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

9 Months Ended

Sep. 30, 2015

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	$	123,112	$	80,966	$	—	$	—		$	204,078
Costs and expenses:
Costs of revenues		80,796		49,801		—		—			130,597
Selling, general and administrative expenses		22,970		20,564		—		—			43,534
Depreciation and amortization		9,149		6,556		—		—			15,705
Total costs and expenses		112,915		76,921		—		—			189,836
Income from operations		10,197		4,045		—		—			14,242
Interest and other expenses, net		6,346		2,009		—		—			8,355
Income before income taxes		3,851		2,036		—		—			5,887
Provision for income taxes		1,024		1,448		—		—			2,472
Net income before earnings of consolidated subsidiaries	$	2,827	$	588	$	—	$	—		$	3,415
Net income (loss) of consolidated subsidiaries		588		—		588		(1,176	)		—
Net income (loss)	$	3,415	$	588	$	588	$	(1,176	)	$	3,415

	Guarantor Subsidiaries			Non- Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	346,504		$	227,047		$	—		$	—	$	573,551
Costs and expenses:
Costs of revenues		228,346			138,137			—			—		366,483
Selling, general and administrative expenses		66,521			60,131			—			—		126,652
Depreciation and amortization		25,037			19,868			—			—		44,905
Total costs and expenses		319,904			218,136			—			—		538,040
Income from operations		26,600			8,911			—			—		35,511
Interest and other expenses, net		18,154			5,873			—			—		24,027
Income before income taxes		8,446			3,038			—			—		11,484
Provision for income taxes		498			4,328			—			—		4,826
Net income (loss) before earnings of consolidated subsidiaries	$	7,948		$	(1,290	)	$	—		$	—	$	6,658
Net income (loss) of consolidated subsidiaries		(1,290	)		—			(1,290	)		2,580		—
Net income (loss)	$	6,658		$	(1,290	)	$	(1,290	)	$	2,580	$	6,658

	Guarantor Subsidiaries		Non- Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Revenues	$	128,768	$	77,265	$	—	$	—		$	206,033
Costs and expenses:
Costs of revenues		86,779		47,667		—		—			134,446
Selling, general and administrative expenses		21,904		18,551		—		—			40,455
Depreciation and amortization		8,519		4,478		—		—			12,997
Total costs and expenses		117,202		70,696		—		—			187,898
Income from operations		11,566		6,569		—		—			18,135
Interest and other expenses, net		6,579		1,421		—		—			8,000
Income before income taxes		4,987		5,148		—		—			10,135
Provision for income taxes		970		2,010		—		—			2,980
Net income before earnings of consolidated subsidiaries	$	4,017	$	3,138	$	—	$	—		$	7,155
Net income (loss) of consolidated subsidiaries		3,138		—		3,138		(6,276	)		—
Net income (loss)	$	7,155	$	3,138	$	3,138	$	(6,276	)	$	7,155

	Guarantor Subsidiaries			Non- Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Revenues	$	382,611		$	228,476	$	—	$	—		$	611,087
Costs and expenses:
Costs of revenues		257,735			141,312		—		—			399,047
Selling, general and administrative expenses		68,607			56,721		—		—			125,328
Depreciation and amortization		27,001			14,573		—		—			41,574
Total costs and expenses		353,343			212,606		—		—			565,949
Income from operations		29,268			15,870		—		—			45,138
Interest and other expenses, net		40,001			4,570		—		—			44,571
Income (loss) before income taxes		(10,733	)		11,300		—		—			567
Provision (benefit) for income taxes		(6,621	)		5,872		—		—			(749	)
Net income (loss) before earnings of consolidated subsidiaries	$	(4,112	)	$	5,428	$	—	$	—		$	1,316
Net income (loss) of consolidated subsidiaries		5,428			—		5,428		(10,856	)		—
Net income (loss)	$	1,316		$	5,428	$	5,428	$	(10,856	)	$	1,316

