Corporación Diario Journal (DJCO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de la tecnología legal y la publicación, Daily Journal Corporation (DJCO) emerge como una potencia multifacética, que sube estratégicamente los informes de la corte digital, las soluciones innovadoras de software y los servicios integrales de información legal. Al integrar magistralmente la tecnología avanzada con experiencia en el sistema judicial profunda, DJCO ha creado un modelo de negocio único que transforma la forma en que los registros judiciales se administran, se publican y se acceden en los sectores gubernamentales y legales. Esta exploración del lienzo de modelo de negocio de DJCO revela un enfoque sofisticado que aprovecha el software patentado, las asociaciones estratégicas y una comprensión profunda de la infraestructura judicial para ofrecer un valor incomparable en el ecosistema de información legal.

Daily Journal Corporation (DJCO) - Modelo de negocios: asociaciones clave

Empresas de desarrollo de software para plataformas de informes de la corte digital

A partir de 2024, Daily Journal Corporation tiene asociaciones estratégicas con las siguientes empresas de desarrollo de software:

Empresa asociada	Enfoque de asociación	Valor de contrato
Tyler Technologies	Desarrollo de la plataforma de informes de la corte digital	Contrato anual de $ 1.2 millones
Imagesoft Inc.	Sistemas de gestión de documentos	$ 875,000 colaboración anual

Proveedores de tecnología legal

DJCO mantiene asociaciones críticas con proveedores de tecnología legal:

• LEXISNEXIS - Plataforma de investigación y análisis legal
• West Publishing - Contenido legal y servicios de investigación
• Bloomberg Law - Plataforma de investigación e inteligencia legal

Sistemas judiciales estatales y del condado

Cobertura de asociación a través de sistemas judiciales:

Jurisdicción	Tipo de asociación	Ingresos anuales
Tribunales estatales de California	Servicios de informes digitales	$ 3.4 millones
Tribunales del Condado de Arizona	Sistemas de archivos electrónicos	$ 1.7 millones

Distribuidores de publicaciones legales

Las asociaciones de distribución clave incluyen:

• Thomson Reuters - Distribución de contenido legal
• Wolters Kluwer - Publicaciones legales profesionales

Socios de infraestructura tecnológica

Colaboraciones de infraestructura de tecnología crítica:

Pareja	Servicio de infraestructura	Valor de contrato
Servicios web de Amazon	Infraestructura de computación en la nube	$ 2.1 millones anualmente
Microsoft Azure	Soluciones de nubes híbridas	$ 1.5 millones anuales

Daily Journal Corporation (DJCO) - Modelo de negocio: actividades clave

Gestión de registros de la corte digital

Daily Journal Corporation administra los registros de la corte digital a través de su subsidiaria Sosten Technologies. A partir de 2023, la compañía ha implementado sistemas de gestión de registros digitales en múltiples condados de California.

Métricas de gestión de registros digitales	Estado actual
Número de tribunales del condado atendidos	8 condados de California
Ingresos anuales de licencia de software	$ 4.2 millones
Archivos de casos digitales procesados ​​anualmente	Aproximadamente 350,000 casos

Publicación de periódicos en California

Daily Journal Corporation opera periódicos legales centrados en los informes de la industria legal de California.

• Circulación: 15,000 suscriptores impresos
• Base de suscripción digital: 7.500 usuarios
• Ingresos editoriales anuales: $ 3.8 millones

Desarrollo de software para sistemas de gestión judicial

Sustain Technologies desarrolla plataformas especializadas de software de gestión de la corte.

Métricas de desarrollo de software	Datos actuales
Inversión de I + D	$ 1.7 millones anuales
Tamaño del equipo de desarrollo de software	22 ingenieros a tiempo completo
Nuevos módulos de software desarrollados	3-4 anualmente

Publicación de información legal

Daily Journal ofrece servicios y publicaciones especializadas de información legal.

• Ingresos de publicación legal anual: $ 2.5 millones
• Bases de datos legales mantenidas: 12 bases de datos especializadas
• Base de suscriptores para publicaciones legales: 9,000 suscriptores profesionales

Procesamiento de datos y archivo digital

La compañía ofrece soluciones integrales de archivo digital para documentos legales.

