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

6 Months Ended

Jun. 30, 2014

Condensed Consolidating Financial Information Of Guarantor Subsidiaries [Abstract]

Condensed Income Statement [Table Text Block]

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		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 before earnings of consolidated subsidiaries	$	(1,084	)	$	(1,699	)	$	—		$	—	$	(2,783	)
Net income (loss) of consolidated subsidiaries		(1,699	)		—			(1,699	)		3,398		—
Net income (loss)	$	(2,783	)	$	(1,699	)	$	(1,699	)	$	3,398	$	(2,783	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		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 before earnings of consolidated subsidiaries	$	(3,285	)	$	(3,090	)	$	—		$	—	$	(6,375	)
Net income (loss) of consolidated subsidiaries		(3,090	)		—			(3,090	)		6,180		—
Net income (loss)	$	(6,375	)	$	(3,090	)	$	(3,090	)	$	6,180	$	(6,375	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	117,343		$	79,102		$	—		$	—	$	196,445
Costs and expenses:
Costs of revenues		76,483			48,368			—			—		124,851
Selling, general and administrative expenses		21,846			20,744			—			—		42,590
Depreciation and amortization		8,168			6,690			—			—		14,858
Total costs and expenses		106,497			75,802			—			—		182,299
Income from operations		10,846			3,300			—			—		14,146
Interest and other expenses, net		6,116			1,979			—			—		8,095
Income before income taxes		4,730			1,321			—			—		6,051
Provision for income taxes		1,116			1,403			—			—		2,519
Net income (loss) before earnings of consolidated subsidiaries	$	3,614		$	(82	)	$	—		$	—	$	3,532
Net income (loss) of consolidated subsidiaries		(82	)		—			(82	)		164		—
Net income (loss)	$	3,532		$	(82	)	$	(82	)	$	164	$	3,532

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	223,392		$	146,081		$	—		$	—	$	369,473
Costs and expenses:
Costs of revenues		147,550			88,336			—			—		235,886
Selling, general and administrative expenses		43,551			39,567			—			—		83,118
Depreciation and amortization		15,888			13,312			—			—		29,200
Total costs and expenses		206,989			141,215			—			—		348,204
Income from operations		16,403			4,866			—			—		21,269
Interest and other expenses, net		11,808			3,864			—			—		15,672
Income before income taxes		4,595			1,002			—			—		5,597
Provision (benefit) for income taxes		(526	)		2,880			—			—		2,354
Net income (loss) before earnings of consolidated subsidiaries	$	5,121		$	(1,878	)	$	—		$	—	$	3,243
Net income (loss) of consolidated subsidiaries		(1,878	)		—			(1,878	)		3,756		—
Net income (loss)	$	3,243		$	(1,878	)	$	(1,878	)	$	3,756	$	3,243

Condensed 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	$	760	$	12,069	$	—	$	—		$	12,829
Accounts receivable, net		46,828		123,077		—		—			169,905
Intercompany receivable		19,120		—		10,431		(29,551	)		—
Prepaid expenses		2,889		2,896		—		—			5,785
Deferred tax assets		437		—		—		(4	)		433
Other current assets		61		1,237		—		—			1,298
Total current assets		70,095		139,279		10,431		(29,555	)		190,250
Property, equipment and leasehold improvements, net		6,760		4,190		—		—			10,950
Investment in subsidiaries		217,034		—		414,802		(631,836	)		—
Intercompany notes receivable		174,826		—		174,826		(349,652	)		—
Goodwill		259,316		109,996		—		—			369,312
Intangible assets, net		37,172		57,692		—		—			94,864
Long-term accounts receivable, less current portion		—		35,952		—		—			35,952
Deferred tax assets, noncurrent		15,470		6,021		—		—			21,491
Deferred financing costs, net		8,100		93		8,100		(8,100	)		8,193
Other assets		497		1,004		—		—			1,501
Total assets	$	789,270	$	354,227	$	608,159	$	(1,019,143	)	$	732,513
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	17,524	$	35,148	$	—	$	—		$	52,672
Intercompany payable		10,431		19,120		—		(29,551	)		—
Accrued expenses		10,839		27,609		—		—			38,448
Accrued interest expense		—		—		10,431		—			10,431
Deferred revenue		100		5,695		—		—			5,795
Current portion of subordinated unsecured notes payable		318		—		—		—			318
Deferred tax liability		—		4		—		(4	)		—
Current portion of contingent earnout obligation		—		2,032		—		—			2,032
Other current liabilities		2,116		4,322		—		—			6,438
Total current liabilities		41,328		93,930		10,431		(29,555	)		116,134
Senior unsecured notes payable		—		—		250,000		—			250,000
Senior secured revolving credit facility and working capital facilities		—		37,943		45,027		—			82,970
Intercompany notes payable		174,826		174,826		—		(349,652	)		—
Long-term contingent earnout obligation, less current portion		—		2,373		—		—			2,373
Other long-term liabilities		1,791		6,374		—		—			8,165
Total liabilities		217,945		315,446		305,458		(379,207	)		459,642
Commitments and contingencies
Stockholders’ equity (deficit)		571,325		38,781		302,701		(639,936	)		272,871
Total liabilities and stockholders' equity (deficit)	$	789,270	$	354,227	$	608,159	$	(1,019,143	)	$	732,513