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	$	388	$	9,363	$	—	$	—		$	9,751
Accounts receivable, net		55,684		147,505		—		—			203,189
Intercompany receivable		42,002		—		10,667		(52,669	)		—
Prepaid expenses		8,248		5,557		—		—			13,805
Deferred tax assets		3,780		—		—		(4	)		3,776
Other current assets		272		1,165		—		—			1,437
Total current assets		110,374		163,590		10,667		(52,673	)		231,958
Property, equipment and leasehold improvements, net		10,394		5,332		—		—			15,726
Investment in subsidiaries		217,344		—		591,435		(808,779	)		—
Intercompany notes receivable		174,464		—		174,464		(348,928	)		—
Goodwill		387,104		108,575		—		—			495,679
Intangible assets, net		64,530		38,053		—		—			102,583
Long-term accounts receivable, less current portion		—		46,401		—		—			46,401
Deferred tax assets, noncurrent		22,505		7,177		—		—			29,682
Deferred financing costs, net		6,140		29		—		—			6,169
Other assets		663		1,283		—		—			1,946
Total assets	$	993,518	$	370,440	$	776,566	$	(1,210,380	)	$	930,144
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	20,163	$	36,870	$	—	$	—		$	57,033
Intercompany payable		10,667		42,002		—		(52,669	)		—
Accrued expenses		23,904		30,074		—		—			53,978
Accrued interest expense		—		—		10,667		—			10,667
Deferred revenue		244		6,158		—		—			6,402
Deferred tax liability		—		4		—		(4	)		—
Current portion of contingent earnout obligation		—		4,473		—		—			4,473
Current portion of working capital facilities		—		40,396		—		—			40,396
Other current liabilities		2,363		4,587		—		—			6,950
Total current liabilities		57,341		164,564		10,667		(52,673	)		179,899
Senior unsecured notes payable		—		—		250,000		—			250,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		—		143,853		—			143,853
Intercompany notes payable		174,464		174,464		—		(348,928	)		—
Long-term contingent earnout obligation, less current portion		—		2,114		—		—			2,114
Other long-term liabilities		1,795		7,608		—		—			9,403
Total liabilities		233,600		348,750		404,520		(401,601	)		585,269
Commitments and contingencies
Stockholders’ equity (deficit)		759,918		21,690		372,046		(808,779	)		344,875
Total liabilities and stockholders' equity (deficit)	$	993,518	$	370,440	$	776,566	$	(1,210,380	)	$	930,144

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	115,222	$	12,116	$	—	$	—		$	127,338
Accounts receivable, net		64,657		160,852		—		—			225,509
Intercompany receivable		53,593		—		12,892		(66,485	)		—
Prepaid expenses		10,478		4,422		—		—			14,900
Deferred tax assets		4,976		96		—		—			5,072
Other current assets		2,351		1,137		—		—			3,488
Total current assets		251,277		178,623		12,892		(66,485	)		376,307
Property, equipment and leasehold improvements, net		11,979		5,099		—		—			17,078
Investment in subsidiaries		222,773		—		731,849		(954,622	)		—
Intercompany notes receivable		174,375		—		174,375		(348,750	)		—
Goodwill		392,636		96,896		—		—			489,532
Intangible assets, net		49,778		21,718		—		—			71,496
Long-term accounts receivable, less current portion		—		52,497		—		—			52,497
Deferred tax assets, noncurrent		43,727		5,931		—		—			49,658
Deferred financing costs, net		9,635		118		—		—			9,753
Other assets		711		1,389		—		—			2,100
Total assets	$	1,156,891	$	362,271	$	919,116	$	(1,369,857	)	$	1,068,421
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	23,552	$	35,688	$	—	$	—		$	59,240
Intercompany payable		12,892		53,593		—		(66,485	)		—
Accrued expenses		18,717		35,557		—		—			54,274
Accrued interest expense		—		—		12,892		—			12,892
Deferred revenue		162		3,996		—		—			4,158
Other current liabilities		2,173		3,668		—		—			5,841
Total current liabilities		57,496		132,502		12,892		(66,485	)		136,405
Senior unsecured notes payable		—		—		500,000		—			500,000
Senior secured revolving credit facility and working capital facilities		—		38,838		—		—			38,838
Intercompany notes payable		174,375		174,375		—		(348,750	)		—
Deferred tax liability, noncurrent		5,587		—		—		—			5,587
Other long-term liabilities		3,701		9,026		—		—			12,727
Total liabilities		241,159		354,741		512,892		(415,235	)		693,557
Commitments and contingencies
Stockholders’ equity (deficit)		915,732		7,530		406,224		(954,622	)		374,864
Total liabilities and stockholders' equity (deficit)	$	1,156,891	$	362,271	$	919,116	$	(1,369,857	)	$	1,068,421

