A verb refers to the predicate verb. The predicate verb changes its form depending on the subject and the tense it expresses.

Literal

Verb [topic-は] predicate-verb [genitive-の] thing [copula-です]. Predicate-verb [topic-は], subject [and-や] expressing time [by-によって] form [object-を] changes.

A grammar explanation, likely from an English-language textbook written in Japanese. 動詞 (どうし, 'verb'), 述語動詞 (じゅつごどうし, 'predicate verb'), and 主語 (しゅご, 'subject') are linguistic terms. 表す時 ('the time it expresses') refers to tense. 形を変える ('changes form') describes conjugation. によって ('depending on / according to') marks the factors that determine the change. Two clean, parallel sentences typical of instructional prose.