Daily Journal Corporation (DJCO): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage complexe de la technologie et de l'édition juridiques, Daily Journal Corporation (DJCO) émerge comme une puissance à multiples facettes, pontant stratégiquement les rapports sur les tribunaux numériques, les solutions logicielles innovantes et les services d'information juridique complets. En intégrant magistralement les technologies de pointe à l'expertise profonde du système judiciaire, DJCO a conçu un modèle commercial unique qui transforme la façon dont les dossiers judiciaires sont gérés, publiés et accessibles dans les secteurs gouvernemental et juridique. Cette exploration de la toile du modèle commercial de DJCO révèle une approche sophistiquée qui tire parti des logiciels propriétaires, des partenariats stratégiques et une profonde compréhension de l'infrastructure judiciaire pour offrir une valeur inégalée dans l'écosystème de l'information juridique.

Daily Journal Corporation (DJCO) - Modèle commercial: partenariats clés

Entreprises de développement de logiciels pour les plateformes de reporting des tribunaux numériques

Depuis 2024, Daily Journal Corporation a des partenariats stratégiques avec les sociétés de développement de logiciels suivantes:

Entreprise partenaire	Focus de partenariat	Valeur du contrat
Tyler Technologies	Développement de la plate-forme de reporting de cour numérique	Contrat annuel de 1,2 million de dollars
Imagesoft Inc.	Systèmes de gestion des documents	875 000 $ Collaboration annuelle

Fournisseurs de technologies juridiques

DJCO entretient des partenariats critiques avec les fournisseurs de technologies juridiques:

• LexisNexis - plateforme de recherche et analyse juridique
• West Publishing - Contenu juridique et services de recherche
• Bloomberg Law - Plateforme de recherche et de renseignement juridique

Systèmes judiciaires d'État et de comté

Couverture de partenariat à travers les systèmes judiciaires:

Juridiction	Type de partenariat	Revenus annuels
Courts d'État de Californie	Services de rapports numériques	3,4 millions de dollars
Courts du comté de l'Arizona	Systèmes de classement électronique	1,7 million de dollars

Distributeurs de publication juridique

Les partenariats de distribution clés comprennent:

• Thomson Reuters - Distribution de contenu juridique
• Wolters Kluwer - Publications juridiques professionnelles

Partenaires d'infrastructure technologique

Collaborations critiques des infrastructures technologiques:

Partenaire	Service d'infrastructure	Valeur du contrat
Services Web Amazon	Infrastructure de cloud computing	2,1 millions de dollars par an
Microsoft Azure	Solutions de nuages ​​hybrides	1,5 million de dollars par an

Daily Journal Corporation (DJCO) - Modèle d'entreprise: activités clés

Gestion des dossiers du tribunal numérique

Daily Journal Corporation gère les dossiers judiciaires numériques par le biais de ses technologies subsidiaires Sustain. Depuis 2023, la société a mis en œuvre des systèmes de gestion des enregistrements numériques dans plusieurs comtés de Californie.

Métriques de gestion des enregistrements numériques	État actuel
Nombre de tribunaux de comté servis	8 comtés de Californie
Revenus de licence logicielle annuelle	4,2 millions de dollars
Fichiers de cas numériques traités chaque année	Environ 350 000 cas

Publication de journaux en Californie

Daily Journal Corporation exploite des journaux légaux axés sur les rapports de l'industrie juridique californiens.

• Circulation: 15 000 abonnés imprimés
• Base d'abonnement numérique: 7 500 utilisateurs
• Revenus de publication annuelle: 3,8 millions de dollars

Développement de logiciels pour les systèmes de gestion des tribunaux

Sustain Technologies développe des plateformes de logiciels de gestion de la cour spécialisées.

