Other forms: paraphrased; paraphrases; paraphrasing
The verb paraphrase means to sum something up or clarify a statement by rephrasing it. So to paraphrase that explanation, it means to say something in other, simpler words.
If you break paraphrase down, you end up with the prefix para, meaning "beside," and the word phrase — so think of paraphrase as coming up with similar, more simple phrases that go beside the ones already said. You might paraphrase your teacher’s lesson because you want to simplify her complicated technical language, or because you forgot exactly what she said but remember the general meaning.