Sign in

    Kevin Liu

    Research Analyst at K. Liu & Company

    Kevin Liu is the Founder and CEO of K. Liu & Company, LLC, where he specializes in small- and mid-cap equities across enterprise software and business services, with research coverage of companies such as NetScout Systems, Peraso, and DHI Group. Having previously served as a Senior Analyst at B. Riley FBR from 2007 to 2018, he established K. Liu & Company in 2019, where his actionable research has highlighted consistent performance metrics, including identifying firms that frequently beat earnings estimates. Liu holds the Chartered Financial Analyst (CFA) designation and earned a B.S. in Mathematics/Economics with a Specialization in Computing from UCLA, underscoring his strong quantitative and analytical expertise. He is recognized for his influential equity research and commitment to raising market awareness for undercovered growth companies.

    Kevin Liu's questions to NETSCOUT SYSTEMS (NTCT) leadership

    Kevin Liu's questions to NETSCOUT SYSTEMS (NTCT) leadership • Q1 2026

    Question

    Kevin Liu asked about federal government spending trends in Q1 and the outlook for the September budget flush. He also inquired about the contribution of AI data center investments to enterprise strength and the potential impact of a recent tax bill on service provider spending.

    Answer

    Anthony Piazza, EVP & CFO, confirmed that the federal sector was strong in Q1, growing mid-teens, partly due to an order arriving earlier than expected. Anil Singhal, Co-Founder, Chairman, President & CEO, added that while the pipeline is good, the timing of future federal deals remains uncertain. Regarding AI, Mr. Singhal explained that it is expanding their service assurance market into the broader observability space, increasing the value of their smart data, and noted the new Omnice AI Insights product. Mr. Piazza clarified that while interest is strong, the product's revenue contribution is still small. On the tax bill, Mr. Singhal stated they have not heard of any specific impact on service provider spending plans.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to NETSCOUT SYSTEMS (NTCT) leadership • Q4 2025

    Question

    Kevin Liu inquired if there was any evidence of customers pulling forward orders to get ahead of potential tariffs. He also asked about customer interest in software-only solutions versus traditional appliances and whether recent headlines impacted sales cycles in the government and defense business.

    Answer

    Jean Bua, EVP and CFO, stated that the company did not see any pull-forward of orders due to tariffs and suggested tariffs could potentially benefit software-focused companies. Anil Singhal, President and CEO, added that most customers already prefer their software solutions, which helps maintain high margins. Regarding the government business, he noted a refresh cycle contributed to prior-year results and that while they expect more, it remains a 'big question mark' with no impact seen so far.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to NETSCOUT SYSTEMS (NTCT) leadership • Q3 2025

    Question

    Kevin Liu of K. Lu & Company asked if the stabilization in service provider spending indicates a new upswing and whether a recent large order was for legacy or new projects. He also requested a breakdown of the strong Q3 cybersecurity growth between enterprise and service provider customers and questioned the sustainability of that growth rate.

    Answer

    Anil Singhal, President and CEO, responded that the service provider business has stabilized but will experience swings from large deals, with future opportunities lying in cybersecurity and new 5G use cases rather than traditional areas. Jean Bua, EVP and CFO, provided the Q3 cybersecurity growth breakdown, noting mid-20s percentage growth for service providers and mid-30s for enterprise. Mr. Singhal added that year-to-date growth was ~7% and that the new Omnis cybersecurity product is expected to be a key future growth driver.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to NETSCOUT SYSTEMS (NTCT) leadership • Q2 2025

    Question

    Kevin Liu of K. Liu & Company inquired about the opportunities and risks from carriers moving to stand-alone 5G, the potential from fixed wireless broadband convergence, and the expected contribution from the AIOps partner strategy.

    Answer

    Anil Singhal, President and CEO, stated that network slicing for 5G presents a near-term software revenue opportunity. He also anticipates an uptick in business next year from increased fixed wireless traffic. Regarding AIOps, he noted that while interest is high, no material revenue impact is expected in the current fiscal year.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to DHI GROUP (DHX) leadership

    Kevin Liu's questions to DHI GROUP (DHX) leadership • Q2 2025

    Question

    Kevin Liu of K. Liu & Company LLC asked about the timing of benefits for ClearanceJobs from the increased defense budget. He also sought to understand the primary drivers for the decline in Dice's average revenue per user (ARPU) and inquired about the launch timing and expected benefits of the new Dice self-service platform.

    Answer

    CEO Art Zeile projected that ClearanceJobs would see improved customer sentiment as early as Q3, with the strongest growth occurring once new government contract awards are announced. CFO Greg Schippers identified the loss of two large customers as the main driver for the decline in Dice's ARPU, while noting strong retention among remaining clients. Zeile announced the new Dice 'digital experience' platform had just launched, enabling self-service sign-ups, renewals, and upsells, which will create a more modern and efficient SaaS customer experience.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to DHI GROUP (DHX) leadership • Q2 2025

    Question

    Asked about the timing of benefits for ClearanceJobs from the new defense budget, the primary reasons for the decline in Dice's average revenue per user (ARPU), and the launch timeline and expected benefits of the new Dice digital platform.