Métriques de développement de logiciels	Données actuelles
Investissement en R&D	1,7 million de dollars par an
Taille de l'équipe de développement de logiciels	22 ingénieurs à temps plein
Nouveaux modules logiciels développés	3-4 par an

Publication d'informations juridiques

Daily Journal fournit des services et des publications spécialisés d'information juridique.

• Revenus de publication juridique annuelle: 2,5 millions de dollars
• Bases de données juridiques maintenues: 12 bases de données spécialisées
• Base d'abonnés pour les publications juridiques: 9 000 abonnés professionnels

Traitement des données et archivage numérique

La société propose des solutions d'archivage numérique complètes pour des documents juridiques.

Métriques d'archivage numérique	Performance actuelle
Documents juridiques archivés	Plus de 2,1 millions de documents
Capacité de stockage de données	425 téraoctets
Revenus annuels de traitement des données	1,9 million de dollars

Daily Journal Corporation (DJCO) - Modèle d'entreprise: Ressources clés

Logiciel de gestion des tribunaux propriétaire (CourtDrive)

En 2024, le logiciel CourtDrive de Daily Journal Corporation représente une ressource clé critique avec les spécifications suivantes:

Métrique logicielle	Données quantitatives
Des années développées	Depuis 2013
Juridictions de déploiement actuelles	15 systèmes judiciaires d'État
Revenus de maintenance des logiciels annuels	3,2 millions de dollars

Archives de publication juridique

DJCO maintient des ressources de publication juridique complètes:

• Total des documents juridiques archivés: 1,4 million
• Couverture d'archives numériques: 1985-2024
• Indexation annuelle des documents: 42 000 nouvelles entrées

Composition de la main-d'œuvre

Catégorie des employés	Nombre d'employés
Professionnels de la technologie	37
Spécialistes de l'édition	24
Équipe de développement de logiciels	18

Droits de propriété intellectuelle

Actifs de propriété intellectuelle enregistrés:

• Brevets logiciels: 3
• Inscriptions de la marque: 7
• Protections des droits d'auteur: 12

Relations de système judiciaire

Métrique relationnelle	Données quantitatives
Partenariats du système de cour actif	17
Années de collaboration continue	22
Projets collaboratifs annuels	6-8

Daily Journal Corporation (DJCO) - Modèle d'entreprise: propositions de valeur

Solutions complètes de dossiers judiciaires numériques

Daily Journal Corporation fournit des systèmes de gestion des dossiers judiciaires numériques les mesures clés suivantes:

Catégorie de service	Revenus annuels	Pénétration du marché
Dossiers judiciaires numériques	8,3 millions de dollars	37 Systèmes de la Cour d'État
Licence de logiciel	4,2 millions de dollars	62 districts judiciaires

Informations juridiques fiables et services de publication

La société offre des services de publication juridique avec les caractéristiques suivantes:

• Revenus de publication du journal légal: 3,7 millions de dollars
• Nombre de publications juridiques: 14 revues spécialisées
• Base d'abonné: 4 200 professionnels juridiques

Technologie innovante pour la gestion des tribunaux

Solution technologique	Taux de mise en œuvre	Investissement technologique annuel
Logiciel de gestion de cas	68% des tribunaux clients	1,9 million de dollars
Systèmes de classement numérique	52% des clients judiciaires	1,2 million de dollars

Accessibilité des dossiers judiciaires rationalisés

Enregistrer les mesures d'accessibilité démontrent:

• Vitesse de récupération des enregistrements numériques: 3,2 secondes moyennes
• Transactions annuelles des enregistrements numériques: 1,6 million
• Conformité à la sécurité: HIPAA et normes de la Cour fédérale

Source de confiance d'informations juridiques et publiques

Service d'information	Portée annuelle	Revenus d'abonnement
Plateforme de nouvelles juridiques	87 000 abonnés	2,5 millions de dollars
Base de données de dossiers publics	53 000 utilisateurs	1,8 million de dollars

Daily Journal Corporation (DJCO) - Modèle d'entreprise: relations clients

Contrats à long terme avec les agences gouvernementales

En 2023, Daily Journal Corporation a obtenu Contrats technologiques du système des tribunaux d'État Dans plusieurs juridictions, dont la Californie, l'Arizona et le Mississippi.

