auto20210930

auto20210930_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-34761

AutoWeb, Inc.

(Exact name of registrant as specified in its charter)

Delaware		33-0711569
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

400 North Ashley Drive, Suite 300

Tampa, Florida 33602

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code): (949) 225-4500

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	AUTO	The Nasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 2, 2021, there were 13,465,871 shares of the Registrant’s Common Stock, $0.001 par value, outstanding.

INDEX

PART I. FINANCIAL INFORMATION


		Page


ITEM 1.	Financial Statements

	Unaudited Condensed Consolidated Balance Sheets as of September 30, 2021, and December 31, 2020	1

	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021, and 2020	2

	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021, and 2020	3

	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021, and 2020	5

	Notes to Unaudited Condensed Consolidated Financial Statements	6

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	26

ITEM 4.	Controls and Procedures	26

	PART II. OTHER INFORMATION

ITEM 1A.	Risk Factors	27

ITEM 6.	Exhibits	29

	Signatures	30

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AUTOWEB, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	September 30, 2021			December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	9,868		$	10,803
Restricted cash		4,312			4,304
Accounts receivable, net of allowances for bad debts and customer credits of $374 and $406 at September 30, 2021 and December 31, 2020, respectively		12,796			13,955
Vehicle inventory		189			—
Prepaid expenses and other current assets		1,287			847
Total current assets		28,452			29,909
Property and equipment, net		3,769			2,953
Right-of-use assets		2,232			2,892
Intangible assets, net		3,927			4,733
Other assets		518			642
Total assets	$	38,898		$	41,129
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		7,955			7,233
Borrowings under revolving credit facility		10,005			10,185
Current portion of the PPP Loan		—			1,384
Accrued employee-related benefits		2,691			2,123
Other accrued expenses and other current liabilities		845			538
Current portion of lease liabilities		882			1,015
Current portion of financing debt		67			65
Total current liabilities		22,445			22,543
Lease liabilities, net of current portion		1,598			2,191
Financing debt, net of current portion		12			60
Total liabilities		24,055			24,794
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value, 11,445,187 shares authorized Series A Preferred stock, 2,000,000 shares authorized, none- issued and outstanding at September 30, 2021 and December 31, 2020		—			—
Common stock, $0.001 par value; 55,000,000 shares authorized, and 13,465,871 and 13,169,204 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		13			13
Additional paid-in capital		367,645			366,087
Accumulated deficit		(352,815	)		(349,765	)
Total stockholders’ equity		14,843			16,335
Total liabilities and stockholders’ equity	$	38,898		$	41,129

See accompanying notes to unaudited condensed consolidated financial statements.

-1-

AUTOWEB, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per-share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020

Revenues:
Lead generation	$	12,030		$	14,759		$	41,444		$	47,496
Digital advertising		3,525			3,054			10,727			11,822
Used vehicle sales		1,604			—			1,604			—
Total revenues		17,159			17,813			53,775			59,318
Cost of revenues:
Cost of revenues – lead generation and digital advertising		11,280			11,390			35,530			41,498
Cost of revenues – used vehicles sales		1,446			—			1,446			—
Total cost of revenues		12,726			11,390			36,976			41,498
Gross profit		4,433			6,423			16,799			17,820
Operating expenses:
Sales and marketing		2,465			1,904			6,768			6,062
Technology support		1,395			1,451			4,034			5,094
General and administrative		3,260			3,110			9,479			9,954
Depreciation and amortization		179			225			579			1,506
Total operating expenses		7,299			6,690			20,860			22,616

Operating loss		(2,866	)		(267	)		(4,061	)		(4,796	)
Interest and other (expense) income:
Interest (expense) income, net		(253	)		(233	)		(752	)		(1,270	)
Other income		63			52			1,763			183
Loss before income tax provision		(3,056	)		(448	)		(3,050	)		(5,883	)
Income tax provision		—			—			—			—
Net loss	$	(3,056	)	$	(448	)	$	(3,050	)	$	(5,883	)

Basic loss per common share	$	(0.23	)	$	(0.03	)	$	(0.23	)	$	(0.45	)

Diluted loss per common share	$	(0.23	)	$	(0.03	)	$	(0.23	)	$	(0.45	)

See accompanying notes to unaudited condensed consolidated financial statements.

