No it would be the number of objects in the backup job like mailboxes as an example.  Objects means just that not users.

Morning,

Here’s what you need to know:

Processed objects is the number of M365 containers you’re protecting, it’s not necessarily users. If your backup job contains Mailboxes and OneDrives for example then you could have a 2:1 ratio of containers to users or even a 3:1 if you also had archive mailboxes etc.

The % updates after we’ve finished processing a container as Microsoft don’t tell us how far through a mailbox etc we are until we’ve processed the last item, meaning they only tell us when there’s nothing else to protect. The (Num1/Num2) shows us the number of containers backed up out of the total number. Whilst the second number being in italics means we’re still discovering if there are additional containers to protect in that job run.

Finally the items processed column tells you how many files/emails etc we’ve protected within the backup job run across all containers.