I'll see if I can help:
L3-4 - you have a disc bulge with facet arthropathy & ligamentum flavum hypertrophy. What this means is of course the disc is bulging out from where it's supposed to be. The facet arthropathy is means that there are diseased joints in the facets -- probably (and I say PROBABLY) osteoarthritis, but ask your doc about that. The ligamentum flavum hypertrophy - well, the ligamentum flavum is a series of ligaments of yellow elastic tissue conntecting the laminae of adjacent vertebrae from axis to sacrum, and with hypertrophy it's increasing in bulk - kind of an "overgrowth.
L4-5 - you have a small disc bulge with moderate bilateral facet arthropathy (see above) and Mild ligamentum flavum (see above) . At least 3 cystic lesions seen within the right facet joint as well as posterior to the joint, likely a synovial cyst. From what I've read, these cysts CAN be related to arthritis, but you'd have to ask your doctor about this.
I hope this helps a little. If I've completely confused you, let me know.
I hope they can find something to help with your pain. Please keep us informed, ok? We'll be here. God bless & take care. Hugs, Lee