Métricas de archivo digital	Rendimiento actual
Documentos legales archivados	Más de 2.1 millones de documentos
Capacidad de almacenamiento de datos	425 terabytes
Ingresos anuales de procesamiento de datos	$ 1.9 millones

Daily Journal Corporation (DJCO) - Modelo de negocios: recursos clave

Software de gestión de la corte patentada (Courtdrive)

A partir de 2024, el software CourtDrive de Daily Journal Corporation representa un recurso clave crítico con las siguientes especificaciones:

Métrico de software	Datos cuantitativos
Años desarrollados	Desde 2013
Jurisdicciones de implementación actuales	15 sistemas de la corte estatal
Ingresos anuales de mantenimiento de software	$ 3.2 millones

Archivos de publicación legal

DJCO mantiene recursos integrales de publicación legal:

• Documentos legales archivados totales: 1.4 millones
• Cobertura de archivo digital: 1985-2024
• Indexación anual de documentos: 42,000 entradas nuevas

Composición de la fuerza laboral

Categoría de empleado	Número de empleados
Profesionales de la tecnología	37
Especialista en publicación	24
Equipo de desarrollo de software	18

Derechos de propiedad intelectual

Activos de propiedad intelectual registrada:

• Patentes de software: 3
• Registros de marca registrada: 7
• Protecciones de derechos de autor: 12

Relaciones del sistema judicial

Métrica de relación	Datos cuantitativos
Asociaciones activas del sistema judicial	17
Años de colaboración continua	22
Proyectos de colaboración anuales	6-8

Daily Journal Corporation (DJCO) - Modelo de negocio: propuestas de valor

Soluciones integrales de registro de la corte digital

Daily Journal Corporation proporciona sistemas de gestión de registros de la corte digital con las siguientes métricas clave:

Categoría de servicio	Ingresos anuales	Penetración del mercado
Registros de la corte digital	$ 8.3 millones	37 sistemas de la corte estatal
Licencia de software	$ 4.2 millones	62 distritos judiciales

Información legal confiable y servicios de publicación

La corporación ofrece servicios de publicación legal con las siguientes características:

• Ingresos de publicación de periódicos legales: $ 3.7 millones
• Número de publicaciones legales: 14 revistas especializadas
• Base de suscriptores: 4.200 profesionales legales

Tecnología innovadora para la gestión judicial

Solución tecnológica	Tasa de implementación	Inversión tecnológica anual
Software de gestión de casos	68% de los tribunales de clientes	$ 1.9 millones
Sistemas de archivo digital	52% de clientes judiciales	$ 1.2 millones

Accesibilidad récord de registro judicial optimizado

Las métricas de accesibilidad registrada demuestran:

• Velocidad de recuperación de registros digitales: 3.2 segundos promedio
• Transacciones anuales de registro digital: 1.6 millones
• Cumplimiento de seguridad: HIPAA y estándares de la corte federal

Fuente confiable de información legal y pública

Servicio de información	Alcance anual	Ingresos por suscripción
Plataforma de noticias legales	87,000 suscriptores	$ 2.5 millones
Base de datos de registros públicos	53,000 usuarios	$ 1.8 millones

Daily Journal Corporation (DJCO) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con agencias gubernamentales

A partir de 2023, Daily Journal Corporation ha asegurado Contratos de tecnología del sistema de la corte estatal en múltiples jurisdicciones, incluidos California, Arizona y Mississippi.

Estado	Valor de contrato	Duración del contrato
California	$ 4.2 millones	5 años
Arizona	$ 1.8 millones	3 años
Misisipí	$900,000	2 años

Ventas directas a sistemas judiciales

DJCO genera aproximadamente 62% de sus ingresos de software a través de ventas empresariales directas a sistemas judiciales estatales.

Servicios de publicación legal basados ​​en suscripción

Publicación legal Los ingresos por suscripción para 2023 alcanzaron $ 3.7 millones, que representa un aumento del 4.5% de 2022.

• Base de suscriptores: 2,350 profesionales legales
• Costo promedio de suscripción: $ 1,575 anualmente
• Opciones de publicación digital e impresa

Soporte técnico para plataformas de software

Servicios de soporte técnico generados $ 2.1 millones en ingresos anuales con un 98.6% Tasa de satisfacción del cliente.

Canal de soporte	Tiempo de respuesta	Costo anual
Soporte telefónico	Las 24 horas	$850,000
Soporte por correo electrónico	4 horas	$650,000
Portal en línea	Inmediato	$600,000

Enfoque consultivo con clientes judiciales

Servicios de consultoría para la implementación de tecnología judicial totalizada $ 1.5 millones en 2023, con un valor de compromiso promedio de $ 275,000 por cliente.

