Here are 1-2 brief analogies to describe Daily Journal (DJCO):

• A miniature Berkshire Hathaway, which also operates legal newspapers and court management software.
• Similar to a specialized Tyler Technologies (government software), but also managing a significant portfolio of public company investments.

• Newspapers and Websites: Publishing daily and weekly newspapers and websites primarily serving the legal and real estate communities in California.
• Journal Technologies Software and Services: Provides case management software and related information technology services for courts, prosecutors, public defenders, and other justice agencies globally.

Daily Journal (symbol: DJCO) primarily sells its products and services to other organizations, rather than directly to individuals. Its two main operating segments serve distinct types of organizational customers:

1. Government Justice Agencies

   This category represents the major customers for Daily Journal's Journal Technologies subsidiary. Journal Technologies provides case management software and related services to various state and local government entities within the justice system. These customers are governmental bodies, not publicly traded companies, and therefore do not have stock symbols. Examples include:

   • State and County Court Systems (e.g., Superior Courts, Circuit Courts, District Courts)
   • Prosecutors' Offices (e.g., District Attorneys, Commonwealth's Attorneys)
   • Public Defenders' Offices
   • Other Justice Agencies (e.g., probation departments, sheriff's departments for jail management)

2. Law Firms

   These are customers for Daily Journal's newspaper publishing segment, which includes the Los Angeles Daily Journal and other legal newspapers. Law firms subscribe to the newspapers, advertise their services, and utilize public notice publishing services. These are overwhelmingly private entities and do not have public stock symbols.

3. Other Businesses and Government Agencies for Public Notices/Advertising

   Various businesses (e.g., real estate, finance, retail) and government agencies (e.g., city/county governments, special districts) utilize Daily Journal's publishing segment for legally mandated public notices (such as fictitious business names, probate notices, foreclosures) and for advertising services targeting the legal or general business community. These are generally private companies or government entities without public stock symbols.

Given the nature of these customers, Daily Journal does not have specific publicly traded "customer companies" that can be listed with their symbols.

• Oracle Corporation (ORCL)
• Microsoft Corporation (MSFT)

Steven Myhill-Jones, Chairman and Chief Executive Officer

Steven Myhill-Jones was appointed Interim CEO and Chairman of Daily Journal Corporation in March 2022, and became permanent CEO in October 2023. Prior to joining Daily Journal, he founded and bootstrapped Latitude Geographics, a web-based geography software company, at the age of 23. Latitude Geographics grew to serve a global client base before being acquired in 2017. He has also worked as an angel investor, advisor, and mentor for technology businesses and entrepreneurs.

Tu To, Chief Financial Officer and Investor Relations Contact

Tu To currently serves as the Chief Financial Officer and Investor Relations Contact for Daily Journal Corporation. She is scheduled to retire on January 15, 2026, concluding a 42-year career with the company. During her tenure, she served 31 years as Controller before becoming CFO for nearly four years.

Maryjoe Rodriguez, President

Maryjoe Rodriguez holds the title of President at Daily Journal Corporation.

Michelle Stephens, Executive Vice President of Publications & Secretary

Michelle Stephens is the Executive Vice President of Publications and Secretary for Daily Journal Corporation.

Danny Hemnani, CEO of Journal Technologies

Danny Hemnani is the CEO of Journal Technologies, a subsidiary of Daily Journal Corporation that provides case management software systems to courts and other justice agencies.

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Daily Journal Corporation (DJCO) operates in two main segments: traditional newspaper publishing and legal technology, specifically case management software.

Traditional Business (Newspaper Publishing)

Daily Journal Corporation publishes newspapers and websites primarily covering California and Arizona, and also specializes in public notice advertising. The addressable market for their traditional business can be approximated by the U.S. Newspaper Publishing industry.

• Market Size: The U.S. Newspaper Publishing industry market size is projected at approximately $30.1 billion in 2025.
• Region: U.S.

