As investors prepare themselves for Nike’s (NKE) earning release on Dec. 22, there are a few things to think about. The most recent earnings report was impressive, with revenue and earnings growing 5% and 23%, respectively. So let’s talk about what to look for this time around.

Foreign currency exchange

International markets make up more than half of Nike’s sales, so the recent fluctuations in the global currency markets have put a damper on the company’s sales and earnings. For example, last quarter’s revenues would have grown 14% if it weren’t for the negative effect of the foreign currency exchange. Instead, they managed 5% growth.

Foreign currency exchange could continue to negatively impact Nike’s growth in the current quarter, however investors should note that this is just a minor problem and is in no way indicative of Nike’s underlying business. Thus, it’s important to take a look at currency-neutral growth to determine how the business is doing without the external factors doing their work.

Global strength

After Nike reset its business strategy in China last year, there was a lot of uncertainty. Last quarter, however, the company posted a 30% increase in revenue in the Asian country, despite all the macroeconomic problems that were plaguing the country and its people.

Elsewhere, Nike managed to achieve double-digit currency-neutral revenue growth in every region except for North America, where it saw 9% growth. This will be something to keep an eye on to determine whether Nike can continue the amazing run.

Moving forward with LeBron

Nike recently inked the largest single-athlete endorsement contract in company history. The company signed a lifetime deal with NBA player LeBron James. While we don’t know the exact figure of the deal, ESPN’s Darren Rovell estimates it to be worth $500 million or more.

Despite the high price tag, however, it’s still a bargain for Nike. That’s because James has his own shoe line with Nike, which consequently sold $340 million worth of the line in 2014. James seems to be also driving sales for other Nike gear, with Nike’s total revenue has tripled since James joined in 2003. Shares of the company have been up considerably in that time.