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	999	$	6,892	$	—	$	—		$	7,891
Accounts receivable, net		59,495		143,320		—		—			202,815
Intercompany receivable		36,466		—		10,671		(47,137	)		—
Prepaid expenses		3,880		5,961		—		—			9,841
Deferred tax assets		1,821		—		—		(4	)		1,817
Other current assets		—		1,279		—		—			1,279
Total current assets		102,661		157,452		10,671		(47,141	)		223,643
Property, equipment and leasehold improvements, net		8,517		4,230		—		—			12,747
Investment in subsidiaries		215,156		—		603,347		(818,503	)		—
Intercompany notes receivable		174,882		—		174,882		(349,764	)		—
Goodwill		385,144		124,740		—		—			509,884
Intangible assets, net		79,039		55,485		—		—			134,524
Long-term accounts receivable, less current portion		—		44,533		—		—			44,533
Deferred tax assets, noncurrent		8,283		6,725		—		—			15,008
Deferred financing costs, net		7,226		64		—		—			7,290
Other assets		585		1,478		—		—			2,063
Total assets	$	981,493	$	394,707	$	788,900	$	(1,215,408	)	$	949,692
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	20,834	$	40,911	$	—	$	—		$	61,745
Intercompany payable		10,671		36,466		—		(47,137	)		—
Accrued expenses		14,945		29,564		—		—			44,509
Accrued interest expense		—		—		10,671		—			10,671
Deferred revenue		305		5,814		—		—			6,119
Deferred tax liability		—		4		—		(4	)		—
Current portion of contingent earnout obligation		—		6,529		—		—			6,529
Current portion of working capital facilities		—		40,410		—		—			40,410
Other current liabilities		5,136		5,306		—		—			10,442
Total current liabilities		51,891		165,004		10,671		(47,141	)		180,425
Senior unsecured notes payable		—		—		250,000		—			250,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		—		187,022		—			187,022
Intercompany notes payable		174,882		174,882		—		(349,764	)		—
Long-term contingent earnout obligation, less current portion		—		5,128		—		—			5,128
Other long-term liabilities		1,631		7,513		—		—			9,144
Total liabilities		228,404		352,527		447,693		(396,905	)		631,719
Commitments and contingencies
Stockholders’ equity (deficit)		753,089		42,180		341,207		(818,503	)		317,973
Total liabilities and stockholders' equity (deficit)	$	981,493	$	394,707	$	788,900	$	(1,215,408	)	$	949,692

Condensed Cash Flow Statement [Table Text Block]

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		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
Net borrowings under working capital facilities		—			(3,216	)		—			—		(3,216	)
Payment of deferred financing costs		—			—			(52	)		—		(52	)
Repayment under senior secured revolving credit facility		—			—			(98,300	)		—		(98,300	)
Intercompany notes and 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

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Net cash provided by operating activities	$	13,234		$	5,521		$	—		$	—	$	18,755
Investing activities:
Cash paid for acquisitions, net		(175,590	)		(9,538	)		—			—		(185,128	)
Purchases of equipment and leasehold improvements, net		(2,864	)		(746	)		—			—		(3,610	)
Working capital and other settlements for acquisitions		(430	)		(1,869	)		—			—		(2,299	)
Cash paid from foreign currency net investment hedge		(5,044	)		—			—			—		(5,044	)
Other		(839	)		—			—			—		(839	)
Net cash used in investing activities		(184,767	)		(12,153	)		—			—		(196,920	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			219,995			—		219,995
Proceeds from the exercise of options and warrants					—			23,090			—		23,090
Excess tax benefit related to share-based compensation					—			7,314			—		7,314
Net borrowings under working capital facilities					1,160			—			—		1,160
Payment of deferred financing costs					—			(241	)		—		(241	)
Repayment of subordinated unsecured notes payable		(333	)		—			—			—		(333	)
Repayment under senior secured revolving credit facility		—			—			(78,000	)		—		(78,000	)
Intercompany notes and investments and other		172,105			—			(172,158	)		—		(53	)
Net cash provided by financing activities		171,772			1,160			—			—		172,932
Exchange rate impact on cash and cash equivalents		—			295			—			—		295
Net increase (decrease) in cash and cash equivalents		239			(5,177	)		—			—		(4,938	)
Cash and cash equivalents, beginning of period		760			12,069			—			—		12,829
Cash and cash equivalents, end of period	$	999		$	6,892		$	—		$	—	$	7,891