it does not sound that bad--- i know it is not the whole report and no one cn diagnose you over the internet and on top of that i am not a neurologist or a surgeon. its just that these are common finidnigs and usually dont need any treatment at all. iif your complaint is back pain, i doubt what you've posted above has much to do with it.
it means that there is a buldging disc which has narrowed the space for the spinal cord and nerves that branch from the spinal cord to the legs.