GAAP total revenues were $409 million, an increase of 10% year-over-year. This exceeded the midpoint of our August guidance range by $9 million, due to a slower-than-expected decline in maintenance revenue and strong renewals. Revenue from our Privitar acquisition was not material in the quarter. Foreign exchange positively impacted total revenues by approximately $5 million on a year-over-year basis. The accounting impact of Informatica shift to cloud subscription sales and away from self-managed on-prem sales was a headwind to revenue again this quarter. If our cloud versus self-managed new bookings mix was the same this quarter as it was in Q3 last year, total revenues would have been approximately $19 million higher than we reported increasing our year-over-year revenue growth rate to approximately 15%.
Subscription revenue increased 22% year-over-year to $262 million, representing 64% of total revenue compared to 58%, a year ago. Our quarterly subscription renewal rate was approximately 94%, flat year-over-year. Maintenance and professional services revenues were $147 million, representing 36% of total revenue in Q3 in line with expectations. Stand-alone maintenance revenue represented 30% of total revenue for the quarter. Our maintenance renewal rate in the quarter was 95%, also in line with prior periods. Implementation consulting and education revenues comprised the remainder of this category, down $7 million year-over-year representing 5% of total revenue. The decline in services revenue is due primarily to the lower attach rate of Informatica implementation services to new IDMC sales.
Our implementation partners are taking on more and more of that work, free us to focus on high-value software and consulting sales. Turning to the geographic distribution of our business. US revenues grew 8% year-over-year to $263 million, representing 64% of total revenue while international revenue grew 14% year-over-year to $145 million. Using exchange rates from Q3 last year, international revenue would have been approximately $5 million lower in the quarter, representing international revenue growth of 10% year-over-year. Consumption-based IDUs are a frictionless way to access the IDMC platform and are a core part of our strategy. Approximately, 60% of third quarter cloud new bookings were IP-based deals IP does now represent 45% of total cloud subscription ARR, up two percentage points sequentially.
The remainder of our Q3 cloud bookings were also sold under multiyear consumption-based pricing such as, customer or supplier records for our MDM products. Now I’d like to move on to our profitability metrics. Please note, that I will discuss non-GAAP results unless otherwise stated. In Q3, our gross margin was 82% up two percentage points year-over-year even as our software sales mix shifts to the cloud. Operating expenses were consistent with expectations. Operating income was approximately $128 million for the quarter, growing 53% year-over-year and exceeding the midpoint of our August guidance range by $13 million. Operating margin was 31.3%, an 8.8 percentage point improvement from 22.5% a year ago. Adjusted EBITDA was $132 million and net income was $81 million.
Net income per diluted share was $0.27, based on approximately 297 million outstanding diluted shares the basic share count was approximately 289 million shares. Q3 Adjusted unlevered free cash flow after-tax was $96 million, better than expectations due to higher operating income performance and collections and lower cash taxes. Adjusted unlevered free cash flow after-tax margin was 23.5%. Cash paid for interest in the quarter was $38 million. Keep in mind that our free cash flow from quarter-to-quarter, can be quite volatile based on working capital fluctuations and other nonlinear cash items such as tax payments. We ended the third quarter in a strong cash position with cash plus short-term investments of $869 million. Total debt outstanding was $1.85 billion and net debt was $978 million, our adjusted EBITDA over the 12 months through the end of the third quarter was $431 million, yielding a net leverage ratio of 2.3 times.
Stepping back and looking at our year-to-date results, we were very pleased with our execution so far in fiscal 2023 and we feel like we have good momentum going into Q4. As Amit discussed a few minutes ago today, we announced a restructuring plan that will reduce our global workforce by about 10% and shrink our global real estate footprint. As a result, we expect to incur nonrecurring restructuring charges of approximately $35 million to $45 million, with the majority incurred by the end of the first quarter of 2024. These charges will include cash expenditures for employee transitions, notice period and service payments, employee benefits, real estate-related charges and other costs. We estimate the cost savings benefit of these restructuring actions will be approximately $84 million on a GAAP basis or approximately $70 million on a non-GAAP basis in fiscal 2024 with only a small amount of savings this fiscal year.
