Ubisoft Entertainment: Strong Bookings Amidst Opaque Financials Justify Hold RatingWe note that while the IFRS restatements did not affect the non-IFRS metrics we all use to evaluate the company, those non-IFRS metrics are becoming increasingly difficult to interpret. While the company reported 1H operating income of €27MM, 1H FCF was (€251MM). About half of that gap is due to cash R&D spend running higher than R&D amortization, which is fine (if a running theme), but the other half is all opaque working capital changes. At this point we think it is imperative that the company start breaking out B2B revenue, and ideally OI contribution, as a separate segment from the historical B2C business. If accountants working with all the necessary information struggle to come up with the proper presentation of the company's economics, investors can be expected to find it even more challenging.