    Answer

    Management expects to see benefits for ClearanceJobs as early as Q3 due to improved customer confidence, with the strongest impact coming as new contracts are awarded. The decline in Dice's ARPU was largely driven by the loss of two specific large customers, though underlying retention metrics showed some positive signs. The new Dice platform (DX) just launched and is being rolled out; it will enable self-service purchasing, renewals, and upsells, creating a more modern SaaS experience and new revenue opportunities.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to DHI GROUP (DHX) leadership • Q1 2025

    Question

    Asked about the specific impact of 'Doge' uncertainty on ClearanceJobs' quarter, the company's willingness to invest in marketing for CJ at the expense of margins, and the current new business environment for Dice.

    Answer

    The 'Doge' uncertainty primarily impacted smaller contractors (churn) and new business acquisition for ClearanceJobs, but larger clients remained stable. The company intends to keep ClearanceJobs' EBITDA margin at 40% or higher, viewing current marketing as effective. The new business environment for Dice is mixed; it's surprisingly strong with staffing agencies but remains suppressed with direct commercial clients due to economic uncertainty.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to DHI GROUP (DHX) leadership • Q4 2024

    Question

    Asked about ClearanceJobs' exposure to non-defense government agencies, the 2025 forecast for Dice's recurring vs. non-recurring revenue, details on the new Dice web store initiative, and the seasonality of marketing spend.

    Answer

    The executive clarified that CJ's exposure is primarily to defense and intelligence agencies, not others like the Department of Education. For Dice, non-recurring revenue is expected to remain flat, and the new web store will enable product-led growth with self-service options. Marketing spend is seasonal and is reduced during summer and winter holidays.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to DHI GROUP (DHX) leadership • Q3 2024

    Question

    Asked about Q4 renewal trends for enterprise customers and how the company plans to manage margins and investments in 2025 in relation to the expected bookings growth.

    Answer

    Q4 is expected to look similar to Q3, with a conservative outlook on bookings. Regarding 2025, the company plans to be cautious, waiting to see tangible evidence of bookings growth before increasing investments in sales or marketing in order to protect margins.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to DHI GROUP (DHX) leadership • Q3 2024

    Question

    Kevin Liu of K. Liu & Company asked for commentary on Q4 bookings expectations, particularly renewal trends with enterprise customers outside of staffing. He also questioned how the prospect of renewed bookings growth in 2025 would affect margin management and the company's willingness to invest ahead of a recovery.

    Answer

    CFO Raime Muhle stated that Q4 is expected to look very similar to Q3 for both Dice and ClearanceJobs, with the company's outlook remaining conservative despite some positive economic signals. Executive Art Zeile added that the company intends to be cautious with spending, preferring to see actual bookings demand materialize before making significant new investments in sales or marketing to protect margins.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to Peraso (PRSO) leadership

    Kevin Liu's questions to Peraso (PRSO) leadership • Q1 2025

    Question

    Kevin Liu inquired about the revenue visibility for the millimeter wave (mmWave) business throughout 2025, the potential impact of U.S. tariffs, and the deployment timeline for the newly upgraded PERSPECTUS modules.

    Answer

    CFO James Sullivan confirmed strong visibility for mmWave revenue, citing existing backlog, a significant purchase order from Ubiquiti shipping through year-end, and initial shipments for a new defense contract. He also noted no current impact from tariffs due to the company's production and shipping locations. CEO Ronald Glibbery added that the PERSPECTUS upgrade is software-based, allowing customers to benefit immediately within the current quarter.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to Peraso (PRSO) leadership • Q4 2024

    Question

    Kevin Liu from K. Liu & Company asked for an outlook on the millimeter wave revenue run rate for later in 2025, the expected normalized gross margin after the memory business ends, the conversion timeline for new military customers, and the anticipated impact timing of the BEAD program.

    Answer

    CFO James Sullivan stated that while there will be quarter-to-quarter lumpiness, the goal is to keep total revenue relatively flat year-over-year as millimeter wave sales replace the runoff from memory products. He projected initial millimeter wave gross margins in the 40% range, with a corporate target of 50% over time, noting a potential near-term benefit from selling previously written-down inventory. CEO Ronald Glibbery added that other military opportunities are likely 2026 events, as the first one was unusually fast. Regarding the BEAD program, Glibbery expressed optimism that its effects could begin to materialize in 2025 due to the administration's aggressive push for tech-neutral broadband deployment.

    Ask Fintool Equity Research AI

    Kevin Liu's questions to Peraso (PRSO) leadership • Q2 2024

    Question

    Kevin Liu questioned the deployment timeline and opportunity size for the DUNE platform with a major North American WISP, asked about expansion progress in Africa, inquired about the status of the millimeter wave inventory correction, and sought details on the investment required for the Wi-Fi 8 opportunity.

    Answer

    CEO Ronald Glibbery confirmed participation in a Los Angeles deployment covering 280,000 subscribers and mentioned at least eight ongoing trials in Africa. Regarding the inventory correction, he expressed hope for a turnaround late in the fourth quarter or early in the first quarter of next year, noting customers' sales are increasing. For Wi-Fi 8, Glibbery reiterated that Peraso views it as a near-term revenue-generating opportunity through partnerships and IP licensing, not a capital-intensive product development effort.

    Ask Fintool Equity Research AI