The most underread part of any SaaS filing is the cash-flow statement's working-capital section, where the real timing of money shows up. Zscaler's (ZS) 10-Q for the period ended April 30, 2026 (filed May 26, 2026) has two lines worth pausing on: a $120.5 million decrease in accounts receivable and a $90.0 million increase in deferred revenue.

The filing attributes the receivables decrease "primarily due to timing of billings and collections." In plain terms, Zscaler collected on invoices it had previously sent — turning earlier billings into actual cash in the door. A falling receivables balance alongside healthy billings is generally the constructive pattern: it means the company is being paid, not just booking promises. (The pattern recurs across quarters; the prior 10-Q described a $461.5 million receivables decrease for the same timing reason.)

“Net cash inflows from changes in operating assets and liabilities were primarily the result of a decrease of $120.5 million in accounts receivable, primarily due to timing of billings and collections, an increase of $90.0 million in deferred revenue”— SEC filing (10-Q) source

The $90.0 million increase in deferred revenue is the other half of the SaaS cash engine. Deferred revenue rises when customers pay in advance for subscriptions Zscaler has not yet delivered — committed, prepaid future revenue. A growing deferred-revenue balance is, in effect, customers funding the business ahead of recognition, and it feeds directly into the calculated-billings metric the company highlights.

Read together, the two movements describe a healthy subscription cash cycle: collect on what was billed, take in new advance payments, and let the deferred balance carry future revenue. The risk to watch is the reverse — receivables ballooning while deferred revenue stalls, which would signal billing without collecting. That is not what this quarter shows. Read Zscaler's 10-Q at sec.gov; surfaced via SEC filings, the SEC filing data API and evidence index.

The takeaway: the headline metrics get the attention, but the working-capital lines are where you confirm them. Zscaler's $120.5 million receivables decrease and $90.0 million deferred-revenue increase are the cash-flow evidence that the billings story is converting to real money.