Table of Contents outflows of $14.8 million relating to capitalized software, and a decrease in cash outflows of $2.3 million in net cash used to fund loans to employees and related parties. Financing Cash Flows Cash provided by financing activities increased $2.7 billion to $3.4 billion for the six months ended June 30, 2019. This increase was primarily attributable to $2.5 billion in proceeds received from the draw down on the 2018 warrant, of which we received $1.5 billion and $1.0 billion in January 2019 and April 2019, respectively. Our cash provided by financing activities also includes $633.3 million in proceeds primarily from the 424 Fifth Venture loans. We also received proceeds from the issuance of noncontrolling interests of $243.5 million associated with the 424 Fifth Venture and the Creator Fund and $33.9 million from the exercise of stock options. Cash used in financing activities includes the repurchase of $33.0 million in aggregate principal amount of the senior notes for total consideration of $32.4 million. The remaining $9.2 million net increase relates to changes in various other financing activities. Comparison of the Year Ended December 31, 2017 and the Year Ended December 31, 2018 A summary of our cash flows from operating, investing and financing activities for the years ended December 31, 2017 and 2018 is presented in the following table: Year Ended December 31, Change (1) (Amounts in thousands, except percentages) 2017 2018 $ % Cash provided by (used in): Operating activities $ 243,992 $ (176,729) $ (420,721) (172)% Investing activities (1,376,767) (2,475,798) (1,099,031) 80% Financing activities 2,724,315 2,658,469 (65,846) (2)% Effects of exchange rate changes (763) (13,119) (12,356) N/M Net increase (decrease) in cash, cash equivalents, and restricted cash 1,590,777 (7,177) (1,597,954) (100)% Cash, cash equivalents, and restricted cash—Beginning of period 580,342 2,171,119 1,590,777 274% Cash, cash equivalents, and restricted cash—End of period $ 2,171,119 $ 2,163,942 $ (7,177) —% 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 The $420.7 million increase in net cash used in operating activities from the year ended December 31, 2017 to the year ended December 31, 2018 was primarily attributable to net cash used for investments in the expansion of our business. Included in our cash flows from operating activities, after elimination of intercompany cash flows, was $120.9 million of cash used in operating activities of consolidated VIEs for the year ended December 31, 2018, compared to $34.2 million for the year ended December 31, 2017. This increase in cash used in operating activities also generally related to the expansion of our business. Investing Cash Flows Cash used in investing activities increased by $1.1 billion to $2.5 billion for the year ended December 31, 2018 from $1.4 billion for the year ended December 31, 2017. Net cash used in investing activities is primarily used to support the growth of our platform, including funding additional purchases of property and equipment, and this increase in the year ended December 31, 2018 primarily related to leasehold improvements at our leased locations, which increased by $1.0 billion, and the funding of security deposits with landlords for new locations, which increased by $28.3 million. Our cash used in investing activities for the year ended December 31, 2018 also includes an increase in cash used for strategic investments (net of proceeds from sales and redemptions) of $75.7 million, which was offset by a decrease of 120