss before income taxes		(8,163	)		(1,199	)		—		(9,362	)
Provision (benefit) for income taxes		(4,878	)		1,891			—		(2,987	)
Net loss	$	(3,285	)	$	(3,090	)	$	—	$	(6,375	)
Comprehensive Loss:
Net loss	$	(3,285	)	$	(3,090	)	$	—	$	(6,375	)
Foreign currency translation adjustments, net of tax		2,682			(12,664	)		—		(9,982	)
Total comprehensive loss	$	(603	)	$	(15,754	)	$	—	$	(16,357	)

Condensed 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	$	4,125	$	4,502	$	—		$	—		$	8,627
Accounts receivable, net		43,939		100,737		—			—			144,676
Other receivables		17		4		—			—			21
Prepaid expenses		2,723		2,613		—			—			5,336
Deferred tax assets		37		—		—			(21	)		16
Other current assets		—		1,213		—			—			1,213
Total current assets		50,841		109,069		—			(21	)		159,889
Property, equipment and leasehold improvements, net		8,339		1,994		—			—			10,333
Goodwill		258,890		111,253		—			—			370,143
Intangible assets, net		62,420		90,476		—			—			152,896
Long-term accounts receivable, less current portion		—		31,708		—			—			31,708
Deferred tax assets, noncurrent		61		4,112		—			—			4,173
Deferred financing costs, net		—		—		10,258			—			10,258
Other assets		495		606		—			—			1,101
Total assets	$	381,046	$	349,218	$	10,258		$	(21	)	$	740,501
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	14,756	$	32,184	$	—		$	—		$	46,940
Accrued expenses		8,067		27,928		—			—			35,995
Accrued interest expense		—		—		10,918			—			10,918
Deferred revenue		103		3,848		—			—			3,951
Current portion of subordinated unsecured notes payable		275		—		—			—			275
Deferred tax liability		—		21		—			(21	)		—
Current portion of contingent earnout obligation		91		—		—			—			91
Current portion of working capital facilities		—		5,983		—			—			5,983
Other current liabilities		2,226		3,747		—			—			5,973
Total current liabilities		25,518		73,711		10,918			(21	)		110,126
Senior unsecured notes payable		—		—		250,000			—			250,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		28,476		99,926			—			128,402
Long-term subordinated unsecured notes payable, less current portion		300		—		—			—			300
Other long-term liabilities		1,493		6,032		—			—			7,525
Total liabilities		27,311		108,219		360,844			(21	)		496,353
Commitments and contingencies
Stockholders’ equity (deficit) (1)		353,735		240,999		(350,586	)		—			244,148
Total liabilities and stockholders' equity (deficit)	$	381,046	$	349,218	$	10,258		$	(21	)	$	740,501

Assets	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries			Consolidated Totals
Current assets:
Cash and cash equivalents	$	1,570	$	7,597	$	—		$	—		$	9,167
Accounts receivable, net		47,574		105,241		—			—			152,815
Prepaid expenses		1,986		3,071		—			—			5,057
Deferred tax assets		22		—		—			(4	)		18
Other current assets		—		1,141		—			—			1,141
Total current assets		51,152		117,050		—			(4	)		168,198
Property, equipment and leasehold improvements, net		7,419		2,646		—			—			10,065
Goodwill		249,006		110,605		—			—			359,611
Intangible assets, net		47,804		68,405		—			—			116,209
Long-term accounts receivable, less current portion		—		32,476		—			—			32,476
Deferred tax assets, noncurrent		15,398		4,833		—			—			20,231
Deferred financing costs, net		—		—		9,175			—			9,175
Other assets		489		1,005		—			—			1,494
Total assets	$	371,268	$	337,020	$	9,175		$	(4	)	$	717,459
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	16,435	$	33,415	$	—		$	—		$	49,850
Accrued expenses		6,161		31,118		—			—			37,279
Accrued interest expense		—		—		10,398			—			10,398
Deferred revenue		102		4,770		—			—			4,872
Current portion of subordinated unsecured notes payable		282		—		—			—			282
Deferred tax liability		—		4		—			(4	)		—
Current portion of contingent earnout obligation		94		—		—			—			94
Other current liabilities		1,584		3,890		—			—			5,474
Total current liabilities		24,658		73,197		10,398			(4	)		108,249
Senior unsecured notes payable		—		—		250,000			—			250,000
Senior secured revolving credit facility and working capital facilities		—		29,261		78,000			—			107,261
Long-term subordinated unsecured notes payable, less current portion		309		—		—			—			309
Other long-term liabilities		1,427		6,009		—			—			7,436
Total liabilities		26,394		108,467		338,398			(4	)		473,255
Commitments and contingencies
Stockholders’ equity (deficit) (1)		344,874		228,553		(329,223	)		—			244,204
Total liabilities and stockholders' equity (deficit)	$	371,268	$	337,020	$	9,175		$	(4	)	$	717,459

Condensed Cash Flow Statement [Table Text Block]

	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	)
Repayment of subordinated unsecured notes payable		(759	)		—			—			(759	)
Payment of deferred financing costs		—			—			(624	)		(624	)
Net repayments of working capital facilities		—			(4,341	)		—			(4,341	)
Repayments under senior secured revolving credit facility		—			—			(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

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidated Totals
Net cash provided by operating activities	$	8,832		$	8,782		$	—		$	17,614
Investing activities:
Purchases of equipment and leasehold improvements, net		(1,629	)		(1,684	)		—			(3,313	)
Proceeds from foreign currency net investment hedge		3,810			—			—			3,810
Net cash provided by (used in) investing activities		2,181			(1,684	)		—			497
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			77,000			77,000
Proceeds from the exercise of options and warrants		—			—			6,032			6,032
Excess tax benefit related to share-based compensation		—			—			1,752			1,752
Payment of deferred financing costs		—			—			(52	)		(52	)
Net repayments of working capital facilities		—			(3,216	)		—			(3,216	)
Repayment under senior secured revolving credit facility		—			—			(98,300	)		(98,300	)
Intercompany investments and other		(13,568	)		—			13,568			—
Net cash used in financing activities		(13,568	)		(3,216	)		—			(16,784	)
Exchange rate impact on cash and cash equivalents		—			(787	)		—			(787	)
Net increase (decrease) in cash and cash equivalents		(2,555	)		3,095			—			540
Cash and cash equivalents, beginning of period		4,125			4,502			—			8,627
Cash and cash equivalents, end of period	$	1,570		$	7,597		$	—		$	9,167