Sign in

    Terry Tillman

    Managing Director specializing in Application Software and SaaS Equity Research at Truist Securities

    Terry Tillman is a Managing Director specializing in Application Software and SaaS Equity Research at Truist Securities, where he covers major companies including Salesforce, Shopify, HubSpot, Riskified Ltd, Intapp Inc, OneStream Inc, and others. With a strong track record reflected in his coverage of over 67 technology companies and an average rating return of 3.7% per recommendation with a historical high of +193.4% on HubSpot, his success rate stands near 49% over hundreds of stock ratings, and he is ranked among the top Wall Street analysts on platforms like TipRanks. Beginning his finance career in 1998 at Banc of America Securities, Tillman has held progressive roles at SoundView Technology Group, SunTrust Robinson Humphrey, and Raymond James before joining Truist Securities as Managing Director in August 2020. He holds a Bachelor’s Degree in Finance from the University of Louisville and is professionally recognized in equity research, with active coverage and participation in industry earnings calls.

    Terry Tillman's questions to nCino (NCNO) leadership

    Terry Tillman's questions to nCino (NCNO) leadership • Q2 2026

    Question

    Terry Tillman inquired about the typical price uplift being realized from the new platform pricing model and how it's tracking against expectations. He also asked if the recent strength in the mortgage business is due to market share gains rather than a broader industry recovery.

    Answer

    CFO Greg Orenstein stated that the platform pricing transition is proceeding as planned, with price uplifts targeting around 10% on an apples-to-apples basis. CEO Sean Desmond confirmed the mortgage momentum is driven by nCino's execution and competitive technology, not by reliance on an industry rebound, highlighting activity with both IMBs and depository institutions.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to nCino (NCNO) leadership • Q1 2026

    Question

    Robert Dee, on behalf of Terry Tillman from Truist Securities, asked what management believes is most misunderstood about the nCino story and questioned the sales strategy, pricing, and overall platform importance of the new omnichannel experiences.

    Answer

    CEO Sean Desmond stated he believes investors now have a good understanding of nCino's focus on execution, key metrics like ACV, and growth initiatives. He explained that the new omnichannel experience is a core part of the platform and is included in upgrades for existing customers without incremental cost, though new solution adoption would still generate new ACV.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to nCino (NCNO) leadership • Q3 2025

    Question

    Speaking for Terry Tillman, an analyst asked about market speculation regarding the CEO's potential retirement and requested an update on customer feedback for the Banking Advisor product.

    Answer

    Chief Executive Officer Pierre Naude addressed the succession question, stating that while a plan is in place, there is no specific retirement timeline and the focus is on finding the right successor. Regarding Banking Advisor, he reported adding 11 new customers and a significant expansion of the product's internal roadmap from 4 to 48 potential skills, noting that customer adoption is proceeding cautiously within the regulated industry.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to RISKIFIED (RSKD) leadership

    Terry Tillman's questions to RISKIFIED (RSKD) leadership • Q2 2025

    Question

    Terry Tillman asked about Riskified's assumptions for second-half pipeline conversion, particularly for the holiday season, and whether the fashion and luxury vertical would see positive same-store sales. He also inquired how the rise of Agentic Commerce is impacting sales conversations and pipeline velocity.

    Answer

    CFO Aggie Doceva stated that while some pipeline opportunities are already committed, others will convert later in the year, expressing confidence in the second-half performance. CEO Idogal added that conversion rates are expected to be similar to historical levels. Regarding Agentic Commerce, Idogal explained it is a net benefit, opening new budget opportunities and sparking more conversations with merchants who want to be at the forefront of AI-driven commerce.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to Intapp (INTA) leadership

    Terry Tillman's questions to Intapp (INTA) leadership • Q4 2025

    Question

    Terry Tillman of Truist Securities, Inc. inquired about the nature of the front-loaded Q1 investments, asking if it was more marketing-focused or involved adding sellers. He also asked about the vitality of the law firm vertical and the progress of DealCloud penetration within it.

    Answer

    CEO John Hall clarified that the Q1 investments include both bringing the sales team together for training and support as well as making headcount increases to the enterprise sales force. Regarding the legal vertical, Hall described it as a 'great growth opportunity,' stating that DealCloud, enhanced with Intapp Assist, is now consistently replacing traditional horizontal CRM systems at law firms of all sizes.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to OneStream (OS) leadership

    Terry Tillman's questions to OneStream (OS) leadership • Q2 2025

    Question

    Terry Tillman posed a two-part question, asking if the Genesys architecture is a direct revenue opportunity and seeking clarification on whether the Q4 billings growth guidance was for the quarter or TTM.