-2-

AUTOWEB, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts in thousands, except share data)

Three Months Ended September, 2020
	Common Stock				Preferred Stock					Additional
	Number of Shares		Amount		Number of Shares		Amount			Paid-In Capital	Accumulated Deficit			Total

Balance at June 30, 2020		13,146,831	$	13		—	$	—	$	365,056	$	(348,380	)	$	16,689
Share-based compensation		—		—		—		—		497		—			497
Issuance of common stock upon exercise of stock options		22,213		—		—		—		74		—			74
Net loss		—		—		—		—		—		(448	)		(448	)
Balance at September 30, 2020		13,169,044	$	13		—	$	—	$	365,627	$	(348,828	)	$	16,812

Three Months Ended September 30, 2021
	Common Stock				Preferred Stock					Additional
	Number of Shares		Amount		Number of Shares		Amount			Paid-In Capital		Accumulated Deficit		Total

Balance at June 30, 2021		13,465,871	$	13		—	$	—	$	367,187	$	(349,759	)	$	17,441
Share-based compensation		—		—		—		—		458		—			458
Net loss		—		—		—		—		—		(3,056	)		(3,056	)
Balance at September 30, 2021		13,465,871	$	13		—	$	—	$	367,645	$	(352,815	)	$	14,843

See accompanying notes to unaudited condensed consolidated financial statements.

-3-

AUTOWEB, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY CONTINUED

(Amounts in thousands, except share data)

Nine Months Ended September 30, 2020
	Common Stock				Preferred Stock				Additional
	Number of Shares		Amount		Number of Shares		Amount		Paid-In Capital		Accumulated Deficit			Total

Balance at December 31, 2019		13,146,831	$	13		—	$	—	$	364,028	$	(342,945	)	$	21,096
Share-based compensation		—		—		—		—		1,525		—			1,525
Issuance of common stock upon exercise of stock options		22,213		—		—		—		74		—			74
Net loss		—		—		—		—		—		(5,883	)		(5,883	)
Balance at September 30, 2020		13,169,044	$	13		—	$	—	$	365,627	$	(348,828	)	$	16,812

Nine Months Ended September 30, 2021
	Common Stock				Preferred Stock					Additional
	Number of Shares		Amount		Number of Shares		Amount			Paid-In Capital		Accumulated Deficit		Total

Balance at December 31, 2020		13,169,204	$	13		—	$	—	$	366,087	$	(349,765	)	$	16,335
Share-based compensation		—		—		—		—		1,382		—			1,382
Issuance of common stock upon exercise of stock options		76,667		—		—		—		176		—			176
Issuance of restricted stock		220,000		—		—		—		—		—			—
Net loss		—		—		—		—		—		(3,050	)		(3,050	)
Balance at September 30, 2021		13,465,871	$	13		—	$	—	$	367,645	$	(352,815	)	$	14,843

See accompanying notes to unaudited condensed consolidated financial statements.