• Número de clientes de consultoría judicial: 7
• Duración promedio del proyecto: 8-12 meses
• Servicios de integración de tecnología especializada

Daily Journal Corporation (DJCO) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2023, Daily Journal Corporation mantiene un equipo de ventas especializado centrado en los mercados de software legal y de tecnología. El tamaño del equipo de ventas es de aproximadamente 12-15 profesionales.

Canal de ventas	Contribución de ingresos	Mercado objetivo
Ventas empresariales directas	$ 4.2 millones	Departamentos legales
Ventas del sector gubernamental	$ 1.8 millones	Agencias estatales/federales

Plataforma de software en línea

DJCO opera plataformas digitales con las siguientes características:

• Usuarios anuales de la plataforma digital: 3.750
• Ingresos de suscripción: $ 6.5 millones
• Tiempo de actividad de la plataforma: 99.7%

Redes de distribución de publicaciones legales

Los canales de distribución incluyen:

• Imprimir suscripciones: 2,300 suscriptores activos
• Alcance de suscripción digital: 5.700 usuarios profesionales
• Ingresos de publicación anuales: $ 3.9 millones

Marketing digital

Canal digital	Métricas de compromiso	Alcance anual
LinkedIn	12,500 seguidores	385,000 impresiones
Tráfico del sitio web	87,000 visitantes mensuales	1.04 millones de visitantes anuales

Conferencias de la industria y ferias comerciales

DJCO participa en eventos de tecnología legal específicas:

• Asistencia anual de la conferencia: 7-9 eventos
• Presupuesto de marketing de eventos: $ 450,000
• Generación de leads: 220-280 clientes potenciales calificados por año

Daily Journal Corporation (DJCO) - Modelo de negocio: segmentos de clientes

Sistemas judiciales estatales y del condado

Daily Journal Corporation atiende a 58 sistemas judiciales del condado de California con tecnología judicial y soluciones de gestión de registros.

Los tribunales del condado de California atendieron	Valor total de contrato anual
58 sistemas judiciales del condado	$ 4.2 millones

Profesionales legales

DJCO proporciona software especializado y plataformas digitales para profesionales legales.

• Los miembros de la Asociación de Abogados de California sirvieron: 184,000
• Tasa de suscripción anual para profesionales legales: $ 795

Agencias gubernamentales

DJCO admite múltiples agencias gubernamentales con soluciones tecnológicas.

Tipo de agencia gubernamental	Número de clientes
Agencias estatales de California	37
Clientes del gobierno federal	12

Firma de abogados

DJCO sirve firmas de abogados en California con plataformas de tecnología legal especializadas.

• Firmas de abogados totales atendidas: 1.250
• Valor promedio del contrato anual: $ 3,500

Organizaciones del sector público

DJCO proporciona soluciones tecnológicas para entidades del sector público.

Segmento del sector público	Total de clientes
Gobiernos municipales	89
Oficinas administrativas del condado	53

Daily Journal Corporation (DJCO) - Modelo de negocio: Estructura de costos

Gastos de desarrollo de software

Para el año fiscal 2023, Daily Journal Corporation informó gastos de desarrollo de software de $ 1,247,000.

Categoría de gastos	Monto ($)
Salarios de ingeniería de software	812,000
Herramientas y licencias de desarrollo	235,000
Infraestructura en la nube	200,000

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para DJCO en 2023 totalizaron $ 453,000.

• Actualizaciones de hardware: $ 178,000
• Seguridad de la red: $ 125,000
• Herramientas de monitoreo del sistema: $ 150,000

Salarios y beneficios de los empleados

La compensación total de los empleados para el año fiscal 2023 fue de $ 4,621,000.

Categoría de compensación	Monto ($)
Salarios base	3,752,000
Seguro médico	412,000
Beneficios de jubilación	457,000

Costos de publicación e impresión

Los gastos de publicación para 2023 ascendieron a $ 672,000.

• Materiales de impresión: $ 385,000
• Costos de distribución: $ 187,000
• Gastos editoriales: $ 100,000

Gastos de marketing y ventas

Los costos de marketing y ventas para el año fiscal 2023 fueron de $ 356,000.

