“I think in the broad strokes of the year, it's going to be a similar year. Obviously, I think we think CapEx will be in a comparable position and obviously, regulatory capital is a byproduct of the growth in the business, and we'll look at that as well.”

In context

“e of my closing comments, what I would say is keep in mind that the ultimate answer here is a byproduct of the specific attributes of any asset and where we are at a given time in terms of our cash and balance sheet capacity. At our current valuation, an M&A deal is likely less accretive than share repurchase. Having said that, for the right strategic deal, we could opt to use the balance sheet capacity we still have even after these enhanced levels of share repurchase. Lisa Gill : Okay. Great. And so just so I understand this, I know you're not giving any kind of guidance yet around cash flow. But is there anything that should be different when we think about cash flow for '23? Just to give us an idea of how much cash flow you'll have available for something in this area. Shawn Guertin : I think in the broad strokes of the year, it's going to be a similar year. Obviously, I think we think CapEx will be in a comparable position and obviously, regulatory capital is a byproduct of the growth in the business, and we'll look at that as well. But our sort of baseline assumption that is behind my commentary today is a similar level of cash flow that we're talking about for this year in the same neighborhood. Again, we'll provide more detailed guidance on the Q4 call, but the '23 capacity, I think, is very sound and intact. Operator: And we'll take our next question from Justin Lake with Wolfe Research. Justin Lake : I'll start with my follow-up to Lisa's question here. Shawn, during your prepared comments at the end there, you gave at least me the impression that there was kind of an if-then statements on this position -- on the potential for a physician deal versus share repurchase and the ability to hit 2024. So I just want to clarify, are you saying that if you do a large physician group purchase, obviously, that advances th”