Revenue fell 0.4% QoQ in USD CC terms in 4QFY22, but was above our estimate of -1.1% QoQ USD CC. The beat was led by both Services (+1.6% QoQ USD CC) and DLM (-9.3% QoQ USD). Growth in Services was driven by Portfolio (10% QoQ), Aerospace (3.9%), and Communications (3.5%), while growth in Rail Transportation (-9.5%) was weak. EBIT margin rose 60bp QoQ to 14.5% in 4QFY22 (200bp above our estimate), led by tailwinds such as offshoring, pyramid rationalization, higher quality revenue, utilization, and SG&A leverage. The same was offset...