How I Convert Pearl Abyss Financial Numbers To U.S. Dollars

I don't think the fact that the large majority of the readership of The Nosy Gamer lives in the United States would surprise many people. But considering I mainly write about a game made by Icelandic developers owned by a South Korean company does present a challenge. How do I report the financial numbers in U.S. dollars instead of South Korean won? 

Fortunately, CCP ehf, the official name for CCP Games, uses the U.S. dollar as its functional currency and has since 2007. But that just leaves a dilemma with Pearl Abyss' quarterly earnings calls. CCP records its finances in U.S. dollars. The information is sent to Pearl Abyss' corporate headquarters in Anyang, South Korea, where the currency is converted to the won and placed in Power Point decks. I then convert the figure back to dollars for my articles on the earnings calls.

To even get close to the original figure, I turn to the Federal Reserve Bank of St. Louis. Amongst the economic data available on the site is a chart showing the quarterly conversion rate of the won to the dollar as calculated by the Organization for Economic Co-operation and Development. I take the quarterly exchange rate, plug it into a Google Sheet I maintain with all the Pearl Abyss data I've extracted from the earnings calls, and get my conversions. Easy.

South Korean won (KRW) in billions, USD in millions

I've double checked the conversions by adding up the quarterly conversions of EVE IP revenue with the actual reported data from CCP's publicly available records filed with the the Icelandic Revenue and Customs agency. In three of the four previous years, the amount of USD calculated from the earnings calls was only 0.3% larger than the ones found in the tax documents. In only one year, 2021, was the number in the earnings calls lower (by 0.1%). Honestly, I consider the approximately $100 thousand discrepancy for the year a rounding error.

I should add the table above is for EVE IP data only. In 2022, overall CCP ehf. revenue was $68.6 million due to $12.5 million in "revenue from supply of services", which occurred somewhere in "South and Central America, the Caribbean, Africa, Australia and Oceania".

Hopefully this little article will explain just where all my U.S. dollar figures come from when the won is involved.