Hybrid Cloud Observability vs. SolarWinds Observability

So to be clear SolarWinds Observability is a cloud-based SaaS? That is, you subscribe to the SWO SaaS to perform monitoring in your hybrid (cloud/on-prem) enterprise? And SolarWinds Hybrid Cloud Observability is license refactoring for your on-prem SolarWinds deployment? Do I have that correct?