-4-

AUTOWEB, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

	Nine Months Ended September 30,
	2021			2020
Cash flows from operating activities:
Net loss	$	(3,050	)	$	(5,883	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		1,920			2,975
Provision for bad debts		(242	)		321
Provision for customer credits		321			75
Forgiveness of PPP loan		(1,384	)		—
Share-based compensation		1,382			1,525
Right-of-use assets		660			1,107
Changes in assets and liabilities:
Accounts receivable		1,080			9,072
Prepaid expenses and other current assets		(440	)		120
Vehicle inventory		(189	)		—
Other assets		124			(36	)
Accounts payable		446			(6,642	)
Accrued expenses and other current liabilities		800			(320	)
Lease liabilities		(726	)		(1,001	)
Net cash provided by operating activities		702			1,313
Cash flows from investing activities:
Purchases of property and equipment		(1,254	)		(396	)
Purchase of intangible asset		(325	)		—
Net cash used in investing activities		(1,579	)		(396	)
Cash flows from financing activities:
Borrowings under PNC credit facility		—			28,564
Principal payments on PNC credit facility		—			(32,308	)
Borrowings under CNC credit facility		54,561			53,612
Principal payments on CNC credit facility		(54,741	)		(43,588	)
Borrowings under the PPP Loan		—			1,384
Proceeds from exercise of stock options		176			74
Payments under financing agreement		(46	)		(29	)
Net cash (used in) provided by financing activities		(50	)		7,709
Net increase (decrease) in cash and cash equivalents and restricted cash		(927	)		8,626
Cash and cash equivalents and restricted cash, beginning of period		15,107			5,946
Cash and cash equivalents and restricted cash, end of period	$	14,180		$	14,572

Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	$	10,803		$	892
Restricted cash at beginning of period		4,304			5,054
Cash and cash equivalents and restricted cash at beginning of period	$	15,107		$	5,946

Cash and cash equivalents at end of period	$	9,868		$	11,270
Restricted cash at end of period		4,312			3,302
Cash and cash equivalents and restricted cash at end of period	$	14,180		$	14,572

Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	—		$	1
Cash refunds for income taxes		1			814
Cash paid for interest	$	656		$	640
Supplemental disclosure of non-cash financing activities
Right-of-use assets obtained in exchange for operating lease liabilities	$	—		$	1,535
Purchase of fixed assets or capitalized software on account	$	276		$	142
Financing for the purchase of fixed assets	$	—		$	140
Intangible asset holdback	$	75		$	—

See accompanying notes to unaudited condensed consolidated financial statements.

-5-

AUTOWEB, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Operations

AutoWeb, Inc. (“AutoWeb” or the “Company”) is an automotive industry marketing and used vehicle acquisition and reselling company focused on being a more involved “matchmaker” to better match consumers seeking to acquire vehicles and vehicle sellers that can meet the consumers’ needs. We assist consumers in multiple aspects of a vehicle transaction, including providing them with content and information helpful to their next vehicle to acquisition. The Company also assists consumers choosing to sell their current vehicle, which provides a complementary product line extension to the Company’s existing consumer offerings. The Company primarily generates revenue through automotive retail dealers (“Dealers”) and automotive manufacturers (“Manufacturers”) by helping them market and sell new and used vehicles to consumers through the Company’s programs for online lead and traffic referrals, dealer marketing products and services, and online advertising. The Company also sells used vehicles that it has acquired from consumers directly to Dealers and indirectly to Dealers through wholesale auctions.

The Company’s consumer-facing websites (“Company Websites”) provide consumers with information and tools to aid them with their automotive purchase decisions and the ability to submit inquiries requesting Dealers to contact consumers regarding purchasing or leasing vehicles (“Leads”). Leads are internally generated from Company Websites or acquired from third parties that generate Leads from their websites.

The Company’s click traffic referral program provides consumers who are shopping for vehicles online with targeted offers based on make, model and geographic location. As these consumers conduct online research on Company Websites or on the site of one of the Company’s network of automotive publishers, they are presented with relevant offers on a timely basis and, upon the consumer clicking on the displayed advertisement, are sent to the appropriate website location of one of the Company’s Dealer, Manufacturer or advertising customers.

On July 31, 2021, the Company and Tradein Expert, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Tradein Expert”), entered into and consummated an Asset Purchase Agreement (“Purchase Agreement”), by and among the Company, Tradein Expert, Car Acquisition, LLC, a Texas limited liability company dba CarZeus (“Seller”), Carzuz.com LLC, a Texas limited liability company, McCombs Family Partners, Ltd., a Texas limited partnership and Phil Kandera, an individual, pursuant to which Tradein Expert acquired specified assets of Seller’s San Antonio, Texas-based used vehicle acquisition platform that operates under the name CarZeus (“CarZeus Purchase Transaction”).. Through the Tradein Expert entity (dba CarZeus), the Company purchases used vehicles directly from consumers and resells them through wholesale channels, with the CarZeus operations within AutoWeb beginning on August 1, 2021.

