Higher One 8K Holdings, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results | SEC 12 Feb 13

Exhibit 99.2

Higher One Holdings, Inc.
Q4'12 Earnings Results

February 12, 2013

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Forward-Looking Statements

This presentation includes forward-looking statements, as defined by the Securities and Exchange
Commission. Management's projections and expectations are subject to a number of risks and
uncertainties that could cause actual performance to differ materially from that predicted or implied.
These statements speak only as of the date they are made, and the company does not intend to update or
otherwise revise the forward-looking information to reflect actual results of operations, changes in
financial condition, changes in estimates, expectations or assumptions, changes in general economic or
industry conditions or other circumstances arising and/or existing since the preparation of this
presentation or to reflect the occurrence of any unanticipated events. The forward-looking statements in
this presentation do not include the potential impact of any acquisitions or divestitures that may be
announced and/or completed after the date hereof. Information about the factors that could affect future
performance can be found in our recent SEC filings, available on our website at http://ir.higherone.com/.

This presentation includes certain metrics presented on a non-GAAP basis, including non-GAAP adjusted
EBITDA, non-GAAP adjusted EBITDA margin, non-GAAP adjusted net income, non-GAAP adjusted diluted
EPS, and non-GAAP Free Cash Flow. We believe that these non-GAAP measures, which exclude
amortization of intangibles, stock-based compensation, and certain non-recurring or non-cash impacts to
our results, all net of taxes, provide useful information regarding normalized trends relating to the
company's financial condition and results of operations. Reconciliations of these non-GAAP measures to
their closest comparable GAAP measure are included in the appendix of this presentation.

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Higher One's Core Goals

• Lower the cost of education by improving
administrative efficiencies and reducing fraud
and waste

• Provide financial literacy and low-cost
financial services to college students

• Improve graduation rates through better data
collection and analysis

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Q4/FY'12 Highlights

• Two straight years of 100% OneDisburse client
retention

• Hit our revised guidance numbers

o Revenue up 7% in the quarter, 9% for the year

• Continued rollout of new consumer products

o Edge Account, with one-line fee schedule, is simplest
account on the market

o Branding to promote primary bank account usage, limit
confusion around refunds

• Integration of Campus Labs going well

o Campus Labs Insight to help administrators make sense of
all the data available to them (including OneDisburse)

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Continued Diversification of Revenue Streams

As a % of total
revenue

Account

(in $ thousands)

Payment Trxn

(in $ thousands)

Higher Ed. Institution

(in $ thousands)

Other

(in $ thousands)

80%

76%

10%

11%

13%

+2%

+12%

+64%

-80%

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Revenue

(in $ millions)

Revenue Growth Despite Continued Headwinds

49.8

39.8

51.4

35.1

48.1

46.5

57.8

38.9

*Calculation of organic revenue growth is included in the appendix of this presentation

**Excluding $4.7 million impact of credit project, Q4'11 gross margin would have been 63.2%

51.2

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Increases in G&A, Marketing Spend

• Increase in depreciation, mainly
due to new headquarters

• Spending on enhanced compliance
capabilities

• Includes a full quarter of Campus
Labs

• Increased marketing expenses from
consumer branding initiatives direct
deposit promotions

• Earn-out resulting in stock-based and
other M&A related expense expired in
2011

G&A

(as a % of rev)

(as a % of rev )

Adj. S&M*

(as a % of rev)

7.3%

*The Adjusted Sales and Marketing Expense graph shows both total Sales & Marketing as a percent of revenue as well as Sales & Marketing as a percent of revenue
excluding stock-based and other acquisition expense, which is related to the vesting of certain shares issued in connection with the acquisition of EduCard and CASHNET.
Stock-based and other acquisition expense is recognized in the quarter as a function of sales and average share price.

Stock-based and
other M&A related
expense

6.6%

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

GAAP Net Income

Net Income

(in $ millions)

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Adj. EBITDA Impacted By Higher CoGS, OpEx

*Calculation of Adj. EBITDA and Adj. EBITDA Margin is included in the appendix of this presentation

Adj. EBITDA*

(in $ millions)

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

GAAP Diluted EPS

(in $)

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Adj. EPS Impacted by Margins, Interest Expense

*Calculation of Adj. EPS and Adj. Net Income Margin is included in the appendix of this presentation

Adjusted Diluted EPS

(in $)

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Operating Cash Flow

(in $ millions)

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

FCF benefitting from lower CapEx

*Calculation of Free Cash Flow is included in the appendix of this presentation

Free Cash Flow

(in $ millions)

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Maintaining Strong Win Rate, Diversification

*OneDisburse Signed School Enrollment (SSE) is recorded as the total student enrollment at all schools that are contracted at quarter-end for our
OneDisburse product as of the date the contract is signed (using the most up-to-date IPEDS data at that point in time).

**Total Company SSE includes the total student enrollment at all schools that are contracted for at least one OneDisburse, CASHNet suite of
payment products, or Campus Labs module, as of the date the contract is signed (using the most up-to-date IPEDS data at that point in time)

OneDisburse SSE*

+11%

(in thousands)

Total Company SSE**

(in thousands)

+82%

(+13% ex-Campus Labs)

Over 6.3

million SSE
cross-sell

potential

for OneDisburse

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

OneAccounts Impacted by Lower Enrollment, Adoption

OneAccount Growth

flat

(in thousands)

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Capital allocation creating value for shareholders

*Other primarily includes proceeds and tax benefits from options exercises

Cash & Investment Balance/Flows

(in millions)

FCF/Other Movements

$27.3

FCF

Cash and cash equivalents

Investments in available for sale securities

$13.3

• Fully liquid assets total $13.3M

• $13.4M in FCF

• CapEx returned to lower, more
normalized level

• Drew $50M on our LoC in Q4'12

• $80M drawn in total

• Debt used to finance Campus Labs
acquisition, share repurchase

• ($78.1M) million on repurchasing
7.6 million shares at an average
price of $10.27 in Q4

• From start of buyback program
through Q4'12, 11.4 million shares
repurchased at an average price of
$11.58/share

• Completed $100M authorization in
early Q1'13

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

GAAP Guidance

FY'13

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Non-GAAP Guidance

*Calculation of Adjusted Diluted EPS is included in the appendix of this presentation

FY'13

• Guidance assumes flat enrollment and financial aid refund size

• Incremental $5 - $7 million investment in OpEx initiatives:

• Majority in growth initiatives...product development, better lifecycle management, more predictive

analytics capabilities, marketing and incentives for customers

• Remainder in strengthening the business...enhanced compliance, government relations, fraud
prevention initiatives

• ~50 million diluted share count used in determining guidance

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Q4'12 Summary

• Nine straight quarters of 100% OneDisburse client
retention

• Continued rollout of new consumer products

o Edge Account, with one-line fee schedule, is simplest
account on the market

o Branding to promote primary bank account usage, limit
confusion around refunds

• Integration of Campus Labs going well

o Campus Labs Insight to help administrators make sense of
all the data available to them (including OneDisburse)

• Making the right investments for the future

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Q & A

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Appendix

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Calculation of Organic Gross Revenue*

*Organic revenue calculation excludes the entire revenue impact from the current and prior year quarter for all acquisitions made within 15
months of a given quarter's end

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Calculation of Free Cash Flow

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Calculation of Adjusted EBITDA

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Calculation of Adjusted Diluted EPS

©2013 Higher One Holdings, Inc. Higher One, CASHNet, and Campus Labs are registered
trademarks of Higher One, Inc. All other marks are owned by their respective owners.

Reconciliation of GAAP to non-GAAP Guidance

Higher One Inactive 8-KHigher One Holdings, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results