Highlight of Business Operations:Total net revenues increased by $12.6 million or 17% during the third quarter of 2011, which was primarily attributed to an increase in term license revenues and other recurring revenues. Term license revenues increased by $6.1 million due to the implementation of our bookings activity from the previous 12 months, growth in sales of our APX, Geneva and Moxy products, and our improved renewal rates. Other recurring revenues increased by $5.6 million or 33% during the third quarter of 2011 compared to the same period of 2010, as we experienced growth in revenue from our data services, Advent OnDemand, Assets Under Administration (AUA) fees and $3.1 million of revenues from our new Black Diamond business which we acquired on June 1, 2011. These increases were partially offset by a decrease of $0.3 million in perpetual maintenance revenues primarily resulting from perpetual license customers migration to term licenses, maintenance downgrades and de-activations due to perpetual license customer attrition.
Our operating income (margin) from continuing operations in the third quarter of 2011 was $10.6 million (13%) compared to $9.7 million (14%) in the third quarter of 2010. Although we were able to grow revenues and operating income during this period, the 1 point decrease in operating margin primarily resulted from the impact our term implementation deferral, which caused a $1.9 million reduction to operating profit compared to no impact in the same period last year. Additionally, we absorbed additional expenses from the investment in our business (client service and professional personnel), and from the acquisition and integration of new businesses (Syncova and Black Diamond).
Other recurring revenues, which primarily include revenues from incremental assets under administration fees from perpetual licenses, data services, web-based services, Advent OnDemand and Black Diamond, increased $5.6 million and $10.9 million during the three and nine months ended September 30, 2011 when compared to the same periods of 2010. The increase in other recurring revenues is primarily due to growth in revenues from web-based services, outsourced services and data services. In addition, incremental assets under administration fees from perpetual licenses increased $0.5 million and $1.2 Million during the three and nine months ended September 30, 2011 as our clients experienced growth in new assets and increases in the market value of AUA balances despite the market volatility during 2011. Additionally, our new Black Diamond business, which we acquired on June 1, 2011, contributed $3.1 million and $4.1 million of other recurring revenues to our three and nine months ended September 30, 2011 results.
Net cash used in investing activities from continuing operations of $31.3 million for the nine months ended September 30, 2010 reflects net cash used of $4.7 million related to the acquisition of Goya AS, purchases of marketable securities of $29.0 million, capitalized software development costs of $1.6 million and capital expenditures of $15.0 million primarily related to the build-out of our new facilities in New York and Boston and, to a lesser extent, computer and software equipment purchases. These expenditures were partially offset by proceeds received from the sales and maturities of short-term marketable securities of $19.0 million.
At September 30, 2011, we had negative working capital of $(53.3) million, compared to working capital of $45.8 million at December 31, 2010. Excluding deferred revenues and deferred taxes, we had working capital of $85.0 million at September 30, 2011, compared to $177.3 million at December 31, 2010. The decrease in our working capital at September 30, 2011 is primarily due to the cash paid to acquire Syncova and Black Diamond of $24.6 million and $72.4 million, respectively, and cash used to repurchase common stock of $51.6 million, partially offset by the generation of operating cash flow of $55.6 million. Our working capital at December 31, 2010 was primarily due to the generation of annual operating cash flow of $76.2 million, and the shift of $28.5 million of marketable securities from long-term to short-term, partially offset by common stock repurchases of $35.9 million, capital expenditures of $17.4 million, and cash paid to acquire Goya AS of $4.7 million.
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