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 exceedcash outflow for Purchase of Treasury stock and Dividends paid in 2018? Show the amounts.

Consolidated Statements of Cash Flows Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 CASH FLOWS FROM OPERATING ACTIVITIES Net income $216,355,000 $122,327,000 $106,712,0001 iAdjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization $14,330,000 $6,680,000 $6,996,0001 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 SO Gain on disposal of assets, net $56,000 -$237,000 $571,0001 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 $38,150,0001 Net cash provided by operating activities $242,896,000 $257,374,000 $152,035,000! CASH FLOWS FROM INVESTING ACTIVITIES Investment in property and equipment $47,673,000 $23,437,000 $25,191,000; Investment in intangible assets $1,803,00 -$2,517,000 $2,580,0001 Proceeds from sales of assets $3,053,000 $1,000,000 $11,462,0001 Asset acquisition, net of cash acquired $3,179,000 SO $28,583,000! Business acquisition, net of cash acquired $231,317,000 so $1,341,000 Contributions to equity method investments $9,604,000 $50,554,000 $34,661,000; Distributions from equity method investments $1,429,000 $4,569,000 $3,700,0001 Purchases of investments, employee benefit plans $2,895,000 $2,447,000 $1,661,0001 Proceeds from sales of investments, employee benefit plans $2,825,000 $2,245,000 $1,911,000; Issuance of notes receivable $36,045,000 -$19,738,000 $32,604,0001 Collections of notes receivable $4,997,000 $655,000 $11,070,0001 Other items, net $1,040,000 $109,000 $11,000! Net cash used in investing activities $321,252,000 $90,115,000 $98,467,000CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long term debt $9,037,000 SO SO 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 SO SO $550,000 Debt issuance costs -$2,590,000 SO $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 SO 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 Cash payments during the year for: Income taxes, net of refunds $77,357,000 $39,181,000 $65,683,000 Interest, net of capitalized interest $43,254,000 $42,405,000 $41,992,000 Non-cash investing and financing activities: Dividends declared but not paid $11,977,000 $12,185,000 $12,112,000 Investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities $5,949,000 $1,099,000 $3,648,000 Sale of investment in unconsolidated joint venture SO SO $2,350,000 Seller-financing to purchaser SO $2,000,000 SO