If you're confused about the proliferation of externally hosted computing services labeled cloud, read this report. We introduce a new set of definitions to describe cloud-based services — managed clouds and managed hosting — and how they relate to infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and software-as-a-service (SaaS) services. The research will help application development and delivery (AD&D) pros navigate the many creative uses of cloud to describe vendor-provided services and understand the potential benefits and risks of each.