Categoría de gastos de marketing	Monto ($)
Marketing digital	142,000
Compensación del equipo de ventas	214,000

Daily Journal Corporation (DJCO) - Modelo de negocios: flujos de ingresos

Tasas de licencia de software

Para el año fiscal 2023, Daily Journal Corporation informó ingresos por licencias de software de $ 4.2 millones, lo que representa un aumento del 3.7% respecto al año anterior.

Año fiscal	Ingresos de licencia de software	Crecimiento año tras año
2022	$ 4.05 millones	2.1%
2023	$ 4.2 millones	3.7%

Suscripciones del sistema de gestión de la corte

Los ingresos por suscripción del sistema de gestión de la corte totalizaron $ 6.8 millones en 2023, con una base de clientes de 127 jurisdicciones judiciales.

• Valor de suscripción promedio por jurisdicción: $ 53,543
• Tasa de renovación: 92.4%
• Nuevas adquisiciones de jurisdicción en 2023: 14

Ventas de publicación legal

Los ingresos de la publicación legal alcanzaron los $ 2.5 millones en 2023, con formatos digitales que representan el 68% de las ventas de publicaciones totales.

Tipo de publicación	Ganancia	Porcentaje de total
Imprimir publicaciones	$800,000	32%
Publicaciones digitales	$ 1.7 millones	68%

Servicios de archivo digital

Los ingresos por servicios de archivo digital fueron de $ 3.1 millones en 2023, con una tasa de crecimiento anual compuesta del 5,6% en los últimos tres años.

Soporte de consultoría e implementación

El soporte de consultoría e implementación generó $ 2.4 millones en ingresos durante 2023, con un valor de participación promedio de $ 87,000.

Categoría de servicio	Ganancia	Valor promedio del proyecto
Implementación inicial	$ 1.5 millones	$105,000
Apoyo continuo	$900,000	$62,000

Daily Journal Corporation (DJCO) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Daily Journal Corporation (DJCO) right now, which really boils down to two distinct business engines: the GovTech software side and the legacy publishing side, plus the unique capital structure that supports it all.

Modernizing justice systems with enterprise-level case management software

This is the operational core of Daily Journal Corporation now. The Journal Technologies segment sells enterprise solutions for courts and justice agencies, focusing on digitizing case records and enabling e-filing. This segment is the primary growth driver, contributing roughly 77% of the company's total Trailing Twelve Months (TTM) revenue of $79.15 million as of the nine months ended June 30, 2025. For the quarter ended June 30, 2025, this segment's revenues climbed 44% year-over-year to $18.5 million. The value proposition here is sticky; the high cost and operational risk for a government agency to replace a mission-critical case management system locks in the customer.

• Licensing and maintenance fees for the software advanced 11% to $8 million in the June 2025 quarter.
• Consulting fees nearly doubled to $6.5 million in the June 2025 quarter.
• Public service fees surged 63% to $4 million in the June 2025 quarter, partly due to increased e-filing activity.

Providing a legally mandated channel for public and legal notice advertising

The Traditional Business segment still provides a necessary service, though it is increasingly marginal compared to the software side. This segment provides legally mandated public notice advertising, a service that constituted about 14% of the company's total operating revenues in fiscal 2024. For the three months ended December 31, 2024, the Traditional Business saw advertising revenues increase by $192,000. More recently, for the quarter ended June 30, 2025, this segment generated $4.9 million in revenues, with advertising revenues rising 10% to $2.8 million.

Here's a quick look at the revenue mix based on the latest available operational data:

Revenue Source	Latest Reported Period	Amount/Percentage
Journal Technologies (Software) Revenue	9 Months Ended June 30, 2025 (as % of TTM)	Nearly 77%
Journal Technologies Revenue	Quarter Ended June 30, 2025	$18.5 million
Traditional Business Revenue	Quarter Ended June 30, 2025	$4.9 million
Public Notice Advertising Revenue	Fiscal 2024 (as % of Operating Revenue)	About 14%

Offering a stable, long-term capital allocation vehicle for shareholders

For shareholders, a key value proposition is the massive, non-operating marketable securities portfolio, which is the primary driver of the balance sheet valuation and net income volatility. As of March 31, 2025, Daily Journal Corporation held marketable securities valued at $431.49 million. By June 30, 2025, this portfolio was valued at $443 million. This investment focus means reported net income can fluctuate significantly based on market performance; for instance, net income for the six months ended March 31, 2025, was $55.57 million (or $40.34 per share), more than doubling the prior year, largely due to unrealized investment gains. However, for the quarter ended June 30, 2025, net income was $14.4 million (or $10.47 per share), a 38% decrease year-over-year, reflecting lower unrealized securities gains compared to the prior year's quarter. The company is also reducing its reliance on debt secured by these assets, with the investment margin loan balance at $25 million as of June 30, 2025.

