Can someone explain the “debounce” function in Javascript

function debounce(func, wait, immediate) {
  // 'private' variable for instance
  // The returned function will be able to reference this due to closure.
  // Each call to the returned function will share this common timer.
  var timeout;

  // Calling debounce returns a new anonymous function
  return function() {
    // reference the context and args for the setTimeout function
    var context = this,
      args = arguments;

    // Should the function be called now? If immediate is true
    //   and not already in a timeout then the answer is: Yes
    var callNow = immediate && !timeout;

    // This is the basic debounce behaviour where you can call this 
    //   function several times, but it will only execute once 
    //   [before or after imposing a delay]. 
    //   Each time the returned function is called, the timer starts over.
    clearTimeout(timeout);

    // Set the new timeout
    timeout = setTimeout(function() {

      // Inside the timeout function, clear the timeout variable
      // which will let the next execution run when in 'immediate' mode
      timeout = null;

      // Check if the function already ran with the immediate flag
      if (!immediate) {
        // Call the original function with apply
        // apply lets you define the 'this' object as well as the arguments 
        //    (both captured before setTimeout)
        func.apply(context, args);
      }
    }, wait);

    // Immediate mode and no wait timer? Execute the function..
    if (callNow) func.apply(context, args);
  }
}

/////////////////////////////////
// DEMO:

function onMouseMove(e){
  console.clear();
  console.log(e.x, e.y);
}

// Define the debounced function
var debouncedMouseMove = debounce(onMouseMove, 50);

// Call the debounced function on every mouse move
window.addEventListener('mousemove', debouncedMouseMove);