This is the general conservation of total energy equation that states that the initial energy of a system plus the work done on it by forces other than gravity and springs is equal to the final energy of the system, where K is kinetic energy, Uel is elastic spring potential energy, Ugrav is gravitational potential energy, Wothers is work done by non conservative forces (forces that are not gravitataional or spring forces), M is mass, V is speed, K is the spring constant, x is the spring displacement, g is the acceleration of gravity, y is the vertical position of the gravity (weight) force with respect to a reference elevation, and the subscripts 1 and 2 refer to initial and final, respectively. It is an extremely important and useful equation, and I suspect you will learn more about each of these terms and the application of such, as your course of study unfolds. Basically it states that energy cannot be created or destroyed ...just transformed into different forms of energy.
Edit: Doc Al is quick!