What does the following imaging summary indicate?: ap and lateral and flexion and extension of the cervical spine reveals moderate degenerative changes?

"Moderate degenerative changes" typically refers to signs of osteoarthritis, however, the radiologist will typically state that explicitly. Otherwise, it is difficult to interpret what the radiologist meant without more context.

The interpretation implies wear and tear degenerative chronic outcomes. Presume the flexion and extension views were done to check instability, but there is no comment that this is present or absent.