How days are calculated in Wait flow steps and Smart List time-frames.
Solution
Marketo considers a "day" in a Wait step or a Smart List timeframe to be 24 hours, not a calendar day. So if a Smart Campaign hits a 1-day Wait flow step at 9:30am, it will wait until 9:30am the following day. If a Smart List filter has a look-back timeframe of 7 days, it is specifically looking back seven 24-hour periods.