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	$	18,266		$	6,695		$	—		$	—	$	24,961
Investing activities:
Cash paid for acquisitions, net		(177,864	)		(9,538	)		—			—		(187,402	)
Purchases of equipment and leasehold improvements, net		(4,171	)		(2,021	)		—			—		(6,192	)
Working capital and other settlements for acquisitions		(497	)		(1,869	)		—			—		(2,366	)
Cash paid for foreign currency net investment hedge		(362	)		—			—			—		(362	)
Other		(939	)		—			—			—		(939	)
Net cash used in investing activities		(183,833	)		(13,428	)		—			—		(197,261	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			269,621			—		269,621
Proceeds from the exercise of options and warrants					—			35,394			—		35,394
Excess tax benefit related to share-based compensation					—			12,700			—		12,700
Net borrowings under working capital facilities					7,506			—			—		7,506
Payment of deferred financing costs					—			(251	)		—		(251	)
Repayment of subordinated unsecured notes payable		(333	)		—			—			—		(333	)
Payment of contingent earnout obligation		—			(4,362	)		—			—		(4,362	)
Repayment under senior secured revolving credit facility		—			—			(151,290	)		—		(151,290	)
Intercompany notes and investments and other		166,121			—			(166,174	)		—		(53	)
Net cash provided by financing activities		165,788			3,144			—			—		168,932
Exchange rate impact on cash and cash equivalents		—			(350	)		—			—		(350	)
Net increase (decrease) in cash and cash equivalents		221			(3,939	)		—			—		(3,718	)
Cash and cash equivalents, beginning of period		760			12,069			—			—		12,829
Cash and cash equivalents, end of period	$	981		$	8,130		$	—		$	—	$	9,111

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Net cash provided by operating activities	$	28,717		$	12,911		$	—		$	—	$	41,628
Investing activities:
Cash paid for acquisitions, net		(11,145	)		(625	)		—			—		(11,770	)
Purchases of equipment and leasehold improvements, net		(5,068	)		(2,269	)		—			—		(7,337	)
Working capital and other settlements for acquisitions		(181	)		—			—			—		(181	)
Cash proceeds from foreign currency net investment hedge		4,122			—			—			—		4,122
Other		(1,427	)		—			—			—		(1,427	)
Net cash used in investing activities		(13,699	)		(2,894	)		—			—		(16,593	)
Financing activities:
Borrowings under senior unsecured notes		—			—			500,000			—		500,000
Borrowings under senior secured revolving credit facility		—			—			25,478			—		25,478
Proceeds from the exercise of options and warrants		—			—			13,737			—		13,737
Excess tax benefit related to share-based compensation		—			—			3,111			—		3,111
Net borrowings under working capital facilities		—			(607	)		—			—		(607	)
Repayment of contingent earnout obligation		—			(5,064	)		—			—		(5,064	)
Payment of deferred financing costs		—			(144	)		(8,562	)		—		(8,706	)
Payment for early redemption of senior unsecured notes		—			—			(14,618	)		—		(14,618	)
Repayment under senior secured revolving credit facility		—			—			(169,331	)		—		(169,331	)
Repayments under senior unsecured notes		—			—			(250,000	)		—		(250,000	)
Intercompany notes and investments and other		99,815			—			(99,815	)		—		—
Net cash provided by (used in) financing activities		99,815			(5,815	)		—			—		94,030
Exchange rate impact on cash and cash equivalents		—			(1,448	)		—			—		(1,448	)
Net increase in cash and cash equivalents		114,833			2,754			—			—		117,587
Cash and cash equivalents, beginning of period		388			9,363			—			—		9,751
Cash and cash equivalents, end of period	$	115,221		$	12,117		$	—		$	—	$	127,338