Delivering specialized legal and business news to a niche professional audience

The legacy publishing arm, The Daily Journals, serves law firms and businesses needing to reach the legal professional community. The gross revenues from The Daily Journals are split, with approximately 54% coming from subscriptions and 46% from advertising and other revenues. The company publishes newspapers covering California, Arizona, Utah, and Australia. For example, as of September 30, 2024, the Los Angeles Daily Journal had about 3,805 paid subscribers, and the San Francisco Daily Journal had about 2,177 paid subscribers.

The market capitalization as of September 12, 2025, was $661 million. Finance: draft 13-week cash view by Friday.

Daily Journal Corporation (DJCO) - Canvas Business Model: Customer Relationships

Daily Journal Corporation (DJCO) engages clients through distinct relationship models tied to its two main operating segments: Journal Technologies (GovTech) and the Traditional Business.

High-touch, consultative relationships for complex software implementation

The implementation of Journal Technologies case management software for courts and justice agencies necessitates a consultative approach. This is evidenced by a decrease in consulting fees of $1,238,000 for the six months ended March 31, 2025, which partially offset revenue increases in other areas of the segment. The company's contracts for Journal Technologies are primarily located in the United States, with additional projects in Canada and Australia. The need for on-site work and product development support suggests a high level of direct engagement during initial deployment phases.

Long-term maintenance and support contracts for GovTech clients

The recurring nature of the GovTech business is anchored by maintenance and support. License and maintenance fees from Journal Technologies grew by $1,615,000 for the six months ended March 31, 2025, year-over-year. For the three months ended December 31, 2024, license and maintenance fees increased by $968,000 compared to the prior year period. This stream is the largest and highest-quality recurring revenue source for the software vertical. Journal Technologies pretax income for the three months ended December 31, 2024, was $456,000, up from $336,000 the prior fiscal year period.

The software vertical, as of June 2025, generated $53.8M in revenue, representing 77% of the total revenue mix. The relationship structure supports this by locking in clients due to generally high switching costs.

Revenue Component (6 Months Ended 3/31/2025)	Amount of Increase (vs. Prior Year)
Journal Technologies License and Maintenance Fees	$1,615,000
Journal Technologies Other Public Service Fees	$2,467,000
Traditional Business Advertising Revenues	$441,000

Subscription-based model for legal professionals and advertisers

The Traditional Business, which includes legal and advertising services, is described as increasingly marginal. Its revenue from advertising still saw growth, increasing by $441,000 for the six months ended March 31, 2025. For the quarter ending December 31, 2024, advertising revenues increased by $192,000. This segment is supported by a subscription model for legal professionals, though specific subscription revenue amounts are not separately itemized from total Traditional Business revenue.

Low-touch, transactional relationship for public service fee payments

Transactional revenue from public service fees is a component of the Journal Technologies segment. These fees increased by $2,467,000 for the six months ended March 31, 2025, compared to the prior year period. For the three months ended December 31, 2024, other public service fees increased by $1,242,000 year-over-year. The total consolidated revenue for the six months ended March 31, 2025, was $35,880,000.

• The company's trailing 12 months revenue ending June 30, 2025, was $79.16M.
• Consolidated revenues for the three months ended December 31, 2024, totaled $17,704,000.
• The Traditional Business pretax income grew by $0.3 million to $1.2 million for the six months ended March 31, 2025.

Daily Journal Corporation (DJCO) - Canvas Business Model: Channels

For Journal Technologies, the channel for direct sales and professional services involves direct engagement with public-sector organizations across multiple U.S. states for enterprise solutions like case management and e-filing platforms. The operating revenue growth for the nine months ended June 30, 2025, reached $45.9 million, with Journal Technologies accounting for approximately 77% of the total revenue mix as of June 2025. For the six months ended March 31, 2025, Journal Technologies saw its operating revenues increase, with license and maintenance fees rising by $1,615,000.

The print and digital subscription channel for the newspapers, like the San Francisco Daily Journal, is a key part of the Traditional Business segment. As of September 30, 2023, the combined paid subscribers for both the Los Angeles Daily Journal and the San Francisco Daily Journal totaled 5,640. The gross revenues generated directly by The Daily Journals were split, with approximately 56% coming from subscriptions in fiscal 2023. Digital access subscriptions offer full access to thedailyjournal.com, and subscribers can opt out of Premium Editions, which are charged at $6.00 each, as are the Thanksgiving print editions.