The aggregate consideration for the CarZeus Purchase Transaction was $0.4 million in cash. The Purchase Agreement contains representations, warranties, covenants, and conditions that the Company believes are customary for a transaction of this size and type, as well as indemnification provisions subject to specified conditions, including a six-month holdback of approximately $0.1 million (“Holdback Amount”) of the purchase price as a source of security for any indemnification obligations. On August 2, 2021, the Company paid approximately $0.3 million of the purchase consideration, and, subject to any indemnification obligations arising, the Holdback Amount is payable to the Seller on January 31, 2022.

2. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are presented on the same basis as the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). AutoWeb has made its disclosures in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Company management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The unaudited condensed consolidated statement of operations and cash flows for the period ended September 30, 2021, are not necessarily indicative of the results of operations or cash flows expected for the year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in the 2020 Form 10-K.

- 6-

Certain amounts have been reclassified from the prior year presentation to conform to the current year presentation. References to amounts in the consolidated financial statement sections are in thousands, except share and per share data, unless otherwise specified.

As of September 30, 2021, and December 31, 2020, restricted cash primarily consisted of pledged cash pursuant to the CIT Northbridge Credit LLC (“CNC Credit Agreement”) discussed in Note 9 of these Notes to Unaudited Condensed Consolidated Financial Statements.

3. Recent Accounting Pronouncements

The Company has reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a material impact to its consolidated financial statements.

4. Revenue Recognition

Revenue is recognized upon transfer of control of promised goods or services to the Company’s customers, or when the Company satisfies any performance obligations under contract. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for respective goods or services provided. Further, under Accounting Standards Codification 606, “Revenue from Contracts with Customers,” (“ASC 606”) contract assets or contract liabilities that arise from past performance but require a further performance before the obligation can be fully satisfied must be identified and recorded on the balance sheet until respective settlements have been met.

The Company has three main revenue sources – Lead Generation, Digital Advertising and Used Vehicle Sales. Accordingly, the Company recognizes revenue for each source as described below:

●

Lead Generation – Paid by Dealers and Manufacturers participating in the Company’s Lead programs and are comprised of Lead transaction and/or monthly subscription fees. Lead fees are recognized in the period when service is provided.

●

Digital Advertising – Fees paid by Dealers, Manufacturers and third-party wholesale suppliers for (i) the Company’s click traffic program, (ii) display advertising on Company Websites, and (iii) email and other direct marketing. Revenue is recognized in the period advertisements are displayed on Company Websites or the period in which clicks have been delivered, as applicable. The Company recognizes revenue from the delivery of action-based advertisement (including email and other direct marketing) in the period in which a user takes the action for which the marketer contracted with the Company. For advertising revenue arrangements where the Company is not the principal, the Company recognizes revenue on a net basis.

●

Used Vehicle Sales – Used vehicles acquired by Tradein Expert are predominately resold at auctions or direct to Dealers, and revenue from the sale of these vehicles is recognized upon transfer of ownership of the vehicle to the Company's wholesale customer.

Variable Consideration

Leads are generally sold with a right-of-return for services that do not meet customer requirements as specified by the relevant contract. Some leads also are subject to pricing adjustments based upon their subsequent conversion into vehicle sales. Rights-of-return and lead conversions are estimable, and provisions for these estimates are recorded as a reduction in revenue by the Company in the period revenue is recognized, and thereby accounted for as variable consideration. The Company includes the allowance for customer credits in its net accounts receivable balances on the Company’s balance sheet at period end. Allowances for customer credits approximated $304,000 and $64,000 at September 30, 2021 and December 31, 2020, respectively.

- 7-

Contract Assets and Contract Liabilities

Unbilled Revenue

Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records a receivable when revenue is recognized prior to invoicing. From time to time, the Company may have balances on its balance sheet representing revenue that has been recognized by the Company upon satisfaction of performance obligations and earning a right to receive payment. These not-yet invoiced receivable balances are driven by the timing of administrative transaction processing, and are not indicative of partially complete performance obligations, or unbilled revenue.

