>No, it doesn't. It compiles to P-Code, which is then interpreted at runtime.

Interpreted? No, it's executed by the runtime. It's precompiled - it's basically a list of calls with parameters, managed by the runtime. We can easily say it's managed code.

That is, we could have said so, before the expression "managed code" got its reduced meaning. Nowadays, it's hard to even say "good morning", because one never knows if some company out there claims it has its own definition of it, and using it in any other way is somehow hurting their intellectual property (events and methods too).