What does it mean if an enterprise is "entirely virtualized"?

If someone on the IT staff of an enterprise describes their company as "entirely virtualized", what exactly does that mean? (In reference to the workstations)

Does it mean that instead of each PC in the company having its own copy of (for example) Windows 7 installed on the hard drive, there is some kind of central VM server shooting out hundreds of virtual Windows 7s to each PC?

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