Table of Contents $39.3 million in cash used for acquisitions in 2018 as compared to the year ended December 31, 2017. The remaining $2.7 million increase in net cash used in investing activities includes an increase of $11.7 million in cash used for loans to employees and related parties partially offset by an increase in cash inflows of $9.0 million relating to the sale of software licenses. Financing Cash Flows Cash provided by financing activities decreased by $65.8 million to $2.7 billion for the year ended December 31, 2018. This decrease was primarily attributable to a decrease in proceeds from the issuance of noncontrolling interests of $152.1 million, a decrease of $53.6 million driven by the receipt of a loan during 2017 compared to the repayment of that loan during 2018, partially offset by an increase in net proceeds from the issuance of debt and equity in the amount of $51.4 million and a $110.0 million increase in cash received for members’ service retainers during the year ended December 31, 2018. The remaining $21.5 million net decrease in cash provided by financing activities relates to changes in various other financing activities. Comparison of the Year Ended December 31, 2016 and the Year Ended December 31, 2017 A summary of our cash flows from operating, investing and financing activities for the years ended December 31, 2016 and December 31, 2017 is presented in the following table: Year Ended December 31, Change (1) (1) (Amounts in thousands, except percentages) 2016 2017 $ % Cash provided by (used in): Operating activities $ 176,905 $ 243,992 $ 67,087 38% Investing activities (818,525) (1,376,767) (558,242) 68% Financing activities 727,908 2,724,315 1,996,407 274% Effects of exchange rate changes (2,261) (763) 1,498 (66)% Net increase (decrease) in cash, cash equivalents, and restricted cash 84,027 1,590,777 1,506,750 N/M Cash, cash equivalents, and restricted cash—Beginning of period 496,315 580,342 84,027 17% Cash, cash equivalents, and restricted cash—End of period $ 580,342 $ 2,171,119 $1,590,777 274% N/M = Not meaningful (1) We retrospectively adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash in connection with the preparation of our annual financial statements for the year ended December 31, 2018. See Note 2 to the audited annual consolidated financial statements included elsewhere in this prospectus for the impact that the adoption had on our statements of cash flows. Operating Cash Flows Cash provided by operating activities increased $67.1 million to $244.0 million for the year ended December 31, 2017 from $176.9 million for the year ended December 31, 2016. This increase was primarily attributable to an increase in cash received from tenant improvement allowances of $126.8 million. The increase in cash received from tenant improvement allowances was partially offset by an increase in net cash used in all other operating activities of $59.7 million relating primarily to net cash used for investments in the growth of our global platform and the timing of payments. Investing Cash Flows Cash used in investing activities increased $558.2 million to $1.4 billion for the year ended December 31, 2017 from $818.5 million for the year ended December 31, 2016. Net cash used in investing activities is primarily to support the growth of our global platform, including funding additional purchases of property and equipment, primarily relating to leasehold improvements at our leased locations, which increased by a total of $247.9 million, and the funding of deposits with landlords for new locations, which increased by $57.5 million. Our growth strategy also includes cash used in making strategic investments and acquisitions, which increased by $266.8 million (net of redemptions) for the year ended December 31, 2017 compared to the year ended December 31, 121