If you have a SD card, then it can record continuously until memory is full, then starts recording over the oldest clips. It does this in small clips (1 minute i think)
The cloud storage keeps clips of motion (based on your settings). It will record motion for up to a set amount (again, accorfing to your settings).
After each motion event there is another setting for "cool Down" period when it will not record until that time has passed. This, again, can be adjusted in your settings.