Apple Inc. has received a lot of attention for its statements about repatriating cash and slowing down older phone batteries, but investors remain focused on iPhone sales ahead of the company’s holiday-quarter earnings report.

The world’s most valuable company is expected to report record revenues for its fiscal first quarter on Feb. 1, buoyed by sales of the $1,000 iPhone X. The flagship phone was in short supply during most of the quarter, but its lofty price should help lift Apple’s AAPL, -3.17% top line. Analysts are calling for revenue of $86.8 billion, up 11% from a year ago.

The iPhone X starts at $999 for a 64GB model, but survey data indicated that most early adopters willing to pay big bucks for the latest iPhone were springing for the $1,149 model that has four times the storage. As such, analysts predict that the average price of phones sold during the quarter rose to a record of $752, up more than $50 from a year ago, according to FactSet.

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The average selling price, or ASP, will also get a boost from the somewhat more reasonably priced iPhone 8 line, which starts at $699 and goes up to $949 for the highest-capacity iPhone 8 Plus, higher prices than the previous year’s new entries in that category. Apple’s December quarter tends to boast the highest average selling prices due to the company’s fall product-launch cycle, as well as interest in buying fancy new models for holiday gifts.

Many analysts think the average expectation is too low, though. Mizuho analyst Abhey Lamba said projections for a $50 bump in ASP underestimate the impact of the iPhone X, writing in a note to clients that “expectations seem very low.” He projects an average selling price of $780 to $790, which he thinks could lead to better than expected overall results.

The iPhone X's most prominent feature is costly for Apple and the environment

Early supply constraints for the iPhone X are likely to keep ASPs in focus looking ahead to the March quarter, with analysts predicting they’ll hit $752 again then. Investors will be looking at Apple’s forecast for the current period as an indication of whether the company expects that sales of the iPhone X were pushed out to early 2018, when supply normalized. Consensus estimates call for sales of $68.1 billion in the current quarter, up 29% from a year ago.

Apple shares may trade based on iPhone sales, but analysts will likely use the company’s earnings call as a chance to grill management on other issues as well. Of interest will be the company’s recent admission that it intentionally slowed older iPhone batteries and began a program at the end of the year to offer discounted replacement. Management may provide some insights into the financial and reputational impacts of such moves.

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Also noteworthy will be any additional information that Apple chooses to provide about its plans to repatriate cash. The company said in a statement last week that it would build a new campus, create 20,000 jobs, and pay a $38 billion “deemed repatriation” charge in conjunction with the new tax law. Apple is likely to take that charge on this earnings report, but simply making this payment doesn’t mean that Apple will actually bring all of its overseas cash back to the U.S.

CEO Tim Cook said on ABC News recently that the company intends to bring back “the vast majority” of its cash but didn’t specify an amount or timeline. Management may be pressed to provide more guidance on that during the call.

What to expect:

Earnings: Analysts on average expect Apple to report adjusted net income of $19.8 billion, up from $17.9 billion a year ago, according to FactSet. The consensus estimate calls for earnings per share of $3.85, compared with $3.36 for the year-ago quarter. Contributors to Estimize, which crowdsources estimates from analysts, fund managers and academics, predict earnings of $3.84 cents a share, on average.

Revenue: Analysts are calling for revenue of $87.5 billion on average, up from $78.4 billion a year ago. Apple said on its most recent earnings call that it expected revenue of $84 billion to $87 billion for the December quarter. Estimize contributors on average predict revenue of $86.4 billion.

Stock movement: Apple shares are up 38% over the past 12 months through Tuesday’s trading session, though they’ve slipped over the last week on concerns about iPhone X production going forward. The Dow Jones Industrial Average DJIA, -0.87% , which counts Apple as a component, has gained 31% in that time, while the S&P 500 index SPX, -1.11% has increased 24%.

Apple shares have risen following five of the company’s past 10 earnings releases.

What to watch for

iPhone sales remain the most important figure for Apple investors, and commentary about the impact of carrier promotions will be closely watched. Instinet analyst Jeffrey Kvaal notes that wireless companies were less promotional with the iPhone X this year than they were with other flagship models in the past, adding that carriers had more attractive deals on the iPhone 8.

“Given that the U.S. operators were expecting a healthy promotional quarter even as recently as October, it is possible that Apple may have included a bit more U.S. volume in its planning assumptions for its fiscal first quarter,” he wrote last month.

On average, analysts are expecting that Apple sold 79 million iPhones during the quarter, generating $59.7 billion in revenue. The company sold 78 million iPhones a year ago.

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The company’s China performance is also crucial, given that last quarter, Apple reported growth in the region for the first time in almost two years. Analysts think this is the start of a new pattern, predicting that revenue for Greater China rose 9% during the holiday quarter. Morgan Stanley analyst Katy Huberty sees Apple having “accelerated market share gains for the iPhone in China” recently.

Aside from the iPhone segment, Apple’s overall iPad business is back to showing growth, and analysts see that continuing this quarter. They predict $6.1 billion in iPad revenue, up from $5.5 billion during the last holiday quarter.

The company has yet to break out Apple Watch sales in its financial results and there’s little reason to believe that the company will finally start doing so this time around. Still, the “Other Products” category that includes Apple Watch as well as iPods, Beats headphones and other accessories, is expected by analysts to grow to $4.6 billion from $4 billion a year ago.

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Finally, Apple’s fast-growing services business is of keen interest to Wall Street. This segment includes revenue from the App Store, iCloud, Apple Music, and other non-device elements of Apple’s ecosystem. The company said in early January that in the week beginning on Christmas Eve, “a record number of customers made purchases or downloaded apps from the App Store,” resulting in $890 million in spending over that time.

Analysts expect that the services business grew 23%, to $8.7 billion in revenue during the holiday quarter. RBC analyst Amit Daryanani predicts that services growth, along with ASP growth, will help Apple deliver better-than-expected results for the period.