--it means the discs of spongy material between your lower lumbar vertebrae in those areas are bulging, but not greatly--they are not herniated (which is when the material in them actually comes out through a small hole or rupture, which would be more serious).

The fact that they are bulging but apparently not invading the foraminal spaces--the foramen are the openings in the vertebrae through which the nerves (often referred to as roots) that connect to the spinal cord pass--or invading the spinal canal space very much is a good thing; there is no obvious pressure on the nerve roots or cord itself.

The real question is--what are your symptoms? MRI and other imaging results need to be correlated to symptomology.