*"revenues that come from software than runs on top of it" I am not sure I understand you here. Do you mean "what the software is paying to run on the cloud" (

*"revenues that come from software than runs on top of it" I am not sure I understand you here. Do you mean "what the software is paying to run on the cloud" (even if the payment is 'merely' internal accounting) or "what customers are paying for the software that runs on the cloud"? I meant the former, and that's the way I read your original comment. But your latest comment seems to refer to the latter? I agree these would be different categories (IaaS/PasS vs SaaS). I was saying that MS/Google should be able to count Office/GSuite hosting expense on their cloud - it would be no different if it were some 3rd party product - not that they could count what customers are paying for these products.