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Higher One Holdings, Inc. Reports Second Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Consolidated gross revenue of $45.6 million

Payments revenue increases 9%

Data Analytics revenue increases 21%

New Haven, CT,

August 6,

Higher One Holdings, Inc.

(NYSE: ONE) (“Higher One” or the “Company”), today announced financial results for the second quarter of 2015. The Company reported second quarter 2015 gross revenue of $45.6 million

compared to $45.5 million in the second quarter 2014. Non-GAAP adjusted diluted EPS was $0.05, compared to $0.05 for the second quarter of 2014.

Marc Sheinbaum, President and Chief Executive Officer, said, “I am please d to see that our Payments and Data Analytics lines of business continue to grow as we work through a challenging operating environment for our Disbursements business. As we head into the fall semester and continue to monitor and plan for the various potential outcomes of the proposed regulations from the Department of Education, we remain focused on delivering the products and services for which our clients rely on us to provide.”

GAAP financial results for the

compared to the

Gross revenue increased 0.2% to $45.6 million in the second quarter of 2015 compared to revenue of $45.5 million for the second quarter of 2014

The Company recorded breakeven net income for the second quarter of 2015, compared to a net loss of $3.8 million recorded for the second quarter of 2014. The net loss recorded in the second quarter of 2014 reflects an allowance for potential customer restitution of $8.75 million.

GAAP diluted EPS was breakeven for the second quarter of 2015, compared to a GAAP diluted loss per share of $0.08 for the second quarter of 2014

Non-GAAP financial results for the

Non-GAAP adjusted EBITDA was $8.0 million in the second quarter of 2015, compared to $7.2 million in the second quarter of 2014

Non-GAAP adjusted net income was $2.2 million for the second quarter of 2015, compared to $2.5 million for the second quarter of 2014

Non-GAAP adjusted diluted EPS was $0.05 for the second quarter of 2015, compared to $0.05 for the second quarter of 2014

In addition to consolidated financial information, the Company is providing select financial information for its three lines of business: Disbursements; Payments; and Data Analytics.

Business-line financial results

4 (in thousands)

Disbursements revenue is comprised of both subscription fees for our Refund Management disbursement service as well as the transaction-based sources of interchange and service fees derived through the OneAccount.

% Change

Gross Revenue

25,525

27,486

Adjusted EBITDA

Income from Operations

(1,449

(7,099

Payments revenue is derived through our CASHNet and Campus Solutions products and consists of recurring subscription fees as well as transactional fees generated by payment plan enrollments and payment processing convenience fees.

15,835

14,504

Data Analytics revenue is derived through our Campus Labs products and is comprised mostly of subscription fees, accompanied by smaller one-time support and implementation fees.

Conference Call Information

Higher One will host a conference call at 8:30 a.m. EDT today to discuss second quarter results. The dial in phone number is 866-499-3420 for domestic listeners and 678-562-4219 for international listeners. The conference ID number is 58611746. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures can be accessed through Higher One’s investor relations website at http://www.ir.higherone.com. In addition, an archive of the webcast will be available for 90 days through the same link. A replay of the call will be available at 855-859-2056 for domestic listeners and 404-537-3406 for international listeners. Please use the passcode 58611746 to access the replay.

About Higher One Holdings

Higher One Holdings, Inc. (NYSE: ONE) partners with colleges and universities to lower their administrative costs and to improve graduation rates. We provide a broad array of payment, refund disbursement and data analytics and management tools to institutions that help them save money and enhance institutional effectiveness. And for students, we offer financial literacy programs and convenient, flexible and affordable transaction options to help them manage their finances. Higher One’s products and services support more than 1,900 schools and...


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