Persistent reported sequential revenue growth of 3.9% (USD) and an EBIT margin of 12.1% (~170bp expansion), ahead of estimates. Growth was driven by the Services business, partly offset by the IP portfolio due to seasonality in the Reseller business. Broad-based performance was encouraging. Healthy growth in Services despite a high base indicated steady progress on the turnaround. Management commentary further implied a healthy deal pipeline in the Services business. We expect this vertical to continue to deliver even with...