Revenues before reimbursements for our Oracle Solutions segment were $20.4 million for the third quarter, an increase of 16.9% when compared to the same period in the prior year. This reflects the momentum we started to build in the second quarter of 2023, as Ted has mentioned. Total revenues from our SAP Solutions segment were $11.2 million for the third quarter of 2023. Revenues before reimbursements for our SAP Solutions segment were $11 million for the third quarter of 2023, a decrease of 12% when compared to the same period in the prior year primarily due to the expected decreases in software sales in the quarter. Approximately 23% of our total company revenues before reimbursements consist of recurring multiyear and subscription-based revenues, which includes our executive advisory, IP-as-a-service, multiyear benchmarks and application managed services contracts.
Total company adjusted cost of sales, which exclude reimbursable expenses and non-cash stock-based compensation expense totaled $42.9 million or 57.5% of revenues before reimbursements in the third quarter of 2023, as compared to $41.2 million or 58.1% of revenues before reimbursements in the prior year. Total company consultant headcount was 1,177 at the end of the third quarter, as compared to total company consultant headcount of 1,148 in the pervious quarter, and 1,133 at the end of the third quarter of the prior year. Total company adjusted gross margin on revenues before reimbursements, which excludes reimbursable expenses and non-cash stock-based compensation expense, was 42.5% in the third quarter of 2023, as compared to 41.9% in the prior year period.
Adjusted SG&A, which excludes non-cash stock-based compensation expense, was $15.3 million or 20.5% of revenues before reimbursements in the third quarter of 2023. This is compared to $13.8 million or 19.4% of revenues before reimbursements in the prior year. The year-over-year absolute dollar increase is primarily due to the incremental investments we’re making from dedicated sales resources for our IP-led service offerings. These investments approximated $0.03 in the third quarter of 2023. Adjusted EBITDA which excludes non-cash stock based comp expense was $17.3 million or 23.2% of revenues before reimbursements in the third quarter, as compared to $16.9 million or 23.7% of revenues before reimbursements in the prior year. GAAP net income for the third quarter of 2023 totaled $9.4 million, or diluted earnings per share of $0.34, as compared to GAAP net income of $10.4 million or diluted earnings per share of $0.32 in the third quarter of the prior year.
Adjusted net income, which excludes non-cash stock based comp expense for the third quarter of 2023 totaled $11.4 million or adjusted diluted net income per common share of $0.41, which was at the high end of our earnings guidance range. This compares to adjusted net income of $11.8 million where adjusted diluted net income per common share of $0.37 in the third quarter of the prior year. Company’s cash balances were $9.9 million at the end of the third quarter of 2023 as compared to $15.8 million at the end of the previous quarter. Net cash provided by operating activities in the quarter was $7.2 million, primarily driven by net income adjusted for non-cash activity and increases in accrued expenses partially offset by increases in accounts receivable and decreases in contract liabilities.
Our DSO or day sales outstanding at the end of the quarter was 75 days, as compared to 68 days at the end of the previous quarter. The increase in DSO is primarily due to extended terms and milestone deliverables and large multi-year client engagements that we’ve begun during the first-half of the year. We expect a reduction in accounts receivables in the fourth quarter, which should benefit DSO by an estimated three to five days. During the quarter, the company paid down $9 million on our credit facility. The balance of the company’s total debt outstanding at the end of the third quarter was $44 million. Our plan is to continue to make debt pay downs through the balance of the year. Net interest expense for the quarter was $814,000. During the quarter, we repurchased approximately 3,000 shares of the company stock from employees to satisfy income tax withholding triggered by the vesting of restricted shares for an average of $23.55 per share, at a total cost of approximately $66,000.