    Answer

    CEO & President Tom Shea explained that Genesys has multiple pathways to revenue: by enabling AI services, powering new productized solutions like CPM Express, and forming the foundation for the ISV marketplace. CFO Bill Koefoed clarified that the Q4 guidance for billings growth to revert to '20% plus' was on a year-over-year basis for that specific quarter, not on a trailing-twelve-month basis.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to OneStream (OS) leadership • Q3 2024

    Question

    Terry Tillman of Truist Securities asked about the partner ecosystem's response to OneStream's growth and public status, and also inquired if Q4 would remain the strongest quarter for free cash flow.

    Answer

    CEO Tom Shea described partners as a critical enabler of scale and a trusted referral source, noting their investment is evidenced by over 100 products on the Partner Place exchange. CFO Bill Koefoed clarified free cash flow seasonality, stating that going forward, Q1 will generally be the highest seasonal quarter, although Q4 is expected to be free cash flow positive.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to SHOPIFY (SHOP) leadership

    Terry Tillman's questions to SHOPIFY (SHOP) leadership • Q2 2025

    Question

    Terry Tillman of Truist Securities asked about the new agentic commerce tools, Universal Cart and CheckoutKit, inquiring about their availability for the holiday season and their potential impact.

    Answer

    President Harley Finkelstein clarified that the key products are already being rolled out. Catalog launched in Q2, and CheckoutKit, which includes Universal Cart, is in early access and already being used by partners like Microsoft Copilot. He positioned these tools as critical infrastructure to ensure Shopify merchants are at the forefront of conversational commerce, leveraging Shopify's key advantage: hosting the brands consumers love.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to Klaviyo (KVYO) leadership

    Terry Tillman's questions to Klaviyo (KVYO) leadership • Q2 2025

    Question

    Terry Tillman from Truist Securities asked about the market size of Klaviyo's new service suite (help desk, conversational agents) relative to its other products and whether the go-to-market strategy would target down-market first or be broad-based.

    Answer

    Co-Founder and CEO Andrew Bialecki positioned the service and conversational AI market as being of an equal size to the marketing automation category. He emphasized that the vision is for every business to offer a personal AI agent, blending service and marketing. He stated they would not wait to bring this to the mid-market and enterprise, as they are already seeing significant interest from larger businesses.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to Zeta Global Holdings (ZETA) leadership

    Terry Tillman's questions to Zeta Global Holdings (ZETA) leadership • Q2 2025

    Question

    Bobby Dee on for Terry Tillman asked if Zeta is seeing a trend of brands in-housing marketing operations due to AI and inquired about the primary goals for the new Zeta Data and AI Lab.

    Answer

    CEO David Steinberg responded 'not yet' to the in-housing trend, stating that enterprises still heavily rely on agencies who, in turn, are adopting Zeta's AI tools. He described the Zeta Data and AI Lab, led by new hire Nate Johannes, as an 'innovation factory' designed to maintain Zeta's 18-24 month competitive lead in AI by developing next-generation tools.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to Five9 (FIVN) leadership

    Terry Tillman's questions to Five9 (FIVN) leadership • Q2 2025

    Question

    Terry Tillman from Truist Securities asked about the sustainability of Five9's impressive enterprise AI growth and the company's visibility into its AI pipeline for both new and existing customers.

    Answer

    CEO & Chairman Mike Burkland confirmed the strength in AI bookings was broad-based, with net new logo AI bookings doubling year-over-year and installed base AI bookings quadrupling. He attributed this momentum to a superior AI platform and targeted go-to-market strategies like the AI Blueprint program, expressing strong confidence in its continuation.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to TYLER TECHNOLOGIES (TYL) leadership

    Terry Tillman's questions to TYLER TECHNOLOGIES (TYL) leadership • Q2 2025

    Question

    Terry Tillman from Truist Securities asked for more detail on the significant sequential and year-over-year growth in SaaS bookings, inquiring about the specific drivers beyond new deals, such as renewals and expansions.

    Answer

    EVP & CFO Brian Miller explained that while new deal volume improved sequentially, the primary driver for the strong SaaS bookings was inside sales, including expansions with existing customers and a very strong renewal period. He noted that the timing of multi-year SaaS deals signed during the previous strong year contributed significantly to the renewal strength.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to Q2 Holdings (QTWO) leadership

    Terry Tillman's questions to Q2 Holdings (QTWO) leadership • Q2 2025

    Question

    Terry Tillman from Truist Securities inquired if customer conversations are shifting from deposit gathering to lending and asked if subscription ARR growth could accelerate in the second half given the strong pipeline.

