Table:
|  |  | Fiscal Year Ended June 30, |  |
| --- | --- | --- | --- |
|  | 2019 | 2018 | 2017 |
|  |  | (U.S. $ in thousands) |  |
| Net cash provided by operating activities | $466,342 | $311,456 | 199,381 |
| Net cash used in by investing activities | (604,198) | (51,696) | (224,573) |
| Net cash (used in) provided by financing activities | (3,187) | 906,789 | 9,438 |
| Effect of exchange rate changes on cash and cash equivalents | (855) | (630) | 465 |
| Net (decrease) increase in cash and cash equivalents | $(141,898) | $1,165,919 | $(15,289) |
Paragraphs:
B. Liquidity and Capital Resources
As of June 30, 2019, we had cash and cash equivalents totaling $1.3 billion, short-term investments totaling $445.0 million and trade receivables totaling $82.5 million. Since our inception, we have primarily financed our operations through cash flows generated by operations.
Our cash flows from operating activities, investing activities, and financing activities for the fiscal years ended 2019, 2018 and 2017 were as follows:
We believe that our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to meet our anticipated cash needs for at least the next 12 months. Our future capital requirements will depend on many factors including our growth rate, the timing and extent of spend on research and development efforts, employee headcount, marketing and sales activities, acquisitions of additional businesses and technologies, the timing and extent of exchange of the Notes for payments of cash, the introduction of new software and services offerings, enhancements to our existing software and services offerings and the continued market acceptance of our products.
Cash provided by operating activities has historically been affected by the amount of net income (loss) adjusted for non-cash expense items such as non-coupon impact related to the Notes and capped calls, depreciation and amortization and expense associated with share-based awards, the timing of employee-related costs such as bonus payments, collections from our customers, which is our largest source of operating cash flows, and changes in other working capital accounts.
Accounts impacting working capital consist of trade receivables, prepaid expenses and other current assets, current derivative assets, trade and other payables, provisions, current derivative liabilities, current portion of our Notes and other current liabilities. Our working capital may be impacted by various factors in future periods, such as billings to customers for subscriptions, licenses and maintenance services and the subsequent collection of those billings or the amount and timing of certain expenditures.
Net cash provided by operating activities was $466.3 million for the fiscal year ended June 30, 2019, as a result of $605.6 million in loss before income tax expense adjusted by non-cash charges including the loss of marking to fair value of the embedded exchange feature of the Notes and related capped call transactions of $533.9 million, depreciation and amortization of $70.2 million, share-based payment expense of $257.8 million and debt discount and issuance cost amortization of $33.9 million. The net increase of $169.0 million from our operating assets and liabilities was primarily attributable to a $122.5 million increase in our deferred revenue as a result of increased sales of subscriptions and renewals of maintenance contracts and a $75.6 million increase in trade and other payables, provisions and other non-current liabilities, offset by a $30.2 million increase in trade receivables. Net cash provided by operating activities was also impacted by tax refunds received, net of income tax paid of $7.0 million.
Net cash provided by operating activities was $311.5 million for the fiscal year ended June 30, 2018, as a result of $58.1 million in loss before income tax expense adjusted by non-cash charges including the loss of marking to fair value of the embedded exchange feature of the Notes and related capped call transactions of $12.4 million, depreciation and amortization of $79.4 million, share-based payment expense of $162.9 million and debt discount and issuance cost amortization of $7.5 million. The net increase of $113.1 million from our operating assets and liabilities was primarily attributable to a $97.7 million increase in our deferred revenue as a result of increased sales of subscriptions and renewals of maintenance contracts, a $43.5 million increase in trade and other payables, provisions and other noncurrent liabilities, offset by a $19.6 million increase in trade receivables and a $8.4 million increase in prepaid expenses and other current and non-current assets. Net cash provided by operating activities was also impacted by income taxes paid, net of refunds, of $4.2 million.
Net cash used in investing activities during the fiscal year ended June 30, 2019 was $604.2 million. This was primarily related to cash paid for business combinations, net of cash acquired, totaling $418.6 million, purchases of investments totaling $648.0 million and purchases of property and equipment totaling $44.2 million to support the growth of our business, including hardware, equipment and leasehold improvements, offset by cash received from the maturing of investments which totaled $485.0 million and proceeds from sales of investments of $20.5 million.
Net cash used in investing activities during the fiscal year ended June 30, 2018 was $51.7 million. This was primarily related to purchases of investments totaling $347.8 million and purchases of property and equipment totaling $30.2 million to support the growth of our business, including hardware, equipment and leasehold improvements, offset by cash received from the maturing of investments which totaled $206.1 million and proceeds from sales of investments of $123.9 million.
Net cash used in financing activities for the fiscal year ended June 30, 2019 was $3.2 million and was primarily related to coupon interest payments on the Notes of $6.3 million, offset by proceeds from exercises of employee share options of $3.5 million.
Net cash provided by financing activities for the fiscal year ended June 30, 2018 was $906.8 million and was primarily related to proceeds from the issuance of our Notes of $990.5 million offset by the purchase of the capped calls for $87.7 million.
Question:
What is the percentage change of net cash provided by operating activities between fiscal year 2017 to 2018?
Answer: (311456-199381)/199381 = 56.21