ACVA — what changed in the latest 10-Q
A section-by-section comparison of ACVA's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-06 vs the prior 10-Q · 2025-11-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −73 | ~15 | 53 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 1 |
| Controls & procedures | Text added/removed | +1 | 0 | ~1 | 3 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +13 | −3 | ~2 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-06
Marketplace Units is a key indicator of our potential for growth in Marketplace GMV and revenue. It demonstrates the overall engagement of our customers and our market share of wholesale transactions in the United States. We define Marketplace Units as the number of vehicles transacted within the ap…
dealers and commercial partners to our marketplace platform. Based on our current position in the market, we believe that we have significant opportunity to continue to increase the number of Marketplace Buyers and Marketplace Sellers.
We also generate revenue by providing vehicle condition assurance and price guarantee products to our customers. Our Go Green offering to sellers provides assurance on the condition of certain vehicles sold on the marketplace, which is considered a guarantee under GAAP. This assurance option is only…
(1) Includes stock-based compensation expense as follows:Three months ended March 31,
(2) Includes acquired intangible asset amortization as follows:Three months ended March 31,
Text removed vs the prior filing · source: 10-Q · 2025-11-05
Three Months ended September 30,Nine Months Ended September 30,
Marketplace GMV$2.7 billion$2.5 billion$8.1 billion$7.2 billion
Adjusted EBITDA$18.7 million$11.2 million$51.1 million$22.5 million
Marketplace Units is a key indicator of our potential for growth in Marketplace GMV and revenue. It demonstrates the overall engagement of our customers and our market share of wholesale transactions in the United States. We define Marketplace Units as the number of vehicles transacted within the ap…
On September 10, 2025, Tricolor Holdings, LLC, and certain of its affiliates (collectively, "Tricolor"),filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code with the United States Bankruptcy court for the Northern District of Texas. Several factors differentiate…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-06
Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-06
The Rule 10b5-1 trading arrangements described above were terminated, modified, adopted, and pre-cleared in accordance with ACV’s Insider Trading Policy and actual sale transactions made pursuant to any such trading arrangements have been or will be disclosed publicly in past or future Section 16 fi…
On May 4, 2026, The Compensation Committee (the "Committee") of the Board of Directors (the "Board") of ACV Auctions (the "Company") approved, and the Company entered into, severance agreements (each, a "Severance Agreement") with each the Company's Chief Executive Officer and the Company's other ex…
The Severance Agreements replace the existing Severance and Change of Control Plan and Participation Agreements previously entered into between the Company and each Executive. Each Severance Agreement provides that, in the event the Executive's employment is terminated by the Company without Cause o…
•A lump sum cash severance payment equal to (A) 1.5 times (in the case of the Chief Executive Officer) and 1.0 times (in the case of each other Executive) the sum of the Executive's annual base salary and (B) a pro-rated annual bonus for the fiscal year of termination if Executive was employed by Co…
•Participation in the Company's group health and dental plans on the same terms as active employees (or, if such continuation is not permitted, a monthly cash payment equal to the applicable COBRA premium) for a period of 18 months (in the case of the Chief Executive Officer) or 12 months (in the ca…
Text removed vs the prior filing · source: 10-Q · 2025-11-05
•On September 15, 2025, George Chamoun, ACV's Chief Executive Officer, adopted a stock purchase plan. Mr. Chamoun's purchase plan provides for the purchase of up to $625,000 worth of shares. The first purchase will
not occur until December 15, 2025 at the earliest. Mr. Chamoun's purchase plan is scheduled to terminate on June 15, 2026.
The Rule 10b5-1 trading arrangements described above were terminated, adopted, and pre-cleared in accordance with ACV’s Insider Trading Policy and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in future Section 16 filings with the SEC. Other than disc…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice