What is severe disc height loss with modic 1 end plate changes at L3-L4 mean?

I recently had an MRI on my lower back and neck I wonder what sever disc height loss with modic 1 end plate changes at L3-L4 means on the lower back. Also Disc desiccation is seen at multiple levels. L3-L4 show mild inferior neuroforaminimal narrowing bilaterally.l