    Answer

    CEO Matt Flake and President Kirk Coleman affirmed that deposit gathering remains a fundamental focus for banks and the primary anchor for relationships. CFO Jonathan Price noted that while the pipeline is strong, tougher comps mean the current 12-14% subscription ARR growth is a sustainable and durable level, with quarterly growth expected to be in the 2-4% range.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to MANHATTAN ASSOCIATES (MANH) leadership

    Terry Tillman's questions to MANHATTAN ASSOCIATES (MANH) leadership • Q2 2025

    Question

    Terry Tillman of Truist Securities inquired about programmatic ways to accelerate supply chain unification deals and sought an update on the company's confidence in sustaining 20%+ cloud subscription revenue growth.

    Answer

    President & CEO Eric Clark explained that Manhattan Associates is doubling down on unification with dedicated engineering teams and a customer product council to co-innovate. Regarding cloud revenue, Clark expressed confidence in sustaining over 20% growth, citing a large RPO, a solid pipeline, sales investments, and a significant upcoming renewal cycle in 2026 which offers opportunities for cross-selling and higher run rates.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to ROPER TECHNOLOGIES (ROP) leadership

    Terry Tillman's questions to ROPER TECHNOLOGIES (ROP) leadership • Q2 2025

    Question

    Terry Tillman asked about the performance of ProCare as it moves into the organic calculation, focusing on leadership changes and payment attach rates. He also had a follow-up question on Neptune and whether its newer data solutions could reaccelerate growth.

    Answer

    President and CEO Neil Hunn acknowledged ProCare had a mixed first year but detailed significant countermeasures, including a new leadership team and improved go-to-market, and expects it to return to mid-teens growth. On Neptune, he described the 'meter to cash' strategy as a unique and compelling value proposition that should drive future growth, particularly with smaller municipalities.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to ServiceTitan (TTAN) leadership

    Terry Tillman's questions to ServiceTitan (TTAN) leadership • Q1 2026

    Question

    Terry Tillman of Truist Securities asked about the forward-looking visibility created by major customer go-lives, specifically for subscription revenue, usage revenue, and Pro Product adoption.

    Answer

    CFO Dave Sherry clarified that visibility on subscription revenue is high post-go-live due to contract structures. GTV and usage revenue depend on the customer's ramp. For Pro Products, the strategy is to first ensure the customer realizes ROI on the core platform, which then 'earns the right' to upsell additional products.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to ServiceTitan (TTAN) leadership • Q1 2026

    Question

    Terry Tillman of Truist Securities asked about the forward visibility that major customer go-lives provide for subscription revenue, usage, and Pro Product adoption.

    Answer

    CFO Dave Sherry clarified that while subscription revenue has high visibility upon go-live, usage revenue depends on the customer's ramp. He emphasized that the company's model is to first focus on delivering ROI with the core product, which then earns them the right to upsell Pro Products.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to UiPath (PATH) leadership

    Terry Tillman's questions to UiPath (PATH) leadership • Q1 2026

    Question

    Terry Tillman asked about the increasing mentions of 'replacements' and whether agentic automation is driving a trend of vendor consolidation. He also inquired if the redesigned partner program is expected to drive more growth from existing large customers or from acquiring new ones.

    Answer

    Founder & CEO Daniel Dines confirmed that replacements are becoming more natural as traditional RPA vendors struggle to keep pace with innovation, highlighting the benefit of consolidating AI agents and robots on a single platform. CFO & COO Ashim Gupta explained the partner program is designed to enable high-quality partners to drive adoption, particularly with mid-tier customers, viewing all partner activity as a net positive.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to SMAR leadership

    Terry Tillman's questions to SMAR leadership • Q2 2024

    Question

    Terry Tillman asked about the validity of a report suggesting Cisco is migrating away from Smartsheet, the general health of large enterprise customers, and the productivity ramp of the sales capacity added over the last year.

    Answer

    Mark Mader refuted the Cisco report, stating they signed a multiyear, multimillion-dollar extension in Q2, and affirmed the health of large customers, noting over 50 customers now exceed $1 million in ARR. Pete Godbole added that while overall sales productivity was impacted by macro conditions affecting high-velocity business, enterprise sales productivity specifically grew quarter-over-quarter and is expected to continue improving.

    Ask Fintool Equity Research AI

    Terry Tillman's questions to SMAR leadership • Q1 2025

    Question

    Asked about enterprise vendor consolidation trends in the work management space and requested an update on the net retention rate (NRR) split between enterprise and SMB segments.

    Answer

    Executives confirmed that enterprises are making more strategic purchasing decisions, which benefits Smartsheet's strengths in scale and governance. Enterprise NRR remained above 120%, while SMB NRR dropped slightly but stayed above 100%, with future upside expected from the new pricing model.

    Ask Fintool Equity Research AI