Year ended March 31, 
2019
2018
2017
(in thousands)
Net cash provided by operating activities
$66,235
$46,412
$32,514
Net cash used in investing activities
(121,324)
(35,019)
(84,615)
Net cash provided by (used in) financing activities
116,985
13,156
(332)

text: Liquidity and Capital Resources
text: Our principal sources of liquidity are cash and cash equivalents, investments and accounts receivable. The following table shows net cash provided by operating activities, net cash used in investing activities, and net cash provided by (used in) financing activities for the years ended March 31, 2019, 2018 and 2017:
text: In November 2015, we raised net proceeds of $68.3 million in our initial public offering after deducting underwriting discounts and commissions and offering expenses paid by us. In the years ended March 31, 2019, 2018 and 2017, we incurred operating losses of $1.2 million, $7.0 million and $10.4 million, respectively. While we expect to generate an operating loss in the year ending March 31, 2020, we expect to continue to generate positive cash flows from operating activities.
text: In the year ending March 31, 2020, we plan to continue to invest in the development and expansion of our Mime | OS™ platform to improve on our existing solutions in order to provide more capabilities to our customers. Investments in capital expenditures in the year ended March 31, 2019 were $28.8 million of which $25.8 million related to the expansion of our grid architecture.
text: We expect fiscal year 2020 capital expenditures to increase significantly as we expect to incur one-time costs related to the build out and expansion of facilities in the U.K. and other locations and additional data center expansion primarily in the U.S.
text: As of March 31, 2019 and 2018, we had cash, cash equivalents and investments of $173.5 million and $137.2 million, respectively. Based on our current operating plan, we believe that our current cash and cash equivalents, investments and operating cash flows will be sufficient to fund our operations for at least the next twelve months. Our future capital requirements may vary materially from those planned and will depend on certain factors, such as our growth and our operating results.
text: If we require additional capital resources to grow our business or to acquire complementary technologies and businesses in the future, we may seek to sell additional equity or raise funds through debt financing or other sources. We may also seek to invest in or acquire complement ary businesses, applications or technologies, any of which could also require us to seek additional equity or debt financing.
text: We cannot provide assurance that additional financing will be available at all or on terms favorable to us. We had no material commitments for capital expenditures as of March 31, 2019 or 2018.

Questions:
question: What are the principal sources of liquidity?
answer: cash and cash equivalents, investments and accounts receivable.
question: What was the net proceeds raised in 2015?
answer: $68.3 million
question: What was the Net cash provided by operating activities in 2019, 2018 and 2017 respectively?
answer: $66,235
$46,412
$32,514
scale: thousand
question: What was the change in the Net cash provided by operating activities from 2018 to 2019?
answer: 19823
derivation: 66,235 - 46,412
scale: thousand
question: What was the average Net cash used in investing activities between 2017 to 2019?
answer: -80319.33
derivation: -(121,324 + 35,019 + 84,615) / 3
scale: thousand
question: In which year was Net cash provided by (used in) financing activities less than 25,000 thousands?
answer: 2018
2017
derivation: locate and analyze Net cash provided by (used in) financing activities in row 6