Secure public-facing websites are the primary channel for Journal Technologies' citizen engagement portals, used for e-filing cases and processing online payments for fees, fines, and court costs. The segment also generates fees through secure websites for the general public to pay traffic citations. For the six months ended March 31, 2025, other public service fees, which include these website transactions, increased by $2,467,000.

Direct-to-customer advertising sales cover both commercial display/classified advertising and public notice advertising required by law. For the six months ended March 31, 2025, the Traditional Business saw advertising revenues increase by $441,000 and advertising service fees and other increase by $98,000. The channel for legal notices, specifically trustee sales legal advertising, represented about 4% of the Company's total operating revenues in fiscal 2023.

Here is a look at the revenue drivers for the six months ended March 31, 2025, showing the channel impact:

Revenue Source/Channel Component	Increase in Revenue (6 Months Ended 3/31/2025 vs Prior Period)
Journal Technologies License and Maintenance Fees	$1,615,000
Journal Technologies Other Public Service Fees (e-filing/payments)	$2,467,000
Traditional Business Advertising Revenues	$441,000
Traditional Business Advertising Service Fees and Other	$98,000

The structure of the publishing channel also involves specific charges related to delivery and access:

• The charge for each Premium Edition is $6.00.
• The Thanksgiving print edition is charged at $6.00.
• A $5.00 paper statement fee is applied unless the subscriber uses EZ Pay.

The overall market valuation reflects the combined business channels, with the stock price at $399.58 and a market cap of $550M as of July 31, 2025. Finance: draft 13-week cash view by Friday.

Daily Journal Corporation (DJCO) - Canvas Business Model: Customer Segments

You're looking at the core groups Daily Journal Corporation (DJCO) serves, which is a mix of government/legal entities and capital markets participants. Honestly, the split between their software business and their publishing legacy is key to understanding these segments right now.

The software side, Journal Technologies, is clearly the operating core, serving government and justice systems. As of the nine months ended in fiscal 2025, this vertical generated 77% of total revenues. For the quarter ending March 31, 2025, the software segment contributed to total revenues of $18.2 million.

The traditional publishing customers, which include legal professionals and those needing mandated notices, are now a smaller piece of the pie. For the six months ended March 31, 2025, the Traditional Business saw advertising revenues increase by $441,000. That segment's pretax income for the same period rose by $310,000 to reach $1,171,000.

Here's a quick look at how the revenue split looked based on the latest figures we have:

Segment	Revenue Contribution (Nine Months FY2025)	Pretax Income (H1 2025)
Journal Technologies (Software/GovTech)	77%	$534,000
Traditional Business (Publishing/Notices)	Marginal (Approx. 23%)	$1,171,000

The final, and perhaps most unique, customer segment is the investor base seeking exposure to the concentrated, value-oriented investment portfolio, which is managed separately from the operating businesses. As of the September 30, 2025, 13F filing, the total portfolio value was calculated to be $262,245,445 USD. This portfolio is highly concentrated in just four holdings.

You can see the breakdown of that investment segment below:

• US and international government agencies, courts, and justice departments: Primarily served by Journal Technologies, which also accounted for other public service fees of $2,467,000 in the first half of 2025.
• Legal professionals (attorneys, judges, paralegals) requiring legal news: Served by the Traditional Business segment, which includes newspapers and information services for the legal industry in California.
• Public and commercial entities requiring mandated public notice advertising: Served by the Traditional Business, which saw advertising revenues increase by $441,000 for the six months ended March 31, 2025.
• Investors seeking exposure to a concentrated, value-oriented investment portfolio: This segment is defined by the marketable securities portfolio, valued at $431,490,000 as of March 31, 2025.

The composition of the investment portfolio as of September 30, 2025, shows this concentration:

Holding	Portfolio Weight	Value (Approximate)
WELLS FARGO & CO (WFC)	45.16%	$118M
BANK OF AMERICA CORP (BAC)	39.34%	$103M
ALIBABA GROUP HOLDING-SP ADR (BABA)	13.29%	$35M
US BANCORP (USB)	2.20%	$5.8M

Finance: draft 13-week cash view by Friday.

