Flipbook rendering distortion when adding local offset to Capsule Component.

Adding local offset to Paper Flipbook in UE.4.22 results in rendering distortion.

Project has been attached for easier repro steps. [Link Removed]

1. Create a new blank Blueprint project in UE 4.22
2. Import a Sprite Sheet-> Apply Paper2D settings-> Extract Sprites.
3. Create a Flipbook "Test"  based upon your sprite sheet.
4. Create a PaperCharacter "Bp_Player" and populate the SpriteFlipbook with your "Test" flipbook.
5. Add a Spring Arm Component->Rotate Z to "90"> Set Target Arm Length to 200.
6. Add a Camera Component-> Attach to Spring Arm Component.
7. Inside Event Graph, Pull off the Event Tick node.
8. Create a "AddLocalOffset" node for the Capsule Component->Set Delta Location X to 5.0F
9. Drag an instance of "Bp_Player" into the world, and Press PIE.

Result: Flipbook distorts as Sprite moves in World. 

[Image Removed]

Expected: Flipbook moves in World without distortion.

Regression: Yes, behavior does not happen in 4.21.