property and equipment and assets held for sale as a result of the Company’s decision to divest itself from several non-core and underperforming assets during the fiscal year 2018. Additionally, the Company experienced a decrease in working capital as compared to the previous fiscal year. This is primarily the result of the Company having a smaller increase in accounts receivable due to lower revenues earned, and experiencing a smaller decrease in inventory levels due the Company taking an impairment on its inventory levels at September 30, 2017, which directly impacted the change for the fiscal year ended September 30, 2018. This decrease was partially offset by an increase in net income. Due to the seasonal nature of Alico's business, working capital requirements are typically greater in the first and fourth quarters of its fiscal year. Cash flows from operating activities typically improve in the second and third fiscal quarters, as sales of its harvested citrus are made. The following table details the items contributing to Net Cash (Used In) Provided By Investing Activities for the fiscal years ended September 30, 2019, 2018 and 2017: The change from net cash provided by investing activities for the fiscal year ended September 30, 2018 to net cash used in investing activities for the fiscal year ended September 30, 2019 was primarily due to a decrease in proceeds received on the sale of certain assets sold during fiscal year 2019, as compared to fiscal year 2018. This is due to the Company divesting of several more assets in fiscal year 2018, as compared to fiscal year 2019 (see Note 4. “Assets Held for Sale” and Note 5. “Property & Equipment, Net” to the accompanying Consolidated Financial Statements). In addition, the shift, to a smaller extent, was due to an increase in capital expenditures which was driven by the purchase of certain land blocks within its existing grove location. The increase in net cash provided by (used in) investing activities for the fiscal year ended September 30, 2018, as compared to the fiscal year ended September 30, 2017, was primarily due to proceeds received from the sale of certain assets during the fiscal year 2018. This increase was partially offset by greater capital expenditures in the fiscal year 2018, as compared to the same period in the prior fiscal year, as a result of the Company’s decision to plant more trees. 36 (in thousands) Fiscal Year Ended September 30, Fiscal Year Ended September 30, 2019 2018 Change 2018 2017 Change Purchases of property and equipment (20,000 ) (16,352 ) (3,648 ) (16,352 ) (13,353 ) (2,999 ) Return on investment in Magnolia Fund — 25 (25) 25 324 (299) Net proceeds from sale of property and equipment and assets held for sale 14,602 37,969 (23,367 ) 37,969 760 37,209 Net proceeds from sale of real estate — 1,811 (1,811) 1,811 2,184 (373) Insurance proceeds received for damage to property and equipment 486 477 9 477 — 477 Change in deposits on purchase of citrus trees (108) (431) 323 (431) 748 (1,179) Advances on notes receivables, net 60 (575 ) 635 (575 ) — (575 ) Net cash (used in) provided by investing activities $ (4,960) $ 22,924 $ (27,884) $ 22,924 $ (9,337) $ 32,261 Net Cash (Used In) Provided By Investing Activities