Now looking ahead. We continue to manage the business for long-term durable growth. And let me give you some context on the restructuring that we announced earlier today. Look, since 2016, Informatica has been on a product-led innovation focused transformation journey. We have steadily invested in supporting our new product-led self-managed and cloud businesses driving our transition to a subscription business model. In January of this year, we transitioned to a cloud-only consumption-driven strategy as part of a multiyear plan to drive cloud-centric balanced, profitable growth as we shift from on-prem subscription to cloud data subscription. As a part of the strategy, we have been focused on simplifying our organization from hybrid to cloud creating operational efficiencies, synergies and improving our agility and speed of execution.
In that context, today we announced plans to reduce our global workforce by approximately 10% or INR 545 crores and reduce our global real estate footprint. Mike will share with you the financial details later on the call. We made this decision as a part of the final step in our cloud-only consumption-driven transformation to streamline our cost structure. The increased focus and simplicity of our cloud-only strategy will enable us to maintain our sales capacity while delivering continued best-in-class product innovation and customer satisfaction, as an AI-powered cloud company with strong cloud subscription ARR growth. You see the strong momentum in our business execution reflected throughout the year and in Q3 results that we reported today.
We executed very strongly against all top line and bottom line metrics. We continue to see the same momentum going into Q4. We are confident in delivering strong growth fueled by AI tailwinds for data management use cases, new and expanding enterprise customer relationships, strong cloud net retention rates and our economies of scale. We plan to discuss more at our Investor Day on December 5. In close, I’m proud of our teams thankful and grateful to our customers and partners for continuing to help drive our cloud focus growth. With that, let me now hand the call over to Mike. Mike please take it away.
Mike McLaughlin: Thank you, Amit, and good afternoon everyone. Q3 was another solid financial quarter across the board with key growth and profitability metrics exceeding our expectations. As I did last quarter, I’ll begin the review of our Q3 results by reminding everyone how to best understand Informatica’s ARR and GAAP revenue. Our ARR and revenue fall into three basic categories: Cloud subscriptions which we have guided to ARR growth of 35% for the full year, self-managed subscriptions which we are no longer actively selling and which we have guided to decline year-over-year in FY 2023 and maintenance from perpetual licenses sold in the past which we also expect to decline going forward. We also earn a relatively small amount of revenue from implementation and education services which we expect to decline slightly this year as our professional services partners perform more of that work for our customers.
This service revenue is not counted as ARR. With that in mind, I’ll start with our total ARR for the quarter which was $1.58 billion an increase of 7% over the prior year. This was driven by new cloud workloads and steady renewal rates. We had $108 million in net new total ARR versus the prior year. Foreign exchange negatively impacted total ARR by approximately $1.4 million, in line with expectations when we set our guidance in August. Turning now to the three components of Informatica’s ARR. Cloud subscription ARR was $550 million, a 37% increase year-over-year, which was $10 million above the midpoint of our August guidance. Cloud subscription ARR represents 35% of our total ARR, up from 27% a year ago. New workloads and strong renewal rates drove cloud subscription net new ARR of $149 million year-over-year and $37 million quarter-over-quarter.
Approximately, 85% of the quarter’s cloud new bookings came from new cloud workloads and expansion of existing cloud engagements, with the remaining approximately 15% from on-premise customer migrations. Our cloud subscription net retention rate was 118%, up 3 percentage points year-over-year and up 2 percentage points versus last quarter. Self-managed subscription ARR declined slightly in the quarter, as expected to $528 million. This was flat sequentially and down 2% year-over-year in line with expectations. We expect self-managed subscription ARR to continue declining next year, yielding a negative year-over-year growth rate. This decline is the direct and intentional result of our cloud-only consumption-driven strategy. Subscription ARR, which is simply the sum of cloud ARR and self-managed ARR grew by 15% year-over-year to approximately $1.08 billion, which was more than $22 million above the midpoint of our August guidance.
Subscription ARR now represents over 68% of total ARR, up from 64% a year ago. Foreign exchange negatively impacted subscription ARR by approximately $1.5 million again, in line with expectations when we set our guidance in August. The third component of total ARR is maintenance on perpetual licenses, which represents 32% of total ARR. Maintenance ARR was down 6% year-over-year to $499 million in line with expectations. As a reminder, we no longer sell a meaningful amount of perpetual licenses. As a result, we expect maintenance to continue declining gradually at a fairly constant rate. Through the third quarter of this year, we have migrated 5% of our legacy maintenance base to cloud subscription, up from 4.5% last quarter with an average 2:1 ARR uplift ratio.
In total, these three components summed to 7% total ARR growth for the quarter. Cloud subscription growth of 37% drove this increase, offset by intentional and expected gradual declines of self-managed subscription and maintenance. This financial trajectory of high cloud growth combined with the gradual decline of self-managed and maintenance is the direct result of our cloud-only consumption-driven strategy. We expect these trends to continue in the fourth quarter and beyond. We saw good growth in our average subscription ARR per customer in the third quarter, growing to over $283,000, a 13% increase year-over-year. We have 3,799 active subscription customers, an increase of 78 subscription ARR customers year-over-year. Now I’d like to review our revenue results for the third quarter.