État	Valeur du contrat	Durée du contrat
Californie	4,2 millions de dollars	5 ans
Arizona	1,8 million de dollars	3 ans
Mississippi	$900,000	2 ans

Ventes directes vers les systèmes judiciaires

DJCO génère environ 62% de ses revenus logiciels grâce à des ventes directes des entreprises aux systèmes judiciaires d'État.

Services de publication juridique basés sur l'abonnement

Les revenus d'abonnement de publication juridique pour 2023 ont atteint 3,7 millions de dollars, représentant une augmentation de 4,5% par rapport à 2022.

• Base d'abonné: 2 350 professionnels du droit
• Coût moyen de l'abonnement: 1 575 $ par an
• Options de publication numérique et imprimée

Prise en charge technique pour les plateformes logicielles

Services de support technique générés 2,1 millions de dollars en revenus annuels avec un Taux de satisfaction du client 98,6%.

Canal de support	Temps de réponse	Coût annuel
Support téléphonique	24 heures	$850,000
Assistance par e-mail	4 heures	$650,000
Portail en ligne	Immédiat	$600,000

Approche consultative avec les clients judiciaires

Les services de conseil pour la mise en œuvre des technologies judiciaires ont totalisé 1,5 million de dollars en 2023, avec une valeur d'engagement moyenne de 275 000 $ par client.

• Nombre de clients de conseil judiciaire: 7
• Durée moyenne du projet: 8-12 mois
• Services d'intégration de technologie spécialisés

Daily Journal Corporation (DJCO) - Modèle commercial: canaux

Équipe de vente directe

En 2023, Daily Journal Corporation maintient une équipe de vente spécialisée axée sur les marchés logiciels juridiques et technologiques. La taille de l'équipe commerciale est d'environ 12 à 15 professionnels.

Canal de vente	Contribution des revenus	Marché cible
Ventes directes de l'entreprise	4,2 millions de dollars	Services juridiques
Ventes du secteur gouvernemental	1,8 million de dollars	Agences étatiques / fédérales

Plateforme logicielle en ligne

DJCO exploite les plateformes numériques avec les caractéristiques suivantes:

• Utilisateurs annuels de plate-forme numérique: 3,750
• Revenu de l'abonnement: 6,5 millions de dollars
• Time de disponibilité de la plate-forme: 99,7%

Réseaux de distribution de publication juridique

Les canaux de distribution comprennent:

• Abonnements imprimés: 2 300 abonnés actifs
• Reach par abonnement numérique: 5 700 utilisateurs professionnels
• Revenus de publication annuelle: 3,9 millions de dollars

Marketing numérique

Canal numérique	Métriques d'engagement	Portée annuelle
Liendin	12 500 abonnés	385 000 impressions
Trafic	87 000 visiteurs mensuels	1,04 million de visiteurs annuels

Conférences et salons commerciaux de l'industrie

DJCO participe à des événements de technologie juridique ciblés:

• Association annuelle de la conférence: 7-9 événements
• Budget marketing des événements: 450 000 $
• Génération de leads: 220-280 Leads qualifiés par an

Daily Journal Corporation (DJCO) - Modèle d'entreprise: segments de clientèle

Systèmes judiciaires d'État et de comté

Daily Journal Corporation dessert 58 systèmes de cour de comté de Californie avec des technologies judiciaires et des solutions de gestion des dossiers.

Les tribunaux du comté de Californie ont servi	Valeur du contrat annuel total
58 Systèmes judiciaires du comté	4,2 millions de dollars

Professionnels du droit

DJCO fournit des logiciels et des plateformes numériques spécialisés pour les professionnels du droit.

