CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$216,355,000	$122,327,000	$106,712,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$14,330,000	$6,680,000	$6,996,000
Depreciation and amortization - marketing and reservation system	$19,597,000	$20,609,000	$20,663,000
Franchise agreement acquisition cost amortization	$9,239,000	$7,191,000	$6,423,000
Impairment of goodwill	$4,289,000	$0	$0
Gain on disposal of assets, net	-$56,000	-$237,000	-$571,000
Provision for bad debts, net	$10,542,000	$5,514,000	$3,365,000
Non-cash stock compensation and other charges	$15,986,000	$22,857,000	$15,346,000
Non-cash interest and other investment (income) loss	$3,695,000	-$772,000	$1,059,000
Deferred income taxes	-$3,510,000	$57,106,000	-$29,723,000
Equity in net losses from unconsolidated joint ventures, less distributions received	$7,389,000	$6,579,000	$1,025,000
Franchise agreement acquisition cost, net of reimbursements	-$52,929,000	-$30,638,000	-$17,410,000
Change in working capital and other, net of acquisition	-$2,031,000	$40,158,000	$38,150,000
Net cash provided by operating activities	$242,896,000	$257,374,000	$152,035,000

CASH FLOWS FROM FINANCING ACTIVITIES	2018	2017	2016
Proceeds from issuance of long term debt	$9,037,000	$0	$0
Net (repayments) borrowings pursuant to revolving credit facilities	$20,600,000	-$115,003,000	$25,795,000
Principal payments on long-term debt	-$603,000	-$660,000	-$988,000
Proceeds from other debt agreements	$0	$0	$550,000
Debt issuance costs	-$2,590,000	$0	-$284,000
Purchases of treasury stock	-$148,679,000	-$9,807,000	-$35,926,000
Dividends paid	-$48,715,000	-$48,651,000	-$46,182,000
Proceeds from transfer of interest in notes receivable	$173,000	$24,237,000	$0
Proceeds from exercise of stock options	$41,360,000	$14,107,000	$12,951,000
Net cash used in financing activities	-$129,417,000	-$135,777,000	-$44,084,000
Net change in cash and cash equivalents	-$207,773,000	$31,482,000	$9,484,000
Effect of foreign exchange rate changes on cash and cash equivalents	-$921,000	$1,391,000	-$462,000
Cash and cash equivalents at beginning of period	$235,336,000	$202,463,000	$193,441,000
Cash and cash equivalents at end of period	$26,642,000	$235,336,000	$202,463,000

2. In 2018, Choice Hotels made a large repurchase of Treasury stock. Hint: Positive numbers mean cash inflows and negative numbers mean cash outflows. Does the Net cash provided by operating activities exceed cash outflow for Purchase of Treasury stock and Dividends paid in 2018? Show the amounts.