This document discusses the differences between on-premises SharePoint, SharePoint Online, and a hybrid configuration. It notes that on-premises SharePoint can be hosted internally or externally, while SharePoint Online is part of Office 365. A hybrid configuration leverages both on-premises and online capabilities. It highlights search and the Delve functionality as key areas where a hybrid provides value by indexing on-premises content for use online. The document also notes that decisions require balancing various factors like costs, compliance, and features, and that a hybrid may help bridge requirements between different options. It concludes by suggesting the future will see more cloud-first innovation and potential benefits from a hybrid approach.