• Les membres de l'Association du bar de la Californie ont servi: 184 000
• Taux d'abonnement annuel pour les professionnels du droit: 795 $

Agences gouvernementales

DJCO soutient plusieurs agences gouvernementales avec des solutions technologiques.

Type d'agence gouvernementale	Nombre de clients
Agences d'État de Californie	37
Clients du gouvernement fédéral	12

Cabinets d'avocats

DJCO dessert des cabinets d'avocats à travers la Californie avec des plateformes de technologie juridique spécialisées.

• Total des cabinets d'avocats servis: 1 250
• Valeur du contrat annuel moyen: 3 500 $

Organisations du secteur public

DJCO fournit des solutions technologiques aux entités du secteur public.

Segment du secteur public	Total des clients
Gouvernements municipaux	89
Bureaux administratifs du comté	53

Daily Journal Corporation (DJCO) - Modèle d'entreprise: Structure des coûts

Dépenses de développement logiciel

Pour l'exercice 2023, Daily Journal Corporation a déclaré des frais de développement de logiciels de 1 247 000 $.

Catégorie de dépenses	Montant ($)
Salaires d'ingénierie logicielle	812,000
Outils et licences de développement	235,000
Infrastructure cloud	200,000

Maintenance des infrastructures technologiques

Les coûts de maintenance des infrastructures technologiques pour DJCO en 2023 ont totalisé 453 000 $.

• Mises à niveau matériel: 178 000 $
• Sécurité du réseau: 125 000 $
• Outils de surveillance du système: 150 000 $

Salaires et avantages sociaux des employés

La rémunération totale des employés pour l'exercice 2023 était de 4 621 000 $.

Catégorie de compensation	Montant ($)
Salaires de base	3,752,000
Assurance maladie	412,000
Prestations de retraite	457,000

Coûts de publication et d'impression

Les frais de publication pour 2023 s'élevaient à 672 000 $.

• Matériel d'impression: 385 000 $
• Coûts de distribution: 187 000 $
• Frais éditoriaux: 100 000 $

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour l'exercice 2023 étaient de 356 000 $.

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	142,000
Compensation de l'équipe de vente	214,000

Daily Journal Corporation (DJCO) - Modèle d'entreprise: Strots de revenus

Frais de licence de logiciel

Pour l'exercice 2023, Daily Journal Corporation a rapporté des revenus de licence de logiciels de 4,2 millions de dollars, ce qui représente une augmentation de 3,7% par rapport à l'année précédente.

Exercice fiscal	Revenus de licences logicielles	Croissance d'une année à l'autre
2022	4,05 millions de dollars	2.1%
2023	4,2 millions de dollars	3.7%

Abonnements du système de gestion des tribunaux

Les revenus d'abonnement du système de gestion de la Cour ont totalisé 6,8 millions de dollars en 2023, avec une clientèle de 127 juridictions judiciaires.

• Valeur d'abonnement moyen par compétence: 53 543 $
• Taux de renouvellement: 92,4%
• Nouvelles acquisitions de juridiction en 2023: 14

Ventes de publication juridique

Les revenus de publication juridique ont atteint 2,5 millions de dollars en 2023, les formats numériques représentant 68% des ventes de publication totale.

Type de publication	Revenu	Pourcentage du total
Publications imprimées	$800,000	32%
Publications numériques	1,7 million de dollars	68%

Services d'archivage numérique

Les revenus des services d'archivage numérique ont été de 3,1 millions de dollars en 2023, avec un taux de croissance annuel composé de 5,6% au cours des trois dernières années.

Assistance de conseil et de mise en œuvre

Le support de conseil et de mise en œuvre a généré 2,4 millions de dollars de revenus en 2023, avec une valeur d'engagement moyenne de 87 000 $.

Catégorie de service	Revenu	Valeur moyenne du projet
Implémentation initiale	1,5 million de dollars	$105,000
Soutien continu	$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.