Convexity Redline · what changed in what they file
Sheet 38 · RedlineA 10-K is 200 pages of which 194 are last year's. The story is in the six that moved: the sentence that got rewritten, the risk factor that appeared, the segment table that broke out a new line. Convexity redlines each filing against the last, grades every 8-K by what its item codes actually mean, and extracts the tables into numbers you can use. The filing is the disclosure; the diff is the news.
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Search gives you the sentence you asked for. It cannot tell you that the sentence was different last quarter. Convexity keeps every filing parsed and diffed against its predecessor, so the question you actually have, what changed, has an answer that does not depend on you remembering the old language.
Every 10-K, 10-Q and 8-K lands parsed rather than stored as a blob. Sections are isolated by their Item heading, tables come out as rows and columns carrying the section they sat in, and transcripts are chunked by speaker.
Each filing is diffed against its predecessor sentence by sentence, per Item section: what was added, what was removed, what was rewritten. Risk-factor themes are tracked across quarters as they appear and disappear. No model touches the diff, so it cannot report a change that is not in the text.
An 8-K is graded from what its item code means, not from how the headline reads. A financial restatement and a routine results announcement are both 8-Ks, and they are not the same news.
A 10-K is not one document. It is a set of Item sections with different jobs, and a change in the risk factors means something different from a change in the business description. Each is located by its own Item heading and diffed against the same section of the prior filing, never against the document as a whole.
Each section carries its own vocabulary, so the tone reading is per section rather than one average for a 200-page document. When a heading cannot be located in both filings, that section returns empty rather than diffing whole documents into noise.
The segment table you want is buried in a 200-page document among the layout tables that hold the cover page together. Convexity separates them by how numeric they are, so the financial statements win and the boilerplate loses, then keeps each table at its original position in the document.
| Segment | FY25 | FY24 | Change |
|---|---|---|---|
| Data Center | 79,600 | 15,005 | +430% |
| Gaming | 11,350 | 9,067 | +25% |
| Professional Visualization | 1,896 | 1,553 | +22% |
| Automotive | 1,091 | 903 | +21% |
An 8-K carries item codes that name what it discloses. A restatement files under 4.02 and a quarterly results release files under 2.02, and a feed that treats those as one stream is a feed you learn to ignore. Convexity grades on the code, so the ranking survives whatever the headline says.
| Item | What it discloses | Grade |
|---|---|---|
| 4.02 | Financial Restatement | critical |
| 2.06 | Material Impairment | critical |
| 4.01 | Auditor Change | critical |
| 5.02 | Executive Change | high |
| 2.01 | Asset Acquisition/Disposition | high |
| 2.02 | Financial Results | medium |
| 5.07 | Shareholder Vote | medium |
| 8.01 | Other Events | low |
Eight of the graded item codes, shown as they are defined in the product.
Both approaches produce a readable list of changes. Everything around the list is the difference:
Every change links back to the document it came from, at the accession the citation names, so a claim in an answer opens the filing that supports it.
Sentence-level redlines across five Item sections, tables extracted with their provenance, and 8-K severity grading, on the same desk as the filings themselves. Redline is on Pro and above.
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