Daily Journal Corporation (DJCO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Daily Journal Corporation (DJCO) for late 2025, and it's clear the technology push is driving significant operational spending, even as the legacy side faces its own pressures. Here's the quick math on where the money is going, based on the nine months ended June 30, 2025, figures.

High personnel costs for software development and consulting services are a major driver within the Journal Technologies segment. The overall increase in operating expenses for this segment directly reflects investment in human capital and external support for product development and installation projects. For the nine months ended June 30, 2025, the segment saw operating expenses increase by $4,355,000 compared to the prior year period.

The specific cost drivers within Journal Technologies for that nine-month period included:

• Increased personnel costs due to annual salary adjustments.
• Additional contractor services and new staff hiring for product development.
• Bolstering teams working on Company's installation projects.

Third-party hosting and infrastructure fees for the GovTech platform are explicitly named as a component of these rising technology costs. The operating expense increase for Journal Technologies for the nine months ended June 30, 2025, was partially due to these increased third-party hosting fees which were billed to clients.

Traditional publishing costs: printing, distribution, and editorial staff are less explicitly broken out, but we see the impact of personnel-related costs in this segment. For the nine months ended June 30, 2025, the Traditional Business segment's pretax income decreased to $237,000 from $1,601,000. This was primarily due to increased expenses of $2,290,000, largely driven by an increase in the long-term supplemental compensation accrual. This compensation accrual suggests a significant cost burden related to editorial or long-term staff commitments.

Operating expenses for the Journal Technologies segment, which increased by $4.4 million in the nine months ended June 30, 2025, are a key focus area. To give you a broader view of the operating expense trend, for the quarter ended June 30, 2025, operating expenses rose 23% year over year to $20.2 million, driven by salary adjustments, new hires, and increased legal costs.

Here is a breakdown of the key expense-related movements and context for the nine months ended June 30, 2025:

Cost Component / Segment Metric	Amount (Nine Months Ended June 30, 2025)	Comparison Period / Context
Journal Technologies Operating Expense Increase	$4,355,000	Compared to prior fiscal year period
Traditional Business Expense Increase (Compensation Accrual)	$2,290,000	Main driver for pretax income decrease
Journal Technologies Operating Revenue Increase	$8,302,000	Partially offset the expense increase
Journal Technologies Quarterly Operating Expenses	$20.2 million	For the quarter ended June 30, 2025
Journal Technologies Quarterly Operating Expense Growth	23%	Year over year for the quarter ended June 30, 2025

The cost structure is clearly bifurcated between maintaining the traditional publishing base and aggressively funding the growth engine in Journal Technologies. The $4.4 million increase in Journal Technologies operating expenses for the nine months ended June 30, 2025, is the most concrete figure representing the investment in software development and infrastructure.

You can see the impact of these costs on segment profitability:

• Journal Technologies pretax income for the nine months ended June 30, 2025, was $4,692,000.
• Traditional Business pretax income for the nine months ended June 30, 2025, was $237,000.

Finance: draft 13-week cash view by Friday.

Daily Journal Corporation (DJCO) - Canvas Business Model: Revenue Streams

Daily Journal Corporation (DJCO) revenue streams are primarily split between its Journal Technologies segment and the legacy Traditional Business segment, supplemented by non-operating income.

The Journal Technologies segment, focused on judicial software, showed strong growth in recurring revenue streams for the nine months ended June 30, 2025.

Revenue Component	Period Ending June 30, 2025 Change
Software license and maintenance fees increase	$2,418,000
Consulting fees increase	$1,853,000

Consulting and professional services fees for software installation contributed to the growth, with consulting fees specifically increasing by $1,853,000 for the nine months ended June 30, 2025. This aligns with the requested increase of approximately $2.4 million in license and maintenance fees for the same period.

Non-operating income is a significant component, heavily influenced by the investment portfolio.

• Marketable securities portfolio value as of June 30, 2025: $443 million.
• Net pretax unrealized gains on marketable securities for the nine months ended June 30, 2025: $303.9 million.
• Dividends and interest income for the six months ended March 31, 2025: $2,362,000.

The Traditional Business segment continues to generate revenue from advertising and subscriptions, though its contribution is becoming more marginal relative to the software business.

Advertising and subscription revenue from the Traditional Business segment for the six months ended March 31, 2025, included the following components:

• Advertising revenues: $441,000.
• Advertising service fees and other: $98,000.

The Traditional Business segment's pretax income for the nine months ended June 30, 2025, was $237,000.