Journal Technologies (Case Management Software)

Journal Technologies, a segment of Daily Journal Corporation, provides case management software systems and related products to courts, prosecutor and public defender offices, probation departments, and other justice agencies. While Journal Technologies serves clients in the U.S., Canada, and Australia, the U.S. market size for case management software provides a significant portion of their addressable market.

• Market Size: The U.S. case management software market was valued at approximately USD 2.37 billion in 2024. It is projected to grow to approximately USD 7.05 billion by 2034.
• Region: U.S.

Here are 3-5 expected drivers of future revenue growth for Daily Journal (DJCO) over the next 2-3 years:

1. Growth in Journal Technologies' Licensing and Maintenance Fees: Daily Journal's Journal Technologies segment has consistently demonstrated significant growth in its licensing and maintenance fees, which are a key component of its revenue. For example, for the nine months ended June 30, 2025, these fees increased by $2.418 million. Similarly, for the six months ending March 31, 2025, license and maintenance fees rose by $1.615 million. This trend indicates continued demand for their case management software solutions.
2. Expansion of Journal Technologies' Consulting Services: Consulting fees within Journal Technologies have also been a strong driver of revenue growth. In the quarter ended June 30, 2025, consulting fees nearly doubled, and for the nine months ended June 30, 2025, they increased by $1.853 million. This suggests an increasing engagement in implementing and customizing their software solutions for justice agencies.
3. Increase in Journal Technologies' Public Service Fees, driven by e-filing activity: Daily Journal has reported substantial growth in public service fees, which are partly attributable to increased e-filing activity. For instance, public service fees surged by 63% in the quarter ended June 30, 2025, and increased by $4.031 million for the nine months ended June 30, 2025. This indicates that greater adoption of digital legal processes directly contributes to revenue.
4. Geographic Expansion of Journal Technologies: Journal Technologies provides software solutions to legal and governmental sectors in the United States, Canada, and Australia. A portion of its total revenues comes from foreign countries, with international revenues from Journal Technologies' foreign customers being approximately $6.153 million in fiscal 2024, up from $3.293 million in fiscal 2023. The company's strategic focus includes enhancing its market position in these sectors, suggesting continued efforts to grow its customer base internationally.
5. Modest Growth in Traditional Business Advertising Revenues: While Journal Technologies is the primary growth engine, the Traditional Business segment, which includes newspaper publishing, has also contributed to revenue growth. This segment saw a modest increase in advertising revenues, rising by 10% in the quarter ended June 30, 2025, and by $703,000 for the nine months ended June 30, 2025. This indicates a stable, albeit smaller, contribution to overall revenue.

Share Repurchases

• Daily Journal has stated it has repurchased shares of its common stock from time to time and may do so in the future, but no significant dollar amounts for repurchases were specified for the last 3-5 fiscal years.

Share Issuance

• In fiscal year 2024, 800 restricted stock units were granted, and 400 vested at a fair value of $463.64 per share.
• The Management Incentive Plan was expanded in February 2022 to include all Journal Technologies employees, with grants made to approximately 14 new employees in fiscal 2023 before new grants were paused.
• The company did not sell any securities in primary market offerings during the two fiscal years preceding the 2023 annual report.

Outbound Investments

• The company's marketable securities portfolio was valued at $358,691,000 as of September 30, 2024.
• In March 2024, Daily Journal sold approximately $40.6 million of marketable securities, contributing to a reduction of its margin loan from $75,000,000 at September 30, 2023, to $27,500,000 at September 30, 2024.
• The marketable securities portfolio recorded a net pretax unrealized gain of $81.9 million in fiscal 2024, following a $17 million gain in fiscal 2023, and a decrease in unrealized value of approximately $123 million in fiscal 2022.

Capital Expenditures

• Capital expenditures were $23,000 in fiscal 2024, $70,000 in fiscal 2023, $26,000 in fiscal 2022, and $16,000 in fiscal 2021.
• The primary focus of these expenditures is on the continued improvement and upgrading of Journal Technologies' products. The traditional publishing business is not a focus for material new investments.