Deferred Revenue

The Company defers the recognition of revenue when cash payments are received or due in advance of satisfying the Company’s performance obligations, including amounts which are refundable. Such activity is not typical for the Company. The Company had zero deferred revenue included in its consolidated balance sheets as of September 30, 2021, and December 31, 2020. Payment terms and conditions can vary by contract type. Generally, payment terms within the Company’s customer contracts include a requirement of payment within 30 to 60 days from date of invoice. Typically, customers make payments after receipt of invoice for billed services, and less typically, in advance of rendered services.

The Company has not made any significant changes in applying ASC 606 during the nine months ended September 30, 2021.

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers by revenue source and has determined that disaggregating revenue into these categories sufficiently depicts the differences in the nature, amount, timing and uncertainty of revenue streams.

The following table summarizes revenue from contracts with customers, disaggregated by revenue source, for the three and nine months ended September 30, 2021, and 2020. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The table is in line with our reportable segments (see Note 12 – Segment Reporting)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Lead fees	$	12,030	$	14,759	$	41,444	$	47,496
Advertising
Clicks		2,976		2,432		8,747		10,102
Display and other advertising		549		622		1,980		1,720
		3,525		3,054		10,727		11,822

Used vehicle sales		1,604		—		1,604		—
Total revenues	$	17,159	$	17,813	$	53,775	$	59,318

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5. Net Loss Per Share and Stockholders’ Equity

Basic net loss per share is computed using the weighted average number of common shares outstanding during the three-and-nine-month periods reflected in the following table, excluding any unvested restricted stock. Diluted net loss per share is computed using the weighted average number of common shares, and if dilutive, potential common shares outstanding, as determined under the treasury stock and if-converted methods, during the period. Potential common shares consist of unvested restricted stock and common shares issuable upon the exercise of stock options and warrants.

The following are the share amounts utilized to compute the basic and diluted net loss per share for the three and nine months ended September 30, 2021, and 2020:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Basic Shares:
Weighted average common shares outstanding		13,465,871			13,153,752			13,394,101			13,149,155
Weighted average unvested restricted stock		(220,000	)		(12,898	)		(172,509	)		(13,187	)
Basic Shares		13,245,871			13,140,854			13,221,592			13,135,968

Diluted Shares:
Basic shares		13,245,871			13,140,854			13,221,592			13,135,968
Weighted average dilutive securities		—			—			—			—
Diluted Shares		13,245,871			13,140,854			13,221,592			13,135,968

For the three and nine months ended September 30, 2021, and 2020, the Company’s basic and diluted net loss per share and weighted-average number of shares are the same because the Company generated a net loss for the period and potentially dilutive securities are excluded from diluted net loss per share because they have an anti-dilutive impact.

For the three and nine months ended September 30, 2021, 4.6 million and 4.6 million of potentially anti-dilutive securities related to common stock have been excluded from the calculation of diluted net earnings per share, respectively. For the three and nine months ended September 30, 2020, 3.9 million and 3.9 million of potentially anti-dilutive securities related to common stock have been excluded from the calculation of diluted net earnings per share, respectively.

6. Share-Based Compensation

Share-based compensation expense is included in the following operating expense categories in the accompanying Unaudited Condensed Consolidated Statements of Operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Share-based compensation expense:
Sales and marketing		39		29		102		90
Technology support		7		15		26		70
General and administrative		412		453		1,254		1,365
Share-based compensation costs		458		497		1,382		1,525

Total share-based compensation costs	$	458	$	497	$	1,382	$	1,525

There was no share-based compensation that was capitalized related to the development of internal use software.

Stock Options. The Company granted the following stock options for the three and nine months ended September 30, 2021 and 2020, respectively:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2021

2020

2021

2020

Number of stock options granted

112,000

—

932,000

SEC Form 10-Q filed by AutoWeb, Inc.